essay on start up

How to Write Essay on Startup: Advantages and Challenges You Can Face Launching Business

Understanding a Startup Business Concept

Have you ever wondered which product is lacking from the modern business market which could facilitate people's daily lives worldwide? Then consider yourself as a creative individual with a business idea. Once you analyze potential customers' demands and develop strategies to attract investors, you are on your way to building a business plan. New business owners who provide products in demand are founders of a startup. In a modern competitive environment, launching a startup comes with risks.

Startup jobs bring about many benefits as well as drawbacks. Usually, small businesses offer flexibility in time management and minimal supervision; however, they do not grant employees certain job security. That is why carrying out startup consulting with experienced small business owners is necessary. Their competence will guarantee effective resource and time management, leading to successful outcomes for your startups.

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Meanwhile, take a look at some of the significant steps you need to follow in order to craft a top-notch essay on startup for your MBA program.

How to Write an Essay on Startup with 5 Steps

Writing a business essay requires thoughtful planning. Primarily, you need to do extensive research based on the specific chosen product that you plan to bring to the business market. Afterward, gather key points and try to divide them into different sections in order to create an organized and comprehensive essay sample.

Remember that writing a compelling introduction is your chance to make the reader interested. Highlight some of the arguments that support your thesis, and finally, restate some of the core ideas from the essay in the concluding paragraph.

Conduct Research on Your Chosen Startup

One of the initial stages of writing a valuable academic paper on a startup requires market research in order to determine the viability of the product. Starting a business comes with the big challenge of determining the compatibility of your product with people's needs. The important factor is to understand the demands of potential customers through statistical surveys and data analysis in a specific industry.

When you are planning to own a business, you need to make a smart forecast of the probable challenges or benefits that your startup company might bring.

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Create an Outline

The essay writing process on any given topic is time-consuming. You need to list down some of the main points under specific sections before you begin writing. In other words, try to write down some of the biggest challenges as well as advantages, ways how to raise funds, probable cash flow issues, smart time management, and other objectives related to your business idea.

Remember to carry out startup consulting beforehand and check the reliability of gathered data with an expert. Then list down some of the major sources which would provide business startup funding for your service.

Once you check the certainty of the obtained information, you can divide your essay into different sections, such as the introduction, body paragraphs, and conclusion.

Write a Compelling Startup Essay Introduction

New businesses need to attract the attention of a probable customer base. That's the reason why you need to hook the reader with the opening lines once you start writing a startup essay. Try to begin with a creative formulation of the opening line about your startup. This will lead you in the right direction to bring up the general background information about the service you are planning to provide.

Make the first few sentences attention-grabbing in order to attract a higher number of interested readers who are ready to contribute to the success of your own business. Additionally, you can use this chance to your advantage and make an open call for startup jobs as a business owner.

Develop Your Arguments in Your Startup Essay

Learning from past experiences is the best teacher when it comes to small businesses. People are almost always skeptical of innovative ideas at first. However, you can uproot some of the doubts regarding your new business if you will provide trustworthy data on past experiences that have turned out successfully in the business market. Furthermore, you can take advantage of free online courses to learn more about startup consulting.

A startup company provides people with the freedom of being their own boss. Youngsters around the world find this part of launching a startup ideal, so feel free to highlight such kinds of assets in your business essay to inspire people to get into and believe in the success of your new business.

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Conclude Your Startup Essay

The final part of the essay holds just as much importance as the introduction. You need to send firm messages to the reader about the core points that you have covered throughout the essay. Once you provide some general final thoughts on launching a startup, narrow down to restating the major reasons why success is guaranteed for your business idea. That way, you will leave the impression of a confident leader who has already found means of raising finance and knows how to raise money for their new businesses.

Business Essay Topics on a Startup

Being a business major gives you an exceptional opportunity to be a prospective entrepreneur at the head of your own business. Being your own boss is a very attractive idea, but you need to anticipate all the risks and challenges that new business owners face in order to reduce the probable amount of drawbacks throughout the first few months of launching a startup.

Find some inspiration from the business essay topics listed below, and feel free to use our assistance through writing a winning piece of academic work. For the time being, you can check out some of the tips on how to write a cover letter .

Advantages of Launching a Startup

As a result of startup consulting, we have assembled some of the most significant advantages that launching startups can bring about. Feel free to choose any one or a combination of them to write a business essay on.

Maintaining work-life balance
Turning creative business ideas into the work environment
Networking with fellow entrepreneurs
Making a positive impact on the local and international community
Frequent financial rewards
Freedom to follow your passion
Creating cost-effective opportunity
Being a part of like-minded members of a team
Expanding your skill set
Experience capitalistic company culture

Challenges of Launching a Startup

On the other hand, starting a business comes with numerous challenges. If you wish to analyze some of the risks of founding small firms and businesses, select one of the topics below for your business essay:

Lack of the demand for provided service/product
Insufficient knowledge of the industry
Poor financial management
Ending up with the wrong people
Vague mission and vision
Lack of investors
Inability to afford bank loans
Deficient working capital
Poor time management
Fierce competition

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Marketing and Sales for Startups

Effective marketing and sales management play a core role in the successful outcomes of small businesses. Consider writing about these topics in relation to your startup company:

Understand the target's demographics, preferences, and demands
Establishing direct connections to customers
Promoting a product with an advertisement
Using outbound marketing to popularize the product
Using inbound marketing to attract a high number of customers
Creating a social media page for the promotion
Writing blog posts for effective marketing
Obtaining business startup funding from angel investors
Measuring success through marketing metrics
Setting priorities for the sales team

Leadership and Management in Startups

Last but not least, being a responsible, competent, and competitive leader is the cornerstone for the creation of outstanding startup companies. Choose some of the business essay topics on how to manage a business effectively:

Having a leader with fresh perspectives and practical outcomes
Good time management for the company's growth
Leader's ability to assemble a top-notch team for successful startups
Keeping a startup team motivated
Importance of being an empathetic leader
Finding inspiration in mistakes
Essential traits of good leadership
Managing diverse team
Impact of leaders exhibiting enthusiasm
Spreading knowledge for the betterment of the team

A Brief Afterword

Some of the ideas provided above will help you develop a pragmatic approach to making your new business idea come to fruition. You can find a supplement business essay example in the list of cause and effect essay topics or familiarize yourself with additional guidelines on how to set up an essay .

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Strategy for Start-ups

Joshua Gans,
Erin L. Scott,
Scott Stern

In their haste to get to market first, write Joshua Gans, Erin L. Scott, and Scott Stern, entrepreneurs often run with the first plausible strategy they identify. They can improve their chances of picking the right path by investigating four generic go-to-market strategies and choosing a version that aligns most closely with their founding values and motivations. The authors provide a framework, which they call the entrepreneurial strategy compass, for doing so.

It’s Not About the Framework

The Syracuse University professor Carl Schramm argues that contrary to the teaching at many business schools, entrepreneurs really have no alternative to learning by doing.

