Entrepreneurship: A journey of challenges and self grooming
Entrepreneurship in Indian Scenario
Entrepreneurship in Indian Scenario
--- Dr. Karan Pratap Singh, JJTU and MITWS
A entrepreneurs always faces some challenges in their journey of initiating and stabilizing the new startup company. To overcome from the challenges they should first undergo through analysis their weakness and strengths, resources available/ can be arrange/ not in our reach. In spite of all challenges and hindrance it is an high time for startup and entrepreneurship development. These startup will facilitate the overall development at very ground state and regional and local levels. It groom a youth personally, boast the confidence level, more self dependency, social uplifting, and contribute in improving local business setups. Now a days, the growth in information and mobile technology make possible a new concept of digital entrepreneurship. The opportunity to learn new things are never easy as today. A number of online course module has been launched by many new startup companies, a large number of you tube channels and blogs are available online. govt has made online portals for easy processing of certification / licensing process. Information available for funding opportunities and easy to develop networking with like mind people. Government also facilitate new startup companies. As India has a big population and possible due to mismanagement of resources there is a big problem of unemployment among the youth. But, this big population also a wonderful resource and provide a big market and customer pool. So, there are some benefit for opening a new startup company in India. In the future, there is possible that today startup company can get support of giant business house, as after this carona epidemic the people realize the importance of these small size companies and startup. people are shifting their business base and most probably these new startup companies will get benefit from it.
There's more funding available than ever
before, educational courses and content on how to start your own
business are easily accessible, and community-driven coworking and
innovation hubs are popping up all over the country. It's a good time to
be involved in the startup scene — an industry that's not going
anywhere or slowing down anytime soon. Despite the rising popularity of entrepreneurship, startup culture
brings its own unique set of challenges and problems that its leaders
must commit to addressing. Listed below are several challenges that real
entrepreneurs are facing today, and advice on how they should be
tackled. By working together to overcome these obstacles, we'll
collectively foster a startup culture that's inclusive, efficient, and
valuable for everyone.
For a successful startup a person should
For a successful startup a person should
- A good team
- Start with a solid plan. Every good company starts with a good plan.
- Begin networking as soon as possible.
- Surround yourself with the right people.
- Stay ahead of everyone else.
- Maintain a balance between work and life.
- Good mentor and guidance
- Information about recent rule and regulation
- Hard working, commitment and believe on self dreams
- Recruit well. Needless to say, no matter how great your business idea may be, you won't get very far if you don't have the right people to turn your idea into reality.
- Financial issues: proper consideration on liquidity, running capital and funding opportunity.
- Develop a friendly and systematic company culture.
- Make yourself known.
- Nourish customer loyalty.
- Risk assessment to reduce the anxious about the uncertainty about the future.
- Financial management. the fund in hand and in the market should be managed properly in such a manner that the growth of he startup company should be long term sustainable.
- Monitoring performance: The performance of each team member and staff should be monitored .
- Regulation and compliance: All the necessary license and certificate should applied in time, this not only stabilize the startup but also grow the confidence level recognition and rust level among our clients.
- Competencies and recruiting the right talent.
- have good technology: accepted by the customers.
- Exploding data and information so that he vision and approach should right.
- Best customer service.
Diversity in India
India has unity in is diversity, across India we observe follows various traditional and coustoms. Since from last few century business activity directly link with the belief and tradition of the local people. Many traditional products has been developed and produced based on the natural resources available, food habit, life style of the people, expectation of the youth of the society and seasonal/ festivals requirements. in this way we have develop an understanding that a general rule and methodology may not adopt for all type of incoming aspirant having different background and coming from the different part of India. Other than that Indian society is subdivided into various class of casts and sub casts. For business establishment it does not mater from which class/section of the society a person belong. A perfect system is one which provide equal opportunities to all incoming aspirant without considering its race, gender, cast, financial status and religion. We understand well their are much diversity in our life style but we all have a common vision and objectives. The diversification in the society should needs to be addressed on a systemic level.
Entrepreneurs mind set and preparation from early stage
Startup culture aims to be inclusive but it remains mostly the domain of white males. It starts with kids — getting kids of all backgrounds to see entrepreneurship as a viable career path. They need to have hands on experience, learning through failure and success. I believe every kid should start a business in high school, if not sooner. It starts with kids — getting kids of all backgrounds to see entrepreneurship as a viable career path. They need to have hands on experience, learning through failure and success. I believe every kid should start a business in high school, if not sooner.
Entrepreneurs mind set and preparation from early stage
Startup culture aims to be inclusive but it remains mostly the domain of white males. It starts with kids — getting kids of all backgrounds to see entrepreneurship as a viable career path. They need to have hands on experience, learning through failure and success. I believe every kid should start a business in high school, if not sooner. It starts with kids — getting kids of all backgrounds to see entrepreneurship as a viable career path. They need to have hands on experience, learning through failure and success. I believe every kid should start a business in high school, if not sooner.
