Give Startups A Chance

- - Resources

With more and more opportunities such as the Navi Mumbai Entrepreneur Meet this March, launching a startup has never seemed so easy. And yet, not every startup is met with success. In truth, more often than not startups struggle and disperse their investments in an attempt to look professional. Unfortunately, most startups still look up to large national and international businesses to define what professional looks like. In reality, as Startup India has recently discovered, startup ventures have difficulties identifying the right path of actions for a professional small-sized business. Most of them are even looking for business loans instead of financing options that are designed specifically for startups!

Mr._Sam_Pitroda,_Advisor_to_the_Prime_Minister_of_India_in_a_panel_discussion_in_Startup_Village

Mr. Sam Pitroda at the Startup Village, 2013

In the realm of the market world, startups need to change their launch strategy to expand safely and professionally. This means that startups are real businesses but that they don’t need to follow the examples of larger companies, as their challenges and opportunities are very different.  

Build Your Local Network

Contrary to large companies, startups need to start building their network at a local level. In short, there is no point investing in a national or regional campaign from Day 1. While there is nothing that would stop a national client to become interested in a startup, this will generally be met with large expenses at the startup level to maintain a client relationship and be able to support a long-distance project. Therefore, startups need to first focus on attending local business events and getting in touch with their Chamber of Commerce to establish their name within their direct business neighborhood. Once the local network is solid and viable, it’s time to expand nationally, and even internationally.

Professionally Affordable

business card

Looking professional is the most important and yet the most misunderstood thing in the business world. For international businesses, professional appearance could mean anything from an impressive car with chauffeur to the latest high-tech gadgets for their employees. For a startup, keeping a professional profile means having clean and practical offices – why not consider a metal building office, as it’s an affordable, sturdy and flexible option? Additionally, business cards are an essential tool of the business life. However, they can be expensive to produce. Thankfully, there are free online business card apps, which allow startups to keep up with the professional appearances at low costs. And they are also great to keep your contact list updated!

Look For Smart Investments

Investment is the golden word in the startup world. The Indian government offers a variety of grants and incentives to support new business startups, such as providing an electric power supply at a reduced price. Startups in backwards areas can also receive subsidies, such as transportation subsidies up to 90% of the cost, to help them to develop the areas and increase employment for local inhabitants. There is specific financial help available for startups in India, and financial institutions are available for loans at advantaged conditions for startup businesses. In short, if you know where to look, you can find financial support to build a successful startup.

An engineer by education and an entrepreneur by choice. Asish is a TCS Best Student Awardee, NDTV featured student entrepreneur and International School of Entrepreneurship Education awardee. He also worked with many startups and big companies for their business development and strategical growth. Asish has been heading The Startup Journal since its inception in 2014.