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f you lookup for the word “Startup” in the most famous search engine “Google”, then the first answer you’ll get is “ Startup is a newly established business”. Or shortly, “Startup” means “Young Business”. What is startup?
The word “Startup” although was used at first in the 1970s and came to light as “Technology Startup” in the 1990s, but gained the utmost popularity around 2000. And now, the startup has become a very burning question.
What is Startup?
Most often what happens is, people, hear this word a lot, but don’t know what actually startup is. Here we can easily give you an idea about startup just if you can have a little patience to read this article throughout.
Firstly, If you’re interested to know about the startup, then you must be known to another popular term “Entrepreneur”.
An entrepreneur is mainly he/she who solely or along with partners produces a unique service or a product and makes it available to mass people.
Entrepreneurs take a huge risk because of innumerable uncertainties coming in way while establishing a fully new business. This is why entrepreneurs should try to ensure financial backups as much as possible in order to avoid this kind of monetary problems.
The startup is considered a very vulnerable sector in the business world. Anything can be the outcome of a startup. Many entrepreneurs incur losses in the process, but those who are bound to take risks and be determined are surely to be successful in the field.
An entrepreneur has to take liabilities and make-believe his/her investors and lenders about his/her full proof plan and it’s results. Again, a startup may fall into losses when the entrepreneur is overconfident or have less sense of maintaining sense.
It is a well-known fact that most of the startups do not see the light of success. But still, another truth is that we wouldn’t be getting services from Uber, Pathao, FoodPanda, Bkash, etc. throughout the country if there was no existence of startups.
So just like other phases of life, there can be either success or failure in the case of startups. Warby Parker’s co-CEO Neil Blumenthal said it correctly, “In a startup, the solution is not obvious and success is not guaranteed.”
Startups are usually built by some general characteristics. Like others, startups also need a work team. A particular number of people work together to develop the product or service and build a bridge between the startup and mass people.
They show their innovativeness together, try to solve the problems, bring out the best of a startup, and make a place for the startup in the marketplace. Besides, a startup must be flexible so that it can adapt according to the diversities of the buyer’s needs.
And a startup is not called a startup by the years they’ve been serving. It depends on the conditions of features for being called a “Startup”. But the most important characteristic for any startup is an innovation because without it the startup just looks dull. Other important and inseparable parts of a startup are mentors and advisors, who support the startup to nourish with their knowledge and guidance.
There are many kinds of startups around us, like business startups, lifestyle startups, social startups, large company startups, technology startups, buyable startups, etc.
But each and every startup is built with the same characteristics and the same target – “SUCCESS!” And when a startup company regains much popularity and gets bigger, it’s called a “Unicorn”. The term “Unicorn” was used in recent years, particularly in 2013 by venture capitalist Aileen Lee.
A computation in 2018 said that there are more than 279 Unicorns around the world. Most of the unicorns are owned by China. Some of the Unicorns of recent time are Ant Financial, Didi, Airbnb, Coursera, Grammarly, Byton, Quora, Udemy, etc.
And some popular platforms of young generations such as Zoom, Facebook, Xiaomi, Uber, LinkedIn, Twitter, Pinterest, Skype, Alibaba, etc. are known as former unicorns.
Just like the word “Entrepreneur”, another mostly used word related to startup is “Ecosystem”. And this an obvious subject to know about while studying about startups.
An ecosystem can be taken as a sum-up of a whole process of running many startup companies, especially of a certain range. Universities, Research Organisations, Big Companies, Support/Funding Organisations, Service Providers, Startups, Ideas, Inventions, etc. are essential objective parts of an ecosystem.
And essential subjective parts of an eco-system are Entrepreneurs, Mentors, Advisors, Startup Team Members, Investors, etc. Shortly, the eco-system is a tabulated form of many startups together.
As nowadays young people are getting more interest in startups, more conferences, training, competitions, and workshops or in short, many events are being organised on startup by entrepreneurs around the world. Anyone who’s interested enough to learn new things about startup and also, join a startup company should attend to these helpful events.
Last but not the least, a very common question on startup can be-
“If there are possibilities of failure, then why engaging in a business like this?”
Well, here you have only two choices to make. Either you want to follow the footsteps of other people and lead a very simple predictable life, or you totally make a new journey of your own, make new opportunities and also attract the people worldwide. The decision is totally yours!