When we think of Norway, whales, fjords, and fantastic nature are all the things that come to mind. Norway is known for being one of the wealthiest nations and countries all over the world, thanks to the large oil deposits in the North Sea. But not only oil deposits are a major source of its wealth.
What stands behind Norway startup?
A startup is often misunderstood for a small new business, but they have hardly anything in common. For many years, investors treated startups as small businesses. Let’s find out what stands behind a real startup.
The main difference between a small business and a startup lies in its top objectives. Small business is all about stable long-term value and profitability, and startups are focused on the growth potential and top-end revenue. So if you’d like to have a stable income, it’s better to launch a new small business. But if you want to change the world, it’s high time to kick off with your project.
Here we set out five features that help to identify a startup.
1. Terrific growth
Startups are businesses with tremendous growth. Actually, this focus on scale and terrific growth differentiate startups from small businesses. Associated with rapid growth, startups have high burn rates and hire more employees to grease the wheels of this growth. Also, we shouldn’t forget about the lack of stability that naturally comes when something gets bigger at a terrific pace. Did you know that as soon as your project begins generating profit, it’s no longer a startup?
2. Pioneers
Startups are all about innovations, new technologies, and new ideas. They are the first to use technologies and help solve everyday issues. In other words, startups are changing our daily routines from hotel booking (Airbnb), search (Google), and everyday commute (Uber).
3. Age
Startups are generally not older than three years when getting older and bigger, most startups cease operations as startups. Anyway, there is no set rule that a 5-year-company cannot be a startup.
When a startup is actually NOT a startup
- When it’s merged with a larger company
- When it has more than one office
- When it has 80+ employees
- When its executive board has more than 5 members
- When founders sell their shares
4. Culture
A vast majority of startup owners make an emphasis that a startup is a particular culture. Culture represents the goals and aims of startups. The goals you choose defines the company you’re building. Goals shape the company by pulling it into existence.
5. Tech-oriented
By definition, a startup doesn’t have to be tech-oriented, although, in reality they often are. In most cases, startups use new technologies to address and solve problems.
How to launch your first startup
Everyone has great business ideas. Some of them may be bright and promising and others can be not so good as it seems. And even if your idea is great, there’s a huge gap between having a great idea for a startup and creating a successful startup.
Getting any startup off the ground is quite an intimidating task. It will take your hard work, sleepless nights, dedication, money, and even failures before all business processes are established.
Here you can find some basic steps to launch your Norway startup company
Companies with a well-thought business plan tend to get better business results and get more chances for success according to Small Business Trends.
To get off the ground, you will need some money. Your start budget depends on lots of variables such as the startup sphere, etc. There is no magic number that applies to all businesses.
If you aren’t a Jack of all trades, you may need some help while launching your startup. While looking for people, try to hire those who share your ideas.
Your company cannot get along without physical address and web presence. Whether you need an office, retail spaces or manufacturing location, you need to lease or buy your property to kick off your business.
If you don’t know anything about marketing, you can either learn and become a marketing expert or hire someone. Marketing is vital for success because you may have the best product or service in the world, but if nobody knows about it, your startup may fail.
Anything may happen while you’re launching your startup. It’s hardly possible to predict anything that may happen. Be prepared for some hurdles on your way to success and don’t get discouraged when anything goes wrong.
Bottom line
Launching a startup isn’t an easy thing. It doesn’t matter where you’re going to start a business in Norway or the US. But before jumping onto a Norway startup bandwagon, it’s better to analyze the business environment, do thorough market research, and get proper funding. Next part of the article will show the unique opportunities, particular qualities and open niches for Norway startups. Stay in touch.
