I founded my business in 1998. Since this time, I have miraculously managed to sell to virtually every major organization, big and small, from Amazon to Google. Almost no one knows who I am, let alone what I have achieved as an entrepreneur.

Powerhouse CEOs like the late Steve Jobs, Elon Musk, or Jeff Bezos are generally regarded as being among the greatest business minds of our time. But should they be considered entrepreneurs (as in "traditional" entrepreneurs)?

Keep reading because I have an interesting response to this question. Actually, let me get straight to the point: I do not believe they should be grouped together with most entrepreneurs.

The following are 10 reasons why figures like Jeff Bezos and Elon Musk should not be viewed through the same lens as the rest of us: 

Reason #1 Traditional entrepreneurs start their businesses without an attorney.

There is simply no budget for legal services when starting out. For the non-traditional group (Jeff, Elon, etc.), there is always an attorney involved. The reason is because founders who choose the venture capital route will generally have to spend thousands on attorney fees for due diligence, term sheets, and other complex business matters before moving forward with their venture partners/financiers.

Reason #2 Traditional entrepreneurs start their businesses with a limited budget.

For most of us, everything required to start a business requires self-funding. For others, there is a war chest. The money from the war chest comes from venture partners, which consist of wealthy families, the one percent (actors, athletes), banks, pension funds, and other sources. They are funded by the type of people and organizations that are typically not directly accessible to traditional entrepreneurs. 

Reason #3 A traditional entrepreneur is often the sole decision maker in the business.

For the non-traditional group, virtually all ideas are vetted via a team of specialists, which is sometimes referred to as a decision-making unit. The specialists are not ordinary, run-of-the-mill entrepreneurs. They are stalwart performers (other CEOs) in their respective fields.

Reason #4 Traditional entrepreneurs can’t make major mistakes.

A small business has to succeed the first time or it is over. For the non-traditional group, multiple failures can occur. But bad decision-making, market changes, and other disasters are typically negated by way of access to capital.

Reason #5 Traditional entrepreneurs have only a basic understanding of business operations.

When starting out, there is usually no instruction manual or formal plan for how to run a business. Correction: Some do exist but they don't cover everything, such as how to survive an acute or prolonged economic downturn. Conversely, VC-backed enterprises come equipped with highly sophisticated, very forensic, and proven systems in place to generate income.

Reason #6 For most entrepreneurs, business ownership is a solo endeavor.

How much money did your family and friends chip in to help with your dream of owning a business?

Traditional entrepreneurs can't rely on handouts to help start a business. There is no rich dad. And friends are not always eager to pitch in and support things they don't fully understand or trust. By comparison, the non-traditional group often has someone in their immediate family who was either an engineer, banker, or successful business owner. 

Reason #7 With traditional entrepreneurship, the president/owner is not always public figure.

Ordinary entrepreneurs don't have a PR machine behind them. Often there is no public persona.

With the non-traditional group, the CEO is essentially manufactured and propped up to create a positive public image. When Jeff Bezos first came on the scene in the 90s, he was presented as the unconventional CEO; the fun CEO that did things differently. This was to get the general public to view both him, and by extension, Amazon, as likeable from the start.

Reason #8 Traditional entrepreneurs often have to perform all tasks within the business.

When starting out, a small business owner routinely has to cover many business-related functions. Over time if the business is successful, they might be able to hire staff to assist with daily operations. But most remain the sole proprietor of the business... forever.

Conversely, non-traditional owners are able to hire for all positions from the start: the sales team, the researchers, legal, engineers… This is because they are starting with a massive capital base. 

Reason #9 Traditional entrepreneurs must be profitable almost immediately upon starting a business.

If not, the business will fail.

However, non-traditional owners can strategically carry losses for years. This again is due to substantial financial backing that exists in the world of venture capital.

Reason #10 Traditional entrepreneurs often choose to become business owners as an alternative to corporate life.

Reasons can vary but sometimes it is because they prefer more flexibility and freedom. Getting "rich" is usually not the main goal. They just want to test or take a chance on an idea and have it be modestly successful.

On the other hand, non-traditional owners enter the game to make the most money possible. They are planning to take the company public quickly, meaning it will be traded on the stock market. Profit is of most importance because they have to deliver an insane return on investment (10-20x is preferred) to their investors. 

Is a business owner with no employees still a CEO?

When I started my business, I was only 19 or 20 years old. However, I never referred to myself as a CEO, as I believed that term should only apply to those spearheading larger corporations.

I started with a small business that I could simultaneously run while still serving in the United States Air Force. For the first 8 years, I was the only employee in the company. Instead, I referred to myself as either “owner” or “president.”

But yes... you are still a CEO, even if it's just you.

There's a BIG difference between traditional entrepreneurs versus venture-backed founders.

This article highlights key differences in business structure and ownership. One starts off as a team sport (venture capital or private equity) financially backed by banks.

The other is usually a solo operation; often times for the entire business lifecycle. This is why I do not believe those like Jeff and Elon should even be called "entrepreneurs." They kinda are but also kinda not.

Instead, this group is unique for all the reasons outlined and should therefore be referred to as something else, such as "venture capitalists" or even "non-traditional business owners"—any term that clearly delineates the major differences in business intent, goals, and the reasons behind how and why businesses are founded.

Technically, they do fit about half the definitions of the word “entrepreneur.” Still, my argument is that there should be a re-evaluation of the terminology used when referencing venture-backed or private equity businesses versus the traditional approach to business formation.

Those who I believe are the true embodiment of the word "entrepreneur" are really small business owners. Most of which make less than a million a year.

The truth is this: many of the wealthiest people in the world are often mediocre entrepreneurs. If you take away their access to capital, who are they really? What can they do? What can they make?

Sadly, we have been programmed to think otherwise. We are trained to think primarily in terms of wealth. Money is associated with intelligence. Education is not particularly important if you have the ability to generate wealth.

This is not my world view.

In fact, Jeff Bezos and Elon Musk are probably not the extraordinary businessmen you think they are. As I see it, their actual strengths have very little to do with traditional entrepreneurship. They are instead master resource allocators and task delegators. Their primary skills include things like borrowing and in some cases, literally stealing ideas, team building, delegating tasks, and hiring extraordinary talent to both make them look good and make their shareholders happy.