My Perspective Before the Research
I’ve recently learned that my idea of what might be the difference between having a startup business and turning it into an established small business, was nothing close to what I found in my research. My thought was that every business or new venture starts out as a startup and eventually after certain expectations/milestones are met your organization moves into the small business category and so forth. Boy, was I wrong!
It turns out that the small business classification and startup classification aren’t even connected at all! These two classifications are separated significantly by the entrepreneurs mentality and goals they’ve set forth for the organization. Therefor the risk, approach and development are drastically different.
My motivation to research this topic was that I have been a part of many different business ventures since I graduated high school. I have failed at every venture, but one. This time around, as I am starting a new venture, I want to know ahead of time what milestones must be reached in order to confidently call my venture an established small business or startup! Let me explain.
What is a Startup?
- A temporary, but fast growing company, generally newly established and is in the phase of development and researching markets. A startup’s main objective is top-end revenue and growth potential.
What is the Mentality of a Startup Entrepreneur?
- Focusing on the bigger picture by paying meticulous attention to perfecting your product or service and how to expand your customer base. The sky is the limit for your revenue potential as well as your impact on the state, country or world!
What is a Small Business?
- An established small business (no amt of time specified) supports less than 500 employees and has annual revenues less than $7 million.
What is the Mentality of a Small Business Owner?
- Profitable and stable long term value. To create a steady pay check, focus on specific dollar amounts and building a nest egg!
Both types of entrepreneurs are important, successful and play a significant role in improving our ever struggling economy. Both will deliver you strong networks in the business community and aspire to impact others whether that be on a small scale or an unlimited scale.[text_box class=”grey”] Entrepreneurs, Ask yourself these 2 questions: Which entrepreneur are you? What is your company’s number one business goal? [/text_box]
Now, after successfully completing my research I can confidently say my one small business success is a small business with slow and steady growth and is profitable. My newest venture is actually a startup that has the potential to grow into a success as big and influential as I want it to be.
My next article will feature specific details on what the milestones/ requirements are to be consider an established small business and if you aren’t there yet, where are you?