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Startup

5 Key Factors Entrepreneurs Should Focus On For A Successful Startup

5 Key Factors Entrepreneurs Should Focus On For A Successful Startup
5 Key Factors Entrepreneurs Should Focus On For A Successful Startup

Success never comes easy! This is true. But there is no reason to make success hard when it is easy. However, it is shocking to see so many entrepreneurs continue to come in their way by focusing on the wrong things on their journey.

Most often than not many entrepreneurs focus on the things that they don`t know at first. It results in frustration and they eventually get stuck. It is very important to take tasks that you are good at first.

Focusing on the things that you can do will motivate you to keep going and to gain momentum. Focus on the easy parts, and then come on to the more difficult aspects of building your startup business. Even the best motivational speaker in India like Dr. Vivek Bindra agrees with the idea. He says, when an entrepreneur starts doing easy things first, he will build enough momentum that will help him or her to maintain the productive focus.

So, what exactly entrepreneurs must do to ensure that their business meets success at a very early stage? Here are 5 basic skills that will help young entrepreneurs to achieve success:

1. Focus on What Works the Most

Many entrepreneurs waste a lot of time focusing their time and efforts on expensive details. Though they believe that they will succeed, however, they lack the basic business skills and common business sense to back that belief.

Instead of focusing on creating their branding or marketing strategies, they often get occupied with perfecting the font on their logo. Business owners like these often make it hard for themselves, to find success and witness a boost in their profits, instead of making it easy by trusting the process.

Obsessing over perfection or the wrong details is not very productive. Entrepreneurs must learn to prioritize and how to manage their time.

2. Avoid “Squirrel Syndrome”

It is very common for an entrepreneur or a solopreneur to get entangled in various aspects of a business, and lose focus. When this happens, many people start looking for the next ‘IT’ thing to focus on, instead of trying to prioritize their subjects. This is called Squirrel Syndrome.

Jumping from one new idea to another makes you unfocused and restless for not accomplishing enough at the end of the day. Refocus by taking the time to work on one project or one direction in which you need to head towards. Work on it and turn off all distractions. Every time to take de-route, it takes much longer to reach success. You can also take online business courses for entrepreneurs to learn how to set goals and achieve them.

3. Focus on Result Oriented Activities

Whether you are a student-turned-entrepreneur or a business owner with an established brand, the focus is one of those basic but critical habits that are crucial to be successful. Start focusing more on day-to-day business activities that you are good at and they produce extraordinary results too. Spending time and energy doing the tasks you are good at helping you reap the biggest results.

4. Multitask Mindfully

Multitasking is a term that has got many advocates. But the truth to be told, doing many things at the same time can decrease your productivity. However, if you plan to do it strategically and mindfully, you can stop reacting to distractions. By remaining mindful, you can determine how you need to focus on a new situation and check-in with yourself. You can learn this crucial skill by hiring the motivational speaker or a mentor.

5. Build One Big Project at a Time

Entrepreneurs are highly creative people with amazing startup business ideas. It is difficult to turn off the desire to act on multiple ideas at once. But, starting multiple projects at once may have your mind and heart all over the place. Your attention will be split, and you will face troubles in achieving anything at all.

Thus, it is best to pick creative projects first as they will require your complete attention, focus, and creative juices as well. Make a list of all the tasks that you need to accomplish each day and stick to it. You will get a lot more done if you focus on the right thing at the right time. Giving your attention to the things that are not productive will not take you anywhere near to success.

You can learn how to stay focused and handle big projects in a startup business from our ‘Entrepreneurship Course’. You can get step-by-step business strategies and in-depth practical knowledge on how to get new business projects with ease.

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Business motivation Startup

Startup Nurturing Platform India Accelerator Plans To Select 100 Startups for Seed Funding in 2021

Startups (Photo Credits: Pexels)

New Delhi, April 5: In a bid to nurture and encourage the startup ecosystem in India, start-up nurturing platform India Accelerator has planned to expand its start-up portfolio by over three-folds in 2021 with investment in around 100 such ventures. Reports inform that the company invests Rs 25 lakh in select startups every year, provides guidance and connects them with other investors as they mature, India Accelerator founder Ashish Bhatia told PTI.

