Virtual or Shared hosting is basically hosting on a server which also hosts other persons website. This you are sharing the server’s resources with other sites. All web sites on the server use the same software and operating system and therefore are more or less equally matched in performance aspects unless you have a huge site with very high usage. The benefits of such kind of hosting are the low cost, good maintenance of server, access to most of tools and applications like stats, SQL, PHP and customer support.
The few cons are resource limitation, access to limited software or those provided by the host, inability to use special services due to blocked server ports.
However, all said and done, shared hosting is the most popular form of hosting in the industry today and provides and ideal platform for you to start with your online venture