India is the largest democracy in the world, after China it has the biggest population. Now it is also going to be the next biggest startup nation in the world.
With the #MakeInIndia wave , most of the students have started to dream like an entrepreneur. Earlier starting a company sounded that like something not a cup of tea for the middle class people. But now the time has changed, our younger generation the youths have started to develop new ideas and even making them real. Being a grad student I see many students everyday planing to do something of their own , generating ideas, contacting experienced people, creating teams and making their dream come true. Using the new technology and different brains, it has now became easier to start a startup. but as it is getting easier , more startups are getting registered everyday and hence creating a huge competition.
Most of the startups fail and main reasons behind their failure are wrong strategy, lack of experiences, no market research before the product launch and most importantly wrong marketing.
Questions you need to ask yourself.
1. Why are you starting a business?
2. What is the theme of your Business?
3. Is this the right time for your product launch?
4. Who will be your customer?
5. What kind of service will your company provide to the customers?
6. What raw products do you need?
7. How many team members you need?
8. Do you have sufficient capital?
9. What is your Marketing Strategy?
10. Who are your competitors?
11. How is your product different from your competitors?
12. Why should anyone choose your products and your competitor's?
13. Will you get any profit?
14. What taxes do you need to pay?
15. Is your product helpful to the society?