At Keeping Your Balance, we love keeping our clients in the know! We understand you have your hands full with running your business. But have you ever stopped to consider how you describe yourself in regards to what you do? Are you a small business owner, an entrepreneur or something else? Is there a difference between these terms?
Business News Daily reported that according to the 2015 Small Business Pulse Survey by insurance provider and financial services group The Hartford, business owners say there is a difference. And surprisingly, they don’t want to be called the same thing. The Hartford surveyed 751 owners, partners and principals of small companies (fewer than 100 employees) and discovered that 51 percent call themselves "small business owners" and 18 percent call themselves "entrepreneurs." Another 26 percent prefer the term "business owner," while the remaining 6 percent chose other names like "mom and pop shop owner" or "social entrepreneur."
Interestingly enough, younger survey participants were more likely to self-identify as entrepreneurs than their older counterparts.
Passion is what drives both entrepreneurs and small business owners, but how they viewed themselves, in terms of defining characteristics differed: small business owners described themselves as maintaining their businesses at their current size and adding value to their local communities through their business while entrepreneurs view themselves as visionaries who want to build a legacy for their families.
At KYB, we care about you and your business. We would love to handle all of your bookkeeping, accounting, payroll, and tax needs. Learn more about us here. Become a part of Keeping Your Balance's cloud accounting family by contacting us, liking us on Facebook, and following us on Twitter.