Identify

Small Business, Entrepreneur, Startup: Which Do You Identify With?

I hear these three terms used interchangeably, but in my mind, they all mean slightly different things. It’s semantics, of course, but here’s my take on what these three words mean. Which do you identify with the most?

Small Business, Entrepreneur, Startup: Which Do You Identify With?

Small Business

Wikipedia: A small business is a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships. The legal definition of “small” varies by country and by industry, ranging from fewer than 15 employees under the Australian Fair Work Act 2009, 50 employees in the European Union, and fewer than 500 employees to qualify for many U.S. Small Business Administration programs. Small businesses can also be classified according to other methods such as sales, assets, or net profits.

Me: In my mind, small businesses are those boutiques,

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How Entrepreneurs Identify New Business Opportunities

A key question that all would-be entrepreneurs face is finding the business opportunity that is right for them. Should the new startup focus on introducing a new product or service based on an unmet need? Should the venture select an existing product or service from one market and offer it in another where it may not be available? Or should the firm bank on a tried and tested formula that has worked elsewhere, such as a franchise operation? In the first of a series of podcasts for the Wharton-CERT Business Plan Competition, Raffi Amit, a professor of management at Wharton, discusses these questions and more with Knowledge@Wharton. In the process, he offers insights into how entrepreneurs can identify new business opportunities and evaluate their potential and their risks.

An edited transcript of the conversation appears below:

Knowledge@Wharton: Our guest today is Raffi Amit, professor of Management at Wharton. We are

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