Innovation and creativity are central, involves a high level of risk-taking and uncertainty, entrepreneurs are typically driven by a vision and a desire for significant growth, they often seek new markets, products, or services, the focus is on exploiting opportunities in the market
Small Business Management
Stability and consistency are paramount, involves relatively lower levels of risk compared to entrepreneurship, small business managers are more focused on maintaining the current operations, they often serve established markets, offering existing products or services, the goal is to ensure the survival and sustainability of the business
Advantages of Entrepreneurship
Potential for high rewards and profits
Opportunity to make a significant impact in the market
Freedom and flexibility in decision-making
Encourages creativity and innovation
Advantages of Small Business Management
More stable and predictable income
Lower risk compared to entrepreneurship
Established market and customer base
Easier access to funding and resources
Disadvantages of Entrepreneurship
Higher risk of failure due to uncertainty
Financial instability in the early stages
Requires a high level of commitment and dedication
Emotional and psychological stress due to uncertainties
Disadvantages of Small Business Management
Limited potential for exponential growth
Less room for radical innovation
Can become stagnant or face competition from more innovative ventures
Innovation is the main difference between entrepreneurship and small business management
