EVERYTHING YOU SHOULD KNOW ABOUT A STARTUP BUSINESS

WHAT IS A START UP BUSINESS?

It's basically a business which is in the initial stage and that was developing by entrepreneurs who aim to bring a new product or service to market.

It's typically start with limited resources and lean structure. Startups are known for high-risk and high-reward potential.

Some Startups are have a big funds and already have big advertisements like Meesho, Cred, Nykaa and so on.

Other good examples are:

        Google, Facebook ,Twitter  and Social media platforms like Swiggy, Zomato, Uber, OLA etc,.

HOW TO START A BUSINESS?

• Before you invest funding on the business ,first you needed to invest time on the business strategies.

• Rather than deciding which business you wanted to do, find out purpose of doing that business.      
• Learn startup methods:-

               "START SMALL AND ITERATE QUICKLY"

            

 In this method , We don't need a perfect or high  value product for starting a business.

We can start with basic or affordable product which we have. It's also called minimum viable product (MVA).

For example,

If your product is a Wired headset, then get a customer's feedback for the product and then upgrade the product into Wireless headphones. Again get a customer feedback and then upgrade the product into a Earbuds.

Get more feedbacks from the customer ,then optimize your product and scale the products based on their features of Wired headset, Wireless headphones and Earbuds.

WHY DO 90% OF STARTUPS GETS FAILED?

Most entrepreneurs who launch with insufficient funding, product or service prices that are not market-related ,or optimistic sales, projections had been ending up with failing the startups.

In some  cases, a start up fails because of the founders who don't have the necessary qualifications or experience.

5 ESSENTIAL ELEMENTS THAT LEAD SUCCESS:

1. Idea,
2. Team,
3. Business model,
4. Funding,
5. Timing.

IDEA- Firstly, You should have a idea to start a business because it's a important thing in business.  

TEAM- Secondly, You should have a team to do a business. Importantly ,you and your team should  have a good co-ordination.

BUSINESS MODEL- Thirdly, you just needed a business model based on your startup idea with your team.

FUNDING- The fourth one is to collect funds for your business is main thing in leading successful business. You can collect funds from public peoples or from charitable persons by explaining your idea and business model. 

TIMING-  The final one is timing. It is a most deserved one important for any business. You spent more time on your business and gain knowledge about it. Most of the companies were being popular timing, food delivery company like Swiggy, Zomato provides foods in less time to the customers.

    ---> There are two types of companies one is Ideal lab companies and the other one is Non Ideal lab companies.

IDEAL LAB:

  

#Ideal lab is a technology incubator which was founded by Bill Gross in 1996. 

>>It creates and operates technology companies by testing ideas, recruiting teams.

>>It had been created over 150 companies.

>>Ideal lab is important for a startup companies.

>>It provides funding ,mentorship for startup companies especially technology sector.

Example:-

CYBERSECURITY SERVICES: Startups developing solutions for data security and privacy.

CRED: A credit card payment platform with exclusive rewards and experiences.

GROWW: A platform for investing in stocks and other financial instruments.

SKYROOT AEROSPACE: A space startup working on launch vehicles and satellite applications.

NON IDEAL LAB:

#Non Ideal lab refers to research and development environments or innovation spaces that doesn't follow traditional or ideal lab settings. 

>>These labs often focus on practical ,applied or interdisciplinary approaches to innovation often in collaboration with industry partners or stakeholders..

>>It is more often agile and adaptable than traditional research labs, allowing them to respond quickly to change circumstances or new opportunities.

>>The non ideal lab often  brings together experts from diverse fields, such as engineering, biology, computer science and social sciences to tackle complex problems.

>> It often collaborate with industry partners.

Example:

INSTAGRAM: A photo and video-sharing social media platform, showcase a strong focus on user experience and community. 

UBER: A ride-sharing service, highlighting the potential of technology which helps one to travel from a place to another place.

LINKED IN: A professional networking platform ,demonstrating the value of connecting individuals and businesses.

CROWD SOURCING ANALYTICS:

Crowdsourcing means the outsourcing of human intelligence tasks to a large group of unspecified  people. via the Internet.

Most of the users nowadays uses Truecaller to find a unknown number and uses Google Map to find out places and the traffic in a region. 

All these services were based only on crowdsourcing.

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