Entrepreneurship and small business management: A distinction

• Importance of the distinction (manager motivations; strategy; economic role; support issues).
• Concern with distinguishing between the small business and the entrepreneurial venture rather than the small business manager and the entrepreneur.
• Key features distinguishing the entrepreneurial venture from the small business:

–         innovation (entrepreneur pursues global innovation whereas small business pursues local innovation);

–         growth potential ( high for entrepreneurial venture; low or only moderate for small business);

–         strategic objectives (small business has (short to moderate time-span) financial objectives; entrepreneurial venture has long-term financial objectives and strategic objectives – market share, market dominance, industry creation, etc.).

• The distinction between the small business and the entrepreneurial venture does not say who is an entrepreneur and who is ‘just’ a small business manager.  These terms are purely personal epithets.