Distinguish between the following terms that relates to entrepreneurship small businesses?
Question: Distinguish between the following terms that relates to entrepreneurship small businesses?
Entrepreneurship refers to the process of creating and managing a new business venture, typically with the aim of making a profit. It involves identifying a business opportunity, developing a business plan, securing financing, and implementing and growing the business.
Small businesses, on the other hand, are typically independently owned and operated, have fewer employees and generate less revenue than larger businesses. They are often started by entrepreneurs who are seeking to establish themselves in a particular market or industry. While all small businesses involve entrepreneurship, not all entrepreneurs necessarily start or operate small businesses. Entrepreneurship is a broader concept that encompasses the creation and management of any new venture, regardless of its size or scope.
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