INDIA - The Best place to launch a Start-up

Your finest Business Move – to build Start-ups in India, here`s why!

?Before being a doer, every individual needs the knowledge of aspects of style, texture, process, field, and strategies of start-ups. And India has portrayed the start-ups scene differently in this era.?

?As per the notification of 17th February 2017 issued by the Ministry of Commerce and Industry, a start-up means an organization not older than 5 years, with an annual turnover that doesn’t exceed 25 crores in any preceding years, an entity incorporated on registered in India, working towards innovations, development of commercialization of products/services/processes driven by the technology of IPRS/Patent.?

Every country has its definite definition of a start-up but the question comes why India??

?India at present is among the 5 global economies. India has 38,756 officially recognized start-ups with 27 unicorns, 8 of which achieved these start-ups in 2020 and is the 3rd largest tech startup hub globally. According to Praxis Global Alliance, start-ups are growing at an average rate of 12-15% annually.

?Five years since Prime Minister Narendra Modi, launched the Start-up Scheme Initiative, witnessing a golden chapter in the history of Indian entrepreneurship. India is kick-starting the start-up revolution.?

Now that the reason is known, let’s take a look at the below steps to building start-ups in India.??

?Some basic facts about Indian start-ups:?According to IBM institution for Business Value and Oxford Economics says 90% of Indian start-ups fail in the first 5 years, because of a lack of Exact Needed Innovation.

?Forbes made a list of top 25 innovative companies, in which India holds one, that is Asian Paints. Ratan Tata continuously put light on the nonexistence factors of Indian Start-ups--- Actual Disruption, Actual Innovation.?

Mindset:?

Indians are more job seekers than job providers, they purposefully avoid the factor of risk-taking, are more likely to move towards guaranteed employment, and have the nature of copying from foreign, for example, UBER – OLA.

?Mandatory:

If one is stepping into the Indian market of start-ups, some of the points are mandatory for a successful start-up plan and implementation:

• ?Innovation around customers making models with customers or target audience’s productivity, growth, and liquidity. Gross margin, revenue, cash flow, profitability, acquisition, and velocity speed of transaction. And for understanding innovation one needs to identify the problem in his/her customer’s life which can’t be solved without his presence and for that the focus must be on the needs of the customer or audience and target that in simple and crisp micro creative ways.
• Cash flow and working capital are two different things. “A?cheque?in hands means?nothing?one needs?cash?to run the start-up.” Profit and cash both are important and one can’t take the place of the other, the smooth running of a start-up depends on that.?
• Source of profit: For a successful start-up one needs to find a trusted source of profit during the starting, it can’t be decided in the mid of a crisis.?
• Not only manpower for a successful start-up one needs talented manpower - “NAVRATNA” means high potential, performance, skill, will, and capacity to devote to the growth of the start-up to work on the execution of ideas. For that competency measurement and assessment, a check of high enthusiasm needed to be done.?
• Identification of scalability recurring model in a start-up holds a priory to visual the future of the start-up, here 2 people are needed extremely WHERE & HOW. It's good that a start-up is profitable, has a gross margin, and developed its root in the regional areas but for spreading worldwide before starting the start-up, it needs a plan of scalability including 2 persons WHERE & HOW. In that process is there any focus on customer retention and recurring revenue with long-term connectivity if not then it needs to be tackled.?

Market wave and positioning:?

?Understanding the market wave which includes identification of the entity, target groups, and identity of the start-up gives a kick start. The individual must have a clear image of the perfect target groups or audience, and also design a perfect product to solve the burning need of the audience or target groups in a crispest and one-shot solution.?

?A start-up must have a product plan and customer segmentation because one can’t target the whole world and every need, for that a detailed study of market demography is required, with market psychology to create or find a platform to pitch the product.?

?Searching for single Wi-Fi is too way required to understand the standing ground or slab of the start-up- newest, problem-solving, reliable, convenient, qualitative, etc. after it is known, one can easily go for the marketing and branding the product, decision on the ways of presentation, utilization of schemes according to these.

