I’ve covered most of the facets of launching a business startup in my business startups blog series. Now I’ll deliver my honed business startup definition. No fluff, no hype, just a simplified way to look at it. And, like always, I’ll continue to pound in the reality that entrepreneurship requires harder work than any normal job will ever demand.
Business startups force entrepreneurs to fly by the seat of their pants. It’s like they’re in a real dogfight up in the air. Business is frequently compared to battle. Business startups are in a fast-paced battle with jet fighters! They rip and they roar!
The simple business startup definition
The business startup definition is simply this: a new business launch in the early stages – those stages which are volatile and evolutionary. Steve Blank, the author of The Startup Owner’s Manual, points out that a business startup is in search of a repeatable and scalable business model. This is a “lean startup” concept and is very true indeed. But a business startup is a new business launch, nonetheless.
I like to refer to pre-launch and post-launch business startups in my business startup definition.
Pre-launch business startup definition
The Pre-launch business startup definition is where you take your idea and turn it into something viable, on paper. You may not need funding for this, but that depends on the scope and resources needed. It does require tons of market research (qualitative and quantitative) and tons of planning to be completed ahead of time.
And the research and planning should never stop. they’ll just stabilize by the time you’re ready to launch.
Post-launch business startup definition
Then, of course, the post-launch business startup definition is when your’re business is ready to roll. It’s hard for me to be too specific since there are so many types of business startups. But I will say this: hopefully you have lots of customers buying from you before you actually launch your business startup.
Due diligence is the key to success for a business startup. Never go in blind. Never base your business startup decisions on assumptions. The proper business startup definition is a well thought out, qualified and quantified business plan and business strategy. And the business planning never stops there. As an entrepreneur, you must be agile and flexible at all times.
Business plan execution
So another way to put it is like this: A business startup definition is a new business which is in the business plan execution stage – or in the lean startup stage, where experimentation and quick corrections are the name of the game. It’s iterative. You keep trying new things until you get it right.
Why do business startups fail?
Marcus Lemonis calls business plan executions the primary reason for business startup failure. I’ve written a series of blog posts covering many of the facets of business startups. One in particular covers business plan execution:
Entrepreneurship is a crazy life, right? Entrepreneurs are the most hard working, focused, and driven people on Earth! Are you ready to be an entrepreneur? Next week I’ll publish my post about the lean startup. This is a winning philosophy which is taking hold in the top business schools around the world. It’s highly effective!
Thank you for reading:
My Rip-Roaring Business Startup Definition
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