A startup or Startup is a company originated by an entrepreneur to develop and validate an economic model. The typical Startup leads to a fastener plan with primary funding from the founders or their colleagues’ families by its strength. It turns out the word entrepreneur means different things to different people. There are six different types of startups. Let’s discuss them one by one:
This is one of the types of Startups in which people are not much concerned about the business but working for themselves. Lifestyle startups are a type of Startup that helps an entrepreneur live the kind of lifestyle that he/she wants. These are not about the revenue but about maintaining a particular income standard to live a lifestyle that one desires. This type of Startup is started because the entrepreneur is passionate about it, and it is personally rewarding for them. In short, they have a startup, but they never have an interest in building that their passion is somewhere else in a business. types of Startups
Small business startups
Small business startups are made up of 2 words, i.e., small business and startups. Small business startups exist in almost every country. These are small businesses that are new in the line and are thus called small business startups. The primary aim is rapid growth and survival over here. Their interest is not working for someone else and having their own business.
Scalable startups are a type of StartupS that works on the idea of scalability. When we talk about silicon valley, there is another category named scalable entrepreneurs. A small business entrepreneur is a rational person, but a scalable startup wakes up and says I will change, not this particular region, but I’m going to change the entire world. Scalability refers to the ability to grow even with constrained resources. Scalable startups involve using an innovative idea and finding a business model that will turn this idea into a huge business opportunity. We have examples like Elon Musk, Steve Jobs, and Bezos.
Buyable startups are startups that were made just so that other companies could buy them. They provide a product that is so successful that the other larger companies want to buy the whole Startup itself. Startups can be sold from anywhere between $2 million to $500 million, or even billions. There is a pretty good example of WhatsApp and Facebook. Somebody made WhatsApp; when it gathered a following, Facebook didn’t miss the chance to buy it.
Large company startups
A large company startup is relatively self-explanatory. Directly put, they are startups that stem from more substantial parent companies becoming their entities. These startups start by offering a small product but becoming a large company, which gives them this name. Even already established businesses decide to start a startup under them, referred to by the same name.
Social startups are the types of startups that are typically set up for some social objective. They are usually not considered about profits, but they may be for-profit in certain circumstances. These startups work for implementing social goals and develop, work and execute on this behalf only. You can look at an organization like One Acre Fund. They are working to transform how smallholder farmers can grow and produce their agricultural products. Social startups have much higher accountability to their constituencies. They have to be close to their consumers to develop the right product that will take off.
BEST STARTUPS IN INDIA
There is a never-ending list of startups in India and to choose the best from amongst them is a challenging process, though; the 10 startups that are the most famous and can be adjudged as the best by many people are as follows:
Ola is one of the best startups in India when it comes to booking cabs. This Startup was started as a vehicle for hire company, but it even delivers food now. There are a wide variety of cabs to choose from. There is a facility of autos and motorcycles as well on the app now. Ola was established on 3rd December 2010 in Mumbai. The CEO of ola cabs is Bhavish Aggarwal. Its headquarters are located in Bengaluru. The founders of Ola cabs are Bhavish Aggarwal and Ankit Bhati.
Zomato is an online food delivery app in India that provides food at the remotest locations in India. It has made dining at home easy, and it even includes restaurant reviews for the customers to choose their orders wisely. The users can add their reviews of the dishes that they have tried so that the other users can choose from the famous dishes without any second thoughts. Deepinder Goyal created Zomato in July 2008. It has more than 5000 employees right now and has taken over all its competitors due to its best services in the field.
Paytm is one of the best startups in India. It stands for pay through mobile. It is a mobile payments platform that allows you to transfer payments to other mobile numbers and bank accounts through your wallet, bank, or UPI id. Paytm was created in 2009 by Vijay Shekhar Sharma, who is also its CEO since 2010. It was founded in Noida. Its parent organization is One97 communications.
Freshmenu is a food delivery app that delivers food to your home. The cuisines are fresh and prepared just after receiving the order, because of which the app gets its name. It saves on the operating costs as it makes 99 percent of its deliveries without any third party. This is one of India’s best startups when it comes to online food delivery of fresh food.
