The differences have actually been extensively discussed, but here’s a brief but concise explanation by my friend, Rashidat Blessing Mikairu.

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Startups, by their very nature, are paragons of uncertainty; a lot is being figured out — revenue, business model etc. This characteristic should mean that they are able to move faster, iterate quickly and severally. A startup does not necessarily have to be “small”. Some of your biggest tech unicorns are still considered startups. In addition, that’s why some of the larger, traditional corporate companies are encouraged to adopt the startup mindset.

A small business, on the other hand, is just exactly that: small. Everything from your local convenience store to the small agency with 2–10 employees serving a few customers. The key differentiation is Certainty. Certainty. When you run a small business, you know where your money should come from even if it’s coming in trickles, you know who your customers are, you know your processes etc.

I hope this was helpful?