According to a PTI report, Bhatia said the company is close to launching SEBI-approved alternate investment funds both for category 1 angel fund and category 2 venture capital fund, which will be providing more funding opportunities for startups. The founder of the firm said that during the COVID-19 pandemic the company has expanded footprint to select startups from across India and is now planning to launch its programme overseas as well in Dubai, Africa, Singapore, London and USA.

Here’s how India Accelerator (IA) has helped startups in India

  1. India Accelerator (IA) had invested in around 30 startups in 2020.
  2. According to TiE report, there are around 38,000 active startups in the country, out of which 26 are unicorns.
  3. Bhatia said that IA has partially exited from five startups with up to six-fold return on investments.
  4. Reports inform that the startup ecosystem in India had attracted USD 14.5 billion of funding in 2019.
  5. Since August 2017, IA has selected around 70 companies for acceleration. In 2020, IA has closed 27 funding transactions and around two-third of portfolio companies have raised their follow-on round of funding.
  6. During the COVID-19 pandemic the company has expanded footprint to select startups from across India and is now planning to launch its programme overseas as well in Dubai, Africa, Singapore, London

“While Accelerator programme is the core foundation for the success of our startups, there are other critical pieces needed to help grow a startup, these (new funds) help us in expand even further — to new geographies and in other domains, thus helping us to move forward with our target of picking up 100 high-pot startups every year,” Bhatia said.

“Covid was of course unplanned disaster, a lot of startups sank. Nevertheless, it helped us move to remote areas. Earlier you heard about startups from NCR, Jaipur, Rajasthan, Gujrat, they only could come and apply. Now we are mentoring startups from Kerala, Chennai, West Bengal, we have become a pan India entity,” Bhatia said.

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Startup

Yes Bank Targets Startup Sector, Ties Up With GVFL To Support the Growth of Indian Startup Ecosystem

startup ipo india

Mumbai, April 4: With an aim to help startups, lender Yes Bank has tied up with GVFL Limited to broaden its services for the start-up sector. The two companies have entered into a Memorandum of Understanding (MoU) to strengthen Fintech-led innovation and support the growth of the Indian startup ecosystem.

Under the pact, the MoU will enable the bank to offer various products, digital banking solutions, and many other facilities that will benefit the startups associated with GVFL Limited, Yes Bank said in a statement. The bank will offer its curated digital transaction banking product suite, including its flagship API-based offerings to startups and FinTech companies.

Furthermore, the MoU would promote innovation and investments across India by leveraging the capabilities of GVFL and the Yes bank, the statement added.

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Startup

CHUNAUTI Startup Challenge: STPI Receives Over 6,500 Applications For The Challenge Hunt

startup ipo india

With an aim to encourage innovation and entrepreneurship in the key sectors across India, the Software Technology Parks of India (STPI) announced that it has received 6,708 applications for the Challenge Hunt under Next Generation Incubation Scheme (NGIS) by Advancing Uninhibited Technological Intervention (CHUNAUTI). In August 2020, CHUNAUTI was launched by Electronics and IT Minister Ravi Shankar Prasad. The program aims to identify around 300 startups working in selected areas and provide them with a seed fund of up to Rs 25 lakh and other facilities.

According to a report by PTI, the government has earmarked an amount worth Rs 95.03 crore over three years for the programme. About 1,820 applications qualified and 111 applicants were selected for the presentation round, a statement said. The consolidation of scores and the finalisation of results is underway. The final list of selected startups will be announced soon that will be incubated by STPI and be provided with stipends/seed funding and other facilities to set up their venture, it said.

The report said that maximum applications were received for edtech, agri-tech and fintech sectors (767), followed by jobs and skilling, linguistic tools and technologies and healthcare sectors at (312) and (308) applications, respectively. In terms of regions, Maharashtra leads the tally with 215 applicants followed by Uttar Pradesh (199), Odisha (138) and Madhya Pradesh (129).

“The initiative aligns with our vision to foster an innovative ecosystem for the development of indigenous software products. The selected startups will receive end-to-end support through financial assistance and mentorship that will encourage innovation and entrepreneurship in the key sectors,” Omkar Rai, Director General of STPI, said.

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Startup

4 Fund-Raising Mistakes Every Entrepreneur Should Avoid

fundraising

Like it or not, the entrepreneurial journey is not always easy. It also includes the not-so-pleasant step of fundraising. The reason why the journey is not so enjoyable is that it often takes months, if not longer. It also requires you to have resources that you may require to establish your startup company.

