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Many people find it hard to define the following words in our post title. You might be that person who ask himself questions or think that those words are the same. Here we will see if there is any difference. This article will talk about entrepreneurship.
When a new business emerge and grow, we call it an entrepreneurship. What motivate an entrepreneurial journey is to make a profits. We can also define entrepreneurship as the process that cause changes in the economic system through innovations of individuals who respond to the opportunities that is available in the market. That is why as an entrepreneur, you create value to yourself and of course the community or society.
What is a small business? Some people thing that small business and entrepreneurship is the same thing. While it may sound true but let’s see if it is true or not. Some think that entrepreneurial ventures and small business are the same.
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It is very crucial to differentiate between those two because both are critical to the performance of the economy but it serve different economic functions. Small Business owners are an individual who establish and manage his or her businesses for the purpose of furthering personal goals and to ensure security.
So what about an entrepreneurial ventures? Unlike Small businesses, the principal objectives of an entrepreneurial ventures are profitability and growth. There are 3 things that differentiate entrepreneurial ventures and small business which is :
1. Innovations = entrepreneurial ventures thrive on innovations, it could be a new product or a new way of producing, technological innovation or offering a service, marketing , distribution or The way an organisation is managed. Small business sometimes involved in delivering an established product or service.
2. Potential for growth = An entrepreneurial ventures has a greater deal and more potential for growth than small Business. It seek to create it’s own market. So small business operates in an established industry, it is unique only in terms of locality and only operate with the given market.
3. Strategic objectives = The entrepreneurial ventures will usual set itself strategic objectives in relation to market targets, market development, market position and share. So for small business. It is rare to care about such aspects. Entrepreneurial ventures are the one that creates employment but both need entrepreneurial action for startup.
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