“Create Something and Start Selling It”

A conversation with the start-up veterans Niraj Shah, Bijan Sabet, and Jennifer Lum, by Daniel McGinn and Walter Frick

The complete Spotlight package is available in a single reprint.

First answer two questions; then explore four paths.

The Problem

In their haste to get to market, entrepreneurs often run with the first plausible strategy they identify. As a result, they end up losing out to second or even third movers with superior strategies.

Why It Happens

In the innovation space it’s easy to get overwhelmed by the apparent range of opportunities. Entrepreneurs fear that spending too much time weighing the alternatives will delay commercialization. The strategic commitments they make in moving forward limit their ability to pivot.

The Solution

Start-ups can improve their chances of picking the right path by investigating four generic go-to-market strategies, articulating multiple plausible versions of those strategies, and choosing the one that aligns most closely with their founders’ values and motivations.

As a start-up, RapidSOS was an easy sell: It would bring 911 calls into the smartphone age. Emergency-response systems had evolved in a premobile era, which meant that few of them could accurately identify the location of callers who were using mobile phones, compromising response times and medical outcomes. The founders of RapidSOS—Michael Martin, an HBS graduate, and Nick Horelik, an MIT engineer—had developed a way to transmit mobile phone locations to existing 911 systems that would require only minimal adaptation on the part of other players in the emergency-services sector. After attracting early-stage financing at business plan competitions, Martin and Horelik reached a crossroads: How should they take their technology to market?

What many business schools teach has little to do with entrepreneurial success.

Joshua Gans is the Jeffrey S. Skoll Chair in Technical Innovation and Entrepreneurship at the Rotman School of Management, University of Toronto, and the chief economist at the Creative Destruction Lab. He is a co-author of Power and Prediction: The Disruptive Economics of Artificial Intelligence (Harvard Business Review Press, 2022).
ES Erin L. Scott is a senior lecturer in the Technological Innovation, Entrepreneurship, and Strategic Management Group at the MIT Sloan School of Management.
SS Scott Stern is the David Sarnoff Professor of Management at the Sloan School and serves as faculty director of the Martin Trust Center for MIT Entrepreneurship.

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Startup Culture: What It Is, Why It Matters and How to Build It

For most people, the phrase “startup culture” springs to mind free-flowing kombucha, beer on tap and table tennis — perks that shout “We’re here to work hard and play hard.” In a hybrid or remote workplace , it might also include unlimited paid time off and work from anywhere policies.

But perks do not make a culture. Charisse Fontes, founder of the culture consulting firm CultureCircle, likes to call those “deepfake perks,” or perks masquerading as culture. When that’s all founders focus on, they often end up with a toxic workplace and stories of people feeling mistreated.

What Is Startup Culture?

Startup culture is the shared values, thoughts and beliefs that shape how people work. Startup culture is different from corporate culture because it typically reflects the personalities and passions of the team members.

Instead, Fontes defines startup culture as a set of shared values, thoughts and beliefs that shape how people work to reach the company’s goal . When Fontes works with startup leaders on their culture, she instead has them focus on how they want people to feel when they work for them.

“A little humanity goes a long way,” Fontes said. “Humanity will cross-pollinate the core functions of the culture from the way you recruit and hire, that first and last day experience and all the interactions in between.”

The best startup cultures put people first — and that includes both employees and customers. That approach manifests itself in open communication , free-flowing creativity, and yes, benefits like wellness stipends, flexible work hours and resources for child care.

A healthy culture will not only keep employees around, but it can also impact their lives.

“If you’re feeding the culture, watering the culture and doing the things it requires — which are very basic and simple things — it will yield you an enormous abundance that will touch beyond the core of your company,” Fontes said. “You will become a company that will birth humans that go out and do better in the world.”

Strategies to decode, maintain and improve company culture.

Why a Strong Startup Culture Is Important

Developing a strong startup culture is crucial, especially for early-stage startups. Typical startup characteristics like openness to innovative ideas, flexible roles that lead to new career opportunities and clear-cut values can lead employees to feel more passionate about their jobs. Top job-seekers are more likely to join a team of happy employees, adding more depth to a company’s talent pool.

And job candidates aren’t the only ones who will take notice. Investors look for startups where employees are excited about their roles and there is a clear purpose driving the business forward. These positive traits can convince investors to funnel more money into a company, generating much-needed momentum for early-stage startups.

Benefits of Having a Strong Startup Culture

Whether a company is an early-stage startup or a more established business, maintaining a strong startup culture can lead to lasting rewards that accelerate a company’s success.

Enhanced Recruiting

A company known for its strong startup culture may find it easier to attract top talent . Traits that draw in industry-leading candidates often include opportunities to take on new roles, smaller teams with more responsibility and close-knit relationships and creative ideas and products. Simply sharing a short recruitment video and answering online questions are some ways recruiters can advertise their startup culture and produce more buzz among job-seekers.

Better Employee Retention

When employees have the potential to grow within a company — while preserving a work-life balance — there’s a good chance they’ll stick around longer . A healthy startup culture also often encourages employees to speak their minds and deliver constructive feedback when needed. Environments like these can make employees feel like they have a say in the business, cultivating a sense of loyalty among a startup’s workforce.

Increased Employee Engagement

Core tenets of startup culture are also drivers of employee engagement . For example, allowing for passion projects, offering professional development opportunities and executing a broader company mission are all strategies for boosting employee engagement . Getting employees excited to come to work makes it easier to keep workforces focused and ready to tackle any challenges throughout the day.

Healthier Employee Morale

Startups are smaller by nature, giving employees more chances to get to know their co-workers and bond with teammates. This is key to employees’ well-being at work since employees are 17 percent more likely to say they’re satisfied with their workplace when they have a best friend at work. Nourishing closer connections among employees can make workers feel valued and like they’re part of something bigger than themselves, impacting other areas like recruitment and retention as well.

Higher Productivity

A strong startup culture eliminates distractions that may slow down workers, including narrow and repetitive jobs, strained co-worker relationships and confusion around one’s purpose and place in an organization. Flexible roles, tighter-knit teams and clear goals contribute to a vibrant startup culture. Employees are bound to feel more energized in this kind of environment, raising their production levels in the process.

Why You Need to Establish Your Culture Right Away

Life in a startup moves fast.

Culture may not seem important when the company is just you and your co-founder, but startups can easily grow from two employees to five to 20 in a blink of an eye. If you aren’t intentional about setting that culture from the start, you’ll quickly lose control of it. This can lead to bad hires, employee gossip and toxic work environments .

That’s why the moment your idea turns into a business, you need to be thinking about how you want your employees to be treated, how you want them to act and what type of environment you want to create, Fontes said.

“As soon as you have that idea, start building that culture because you won’t be far off from what starts to manifest and speed up as you grow.”

Answering those questions will give your company a foundation from which to grow. It will guide you to people who reflect those core values or have the skills to introduce new values that expand on what you want to create, Fontes said.

