Is Starting new venture is easy?
Nidhisha Rao. Ph.D
Building and Supporting Startups and Entrepreneurs | Founder@ Startupmitra | Talk about Startup & Skillpreneurship | Podcaster | Faculty@ JKSHIM| Helping people to become Skillpreneurs
Today I want to discuss one important point - Is starting up a new venture is easy?
I agree with the word more entrepreneurial movement will increase the economic activities and also it helps in the overall development of the nation. True to the fact we are observing many people are venturing into startup & their own business.
This is a good sign for the development. But I my instinct arguing this might be the bad sign as well. Most of the business is shutting down within a year of incorporation. They give many reasons such as:
- They shut down because they did not investment
- They shut down because too many competition
- because less demand for their product/services
- because they could not scale
- because they could not get the right customer
- because co-founders and employee problems
because the market was not ready etc
- some sensible people say - they lost because they did not do market research first
- they did not apply market product concept instead they went the reverse way
- the business model was not proper etc.
All the above-mentioned points are good to some extent.
It has become a new fashion to start your own business and called as CEO. That flashy and attractive office, costly visiting cards, and the designation such as CEO, Co-founder, etc is a new fashion and everyone want to be called in this term. If we take this on a positive note it is a good sign as people are becoming entrepreneurs and creating a job, but the negative effect is it is creating a negative impact on society and will give the negative return.
Anyone wants to become an entrepreneur, homework is a must. Homework in terms of market and demand study, competition study, future projection study and business execution study. If you are not familiar in these process approach expert like us (Startupmitra) and take the guidance to scale up in your business.
Unless you do the above homework you are definitely going to fail in the business and kicked out from your dream of being called as CEO & Founder.