India has seen a tremendous growth in Startup culture and there have been lots of Startup Ideas In India. According to a 2015-16 economic survey by the finance minister, India has nearly more than 19,000 Hi-tech companies. However, only a few startups survive at the end. Even though many companies started with a lot of knowledge and experience, eventually end in trash. After a detailed analysis, due to which lot of Startup Ideas In India are not getting successful.
For which we have gathered several reasons for their failure. Picking one of Startup Ideas In India is easy but making it on successful route is not that easy. Let’s discuss the considerable and prominent issues or points below
1. LACK OF INNOVATION > In Startup Ideas In India
The base for the startup is the idea. The idea has to be new, innovative and fresh. In addition to it, they must be free from legal issues, socially acceptable and must have potential to make money. Due to the heavy competition available, the young new entrepreneurs tend to make mistakes – ending by producing the wrong product. Thus entrepreneur must analyze well in creating their idea. Startup Ideas In India must be well researched before pitching to the base market. Here the research should be integral with complementary innovative part.
2. LACK OF MONEY FOR INVESTMENT:
Nowadays Entrepreneur is fighting hard to get fund for Startup Ideas In India. Funds are important to run the business on long term .Some people use their savings or from friend and family. Only very few are lucky to get more funds. Only handful Indian startups get sold for a massive sum as they have low visibility than American startups while others end in trash. Nearly 29% of entrepreneurs believe that most of them fail because of inadequate amount of cash to run the business. Many people who want to start, think that government is out of reach but it isn’t like that always. If you are confident about your business idea you can reach government for help and guidance. Yes we do agree that for Startup Ideas In India on government part it takes time sometimes. But there are possible arrangements present too by the government to push the entrepreneurs upscale.
3. LACK OF SKILLS > In Startup Ideas In India
Talent is next important after idea and money. Most of the entrepreneurs lack interpersonal and soft skills. Due to poor communication, they can’t compete with international startups. As a result, it is important to hire an experienced person and who has talent with skills. Most of the Startup Ideas In India consist of young entrepreneurs who are just college passed out with no experience. Thus fail to identify the right candidate. As they are of young blood they tend to finish their work soon without any future idea. Having a talented person with experience will boost the growth of the company. This selection strategy must be of optimum quality in Startup Ideas In India to direct the ventures rightly.
4. INADEQUATE MANAGEMENT
In Startup Ideas In India – Weak management is also another cause for failure. They are excellent to bring out good strategy, quality products and services but are sometimes very poor at execution which relates to the management. Over 30% of startup fails due to unqualified management team. They fail to handle human resources, processes and finances. There are too many minds in the management which always end in a conflict that prevents them from setting Long-term goal. For a startup to succeed there must be complete understanding between the members in office. Lack of understanding between technical and management is one of the common reasons for failure. Thus meetings must be held often to have a smooth work flow for growth of Startup Ideas In India.
5. UNAWARE OF NEW TRENDS IN MARKETS > In Startup Ideas In India
Market dynamics keep changing often so the startups should be aware of new trends in the market. Most startups are often late to react and unable to make timing decision. According to the survey 20% of entrepreneurs believed that startups fail due to misfit of the product in market. So it is necessary to emphasize more ideas than having one in Startup Ideas In India. The product that built must be unique than others. There is heavy competition throughout every year. As more no of Startup Ideas In India are arising so it is important to build the products or services with new solutions and that must stand out among others. In the survey, it is said that 19% of Startup Ideas In India fail due to ignorance of competition.
6. CUSTOMER FRIENDLY
Ignoring customers and not researching the customers’ needs and feedbacks are fatal flaws for most startup failure. Most entrepreneurs don’t spend enough time to talk with customers and hear their feedbacks for consistent growth of their Startup Ideas In India. This is the truest way to fail. After a startup, it is more important to target audience. It is a duty to develop a friendly product or service with affordable price and it must be easier for the customer. 14% of startups fail due ignorance towards customers. You have to pay attention to your customers and adapt to their needs for the growth of your Startup Ideas In India.
7. LOCATION > Matters A Lot In Startup Ideas In India
Choosing a location is the utmost important decision for an entrepreneur. 9% of startup fails due of wrong location of the business. When choosing the location, they must consider enough space, customer conveniences and accessibility. Location also plays an important role in success and failure for remote teams. If the location is far or in an unknown place it will be hard to reach out the clients. If your team is working remotely, they must have effective communication method to reach out the world else lack of communication could lead you to failure. Indian entrepreneurs must consider for right location before flourishing the Startup Ideas In India.
8. LACK OF PERSISTENCE
Lack of persistence makes founders to lose faith in themselves which leads to discontinuity of their product. Likewise launching the product at the wrong time leads the founder to lose patience which ultimately ends up in failure. 9% of startup fails due to lack of passion for a domain and lack of knowledge of a domain in Startup Ideas In India. Many young entrepreneurs while trying to execute their great plan, somewhere in the middle they tend to lose their hope and give up soon. So considerably persistency is very prominent and should be impeccable, while running one of Startup Ideas In India.
9. SEEK ADVICE
Before starting a business it is always good to discuss with your mentor regarding your one of Startup Ideas In India. Many entrepreneurs do not pivot, even though they know that they are building a wrong product or service. This is because of their love for the product or service thus leads to the wastage of time, resources and money, eventually ending in the well of failure. 7% of entrepreneurs fail due to their bad decisions to pivot. Without the advice of a mentor, there are more chances of failure. A mentor can guide throughout your journey and save you from failure in your one of Startup Ideas In India
10. PLANNING >In Startup Ideas In India
There must be the perfect plan when, where and how to start a business. Without the proper plan, the proceeds get jumbled up and make you fed up before you start. There must be always a backup plan which helps to reduce the risk of any startup. Many startups have full faith in new venture and failed to realize that having backup plan will keep their company afloat. A backup plan will rescue even if things go wrong.
———>There is a famous saying “once an entrepreneur, always an entrepreneur”. In order to build your business strong and successful it is essential to take each and every step carefully so that failure may not strike even nearby your success road in the chapter of Startup Ideas In India.
May GOD bless all the entrepreneurs to succeed in Startup Ideas In India.
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