When Fontes launched CultureCircle in 2016, she wanted it to be a place where people could show up and be human. That meant treating customers and each other with kindness and respect, giving people time to take a break when they’re not feeling well and balancing workloads.

“All of those things I’ve taken into account and modeled very early, so anyone who comes on experiences that or is gravitated toward that,” Fontes said. “As soon as you have that idea, start building that culture because you won’t be far off from what starts to manifest and speed up as you grow.”

Failing to answer these questions leaves your team susceptible to unwanted changes in your culture that can harm your business — think high turnover and poor retention — and ultimately cost you more time and effort as you work to change your culture .

How to Build a Strong Startup Culture

Five tips for building a strong startup culture.

Take time to define your values
Practice what you preach
Be inclusive from the start
Regularly reevaluate your culture
Choose kindness

Take Time to Define Your Values

Nothing is more important to your company culture than your values. It defines how you hire, how you fire and how you have difficult conversations with employees who aren’t treating the company right. They are the core of your company ethos and how you operate.

What you shouldn’t do, however, is create values for the sake of it. Values need to be unique and personal to you and your company.

“You do not want to mess this up and constantly change or over-explain your values, or question if they are aligned,” Fontes said.

Start with deciding on what type of environment you want to establish. At one startup Fontes worked with, the founder established their culture with a simple expectation of respectful communication. It was something the leader followed through on and an expectation for anyone brought into the company.

“You do not want to mess this up and constantly change or over-explain your values, or question if they are aligned.”

When you are ready to create your values, Fontes has a couple guidelines. For starters, it’s important to make sure they are personal to you and your employees. Remember, companies don’t have values, people do, Fontes said. In addition, don’t just copy and paste your values from other startups. Because if they aren’t natural to you as a leader, your employees will sense that and disregard them.

To help identify what those values might be, ask yourself:

What are your team goals?
What’s your company mission?
How do you want employees to behave?
How do you want to help customers?

If the answers don’t come naturally to you, you could also sit down with a leadership coach to help you identify what values are most important to you as a leader.

When you create your list, try to choose no more than five values. Any more than that and people tend to forget them, Fontes said. Make sure that the ones you do pick are clear and actionable. If you create a value like “We are a family,” that can mean something different to each person. It can lead to situations where managers expect employees to respond to texts outside of work and assign them tasks as “favors.”

“What it starts to do is, unbeknownst to the company that uses this language, it starts to add questions to the culture,” Fontes said. “People start to question: ‘What does family mean? Am I treated this way or that way?’”

At CultureCircle, for example, Fontes established three core values: humanity, Ubuntu and efficiency. Humanity represents a core belief for Fontes and means respecting each other and making space for a wide range of human emotions. If you’re exhausted and need a break, it’s OK to tell someone you need a moment.

Ubuntu, which stems from a Zulu philosophy , means in part “I am because we are.” To her, it reflects the fact that everyone and everything is interconnected and needs each other to thrive. It removes the need for ego and competition, she said.

And efficiency, for Fontes, stands for focusing on tasks that value a person’s energy.

Regardless of what stage your company is in, defining your core values is vital to creating a strong, positive work culture and maintaining it as you grow.

Practice What You Preach

Culture is set by leaders, maintained by employees and monitored by HR. Setting values and a mission statement , however, is merely half the battle — modeling the behaviors you want is the other.

If senior leaders operate outside the rules, employees will view the C-suite as disingenuous and untrustworthy. A lack of trust breeds toxicity, leading to a bad company culture . This can cause employees to disengage and eventually leave the company .

“If they see that leadership isn’t practicing the values that doesn’t make the culture feel safe,” Fontes said. “And if the culture doesn’t feel safe, it starts to self-protect against everything. That is not something you want.”

That’s why it’s so important for the values to be personal to the company leaders from the start, Fontes said.

“Whatever comes out personally will influence what you do professionally,” Fontes said.

“If they see that leadership isn’t practicing the values that doesn’t make the culture feel safe. And if the culture doesn’t feel safe, it starts to self-protect against everything. That is not something you want.”

Beyond that, take the time to train your team in your mission and core values. Ensure everyone is on the same page regarding what’s expected of team members, how these values will guide the company and why they matter.

Providing meaning not only helps employees understand the importance of upholding values, but also incentivizes positive behavior. Knowing how every action contributes to broader goals fosters a cohesive, mission-driven culture.

Be Inclusive From the Start

When establishing your company culture, inclusivity needs to be addressed from the start. Without it, you’ll end up with a company that not only lacks diversity but may even actively exclude people from diverse backgrounds from feeling welcome.

The first thing Fontes recommends company leaders ask themselves is: “How inclusive am I in my personal life?” That exercise will help you identify where you’re lacking inclusion and what you need to improve .

From there, it’s important to review your hiring process and make sure it follows diversity, equity and inclusion best practices . This can include things like standardizing candidate evaluations to remove the potential for unconscious biases to influence decisions, expanding your recruiting pipeline and collecting data on internal diversity numbers.

It’s also important to think through all of the human touch points at your company. It could be as simple as making sure your office meets Americans with Disabilities Act regulations and that it has a room dedicated for nursing mothers. Think about the language you want people to use and the vibe you’re creating in the office.

Then work your way backward to how you’re hiring and the backgrounds people typically have when they come to your company.

Companies can tend to leave out people who are experiencing homelessness from job opportunities, Fontes said. One way to tell is if your application requires an address, which a person who is experiencing homelessness may not feel comfortable sharing.

But to truly incorporate inclusivity into your culture, it has to come from the heart, Fontes said. It can’t be solved with a declarative DEI statement, or mapped to a step-by-step guide. It needs to be an ever-evolving process and a transparent process with your employees.

“Don’t try to take on all inclusivity at once. ... Start where you can,” Fontes said. “What will be helpful when you’re starting to grow your culture is to say: ‘We’re really aiming for a healthy and inclusive workplace culture. There are areas that I know about that I’m working toward and practicing. And there are areas of inclusion that I don’t know about. I need the culture as we grow to share those areas with me.’”

When you do that, you build trust with your employees and it creates an environment where people feel comfortable speaking up about what you’re missing.

“Through that co-creation, you start to build an inclusive environment,” Fontes said.

Read On A Simple Way to Improve Diversity Efforts in Hiring

Regularly Reevaluate Your Culture

Whatever culture you establish when you start your company, it won’t be the same when it grows. Each person that joins your company will bring a new personality, new life experiences and a new way of thinking.

You have to make room for those variables and constantly reassess your culture to see what needs to evolve, Fontes said. If your culture doesn’t grow with your company, it can end up taking on a life of its own. What may have worked for you when you were smaller — like having a flat hierarchy — could cause communication issues now that your company has grown to 50 people.

In addition, remote work has become an expectation for a lot of employees. If your company decides to make hybrid or remote work a permanent part of its structure, your culture needs to reflect that . This includes thinking through remote communication strategies, activities to keep your remote employees engaged and hiring strategies .

