Which word?

• Magnate tends to have more positive associations of strength and power;

• tycoon sometimes suggests a dishonest type of person who is likely to lose people’s respect at some point: the disgraced / fallen / discredited media tycoon.

ENTREPRENEUR or SMALL BUSINESS OWNER?

Many people use the term “entrepreneur” and “small business owner” synonymously. While they may have much in common, there are significant differences between the entrepreneurial venture and the small business. Entrepreneurial ventures differ from small businesses in these ways:

1. Amount of wealth creation – rather than simply generating an income stream (e.g. regular payments that one receives from an investment or a property, especially over a long period of time) that replaces traditional employment, a successful entrepreneurial venture creates substantial wealth, typically in excess of several million dollars of profit.

2. Speed of wealth creation – while a successful small business can generate several million dollars of profit over a lifetime, entrepreneurial wealth creation often is rapid: for example within 5 years.

3. Risk – the risk of an entrepreneurial venture must be high; otherwise, with the incentive of sure profits many entrepreneurs would be pursuing the idea and the opportunity no longer would exist.

4. Innovation – entrepreneurship often involves substantial innovation beyond what a small business might exhibit. This innovation may be in the product or service itself, or in the business processes used to deliver it.

1. Develop

2. pioneer

3. evolve

4. innovate

5. design

6. create

7. invent

8. engineer

• to think of or produce a new idea / product and make it successful;

• to be one of the first people to do, discover or use something new;

• (rather formal) to develop something gradually, especially from a simple to a more complicated form;

• to invent or begin using new ideas, methods, equipment etc.;

• to decide how something will look or work, especially by drawing plans or making models;

• to cause something new to happen or exist; to make something new or original that did not exist before;

• to produce or design something that has not existed before;

• to design and build a vehicle, machine or structure.