When Is Your Business No Longer a “Startup”?
I think the following raises some excellent points about "Business No Longer a Startup". I’ve included a few of the highlights for you to get the gist of the article:
You’re starting a business. Does that mean it’s a startup? And when is it no longer a startup? The answer will often depend on whom you ask.??
When it comes to startups—a subset of small business—it’s even harder to pin down a consistent definition. There are a couple of common approaches to defining a startup and they usually fall into one of two categories:?
Approach to Business
According to the Congressional Research Service, “business startups create many new jobs, but have a more limited effect on net job creation over time because fewer than half of all startups?remain in business?after five years.”
Time in Business
Ultimately, there is no official definition of a startup that everyone agrees upon. Both of these approaches, however, have one thing in common: the business owner considers the business in its early stages, and it still has a significant way to go before reaching its potential.?
How can you determine, then whether your small business is no longer a startup? There are a couple of indications that your business can move beyond the startup label:
?? It has survived its first year.
?? It is profitable.
?? It is hiring employees.
Check out the full article?here?...
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Career Transition Strategist | Career Change Coach | I advise executives and C-suite on how to avoid and recover from a career crisis, and help them develop a more profitable, powerful and purposeful life.
1 年What a great article. Many will find this valuable, Amy Wallin!