This post is about the benefits of startups in India. One of the fastest-growing countries in the world. India is one of the most promising markets in terms of the digital market.
This is what gives a boost to its startup scenario. Every day new ideas are being born and people are taking opportunities to grow.
Having startups in India will help you and the community to grow. These days it has become easy to start even from the comfort of your home.
The most important issues plaguing Indian startups:
- Startups are an easy target for hackers or cybercriminals. For example, recently, the FindMyIphone app was hacked and all the data of users’ apps were stolen by hacker groups. What’s even more shocking is that Apple had no idea about the data loss.
- Many startups fail because of a lack of funds, while many others fail due to a lack of financial support from partners and investors.
- There is a huge gap between investors’ expectations and product development. The latter wants their companies to generate quick returns , while the former expects a few years and a lot of effort.
- Startups struggle with issues like – low product/service adoption, no retail footprint, and high marketing costs.
- One of the main reasons for failure is a lack of marketing skills. Startups do not focus on marketing & sales which can help them build a clientele among consumers who are willing to pay.
- Startups often make an attempt at everything and they forget about the fine line between quality and quantity. This is why only a few startups succeed – because of their focus on “quality work”.
- The Indian startup ecosystem is largely dominated by metros such as Delhi/NCR & Mumbai. Although there are examples of successful startups from Tier-II cities, most fail to sustain because they lack the proper support system required for growth and success.
- Another reason that startup founders give up is when their employees leave them in between or they start working for rival startups.
- The biggest challenge for a startup founder is to attract and retain a strong team of employees. Employees are often lured by the job security & stability of corporate jobs. Startups often fail before even getting a chance to prove themselves.
- Most startups are unprofessional in their dealings with clients and they push them into contracts that benefit only them. This limits the scope for making sustainable profits, growth, and success.
How do you start a startup in India?
Before you start, research! Check out whether the idea you have is actually worth working for. You need to be creative and think of an idea that can generate income (and not just revenue).
Don’t copy an idea, be original! Try to look for a problem that is not being solved in India. If there are too many solutions already, start working on making the solution better.
Start your research by reading up on all the existing players in the market. This will give you an idea about the kind of competition that exists.
Do not be afraid to ask for help from those who have already achieved success as startups. Ask them as many questions as you want and use their suggestions to make your startup a better one.
Starting a startup is no easy feat, but it can definitely benefit India’s economy in the years to come. If done properly, startups can create millions of job opportunities.
As the world becomes more digitized each day, the startup culture will also move forward. So, what are you waiting for? Go ahead and start your own startup in India!
There are too many startups today that only focus on attracting funding. It’s better to pitch your business model before taking VC money because if the idea fails to convince them, it would be difficult for you to sustain.
You should know your competition inside out and make sure that your product or service is different from what’s already available in the market.
Once you are clear about the above two things, start putting things together! Make a business plan; acquire funds; hire employees (techies & marketing guys); find office space; and finally, launch your startup.
Are startups beneficial?
Yes, they are a source of income for many. Also, they provide opportunities for many to grow their skills.
For example, if you are a graphic designer and you work for a startup, there is no limit to how far your skills can grow.
You will be able to try out different things and evolve as an individual artist. However, most startup founders don’t have a clear idea about what they’re going to do with the money they raise.
They just hope that if their startups get an opportunity to be funded, it will give them the boost they need. Startups are not for everyone!
It’s your idea and if you think it has potential, go for it. But always have a plan.
Is it easy to start a startup?
Yes, but there are challenges. When it comes to a startup one needs a solid plan, dedication, and patience to manage the startup.
Making your first dollar with a startup is not easy! It takes time for your company to grow and mature into something that can generate revenue.
There is no shortcut to success – if you want your company to become successful, you must give it time and put in all the effort required for the same.
It’s like running a marathon (or even more); it takes years of patience and perseverance to reach the finish line successfully.
What are some of the risks involved?
The biggest risk is that you might not get the chance to launch your startup! Only two percent of all ideas end up being used for business, while the rest fail before they even take off.
You should be smart about making decisions. If you’re not careful, your business might not just crash but also result in complete losses for you!
You take your idea and invest in it – hiring people, finding office space, creating a website, etc. If your product or service isn’t up to the mark, you can’t even think of success.
It takes time for the business to grow. So if you are looking for immediate returns, think again because it’s not possible!
One needs to sacrifice many things in order to pursue entrepreneurship. It’s almost like a second job that requires patience, dedication, and willpower.
There are times when you’re not sure how far your startup can progress! It happens because the Indian economy itself is unstable right now.
The currency fluctuates every other day. Thus, startups face many challenges which are quite difficult to overcome.
However, the benefits of starting up are abundant! It’s like a double-edged sword; you can get cut by it if you don’t know how to use it properly.