Fundraising for a startup is an involved process. There are no set rules or a manual to help you develop a startup funding plan. Every startup begins with a unique idea, vision, and promises that they make to their customers.

According to a report by IBM Institute for Business Value & Oxford Economics, over 90% of the Indian startups fail miserably within 5 years of inception. However, not much research is conducted to show the exact reason behind the failure of the startup.

A startup`s fundraising efforts depend on its ability to make itself and its business ideas appealing. Because it`s not the customer`s, but an investor`s perspective that is crucial.

Though the reason behind the failure varies, the pattern and the list of reasons seem to be repetitive.

To ensure that your startup runs smoothly, we have listed out a list of fundraising mistakes that every entrepreneur must avoid:

  1. Raising too Many Funds

Many startups make the mistake of raising too much money. Initially, they think they need as much money as they can get, but forget that this increases the liability, as well as the equity they will have to give up.

While a nice cushion of startup capital provides a comfortable start, too much money in the system can result in disaster. The expenses at the later stage will be too much, and you might have to go through firing staff, budget cuts, and closing office spaces.

  1. Not Raising Enough Funds

Some entrepreneurs ask for less funding than they require. It is the biggest fundraising mistake that can lead to the shutdown of the startup. Always ask for the amount by keeping your financial requirement as much realistic as possible. Don`t worry about scaring investors by asking for the amount of money you will require for your business.

  1. No Clear Funding Objectives

Having a clear goal in mind is essential to raise capital investment. Figuring out how much money you need to reach your next milestone is essential. From operational costs to essential professional services, determine how much capital you need. Not having a clear idea is another mistake that every entrepreneur must avoid.

  1. Giving up too Much of the Company

One of the worst fundraising mistakes that someone can make is giving up too much ownership in the company. While a deal that includes a good portion of your company might seem appealing, you could end up paying a much higher cost down the road.

Try to keep ownership within the company. Find out other ways to raise or access funds in any other way which is more feasible.

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Business motivation

A Start-Up That Sold 25 Lakh Samosas To Build Its Business

Samosa is an Indian tea-snack that is loved by people across the country and can be found in different flavors in various regions. India Exports samosas to 140+ countries and the snack itself build for a market worth 42 lakh crore rupees. While one might be surprised at why they are getting to read about the snack at a platform catering business knowledge, this article is about a duo in Bengaluru who sold 25 lac samosas to build their start-up.

Samosa Party, a start-up started by Amit Nanwani and Dikhsha Pandey in 2017 in Bengaluru with an aim to make samosas to be available at the click of a button, anywhere around India is about to complete its fourth year in a journey to onward and upward growth. The start-up serves samosas in 20 flavors, along with giving unique transformations to it with fusions such as Dahi samosa chat and samosa burger added to its menu.

Talking of Samosa’s Party operations behind having 78% repeated customers, the start-up is combining technology and flavors. They are filling the gap between demand and supply by bringing over 20 lakh samosa vendors across streets online. While Amit Nanwani handles product, technology, and growth, Diksha manages overseas operations, people, and customer experience. The start-up has 11 outlets across Bengaluru and plans to go to Dubai, Asia, and other western markets.

Samosa Party grew five times of its first year of operation. Aiming to be available within a 3-kilometer radius in every city, the start-up is funded by Inflection point ventures, which is its primary investor. The start-up continued to deliver 100% of pre-covid volumes during the corona lockdown period. Despite facing a slight downfall in sales in the month of March 2020, Samosa Party sold 5 lakh + samosas during the corona period.

It is always inspiring to find start-ups with innovative ideas growing and making their own mark in the market. If you too have a unique start-up idea that you want to pursue to build a well-established business, the Problem Solving Course named How To Start A Start-Up by Bada Business educated you to turn your business idea into a leading organization. To know more about the course or to register, visit https://www.badabusiness.com/psc?ref_code=ArticlesLeads

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Startup

National Startup Awards 2021: A Great Opportunity for Young Entrepreneurs to get Recognition & Why Should you apply?

Startup Awards 2021

The National Startup Awards 2021 are back to recognize the contribution of another group of startups. Indian startups whose innovations have created a positive social impact by spurring innovation while being profitable will be rewarded.

