For a startup to succeed, an idea should be bolstered by proper planning, setting of objectives and diligent execution of plans. Belief in the idea and patience too is needed in fair amount
By Anuj Tibrewal
When I was a budding entrepreneur, I used to ask myself who an entrepreneur is. Being an entrepreneur means different things to different people, for some it is presenting an existing process in a new manner, for some it is creating new product or services that was not present in the market and create demand for it, for some it is an opportunity to speed-up the process be it manufacturing or providing fast services to the clients, for others it may be something else.
For me, entrepreneurship is about realizing my potential, by transforming my ideas into a corporate entity through which I can achieve my goals. However, one thing that is common for every entrepreneur is that he/she wants to make a mark in the society and get recognition for work done and value created.
Now objectives can also be of different nature, for some the goal may be to earn money, for some to earn recognition, to provide green alternatives and others the aim could be to do something for the society. It could be something else but here also one thing is common, every entrepreneur has an objective that he/ she wants to achieve.
Why startups are failing?
With all the hype surrounding startups in the country, more and more individuals are getting attracted to it and have started dreaming of setting up their own startup. The result is many successful startups are coming up but still taking the country’s population as a measure of successful startups, we are performing very badly.
Many factors contribute to this dismal record of ours and many experts blame the same on the lack of opportunities provided by our system and lack of an environment to these startups.
However, according to me, one of the biggest problems is that there is no genuine motivation to be successful in many of this new age entrepreneurs who are working for these startup only to ride on the wave. They are working only for the sake of starting a startup without any real thought behind the same. There is also lack of proper data that is needed by entrepreneurs to analyze their models and find out any possible bottle-neck or any other factor that may work against the startup.
One of the prime reasons is that the investors themselves do not understand the startup model they invest in and want immediate gains which is not possible for the majority of startups. This creates internal issues which contribute negatively to the startup’s progress.
My Own Experience!
I had my own little eatery venture, established together with three others. It was slowly picking up after two months of existence. But, two of the partners did not find it rewarding enough and pulled out, which brought down curtains on the entire project and all the efforts put in till that time went in vain. We were able to earn a short amount of money over the investment but did not even come close to achieve what we had thought of while starting the startup.
Anuj Tibrewal is a Company Secretary by profession and an entrepreneur. He is working to develop his own healthcare startup and had been a part of a startup providing Vietnamese cuisine.