From a handful of tech companies to thousands of new ventures, India`s start-up ecosystem has come a long way in the past decade.
According to the report published by NASSCOM, ‘India ranks 3rd globally, with more than 4,200 start-ups, creating more than 80,000 jobs’. The Indian start-up ecosystem remained stable in 2018 and 2019 in terms of funding and investor interest.
Though the global pandemic changed the entire game completely in 2020, by 2025, the number of startups is expected to cross 100K. More than 3.25 million job opportunities will be created in the market.
Although the idea of having a start-up business sounds appealing, entrepreneurs face many challenges in today`s world. However, overcoming these challenges can provide creative solutions to operate the business successfully.
Here is a list of startup challenges that every entrepreneur faces and must overcome in India:
Getting funds for your business is one of the major startup challenges that every entrepreneur faces. Finding the right amount and kind of investment in a fresh new sector is difficult in the early stages of a start-up.
Steady cash-flow is essential for the survival of the business, thus you always need to have extra funds to take care of the rainy days. Proper planning and financial plan are critical for the survival of the business. Hence, always ensure you have a well-prepared strategy ahead of time.
One of the biggest startup challenges in India is the absence of a good marketing strategy. Many entrepreneurs think their business can thrive on word-of-mouth. However, the truth is far from a cry. If you want to expand your customer reach, you will have to find creative ways to do that.
Thanks to multiple social media platforms, there are ample opportunities to find the right audience even with minimum investment. Shifting your business from offline to online will improve your brand`s presence and increase your customer base.
Lack of Right Guidance
One wrong turn can take you away from your destination. Thus, the right guidance from the right person can do wonders for your business. The right mentor can prepare entrepreneurs for future challenges and can help them navigate through their experiences.
Though business networking can add up to the contact list, people who have experienced failures on the same journey would always add value.
These startup challenges are faced by almost every entrepreneur in the early stages of the business. But with the right guidance, you can take your business in the right direction.
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