As you grow, don’t shy away from polling your people through employee engagement surveys to keep a pulse on what matters to your team and how they view your cultural evolution. After all, you can’t make improvements without first understanding what is no longer working.

Choose Kindness

While establishing a startup culture can seem complicated, the simplest step you can take to develop a healthy workplace is to choose kindness.

Being supportive and leading with empathy can have a huge impact on the people who will come to work for you. Fontes knows firsthand the impact a healthy company culture can have on a person.

A huge reason why she became passionate about culture and started her consulting company was because the culture of a company accepted her when she needed it most. At the time, she was without a home, taking care of two children and pregnant with a third.

“I was, on paper, a homeless, pregnant, two kids, human, and a culture took me in and changed the trajectory of not only my life but my kids’ lives. That’s how powerful company culture can be.”

The company hired her as a contractor, and from the moment she walked through the doors, everyone treated her with kindness. Everyone from the leaders in the office to junior employees took the time to answer her questions, just as it should be. When she told them she was pregnant, her manager made sure she had a job when she was ready to return.

“I was, on paper, a homeless, pregnant, two kids, human, and a culture took me in and changed the trajectory of not only my life but my kids’ lives,” Fontes said. “That’s how powerful company culture can be.”

Ultimately, startup culture isn’t about the team outings, the unlimited vacation or free cold brew — it’s just about treating people right. And if you do it well, your company can change lives.

CultureCircle

Great companies need great people. that's where we come in..

The Business Start-up Development Essay

Introduction, marketing mix, feasibility study, competitive environment, financial reports and commentary, business aims and strategy, reference list.

This report delivers a proposed business strategy in establishing an enterprise to provide consumers with a product aimed at transforming their lives. The report focuses on the different competencies that will enable a business to compete favorably and create a successful model across market segments. An analysis of the business through Porters’ Five Forces is provided, along with a consideration of the capacity of the business to achieve tremendous gains irrespective of existing trade difficulties. The report includes an introduction, a marketing mix analysis, a feasibility review, a competitive environment analysis, financial statements, and a commentary, business aims and strategy, and, finally, a conclusion.

The development of a business start-up is a complex set of actions that have an overall purpose of establishing a new, compelling business idea and the means of the efficient implementation of this idea (DaSilva & Trkman 2014). Primarily, it is essential to carry out market research in order to identify existing market gaps and segments of consumers that could be targeted. Additionally, an initial feasibility study is necessary because it is of high importance to develop a profound understanding of targeted consumers’ preferences (Cortimiglia, Ghezzi & Frank 2016).

Accordingly, market research was carried out, and, for the purposes of this assignment, it was focused on the market gap in alternative weight loss tools that would be appealing for middle-class and upper-class customers in urban areas who want to maintain both healthy and trendy lifestyles. Therefore, the initial business idea for the start-up is the following: a company that will produce and sell high-end sports bicycles with fitness-tracking features should be established. It is possible to mention that this business idea is in compliance with two primary kinds of demand of the targeted group: to have an effective weight loss device and to own high-end, fashionable production.

The application of the marketing mix, which constitutes such aspects as product, pricing, promotion, and placement, to the proposed business idea is of high significance because it provides a business with an opportunity for efficient and sustainable growth (DaSilva & Trkman 2014). The initial idea of producing high-end sports bicycles is evidently appealing to individuals who want to be in control of their weight, but rarely find time to exercise. As the problems of obesity and lack of exercise are considerably common in contemporary society, the link between the target market and the proposed business idea is apparent, because the identified issues are more common among inhabitants of urban areas.

Accordingly, four integral elements of the marketing mix should be discussed in order to determine their appropriateness for the proposed business idea. The product itself is highly applicable to the selected segment due to two reasons: (1) bicycles are an efficient means of losing weight; (2) high-end production and fitness-tracking features are appealing for middle-class and upper-class consumers. Therefore, this product will be in demand within the targeted population. The second aspect is pricing strategy. In this particular case, relatively high pricing will be justified by the financial abilities of the targeted group since middle-class and upper-class consumers in urban areas have a higher level of income compared to the ones from rural or suburban areas. If the pricing is supported by an aggressive marketing campaign that appeals to the sense of a healthy and trendy lifestyle, the product can efficiently enter the market and be competitive.

Placement of the product is the third essential aspect of the marketing mix. It is possible to suggest that the company should establish its stores in middle-class, upper-middle-class, and upper-class neighborhoods, as it is the most efficient way of reaching the targeted population. Trendy shopping centers should also be considered suitable placement opportunities. Additionally, it is critical to mention that the placement of the product is closely connected with the promotion, the fourth aspect of the marketing mix. Targeted consumers should be able to reach the product easily while marketing and advertising efforts should reinforce their interest in the product.

In order to implement the proposed business idea, the company should utilize a sufficient amount of resources that are needed for the production of high-end sports bicycles. Also, as the product should have fitness-tracking features, it is essential that the production team is equipped with skilled workers, who are experienced in high-end technologies. A considerably large part of the company’s initial capital should be used to purchase manufacturing equipment that is in compliance with high industry standards of producing sports bicycles as well as fitness-tracking devices because the quality of the final product directly depends on it.

One of the primary objectives of the feasibility study is to provide evidence that the product could be easily and effectively produced. It is essential to notice that manufacturing technologies for both sports bicycles and fitness-tracking devices are already available. Therefore, the most important aspect of the successful production process is to hire highly skilled labor from different industries and make them cooperate in the process of working on the product. Additionally, as was already mentioned, high-end manufacturing equipment is also an important aspect of successful production.

It could be hardly doubted that entering the market with the initial product idea, despite the fact that it has considerable advantages, will be difficult due to high competition (Gans & Ryall 2017). Thus, this section will dwell upon the investigation of theoretical frameworks that could support the company’s growth. First of all, Porter’s Five Forces model will be useful in identifying a strategy that ensures success in the market. The competitive rivalry will be tackled through positioning the business based on Porter’s Five Forces, specifically through understanding supplier power, buyers’ power, the threat of substitutes, like indoor gyms, and the threat of entry due to the lucrative nature of the business. The notion that the bicycles will be targeting customers with significant complications, linked to necessary weight loss and restricted time, prompts the need for the incorporation of advanced technology in making the products to ensure they hit the market hard (Porter & Heppelmann 2014).

Secondly, it is possible to use a PEST Analysis framework, as it is useful in identifying essential economic and technological elements. It will be important to utilize all the available financial resources in developing high-quality, unique bicycles. As mentioned previously in the Marketing Mix section, the bicycle market is highly competitive, and thus a unique product is needed. Moreover, the initial market research should further provide information regarding the technology used by competitors in making their bicycles. The company should then be able to make any upgrades on what is already available within the current market in a bid to attract customers.

