India is one of the fastest-growing economies of the world, thanks to the fast development of entrepreneurship and all the support startups have from the government. As the ambassador of India said, without a good startup, there is no development of economic growth.
This is best shown by the initiative that started in the nineties, which aims to digitalize the economy. In the following two years, India plans to increase the worth of its digital economy up to a trillion dollars. This gives the IT sector in particular a chance to strive. And the possibilities for entrepreneurship are endless. To learn more about what entrepreneurship really means and how you can become an entrepreneur, visit themoneygig.com.
If you have been thinking about becoming an entrepreneur, you must be wondering what are the most common challenges you can expect as you go. Here is a list.
1. Starting from scratch
Starting from scratch is a way of starting a business that is not for every entrepreneur, but for most, it is the only way up. It requires a complete commitment to the business and its goal. An entrepreneur must be willing to make big sacrifices if he wants his business to succeed. Although this process of starting a business is the most demanding, it also gives the entrepreneur the greatest freedom in decision-making. A newly started business is not already bound by certain contractual obligations that must be met or certain standards related to the appearance of products and services, which is what usually happens when you are taking over an already started business or franchise business. This allows the entrepreneur to take full advantage of his creativity and freedom. This way of starting a business requires entrepreneurs to have ideas that will provide the market with an invention or an innovation for which there is a real demand.
2. Coping with the risks
There is a risk in every business, but it is more intense in this case when you are a rookie in entrepreneurship. You must be able to focus on answering questions that will ensure that the existing risk is minimized. In this process of risk reduction, the elaboration of the idea itself is extremely important. The entrepreneur must start from the analysis of the market, which will provide information on who is actually his potential consumers, or what is the target group associated with his product or service. In addition to consumer analysis, it must also analyze competition, which is one of the important aspects in determining the price and basic characteristics of products or services.
3. Gathering a talented group of people
India has been supporting the education of young people by providing scholarships for those who want to study abroad, for at least a decade. So, gathering a group of people that will contribute to your business should not be impossible, but will surely be a challenge. Many companies are spreading their talent hunters around the country to look for the people with the vision. This means you must be prepared to “catch” the talent and hold it before someone else makes an offer that will change his mind. An entrepreneurship market is a constant place of battle for talent. To create extraordinary results, you need extraordinary people. And to keep them, just focus on the level of their satisfaction. Sometimes, the salaries are not the thing that makes people stay in one company, it’s the treatment you give them and the opportunity to strive in your business environment.
4. Branding and market share
It has never been easier to start a business and become an entrepreneur. Today, if you can buy a domain name and register your business online, you are in. However, staying in business is a much more complicated thing. The ease of starting a business creates a much broader level of competition. The problem of entrepreneurs in establishing their own brand recognition, in a market dominated by a large number of widely recognized brands, is well known.
This increase in overall selection makes it difficult for companies of all sizes to retain customers, who nowadays can change their suppliers with the click of a mouse.
Business owners and managers who master the perception and focus on the market, knowledge of customer needs, preferences, and perceptions that dictate product demand, while applying to monitor or keeping track of customer profitability, win the battle for market share.
Establishing the right marketing channels is key to any company’s success in the future. Smartphones, social media, messaging, email, FB, Twitter, and other communication channels make it easier for companies and individuals to get information.
Where are your customers and how to reach them the fastest? What is the right message? Once you get a new customer, how do you keep those customers when competitors of all types and sizes are constantly fighting for them at the same time, trying to convince them that they can do it better or provide it cheaper?
Recognizing what your customers want while providing better service is key for a company to cope with the increased selection and challenges dictated by markets.
6. Managing expenses
Staring new requires being skillful in managing expenditures. Any cost is justified if the benefits it brings are greater than the value of the resources being sacrificed. It is necessary to create procedures that will help rationalize costs, which will affect the motivation of all employees and their desire to monitor costs in their scope of work and beyond.
Also, it is extremely important to introduce mandatory reporting on the progress made in cost rationalization and the reasons for success, but even more so for failure.
All the possibilities for being an entrepreneur in India will influence its place in the global market positively. It is expected that soon, India will be in the top five of the world’s biggest economies.