A startup is a new business in the founding stages of its operations that is run by one or more entrepreneurs with the goal of achieving quick growth due to the perceived idea that there is a high demand for the product or service being offered.
What Does the Term Startup Mean?
The tech and computer driven 1990’s is when the term ‘start up’ was first coined. The term startup was first used in relation to the need to create new businesses that dealt with the ever-changing tech industry.
As computer technology developed so quickly, it demanded that businesses changed at a similar rate, forcing entrepreneurs to become innovative and to produce products and services that kept up with the development of the sector.
How to Make Your Startup Successful – Quick Tips
Funding is of course an important part of a startup’s success. Securing funding to be able to push your concept to reality can make the difference between success and failure. Business finance options such as a secured or unsecured business loan for a startup could be a way to get the business some quick turnover.
There are many characteristics that make a new business successful, not least the hard work and 24/7 dedication of its staff in the early stages of its foundation. Many startups offer exciting work environments, with a feeling like progressive, out-of-the-box concepts are being devised.
Unique Characteristics of Startups
Most regular companies, such as a new restaurant, a professional cleaning service, or a cinema are considered true startups. Just because your business is new, that doesn’t make it a startup.
An important characteristic of s startup is:
- the commitment to risk taking
- A potential large customer base
- An inherent ability to make decisions quickly and not linger on losses
- An intense work ethic, with potential big profits
- A product or service that could have wide-ranging placement if it became successful
- An open work environment where leadership, administration and workers are all working together for a common goal
The startup culture goes hand-in-hand with the ‘American Dream’ culture of working hard and getting rich quickly. This means that like all businesses, startups are prone to failure, and when this happens, that failures can be big and hard hitting. Be sure to do your research before committing to any startups. Always get independent, professional financial advice.