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 a very layman language, if you are starting any business it may be called a startup. If one sets a pan shop even that may be called a startup. Technically startup can be defined in many ways:
- Legally - Venture which has a innovative business idea, generates wealth, creates employment and is not older than 10 years with Turnover restricted to 100 crores.
- Business Sense - Any new business venture for that matter can be called a startup as its just started its operations.
- Practical Sense- In the current scenario, the word startup has become a buzz word and mostly associated with fund raise. Mostly, people refer 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 wannabe entrepreneur is taking the first step towards the risky
zone. Moving from the comforts to the unknown risky territory. The ones who dare to do the
same, definitely enjoy the fruits of the hard work. No wonder, why
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, but the fruits that it reaps makes it worth.
For starting
up, what is that one thing or an attribute that would make up for the absence of everything
else? Bingo, you are spot on, its’ called PASSION [Passion is a feeling of intense enthusiasm towards or
compelling desire for someone or something. Passion can range from eager interest in 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 are not passionate enough for the business idea and its impact,
it is next to impossible for the said idea to succeed. Only when you as an entrepreneur
are ready to put in all your efforts with heart and soul, sacrificing all the material /
trivial stuffs, rising up with more zeal every time you fall, will your enterprise see
the light of the day.
Few factors to be considered before you plan to
self-start:
a. do you
like independence or freedom of time over a 9 to 6 job?
b. Being
your own boss - does this ignite you?
c. If you
want to be real wealthy then create your own equity.
d.
Employee Vs Corporation- You want to earn salary and pay TDS and then spend if left or
You want to earn income, spend and then pay tax if something is left.
" CHOICE IS ALL
YOURS"
