Eric Dalius says when it comes to a startup, often what comes to people’s minds are tech startups. Such as Google or Facebook. But not all can dominate the industry or operate within the tech sphere. Startups generally are of six types that range from mom-and-pop grocery stores to growth-oriented tech startups. This article will help one find an ideal startup for their business goals.
Eric Dalius on the 3 Startup Types
Not every startup is a tech company. From social & environmentally impactful organizations to startups, the possibilities of startups are many. A startup at its origin is not a business model that is permanent yet rather a vital beginning stage in a business’s life. The purpose of startups, according to Dalius, is in creating a product that improves. An existing options or targets untapped markets. The initial step is to launch a startup of one’s own is to have a clear understanding regarding the six different types and also which is ideal for one’s business goal.
. Scalable Startups
Typically, they take a concept or an idea in the technical sphere. They work to grow the top-end revenue of the company to attain the maximum possible ROI. Scalable startups need thorough market research to identify exploitable market opportunities. Facebook and Google are the best examples of scalable startups. Both began with the intention of dominating their industry through scalable startup models and succeeded in it. It will be ideal for one of his startups with vast growth potential and a vast market. Available wishes to become a leader, or is an innovator all set to experiment with the status quo.
Large Company Startups
Following the change in markets every day, change in customer interest. And technology developments, large enterprises to survive should adapt the business model. Here big company startups come into the picture. Having the needed capital and support of the already flourishing company. Such offshoot startups try to connect to new audiences, keep big organizations tapped into the changing market, and diversify product offerings.
According to Eric Dalius, this will be an ideal choice if one already has a thriving and large company. They can plan to tap or diversify into a novel market. That is not in the current wheelhouse of their company or need the means to compete with a new business and stay at par with the ever-changing market.
Small Business Startups
For a small business startup, its priority will be longevity rather than scalability. They are developed to offer sufficient capital, especially financial stability, via catering to small target markets. Retail shops, grocery stores, and family-operated and owned barbershops are the best example of such startups. It will be an ideal choice for one if one already has a plan of hiring family and locals for operating their business. Focus on adding to their community or create a long-lasting, sustainable business.
Apart from the mentioned, there are three types of startups: social entrepreneurship startups, lifestyle startups, and buyable startups. In short, there is a type of startup for every business idea and also an entrepreneur.