It has always been inquisitive to think about what drives people to start their own startups. Many people with good jobs that pay extremely well are often obsessed with the idea of doing a startup. The startup organization is one of the greatest forms to make the world a better place! If you take a group of people with the right equity incentives and organize them in a startup, you could unlock human potential in a way never possible before. You could get them to achieve unbelievable things.
“Don’t wait for the right moment to start, start and make each moment right.”
Why start a Startup?
A lot of people ask themselves this question. They often mull over one or more of the following facts:
- The vast majority of startups are not successful.
- For talented technical people, it’s relatively easy to get a job and make a large salary.
- Large companies offer opportunities to work on very arduous problems that only occur at scale!
There are certain types of people who only work at their peak capacity when there is no predictable path to follow, and the odds of success are low. The desire to build ventures, devise solutions, and bring ideas to life is core to the human condition. Underneath it all, we create because we care about things. We build because we believe in what is possible. We innovate because we are inspired by others around us.
Let’s start looking at the good reasons why you should start now:
- Create value for society
- Explore Yourself
- Be your own boss
- Be a job creator
- Become more productive
- Financial independence
- Networking with successful people
- Lively work environment
That being said, the best reason to start a startup is to solve a problem you’re passionate about. Passion leads to excitement, ownership and the motivation to stick it out when it gets tough.
Industry experts reckon picking the wrong business idea can drive the failure rate even higher. However, picking the right bet from an overflowing basket is key for a new venture.
Related – Learn From These Startup Failure Stories
To help with this, we’ve compiled a list of the top 10 sectors that may show you a word of honor for startups. With the right combination of determination, passion, and creativity, your profitable business is just around the corner.
1) Green Energy
The future is going to require us to make some dramatic changes to the way we produce and consume energy. In the past three decades, research and development in green energy have exploded, yielding hundreds of promising new technologies that can reduce our dependence on coal, oil, and natural gas. Research into renewable, non-polluting energy sources is advancing at such a fast pace, it’s hard to keep track of the many types of green energy that are now in development.
The most common types of green energy:
- Solar energy: Capture sunlight and turn it into electricity
- Wind energy: Airflow on the earth’s surface is used to produce more energy
- Hydro energy: Generated by earth’s water cycle
- Geothermal energy: Originate from the original formation of the planet and the radioactive decay of minerals
- Biomass: Natural materials like wood waste, sawdust, and combustible agricultural wastes can be converted into energy
- Biofuels: The renewable organic materials are transformed into fuel
Investors across the world are creating new technologies and strategies to change how populations create and harness energy. Either by greatly optimizing current structures to be more sustainable and efficient, or creating entirely new sources, startups are being smart, creative, and deeply driven to help solve a global dilemma.
One such startup being CONSTRUCTIS:
It is definitely one of the more intriguing startups anyone would come across, a roadway energy platform. Basically, they are trying to capture the energy created by cars like the motion of windmills and convert that into reusable power. So, imagine roads fueling the vehicles that are ridden on them, another pretty brilliant instance of circularity.
The targets have attracted many startups to leverage the opportunity and grow in the green industry to help the countries speed up the transition to cleaner energies.
2) Virtual Currency
Virtual Currency is digital money that can be used for transactions within any community which accepts it. It is not issued by a government and does not have any residual cash value. Its value in the marketplace fluctuates from day to day and can change rapidly based on supply and demand as well as news events and media hype. That has led to widespread buying and selling by speculators over the years.
For example, when Bitcoin was launched in 2009, it had no value but later on in 2011 gained a value of $1 and during 2013 between $50 to $1200. Some experts presume that investing in Bitcoin is even riskier than investing in Gold.
Bitcoin is by far the world’s leading virtual currency, but not the only one; other renowned fill-ins include Litecoin, Primecoin, Namecoin, and many more. These share the same basic advantages as Bitcoin – extremely small transaction fees, no banking regulations, and no visible trace of transactions.
Where does Virtual Currency come from?
