The most important innovations of the 21st century are the ones that are related to technology. Whether it is the development of smart phones to become variably smarter, or the development of artificial intelligence that can relate to not only the necessities of the human beings, but also the emotional depths of their choices, technological advancement has been the marker of the 21st century.
The reason there have been such leaps in the ideas of the technology is due to the vast amount of research and money that has gone into this and the technical start ups play a big role here.
|BENEFITS OF TECHNICAL START UPS||DRAWBACK OF TECHNOLOGY START UP|
|Generate Massive Profits||Use of Electronics|
|The Age of Technology||Heavy Investment|
|Employ Tech Gurus||Insurance Problems|
|Retail Services can be Offered||Huge Amount of Income Tax|
|Technical Start Ups Considered to Be Highly Successful||Delicate and Fragile|
|Economical Advantages||Lots of Paperwork|
|Governmental Benefits||Additional Services|
|Boost for Economy|
ADVANTAGES OF Starting TECHNICAL START UPS:
- Generate Massive Profits:
The best things about technical start ups are that they have massive amounts of profits for the entrepreneur or the owner who establishes the start up. This is primarily due to the demand for technical gadgets and the average age demography of the world population.
- The Age of Technology:
The children born into today’s world are born into a world where smart phones are readily available for children as well. This is one of the reasons that the people who make these devices have such a great time in engaging with the people. This is the age of technology.
- Employ Tech Gurus:
The tech gurus who decide which product is going to make it to the market and which product will not can have a deep and interesting knowledge about the kind of gadgets and technology that will make it big in the market. Hence hiring them will boost the start up.
- Retail Services can be Offered:
The retail services that are on offer for the technical aspects of business are something that the people cannot replace with random showrooms. Hence if you want to build a start up, you can multiply profits with a retailer contract. This is a great advantage.
- Technical Start Ups Considered to Be Highly Successful:
The start ups that have made technology their main initiative and focus on the process of making start ups better over the course of years have always been considered to be better initiative and more profitable even by the economists.
- Economical Advantages:
The advantages of the start up that you build will not only be limited to your own profits, but will be spread over the demographical space of the kind of products that you sell. If you follow markets closely, you will be able to predict which product will have demand and which will not.
- Governmental Benefits:
The benefits that you can receive from government schemes is something that will make the start u business run smoothly and help you move forward with your start up. This is one of the reasons that the people who make start ups are so eager.
- Community Service:
The service of the community is something that the people who have an idea of the world and people who want to help can do through their start ups. The start up can employ people who are important for the community and technologically advance neighbourhoods.
- Boost for Economy:
The boost for the economical aspect of the society is something that the people who build start ups automatically do. This is primarily because the people who want to build start ups are people who contribute to the economy through business.
DISADVANTAGES OF Starting TECHNICAL START UPS:
- Use of Electronics:
The use of electronics is sometimes a boon and sometimes a hindrance for the entrepreneur. This is primarily because the electronic gadgets and technological advances have glitches that have to be fixed. This is a big problem for any start up owner who deals with technology.
- Heavy Investment:
The instruments of business have several perks and several pangs. The big pang and disadvantage of the technical start up arena is the heavy investment that you will have to make to build your base in the business. This is a risky place to be.
- Insurance Problems:
The technical start ups always insure all their products and ensure that they are not damaged during natural calamities or over the course of time. This problem of insurance is one of the problems that a start up entrepreneur faces in the beginning. This is because of insurance schemes.
- Huge Amount of Income Tax:
The taxes that have to be paid by start up owners is more than the average person. The start up owners who have a technical start up have to pay even more when they are trying to set up their business and as the business grows. This is a huge problem.
- Delicate and Fragile:
The technical start up entrepreneurs and owners has to deal with a problem that is quite risky. The state of the products they sell will be fragile and broken due to the problem of electronics and glitches. To safeguard these products during shipping is a big task.
- Lots of Paperwork:
The start up business will naturally have its own share of loans and other paperwork to do with banks and insurance companies, etc. One of the reasons that the start up companies has a problem in initiating the process is due to the paperwork required with technological devices including warranty, etc.
- Additional Services:
The services that the people have to provide during the space of a few days from establishment of the start up are something that the technology start ups have a problem dealing with. The work load keeps increasing over the years and the work force and labour power and time also has to be increased.
Technical start ups are the kind of projects that ensure that you have a solid base on your feet and progress forward in life. The only thing to be aware of is to understand the markets carefully before investing in products. This will help the growth and satisfy customer’s demands.
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Business, marketing, and blogging – these three words describe me the best. I am the founder of Burban Branding and Media, and a self-taught marketer with 10 years of experience. My passion lies in helping startups enhance their business through marketing, HR, leadership, and finance. I am on a mission to assist businesses in achieving their goals.