A startup is a business in its earliest stages of development, often focused on building its brand image through unique products of services in order to establish a successful foundation on which to later grow their business. They are typically characterised by their innovative approaches to problem-solving, agility, and adaptability.
Founded by entrepreneurs, there is a level of risk that is associated with the creation of a new business, and success is dependent on a viable business model, attraction of customers and funding, and performance of existing competitors. Despite these challenges, many startups do go on to become successful businesses.
Whilst starting a business is nonetheless a challenging and daunting step, it is also highly rewarding and a path university students can consider as they look to turn ideas and passions into reality- something more tangible. Starting a business also means becoming your own boss and having the freedom to make decisions effecting both yourself and the direction of your business. There is often a flatter organisational structure to new businesses, which also means less management and more opportunities for individuals to take on leadership roles and advance within the company. Also there is a higher level of risk, this level of autonomy and flexibility could attribute towards a glowing success. Needless to be said, invaluable skills and experiences can be gained which are applicable to any career.