A start up is a venture started by an individual or a group of founders or entrepreneurs, with the aim to make it profitable and scalable over a period of time. The start-up has the aim to be able to scale the business up and meet the market needs or demands and fulfill this need by providing solutions. As concepts, start-ups and entrepreneurship can both seem to be similar but there is a difference between them. Any and every business, small or big started by an individual or a group of people can be called entrepreneurship, but a start-up is a venture, which is started with the goal to make it big. It starts small, but it aims to become a big venture with a lot of employees and a big share of the market.
Start-ups are typicallystarted by a solo-founder or co-founders who have found an answer to solve a problem. The founder or founders of a startup will begin by studying the market well and try to understand the problem they want to solve, completely from all angles. Only then they will try to build a product or a solution. This first model is called a prototype. This helps in further refining the product and finding any bugs and problems and getting rid of them. The startup process can take a long period of time from inception to the finished product and hence sustained effort is required. The percentage of failed start-ups is quite high because not many can sustain and continue with the same passion for too long a time. Check out the post right here.
Mentoring is a very helpful function, where start-ups are concerned. Venture capitalist, experts, consultants and sometimes even peers or colleagues can act as mentors and guide the start-up in the initial period and even during expansion and scaling up. People can become overconfident and miss the big picture. Because of initial success, some people may get lazy or because of initial problems, some people may lose heart and passion. Some people have a fantastic idea but have no clue how to market it. Some people are good with technical know-how but lack administrative and people skill. Mentors come into the picture at these times. Many big businesses that we see today could not have made it big without the mentors they had to help them out, whenever they hit a rough patch.
With the current job market not very positive for the job-seekers, start-ups are a boon to any economy. If you have a great idea which you think can be monetized, then go ahead and start a start-up.