One of the key differences between entrepreneurship and a small business is their objectives. Entrepreneurship is not only based on making money but also the determination to shake up the market by introducing new and better products. It is founded on with a great concept or idea behind it while the objective of a small business is caring about the work they accomplish day-to-day. They are primarily focused on ensuring continual development and longevity.
The leadership traits of entrepreneurship is influential and highly motivated because entrepreneurs are visionaries. They also know how to keep individuals motivated while in small businesses the leaders are patient and disciplined. They are majorly driven by the small gains they obtain over time and the improvement of efficiency instead of competing with other businesses. Their intention is to ensure that the business operates smoothly and steadily.
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The teams in entrepreneurship are specialized and experienced. They are persistently striving to improve their tactics and finding ways to work in a manner that is more efficient so that they can develop products that are unique and more captivating. There is friendly competition among the teams as they strive to improve each other while in small businesses, the teams are objective and calm. These teams can be competitive but care more about the obligations and duties more than they do for wins and profits.
The management strategies of entrepreneurships require long term planning and are high risk. In their attempt to develop new ideas or products they endeavor to minimize losses and wastes. This involves high risks and decision making because they are venturing in uncertain grounds while the management strategy of small businesses is flexible and has low risks. Their aim is to ensure that there is a continuous flow of money and work for the team. In small businesses, workers are likely to get comfortable in their routines.
The environment of entrepreneurship is competitive and fast while in small businesses it is relaxed and comfortable. In entrepreneurship time is maximized and prioritization is fundamental in order to encourage productivity while in small businesses there is limited stress and workers can even operate from their homes.
