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Startups are businesses with the potential to disrupt an entire industry and create significant changes. They typically begin with a small investment and quickly turn into profitable and successful, with the most successful ones eventually becoming unicorns -companies that are valued at more than $1B.

Many startups are tech-related However, they can be found across all industries. Some, like Slack are focused on workplace communication, while others, like Instacart are grocery delivery services. The most successful startups, regardless of their business models, typically provide a modern solution to a problem customers don’t realize they have.

The process of starting a new business is full of risk and hard work however it can be rewarding. There are many resources available for those looking to start their own startup. Certain startups receive seed funding from accelerator programs like Y Combinator, while others get traction through money and guidance from VCs and angel investors. However, more than 90% of all startups fail, so it’s vital to take action to minimize the chances of yours being one of them.

Services Consumer products, eCommerce and other options are among the most effective for beginners. For example, a coffee shop is an affordable business that could offer a wide assortment of products and generate significant revenue each month. In the same way, a business that helps people locate and book living spaces is another low-cost venture that could earn a profit in the long term.