You may have heard the term ‘startup’ being bandied about in recent years but for those of you who are unsure what exactly it means, MBA Programs has created an infographic that explains everything there is to know about startups.
According to the infographic, startups generally comprise a single office, have less than 80 employees, and adhere to a culture of innovation.
The lifecycle of a startup consists of six stages: discovery, where a founding team is established and its business potential assessed; validation, where its core features are refined and seed money is obtained; efficiency, where its value proposition and business model are fine-tuned; scale, where the company embarks on an aggressive growth strategy; maximizing profits, and lastly, renewal.
The infographic also lists the top 10 metropolitan areas in the US for startups; Seattle, San Francisco and Colorado Springs are among the cities with the highest density of startups.
If you’re an aspiring entrepreneur, you’ll find the six characteristics of a successful startup especially useful. They include the ability to identify market opportunities, having a compelling value proposition, and confidence and drive.
Check out these facts and more by clicking the snippets below.
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[via Visual.ly, image via MBA Programs]