Are you a startupBy: Jared Hecht, Forbes, Entrepreneurs, December 8, 2017.

If you’ve worked in the tech industry, or are at least familiar with the space, then you’ve probably known entrepreneurs who have launched and grown startups over and over again.

But have you ever taken a step back and asked yourself, “What is a startup?”

Is it just a buzzword for a fast-growing tech company? Or is there a real, important distinction between what constitutes a startup, and what qualifies as a small business.

As it turns out, there is a real difference between a startup and a small business. We walk through the exact definitions—and why you need to know—here.

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