Example – “THUMBSUP- TASTE THE THUNDER, AAJ KUCH TOOFANI KARTEIN HAIN.”

Most importantly don’t be?LAZY?in the market, successful start-ups have the prior thing called product timing in the market, it understands the bulk of adoption of the wave of market and customer.?

?A market for a start-up comes with both opportunity and threats, it’s the start-up and the team who needs to identify and secure themselves by gathering knowledge and creating barriers to the competitors, with Intellectual Property Rights, patents and licensing, and proprietary technology.?

?In the process of understanding the product and position, MVP (Minimum Viable Product) must not be forgettable. MVP is a prototype where a start-up gives the first product to the customer for a try or use for understanding its pros and cons or allows the start-up to launch quickly and find initial product users and collection feedback regarding that with flexibility

Structure of the start-up:

1. ?Formulation of step-wise planning
2. Finding a co-founder, (family members or friends in the initial days)
3. Building team
4. Managing team with specific works and departments
5. Environment (work culture, role, and responsibilities, recruitments, staff, salary, money matters, etc)
6. Registration of start-ups (follow the definition issued by the Ministry of Commerce and Industry, also check the website)
7. Limited Liability Partnership (LLP must be done under the legal ways of registering with LLP Act of 2008)
8. Proper documentation of registration of co-founder and formation of a start-up with the ID generation of the start-up.?
9. Fundraising (several ways: crowd funding, loans from Bank, family, and friends, personal investments, business incubators, investors, venture capitalists)
10. Building a brand.
11. Creating trademarks
12. Finding a domain name
13. Separate company name
14. Designing logo
15. Building websites
16. Office setup.
17. Managing social media.
18. Blogs for the start-up
19. Handling sales.

Schemes for start-ups in India:

1. ?ATAL Incubation canter; Initiative for the promotion of entrepreneur culture in India, and innovative programs and policies for encouraging advancement in various sectors with a selective amount of 10 crores over a period of 5 years.?
2. Scheme of support for international patent protection electronics information and technology
3. Mudra Banks comes under Pradhan Mantri’s mudra yojana for the improvement of credit facilities up to 10,000 crores in 2015
4. Start-up India Schemes.
5. MAKING IN INDIA?
6. New-gen Innovation and entrepreneurship very simple development centres: Initiative to develop enthusiasm in the young entrepreneur towards creativity.?

Feedback to feed-forward;

?Conversion of feedback to fee forward from the customer is the most important aspect of a start-up. If the customer or target group is complaining means the target group wants to associate with the start-up for longer terms but feedbacks are particularly for the development where the team needs to identify with discussion and take the feedback as an opportunity, not a criticism.?

?Now that we know about the 7 steps of building a start-up let's discuss the prevention better the cure, that is, the unpredictable situation, like natural calamities like floods, landslides, loss of connectivity, poor roadways, and most pandemics like COVID-19, it was seen that 2020 has seen the outbreak of COVID-19 and its massacre also the digital shift, a start-up, and its team must be aware of the unpredictable situation and a backup team should be there to analyse the problem and bounce back with lots more enthusiasm and creativity.?

Conclusion:?In short it is a brief of the steps to the Indian market and start-up. Let’s conclude with a success story of the Indian start-ups.?

Falguni Nayar, 59 years old started a start-up when she was 19 into her career. One of the most successful entrepreneurs started NYKAA went live on 30th October 2012, making India’s Richest Self Made woman with a Net worth of $ 7 Billion.?

Being an entrepreneur, one needs the capability of risk-taking, self-confidence, and an attitude towards devotion to building a start-up and there are lots of success stories in India that can leave one in shock but only with knowledge one can’t be successful, to be in success one needs to be a doer than a dreamer.?

?..Hey, what is YOUR NEXT MOVE??

(Mention in the comments section and let me see what is cooking!)?