The Indian startup ecosystem, which defied the odds during the pandemic has created record 12 unicorns. According to Economic Survey 2020-21, the startups in India have the potential to act as a catalyst in the growth in the medium to long run.

Indian startup ecosystem provides an excellent platform for entrepreneurs who dare to take an off-beat path when it comes to conceiving innovative products. Launched in 2020, the National Startup Awards aim to reward the startup ecosystem enablers, who are contributing to creating job opportunities, wealth creation, and have a measurable social impact.

These awards were first launched virtually on October 6, 2020, and the winners were facilitated by Piyush Goyal, the current Railways & Commerce Minister.

In the second edition of these awards, the Department of Promotion of Industry and Internal Trade (DPIIT) will recognize startups, accelerators, and incubators in 49 sectors. There are also other eight special sectors.

The government is also considering promoting sectors via National Startup Awards to bolster the country`s manufacturing sector under its ‘Atmanirbhar Bharat’ scheme. The finalists who will receive the awards will serve as role models for the upcoming entrepreneurs who are struggling to make a name for themselves.

The award recognition will be conferred to sectors like agriculture, animal husbandry, education, fintech, and space. These categories are further divided into 49 sub-sectors. Apart from these traditional sectors, startups that are led by women and those impacting rural areas with their grit and innovation will also be recognized for their positive contribution.

One more category is also dedicated to startups that excel in content delivery in Indic languages. Fields such as detection, prevention, and monitoring of COVID 19 will also get recognition for inducing innovation.

The winner will be eligible for a cash prize of Rs 15 lakh each. A winner also is selected in each sub-sector of every category and would win a cash prize of Rs 5 lakh. DPIIT has started accepting applications for the second edition of the National Startup Awards. The last date for the application is February 10, 2021. If you want to participate, you can go to the website: https://www.startupindia.gov.in/awards

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Startup

Startup Ecosystem in India To Get Major Boost As IIT-Kanpur and IIM-Lucknow Sign MoU To Empower Future Innovators of the Country

Startup (Representational Image Only, Photo Credits: NeedPix.com)

New Delhi, February 1: In a bid to give an impetus to innovation in the startup ecosystem in the country, the IIT Kanpur Research and Technology Park and IIM Lucknow-Enterprise Incubation Centre (IIML-EIC) have signed a memorandum of understanding (MoU). The pact between the two world-class premier institutes would boost the entrepreneurial ecosystem and empower future innovators of the country. The two teams met over a zoom call for signing the MoU.

Abhay Karandikar, Director, IIT Kanpur and Chairman Board of Technopark, said that the association between the two top institutes will not only foster close linkages between academia and industry but will also open new avenues for resource sharing. The official further added that IIM Lucknow Incubator and Technopark are a part of academic powerhouses and bring unique values to the innovation ecosystem. We are delighted to partner with the IIM Lucknow Incubator to blend these strengths and leverage synergies. “We believe that this partnership has the real potential to make a deep and tangible impact on not only Uttar Pradesh but also the country at large,” he added.

Anadi Pande of IIM-Lucknow said that as an emerging economy, one needs to fill in the institutional voids that have long existed to create something on the lines of the Silicon Valley and incubation and innovation is the only way out. “At IIM-Lucknow, we are deep into artificial intelligence and have many technology start-ups incubated with us. This MoU will facilitate a collaborative exchange of ideas and knowledge between our start-ups and IIT-Kanpur and Technopark companies and our faculty,” he added.

India is witnessing an unprecedented boom in the innovation start-up ecosystem of the country. The association between IIT-Kanpur and IIM-Lucknow may serve as a benchmark for other IITs and IIMs to follow. In the current scenario the motto of “self-reliance” and ‘Make in India’ and start-up holds more prominence than ever before.

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Startup

5 Major Reasons behind Why Indian Startups Fail

why indian startup fails

The Indian startup ecosystem continues to expand and grow rapidly. Right from the Government support, increased participation of corporates, evolution of the investor landscape, incredible global exposure, and the growth of digital infrastructure in India- the various elements of the startup ecosystem are coming together in a melodious symphony.

