by The term “Startup” has gained a lot of popularity these days. More and more individuals are interested in becoming entrepreneurs and therefore open their own business. Therefore, there are also more entities interested in helping new businesses.
A startup is a company established by one or more entrepreneurs to create unique and irreplaceable products or services. It aims at bringing innovation and building ideas quickly.
Nature:
Growth
An startup is company whose goal is grow and expand rapidly, taking up to sometimes drastic proportions. This is one of the points that distinguished startup a Small business.
Age
An startup is new company which is still in early stages brand management, sales and hiring employees. Too often the allocation of this concept to Business who have been on the market for less than 3 years, however, this is not true. That is, one company You can have 7 years and is still a startup.
Innovation
A business this type need to have a differentiator competition in order to gain competitive advantage in the market. It is innovation may be present in their products or in the business model associated with company.
Risk
Once a startup It has shed innovative strongly present, there are always several associated uncertainties about ensuring the success of the business. For this reason, these Business are considered risk investments with a high failure rate.
Solving a problem
Associated with your shed innovative, this Type of company focuses on solving any existing problem in the market. So they focus on making a difference not only in the marketplace but also in people’s lives through your product or service.
Flexibility
A startup is very dynamic and ready to adapt to the adversities that may arise. Due to the need for validation of your business idea, these Business need to be ready to tailor their product to meet customer requirements.
Types:
Small business startups. These businesses are created by regular people and are self-funded. They grow at their own pace and usually have a good site but don’t have an app. Grocery stores, hairdressers, bakers, and travel agents are the perfect examples.
Scalable startups. Companies in a tech niche often belong to this group. Since technology companies often have great potential, they can easily access the global market. Tech businesses can receive financial support from investors and grow into international companies. Examples of such startups include Google, Uber, Facebook, and Twitter. These startups hire the best workers and search for investors to boost the development of their ideas and scale.
Lifestyle startups. People who have hobbies and are eager to work on their passion can create a lifestyle startup. They can make a living by doing what they love. We can see a lot of examples of lifestyle startups. Let’s take dancers, for instance. They actively open online dance schools to teach children and adults to dance and earn money this way.
Big business startups. Large companies have a finite lifespan since customers’ preferences, technologies, and competitors change over time. That’s why businesses should be ready to adapt to new conditions. As a result, they design innovative products that can satisfy the needs of modern customers.
Buyable startups. In the technology and software industry, some people design a startup from scratch to sell it to a bigger company later. Giants like Amazon and Uber buy small startups to develop them over time and receive benefits.
Social startups. These startups exist despite the general belief that the main aim of all startups is to earn money. There are still companies designed to do good for other people, and they are called social startups. Examples include charities and non-profit organizations that exist thanks to donations. For instance, Code.org, a non-profit organization, encourages school students in the US to learn computer science.
