Entrepreneurship vs. Marketing vs. Sales: Knowing THESE Key Differences Helps You Grow Your Business

Entrepreneurship, marketing, and sales are buzzwords that are being thrown around all the time in the business world. And if you’ve just recently launched your first business, chances are you think they’re the same. After all, people use them interchangeably all the time. But they’re not the same, and confusing them is hurting your business!

This Common Misconception Is Stunting Your Business Growth

It happens all too often. An aspiring entrepreneur comes up with a great idea and decides to start a business. But soon, they realize that despite having developed a great product, people are not buying it. They come to the wrong conclusion that there is no demand for what they’re offering and give up. But in reality, demand was never the problem.?

The problem was that they didn’t understand that entrepreneurship, marketing, and sales aren’t the same thing. And that you need to master all three if you want your business to succeed and to start living a wealthy life.?

I know that sounds intimidating. At the end of the day, you’re a whitecoat, not a marketing specialist. But trust me, it’s not as hard as it seems and it is absolutely worth investing some time into!

Entrepreneurship, Marketing, and Sales Explained

Before I get into how to implement them effectively, let me first clarify the confusion about these three terms themselves.

Entrepreneurship

Entrepreneurship is very straightforward, it’s just creating a new business venture. To do that you need to identify a need in a market and develop a product or service to meet that need. Your main goal is to solve a problem you have identified within a promising market.

Most people who start their own businesses already did this crucial first step, but they think that that is enough. However, marketing doesn’t just happen by itself and sales also don’t come in without some effort in those two departments.

Marketing

Marketing is promoting your product or service to others. It’s simply just telling people about your business and letting them know that you exist. If no one knows about your unique solution, then you obviously can't help them.

So, the primary goal of marketing is to create awareness and interest in your product or service. The goal of marketing is not to close sales. The goal of marketing is just for people to know about you, and be aware of you.?

Sales

Last but not least, we need to cover sales. Sales are the actual process of selling a product or service to a customer. Here you're making pitches, negotiating deals, closing sales, and getting new customers. And the goal of sales is to generate revenue and increase profits. To put it simply, sales are simply charging for your product or service and making money!?

How to Leverage All Three?

Of course, understanding these three very important terms isn’t enough to run a successful business. You also need to take the appropriate actions in all three departments.?

If you want to learn how to do that and convert this new-found knowledge into praxis, tune in to episode 4 of Wealthy White Coat, where I explain in great detail and with concrete examples what actions you need to take to succeed.?

If you’re an aspiring entrepreneur and don’t want to make any mistakes at the beginning of your new business venture, tune in!