As India is growing towards a digital country along with the Startup India, being the hub of startups it may be lowering its pace towards achievement. With boost to many new independent businesses and e-commerce like Amazon, Flipkart, Snapdeal and more, the confidence to start and maintain in e-commerce as well as startups continue to stand still. There is no surprise to learn that the majority of startups fail. The major reasons are:
- Startups tend to give unrealistic offers and discounts to attract in customers which in turn imbalances the ratio of investment and profits.
- Lack of a proper vision often leads to a failed business. A clear business model is necessary.
- Inability to attract investments and venture capital.
- While many startups fail to test implementations on small scale and jump too quickly to the large scale audience, resulting in failure.
- Most of the failed startups are started by youngsters with lack of expertise in the field they are in. Often youngsters firmly believe that plenty of innovation would lead their way into a successful business, which is not true on all terms.
It is clear that there are many reasons why startups fail in India. With so many plans in action and policies directed towards boosting investments and independent businesses in India, it can be said that startups are a future of India. While only about 10% OF the startups succeed, 90% of those fail to establish themselves. Here are some tips to help you land in the lucky 10 percent:
- Know your purpose and keep your vision clear
- Raise the right amount of capital
- Network online by creating relations and marketing constantly
- Every angle should have its own budget assigned and unnecessary expenses should be avoided.
- Necessary to be confident but not over-confident
- Challenges will arise time and again but you need to be focused ad determined in order to overcome those challenges.
- Be a team leader and believe in teamwork.
Most of these are self-adapting and theoretical knowledge but is necessary to follow it religiously. This is your Sunday Motivation towards not keeping your dreams on nightstand hold and pace up.