Startups are innovative companies which have the potential to alter the course of an entire industry and make an enormous impact. They begin with a small amount of money, but quickly become profitable. The most successful ones are valued chillbusiness.com/ at over $1B.

While a lot of startups are tech-related, they can be present in every sector. Some, such as Slack focus on working communications, whereas others, such as Instacart, are grocery delivery services. Startups that are successful, regardless of their business models, usually provide a modern solution to a problem customers don’t realize they have.

The process of starting a new business is filled with uncertainty and work, but it can also be rewarding. There are many resources available for those who would like to start their own startup. Some startups receive seed financing through accelerator programs like Y Combinator while others gain momentum through funding and guidance from VCs or angel investors. Still, more than 90% of startups fail, so it’s important to take action to minimize the likelihood of being one of them.

Some of the most effective business ideas for novices include services, consumer products, and eCommerce. A coffee shop, for example is a low-cost start-up that offers a variety of products that can generate substantial revenue every month. A company that assists people to find and book rooms is another low-cost enterprise which can be profitable in the long term.