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Business Finance

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Respond 1: ” It is often said that business development is a major driving force behind the success of a community or a region or even a state. The owners of a small business venture are viewed as the single most important factor in the organization’s success. These owners have both the opportunity as well as the responsibility to lead their respective teams. Many times, however, the debate has arisen as to what the business owner’s original role is: an inventor or an entrepreneur. On a continuing basis, more and more ideas are being converted into successful opportunities that create a certain amount of value for the buying public. Consumers will say on one hand that they need individuals/business owners to think of and create new ideas and inventions but then indicate that these new ideas and inventions will need to be converted into a strong and successful business opportunity. An inventor and an entrepreneur each are able to independently generate new ideas for products and/or services; however, the main difference is that inventors are wholeheartedly focused on the actual invention where the entrepreneur is more concerned with the business opportunity and how it can positively impact their community or a surrounding society. An entrepreneur is similar to an inventor in the respect that they must always keep their business relevant in whatever industry they are a part of. To do this, the entrepreneur must conceptualize new products and/or services to offer to the buying public on a continual basis. This may also involve removing poor performing products and/or services from their current offering lineup and replacing them with these newer introductions in an effort to maintain or improve the buying experience for their own clientele. An inventor, on the other hand, loves being creative and a problem solver. They are more of a freethinker and enjoy creating something that solves an issue that is problematic to the general public. They might not be so focused on the financial success their idea might have but more of the practical application of the idea and knowing the fact that something is being done for the greater good. In my opinion, inventors are able to conceptualize tangible inventions while entrepreneurs have the ability to be more technologically innovative. Advancements in technology are normally derived from entrepreneurs rather than inventors (i.e., Larry Ellison and Oracle, Steve Jobs and Apple, Mark Zuckerberg and Facebook). These innovations are, most times, limitless in their boundaries while physical inventions may prove to be a bit more difficult in flexibility.” Respond 2: “An entrepreneur is an inventor because they are trying to create something that has not been done yet. They look for concepts that are unique and that will bring people together to be entertained. Both inventors and entrepreneurs want to build things and without inventors an entrepreneur can not attract people to invest. An entrepreneur is more than an investor because they are able to work in groups and as a team. To become more like an entrepreneur an inventor must commercialize their ideas. They need to be able to take their ideas and make them into a product that works and that would be sold to people everywhere. Entrepreneurs are able to think beyond an idea. They are able to create it, produce it, and market it which makes them money. ” Respond 3: “I watched an older episode of Shark Tank a couple nights ago. A man was looking for investors for his product that he had invented. The product design was a great craftsmanship and received praise from all of the “sharks”. However, one shark made a statement that surprised me. They told the man that he was a great inventor yet he was a bad entrepreneur. This statement seem to set the tone for all of the turndowns he received. The difference between an inventor and an entrepreneur is that an inventor comes up with the new ideas and creates a new product. The entrepreneur is the one who takes the product and makes it successful. An entrepreneur is more than an inventor because his work doesn’t stop with just creating a product. Entrepreneurs also invent ideas for different businesses and ways to make it successful. An inventor focuses solely on the project at hand. Very few are able to take the actual product and make it successful. Most inventors fail to look beyond what has been created. All inventors are not entrepreneurs, but all entrepreneurs are inventors. Kapeleris, J. (2011, June 21). The Difference between an Inventor and an Entrepreneur – The Entrepreneurial Mind. Retrieved January 14, 2016, fromhttp://johnkapeleris.com/blog/?p=1165”
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