Hey there, today I am gonna tell you the major issues facing Indian entrepreneurship. There are various reasons for this and I am lightning on the major topics. There may be some sad reasons and we are sharing with you the right and truth-filtered information about the topics.
So here we start-
Investment and financial problems-
Funding your any new startup is a major problem and mostly all business have to face it and it needed to overcome to hold a place in the market.
Most of the startups get stuck due to the lack of financial resources and startups need the investment for many things in a startup. Sometimes Banks deny giving loans to the man and the graph gets down. Before your saved money gets consumed get ready with a new resource or any new strategy. Because you have to pay salaries to your employees and also to you.
Corruption-
Yes, This is also a reason in India for building any new business there are various government policies that are needed to be done. Corruption in India is followed in many departments which hampers the growth of any business. This ridiculous practice is followed in government and private firms.
The employees who are asking for a bribe and the person who is giving that bribe are both responsible for this crime. People pay bribes to get things flowing.
For example- If banks are not releasing money for any reason, peoples pay bribes for the easy implementation of that legal work through illegal ways.
And of the entrepreneurs are not able to pay the unnecessary bribe so their startup does not get any support. And their financial support is also get affected by it.
Hiring employees-
Hiring employees and managing a team is one of the challenges faced by Indian startups, employees need to be checked regularly by the employer, and uniting the team is also a challenge for the startups. Finding targeted employees and well-skilled with good experience are the basic things for employees for any successful startup.
Interviewing new employees is also a difficult task, In India people prefer a shortcut method for anything they find this complicated. And sometimes a perfect candidate is not fit in your budget. In India, mostly worthy people migrate to other countries like USA and UK for a better job and a good lifestyle.
Lack of knowledge-
In India illiteracy is a major problem for most startups to fail, a good startup is standing on various pillars and literacy is one of them, people start their business without calculating the other outcomes, and then they have to face in the future. Different niche startup requires different strategies and different different environmental places which are suitable for you business and also fulfill the need of the customer.
Education enables you to think differently for your new startup and you can easily calculate the decision you are going to make in your business. Indian people mostly use the old business techniques which are now become old and with the changing time decision must be applied.
A well-educated businessman can think of the future for his business when the customers are living in present an entrepreneur thinks for the future to provide better for his customer and scale high profits.
Risk-taking and decision making-
The new entrepreneurs often face difficulty to make decisions because they are usually not habitual to make such big decisions and in India people are scared of making decisions because they do not want to fail and they are afraid to take a risk because their money is stuck in that business and they don't want to roll dice on it.
India mostly common families prefer to get a govt. job instead of making a business because they do not want to take any risk and waste of time in taking such huge risk which involves their lifetime income. But to scale a business it requires some investment and also a risk-taking capability for any entrepreneur.
Lack of brand building strategy-
The absence of good brand building is another issue for the startups to fail a bad brand building strategy would fail to promote any product and service. Advertisement also needs a huge capital to be invested which will help in promoting the services you are providing and will create awareness in the market of your product. An entrepreneur needs to think different and apply some creative and unique ideas which attract the customer towards your product.
Most of the businesses are very successful because of the unique and very catchy advertise they create among the people.