DIFFERENT START-UP BUSINESSES – Ways, Benefits and Features

START-UP BUSINESSES
Post in Economics Assignment Uncategorized

Innumerable start-up businesses have become commonplace in the world. A variety of successful start-ups have a great concept and widespread appeal. These have led to economic stability and boosted many economies.

Interestingly, a new breed of start-ups has emerged which have access to high technology. The businessmen are hoping that they constitute a part of the big wave.

Through their well-planned initiatives and strategies, they have penetrated into the global market and experienced sporadic growth.

These start-ups have been invested with millions of dollars and are gradually engulfing the global business domain.

The scientists and technologists who are well-versed with research and development units of tech giants are standing out. Even their academic credentials and experience at top notch institutions has helped them flourish.

Ways to build a start-up

  • Create a firm idea

An entrepreneur must have a firm solid idea of what he/she wants to create. Having clear objectives and aims would define the quality of the business.

Haphazard and abstract ideas must be given a proper definition. Translating ideas into concrete actions would elevate business ethics and add a level of sophistication.

  • Build a core team

Building a core team with efficient members goes a long way in creating an outstanding start-up.

They must be designated responsibilities according to their repertoire of skills.

Co-operation and team management are great skills required to boost business. A strong visionary leader can help the company scale heights of success.

  • Make a good start

Managing resources and concentrating on building and selling must be the objective of the start-up visionary.

It is the choice of the person to register with a Private Company. In case of multiple partners and founders, the above choice is right.

Proper partnership agreements ensure outstanding success.

  • Good use of technology

A sound technical decision is the bed rock of a successful start-up. Buying costly servers is a sub-standard investment sometimes.

An intelligent use of technology ensures profits and co-ordinated work management.

  • Manage finances, sales and marketing

An ideal way to manage finances is to assign the monetary functions to a person who understands the area of money. A person expert in handling finances would be an excellent resource for the start-up.

Sales and marketing areas can be managed properly by responsible workers.

Features of start-ups

  • Involve technological expertise

A handful of start-ups involve a great technological expertise with insight into computer code and web applications.

Developed economies have innumerable IT start-ups and are a hub of budding entrepreneurs.

Capable and industrious youth

The youth of today’s generation is extremely industrious and eager to up its game in all areas. The main aim of start-ups is to connect people and generate a range of possibilities for them to flourish.

  • Executing business ideas

Finding, executing and validating a business idea is the corner stone of a successful start-up. A number of concepts and large domains are provided to the entrepreneurs that broaden their horizon and create exposure.

  • Concept of lean start-ups

In the past few years, lean start-ups have dominated the business arena. Along with the normal processes, a businessman must develop strategies, analysis, conduct demonstration and business models for being successful.

  • Ways of money-making

A wise investment in the start-ups yields immense benefits. Government led initiatives have hugely supported the start-ups. Moreover, business friendly policies have boosted the local and foreign investors.

 Making huge money and becoming influential is also a fundamental principle for start-up entrepreneurs.

  • Great counselling sessions

Some notable start-ups also have great counselling aid which focuses on the emotional and psychological well-being of the staff.

Benefits reaped by different start-ups

  • Significant cost reduction

In the global scenario, the start-ups are experiencing a whole lot of benefits. For instance, there is a significant cost of reduction in filing patents.

  • Easy access to funds

An easy access to funds escalates development and ensures success.

  • Exempted from paying taxes

 An interesting thing about start-ups is that they are exempted from paying taxes.

  • Apply for government tenders

In addition to this, start-ups can also apply for government tenders. These start-ups are also exempted from prior experience or turnover.

  • Array of Research and Development facilities

Also, seven new Research Parks will be set up to provide facilities to start-ups in Research and Development sector.

  • Doing away with time-consuming compliances

These start-ups would not be given time-consuming compliances. Labour and environment laws will be made for the start-ups for self-certify compliance.

  • Tax saving policies for investors

A proper tax saving for investors would benefit the start-ups. Choosing the investors is also a welcome step.

  • Easy shut down options

Even a start-up plans to close up it can shut down after 90 days of giving application of winding up.

  • Organizing start-up fests

Holding start-up fests would encourage huge networking opportunities. 

Most promising start-ups in today’s era

There are plenty of start-ups which have carved out a niche for themselves and are nailing their services.

  • Hotstar

This happens to be an undisputable player in the entertainment industry. This digital platform saw the light of the day in 2015 and has become quite popular.

Not only this, the mobile platform offers unlimited content to the users and has caught their fancy. Everything from daily soaps, films, talk shows, comedy shows to news is being brought to the customers.

This start-up has revolutionized the Indian market and led to outstanding digital transformation. The tremendous range of entertainment products offered is marvellous.

The high quality screen and resolution with excellent audio-visual features adds to the kitty of advantages.

  • Quora

It is a hugely developing start-up catering to the needs of various people. Bloggers can share the information regarding countless things on this platform.

The start-up was the brainchild of American masterminds. It was developed mainly to provide knowledge and a generic insight on educational topics.

