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Showing posts from January, 2017

What is the difference between a small business and a startup?

There are many articles stating the fact that the millennial generation, also known as Generation Y, has a very strong entrepreneurial mindset. They want to start their own businesses, be successful and have an impact on the world. Despite this grandiose mentality of theirs, millennials unfortunately do not possess the funds and means to start their own businesses at such a young age.
Entrepreneurs can be divided into two sectors: those who start their own business, such as running their own restaurant or daycare, or those who can run a startup. Many people get confused distinguishing the two since the phrases are quite similar. As a Forbes article explains, “First off, the biggest difference between these two company types is in their top objectives. Small businesses are driven by profitability and stable long-term value, while startups are focused on top-end revenue and growth potential.”[1] Startup businesses involve much more risk and the unknown as many of these new ideas have…