The default path for entrepreneurship is usually starting a small business, but did you know that building a startup is a viable alternative? Today on The Legalpreneur Podcast, I highlight the key differences between a small business and a startup, so you can decide which model fits your goals.
Scale is the main distinction between these business models; small businesses remain small while startups are designed for growth.
If your goal is to be self-employed and develop a steady revenue stream, then starting a small business could be the right path for you. Small business owners do not need to cater to investors and are thus free to operate in niche industries that otherwise would not attract funding as a startup.
Building a startup is rooted in relationships because, unlike a small business, you receive funding from venture capitalists and investors who help grow your company. Generally, investors are only interested in billion-dollar industries, so you must fill a void in an already well-developed market. If you do successfully build your startup, attract investors and sell your company, you can expect a much bigger financial payout than you could achieve with a small business.
Whichever entrepreneurial path you take, your potential is only limited by what you believe you can achieve. Before I started The Legalpreneur, I did not know that building a startup was attainable to someone like myself. However, I've since learned that the only difference between you and a business owner or a startup CEO is daring to start!
If you want to learn what it takes to build a small business or a startup, listen now!
Key Takeaways:
[1:00] Small businesses stay small and startups are designed for growth
[2:00] The CEO of any startup is in the business of relationships
[4:00] A seed round is typically the first round of funding in your startup
[5:00] Venture capitalists are essentially your boss when they fund your startup
[6:00] Lowering your turn rate by teaching clients the value of your service
[7:00] Investors will not talk to you if your market size is less than a billion
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Disclaimer:
The Legalpreneur Podcast is advertising/marketing material. It is not legal advice. Please consult with your attorney on these topics. Copyright Legalpreneur Inc 2022
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