When does an idea become a startup and when does a startup become a business?
I had the great chance to be on a panel of discussion to launch Vivid Sydney earlier this week @ the Opera House. One of the big discussion points was around what defines a Startup from just an idea and a Business from a startup?. From what I remember, here are a few different perspectives.
When does an idea become a startup?
- The day you incorporate
- The day you quit your job
- The day you take a positive step towards creating something
- The day you form a team
- An idea is a startup
- The day it is invested in
When does an startup become a business?
- The day you spend money
- The day you make money
- The day you hit positive cash flow
- The day you hire
- The day you pay tax on profit
- 10 or more people
- They day it is invested in
I guess, being an entrepreneur you can choose whatever definition you like. Do what you want brah