Do you think running a business and a start-up are the same? Read on!

Are you one of those who think a business and a start-up are the same? Read on to find out why you are wrong.

Principles of start-ups

Start-ups are started with a purpose. They know why they exist. And the reason is more far-fetched than just making big money. Profit-making is just one of the auxiliary outcomes of a start-up. Their core aim is to resolve a problem that is persisting in society. A start-up is founded to provide the end-users with solutions that are accessible, viable, and economical.

Do you aim to be a start-up founder as well? If you can explain these 5 verticals of your start-up then you are on the right track.

1. Problem

What is the problem that you are trying to address? How is it making the life of people difficult? How is it hindering our progress as a society? Why is there a dire need for a solution to this problem? These are different questions that you will have to raise for yourself before you launch your start-up.

2. Solution

Identifying key problems is just 10% of the work. The rest is all about providing adequate solutions to the problems you have identified. Do you have a solution to the problem? Do you think it will make the lives of people easier and better? Do you think it will help our society? These answers have to be searched for before you take the next step.

3. Scalability

It is important that your solution is scalable. This is more like having a vision. In the future, when the demand for your solution is building up, your start-up must grow in capacity to cater to the increasing demand. This vision helps your startup to expand and grow exponentially over time.

4. Viability

Ensure that your solution or idea to a persisting problem gives your start-up the scope to make money as well. Over time competitors could prop up and the end users might end up having a wide range of solution providers to choose from. Hence, it is essential to ensure that you build your own set audience and come up with top-quality solutions to a problem that people are willing to pay for.

5. USP

This stands for the Unique Selling Point of your Start-up. It helps you build something far more valuable and difficult for people to help themselves with.

Let’s understand the USPs of a few successful start-ups.