Funny enough I can comment on this with some data…

I was involved in a study a few years back that looked (in part) at how engineering undergraduates defined entrepreneurship and startup. It fortunately the results from that part ended up on the cutting room floor to focus out main paper on something else…

Generally, to undergraduate engineers, entrepreneurship and startups are defined by the following things:

Being in Silicon Valley/San Francisco

Doing something related to technology

Being financially successful (yes…noting another finding was that they often subconsciously conflated revenue and profit, but only when told the financial data was from a “startup”)

Being controlled by their founder