Currently, there are an estimated 42.50 million small and medium-size businesses flourishing in India comprising of both registered and unregistered ones, making up a staggering 95% of the country’s overall industrial units. There’s a reason behind this bent of mind towards small businesses, they not only promise us financial independence but also a platform to exercise our unique ideas along with a chance to invest in ourselves and see us grow with our business.
But do not get swayed so easily by these eye-catching statistics, the truth is, more than half of the start-ups close within the first year of their start and out of the remaining, two-thirds within the next 5 years. So, what do you think is the reason behind the success of those chosen few? Well for one, they carefully plan everything instead of acting on whims, secondly, they see rapid market changes as an opportunity rather than a problem and third, making big bucks is usually the last thing on their mind.
“Winners don’t do different things, they just do things differently” a famous quotation by Shiv Kheda. Want to find out what other things these successful entrepreneurs do differently and how you can do it too if your aim is to launch your own start-up company in India and achieve success? Let’s find out-
Think about this, every billion-dollar company that you see today must have had its origins in some person’s mind as a simple idea be it Elon Musk, Mark Zuckerberg or Bill Gates. And this is where you need to start too, have an idea (or borrow one) because ideas are the first step towards entrepreneurship.
After that, it’s time to balance it with a little reality. Do the market research to understand its current potential, talk to your colleagues who have “been there and done that” and use the time you have left to study in order to help explore your talents. And lastly, just start. Because it’s way more important to start than to start right.
Running yourself alone in the race for entrepreneurship will only limit your capabilities in the long run. That’s why it is highly recommended to join the group of masterminds in your niche to help you out with your start-up journey, the sooner the better. The key here is, since you will be competing against intelligent and skilled people from across the globe, you will need an army of your own. Besides this, try to identify potential mentors, the people who believe in your start-up, you would be surprised how much you can learn from them.
Becoming an employer many times slows down the process of your start-up due to the extra baggage you have to carry along. In that case, you can always choose to Outsource to India or other such countries where hiring workers on contract basis is way much cheaper than your native country.
In this way, you will not only save a substantial amount of money and time on hiring and managing employees along with saving big bucks on resources such as office space, infrastructure, technology etc. but can also scale up and down easily according to the market needs to help you through the start-up phase.
A Tip: Lending a voice to your company by investing in call centers in India is the most economical and smartest way to offer support service to your customers.
Shouldn’t this be taken care of at the start? It should. But what I am talking here is the advance phase, where you will need funds to expand your horizons which you have only two ways of procuring, either bootstrapping your company by taking all risks and responsibilities or raising the interest of investors to invest in your company. I would personally recommend to go with investors simply because they have the means to boost your business into completely new dimensions which sadly is not an option with bootstrap.
A Tip: While seeking investors, avoid the mistake of pitching them in too early or pitching in world-class capitalists before you are ready.
Promoting your business through marketing in the early stages may seem like an unnecessary expense but is extremely beneficial in the long run. Promoting your product or service gives is an age-old proven technique that you a chance to get it in front of your potential customers who may one day become your loyal customers.
The last advice I can give you is that success doesn’t happen overnight. Like a seedling, it requires constant attention and nurturing on your part but in due time, you will start getting the fruits of your hardship which, believe me, is the sweetest thing you will ever taste.