Just a few years back, if you told someone that you are leaving your high paying job to start your own ‘Startup’, chances were they considered you a fool. But things are not the same anymore, the younger generation is now fearlessly experimenting with multiple start-up ideas and is simply not ready to give up.
What are some of the major factors for this sudden entrepreneurial wave in the country? Well, to start with, the main driving force is perhaps the never ending zeal of youngsters to build successfully a business in India. Also, another big strength is in our numbers. India is a young country with almost 65 percent of the population in the age group of 25-35 years.
The increasing confidence of consumers across various socioeconomic classes to use the internet as an essential medium of discovering new products and new marketers and rapid growth of social media have significantly contributed to the growing start up culture in the nation. Thanks to the steady increase in e-shopping, reaching out directly to a set of targeted consumers has become easier and at a fraction of the effort and cost compared to traditional distribution and retail channels. Moreover, the development of technology and the fast growing demand for smartphones has helped fuel the idea of technology start-ups.
The impressive success of entrepreneurial ventures like Flipkart, Snapdeal most recently Oyo rooms has proven that the Indian market has tremendous potential to explore, inspiring the youth to put all their blood and sweat in pursuance of their dream.
So, what is that makes a startup stand out leading to its success? Firstly, an aspiring entrepreneur should be clear about his idea, an idea possessing a differentiated value proposition making it better than all the existing products and services. Secondly, he must validate the thought of that idea by some test marketing. Otherwise, he will spend a lot of time and money and will realise that this idea is not going to work. Thirdly, a team should be brought together that has a complementary skill set – for example, some people should know finance, some should be aware of technology, some people should be good at sales and marketing, and some should have an understanding of HR, etc.”
Running one’s enterprise requires a great sense of passion and commitment along with the ability to overcome many challenges involved in setting up a business. Another thing to keep in mind is that being responsible for all decisions can be quite stressful at times given the enormous amount of risks associated with any business. However, let’s not forget the brighter side of being an entrepreneur. You have complete control over all your actions and a chance to not only create your future but also give shape to your career by doing what you love the most. And who doesn’t like to be his boss?
Walking up the entrepreneurial path may not be easy. But those who dare to choose this path learn how to rise every time they fall, supported by a strong belief in themselves to convert their ideas into reality