Startups are innovative businesses that have the potential to change the course of an industry and make an impact. They usually start with a modest amount of money and quickly grow into a profitable business, with the most successful ones eventually becoming unicorns -companies worth more than $1 billion.

Although many startups are technology-related however, they can be found in nearly every industry. Some, such as Slack, focus on communications in the workplace, while others, like Instacart are delivery of groceries services. Startups that are successful, regardless of their business models, typically provide a cutting-edge solution to a problem customers don’t realize they have.

The process of starting a new business is filled with risk and hard work, but it can also be rewarding. If you’re planning to launch an own business, there are several resources that can help. Certain startups receive seed funding from accelerator programs such as Y Combinator, while others have success with funding and advice from VCs and angel investors. Yet, more than 90% of all startups fail, so it’s important to take action to minimize the chance of being one of them.

Some of the best business ideas for newbies include consumer products, services and eCommerce. For instance, a coffee shop is an affordable startup that can offer a wide range of products and potentially earn a substantial amount of income each month. A company that helps people book and find living spaces can also be a profitable business with a low cost.

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