Startups are businesses which have the potential to revolutionize an industry and have huge impact. They often begin with a small investment and quickly grow into a profitable business and the most successful ones eventually becoming unicorns — companies valued at more than $1B.
While many startups are tech-related however, they are found in almost every industry. Some, such as Slack focus on the communication of employees and others, such as Instacart are grocery delivery news services. Companies that are successful, regardless their business models, generally provide a cutting-edge solution to the issue that customers aren’t aware they have.
The startup process involves an immense amount of hard work and risk, however the rewards can be astronomical. There are plenty of resources for those who wish to create their own startup. Certain startups receive seed funding from accelerator programs, such as Y Combinator, while others have success with funding and advice from VCs and angel investors. Still, over 90% of all startups fail, so it’s important to take steps to reduce the chance of being one of them.
Services such as consumer products, eCommerce, and other ideas are among the top ideas for those who are just starting out. A coffee shop, for example is a low-cost start-up that offers a variety of products that can generate substantial revenue every month. A company which helps people find and book living spaces is another low-cost venture that could earn a profit in the long term.