You Aren’t Dreaming Enough, If Your Dreams Aren’t Raising Your Pulse
Yes, if you have ever dreamt of being at the top position or enjoying the perks of being there, here’s bringing you a rejoicing piece-
In this era where Entrepreneurship is not regarded as a profession but a way of living for those who aspire being one, supporting the same,Entrepreneurs of today’s time havea natural tendency to take calculated risk with utmostconfidence to achieve predetermined business objectives, thatany aspiring professional should first focus on giving, and thus gaining comes along.While entering this vocation of providing facilities/ services through innovation, bootstrapping&pitch-desk will be.an extraneously hard to win.
This field acts like a nagging housewife where you are expectedto be a good leader and manager at the same time, here the one who manages all the resources to match with the organizationalneeds &allocate them appropriately to solve problems wins the rat-race.
Major challenges faced by the Entrepreneurs, start when they pitch into reality and the ultimate guesswork ends when they build their brand, and learn to tackle complicated tasks.
To form & execute an entity, the Entrepreneurs have a sturdy time dealing with the Finance stage. At this stage they should focus on determining the most suitable form of fund raising. Be it an angel investor/ a VC or a Private Equity (PE) or a bank loan, fund shall depend upon the market segment and scope of the entity.There is a different challenge with institutional investors. A typical fund raising activity takes upwards of 6 months with an institutional investor and at least 3 months with angel investors. During the same time, you need to manage your business along with other dealings. Investment decisions are taken over a period of time and investors would like to assess tenacity, persuasiveness and relationship building with them. If they like you over a fairly long period, they will eventually invest depending upon essential factors and circumstances it can be a challenging task.Getting your idea validated will reduce the chances of rejection for funds, even if your startup is in revenue stage.
Marketing your product/service, as a mere ideaand investing in it would not add value if appropriate marketing strategy is not adopted for any business unit. At this stage of bewilderment, it shall be important to get yourself motivated, as marketing can cost your time, money, blood & sweat.For an effective strategy, you need to start from a core problem and solve it better than others. Planning other additions will be wise once your core story is strong. Therefore, the boon of having a problem with best serving is that it won’t require much marketingstrategy and analysis. The ball is in your court, when you have required funds & workforce, pitching the appropriate marketing strategy shall depend on the kind/sector of consumer you are dealing with.
Developing work culture and sense of responsibility towards customers, employees, and third parties dealing with the company is the most potent way for your growth. What plays a productive role now is the level of maturity in the leadership development of the one at the top, which impacts the long term business performance than almost anything else.
Apart from many challenges faced at an early age, a too large now made too little box of complication includes the Governmental compliances. To encourage the energetic blooming stars, many statutory compliances have been relaxed including that of taxation for first three years,necessary regulatory approvals for labor laws,assistance in IP protection & facilitation of trademarks, patents, etc. in a short span of time, assistance in R&D, hosting startup fest for easy interaction and stage to display work for the new entries, and lastly the ease to exit.
However the startups which are beneficiary of the above includes the following-
An entity incorporated or registered in India:
- Not prior to seven years, however for Biotechnology Startups not prior to ten years, With annual turnover not exceeding INR 25 crore in any preceding financial year, and
- Working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation
- Provided that such entity is not formed by splitting up, or reconstruction, of a business already in existence. Provided also that an entity shall cease to be a Startup if its turnover for the previous financial years has exceeded INR 25 crore or it has completed 7 years and for biotechnology startups 10 years from the date of incorporation/ registration. Provided further that a Startup shall be eligible for tax benefits only after it has obtained certification from the Inter-Ministerial Board, setup for such purpose.
- A proprietorship or a public limited company is not eligible as startup. A one person company, being a private limited company is entitled to be recognized as a 'startup'.
When it comes to business, who can be better friend of an Entrepreneur than a good lawyer, being inherited with foreseeing capacity, lawyers understand the business from its core. Right from the incorporation to the execution sound legal expertise acts as a guiding role. Be it Negotiation, IP protection, governmental data responses, drafting Agreements, control privacy, etc. a efficient lawyer shall understand the business situation and be a helping hand while soaring high.
With the startup revolution in India, there have been several business houses running their horses in the racecourse. However not every beginning gets a good response at this stage what is essential for the founders is the ability to identifytheir existing strengths and not getting carried away by their weakness, to conclude this founders need to identify the needs within the market segment, plan the details and focus on the needs of the customer of the targeted segment, initiate the idea by organizing a well structured business plan, take the risk and enter the market, getting updated with the know-how of the focused market sector & change with time when in the midst of uncertainties, with time when they learn this, it won’t be too far enough for them to comprehend the essential key to successthat innovation is the key, henceearning the outcome becomes achievable.
Remember: Don’t display your cards unless you reach your destination or displaying is the only option.