The word Entrepreneur was first coined in 1723 by a Irish-French man. Over many, many years the term changed. The latest change was in 1985, the word Entrepreneur meant,”A person who starts a new business where there was none before.”
In 1975, Howard Stevenson said, “Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled.”
The Word Small Business means a normally privately owned corporation, partnership or sole proprietorship. A small business owner in the US has less than 500 employees. In Australia it is less than 15 and in Europe 50 employees.
Sooo, if you are in the US with 15 to 50 employees which status would you have, Entrepreneur or Small Business Owner?
Would you be surprised to know that several Millionaires are considered as Entrepreneurs? Bill Gates, Oprah, Steve Jobs, Richard Branson, Martha Stewart, and Mark Zuckerberg are yep, you said it, Entrepreneurs.
To me, I think the above mentioned people may have started as Entrepreneurs but are no longer qualified to be in this “elite” category. Once someone has more than 15 employees. I see them as a Small Business Owner.
Which one are you?