The business should have a projected financial statement in place that will serve as a point of reference for decision-making. The research methodology is both primary and secondary and entails interviewing potential consumers and reviewing journals on market dynamics. Also, it is essential to mention that the methodology of the work is largely based on frameworks provided by Cortimiglia, Ghezzi, and Frank (2016) and Dobbs (2014). Below is the projected profit and loss statement. The estimations that are provided are based on evidence from the scholarly literature on the topic (Dobbs 2014; Massa, Tucci & Afuah 2017). The major components of the statement include operating expenses, gross profit, and net earnings. The operating expenses include wages and salaries, rental fees, and advertising costs.

Projected Profit and Loss Statement for the year (in Millions):

The following assumptions were made in the process of preparing the data. The advertising cost would be high as the initial stage of the business involves more promotional activities aimed at popularising its existence amongst customers. Another assumption was that the selling and distribution fee would also be high due to the initial activities aimed at ensuring the products are supplied widely to increase their availability in the market. Lastly, the revenue figures are relatively higher as it is presumed that there would be large profits as a result of numerous sales to the identified target group. These assumptions were justified by previous market research.

It is estimated that the company should have an initial capital of about $15,000 (million) in order to successfully start the manufacturing process and enter the market. Primarily, a significant part of the capital will be used to hire high-skilled personnel and buy manufacturing equipment. The rest of the capital should be used for the establishment of an efficient supply chain and carrying out promotional, marketing, and advertising activities.

The top priorities using SMART goals are to set growth targets that will be specific, measurable, attainable, relevant, and timely. The essence of SMART goals is to provide a roadmap for asserting guidance on areas of strength to take on market opportunities and weaknesses to recommend corrective models (Massa, Tucci & Afuah 2017). The goals of the business are as follows:

Be a leader in the bicycle industry.
Increase market share by 15% over the next two years.
Reduce operating costs by 20% over the next three years by improving the efficacy of the production process.
Increase the volume of sales by 15% within one year.

The stated goals are of great importance to the business. In order to achieve them, the finance department should carry out an in-depth analysis in order to identify low-cost suppliers to reduce operating costs. Also, the marketing department would be involved in creating and implementing a plan that will facilitate an increase in sales. The department will have a benchmark on the projected sales revenue with deadlines on when they should be achieved. Moreover, the organization will equally consider consumer feedback to ascertain the success of the entity. Through these strategies, the business will be in a position to increase its market share and eventually become a leader in the bicycle industry.

In conclusion, the company will have a market development strategy that will allow it to concentrate on creating more market segments for the bicycle and, as a result, increase its volumes of sales, and see tremendous growth. Most importantly, by focusing on manufacturing high-quality and unique products, the company will be able to remain competitive in the face of stiff competition. Above all, integrating new technologies will facilitate the production of unique bike models. Indisputably, these factors will ultimately lead to business success.

Cortimiglia, M, Ghezzi, A & Frank, A 2016, ‘Business model innovation and strategy making nexus: evidence from a cross-industry mixed-methods study’, R&D Management , vol. 46, no. 3, pp. 414-432.

DaSilva, C & Trkman, P 2014, ‘Business model: what it is and what it is not’, Long Range Planning , vol. 47, no. 6, pp. 379-389.

Dobbs, M 2014, ‘Guidelines for applying Porter’s five forces framework: a set of industry analysis templates’, Competitiveness Review , vol. 24, no. 1, pp. 32-45.

Gans, J & Ryall, M 2017, ‘Value capture theory: a strategic management review’, Strategic Management Journal , vol. 38, no.1, pp. 17-41.

Massa, L, Tucci, C & Afuah, A 2017, ‘Critical assessment of business model research’, Academy of Management Annals , vol. 11, no.1, pp. 73-104.

Porter, M & Heppelmann, J 2014, ‘How smart, connected products are transforming competition’, Harvard Business Review , vol. 92, no.11, pp. 64-88.

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Essay on Startup Ecosystem in India

Students are often asked to write an essay on Startup Ecosystem in India in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Startup Ecosystem in India

Introduction.

India is rapidly becoming a hub for startups, with a vibrant ecosystem that fosters innovation and entrepreneurship.

The Growth of Startups

The last decade has seen a surge in Indian startups. This growth is driven by factors such as availability of funding, a culture of innovation, and government initiatives.

Government Initiatives

The Indian government has launched several initiatives to support startups, such as the ‘Startup India’ campaign, which provides resources and policy support to budding entrepreneurs.

Despite the growth, Indian startups face challenges like regulatory hurdles and lack of skilled workforce. However, with continued support and innovation, the future of the Indian startup ecosystem looks promising.

250 Words Essay on Startup Ecosystem in India

India’s startup ecosystem has witnessed exponential growth over the last decade. With an amalgamation of innovation, technological advancements and entrepreneurial spirit, it has become a hotbed for startups, attracting both domestic and international investors.

Evolution and Growth

The evolution of the startup ecosystem in India can be traced back to the liberalization of the Indian economy in the 1990s. However, the real momentum was gained post-2010, with the advent of technological startups like Flipkart and Ola. The government’s initiatives such as ‘Startup India’ have further bolstered this growth by providing a conducive environment for startups.

Investment Scenario

India’s startup ecosystem has attracted significant investment. According to NASSCOM, India is the third largest startup ecosystem globally. The surge in investments can be attributed to the innovative solutions provided by these startups, addressing both local and global challenges.

Challenges and Opportunities

Despite the growth, the ecosystem faces challenges such as regulatory hurdles and funding issues. However, the resilience of Indian entrepreneurs has turned these challenges into opportunities. The rise of sectors like EdTech and HealthTech during the pandemic is a testament to this.

The Indian startup ecosystem has come a long way and continues to evolve. With the right support from the government and stakeholders, it has the potential to drive India’s economic growth and establish the country as a global startup hub. The journey is filled with challenges, but the opportunities outweigh them, making the future look promising.

500 Words Essay on Startup Ecosystem in India

India, a nation with a population of over 1.3 billion, has seen an exponential rise in startup culture over the past decade, becoming one of the leading startup ecosystems in the world. The Indian startup ecosystem is a vibrant amalgamation of innovation, disruption, and growth, contributing significantly to the nation’s economic development.

The Growth of Indian Startup Ecosystem

The Indian startup ecosystem has witnessed a rapid surge in the past decade. The rise of digitalization, Internet penetration, and smartphone usage, coupled with supportive government policies, has led to a favorable environment for startups. As per NASSCOM, India is home to the third-largest startup ecosystem globally, with approximately 9,300 tech startups in 2020.

Key Drivers of the Startup Ecosystem

The primary drivers of this growth are innovation, funding, and government initiatives. The Indian youth, with their entrepreneurial spirit, are coming up with disruptive solutions to everyday problems. Venture capitalists, angel investors, and government bodies are increasingly investing in these innovative ideas, recognizing their potential. The Indian government’s ‘Startup India’ initiative is a significant catalyst, providing startups with benefits like tax exemptions, easier compliance norms, and funding support.

Role of Incubators and Accelerators

Incubators and accelerators play a pivotal role in nurturing startups. They provide startups with mentorship, resources, and networking opportunities, thereby reducing the risk of failure. Some of the prominent incubators in India include T-Hub, IIM Ahmedabad’s CIIE, and NASSCOM’s 10,000 Startups.

