Answering this question has nothing to do with longevity, yearly revenue/profitability, funding received, or the size of the staff – it has everything to do with being at the cutting edge of innovation.
Innovation is the main distinguishing factor that propels all other distinguishing factors between a business and a startup.
So What are Those Other Distinguishing Factors?
- A Startup is built from nothing based on innovation and thin air. Vs. A Business is built from nothing based on established concepts, models, and examples.
- A Startup is focused on development of specific innovation/technology/product Vs. A Business is focused on sales and marketing to acquire clients
- A Startup is established on assumptions that need to be validated Vs. A Business is established on confirmed notions
- Startups are built from gaps that exist in businesses and markets
- Startups fulfill unmet needs Vs. Businesses cater to current needs
- A flourishing startup grows up to become a business or to get acquired by a successful business – and than the cycle starts all over again.
- Entrepreneurs create startups Vs. Businessman/woman run businesses.
What other distinguishing factors can you think of??
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