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To answer this challenging question one must compare both entrepreneurs to small business managers or owners and entrepreneurial ventures to small businesses One must also ascertain the meanings of the terms entrepreneur and small business owner The definition of an entrepreneur is a commonly argued point with several definitions having been given by many different people The dictionary gives an entrepreneur as A person who engages in business enterprise usually with some personal financial risk Under this definition a small business owner could definitely be classed as an entrepreneur as anyone who runs and owns their own business is taking risks with their finances every day of trading However this definition does not go into enough depth and only takes into account one trait of the entrepreneurs personality and behavioural patterns which according to most other sources does not give the whole picture Risk-taking is one of the main characteristics attributed to entrepreneurs one cannot introduce brand new ideas and practices into the workplace without bearing an element of risk as one cannot be assured of the success of the innovative idea until it has actually been put into place Mill 1848 the man credited with bringing the term entrepreneur into general use among economists believed that risk-taking was the key distinguishing factor between business managersowners and entrepreneurs Managers are unlikely to take risks with their business especially in small family run businesses as they strive for security and stability whilst entrepreneurs have to take risks to seize opportunities and maintain the rapid growth rate that entrepreneurial ventures must maintain However Schumpeter 1934 who was one of the first to study and define the entrepreneur as a different kind of business person claimed that risk-taking was not so much a major trait to entrepreneurs rather that taking risks is a natural consequence of business ownership This has been supported by Martin 1982 who believes that risk-taking is the function of the investor - not
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