Stories of successful startups are making headlines on daily newspapers! The government has recognized the importance of entrepreneurship and launched the programs like the Start-up India and Make in India with an aim to celebrate the entrepreneurial spirit. It is the best time than ever before to start a business in India and to be a successful entrepreneur because these programs have also opened the doors to countless opportunities for startups.
All in all, currently, India has a blooming startup ecosystem, but still entrepreneurship is a big challenge for many innovative minds as there are countless exceptional challenges that cannot be ignored. Indeed, there are great steps taken by the government, however there are some factors which are making challenging for startups to grow fast.
When startups take off, commonly they require planning, a lot of hard work, a right amount of money, resources, patience, dedication and a lot more. There are few challenges that need to consider at the initial stage so that entrepreneurs can prepare themselves for challenges before they lead to unexpected failure:
Orthodox Indian Society
What if someone from a middle class family in India tells that he or she is opting of starting own business after quitting a high salary job or do not want to go for engineering or doctoral studies? The whole society starts discouraging from starting up a business. This could be more threatening when families do not acknowledge the decision of starting a business and stop supporting entrepreneurs financially and morally as well.
Timing can make or break a startup! Many entrepreneurs fail because they launch their idea in the wrong time. They don’t know about the real market scenario and size. They just launch their ideas haphazardly and it leads nowhere. Extensive market study is required before launching any business idea and a sales representative can clear you the real picture of market.
Running a startup successfully demands teammates who share passion. But finding a team with this approach could be challenging for entrepreneurs especially when they are looking for people of non-tech skills. In addition, many intelligent minds end up becoming engineers and doctors because of family and society pressure.
Funding Not Easy
The funding scenario is still in nascent stage in India. They can think of getting seed funding and venture funding on their ideas, but the process of getting funding from these sources is not easy as it looks. When entrepreneurs ask for funding, they need to follow a complicated process and sometimes potential business ideas fail to get any funding.
Rare Right Information Resources
Next dilemma of entrepreneurship, which resources are good for taking help and whom to ignore! Startups seek advice and information for picking up strategically, but in India, they don’t know whom to seek right advice. There is lack of resources and startups don’t know whom to contact for what purpose. Even they need to spend a lot of time and energy to meet with a right startup guru at every level.
Ecosystem Limited to Big Cities
The startup ecosystem in India is limited to big cities including Bangalore, Delhi, Bangalore, Pune and Chennai etc. There are very few resources that are actually working toward strengthening the startup ecosystem.
Weak Education System
Indian education system is very weak especially when it comes to educating about entrepreneurship. Students hardly get to know about entrepreneurship during their school studies.
Related Reading – What I Learnt From Entrepreneurs Around Me In 2016?
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