What Exactly Is a Startup Business?

start-up

A startup company is an intense entrepreneurial new venture that comes to propose an innovative product, process or service.


The term startup was always associated with the act of creating a company. During the period known as the ‘Dotcom Bubble’, between 1995 and 2001, the term began to be used to describe a group of people working to develop a small business, a partnership or an organization implementing a differentiated idea to rapidly develop a scalable business model.

Startup Characteristics:

Innovation: startup usually presents something different from what already exists in the market or propose a new way of doing an existing service so that this is a competitive advantage.

Scalability: A startup’s business is scalable, in other words, the potential for rapid growth using the same dimension of human or financial resources.

High potential to reach large markets: Startups seek to create products/services that can potentially be used by a large number of customers so they can grow continuously.

Great adaptability: by the necessity of validating it innovation, the startup need to be ready to improve their product and/or business model in order to adapt to customer demand.

startup definition.jpg

(Image from https://startupjuncture.com)

 

 

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