Last updated: Oct 17, 2024
The dictionary meaning of startup (noun) is “Act of starting something.” Reference: Dictionary.com. According to the Cambridge Dictionary, “Entrepreneur is a person who starts a new business” (Cambridge Dictionary, n.d.).
A highly motivated and enthusiastic person who undertakes a risk by seeing an open opportunity in the market to create something new to solve a problem is called an entrepreneur. The tool that helps achieve this goal is simply a startup. A startup can be you, your comrade, or a group of people solving an underlying problem in society in an innovative way.
Two things are clear: your startup should:
A startup changes the way a task was previously done. An entrepreneur finds a societal need and introduces a new method (innovation) to fulfil this need through her startup.
Innovation is the salt of the startup recipe. Startups do everything innovatively.Innovation means doing older tasks in a new way. A startup thrives and grows because of its product innovation.
An entrepreneur identifies a currently ongoing problem in society, looks for unmet needs, and works out a solution to the problem.Thus, a startup is mainly a problem-solving tool.
A startup is highly random and uncertain. They don't know if they will succeed or fail.
A startup mainly solves a problem in a new way.