ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Entrepreneurs tend to be classified as those who take on high-growth, high-risk innovations while small business owners oversee an established business with an established product and customer base.

Detailed explanation-2: -What distinguishes an entrepreneur from a small business owner or manager? Entrepreneurship is more innovative, risky, has an uneven flow of income, and income comes very quickly within 5 years. Small business is the opposite of all of this.

Detailed explanation-3: -Businessmen run their business for the primary purpose of making profits. Entrepreneurs intend to make profits but with a purpose of making a difference. They want to change the world by addressing a problem. They are passionate about providing unique solutions for problems in the community.

Detailed explanation-4: -Entrepreneurship involves the start-up process. Small business management focuses on running a business over a long period of time and may or may not involve the start-up process.

Detailed explanation-5: -Entrepreneurial ventures set out strategic objectives regarding the target markets, market share, market position and market development. Small business is often limited to profit target, sales and survival. It is for this reason that entrepreneurial ventures end up creating employment.