Tag Archives: Entrepreneurship

Few common reason why Startup In India Fail.

Many start-up’s in India fail moving to the reasons mentioned below.

As per a recent survey it has come to conclusion that 90 percentage of most Indian startups fail in the first five year of operations this is because of several factors mentioned below.

lack of exact need for innovation

your customers don’t want it, your market doesn’t want it, but you develop product assuming that you will find customers for it, this is one of the main reasons for the failure of startups.

you need to identify
what people want?

what is the gap in the market that needs to be addressed and then find a solution or service for it.

Patent Applied

Another point that I would like to make here is number of patents applied by each countries and if you were to compare, India applied for 5000 patents in 2016 in comparison to South Korea which had filed for 15,000 patents and China at 29000 patents and Japan at 45000 patents, this itself shows the kind of innovation that each country is having and that is what India is missing as well.

Innovative Companies.

the Forbes magazine read recently made a list of 25 innovative corporations in the world and there is only one Indian company that was featured and that was the Asian paints so we need innovation which is lacking in our country.

Copy Cats

We are largely copycats

for uber there was a Ola
air bnb we had oyo rooms
similarly for for Amazon we had Flipkart
For Spotify we have gaana

we are not innovating the way a startup should be performing

Disruptions on the products

we have not created a product or service that can be taken globally that can create disruptions in the market and that can change the way the market dynamics would work, like what Uber is doing to our country

unfortunately India is yet to make any Uber or air bnb by self yes oyo rooms may be a great success and it has gone truly global, yet in comparison then it is again a copy of a model that already exist.

we need innovative thinkers that come with Innovation and solutions that can help people.

India’s leading industrialist Mr Ratan Tata has always mentioned his displeasure over Indian startup not having a disruption model which can change the global dynamics of business.

Busines environment

None of Indian cities are featured among the global destinations for Innovation and research and development the only city in India which comes after 20th position is Bangalore that also is an indicator of how we should improve our atmosphere of startups

What problem in your customer’s life are you trying to solve that they cannot solve by themselves.

what every Indian entrepreneur and startup should ask them self is what problem in your customer’s life are you trying to solve that they cannot solve by themselves if you can find a solution a service and alternative that is what true startup should be doing and forcefully find a solution and then find a customer for it.

Customer money making model.

Innovation should happen around customers needs.

missing innovation around customer money making model is what missing.

Unfortunately in India most entrepreneurs think, how they can make money at the easiest turnaround time which itself is a wrong approach.

I find it like those movies which are made so that they win awards and others which get awards because they made a great movie, we should be in the later category.

Negative cash flows in negative working capital.

Negative cash flows in negative working capital please understand cheque in hand does not meet anything

what really you should be having is cash balances the assumption that you will be paid for the assumptions that you have made a business is not enough you need to see the real currency in your bank accounts that is when real startup will earn money else it will burst in no time.

profit and cash both are important profit in the books of accounts but not having cash does not make any sense therefore we should ensure that we have cash flows and stable steady cash flows.

An entrepreneur should always focus on positive cash flows.

Expansion with negative cash flows is always suicide for a startup.

Many start ups have this thinking of we will acquire the customer first even if we are in the losses for couple of years unless you have deep pockets and good backup having a loss reading strategy would ensure that your startup will terribly fail therefore do not catch a loss leading strategy we need to acquire customers as well as they should not be any gap between the cash flows.

Scaling up

What many of the startups forget is that they do not have a proper organised well planned scaling up chart.

They may be successful they may be profitable they will be a leading player in a particular region Yet they may not have a well sorted well-thought-out scaling up plan without which if the entrepreneur do not know where and how we can expand his business, it will, by all probabilities and its journey, somewhere in the middle or may not grow beyond a particular level.

They were as a startup you should ensure that you have a practical and very sorted out scale up plan.

Talented manpower, Good people Vs Right people.

In many office we employ, people whom we know,but understand you may have good people but you need to have the right people to scale up, you should always have the right people not good people it’s here many of the startups make as a mistake.

second point is regarding the expansion of the market,, always understand you cannot scale up with the same team that made you 1 million cannot help you make it 10 million therefore as we grow we need to change our key people. This includes your auditors as well.

Employ people who can question you. Who can say you are wrong.

Always ask yourself if you want to expand if you want to scale up do you want good people or do you want the right people and the answer should be you want the right people

The good people help you reached 1 million however this good people may not be accurate in terms of qualification in terms of exposure in terms of experience to teach you or to make you reach 10 billion target that you would have, therefore always remember to employ the right people

You should employ people who can question you, who have the guts to say that you are wrong who can correct you if you are wrong therefore we should ensure to have a team of people who motivates you to achieve your goal and who have the same vision as yours who has the same direction as yours.

Building teams are very important for entrepreneur growth do not forget that

Result oriented people.

Ensure that you employee result oriented people and not hard working people it has been observed that many companies have a good employees who come on time who does the job who does what you ask them to do and who do a brilliant job

You should employ people were result-oriented who have entrepreneur zeal inside them who are go getters and not yes boss people therefore ensure that you employ result oriented people.

Result oriented people are simply those boys or girls men or women those executive who bring quantifiable results to your organisation the results should be measurable in terms of sales volumes or in terms of revenue models ensure you have that kind of people.

Delegation.

most of the time meaning of the entrepreneurs do not delicate with authorities they want to do everything they do not trust or ensure that their employees are not trustable enough to do things within their scope and imagination if you do not delegate you cannot grow delegation with authority is the fundamental of business success and delegate with athority you need to develop a trained team bring in systems in such a way that there is no chances of falter ensure your team follow system in such a way that even if you go for a holiday for one month your organisation will still work with as much as a precision as it would work if you were physically present. Be a master artist in delegation.

Make your why very clear.