Most people get Bitcoins or other virtual currency simply through transactions with others, or by buying the coins for cash. However, in the same sort of way that governments print new money, new virtual “money” is awarded through a process called ‘mining’ – where participants who solve difficult math problems within a program may uncover a new coin. The real reason behind the mining process is ensuring reliability and security for the system that issues and tracks the currency
The future of currency: Digital Payments
When paying , you might open your “digital wallet,” which is unlocked with passwords and/or biometrics, and the currency network is publicly informed that you’ve transferred $100 worth of cryptocurrency to the store. This happens fast, and there are almost no fees and no personal information divulged. Compare this with the slow debit or credit card counterpart, often with a third party involved. The benefits become more clear.
The process by which virtual currency systems operate is still very much a work in progress, and governments are trying to figure out the best way to oversee – and tax – Bitcoin transactions. It seems certain, though, that these new currencies are here to stay, in one form or another. As virtual currencies catch on, we may probably see many innovations and new ideas that will propel the virtual currency world further and further. Who knows, we may see a global currency, some day, based on the concepts of virtual currency, that will make real currencies a thing of the past.
3) Organic food
In order for us to live sustainably, the structures that meet our basic needs must work towards regeneration rather than consumption and depletion. The reality is our obsession with organic food isn’t new at all, until the invention of artificial pesticides and GMOs, all our food was organic. So the movement itself isn’t new but the popularity of it is! Organic food isn’t a kind of food, it’s a kind of qualification. Any food that is naturally made without chemicals is technically organic.
Of course, money is a big motivation for organic producers but why are so many people going organic in the first place? The dramatic shift towards organic eating has a lot to do with knowing what’s in your food and how it affects your body. The concept of organic farming integrates three main goals – environmental health, economic profitability, and social and economic equity.
However, there is this prevailing notion that organic farming is more expensive and less sufficient. We need both business innovation and policy change to support organic. Well maybe organic farming saves money but perhaps produces less food -That’s not necessarily true either. There are enormous ways in which, when done right, organic sustainable farming can produce more food.
The organic food startups can be split as →
- Do your own organic farming and sell the produce at farm gates, wholesale market, organic retailers and brands.
- Do your own organic farming and sell the products directly to consumers through delivery vehicles, cold storages, etc.
- Be a middleman: Procure from organic farmers in wholesale and sell them to retailers(B2B) or do retail yourself.
- Market place: Create an online marketplace or platform, procure products from organic farmers, maintain a warehouse and sell online(Door delivery).
Thus, Organic agriculture promotes the health of consumers of a nation, the ecological health of a nation, and the economic growth of a nation by income generation holistically.
Related – Organic Farming – Build Your Healthy Route To Success
4) Waste Management
In an era of rapid urbanization and population growth, solid waste management is critical for sustainable, healthy and inclusive cities and communities. If no action is taken, the world will be on a dangerous path to more waste and overwhelming pollution. The future of waste management is one of the world’s biggest challenges at the moment with the bulky, smelling waste that is being generated all over the world in quantities beyond the imagination.
Many solutions already exist to flip that trend. What is needed is urgent action at all levels of society. There is no single correct method to achieve proper waste management. Nevertheless, there are common needs that must be addressed by all the nations that wish to manage their wastes better.
Teaching people how to make valuable products from waste is important. But just as important, is passing on the business skills to be able to identify a market, factor in costs, check out the competition, market their products and run a successful business. Development work in the waste arena needs to address both sides of the coin with sharp business acumen, and in doing so will enable people to start up their own businesses, in their own communities, and generate wealth organically.
While waste management is a huge problem, it is also a large opportunity. While it is completely impossible to get rid of garbage, eco-friendly measures are needed to be adopted to reduce waste and reuse them.With the increase in the dialogue of Corporate Social Responsibilities, many business organizations and multinational corporations have come up to aid society by diligently working on various waste management practices.
One such startup is Karma Recycling:
It is the leading trade-in operator and redistributor of electronics in India. The company simply buys electronic devices in any given condition and recycles the same, thus a useless device for someone happens to be a useful device for someone else.
