When we talk about people mentalities, no two people have the same mentality. Talking about people mentalities, in terms of work related aspects, there are two types of people. The first type is one, who likes to work in an organization depending upon their area of interest and how best the organisation fits their need. Then, we have the “second type”, who have an entrepreneurial bent of mind and like to start something of their own. The second type of people whom I am referring to, are the Entrepreneurs. They plan to start a company of their own, register it and make it operational depending upon the product and services they wish to offer. This is what we call as a Start up company.
A start up is a young company which is just beginning to develop and has recently ventured into the corporate world. It’s an initiative taken by an entrepreneur with an objective to fulfill the requirements of people at large, in the best possible manner.
Start up companies mainly focus on offering products and services which are relatively new in the market and not much heard of. The main advantage of offering such products and services is low or No competition in the market. You will have minimal or no competition because no other company is offering the same product or service. Product pricing also plays a vital role. The products should be offered at an economical price, eventually making it convenient for customers to purchase.
Setting up a startup is not easy and just like how everything involves a cost, there are costs involved in setting a startup as well. Start up costs in business are difficult to predict because, each business is different. Startup costs are the expenses incurred during the process of creating a new business.
Advantages and limitations of startup
1. We can make our own decisions and are not answerable to anyone.
2. We can provide job opportunities to people who are eager to learn and grow in their career.
3. Creativity. We can implement our own rules and regulations.
4. We can create our own business image.
1. Cash flow.
2. Fear of Competition taking away your business because they offer the same services or products at a lesser cost.
3. Lack of assistance from suppliers since there is no previous business history.
My advice for young and budding entrepreneurs would be to carefully weigh the pros and cons of startup, before you decide to start something of your own. If you feel, you have enough money to invest, coupled with a business idea which is unique and will eventually prove to be a profitable business in the long run, then, sky is the limit. I also suggest budding entrepreneurs to read more about different articles pertaining to startups and the things involved in it, so that, they get more information about it, which will then make it easy for them to decide, whether they should go for it or not.