I think there are cases that are clearly "a new small business" vs "a startup". In between there is some fuzziness.
Obviously you don't need to have or be pursuing VC money to be called a startup, but there is probably truth in the idea that startups are inherently unstable. You may not be growing exponentially, but you are spending down money in pursuit or definition of a stable business model that doesn't currently quite work yet, or a different way to exit that unstable phase.
Obviously you don't need to have or be pursuing VC money to be called a startup, but there is probably truth in the idea that startups are inherently unstable. You may not be growing exponentially, but you are spending down money in pursuit or definition of a stable business model that doesn't currently quite work yet, or a different way to exit that unstable phase.