I recently received an email from a colleague who says she read that a professional practice differs from entrepreneurism, though she had thought of a professional practice as an entrepreneurial activity, and asked me what I thought.

It reminds me, initially, of the 3 blind people coming upon an elephant. One grabs the tail, one the trunk, and the other a leg. One says it is a rope, one says a hose, and the other says a tree trunk. A professional services business may or may not be an entrepreneurial endeavor. It depends upon whether you are observing someone looking at his or her practice as an entrepreneurial endeavor or a business.

I know professionals – chiropractors, attorneys, physicians and architects whose business depends upon their constant presence, and I know those who have developed a structure, a team, and systems whereby the business is self-sustaining, running without their constant presence.

You may come across the metaphorical elephant of a professional business that is entrepreneurial in nature and you may come across one that is of a sole-practitioner.

There is a difference between a small business owner and an entrepreneur; and there is also significant overlap. One quality of a small business is that the owner is interested in generating the income, with the long-term growth. The entrepreneur is interested in creating equity and then moving on.

For the business owner the reward is in the business. For the entrepreneur the reward is in the creation. I think the analogy applies to the professional practice as well. It is important to realize that there are other possible scenarios along the path. It is more of a gradient rather than one or the other.

There are benefits of each and a personal affinity for each; as I learned from my Dad that reason there is chocolate and vanilla ice cream is because some like chocolate and some like vanilla.

The perspective really needs to fall back to your primary reason for going into business. Your business is a tool to an end. I have found, however, that understanding exactly what that ‘end’ is for each of us, however, is easier said than done. But understanding that is where one needs to start with their business plan… what is it that you really, really, really want both from your business and in life. An answer that comes by listening to yourself away from the good opinions of others.

Godspeed and all the best to you.