Challenges in the Indian Startup Ecosystem

Despite the impressive growth, the Indian startup ecosystem faces several challenges. These include limited access to capital for early-stage startups, regulatory hurdles, lack of skilled manpower, and a high failure rate. Additionally, the ecosystem needs to focus more on fostering innovation in deep-tech sectors like AI, ML, and Blockchain.

Future Outlook

The future of the Indian startup ecosystem looks promising. With the government’s continued support, increased digital penetration, and the emergence of new-age technologies, the ecosystem is poised for further growth. The recent rise in the number of Indian ‘unicorns’ – startups valued at over $1 billion, is a testament to this potential.

The Indian startup ecosystem is a dynamic and evolving landscape that has significantly impacted the country’s socio-economic fabric. It has not only fostered innovation and entrepreneurship but has also generated employment and contributed to GDP. While challenges exist, the future holds immense potential. With the right support and resources, the Indian startup ecosystem can continue to thrive, making India a global startup hub.

That’s it! I hope the essay helped you.

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Essay on Start-up India for Students and Children

500 words essay on start-up india.

Start-up India is a much-needed initiative that was started by Narendra Modi in 2015. We all know India is a land full of talented people. However, the youth does not have many opportunities to fulfill their dreams and ambitions. Thus, this campaign is a great kick-start for the youth to accomplish their goals. Our prime minister announced it on Independence Day. It got launched on 16th January, to give a helping hand to the youth.

Objectives of the Start-up India

It is a known fact that youth is a very energetic and capable lot. However, this energy and enthusiasm of theirs do not often go in the right direction. This campaign will aim to do exactly that. It will channel this energy in the right direction. This will ensure that the youths get the needed help from the government.

Furthermore, it is a commendable initiative that allows the youth to touch newer heights. It will give them the resources that will allow them to fulfill their dream of becoming an industrialist or entrepreneur . These things require a start-up network which this campaign will provide. Basically, it means that banks will offer finances to these youth for creating better employment opportunities in the country.

In other words, it aims to make the youth employed so we can eliminate the problem of unemployment in India. This initiative will help many start-ups accomplish success and they will finally be able to direct their innovation and creativity in the right way. This financial supports comes as a sign of great relief to the youth.

The PM urged the banks to support one Dalit and one woman entrepreneur at least to maintain inclusivity. It is a great step that will help the newcomers in the industry get a head start in their career. Furthermore, it will also boost the economy of the country.

Get the huge list of more than 500 Essay Topics and Ideas

Action Plan of Startup India

After its announcement in 2015, the action plan of the scheme was launched in 2016. It aims to boost the entrepreneurship of our country amongst the masses. It basically aims to include all levels of society from the lowest to the highest. The newer thinking and perspectives of the youth are better options that will be more likely to succeed as a start-up.

When they launched this campaign successfully, they got in touch with several IIT’s, IIM’s, NIT’s and other central universities of India. The major part of the action plan was to offer them promote bank financing. Further, it also provided start-up ventures with incentives that will help in boosting their entrepreneurship.

In short, this scheme served as a great method to lead the youth in the right way. The greatest point was targeting the youth as they do have a lot of potentials. This initiative just gave it the right direction to channelize it properly. In other words, the youth of our country are better in terms of creating new ideas and notions. Thus, it is a wise decision to help them achieve greater heights from a young age.

FAQs on Start-up India

Q.1 What are the objectives of the Start-up India initiative?

A.1 This initiative was started to help the youth of the country achieve their entrepreneurial dreams. It was launched to offer them financial options so they can get all the needed help to accomplish the goals of a start-up.

Q.2 What is the action plan for this scheme?

A.2 The action plan of this scheme was launched in January 2016. It aimed to focus on all sections of the society and give equal chances to the youth. Moreover, it also wanted to promote bank financing to the youth for creating a successful start-up.

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Startup (Start your own Business) Essay for Children and Students

December 10, 2017 by Study Mentor Leave a Comment

A start up is an entrepreneurial venture firm that is recently raised for quickly developing businesses. It is a business plan that needs to meet the commercial attraction by building a feasible plan for action that includes invention, innovation and risk.

Start-up is generally a private venture, organization or association that creates and improves an adaptable and flexible plan for business.

New business authors and researchers extended their thoughts, invention or idea into business plan and are quite successful. The business is generally divided on the three basis kike manufacturing, trading and service provider.

The start-up is generally a sole business proprietor and solely earns profit or loss in the business or a partnership joint venture where they invest a particular amount of fund and shares profit or loss of the business in profit sharing ratio according to their liability capacity.

The growth areas for setting start-ups are identified as the business environment; trading business like wholesale, retail, mall, exporters, importers, stock trading, real estate; industrial area could be large, medium, small or tiny sector; housing; health care; services like information services, public services, financial services, repairs, beauty parlours; training and business development; manufacturing; food; rural development like artists, handlooms, sericulture, khadi, handicraft or rural services and agriculture sector like he can work in plantation, horticulture, dairy, forestry, animal husbandry, poultry or seeds.

The Process of Starting a Start up by an Entrepreneur

Find an opportunity
Develop a business concept
Figure out what success means and how to measure it
Acquire the right resources
Attain goals
Launch and grow

Table of Contents

Main Challenges faced by any Start-ups

Any start-up faces these major challenges in running the start-up like money, competition, demonstrating effectiveness, technology, trust, human resources and public relations.

WHO IS AN ENTREPRENEUR?

An entrepreneur is someone who recognizes a problem and uses entrepreneurial principles to organize, create, and manage a venture to make various changes. He is a business professional whose main goal is to create a standard business model that can be used by several companies across the board.

They tend to concentrate on bringing new ideas to life within the business market. Entrepreneur shares a pursuit of revenue generation with commercial firms but they also seek to achieve social goals such as positive human/social impact, and positive environmental impact.

Characteristics of a good Entrepreneur

Not bound by sector norms or traditions.
Not confined by barriers in the way of their goals.
Develop new models and pioneer new approaches to enable them to overcome obstacles.
Take innovative approaches to solve social issues and should keep business secrecy.
Administrative ability and organization skills.
Intelligence, creativity and should have clear objective.
Emotional stable, have public relation, effective communication and technical knowledge.
Innovative, have skills to manage everything, have a vision.

Who can be the Entrepreneur?

Anyone can be an entrepreneur whether men or women, anyone who has quality of managing things, risk bearing ability, urge to do something, have skills, thinks about growth, is innovative and positive thinker can be an enterprise. The entrepreneur should have some other qualities like:

Qualities of a good Entrepreneur

He should be adaptive or go with the trend (mostly in case of technology).
Have risk bearing ability.
Should be innovative and progressive and should always think of diversification.
Think of growth.
Analyse the pros and cons for decision making.
Do good planning before and after starting a venture.
Not be afraid of failures and confident to face challenges.
Improve his quality and should have ability to manage 5M factors, that is, men, machine, material, method and money.
Should strive to meet the changing needs and requirements of the customers.

