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Merriam-Webster's dictionary defines a startup as “the act or an instance of setting in operation or motion.” This is not a helpful definition to the newly formed business. The reality is that there is no one definition any two entrepreneurs or business owners agree on. Most say a startup is determined by its age, growth, revenue, profitability, or stability. Neil Blumenthal, co-CEO of Warby Parker, defines a startup as “a company working to solve a problem where the solution is not obvious and success is not guaranteed.” Another entrepreneur, Adora Cheung, CEO of Adora, stated: “A startup is a state of mind. It's when people join your company and are still making the explicit decision to forgo stability in exchange for the promise of tremendous growth and the excitement of making immediate impact.” The Small Business Association sums up the word startup, “In the world of business, the word ‘startup’ goes beyond a company just getting off the ground. The term startup is also associated with a business that is typically technology oriented and has high growth potential. Startups have some unique struggles, especially in regard to financing. That's because investors are looking for the highest potential return on investment, while balancing the associated risks.”

The best definition of a startup was provided by Alyson Shontell while she was the editor-in-chief of Business Insider US. “A startup is an emotional roller coaster that can either result in massive failure or success, after which one's bank account total may either drastically increase or decrease. The person behind a startup is a founder, an often very bright, somewhat crazy person who finds a normal 9-to-5 job dull and is deluded into believing he or she can change the world by working tirelessly in front of a computer screen. The relentless work has been known to shave a few years off a founder's life while adding premature gray hairs, but it can be very rewarding both emotionally and financially for those who pursue it.” I could not agree more with Alyson Shontell's definition.

Now that we have a definition of what a startup is, I can answer the number one most frequently asked question in the Startup phase.