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Things that need to change: Cultural stagnation in Entrepreneurship

Things that need to change: Cultural stagnation in Entrepreneurship

Monday March 04, 2019,

3 min Read

There are certain changes that need to be brought if the start up system has to progress. There are certain constraints in the form of culture that must be overcome so that there are wider exploring opportunities available. If you are unaware of the challenges that must be removed from startups then you can contact startup consultants or read here for a bit of heads up:

More Diversity :

The first thing that has to be brought into the culture is that there should be more diversity. The younger generations should be encouraged to get into entrepreneurship. It is a culture in India that we do not push our kids to entrepreneurship. Rather, we want them to go for jobs in other firms. Although both have their own significance, it is suggested that there should be more and more Indians especially young Indians going for entrepreneurship.

Understanding the Industry :

When one sets out for own enterprise they get excited at the idea of a new kind of product without even understanding whether or not that product is needed in the market. What could be the cost for the product and how well it will sale in the market. These are some of the questions that are not asked. Newness of the product is less important than the utility of the product.

Innovation :

With innovation there are a lot of changes that can be seen in the industry. There is lack of innovation in this sector of India. Here innovation will not really pertain to bringing of new products. It also means development of existing products.

Serving Clients just for the Goodwill :

This is not right. Though this was the workable culture decades ago, now it is useless to keep serving clients that no longer serve you. If you have limited finances then you cannot survive in the market by slow market penetration and brand building. If you are willing to maximize profit then it is suggested that you pick up clients that are going to get you immediate profit.

Collaboration :

Startup consultants greatly suggest the concept of collaboration with the rival firms. The rivalry among start ups can take a better turn if they collaborate, at least for a period of time when pooled resource will help in getting the maximum of clients and help in better marketing and brand creation.

Startups are not glorious :

Start up has become a glorious term and everybody thinks that it is a glorious thing to do. But it is not. The term has been misunderstood and there are a lot of hardships that are there in the course and often the startups fail. Some start to survive but fail later. This is something that a lot of people before entering the market do not comprehend.

Communication :

We start to concentrate on the marketing strategy and business plan and overlook the most important thing which is communication. The communication was a thing in the traditional form of business but with growing pressure of other requirements in the market there has been neglecting of communications and its methods. This culture needs to break and a proper communication system needs to be restored.

Over Stressing of Culture

Most of the times, before starting a business, the entrepreneurs are obsessed with the organizational culture that they are going to maintain. This is not required. When you have a successful business plan and products that sale in the market then there will be automatic formation of a favorable culture in your organization.