You should have absolute clarity on why do you get up everyday morning and that will be the answer to several of your questions on your entrepreneurial journey.

your vision should be in tag and you should always ask yourself why do I get up everyday in the morning what is my purpose of getting up in the morning everyday what is my vision and am I attaining it?

Wrong or confused product positioning.

Another major reason for the failure of startups or wrong positioning.

You cannot make a product for everyone.

You should know what is your products identity.

You should clearly know who are your customers always remember you cannot be a product for everyone you cannot be everybody product you cannot design a product for everybody therefore you should have a clear understanding as to the psychographic and demographics of the market and it is only based on that you should do product,pricing,packaging,branding marketing and communications.

You should also know your position well you should know whether you are the best whether you are the cheapest if you are the best or if you are the most valuable if you have the maximum features you should know where and what you stand for.

What products and what schemes that has to be introduced to introduce your product in the market is based on the above mentioned understanding of your product and services in the market.

Therefore positioning is a key important function of a startup.

Entry barriers

Have you created entry barriers to save yourself and your startup like patented technologies scale of operations economies of scale IPR before do you have any such things that can save you and your company from immediate competition.

Feedback

Always remember your first product is not your final product how much every effort you put into making the best product you may still have to change as per the customer of market requirements therefore do not fall too much national in love with your product or service the willingness to change and accepting feedbacks critical to a startup.

finally it is a product that people wants not what you think people would want therefore we should be very adaptable and welcome to any suggestions and changes and if practical and if what they are saying make sense we should change ours, this does not mean that you changed as per what people say if you have a clear idea of what you are doing then you should not change your plan as well.

How to Be Powerful In Business & Entrepreneurship

15 Ways To Create An Air Of Power

1- Play hard to get

A powerful man is never easily accessible. People must always go through his assistants to reach him. Therefore, always have someone else, such as a secretary, screen your calls. You can even screen calls yourself with an answering machine. In fact, never answer the phone. Always take messages.

2- Hire an assistant

A powerful man always has an assistant who takes care of his day-to-day tasks (scheduling, callbacks, mail, ticket and restaurant reservations, memo writing, etc.). An assistant gives you more time to deal with important business matters, and also catches the flak from complainers, so you don’t have to.

3- Have a busy schedule

A powerful man is never idle. He has important matters to attend to, and influential people to see. He can’t meet with everyone who wants to see him.

Think of yourself as a classy restaurant or a popular nightclub. Getting in such places is supposed to be difficult. Create artificial line-ups and make people wait.

4- Attend important events

Power involves being present at important functions. These include tradeshows, conferences, dinners, and seminars. Such events are good places to network with other leading men and to make your own status known. For more of an effect, occasionally send your assistant to fill in for you and network on your behalf. Make sure they’re trustworthy.

5- Associate with powerful people

Who you know says a lot about who you are, and powerful men know other powerful men. Getting to know as many CEOs, politicians, celebrities, and media people as possible, if even at a local level. These are people who can do things for your career that ordinary folks can’t.

6- Be selective in your projects

A powerful man has a keen eye for good ideas. He’s picky about which projects deserve of his attention. Don’t accept or be a part of every new idea thrown your way. Show extreme precaution in your endeavors.

7- Have a nice office

Your place of work must be fitting for a man of power. Have a classy desk (polished wood is ideal), leather chairs, a modern lamp, and the latest accessories. Hang your diplomas and any pictures you’ve taken with other powerful people. Keep the artwork discreet and tasteful.

8- Wear fashionable clothes

You are what you wear. Suit yourself up with the most formal and expensive business attire you can afford. Wear the perfect tie with the right shirt and polished shoes.And remember that good posture always makes the garb look more impressive.

9- Drive a nice car

There’s a reason cars are status symbols. They are the mobile shells of your personality, and therefore should be good enough to transport a man of your stature. For the truly daring, have a chauffeur, always on standby, drive you around in a town car.

10- Master your tongue

There’s a reason most windbags don’t become powerful. Their constant prattle makes them highly undesirable. By talking too much, they risk revealing things they shouldn’t. The more concise your speech, the smarter and more enigmatic you’ll seem.Also, be selective about whom you talk to. Just don’t cross that fine line between confidence and arrogance.

11- Don’t do the dirty work

In every business, government and organization, there will inevitably be some dirty work involved. Make sure you don’t get stuck doing it. By keeping your hands clean, you’ll seem the height of civility.

12- Be bold in your actions

Uncertainty is one of the greatest deterrents to power. Hesitation and insecurity not only dull your actions, they’re highly visible. Every decision, every word and every action you execute must be done without doubt. Believe in yourself, and others will too.

13- Keep your cool

A powerful man is the master of his emotions. He remains calm in stressful situations and doesn’t let others upset him. Take nothing personally.Anger shows weakness of the ego, and essentially tells the assailant that he won. Let nothing bother you (at last externally), and you’ll seem invincible.

14- Be unpredictable

The routine is boring. Following a pattern without fail shows an unwillingness to be daring. You should strive to be variable. Reinvent yourself every once in a while, or follow an action that people would not expect of you (make sure it’s a good action). Being unpredictable keeps people in suspense — they never know what’s coming. Be a prototype, not a stereotype.

15- Don’t sweat it

Magicians are so fascinating because we don’t see how they perform their tricks. The same applies in your life. Your achievements should appear natural, as if you didn’t break a sweat to do them. Magnify your talents and seem almost superhuman by effacing your toils from work.

positive response

Once you apply the principles above, you’ll notice a positive change in people’s reaction toward you. They’ll look at you and talk to you differently. Power is like currency; if people say it’s valuable, then it is.A warning: like everything else, power is a game of balance. You must be careful not to seem arrogant and presumptuous. Be friendly and easygoing. It shows maturity.