What is a Startup ?
“If you don’t build your own
dream, someone else will hire you to build theirs”
- Dhirubhai Ambani, Founder, Reliance
In very simple terms, if you are starting any business, it can
be called a startup. Even if someone sets up a pan shop, it can be considered a startup.
Technically, a startup can be defined in various ways:
- Legally: A
venture with an innovative business idea that generates wealth, creates employment,
is not older than 10 years, and has a turnover limited to ₹100 crores.
- Business Sense: Any new business venture can be called a
startup as it has just started operations.
- Practical Sense: In the current scenario, the word 'startup' has become a buzzword, mostly associated with
fundraising. People often refer to a business as a startup if it is able to or has
already raised external finance (i.e., funding)."
If a business / company is highly scalable at
pace, which can get traction fast, acquire users / customers and promise resounding returns
in the long run even if it has to burn some money in the short term, may be called as a
‘fundable startup'.
A pertinent question that troubles every aspiring entrepreneur is taking the first step into the risky zone, moving from comfort to the unknown. Those who dare to take this step often enjoy the fruits of their hard work.
It’s no surprise that 90% of the wealth is held by 10% of the population.
Yes, these 10% are the entrepreneurs, the risk-takers. Though the road of entrepreneurship is not a cakewalk, the rewards it brings make it worth the journey.
For starting up, what is the one
thing or attribute that can make up for the absence of everything else? Bingo, you’re spot on — it's called
PASSION. Passion is a
feeling of intense enthusiasm or a compelling desire for someone or something. It can range from eager interest
or admiration for an idea, proposal, or cause, to enthusiastic enjoyment of an interest or activity, to strong
attraction, excitement, or emotion towards a person
If you’re
not passionate enough about your business idea and its potential impact, it is nearly impossible for that
idea to succeed. Only when you, as an entrepreneur, are ready to put in all your efforts with heart and
soul, sacrificing material or trivial things, and rising up with more zeal every time you fall mkes your
enterprise truly see the light of day.
A few factors to consider
before you plan to start your own business:
a. Do you value
independence or freedom of time more than a 9-to-6 job?
b. Does the idea of being
your own boss excite you?
c. If your goal is to
build real wealth, creating your own equity is key.
d. Employee vs.
Corporation – Do you want to earn a salary, pay TDS, and spend what's left, or would you prefer to earn
income, spend, and then pay tax on what remains?
" CHOICE IS ALL YOURS"
