With technological advances creating an impact on almost all activities, be it local or global, it has come to a stage where the setting of a new age enterprise is way easier, more knowledge driven and of course intelligence based.
The relevant data, research results, figures, statistics, and every detailed information required is easily available for the entrepreneur to start the venture.
This is good news as the country is full of budding talent which has showcased their merit within and outsides the border as well. The drive for flexible terms for the online platform and inspiring people for the application of technology the government is an added advantage.
Indian entrepreneurs should come out of their shell and can become more adventurous and take a plunge in the ocean of opportunities and help the economy grow in the tide.
These powerhouses of talent should not be ignored and put to use to tackle the gripping issue which the country’s economy is facing squarely- unemployment. A report from the Center of Sustainable Employment which belongs to the Azim Premji University suggests that this year India’s unemployment rate is rapidly rising.
Is setting a startup ‘destined’ for success is easy?
Not really, as nothing comes without a cost, so the key to a startup success is
1. Innovation and
2. The power of branding.
These two conditions may sound very simple but actually they are a tough milestone to achieve. Reports suggest that the super successful startups of this millennial contribute to their innovative and unique mark which is still keeping them strong.
Now the focus is on crafting intellectual property
However, as mentioned earlier, now the focal point is to conceive an idea innovatively, convert it or refresh it into an operational business model, and then making it a mission to manage the successful operation of the business. (Contrasting the old module, where setting a venture was basically destined to gather resources and then expose them to risks).
To achieve these goals, it requires a team work of qualified and experienced professionals who are competent enough to turn the dream into the successful venture.
Did you hear the term ‘business consultants”?
Business consultants are practically the hired services which make the businesses run smoothly without any hurdles. Setting up a startup with all the resources, talent, assets, and belongings is still at a great risk of exposing themselves to the brutal and suffocating business world. They need the expert navigation that have the experience and can suggest them, guide them and steer them clear of the exposing danger and perils.
These professionals are the right choice for the startups as they are sentient of the potential hazards and threats. They do not have the anomaly as they have a single focus to the client’s requirement, unlike the owner who wears many feathers to the cap.
So, hiring the services of the business consultants do reduce the threats and risk which any startup normally exposed to face.
Failure of startups impact the economy
Well, entrepreneurs do have the liberty to celebrate end of startup, for most of them who are supple with other successful ventures have their revenuer flow not getting affected. But the employees bear the brunt tremendously.
This has resulted in employees becoming skeptical of joining these ventures or entering the ecosystem. They feel jittery and are not confident as they feel that these ventures will not give them stability and growth in their professional lives.
The report of frequent failures does create detest towards getting employed with the startups for the risks involved.
It is imperative for startups to become successful
To make sure that the economy grows and develops, a single startup failure should be avoided at any cost. A budding idea which has the potential to reach the global stage and become a multi million company should not shut down easily and quickly especially due to external factors.
So, if required do plan in detail, hire the expert help, and leave no stone un-turned to taste success.