Well, we are in 2021 and for us to start-up isn’t a new term; we heard it usually from our friends, family members, and relatives.
Even, we usually see many stories on social media about many start-ups and budding entrepreneurs. Before 2020, running a start-up could be a dream or fantasy for many people, but from this pandemic onwards, it has become a necessity. No one knows when he or she is going to work for the last time.
If you are a citizen of India, looking for the opportunity to start a start-up in India, then this article is for you.
But wait, do you know everything about a start-up?
If it is yes, then go for it, we are with you. It’s okay if it’s a No! Many people know little about starting a start-up.
Don’t worry, we are here to support you and guide you. We are the best agency in India that gives direction to your dreams!
Before directly jumping on key factors of How to Start a Start-up in India, it is crucial to know what start-up is all about.
What is a Start-up?
According to Indian Start-up Governance, an Indian entity is a start-up when it is;
1. Younger than 7 years
2. Having an annual revenue of less than INR 250 Million
3. Must be registered in India.
There are lots of names we heard so often; Zomato, Swiggy, Ola, Uber, and many more. These all are some examples of start-ups that started a few years earlier and now, they are recognized as big names in India and they will give you answers to how to Start a Start-up in India.
Emergence of start-ups
Since we are discussing start-ups, it is necessary to know the history of start-ups. In India, the entrepreneurial chins were low before independence. Those who wanted to start this need to follow various unfeasible rules and regulations.
After independence, people realize the need for self-dependence. And it was a turning point for the emergence of start-ups. In this era, the primary focus was on evolving large-scale businesses.
However, the genuine spark in the start-ups started after 2008.
Some Interesting Facts about Indian Start-ups
According to the sources;
- The Indian start-up ecosystem is the 3rd largest ecosystem in the world.
- There are approximately 50,000+ start-ups in India by 2018.
- Approximately 8900- 9300 of the 50,000 start-ups are technology-based.
- There were 1300 new tech start-ups in 2019.
- There is approximately 12-15% annual growth in start-ups.
So, let’s understand everything about a start-up.
“Everything starts with a story and so start-ups.”
Yes, everything starts with a story, and every story started with an idea. If you will explore the story of any entrepreneur, you find it was just an idea that clicked one day in their minds that made them big names in the industry.
Now, many of you must wonder how to seek an idea?
There are three steps to hunt for an idea;
1. Gaze at the problems.
2. Look for the problems that jumble with your mind.
3. Find a creative solution.
After discovering an idea and finding a creative solution, the next step is to find the validity of your solution. Finding the validity of the solution is a must, as it is necessary to check its working in the long run.
2. How to Check the Validity of Your Solution
Certain steps are mandatory to check the authenticity of the solution;
- Analysis of product & service
It is important to do a proper analysis of product & service for its success. It includes the checking of all the alternatives on the internet and makes your product unique.
- Is there any requirement for your product?
Before going to any conclusion, it is necessary to check whether your product is required or not? For example- if you live in an area where there is no or minimum rainfall and still you are wishing to go for the raincoat business, then it will not work.
- Do you love what you are doing?
It is important to love what you are doing because without loving your work, you cannot get success in your start-up.
After finding the authenticity of your solution, it is necessary to go for the validating of the Idea as it must analyze the market.
3. How to validate the idea?
It refers to the analysis of the market through market research and interacting with the audience. There are various methods for validating; you can create a survey form, can organize a small contest, and can go for personal surveys, and many more.
4. Building a Minimum Viable Product (MVP)
Many times, the customer asks for your product in the testing period, MVP is useful for that. MVP is the basic version of your product. It helps to increase demand even before the supply.
5. Formulate a Business Plan
Most of the time, a start-up does not reach a higher level because of not having any business plan. Having a redesigned start-up plan is essential to have a chart of all the actions that are to be done to accomplish your goals.
6.Suitable Name of the Business
What if there is a boy named Riya, and a girl named Rahul?🤔 Doesn’t someone calling for the very first make the image of a girl by hearing the name and get confused while talking or seeming to him?
Similarly, imagine a newborn baby girl named Shakuntala Devi in the current period.
Does this name sound interesting?
Of course not. The same happens with your business.
“Fortune is in the name.”
Yes, you read right. Many people do not put much importance on having a good name for their start-up. But trust me, it is very important. Businesses with good and compatible names are liked by customers more than non- compatible names. So, it is crucial to choose the name of your business wisely and as per the niche of your business.
7. Hope You Gave a Proper Preference to a Human Resource Section
Human resource is the most essential part while establishing a start-up. It is essential to choose all your partners wisely.
Also, if you choose a partner with a different skill-set from you would be beneficial for you. Suppose you have a skill-set of marketing and your one partner has a piece of technical knowledge and others have legal knowledge then it would be much easier for you to run a start-up.
8. Register Your Start-up
Obviously, without registering your start-up, you cannot do business properly and confidently. So, it is a must register your start-up properly. Registration gives you more authenticity and reliability to your firm.
9. Register Yourself in Startup India Program
Startup India Program is a stunning initiative by the government of India which is purposely commenced for educating budding entrepreneurs and giving them numerous benefits. Registering yourself in the startup India program can help you to grow up to your desired level.
10. Fund Raising
For running a start-up, you required an ample amount of money and for this fundraising is the best choice. And frankly speaking, young entrepreneurs do not have much amount of savings that can be utilized to establish a start-up.
Fundraising refers to demanding money from the public in exchange for shares or some services. It is the fastest and appropriate method to gain funds.
11. Design an Incredible Digital Presence
We are living in the digital world, then how about letting our startups enjoy this digital world?
Sounds interesting right? Even, it is a need of the current era too. If you notice properly, then you will find out everything from pin to the furniture, education, vegetables, and more things are on the internet today. So, you need to design an incredible digital presence for the smooth flow of business and doing exceptionally well in this digital era.
Hope you have understood all the factors of starting a startup in India. Initially, it may take some time to establish a desirable enterprise but still, it is better than doing nothing and thinking about it frequently.
So, don’t worry and stay calm, focused, and relaxed. Devote yourself to learning new things too.
Now, it’s time to convert your vision into reality. Also, we are here to support you, 24*7.
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Hope we have covered every single point that is necessary while starting a startup. If you have found this article interesting and can help any of your companions, then don’t forget to share it with your friends, relatives, colleagues, and family.
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