Start-ups in third-world economies

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OyhrBprna

Economics

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Give effective tips on how start-ups in a third-world economy can prosper. Cite true-to-life examples of start-ups that have succeeded in a third-world country.

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Tips on how start-ups in a third-world economy can prosper
A Startup is an entrepreneurial venture that is purely a new emerged, fast establishing
business whose objectives are to meet a marketplace need by offering an innovative service,
product or process. It is usually a company that can be an organization, a small business or a
partnership designed to rapidly develop a business model.
1.) Start-ups should seek a substantial financial aid from venture capitals and Angel investors to
achieve success. The funds from the aids may help start-up begin its operation. Angel investors
and venture funds provide financial aid to a range of start-ups, expecting them to become viable
to make money (Baumgartner and Caliendo, 2008).
In some cases, many start-ups are initially funded by the founders themselves who use loans
acquired from financial bodies like banks, gifts of monetary value from family, friends and wellwishers, savings and credit debt to finance the venture.
2.) Business partnership. Start-ups need to form a partnership with other firms with similar goals
to attain stability to enable their business model to operate successfully and be able to grow. By
linking with a business partner, a startup will have a greater chance to become successful.
3.) Changes to a culture of the startup. This enables start-up founders to create a fun work
environment that stimulates teamwork spirit, encourage creativity and development. This is
achieved by employing recreational facilities like pool tables among others. The primary goal of

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enabling these culture changes to the workspace is to make people more comfortable so as to
promote performance and productivity .Motivati...


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