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Startups VS Small Business: What’s the Difference?
Knowing the difference between a startup and a small business can have a massive impact on your success as an entrepreneur.
While it may not seem like it, there are key differences between running a startup and a small business that you should know to avoid making any critical mistakes early on.
One of the most prominent differences between a startup and a small business involves the type of business growth and business objectives.
A small business is thought to always remain a small business in the fact that its growth goal is to remain consistent and stable.
For instance, consider what comes to mind when we think about a small business.
We think of coffee shops, grocery stores, auto repair shops, or hair salons.
Small businesses don’t have the same motivation or strategies to scale upwards.
The goal is to constantly keep the business profitable by keeping customers in the door.
Meanwhile, a startup plans to begin small with the expectation to grow and scale larger in the future.
According to Forbes, “Startups are typically online or technology-orientated that can easily reach a large market.”