Explain some of the differences between an entrepreneurial endeavour an established business.

Established businesses focus on three main strategies to grow their business and increase profits: aggregation, arbitration, and adaptation. These strategies rely on a level of certainty not available to a startup. Entrepreneurs seek to experiment with new business models and products in an attempt to validate them. Often relying on the emergence of a new under-exploited market, entrepreneurs rely on their relative speed compared to incumbents to out-compete in ways less reliant on size and access to a large war chest.