In my view, startups are entrepreneurial adventures which might be a new business or quickly developing business that intends to meet the market needs by developing or offering an innovative product. This product is planned to solve a problem in a unique way to others.
Let’s say, a startup company named ABC, delivers food from the restaurant and other companies say XYZ to deliver the food- but their way is different (other than restaurant). We can say that ABC is a startup, as it is solving the problem in the most feasible way from the user point of view. Besides, the one who copies the idea, as well as the business model of others, is the business-we can’t dare to call it a startup.
A startup's perhaps a small business or partnership or any other organization that is supposed to develop an economic model. Numerous startups use e-commerce, the internet, media communications, or state mechanical technology as a specialty.
The exact definition of the startup is widely being discussed. In short, we can say that “ any company that is technologically driven and has high growth potential” Here growth potential is termed as growth in the employee, revenues, market, and all other related aspects.
Few of the entrepreneurs define startups as “an organization formed to search for a repeatable and scalable business model”. Here the search is intended for differentiating the late-stage startup from traditional business.
Most importantly, Startups climb the steps of failure to learn from each failure, to find new realities from the existing failure, to accomplish sustainable growth and high growth business level.