“What’s The Difference Between An Entrepreneur Vs. Wantrepreneur?”

Is this the age of the entrepreneur?

It seems like everyone and their grandma refer to themselves as one.

But what does an entrepreneur actually do?

Many people attach themselves to the emotions surrounding this word without understanding its purpose.

The word “entrepreneur” describes certain behaviors and actions.

These simple behaviors have been blown out of proportion by the myths of Steve Jobs and Elon Musk.

They are the archetypes many aspire to be.

However, entrepreneurship is largely misunderstood.

Everyone thinks they have to have “the next big idea” or start a massive corporation to run their own business.

Turns out, you don’t even need a fancy title or formal education to make big money.

As you’ve realized, the ones most vocal about their “entrepreneur” identity are likely wantrepreneurs.

What’s the difference between an entrepreneur and a wantrepreneur?

Let’s discuss.

Entrepreneurs vs. Wantrepreneurs

(The Millionaire Fastlane Is A Great Resource On The Topic)Value-Add:

• Wantrepreneurs want to start with a billion dollar idea
  (i.e. be the next Facebook or Uber).
• Entrepreneurs start by offering a proven service and scaling up.

Unique Selling Proposition:

• Wantrepreneurs aim to re-invent the wheel.
• Entrepreneurs improve an existing edge.

Strategy:

• Wantrepreneurs waste time crafting long business plans.
• Entrepreneurs stick to key principles and adapt their strategy to the situation.

Paperwork:

• Wantrepreneurs print business cards before they even make a sale.
• Entrepreneurs don’t worry about paperwork until they have cash flow.

Networking:

• Wantrepreneurs love the illusion of action “networking events” afford.
• Entrepreneurs understand they must first become someone worth knowing.

Mindset:

• Wantrepreneurs think in grand glamorous business clichés. (All style no substance).
• Entrepreneurs know gas stations in the middle of nowhere pull millions of dollars. (Demand).

Funding:

• Wantrepreneurs beg for VC funds before they’ve even tested the market.
• Entrepreneurs start with low-cost brand building by reinvesting profits.

Passion:

• Wantrepreneurs place passion over market need (vanity projects).
• Entrepreneurs solve a market need first and use success to fuel their passions.

Set-Up:

• Wantrepreneurs worry about luxurious office space and the details of furnishings.
• Entrepreneurs start with a laptop and a phone.

Getting Their Hands Dirty:

• Wantrepreneurs view themselves as “above” working behind the counter.
• Entrepreneurs understand they can’t lead others on a task unless they can do it themselves.

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