Start-ups are more about gaining ground and becoming a great success. Start-ups are about ambitions and the level of dedication, dream and threshold. The start-up organisations are one of the greatest marks to make the world a much better place.
Start-up organizations are young companies that are just beginning to develop. Start-ups are generally small and initially financed and operated by a group of founders or one individual. They offer a product or services that is not timely being offered elsewhere in the market or that the founders believe is being offered in an inferior manner. As start-up companies also have a high temptation to fail, the investors must also consider not just the idea but the management team experience too. The quality of people hired must be analysed as they serve a major part in the organization.
Some of the five essential elements to lead the start-up companies to a big hit are
1. Ideas:
The ideas of the start-ups completely depends upon the mind-set of the team or an individual. The mind-sets of the start-ups must be as perfect as the entrepreneurs. They must think big to achieve high, not only for the profits but also for the company’s development.
2. Team:
The team, the execution and adaptability is also a major source to success as effort taken by each individual in the teams brings up a higher grade.
3. Business model:
It describes how a company will generate values for its consumers and considers them, such as identifying customers, their problems and ways to solve their problems.
4. Funding:
The company must have a very clear path generating customer revenue funding.
5. Timing:
The best way to assess timing is to look whether consumers are really ready for what is to be offered to them.
A start-up founder must be more aware of the companies being started and understand the paths to be taken to get them to where they want them to be. They bring up innovative solutions to overcome the crisis when a problem occurs. With the help of using the technology all the processes will be made efficiently and more easily, so that they reach their consumers in a better way. The data after these processes will be collected and analysed to make superior decisions.
Indian start-up opportunities
India is now among the top 5 global economies. India’s business market is amongst the most interesting on the planet. India today has the 3rd largest startup ecosystem, having more than 39,000+ startups in the country over $1.40B of value created so far and 270% growth in 6 years.
Values have been created across all verticals like travel and tourism, fintech, retail, hotels, car lending and so on. For every single vertical there are big value companies being created equally and importantly big money rushing into it captures the value in that market, in that space.
progressively India is becoming a global destination for the world’s top most companies to come and invest. Several companies invest in India to top in the huge consumer base and to gain market share Indian startups going global is no longer a new phenomenon. Homegrown companies have begun to expand their footprints all over the world.
Infrastructure facilities by government
Government of India’s funding has been a milestone for the young entrepreneurs in India. The Indian government has launched several programmes and plans so that the government can boost up or assist the initial start up firms.
Some of such plans initiated by the government are:
MUDRA Yojna
Several small entrepreneurs find it difficult in getting loans or finance to start or run their businesses. By this scheme, they will effortlessly get loans from the banks to establish, rise and stabilize their businesses. small firms are asked for large collaterals by the banks while applying for the loans which made their business unsustainable.
During the budget of 2015 Mr. Arun Jaitley the finance minister of India established AIM or Atal Innovation Mission which is an innovative advancement platform that involved academics, entrepreneurs and researchers.
SETU Fund
The Self-Employment and Talent Utilization (SETU) fund had been initiated by the government to ease the development of startup firms. Rs 1,000 crore has been allotted by the government in order to create opportunities for self-employment and new jobs mainly in technology-driven domains with the help of this program.
Startup India Initiative
The capability of Start-Up India was a great relaxation for start-up firms that will give them a final break from the conventional License Raj of India. This plan was Launched by Mr. Narendra Modi the honorable Prime Minister of India. This program includes three-year tax and compliance breaks intended for cutting arduous government regulations and red tapism.
Some of the programmes by the indian government to support the upcoming startup companies are
Prime minister’s employment generation programmes.
Eligibility and conditions
· Target beneficiary:unemployed youth.
· Eligibility criteria:any person can apply and avail the benefit.
· Budget for FYI 20-21:Rs 2500 crores.
· Details of scheme: it is a bank appraised and financed,subsidy to set up micro enterprises. Hence a project report will be required.
Entrepreneurship and skill development programme
This plan is to promote the latest enterprises, scope building of existing MSMEs and to bring entrepreneurial culture in the country. As per scheme guidelines in EAP and E-SDP there should be overall 40% women participation, the program includes:
· Industrial Motivation Campaigns(IMCs)
· Entrepreneurial Awareness Programs(EAPs)
· Entrepreneurship-cum-skill Development Programme(E-SDP)
· Management Development Programmes(MDPs)
Success stories of Indian start-ups
India has been positioned in 3rd place when it comes to the startup ecosystem of the country. The amount of funds that Indian startups are raising is increasing dramatically every single year. 2019 was a huge year for the the indian startups which came forward with different ideas and innovations which had swept india
Some of the successful start-ups are listed below:
· Ola with 10 lakh drivers and 15 crore customers and half a million cars has become one of the largest platforms of its kind in the world.
· MyOperator, which is a cloud telephony startup founded in 2010. MyOperator essentially is one of those automated interactive voice response systems that you hear when you call a business phone number. They have over 4000+ businesses using their products across 20 countries.
· Zomato was founded in 2008 and from present it has been one of the most successful food tech startups around India that has turned into an international market.
· Paytm can be brought into another successful payment startup service that allows people to pay funds to each other.
Opportunities for youngsters
The youth today has begun to go with the thought of self-employment. People who believe in self-employment can get encouragement and assistance and get success in good quantity, then emulating them, a large section who keeps looking for government jobs, will also veer towards self-employment. Start-up is not an easy road to walk, but those people with dedication and passion to work hard, who are not agitated of accepting challenges and who are not averse to taking the risk should go for it. And the current sole aim is stability and should be ready to invest their years into their start-ups. Financial support for youth entrepreneurs also needs to be segmented which allows them loans to set up their start up confidently. In a country like India as there are a lot of plans and schemes the doors to the youngsters are always wide open all they need to do is to step up their first foot to it.
Conclusion
The money making opportunities in today’s world are endless. start-ups are benefited to have a very high success rate in India and have a lot of opportunities wandering around. The only restriction on what we can do is the objective is set ourselves. All the insights may help to have a higher success ratio and thus make something great come to the world.
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