What is a Startup?
A company that is in the first stage of its operations and in search for a repeatable and scalable business model. These companies are often initially bank rolled by their entrepreneurial founders as they attempt to capitalize on developing a product or service for which they believe there is a demand.
History of Startup
In the late 1990s, the most common type of Startup Company was a dotcom. Venture capital was extremely easy to obtain during that time due to frenzy among investors to speculate on the emergence of these new types of businesses. Unfortunately, most of these internet startups eventually went bust due to major oversights in their underlying business plans, such as a lack of sustainable revenue.
However, there were a handful of internet startups that did survive when the dotcom bubble burst. Internet bookseller Amazon.com and internet auction portal eBay are examples of such companies.
What do ‘Ideas’ mean in startup world?
‘Idea’ has a big rep in the ‘Startup’ world. It is mostly the root of any company/business, defining what company does or differentiates it from other business.
Stereo type & Misconceptions
It is widely spread misconception that all great startups started with a great idea. ‘No’ they don’t mostly. But ‘Yes’ Ideas are important & “more important is making those ideas happen”. Same goes for funding. Funding has a very important role in building a business, funding can turn a bad idea in to good one, and good one into great, but even with huge funding & great ideas, many startups failed. The problem lies in how to execute an idea along with funding to make it a successful one.
An early investment, meant to support the business until it can generate cash of its own, or until it is ready for further investments. Seed money options include personal funding, angel funding, and crowd funding. It is a form of security offering in which an investor purchases part of a business.
Angel Funding: Affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity.
Crowd Funding: Raising funds from two or more people commonly over the internet towards a common Service, Project, Product, Investment, Cause, and Experience.
Why a Startup over Corporate Job?
Do what you love.
A Startup will make you rich.
In startups, there’s no boss.
Engineers at startups will be “changing the world”.
You’ll have more responsibility.
You’ll be given more opportunities.
You’ll be able to do a lot of different things.
You will learn from true innovators.
Your work will be recognized (as will your failures).
You’ll work in an awesome atmosphere.
You’ll learn to be frugal.
You’ll be instilled with the value of hard work, ownership, and self-sustainability.
Stay Hungry Stay Foolish ~ Steve Jobs
1) Entrepreneurs are Everywhere
Stereotype: You don’t have to work in a garage to be in a startup. You don’t have to be a geek gold medalist in reputable university.
2) Entrepreneurship is Management
Startup is an institution, not just a product, so it requires management, a new kind of management specifically geared to its context.
3) Validated Learning
Startups exist not to make stuff, make money, or serve customers. They exist to learn how to build a sustainable business. This learning can be validated scientifically, by running experiments that allow us to test each element of our vision.
4) Innovative Accounting
To improve entrepreneurial outcomes, and to hold entrepreneurs accountable, we need to focus on the boring stuff: how to measure progress, how to setup milestones, how to prioritize work. This requires a new kind of accounting, specific to startups.
The fundamental activity of a startup is to turn ideas into products, measure how customers respond, and then learn whether to pivot or persevere. All successful startup processes should be geared to accelerate that feedback loop.
Startup is not a science; it is pure intuition & hunger to learn. There is no ‘How to do it’ in this game, make & and play your own Game 🙂 ~ Inam Allahwala
Top Startups across the globe of 2013
What is it? Snapchat combines text messages with photos, allowing users to send pictures that automatically disappear a few moments after the receiver opens the message.
What is it? An on-demand car service connecting users who need a ride with dedicated drivers willing to give them a lift.
What is it? A cloud-based customer service software company helping companies provide better customer support.
What is it? Optimizely is a website optimization platform, helping companies A/B test different versions of their websites.
What is it? What if you could cut the fat out of your wallet by combining all your credit cards? That’s the question Coin wants to answer by giving you one card to rule them all.
What is it? A cloud-based platform for storing and sharing data from anywhere.
What is it? You know that ride to the airport you need? What if you didn’t have to bother your friends and family? The idea behind Lyft is to connect drivers with those in need of rides, like a crowdsourced cab service.
What is it? An online dating app that lets you swipe through the profile pictures of those in your geographical area, then chat if you’re a match.
What is it? Traveling procrastinator? No problem, thanks to Hotel Tonight. The service allows Smartphone users to book rooms at the last minute.
What is it? Whisper is the anti-Facebook, letting you share photos, jokes, and whatever else is on your mind with complete anonymity.
what is it? That viral video you saw on Facebook or that crazy headline you read on Twitter? There are pretty good odds it came from viral-content distributor Upworthy.
What is it? If you want to beat your friends and prove you’re the smartest, Quizup is the app for you. It allows users to play against each other in trivia rounds and add your own questions, leading to increasingly niche trivia.
What is it? What if an egg wasn’t actually an egg? That’s the secret behind Hampton Creek Foods, which make egg substitutes they claim are better than actual eggs.