Product Validation
I've seen many startups rush into development of an idea before truly
understanding the requirements for a successful product and before
validating the financial viability of the opportunity. Whenever someone
approaches me for tips or advice on how to start a new company, I always
ask them three things:
- How well do they know the problem or industry?
- Why would anyone trust them to deliver a solution for the problem?
- How will they monetize, and if there's a valid monetization plan, will it be enough to cover the expense of developing and operating the solution?
3. Thriving on Limited Resources
Because of limited resources, I think it's critical to make sure you
have a culture of focused, deliberate work. With so many potential
things you could be doing, and with everyone wearing multiple hats, it's
easy for everyone to be reactive and bounce between competing
priorities. When that happens, you might find yourselves going weeks or
months without really moving your business forward in a material way.
4. Focus Is The Ticket (But It's Not Easy)
In the early days, you can be opportunistic with new-client
acquisition, as that approach will help you learn what works and what
doesn’t. But there comes a time in every company’s journey when you have
to start saying “no” to clients you simply can't serve.
Define your ideal client profiles, and target them relentlessly. If a
prospect comes your way that does not fit in your ideal profile, help
your sales team understand what questions to ask to disqualify the
prospect. If the prospect will not allow themselves to be disqualified,
you can let them come aboard, but not before setting clear expectations
to which they explicitly agree.
5. Lack of Structure
Established companies typically have well-defined cultures, clear
goals, measurable performance expectations, and refined training
processes that maximize employee skills and optimize performance. Unless
the company is lucky enough to have experienced leadership, startups
often begin their journey without a definitive culture, which often
leads to internal challenges, conflicts, disappointments, and employee
turnover.
A lack of historical marketing and sales data makes it difficult to
determine and define reasonable goals and expectations. And a shortage
of manpower, combined with the need for "all hands on deck," often means
training happens on-the-job and on the fly. A great product, service or
business can easily fail without a strong culture, clear business
goals, and a proven method for teaching employees how to do the best job
possible.
6. Collaborating With The Competition
Startup culture is competitive, but it's highly important to
collaborate. We have to build a strong support network to learn from
each other and share lessons learned for positive growth. Another
challenge in the startup community is how to address failure in a
competitive environment. Failure is a journey to growth. There is a
greater chance for innovation if failure is discussed in an open
environment.
7. Constant Change
Everything can change in an instant for a startup, especially one in
the tech industry, and conflicting directions can make it hard to know
if your company is on the right path. A relative once told me: you do
well by doing right. Dig deep to determine your values and the
principles you want to ingrain in your company and then refuse to
compromise on them. As long as you and those within the business hold
true to these beliefs, you'll maintain the right course.
8. Lean Startups Aren't Glamorous
The fact that there is even a term, "startup culture," means that
it's been glamorized! People forget that there is a ton of hard work,
sacrifice, patience, and emotional stress that comes with the territory
of building a new company. Also, with the accessibility of investment
money, the lean and scrappy mindset is hard to hold onto, but being
focused on where every dollar is spent will only allow a startup to
achieve success faster.
9. Managing Disparate Visions of the Future
There are general challenges that affect all startups centering
around time management and proper allocation of resources. These daily
challenges can be addressed with better organization, effective
communication, process evaluation, and hiring experienced advisors.
Although, while these challenges are ubiquitous, what degree they
affect a startup is unique to that organization. In my experience, I
think the biggest challenge of any startup organization is to manage the
individual visions and expectations of those who contribute to the
company as the venture grows. Entrepreneurial energy must be directed
and controlled, but entrepreneurs don't like being told what to do. The
stronger the alignment of the vision among the contributors, the further
it goes before outside help is required.
10. Open Communication
Communication is frequently overlooked as a key component of
successful startups. Often in the Startup Culture, everyone is working
at breakneck speed, absorbing more work for fewer team members. However,
this heads-down, knocking out code and generating sales daily grind can
lead to silos within your small startup.
On the other end of the spectrum, in an established organization,
there can be a sense of forced or too much corporate communication, from
top-down only. There's a balance out there for the savvy startups:
share critical info up and down and sideways -- good or bad -- to ensure
your team members are informed and on the right track.
Land a big account or solve a major coding roadblock? Make sure your
team knows! Stumble and fail in a big investor pitch? Share that, too.
As you grow your organization, open communication will help build your
trust in each other, and speak volumes as your startup scales.
11. Don't Be Afraid to Do Something Different
Developing a new culture is even harder when the startup is forging a
new niche industry or has no direct competitors. It takes confident
guidance from leadership to convey the message that the strategies and
philosophies that might have worked in previous careers and companies,
likely don't apply in this particular niche. This approach will take
employees out of their comfort zone and require extra support. Providing
guidance and feedback in terms of priority organization, task load, and
level of effort are all helpful ways to support team members during
times of transition.
12. Not Taking Your People Into Account
Several startup cultures obsess what the culture should be like. That's the wrong focus. Startup culture comes organically from the people you hire: the who. If you get the right people on the team, then the culture will go in the right direction and ensure success.