Cure.Fit is an online fitness platform that provides a plethora of services like yoga, meditation, dance classes, and sports fitness classes. It even has pranayama and related courses. Ankit Nagori, who was the co-founder of this Startup, is now its owner too. This Startup even provides the facility to order food online at eat. Fit. It has gained a lot of customer base over the past few years and is like a fitness and health powerhouse.
Razorpay is a payment settlement company in India. It provides all types of financial services like net banking, credit cards, debit cards, etc. It is like the payment gateway for India. It is safe to use as there is no risk of data theft on the app. The app ensures that no unauthorized person can access your personal information on the internet. Shashank Kumar, who is the founder of Razorpay, is also its owner now. This Startup aggregates different wallets into its database so that it is easy to make payments by its users.
Treebo hotels are one of the best startups in India in the category of the hotel industry. There is a Treebo everywhere you go in India. They provide huge concessions along with a variety of services like AC, Wi-Fi, Television, etc. There is an option to book the hotels and pay later too. It has a hotel chain of over 600 hotels divided into 113 cities all over India.
Vedantu is an online coaching platform that provides classes for all subject types. It has courses for CBSE, ICSE, JEE, NEET, Olympiads, and much more. The teachers offer the classes to students through real-time virtual learning. Vedantu was found in 2011. Its headquarters are in Bengaluru. Vedantu has helped many students in India who wanted to take tuition classes at their home’s comfort. It has also benefitted many teachers who did not want to travel to teach their students. Its founders are Vamsi Krishna, Pulkit Jain, Anand Prakash, and Saurabh Saxena.
1mg is nowadays one of the best types of startups. 1mg is one of the best startups in India when it comes to online pharmacies. It faces almost zero competition from any other pharmaceutical company online. It provides medicines to its customers based on their prescriptions. The customer needs to upload a copy of their prescription and order the medication, and the order will be delivered to their doorstep in no time. It provides the option for doctor consultations on chat as well. The app even includes lab tests. It was founded in April 2015. The CEO of 1mg is Prashant Tandon. Its headquarters are located in Gurugram.
Cars24 is a type of Startup in India that sells second-hand cars online. You need to upload your car picture along with the specifications like the number of years used, damage, if any, etc., and the app will tell the exact value that you can get for your car. It has completely avoided the hassle of traveling and talking to people face-to-face to make a sale. Its headquarters are in Gurugram, and it has sold more than 1,50,000 cars every year since it was founded. It is one of the topmost players in the car segment in India. Cars24 provides an efficient and reliable way to sell your used cars with minimum hassle.
Thus, these were the best startups in India. Most of these were successful because of the innovative ideas that the entrepreneurs worked with and the efforts put into that idea by them.
There are other startups in India, too, like wow! Momo, fresh to home, address health, etc.
A startup goes through different phases through its lifecycle to become a success. The starting stage is called expansion, then growth comes and after that recession. The entrepreneur needs to keep the Startup in its growth stage by keeping in view the opportunities and threats to the startups.
Different types of startups are used by different entrepreneurs based on their needs and requirements. It is essential to understand which model suits your idea the best. It does not matter even if you have to start as a small business; what matters is how much the idea resonates with the Startup you choose.
Frequently Asked Questions:
Q1) What are the names of different types of startups?
Ans) There are names of different kinds of startups below,
- Social Startup
- Lifestyle startup
- Large company startup
- Buyable Startup
- Scalable Startup
- Small business Startup
Q2) What does Startup mean?
Ans) A startup is a developing company established by one or more administrators to develop a different product or service and induce it to market. By its strength, the typical Startup leads to be a fastener plan, with primary funding from the founders or their colleagues and families.
Q3) What is the age of a Startup?
Ans) A company that is not older than 3-5 years is a startup.
Q4) What is the next step after Startup?
Ans) The next point is the growth or development of your customer base and the company itself.
Q5) What is the main reason for the failure of the Startup?
Ans) The main common problem that leads to the failure of the Startup is a weak management team. Inefficient management makes multiple unacceptable mistakes.
Q6) How do I choose the type of Startup?
Ans) The choice of Startup depends upon your idea and the product you are offering.