Key To Ensure A Successful Startup Business In India

‘By 2020, India is set to become the world’s youngest country with 64 percent of its population in the working age group.’ India is definitely going through a demographic transformation.

An increasing number of youth is striving for higher education. More and more teenagers are migrating to metropolitans so that they may get better education and also a better quality of life. They also want to mould themselves into the ways of the big city so as to be at par with the urban lot.

With greater exposure and increasing competition, youth today is much more efficient and competent. This self-reliant and sufficient approach is giving rise to the phenomenon of start-ups. These start-ups, which are essentially an independent venture based on an innovation and a sustainable business idea are especially become popular among the well-educated and well-qualified crowd. They have the idea and the skill to come up with something and want to be their own boss instead of working under someone.

Now since there is so much young population in the country, it is only natural to have a massive number of start-ups as well. But not all those who try, succeed. And the ones that fail, fail for a reason. For a start-up, there are certain key elements that need to be looked into.

Firstly, the root of any invention is off course an idea. This idea may stem from necessity, a basic need or maybe just improving the existing products and services. These ideas should be able to make peoples’ lives easier.

Next comes the people who are willing to take an initiative. A team that has people who complement each other. You could have a bunch of geniuses put together, yet they may not be able to give you a great business. What matters is people who can get the work done and have the correct temperament to do it.

Further, this team needs to have an efficient business model. A huge example being the recent venture by the name of Zostel in India. Not only a great concept giving hygienic accommodation to travelling youngsters on a budget, but they had the ability to execute the plan in a functionable manner. They defined their target audience and designed the product accordingly.

The biggest hiccup is the next step which is funding. In India, a major obstacle in the way of Could-be-Brilliant business plans is the funding.

Firstly, to find an investor who would want to venture into start-ups is a big struggle.

Secondly, a convincing idea that is unconventional yet feels secure enough for the investor to put money into the project can be quite a task.

Thirdly, if by some miracle, you are able to find someone who is willing to fund your project, they won’t let you do it on your own terms. Here, the share of equity becomes a major setback. People who have worked hard to come up with their brainchild would obviously not be convinced to let someone else take the reins and have the final word on their project.

Lastly, the most delicate factor is timing. The company may never take off if it doesn’t launch itself into the market at the right time. Consumers’ demands vary with the changing times and to be able to grasp the need of the customer and the state of the market are utmost important for any start up that wants to be successful.