What is the difference between a startup and a small business? I believe the main difference is the potential for rapid scaling. When I think of startups, I think of businesses that have the ability to scale quickly and expand beyond a specific local market. Many people assume that startups are focused on creating IT products, but that's not always the case. A startup can be any business that has the potential for fast growth.

But the more interesting question is - to scale what? Revenue? Profits? For me, the most important thing when it comes to startups is the ability to make a significant impact on the world. I measure this impact by the number of users whose lives are improved by the products we create. This is why I'm so passionate about startups and why I decided to stop doing consulting work. That's why, by the way, startups are often measured by their growth rates. It's a way to understand how fast a business is scaling.

I wish I had understood this earlier on in my journey as an entrepreneur. Thus,

Advice to my younger self

1. Understand the importance of external investment for fast scaling of a business - at least, in 2 of my startups I didn’t realize that and now regret it.

2. Clearly communicate the nature of your business (startup or small business) to co-founders and investors.

3. If it is a startup, design it with fast scaling in mind and choose the appropriate method for achieving this goal.