Startups are innovative companies that have the ability to change the entire industry and make an impact. They often begin with a small amount of capital and quickly grow to be profitable, with the most successful ones eventually becoming unicornscompanies worth more than $1 billion.

While many startups are related to technology but they can be found in nearly every industry. Some, such as Slack focus on the communication of employees while others, like Instacart are delivery services for groceries. Whatever their business model, successful startups generally offer a modern solution to a problem that customers don’t even realize they have.

The startup process involves a lot of hard work and risk, but the rewards can be astronomical. For those who are looking to get started with an own business there are numerous resources to assist. Some startups receive seed funding from accelerator programs, such as Y Combinator, while others have success with funding and advice from VCs and angel investors. More than 90 percent of startups fail. It’s important to take steps to lower the chance of being one of those.

Services and consumer products, eCommerce and many other ideas are among the top ideas suggestions for beginners. For instance coffee shops are an inexpensive startup which can provide a wide variety of products and generate significant revenue each month. A business that helps people to book and locate living spaces could also be a low-cost business.