6 Different Types of Startups You Need To Know About
Talking about startups all of us start thinking about the great MNCs today which were once a startup and were considered a stupid idea by the public. I conducted a very informal survey among my friends last week and what I discovered was pretty surprising for me. 8 out of 10 people are planning to do a startup after they graduate. But what’s more surprising is 90-95% of them usually fail due to lack of attention, resources, etc.
So, where’s the issue? I also discovered that 4 out of the 8 people who wish to go for a startup haven’t even thought of any ideas yet and 2 of them don’t even know where to get the resources from. Our platform provides you all the resources you know, explore – Getinstartup. But here we are going to tell you about the 6 different types of Startups you should be aware of. Before really making a finalize idea you need to know the different types of startups in the market and their pros and cons and then land onto a decision whether you really wish to hustle for what’s required to make it successful.
So, I’m gonna tell you the different types of startups you really need to know about.
But first, what is basically a startup? How do we define a startup?
According to Steve Blank(silicon valley based entrepreneur, teacher, investor), a startup is a temporary organization designed to search for a repeatable and scalable business model.
Types of Startups
1. Lifestyle startups
These entrepreneurs basically earn by living the lifestyle they love and working for themselves rather than someone else. Lifestyle entrepreneurs are generally freelancers who love their job.
2. Small business startups
These startups aren’t really designed to scale or grow. These startups just earn enough to feed the family of the entrepreneur. These include grocery stores, plumbers, salons, etc.
3. Scalable startups
These startups are just born to be big. They always just hire the cream of the applicants. They always look for venture capital to boost their businesses. Such businesses often club together to launch something really big and innovative. Some really common examples are Google, Microsoft.
4. Buyable startups
These startups are created to be bought by big entrepreneurs. The startups that offer web applications etc. fall into this category. The main aim of such startups is not to grow or be scalable but to be sold to big companies in exchange of some good amount of cash.
5. Large company startups
These companies have a finite lifespan. Changes in consumer preferences, rivalry in the market, demand for new ideas, new technologies create pressure on such companies to create new innovative products. Basically, these companies either innovate or die! A common example is Google and Android.’
6. Social startups
These are focused on making an impact. Bringing about a change in society’s mindset is their major goal. They are passionate about making the world a better place.
I want to conclude this with the note that if you’re confident about your idea, you’re good to go!
Because it’s very beautifully quoted-
“You either have to be first, best, or different.”
― Loretta Lynn
And there are ups and downs in any journey, but what matters is how do you deal with them. Take the obstacles positively. Learn from each mistake you make in life.
Even if you’re not sure how will you deal with the obstacles but you’re pretty confident about your idea, JUST START with us here.
