Short Story vs. Novel

A lot of authors start out writing short stories before they tackle a novel. Going from a short story to a novel has an intuitive progression that all who hope to publish should pay attention to.

What are the differences?
A short story can be seen as a slice of life.
A novel could cover an entire life.

A short story covers a narrow time frame.
A novel could cover a massive time frame.

A short story most often only includes one geographical location.
A novel could cover many geographical locations.

A short story can be anywhere from 500 to 9,000 words, although most magazines prefer them to be under 2,000.
A novel can be anywhere from 60,000 to over 100, 000 words.

So, what are the similarities?

Both a novel and short story should have a beginning, middle and end and follow the three act time frame.
Both should start with a great hook, so that the reader doesn't want to put it down until the book/short story is finished.
Both should have an inciting incident in Act 1.
Both should have the characters facing obstacles, setbacks, and minor victories in Act 2.
Both should end Act 2 with the climax of the story.
Both should have a conclusion to the story in Act 3.

While the short story helps the author become clear and concise, the novel offers the opportunity to expand and elaborate descriptions, subplots, and character arcs.

Have you thought about writing a short story? What would your hook be?