Moreover, the content can be shared online and can be accessed by a large number of people.

The format of this platform is simple to comprehend. There are a couple of questions asked by people and experts provide plausible explanations on various topics. 

  • Style seat

This beauty start-up was launched to take care of the beauty related issues among women.

It has salon and beauty professionals along with freelance stylists who elevate the physical attributes of women. They impart skincare, personal hygiene and hair care advice.

Certain expert opinion is also available for men to accentuate their features.

This start-up is a hit among women as it helps them to look their glamorous best on a daily basis.   

  • Zomato

It happens to be one of the widely established start-ups spreading enormously in India. It helps people discover great eating outlets and food joints around them.

In addition to this, services like online ordering and table reservations have made people trust in the ideology of this start-up.

It also ensures better dining experiences and caters to the culinary tastes of people. By receiving feedback from people, it can make restaurants deliver delectable food with accoutrements.

Millions of people are enjoying the facilities rendered by the business.

  • Miraculex

It was developed to combat the obesity related issues in the United States. It has become quite a popular name among food aficionados.

The start-up makes use of plant and fermentation technology derived from exotic plants ad natural fruits.

Several good quality food analyzers are at play to assess the food quality.

The start-up is aiming to make food sweet with minimal sugar and causing less health hazards.

  • Travel Triangle

It is one of the most successful start-up in the travel business and allows people to tally various travel deals.

It also provides great travel solutions and helps in planning tours. Several packages regarding hotels, trains, flights are provided to the people.  Various companies have invested in it.   

Moreover, a personalized holiday plan can be planned with the help of a travel agent.

On some occasions, deals can be negotiated which makes it click with the people.

Innumerable people find this start-up useful and reliable. The charges and other fares are reasonable and pocket-friendly.

  • Uber

This start-up caters to the travel needs of people. It is a cab company which helps people commute from one part of a city to another.

Highly skilled drivers are hired who know the fundamentals of driving like the back of their hands.

The cars are well-maintained and serviced regularly. The fares are reasonable. It is extremely safe for the commuters.

According to recent reports Uber aims for the Initial Public Offering valuation of up to $100 billion.

  • Buoy Health

It is one of the emerging health care sector start-ups revolving around the health industry. The main concern of the start-up is wellness and diagnostics.

This start-up has outstanding online presence and helps people to perform medical tests at home. Moreover, quick remedies and medications to various ailments can be received easily.

It has witnessed exponential growth and has a fantastic technology behind it. Interestingly, the start-up is beating all healthcare challenges faced by people nowadays.

  • Clover Health

This started off as an app which uses data science to improve preventive medicine.

Apparently, it makes use of the Artificial Intelligence systems to calculate health related issues. This is a San-Francisco based company which calculates social and clinical data points to help elderly and low income patients.

  • Black Board

It is a successful educational start-up catering to the academic needs of students. It also aids in developing worthwhile lesson plans for the educators.

The students have access to live video lectures and online recording sessions. This way of audio-visual learning clears mind-boggling concepts and makes learning a fun-filled endeavour. 

In addition to this, certain modules can acquaint an instructor to the strengths and weaknesses of a student.

Expert help and assistance can be provided for assignment completion and comprehending certain concepts.

  • Silvan Innovation

This is a home automation start-up which was launched in order to transform the surroundings of the house.

It caters to the home requirements like making doorbells, eliminating gas leakages and ensuring home security. They also deliver AC servicing facilities and build other home appliances.

The above start-ups tend to different needs of the people. Everything aspect of their life is being catered to. A set of professionals and experts deliver their services at the doorsteps.

  • Doordash

It is a start-up which offers impeccable food delivery services. It provides an opportunity to small business owners to flourish their food delivering business in a convenient way.

Highly professional and licensed drivers provide outstanding services and earn lucratively.

  • PicsArt

This start-up was launched in order to provide people with spectacular photo editing options.

It happens to be the most mobile friendly app and is the largest gallery of artwork.

Several photo shopping options can help modify a photograph and accentuate the features.

These start-ups have made life a cakewalk for many people. Thorough these apps people have ventured into various fields and improvised their life.

To sum it up, start-ups have transformed the business and economic scenario of the world. These have escalated economic development and increased employment. Several features of start-ups make them worth investing for the entrepreneurs. Reaping huge profits and providing good services is the sole prerogative of start-ups. The different services delivered by these start-ups make them trustworthy and reliable.  

Author Bio:

Mark Brady has been a pioneer in the field of economics, commerce and business applications. His immense knowledge and repertoire of skills has helped him carve a niche for herself. Moreover, he has been a recipient of marvellous accolades and awards. He has also passed from the University of Phoenix with MBA degree. Not only this, his valuable experience of fifteen years has chiselled his abilities and honed him sensibilities. His writing prowess is outstanding as he can critically elaborate on economic topics. This is the reason his writing samples and pieces are reviewed by eminent scholars and professionals and are hugely appreciated.