Types of Entrepreneur

There are majorly three types of entrepreneur which are as follows:

Super Growth Entrepreneurs: these entrepreneurs start their business by their natural talents. They are bold, confident and are highly motivated to undertake the activities of an entrepreneurship.
Classical Entrepreneurs: these are concerned with the customers and marketing needs through the development of self-support venture. These are survival firms without any growth rate.
Mompreneurs: homemaker entrepreneurs are commonly known as mompreneurs. These entrepreneurs generally start working from their homes during the flexible hours of working like Lijjat Papad making.

Financial Institutions for Start-ups

To encourage the entrepreneurs, IDBI (Industrial Development Bank of India) has provided a scheme to finance the entrepreneurs at very low rate of 15% and to refinance the old small and old businesses at the concessional rate of 12.5% for male entrepreneurs and at 9% for the women entrepreneurs.

The CBI (Central Bank of India) is given contract to pass the loan of 10 Lakh rupees to the women entrepreneurs for starting a business venture but the loan is given on one condition that the idea of business should be innovative.

EDP (Entrepreneurial Development Programme)

This programme generally considered as the human resource development tool that provides the entrepreneurs the technical and managing skills.

The programme aims to remove unemployment, enhance development, promoting industrial growth. This programme is generally framed for the first generation entrepreneurs to be successful and covers majorly three variables:

Target groups

It provides proper training to the entrepreneurs to enlarge their business and also ensures assurance of licence, requirement of finance for the business venture, providing raw material, etc.

The entrepreneurship development movement in India had received a very magnificent attention and the small manufacturing enterprises have made a demetrious growth in the three decades and had occupied a very important position in the industrial economy of India.

According to economist, entrepreneur is the one who brings resources, labour, material and other valuable resources all together to gain profit is the entrepreneur and also introduce something new changes or innovative.

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Home — Essay Samples — Geography & Travel — Singapore — Lean Start-up Management

Lean Start-up Management

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start-up report

Updated 24 November 2021

Subject Hero

Downloads 27

Category Business , Food , Life

Topic Challenges , Coffee , Starting a Business

This study lists the obstacles that start-up companies face in the corporate world, the unique business form, the marketing mix (4 Ps) and different means of funding a business. The case of Smarts starting a café has been addressed in-depth and it is proposed that they start a sole-owned company. They could also fund their venture by obtaining bank loans, taking into account the benefits of this approach. The Smarts are considering starting a café that has acquired some experience in cooking and brewing coffee on their recent trip to Egypt. They have sought insights into starting a business from different sources and would like to know about the possible challenges they will encounter, the best business form to start, the types of leadership to employ and the financing methods available to finance business startups. Though starting a café solely seems to be easier, there are numerous costs and hurdles that are associated with it ("The Complete Breakdown of Food Truck Operation Costs", 2014).DiscussionChallenges Facing a Startup BusinessRaising finance. Huge sums of finances are required in rolling out the product or service, hiring key staff as well as fitting out the new office spaces for the purpose of starting up the business. Such costs require one to set aside a reasonable startup capital. Taking into consideration that the Smarts want to open Egyptian Delights Café that will require importation of most of the raw materials from Egypt, it is apparent that they really need huge capital. Their combined net salaries may not be sufficient to facilitate all the initial start-up expenses. The Smarts will be compelled to seek a bank loan in a bid to top up to their initial financial requirements. While some entrepreneurs aim at landing at angel investors, attempting to convince them of the worthiness of their money in the business is a big challenge, particularly for first businesses. In an attempt to overcome this challenge, one needs to develop the capability of selling their vision and ideas to the potential investors. Marriage and lifestyle. Starting a business will require not only deployment of necessary resources but also the dedication of time so as to oversee the business pick, especially during the initial stages. The managing of the new business will take more time and probably cut the private hours, which are necessary for going on holidays or trips abroad (Jordan, 2013). Thus, the entrepreneurs will have to change their lifestyles and perhaps, their marriage may be affected because of reduced time of having fun together as a family. Form of BusinessThe most appropriate form of business that the Smarts can take is the sole proprietorship. A sole proprietorship is a business which does not exist legally on its own apart from the owner. The losses and incomes arising out of this business are taxed basing on the personal income tax returns of the owner. The sole proprietorship, indeed, is the simplest form of business under which an individual may operate a business. The owner of this kind of business is responsible for its debts personally. This form of business is popular among the startup business based on its simplicity in starting and the nominal cost involved. Considering all aspects surrounding the Smarts, it is imperative that the new startup café should take the form of a sole proprietorship ("Answers to 20 of the Most Frequently Asked Questions about U.S. Small Business", 2016). Building a TeamThe Smarts should hire a team to oversee the operations of the business as from the start of the operations of the café. Running a café is a time-consuming process and, given the fact that the Smarts are employed, they cannot have enough time to run it on their own due to the challenges that are associated with running a startup, especially when you are new in the game (Alton, 2017). Similarly, they need expertise which can only be found through the hiring of the experts to run the café from the beginning. Therefore, while selecting the team to run the café, they should consider selecting the individuals who are familiar with operations of cafés and possess the necessary experience. Leadership and MotivationThe Smarts can lead their employees by allowing them an opportunity to participate in running and decision-making process. Everyone should be given a chance to participate, contribute ideas freely and encourage innovative solutions. As such, the Smarts should use the democratic or participative leadership style. Motivation in any organization is crucial as it stimulates the employees to focus their energy on meeting the goals and objectives set by the management. Such motivation will enable the Smarts to have a good relationship with clients and professional associates ("7 Habits of Great Small Business Owners", 2013).MarketingUse of the marketing mix is an approach of ensuring that the right products or services avail in correct places. Thus, the 4 Ps represent a crucial instrument in understanding which service or product one can offer as well as how to plan for the product or service offering effectively. The 4 Ps are:Promotion. Involves activities such as advertising that are aimed at ensuring that a company has more sales and the public is aware of it. The promotion channels used should be able to reach the target customers. For instance, if the product is meant for young people, social media can be a very effective promotion tool ("Social Media", 2017).For the Smarts to promote their café, they need to adopt some strategies that can see the demand for their products rise. First, they can choose to price their products a bit lower than the products of the competitors in the industry, which will ensure that the demand for their product increases. However, while pursuing this strategy, they need to take caution not to price their products too low because the price at times reflects quality. Second, the Smarts can promote their café through advertisements, particularly by utilizing the social media, billboards, and print media. The advertising messages should be able to tell the benefits the customers will accrue by consuming the food and beverages at their café.Product. A product is an intangible service or tangible good that seems to meet the specific customer needs or demand. In the market, all products adhere to a coherent product lifecycle. Therefore, it is pertinent for the marketers to understand comprehensively and plan for the needs of the various stages in the product cycle. Also, they need to be aware of the unique challenges associated with each stage so as to prepare beforehand on how to deal with them. Besides, the marketers need to understand the product benefits as well as the salient features of the product or service. Likewise, they need to identify the possible buyers of their services or product.Price. The given component covers the real amount it will cost the consumer to acquire the product or service. The price tagged to a product or service reflects the value of the service or product that the consumer buys. It is imperative for business owners to understand fully how the customer perceives what they are offering.Pricing strategy can affect the supply and demand of any product or service in the market. When the price is a bit low, the demand will increase while the supply tends to increase. On the other hand, when the price is higher and even higher as compared to the existing products or services in the market, then, the demand will decrease as the supply increases. Accordingly, the Smarts must price their products in relation to the prevailing products in the market so that they are able to sell them.Place. This component deals with the way of how the product or service will reach the customer. Therefore, distribution, under this component, is critical. The marketers should assess the best distribution channel that fits a product or service.FinanceThe world of business orbits around the capital. The Smarts will need $50,000 to purchase a new truck required for the transport services, equipment will take $30,000, ingredients – $15,000, and labor costs will amount to $10,000. Moreover, additional $50,000 will be required to support the business during the first months of operations before cash flows become steady. The Smarts will probably encounter the deficiency of $80,000, and, therefore, will have to look for a financing option.For startups, it is normally hard to obtain the source of finance due to the uncertainties regarding their viability. Moreover, lack of funds can hinder important activities in the new business such as hiring skilled employees ("11 Challenges Startups Face", 2016). One of the ways that the Smarts can use to obtain funds for their startup involves angel investors – individuals who invest in startup companies during the early stages in return for a 20-25 % return on their investment. Venture capitalist is another form of financing. The disadvantage of this form of funding is that a venture capitalist has to be given a share of the ownership of the business. Additionally, the Smarts can secure a loan from a bank to finance their project. However, among these sources of funding, the Smarts can consider obtaining a loan from a bank and pay back at an interest that is spread over a given period of time. The given method will see them maintain ownership of the businesses, and, also, they can pay back the loan using their salaries and the proceeds from the business. ConclusionThe Smarts have not only made an informed decision to start a café but also have gone ahead to research the commercial viability of their business. Startup ventures, normally, encounter a number of challenges such as financing challenges, management issues, and competition from existing businesses, however, the Smarts will specifically encounter the challenge of obtaining finances. The available sources of financing their business include venture capitalists, angel investors, grants and bank loans. Considering the impacts of each method of financing, it is recommendable for the Smarts to consider bank loans as their source of financing the additional costs. In regard to the marketing mix, the Smart will have to take into account all the 4Ps in the operation strategy so as to exploit fully this business opportunity.References7 Habits of Great Small Business Owners. (2013). Forbes.com. Retrieved from https://www.forbes.com/sites/thesba/2013/02/26/7-habits-of-great-small-business-owners/#40602cc34b3b11 Challenges Startups Face. (2016). Productiveteams.io. Retrieved from https://productiveteams.io/11-challenges-startups-face/Alton, L. (2017). The 8 Biggest Challenges for New Entrepreneurs. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/254721Answers to 20 of the Most Frequently Asked Questions About U.S. Small Business (2017). Smallbusiness.com. Retrieved from https://smallbusiness.com/selling-to-small-business/small-business-statistics-2016/Jordan, J. (2013). Ways for Small-Business Owners to Maintain Work-Life Balance. WSJ. Retrieved from https://www.wsj.com/articles/ways-for-smallbusiness-owners-to-maintain-worklife-balance-1380648257Social Media. (2017). Small Business Trends. Retrieved from https://smallbiztrends.com/category/social-mediaThe Complete Breakdown of Food Truck Operation Costs. (2014). Foodtruckempire.com. Retrieved from https://foodtruckempire.com/how-to/costs/

