TRUDGING THE ROAD OF ENTREPRENEURSHIP
“I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance,“ said the late co-founder and CEO of Apple Steve Jobs. The start-up boom is increasing day-by-day in the country. Many people from different profession of marketing, financial experts, human resource professionals may see this as an opportunity.
Indian government's backing of the startup ecosystem as many as 1,400 startups have come up in the country this year, allowing to maintain its position as the third largest startup base in the world with over 4,750 tech startups, ahead of countries such as China and Israel, as per a report.
As per a report, even the number of startups that have been funded this year has increased by 8 per cent, though the overall funding has come down by 20-30 per cent.
One of the reasons for the funding to have come down could be that investors are funding in tranches based on milestones. However, it's a quite positive sign that more startups are getting funded.
The government goes to the absolute bottom of the stack and has been building the core foundational infrastructure and have created a regulatory and legislative framework that is very supportive and conducive to innovation.
The emergence of tier-II and tier-III cities in the startup ecosystem, with 66% of the new incubators set up in the smaller cities.
However, still there are certain risks and challenges which can't be escaped from. Dwell on these oddities that every entrepreneur or startup will face and need to overcome.
Generation of innovative ideas
Essentially, an innovative idea plays a crucial role in any start-up success. With start-ups growing at a rapid pace, finding a fresh idea of products or services has become a challenge for many aspiring entrepreneurs.
A strong team for backbone
Even though the idea may seem million dollars, it requires a strong support team in implementing it. An efficient team is imperative to take the innovative idea into action. Finding the right person and placing them in a right position would be a challenge for new enterprises.
Glitches on first step
They remain quite inevitable. It's common to make mistakes, and that's how every business model learns to thrive. However, it's necessary to improvise and ensure not to repeat the mistakes. Many start-up ideas fail due to the mistakes they do during implementation, but learning from them help in propelling the team in right path. Everybody takes a fall at some point in life; the only thing that matters is whether or not you got up to face the fight once again.
Your innovative business idea might go in vain if you fail to procure the investment. Even the angel investors, venture capitalists and other financial resources don't support for longterm if they don't see a promising outcome. Your idea of doing business must attract the investors for a successful start-up.
The success of any start-up is measured based on its sustainability in the market. People remember only those companies which are longlasting. A start-up needs to diversify its product or service as per the current trend to attract the new customers and to retain the old as well.
Customer remains king
Last but not the least; it's the customer that ultimately decides the future growth of any start-up. The business success is directly proportional to the customers' acceptance of products and services. And this can be achieved only when an entrepreneur is able to identify target customers and enhance the quality of the products and services.
Dec 23 2016 : The Economic Times (Mumbai)