Innovation and Risk-taking, Scaling and Growth, Mindset and Flexibility...we’ve covered quite the range so far. Next, we’re going to look at another really important set of differentiating intangibles for Entrepreneurs and Business Owners. As you’ve come to see, those differences and how they show up truly make a difference when it comes to success.

This time, we’ll be looking at Vision and Purpose.

Vision and Purpose

Where are we going, and Why are we going there...?

Perhaps some of the most telling differentiators between entrepreneurs and business owners are their goals (vision) and motivations (purpose).

Entrepreneurs frequently have a broader, more abstract vision for their venture. They often hold a dream or, if not a dream, an obsession to make or prove something. This can result in being driven to a strong sense of purpose. They may be motivated by a desire to make a significant impact on the world, improve people's lives, or challenge the status quo.

On some level, that vision and attending purpose may cause decisions that appear irrational to others. It’s only with time and success that rationality may make its appearance. Thus, the risks can be high...which makes the successful entrepreneur often VERY well rewarded.

Business owners tend to focus on the practicalities of running a successful organization, emphasizing profitability, customer satisfaction, and efficient operations. This isn’t to suggest that business owners do not have a vision for their business (successful one’s always do) or a purpose for their business activities (again, successful ones always do).

Business owners prioritize short- and medium-term goals on the path to their vision and will make significant decisions (not always the best, to be sure) based on progress as measured by those goals. So their risks may be lower...and while still rewarded, their rewards may not be as great.

That’s it for now…with more to come! What are your thoughts or experiences when it comes to vision and purpose?