Startup Challenges

Here’s how to Effectively Handle Critical Startup Challenges!

Innovation-driven startups face particular challenges while scaling up. Even though India is the largest startup ecosystem in the world, most businesses concentrate on advanced technology, including artificial intelligence, virtual reality, augmented reality and analytics. Healthcare and financial services firms also form a significant chunk of Indian startups. There is minimal diversity of start-ups in India, despite NASSCOM statistics. One of the key reasons for Indian start-ups’ limited growth is their endless challenges. Luckily, none of these problems is insurmountable. Your start-up can overcome every challenge with little planning and tact.

Digital marketing challenges

The lack of visibility of brands, products, and services is a major cause of concern for any startup. Many startups fail to understand the importance of intellectual properties. The first step is to ensure brand establishment through company trademark registration that goes beyond the scope of merely branding and gives your business a legal right to protect registered brand elements.

Developing an excellent digital marketing plan that emphasizes unique but appropriate content and timely delivery to your consumers at the niche would ensure your success in addressing publicity challenges. To get information about product and services releases and developments from your startup easily, using social media sites, including Facebook Company, LinkedIn and Twitter. Research around the world shows that customers now collect as much knowledge as possible about a product or service before they purchase. Attach a forum on the website for current startups. The incumbents should create a website presence on the Web because they play a key role in deciding your start-up’s scope.

Sorting Finances and Funding

Financing is difficult to raise in comparison to other countries’ venture capital and crowdfunding for startups in India. The reason: the majority of Indian startups are nothing but based on a similar business model like competitors. In other words, they either follow business and income models that have worked abroad, especially in the United States.

There’s a pathetic lack of originality and perhaps this is the reason why venture capitalists from India and abroad are reluctant to invest in Indian start-ups unless they are highly creative and exclusive.
There are two approaches to solve issues with funding. The first is to start a unique startup.

In other words, a startup focused on business models with no worldwide precedent. RedBus is a brilliant example of a successful Indian start-up. Certain projects such as OYO Rooms and Flipkart were focused respectively on America’s Airbnb and Amazon. The second way to resolve financing problems is by using loans from the Indian Government’s Micro Units Production and Refinance Bank (MUDRA Bank).

The scheme operates through public enterprise (PSU), private and cooperative banks as well as designated financial institutions. MUDRA bank loans are available to startups on soft terms as long as you fulfil the requirements stated. 

To address the financial challenge, approach the MUDRA capital bank. Staffing Topics Indians generally tend to work with the ministries, departments, and companies of central and state governments, to ensure job security. The second choice in the private sector is multinational companies (MNCs) and large Indian companies. The high remuneration paid by central and state governments, MNCs and giant Indian corporate houses is a big factor.

Very few fresh graduates are inclined to work for bootstrap startups regardless of any department. Indians, who are nuts about health at work, claim that start-ups do not provide long-term employment guarantees. Corporations operating on small budgets cannot resolve the pay and benefits gap charged by MNCs and large companies. Therefore, only new applicants or those who can’t get jobs elsewhere apply to work in start-ups. Each start-up owner is therefore saddled with non-skilled workers and invests vital training resources.

Facing Established Competition

If anything, the existing company would press harder to rock the new business’ boat. Most of the startups would prefer to The more known company may or may not know your company, but it will proceed down its course. As they already have the business connections and deals a new buddy does not have, they will proceed as the new company waives and seek to establish a foothold. Especially in this mobile and digital era, a new company will take advantage of the competition with better customer support and the opportunity to do things without bureaucracy.

Most smaller companies had success stories. For example, the company that used Twitter by tweeting orders. Several digital performance successes can inspire up-and-coming businesses.

Comprehensibly, challenges are imminent and inevitable for any business, regardless of size and nature. No serious threats to Indian startups or upcoming ventures. The above points are only intended to act as models to help you plan better for start-up challenges. The good news is, as part of its Skills India and Startup India initiatives, the Indian government may announce some sops and benefits for new and established startups in the coming months.

Successful entrepreneurs are those leaders who realize the very mindset that helped them to develop from a startup to a successful million-dollar company, will probably work against them as the company grows into a larger billion-dollar company because the organization’s structure is inherently different. They need to realize when to move on and let the helm expand without them.

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