A startup company (startup or start-up) is an entrepreneurial venture which is typically a newly emerged, fast-growing business that aims to meet a marketplace need by developing or offering an innovative product, process or service. A startup is usually a company such as a small business, a partnership or an organization designed to rapidly develop a scalable business model.
At the individual level, entrepreneurs start businesses for various purposes: “Some start businesses driven by necessity … while others are opportunity-driven.” In general, the characteristics of business startups are as follows:
– Born out of individual initiatives and skills
– Greater operational flexibility
– Low cost of production
– Specialization in niche markets
– High propensity to adopt technology
– High capacity to innovate export
– High employment orientation
– Utilization of locally available human and material resources
