STARTUP | The Success Today | Success Today | www.thesuccesstoday.com

Startup, Everyone talks about it, how many of you know about it?

Skill Booster

A start-up is a company initiated by an entrepreneur to effectively develop a scalable business model.
The startup ecosystem in India is growing at a fast rate over the last few years.

Globalization and the rise of IT industries are the main factors responsible for the rise of startups in India.
Opportunities play a great role in the growth of startups.

Opportunities for Start-ups in India:
• India’s vast population which helps to cover the maximum number of customers
• Indian and Foreign Investors Making many investments in Startups
• Direct-to-consumer market scale-up
• Government funds for Startup firms
• Infrastructure and resources
• Startup India Initiative
• Make in India Initiative

Most of the startups fail during the course of time. There can be many factors that could be responsible for the failure of start-ups.

Reasons behind the failure of startups:
 Lack of market demand
 Insufficient financial resources
 Team failure
 More successful competitors
 Pricing or cost problems
 Bad user experience
 Lack of a clear business model
 Poor marketing
 Failure to respond to user’s messages
 Bad timing of product or service

Starting one’s own business is a difficult prospect but here are some tips to help you build a successful startup:

Tips for a successful startup:
 Know your purpose
 Believe in yourself
 Surround yourself with supportive people
 Learn from criticism
 Challenge conventional wisdom
 Keep learning
 Serve your customer, not yourself
 Know what customers want
 Raise the right amount of capital
 Plan thoroughly
 Anticipate the future
 Adapt
 Make networks
 Pay attention to both online and offline opportunities
 Surround yourself with the right people
 Be dedicated to work
 Negotiate everything
 Develop an elevator
 Never give up
 Focus on marketing
 Maintain a balance between work and life

Indian market is now undergoing an immense makeover with new strategies rolling into the market and enhancing the role and contribution of start-ups.