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Startups are innovative companies that have the ability to transform an entire industry and create a significant impact. They typically start with a small investment and quickly turn into profitable, with the most successful ones eventually becoming unicorns -companies that are valued at more than $1B.

While a lot of startups are tech-related but they can be found in almost every industry. Some, like Slack concentrate on communications in the workplace, while others, such as Instacart are food delivery services. In spite of their business model, successful startups typically provide a modern solution to a problem that customers don’t even know they have.

The process of starting a new business is filled with uncertainty and work However, it can be rewarding. There are numerous resources available for those who wish to start their own startup. Certain startups receive seed funding from accelerator programs such as Y Combinator, while others have success with funding and guidance from VCs and angel investors. More than 90 percent of startups fail. It is crucial to take steps to lower your chance of becoming one of them.

Some of the most effective business ideas for novices include consumer products, services and eCommerce. A coffee shop, for example is a low-cost start-up which offers a variety of goods and can earn significant revenue each month. Similar to a company that helps people locate and book living spaces is a different low-cost business option that could earn a profit in the long term.