As an entrepreneur when you start a business, the first step to set up your new venture into successful path is to know if you are starting a small business or startup.
While these two types of businesses have a lot in common, there are some key differences that you should know about when creating your company so that you don’t make any critical mistakes early on.
Startups refer to the new businesses that intend to grow large beyond the solo founder.
Startups face high uncertainty and have high rates of failure, but a minority of them do go on to be successful and influential.
Some startups become unicorns, i.e. privately held startup companies valued at over US$1 billion.
Even if your idea is great, there’s a big difference between having a great idea and creating a successful startup company.
Startups focus on disrupting markets and driving top-line revenue at a fast pace.
Differences between startups and small business
Small business - is one out of many businesses alike while Startup - is meant to create something new and to improve what already exists.
Simply put, the difference is innovation. Small business is all about serve the established market, no question asked whereas Startup is all about serve the market with new or much improved market offering.
Regardless of your choice of approach, our tools are designed to be easily modified for any of above mention types of new businesses.
Trust you will get the basic of starting successful business.
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