Until now, I’ve been focusing on the difference between a business owner and entrepreneur, but there isn’t one. Business owners are entrepreneurs because of the risks they take. However, not all entrepreneurs are the same – and the difference has to do with risk.
Approximately 90% of entrepreneurs seek to serve existing marketplace behavior. The rest, which I’ll now call entrepreneurs², seek to change marketplace behavior. This distinction is important to understand because as entrepreneurs we need to know who we should be emulating.
To improve my business, I constantly look at how other businesses operate and what they do right or wrong.
My business is based on serving existing behavior, so I’m not trying to change what consumers are already doing. I’m trying to get them to do it with my company.
If I tried to emulate entrepreneurs², I would be trying to be someone I’m not. This is a waste of my time and my energy.
I heard a phrase the other day that clarifies this approach: “Stay in the lane you are driving in.”