Launching your start-up soon? Are you sure it’s not a business?
Well, this well help you figure out whether you want a start-up or a business and in which direction are you actually going?
So, read on.
Words like start up, entrepreneur, business are almost used as synonyms and it actually requires in-depth knowledge to know the difference between these words.
The U.S. Small Business Administration (SBA) describes business as an “independently owned and operated, organized for profit, “whereas a start up is defined as “newly emerging innovating venture that aims to deliver better process or service “.
The major difference between a start-up and business is in their objectives. While a start up is driven by top-end revenue and growth potential, business focuses on profitability and stable long term value. If you are more focused on making those high amount bills rather than great customer based products then aim for a business and not a start-up.
There is a stark difference in the ideologies and organization of a start-up and a business. A business works on a proper well-established business model whereas start-ups are still discovering their functioning, innovating ideas.
Passionate about their work start-ups try to bring new and beneficial innovations to the society and don’t work on a set pattern as set by big business companies.
Working in a start-up seems pretty exciting but there is a huge risk as there are chances that without proper funding, even if the idea is great, the start- up may fail, this risk is comparatively less in a business as their base is stronger.
A start-up can be successful solely by the honest and hard work of its employees; but it promises satisfaction that can be rarely found in a business.
So, if you are passionate about that one thing, may it be coding, designing or any other art, and hate the 9-5 desk jobs, then a start-up is your way to go whereas if you love that corporate, scheduled balanced life then yes, SUIT UP !