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
More successful competitors
Pricing or cost problems
Bad user experience
Lack of a clear business model
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
Serve your customer, not yourself
Know what customers want
Raise the right amount of capital
Anticipate the future
Pay attention to both online and offline opportunities
Surround yourself with the right people
Be dedicated to work
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.