How is entrepreneurship different from a regular business ?

This is one of the most frequently asked questions that people tend to use synonymously. The true fact is that there are a lot of differences between a regular business and an entrepreneurial venture. The basic methodologies of marketing, sales, finance and human resource aspects are common to both the models. The difference lies in the inception and the innovative aspects of the venture. There is always a certain degree of innovation and creativity associated with entrepreneurship. A regular business could even refer to the sale of goods or services that already are existing where as an entrepreneur is constantly looking out for innovative and creative ways of implementing the same business. To quote an example, the food industry already has many big players who have a made a brand of their own. Despite that Mc Donald’s and Burger King were introduced in a completely different format and novel strategies were implemented. Both these ventures are true examples of entrepreneurship where the two charismatic youngsters created a unique business model and managed to survive among the tyrants of the food industry. Another important aspect of an entrepreneur is the quality to survive in all circumstances. A family business could not be considered as an entrepreneurial venture as it has not allowed the person to evolve the business but the business has instilled the business thinking in that person.