Remember that your startup is completely reliant on you. If your product doesn’t sell well, there is no one else who can help you.
So start your startup with prudence; don’t make impulsive decisions or get carried away by the popularity of your ideas.
Can anyone become a successful startup founder?
No, not really. You have to have an innovative idea that is different from existing ones in the market.
You must be smart and know how to go about things in order to make your startup a success. Being creative and having the courage to take risks are also necessary.
Being passionate and willing to work hard is not enough – you need a clear idea and plan of action in order to survive the tough competition out there.
Successful startup founders are those who have been able to convince investors as well as customers about their ideas.
You can’t make it overnight, it takes time and effort. One also needs to be committed and patient to harvest success.
Is it easy for startups in India to find funds?
Most startup founders today focus only on building their businesses and don’t bother about getting investors.
They think that if they work hard on their startup, an investor will come forward. However, it rarely happens!
Hence, you need to have a plan B in place because once you fail to convince investors of your business model, chances are that your startup will fail.
If you’re starting a startup, it’s better to find funds down the line, rather than just relying on your savings or investor money.
Get more about startup funds here.
The Benefits Of Startups In India
1. Source of employment
Money is a scarce resource and having a startup is a way to provide opportunities. Many are seeking jobs and resources to sustain their livelihood.
Employments are scarce too and some don’t meet the requirements for certain jobs. For your startup, you can choose whom to employ.
You can select from a lot of applicants, depending on your requirements and needs.
2. Startups help the community grow and prosper
They offer a lot of opportunities to employees, investors, CXO’s, marketing experts, management experts, and other professionals.
Everyone reaps benefits from startups. They offer a lot of opportunities and every individual has the choice to seize them.
All you have to do is be creative, not just in terms of ideas but also in terms of finance.
3. Helps generate revenue for the government in terms of taxes
Startups pay taxes and other fees which are used to generate revenue for the government. That helps the government introduce new schemes and improve infrastructure, etc.
All this benefits citizens too. Social amenities are improved too and everyone benefits from it.
4. Opportunity to learn and improve skills
A startup offers an opportunity for people to learn and improve their skills. It’s not just about money but also creates a learning environment.
That is why it is important for everyone to contribute to the startup culture in order to build India as a strong nation.
One starts from an idea then builds a business and finally helps the community.
5. Induce competition which helps consumers
Competition is healthy which promotes the growth of the economy. It improves customer services, drives innovation and reduces prices for customers, etc.
Products and services are improved and clients are happy. Increase productivity and encourage new technology.
The need for a startup arises from market demands. It aims to solve a problem or fulfill a demand.
New technologies are introduced in an innovative way to keep the industry on its toes and customers happy with quality products and services at low prices.
Although startups have the above benefits, there are also some disadvantages. Here are some:
The Disadvantages Of Startups In India
1. Most startups fail before reaching their goals
Sometimes an idea is not viable enough to make it big, or there are other external factors that affect the performance.
Not every startup becomes successful; only a handful of them become the next big business in India, or anywhere else in the world.
There’s no guarantee that your startup will succeed and you might end up wasting time, money, and effort. If you’re starting a startup, you should learn about the success rate of new businesses.
2. Some startups can become a monopoly and affect market stability and balance
Startups with the power to influence the economy and create monopolies might not be good for the market as a whole.
They can control prices and affect customers’ choices in their favor. That is why it is important for startups to be aware of how they contribute to the economy.
Startups don’t give back to the community as NGOs do. Some startups only seek profits and don’t care about contributing to society.
They look out for their own interests and might not benefit the people who are already struggling or help improve existing social issues.
Still, you should not lose hope! There are thousands of startups in India and entrepreneurs who can help you with your idea or drive your startup forward if needed.
There’s a big opportunity for everyone to be a part of this revolution and help India grow.
Startups can come up with ideas for new products and services, and provide employment opportunities for people if they want to.
Just remember: As an Indian, you have a lot of opportunities and potential to do something great!
Starting a business in any country is not easy. At times also a startup becomes successful and becomes a big corporation.
But to start with, it needs lots of effort and dedication. So, if you are thinking about doing your own business or starting up then I would say – do it!
You can be successful if you work hard for yourself, believe in yourself, and gradually build your own empire!
There is no age bar to do business. You can start your own business or startup even at the age of 16 if you are ready to take risks and work hard for yourself!
Also, there are many organizations that provide mentorship, skill development to help people in starting up.
You must join such organizations and learn new skills that could be helpful for you before starting your own business.
Also, many entrepreneurs and successful people provide their startup ideas and even guidance for starting up.
So, don’t hesitate. Just go on and do it! And give your 100% to be the best in the world! Cheers!