Like a little plant grows into a huge tree, a young and small company which aspires to be into a huge one is a start-up. It is the primary or the initial stage of a company. The ideas sowed for a startup basically provides a mission for a long term basis. Individuals who came up with the ideas of the startup are known as the Founders of the Startup. They are not financially that strong and give small contributions. These companies come up with new and innovative designs and inculcate them into projects which usually not provided by any other company. It is unique in its own way. Startups face uncertainty of any kinds of boom. It has potential in it but generally it is very risky and difficult to become a huge and an influential company. The outcomes are nominal and not real as such.
Perhaps themost popular definitionof a startup is from Eric Ries, the creator of theLean Startup methodology:
“A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty.”
1.Focused on Growth- Small businesses may be happy staying small businesses forever, but a startup doesn’t want to stay small. It would want to expand and thus focuses on its growth.
2.Solving a problem- While figuring out the main outlay of the company, the design for a startup is a solution to many problems to help out the general public with their schemes as well as make the world a better place.
3. Requires passion- Passionate people are the founders of the startup. For them the job is that engaging that they can’t think about anything else. It is a part of their life without which they cannot live without.
4. Fills gap in the market- It provides services for those needs and wants that are not available in a market usually. Hence it fills the blank spaces in a market place.
5.Product-based company- They design such project models which fits the market place and the people would be more encourage buying or using their services.
6.Starts from scratch- The beginning stage is such a prominent one that there’s everything new and needs to be developed. Business ventures trying to build up from scratch are startup.
7.Innovative role- A start up works on the path of innovation, bright ideas etc. A startup is an organization where individuals are working together towards a common goal, and that goal is usually highly innovative in nature.
8.Lean and adaptive- A startup can be moulded into whatever shape it is required. There are so many stereotypes about startups, most of them promoting the idea that they’re just a place for lazy millennial to spend other people’s money while they play video games. A startup is not fully formed or complete but still vigorously pursues greatness through a lean and adaptive endeavour. Startups are heavily defined by their actions and execution, not just their ideas.
Innovation is truly you if you work on your dreams. There are risks like competition, financial risks, partner risks, market riska, product quality risks but risk is worth it once your are through with your pkan and stand in the industry like a player where you can compete with more aged companies.
The process is your self made recipe which depends upon your style, taste and hard work to show how well you have cooked the idea. So if you think you can, you should!