We’ve all seen startups rule the media and social platforms for the past few years. If you’re behind or opening this to learn more about the technicalities behind defining a startup - don’t worry, we have you covered.
Startups have increasingly become associated with the tech industry, although the term technically refers to a new company of any kind.
What defines a startup? Startups are young companies that are typically characterized by innovation, risk-taking, and fast growth. They are often founded by entrepreneurial individuals who have a vision for something new and unique, or for something that can solve a real-world issue.
What Is The Measure Of A Good Startup?
Startups are typically measured by their ability to scale rapidly and achieve significant growth. This can be in terms of revenue, users, or other metrics that denote rapid scaling. As an achievable, this can be easier said than done and there can be plenty of competition trying to muscle in on the same market.
To be successful, startups need to focus on creating value for their customers and solving problems in new and innovative ways.
Launching A Startup: Where To Start?
Creating a business from scratch is a task that will take a lot of time and resources.
If you're thinking about starting your own company, there are a few things you'll need to get started.
First, you'll need an idea that is truly new and different. Alternatively, you need to look at existing markets and see if there is anything that you can do better than the current players. This approach may require you to partner with someone that has existing experience in that industry so that you can gain a competitive edge.
Second, you'll need the passion and drive to turn that idea into a reality. Startups take a lot of planning and careful execution in order to become successful. In fact, more startups fail than become successful in their first year of business. This step might see you build your team and product MVP, start doing early marketing, and get key feedback from your first users.
Finally, you'll need the ability to execute your vision and build a network of relevant connections that can help you scale. It’s not enough just to have an MVP - you’ll also need to tell the market about it, drum up some buzz, and start making sales. For this, you might want to work with a marketing and sales team that can help you maximize your efforts.
What Does It Take To Be A Founder?
The great thing about startups is that founders can come in all shapes and forms. People of all ages, genders, races, and socio-economic backgrounds become startup founders.
Being a good startup founder has more to do with your attitude and general approach. You’ll need to have the grit and determination to make your venture come to fruition regardless of the challenges that come your way. You’ll need to be a good leader, but also a good listener capable of working as part of a team.
You’ll also need to have patience and a good dose of creativity to make sure that you are always helping your venture reach its full potential.
Now, no founder is perfect, and many of the above characteristics are actually skills that you can learn. Another option that many founders go for is to find a co-founder that supplements all of the skills they lack. This means that the startup gets the best of both worlds if you find a cofounder that has a similar drive to make the company a success.
If you have what it takes to start a company, then there's no reason to wait. Get out there and turn your vision into a reality, whether it’s at night while you keep your day job or whether you run it from a garage. Who knows, given some time and effort your startup could be the next big thing.
Get Help Launching Your Next Venture
Have an app idea but none of the skills to build it? Want to speak to a team that has repeated-success stories of launching new projects and startups?
Reach out to NineTwoThree Venture Studios today!