Entrepreneurial Challenges and Opportunities in India

On Nov 26, 2021

India, the land of diversity, has now turned into a home of famous entrepreneurs like Neetish Sarda. Stories about their journey and success has inspired many budding entrepreneurs to enter into the Indian startup ecosystem.

The burning desire of an entrepreneur is not just to start the business but to make it a successful one in the long run. This article will walk you through the various challenges that young entrepreneurs face. And it will shine a light on how aspiring entrepreneurs can utilize the budding opportunities in the Indian context.

Globalization

Technological advancement, aided by globalization, paves the path for entrepreneurs for easy growth. It is the key factor in the Indian context since the Indian startup ecosystem has been driven by technology. Entrepreneurs get the room to grow and become a part of the global world.

Stiff Competition

From the inspiring stories of successful entrepreneurs like Neetish Sarda, entrepreneurs can leverage huge benefits from the stiff competition in India. If there is healthy competition in the market, it helps entrepreneurs to develop new skills and bring out innate talents. Competition inside the state enhances growing startups leading to more investment opportunities. For example, it brings various solutions for water management as well as modernization of agriculture. The pool of investors and Venture Capitalists support these businesses to prosper.

Technology Hub

India’s premier cities like Bangalore and Hyderabad have become fast-paced hubs for startups and innovators. These cities have good infrastructure to support innovation at a large scale. Apart from this, many established companies have set up their bases in these cities so that they can benefit from the innovation and the migrant workforce at a minimal cost. These startups are sometimes incubated by IITs and IIMs since they possess innovative ideas and support in order to convert these into a big business landscape.

Scalability

The biggest scalability issue faced by most of entrepreneurs like Neetish Sarda is staffing. Hiring for a startup is a completely different ball game than hiring for a big corporate. When hiring for a startup at the nascent stage, an extremely efficient and charged workforce is required to take any challenge head on.

Ecosystem

The Indian Government has launched campaigns and schemes to boost the startup ecosystem in India. The Startup India campaign was launched with the motive of minimizing the burdens of regulations and taxations for startups, and helping them gather funds. Startup India Hub is a single point that helps in growing new business. Using this platform, entrepreneurs can able to register online using a mobile app as well. Apart from this, the number of registrations needed by a startup to begin their operations has also been reduced considerably.

Entrepreneurial Mindset to Leverage this Growing opportunity

India is a mixed economy and startups have been aiming to solve the basics, such as water management, inflation, demand-supply mismatch, sewage, overuse of plastic, etc. to help India grow. All that is required is to solve these problems is innovation. The startup ecosystem built by great business leaders like Neetish Sarda, acts as a big motivation to develop an entrepreneurial mindset. Keep these opportunities and challenges in mind when jumping on the startup bandwagon and become one of the successful 100000 startups projected to come up 2022-23.