Startup Owners Should Learn These Lessons for Lifetime

While doing business expansion or putting a paving stone for startups, there are various important lessons that startup owners have to imbibe
  • BY Jaspreet Kaur

    Feature Writer, BusinessEx

  • |
  • Apr 15,2021
  • |
  • 7 Mins Read

Enterprising minds have been entering the industry to try their luck. Some manage to create their own space whilst others strive for recognition throughout their journey. Entrepreneurial world is indeed thrilling. Every year new startups get off the ground in the hope to disrupt the market. According to a report by The Economic Times, the government has recognised 41,061 startups as of December 23, 2020. Additionally, India is counted to have the third biggest started ecosystem. 

As per the media reports, 38 Indian firms have entered into the unicorn club, in turn, more than $1 billion. The number of startups, who have turned into unicorns in 2020, is more than twice in contrast with 2019. Disruption and business pivots are important strands that enable growth of the companies. 

While doing business expansion or putting a paving stone for startups, there are various important lessons that startup owners have to imbibe. If you seek to establish your startup, then here are some lessons that you have to learn and practice them into an entrepreneurial voyage. 

Assessing the Market 

Business environment is swiftly changing. You have to be certain about business moves that you are taking in the short run as well as long run. A business idea, which happens to be lucrative at one point of time, may not be profitable after sometime. 

Keeping an eye on the market, predicting unforeseen events and comprehending market inflation are significant. Otherwise, your strategy cannot reach fruition even though implementation of the strategy is 100 per cent accurate. 

For new entrepreneurs, it is vital to imbibe business dynamics and understand evolution or disruption. Before penetrating into the ecosystem, ascertain the latest trends and accordingly, take decisive actions. This will decrease propensity of business risk and keep the company on a safer edge. 

Foolproof Business Plan 

A business plan brings a company closer to success. Before executing the plan, the startup owner has to calibrate its outline, identify fallacies and fix them. The plan should be concise and precise. Objectives, strategies and solutions should be consisted in the plan. The plan has to exhibit how a business should initiate. 

Please add your Comment

More from Jaspreet Kaur

Get Industry First Insights

Sign up for our exclusive Newsletter

  • Follow BusinessEx
Stay tuned & get updated