According to a NASSCOM report, the Indian startup ecosystem has the potential to grow 4X by 2025, and the number of unicorns is expected to be 95-105. The cumulative valuation of these unicorns is expected to reach USD 350-390Bn.

Despite all the favorable factors, 90% of the startups fail in India within the five years of their inception, according to a report by IBM Institute for Business Value and Oxford Economics.

Wondering why startups fail? Here are some of the key reasons behind the high startup failure rate:

  1. Lack of Innovation

One of the crucial reasons why startups fail in India is their lack of innovation. Innovative business ideas help to attract customers, beat the competition, and resolves challenging situations.

Although India is said to have the third-largest ecosystem in the world, the country lacks meta-level start-ups like Facebook, Google, and Twitter. Indian startups must drive their business operations with innovation, rather than replicating global startups.

  1. Lack of Funds

There must be millions of creative ideas floating around. However, turning these ideas into reality requires funds. Insufficient fundraising is a roadblock that leads to the shutdown of many Indian startups.

For startups that manage to receive seed funding, the inability to raise follow-up funds becomes the major cause of startup failure. So the startups must think about having effective business and revenue models.

  1. Lack of Focus

Be it a product, its features, or the market positioning, few investors and mentors firmly believe that the founders of Indian startups often start spreading themselves too thin.

A startup is best suited to cater to a particular problem for a specific segment. Though the business dynamics will keep evolving and the focus will not remain the same forever, it is essential for founders to sharply define what exactly they want to build.

  1. Right Market for Products

One of the biggest reasons why startups fail in India- the consumer does not need its products. Many founders in India end up falling in love with their product without realizing if it solves the customer`s need. Thus, it is important to target the right market segment and gain an in-depth understanding of your customers.

  1. Lack of Strong Leadership

Startups in India are mostly driven by the vision of their founders and core team members. While the innovative idea is significant in the journey of a startup, the absence of strong leadership is another reason why startup fails in India.

While some entrepreneurs are born with strong leadership skills, others can develop them. If you do not have the leadership skills, you can delegate the role to someone who has a futuristic vision.

You can also find a mentor to help you build and develop leadership skills. You can also study and gain an in-depth knowledge of leadership skills with the Everything about Entrepreneurship course. Learn the essential strategies to become a strong leader for your startup by talking with the top industry experts. To know more click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Motivational

Success Story: Meet Vikash Jaiswal, the mind behind India`s #1 gaming app that smashed all the records!

success story

It is not easy to be an entrepreneur. Sometimes you have an idea in your mind, but the stability of the future may deter you from pursuing that idea. Sometimes you lack the motivation and other times you are not sure whether the time is right.

But if you set your eyes on a goal and are determined to do what it takes to reach that goal, nothing is impossible. However, there is a brave lot too! People who believed in their dreams and ideas and overcome the fear of failure.

Today, we are celebrating the success story of Vikash Jaiswal who became an overnight sensation, thanks to his free online board game Ludo King. An avid online gamer, Vikash lived and breathed online video games in his teen years.

Online games are popular! But what makes them more popular is their free availability and easy accessibility. And, as the COVID-19 lockdown was imposed all across the world, a large number of people turned towards online games to kill boredom. This bunch consisted, not just avid gamers, but also regular people who were willing to play for longer durations.

Developed by Vikash, founder, and chief executive of Mumbai-based Gametion Technologies Pvt. Ltd that owns Ludo King, the game has become a lockdown favorite online board game. Vikash Jaiswal has been an avid online gamer since his childhood. Born and brought up in Patna, Vishal decided to pursue computer engineering in college.

During his hostel days, Vikash used to collect free software that came with computer magazines. He first developed the video game ‘Eggy Boy’, which was celebrated as “Game of the Month” by several magazines.

In 2010, he established Gametion with a seed amount of Rs 2 Lakh from his savings and launched Ludo King in the year 2016. The Ludo King has surpassed all the hot favorites like Candy Crush, Clash of Clans, PUBG, Temple Run, and Subway Starters in terms of monthly active users in the country.

Now in his mid-40s, Vikash is the creator of an online game that has more than 50 million daily active users around the world. The Ludo King`s monthly active users have reached 185 million.

The motivational story of Vikash Jaiswal shows if you love what you do, the success will be yours! From conception to implementation, if you want to know about the steps that can take you closer to success, visit our website www.badabusiness.com.
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