What is a startup?
Question is that: What is a startup actually? what do think of a startup?
If you do not have any clue, don’t worry,
that’s fine, We are here at Startup Essence to help you get the essence of Startup.
The term “Startup” has been around for several years and has been being used frequently.
But What is a Startup?
In this article we are going to provide a comprehensive definition of a Startup.
Startup in Dictionary
Investopedia simply defined it:
“A startup is a young company that is just beginning to develop.
Startups are usually small and initially financed and
operated by a handful of founders or one individual.
These companies offer a product or service
that is not currently being offered elsewhere in the market,
or that the founders believe is being offered in an inferior manner”
According to Merriam-Webster, Start-up means:
“a fledgling business enterprise”
Startup Elites Idea
Neil Blumenthal, cofounder and co-CEO of Warby Parker puts it this way:
“A startup is a company working to solve a problem
where the solution is not obvious and success is not guaranteed”
Wil Schroter, Startups.co Co-Founder and CEO, has his own definition of what a startup is:
A startup is the living embodiment of a founder’s dream.
It represents the journey from concept to reality.
It is one of the few times when you can take something that
is only a dream and make it a reality,
not just for yourself, but for the entire world.
Video: What is a Startup
You can watch a short video explaining what is a startup.
Characteristics of a Startup
Besides knowing what is a Startup, It has several characteristics.
- focused on growth,
- solving a problem,
- more questions than answers, i.e, to prosper you should answer those questions.
- searching for product/market fit, that If there is no product/market fit you are definitely going to fail.
- filling a gap in the market, that Meeting those needs of customer that have not been met.
- changing the ways things are traditionally done. Many Startups are changing the traditional products, They even create new needs.
- starting from scratch.
- a company in its early stages.
- a home for the crazy people.
- a company with few employees.
- lean and adaptive. agility is in its nature.
- in search of a sustainable business model.
- prototyping a concept.
What do think about Startup? Share your idea with us.