So let’s promote such companies to recycle products and provide us the vision for sustainable development and unassailable motives.
5) Artificial Intelligence
To start with a quick definition, Artificial Intelligence is the ability for computers to learn, see and communicate, like humans. This isn’t the first time that the world has been fascinated with the idea of AI. It started in 1954 when some of the brightest minds gathered to discuss the potential for computers to think and behave like humans. These ideas ultimately proliferated academia and industry, promising breakthroughs in every sector of the economy.
We were missing three key inputs required for any successful implementation – Data, Storage and Compute. This is where an unexpected trio of people came to the scene – Gamers, Hipsters and Angels. They ignited a fire of AI that is revolutionizing the way the world works today.
The future of AI holds more inventions that will bring us closer to an unparalleled future. The current decade has been immensely vital for AI innovations. In recent years, AI has become embedded in our day-to-day existence. AI is no longer a pipe dream.
Few of the AI achievements in this decade →
- In 2010, Imagenet launched the imagenet large scale visual recognition challenge
- Microsoft in the same year launched Kinect for Xbox 360 that tracks human body movement
- In 2011, Apple released Siri, a virtual assistant on the IOS operating system
- Similarly, in 2014, Microsoft released Cortana, their version of a Virtual Assistant and gradually Amazon with Alexa.
- In 2018, Google developed the first bi-directional unsupervised language representation
AI advancements are occurring at an unprecedented rate! In the last 10 years, AI has changed the world in subtle but sweeping ways. Its influence will soon touch absolutely every aspect of our lives.
An insight of a few of the domains :
- Medical Diagnosis
Complementing a doctor’s human intuition with the precision and completeness of AI could be one of the greatest revolutions in healthcare.
- Financial Services
It is fun to watch the bankers get automated into unemployment but the real win is when the AI takes over.
- Translation & linguistics
Currently, machines can only try to translate about a hundred of the world’s more than 7000 languages. So it can be used to push real-time translation forward.
- Sports Training
AI might design the perfect defensive formation. It could also provide more active feedback offering corrections.
- Running a business
If management is the process of noticing and properly assigning talent then an AI might well be able to do that. Also AI might make people so capable of organizing on their own that managers may lose importance.
Thus, the contribution of AI over the years is massive and is predicted to rule over almost every sector.
6) Entertainment
The entertainment industry is undergoing a radical transformation with constant change in the way media is created, distributed and consumed. The algorithms enable a new world of storytelling and clicks to happen to be the new casting calls. The data explosion has heavily influenced the industry. Nowadays consumers are viewing, sharing and listening to more online content than ever before, and expect immediate and constant access on a multitude of technological devices.
However, The world crisis is a crippling blow for the industry and one can’t be certain about the time it will take to recover and function in full swing. The new decade that started with glory has certainly met a dark fate, taking us to an unknown path. Now the entertainment industry only waits for a new start.
To identify the innovation areas that will significantly impact the industry in the near future, here’s what’s next for the entertainment industry:
- VIRTUAL REALITY(VR) AND AUGMENTED REALITY(AR)
- ARTIFICIAL INTELLIGENCE(AI)
- 3D/4D
- DRONES
- STREAMING
- GESTURE CONTROL
- CURATED CONTENT
- SUBSCRIPTION ON DEMAND
In addition to the innovation areas outlined, wearable gaming, content connectivity, and voice recognition,among others, prove that the entertainment industry is ripe for disruption. As these emerging technologies pose immense opportunities, it is imperative for budding entrepreneurs to seize these opportunities, and collaborate with cutting-edge startups to gain a lasting competitive advantage.
7) E-Learning
Our world has been in a race between technology and education. Usually these two go hand in hand but there are some points in history where the technology race is so far ahead that education can barely keep the pace. We are about to lose that race between technology and educationists. The way we teach has not evolved with the dramatic shift that is required these days. If everybody had equal access to education with no elitism within the educational sector, we wouldn’t have the problems we have in the world today. Why can’t we all get the right access to education?
