The Indian startup ecosystem is one of the vastly expanding ecosystems across the globe. According to the NASSCOM report, more than 1,200 startups came up in 2018, including eight unicorns, taking the total number to 7,200 startups. The number of startups is rising in the country but at the same time, there are not many startup companies that sustain over 5 years in the industry.
According to IBM Institutes report, 90 per cent of Indian startups fail within the first five years, lack of innovation being the main reason. To survive in the competition and keep the business afloat, an entrepreneur needs to represent his startup differently. He needs to disrupt new markets, reintroduce the business model and apprehend consumer preferences.
Perform 3 Things to Run Your Startup Differently
Indian economy is presently a $2.8 trillion economy and has grown significantly as compared to the other economies. Unlike foreign companies, Indian companies have to encounter numerous problems in the market. Being an underdeveloped nation, new technology and resources are not easily available in the country.
Besides this, there are various other problems that companies face, which halt their growth in the offing and stop them from depicting their maximum potential.
1. Accept Failures
Business failure is invariably a tragic moment for an entrepreneur. However, it is not the end of everything; the entrepreneur can restart a venture and hope to excel for the second time. The widely famous food business, KFC (Kentucky Fried Chicken) tells a story of a tenacious entrepreneur, Colonel Harland Sanders. Before launching KFC, Sanders recipe was rejected 1009 times by the companies. However, Sanders did not give up and ultimately, realized his dream.
So, entrepreneurs should learn a lesson from mistakes and should give up in the race.
In todays time, seeking angel investment or any form of funding has become difficult for entrepreneurs. They have to show an established business and also, demonstrate a positive financial report to the lenders.
However, these things do not guarantee success in the entrepreneurial journey and yield loyal customers. For that, a businessman needs to work on the companys product and produce a fool-proof strategy.
The work culture of a company creates a crucial impact on its workforce. To build an industrious workforce, a businessman needs to encourage his employees from time to time. Secondly, employees needs should be addressed by the employer. Besides this, there are various other forms that the entrepreneur should deploy.