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Thinking in primitives at the world’s biggest startup: Notes on Amazon CEO Andy Jassy’s annual letter

A mazon CEO Andy Jassy’s annual letters to shareholders haven’t yet reached the canonical business status of his predecessor’s essays, but they still offer an interesting glimpse into the company’s strategy, and hint at what’s next.

“At our best, we’re not just customer obsessed, but also inventive, thinking several years out, learning like crazy, scrappy, delivering quickly, and operating like the world’s biggest start-up,” Jassy wrote in this year’s letter, released Thursday morning , putting his own spin on former CEO Jeff Bezos’ “Day 1” mantra.

Jassy also pointed to specific areas of momentum in Amazon’s business — writing, for example, that the company has “increasing conviction that Prime Video can be a large and profitable business on its own,” and calling the company’s Project Kuiper satellite venture “a very large revenue opportunity.”

But the vast portion of Jassy’s letter focuses on “primitives,” the concept of creating basic building blocks for internal and external use, exemplified most successfully by the core Amazon Web Services of storage and compute that laid the foundation for the company to build a giant cloud business.

Jassy goes on to identify other areas where Amazon has built and released basic components and services for customers and partners in a way that lets them mix and match “primitives,” including different aspects of its fulfillment and delivery services. Here’s how he explains the overarching benefit of the approach.

“ Building in primitives meaningfully expands your degrees of freedom . You can keep your primitives to yourself and build compelling features and capabilities on top of them to allow your customers and business to reap the benefits of rapid innovation. You can offer primitives to external customers as paid services (as we have with AWS and our more recent logistics offerings). Or, you can compose these primitives into external, paid applications. …. But, you’ve got options. You’re only constrained by the primitives you’ve built and your imagination.”

He makes it clear that Amazon is looking for more areas to apply this “primitives” strategy. One of the examples hints at something that Amazon must be considering (and probably already working on) in its grocery business:

“We’ve been working hard on building a mass, physical store offering (Amazon Fresh) that offers a great perishable experience; however, what if we used our same-day facilities to enable customers to easily add milk, eggs, or other perishable items to any Amazon order and get same day? It might change how people think of splitting up their weekly grocery shopping, and make perishable shopping as convenient as non-perishable shopping already is.”

Jassy writes that the biggest opportunity for primitives is in generative AI, but in this area he mostly reiterates what the company has announced, and its previously described three-layered strategy of enabling customers to create new AI foundation models, helping them use existing foundation models, and building AI applications.

Also notable is what’s not included in the letter. There’s no direct reference to regulation or the FTC’s antitrust lawsuit against Amazon .

However, Jassy does address the company’s resilience and the vast expanses of the global retail and enterprise tech markets that its consumer and cloud computing businesses have yet to reach.

Asked about regulation during an interview on CNBC , Jassy described the “sad story” of antitrust enforcers in Europe and the U.S. opposing and effectively forcing the company to drop its iRobot acquisition , saying the process left iRobot with a “real question of whether they’re going to be a going concern.”

Addressing regulators’ scrutiny of acquisitions in the interview, Jassy added perhaps his most pointed statement to date on the topic: “I think a lot of it is outside the bounds of the law right now.”

Read Andy Jassy’s full letter to shareholders here .

Thinking in primitives at the world’s biggest startup: Notes on Amazon CEO Andy Jassy’s annual letter

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