The business industries have different terminologies and post that are confused with each other. People need to understand the fundamental difference between two of the major business entities, the entrepreneur and the CEO. Both of these have different goals and tasks. They are changed from each other.
Comparison Between Entrepreneur And CEO:
An entrepreneur is a person who builds his own business by keeping all risks and terms in his mind and also takes all responsibility of profit and loss on him. The necessary work of his is to produce a product and sell it in the market, to get cash in the form of profit. For completing this task, they have several options for example,
- They can take the market according to their choice.
- They better know about their ideal customers.
- They are responsible for their product setting and management.
- They can make their teams, and of course, hiring is according to their need.
- The entrepreneur is free to emerge with any other business or can make another business partner.
- They are best known about their competitors and competitions.
- They can invest capital more and less, and the choice is theirs.
- They are their boss so; it is easy for them to change whatever policy or product decisions.
The Chief Executive Officer:
This is the highest –rank of any company or organisation. The CEO is responsible for the overall performance of the company, including employee’s problems and all kind of settlements. In short, he has all the authorities of deciding every task related to business, and he chooses to consider as final one, and no one can challenge his decision. Here are some task listed that a CEO has to perform in any condition.
- He has the responsibility of taking the business to the upper level with all core values.
- He is responsible for creating and planning the market strategies and also implementation in the organization, to move the company forward.
- He has an authority to take all kind of decisions including the tough one, in which a company's reputation is at risk.
- He has to report the Board of the director to all performances done by him and other employees.
Other Few Differences:
An entrepreneur could be a CEO of his company, but a hired CEO is not the founder of the company otherwise, the entrepreneur and CEO performing an almost same task because they both have the responsibility to take the business on a higher note. For that, they work hard and deliver the great result but the entrepreneur is not answerable towards anyone, but the CEO has to report the founder of the companies. The entrepreneur can add someone with him or also emerge his business with someone else, but on the other hand, the CEO is responsible only for the specific company's business dealings and clients. The entrepreneur doesn’t need any CEO unless the business becomes huge and he needs more staff to control it.