Inventors
Inventors are the person who creates or discover new methods, forms, device, or other useful means that do not exist before. They are the people who come up with ideas and new inventions. They are usually focused on tangible inventions. They are interested in developing novel products but not necessarily bringing them to market.
Entrepreneur
Entrepreneurs are the people who are able to convert business ideas into successful products, services, and businesses. They procure, organize and manage resources through a new venture to bring a product to market. The ideas are turned into useful products or services for society by entrepreneurs.
Differences between Entrepreneur and Inventor
Inventors and entrepreneurs have many similar characteristics. However, they differ in many ways as mentioned below.
| Bases of difference | Entrepreneur | Inventor |
|---|---|---|
| 1. Goal | The main goal of an entrepreneur is to develop a sustainable business. | The main goal of an inventor is to create something new. |
| 2. Idea | An entrepreneur converts the idea into new invention. | An inventor creates idea. |
| 3. Commercialization | An entrepreneur brings goods or services to market and makes them commercial success. | An inventor develops a new product or service, but may not bring to market. |
| 4. Risk | The risk associated with an entrepreneur is high. | The risk of an inventor is low since the investment is comparatively low. |
| 5. Idea-cash relationship | An entrepreneur converts ideas into cash. | An inventor converts cash into idea. |
| 6. Success factor | Leadership is the success factor for an entrepreneur. | Research is the success factor of an inventor. |
| 7. Motivation | Profitability with growth is the driving force of an entrepreneur. | Knowledge development is the driving force of an inventor. |
| 8. Sharing of ideas | An entrepreneur is reluctant to share his ideas. | An inventor freely shares his ideas and technology. |
