Question

1- What is the difference between:

a. Entrepreneurship.

b. Small business management.

c. Entrepreneur.

d. small business manager.

Answer 1

The difference between a) Entrepreneurship b) Small Business Management is given as :

Entrepreneurship	Small Business Management
Entrepreneurship is set-up to offer some innovative products and services and the objective of any entrepreneurial venture is to provide innovative solutions.	Small Business Management offers products and services in the existing product/service segment.
This is customer-centric, i.e identifying the needs of the customer and offering them innovative products/services.	This is profit-oriented and is set up with an objective to earn a profit.
It is innovative in nature if it's functioning.	Usually traditional and orthodox in nature.
The strategy for entrepreneurship embraces risk and uncertainty	The strategy for small business management is risk-avoidance and minimizing uncertainty.
The reasoning behind entrepreneurship is effectual reasoning.	The reasoning behind entrepreneurship is causal reasoning.

The difference between c) Entrepreneur b) Small Business Manager is given as :

Entrepreneur	Small Business Manager
An Entrepreneur is a market leader	A Small Business Manager is a market player
The main objective of an entrepreneur is to create place in existing markets.	The main objective of a Small Business Manager is to create new markets.
An entrepreneur uses innovative and nonconventional thinking and business strategizing.	A small business manager utilizes a conventional thinking approach in his/her decision making.
The orientation of an entrepreneur is towards PEOPLE.	The orientation for a small business manager is towards profit.
An entrepreneur uses intuitive thinking and is risk-tolerant.	A small business manager uses calculative thinking and is risk-averse.