A startup is a venture that is initiated by its founders around an idea or a problem with a potential for significant business opportunity and impact. Often the actual development (starts even before that) with a search of an idea or a meaningful problem worth solving and building a committed founding team aligned with shared vision to make that vision into reality.
As the term implies, ‘startup’ is not a permanent phase for any business — nor does it solely refer to companies in the tech sphere. It’s a vital, early stage of the business life cycle, and can refer to virtually any industry. In general, startups tend to have few employees and fast growth potential. They provide products with widespread appeal that either don’t exist yet, or solve a problem better than the options currently available.
Here are the main characteristics of a successful startup company:
- Problem solving
- Fast growing