25th September, 2019 |
Entrepreneurship, Startup
Today when the whole world is ready to create their own startup and call themselves an entrepreneur, a lot of things come into mind. The first question that comes is why is this entrepreneurship prominent in a few sectors? The reason being simple, not everyone is Rich enough, nor everyone has the ability to deal with physical clients and products. Having a good and innovative ideas doesn't make you successful until you possess the power to deal with real-world people.
Today the cost of starting a startup has decreased a lot, and you can Google everything instead of running after the secretary of a lawyer, a chartered accountant or a company secretary. Things are changing and if you are not crazy about the startup, you are probably moving in a reverse direction.
So if we categories the startup industry, then there are two major sectors that you may get into. You can either build your company around the service industry or the product industry. Being clear enough, the product industry is the one that involves a lot of capital and risks. In this industry, you may be hit by sudden changes in the trend and government policies. This is the industry that gives you maximum profit and grows very fast if things go as per the plan. People usually love paying when they get something physical in return.
The other one is the service industry. In this sector, you invest your time, reputation, skill and a little money. This sector definitely requires a lot of manpower, but for some scenarios, you may definitely start small.
However, most of the money flowing in is your profit. You have an equivalent risk but what saves you is that you don't have to stock products. Even if there is a major hit by the policymakers or the market trend, you don't make a big loss. You may then modify your business or just pack your personal bags.
Another thing that is really getting very popular is the web-based startup. If you have a little knowledge and skills of creating something on the web, this is the best option you may opt for. makes sure you don't start relying on others and get your things done by employee, contractor or freelancer, instead of a partner. This way you may lose all your money and your dreams may land up in an ashtray. They are good at making money and you are not experienced yet. You may either have a web-based company that provides some service online or you may sell some physical or digital product online. This is an option that has minimum risk. You get a laptop and start your business even using some free WiFi. All you need to invest in is a domain name and a server.
The advantages are unlimited here. The best advantage is that you need not have a physical location and your company may have only one employee, and that is you. You can manage your company from anywhere. Government rules stop you rarely unless you do something that's not social. You can modify your business as per the trend and a lot more.
You may see that Amazon started as a bookselling company and now it also allows us to transfer money from bank to bank. Paytm started as a mobile bill payment company and has now become a bank. There are numerous examples that prove the flexibility of the web-based business. The most fascinating fact in a web-based industry is that you are not stopped by the geographical barriers.
You may not speak ten languages at a time, but a translator software can help you build your app or website in fifty or more languages. You can even start your product business using the affiliate program that incurs almost no investment. You may accept reseller programs and make a big profit in return for a small investment.
Yes, there are few web-based businesses that involve real big investment. Here I am talking about the business that runs the web world, but that has a profit margin bigger than what one may imagine.
Every startup starts small and there are a lot of things you need to study before you start. You also need to take care of your homework as one thing faces major damage in case of failure of any form of startup and that is your reputation. So, prepare yourself for even the worst scenarios.
The web-based startup has been the trend since almost a decade now and this is a kind of starter to any startup. Here you can focus on what you want to build instead of focusing on big investment, physical office, and resources.
About the Author
