Startups are businesses that have the potential to transform an industry and create an impact. They often begin with a small amount of capital and quickly grow into a profitable business and the most successful ones eventually becoming unicorns -companies worth more than $1 billion.

Many startups are tech-related However, they can be found across all industries. Some, like Slack focus on the communication of employees while others, such as Instacart are delivery services for groceries. Startups that are successful, regardless of their business models, usually offer a modern solution for problems that customers don’t know they have.

The process of starting a business involves many hours of work and risk, however the rewards can be huge. There are a variety of resources available for those who wish to create their own startup. Certain startups receive seed funding through accelerator programs, like Y Combinator, while others gain traction with money and guidance from VCs and angel investors. More than 90% of startups fail. It’s crucial to take steps to decrease your chance of becoming one of those.

Some of the most effective business ideas for beginners include consumer products, services and eCommerce. A coffee shop, for instance is a cost-effective startup that provides a range of products that can generate substantial revenue every month. Similarly, a company that assists people to find and book rooms is another low-cost enterprise that could be profitable in the long run.

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