A startup is a new business that provides a unique product or service or delivers an existing product or service in an innovative way. While many startup companies fail, some of the most important tech companies shaping our daily lives began as startups, including Google, Facebook, and Tesla. And with new technologies like artificial intelligence (AI), data science, and biotechnology creating previously-unthinkable business opportunities, it’s only a matter of time before the next world-changing entrepreneurial venture emerges.
Launching a successful startup company begins with having the right idea at the right time, inspired by an “innovation mindset” that searches out new possibilities for disruption in our current way of living or doing business. However, entrepreneurship requires much more than a creative vision. Especially in the early stages of a startup, founders must learn to work across virtually every area of a company.
Entrepreneurship requires a keen business sense, from the development of a workable business model to a viable exit strategy. Founders must also be skilled at marketing, with the ability to create an impactful slide deck and deliver a compelling elevator pitch to potential investors. They must be able to navigate the world of startup finance, with an understanding of how to establish a valuation for their company as well as the pros and cons of bootstrapping versus venture capital versus private equity. And, as with any business leader, successful entrepreneurs need great people skills to recruit and manage the right talent as their startup grows.