The future of technology is being shaped with the fourth industrial revolution on our doorsteps, and we are seeing our entire society and our way of life impacted. Edtech companies are writing the future of education. From early childhood education to language learning, online learning, study tools and course materials, there is a huge market for those who are leveraging technology for educational purposes.
Here’s a look at why you should be keen on investing your time in education technology :
- Rethink education as you know it. If you have an idea that can make education simpler for those accessing it, take some time to think how to convert it into a solution.
- Experiment with students. Make sure you reach out to as many students as possible before rolling out your EdTech startup. If the students are impressed, your startup is good to fly.
- Partner with other education startups which will help you gain some name before you start out.
8) Logistics
When the e-commerce industry took flight, one sector that immediately gained prominence was the logistics space, as startups rushed to provide efficient business-to-consumer (B2C) supply chain solutions to online retailers. The presence and impact of logistics in the day-to-day lives of people are so ingrained that we often fail to notice how quickly the delivery arrives or fathom the intensity of activity in this space. From the food on the plate to gadgets and large appliances, the logistics sector has made it possible for most businesses to reach the end consumer.
Since the sector has had a long presence, there are already unicorns to look up to. There lies a wide scope for innovation to serve customers in a more efficient manner. This seems to be the mantra of new-age logistics startups.
The efficient adoption of digitalization and a paradigm shift from retail purchases to e-commerce websites have put tremendous pressure on the logistics industry. Supply chain management has to be more sturdy than ever to meet the rising expectations of the millennial consumer – lower cost, zero defects, and faster delivery. Flexibility, transparency and traceability in shipments and varying lot sizes are other challenges being faced by the industry. With delivery options like normal, next day and the same day openly available to customers, it has become imperative for companies to change their strategies and collaborate efficiently.
9) Electric Vehicle
Electric Vehicles are slowly but surely making inroads into the transportation industry. But electric cars are nothing new- they date back to 1832! This is all made possible by developments in battery technology. Batteries have gotten a lot better, particularly with the introduction of lithium-ion batteries. These batteries have almost two times more energy in the same volume than the next – best battery chemistry. Because of their use in many consumer products, their manufacturing costs continue to decline, driven by manufacturing and supply chain optimization.
Top reasons why electric cars are just better vehicles:
- More torque from a standstill
- Low center of mass and better handling
- Electric Cars are quieter
- Electric cars are cheaper to run than gas cars
- There’s always less maintenance
- Don’t contribute to Climate change
- Leading the way towards self-driving cars
Key players operating in the EV market include Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.p.A, BYD Company Motors, and Ford Motor Company account for a major electric vehicle market share.
The major scope of this Electric Vehicle market involves industry research, customer insights, market sizing and forecast, competitive analysis, market entry strategy, pricing trends, sustainability trends, innovation trends, technology evolution, and distribution channel assessment.
10) Wellness Industry
According to the Global wellness institute, the global health and wellness industry is now worth $4.2 trillion. Wellness for most people is now evolving from rarely to daily, from a luxury to a dominant lifestyle value. And that profound shift is driving powerful growth. With social media putting the spotlight on wellness trends and reaching a wider audience, since the beginning of the 2010s, wellness acquired a lucrative potential for businesses. Rising incomes and a desire to look and feel better physically and emotionally, people began to look to the wellness industry to give them solutions for a more satisfactory lifestyle. The wellness industry is based on giving the body what it needs to support optimal health and quality of life. Traditionally most people have belonged to the sickness industry as they would only take an interest in their health when they were unwell.
So how does one tap into the wellness industry? There are many ways that people can tap into this exploding industry but the one that has the most potential is the Network Marketing Business, also known as One-to-One Marketing, Direct Marketing, Referral Marketing, or Relationship Marketing. The start-up cost is very low, most have a start-up cost of under $100.
In conclusion, the more there is entrepreneurship and innovation, the more there are startups. And the more there are startups, the more there are great companies, scaleups, and positive development in the economy and society at large. And that’s why developing a healthy startup ecosystem is a holistic exercise.
Also Read – What Is Entrepreneurship – A Complete Guide On Entrepreneurship
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