The time has changed a lot. The steady pace at which the Indian economy is growing has put a lot of things in perspective. In the present financial year 2018-19, the Indian economy grew by 8.2% as announced by the Central Statistics Office (CSO) between the months of April to June while China’s growth dipped by 2% from India%. The announcement done by the CSO holds a huge significance as this announcement was made at the same time when India toppled China from becoming the world’s fastest growing economy.
According to the news reports, during the third quarter of the financial year 2018-19, the gross valued added (GVA) for manufacturing industry grew with 8.9% while the farming/ agriculture sector the GVA grew at 4.1%. The construction sector recorded a steady growth of 6.8% and the other services segment grew at a rate of 6.7%.
Even the common man’s worst enemy; inflation rate, has seen a sudden decline over the last few years. However, it is true that the interest rates in real estate sector are still quite high; it will not be wrong to say that the structural inflation has come down from 7-10%.
A stage is all set for the upcoming entrepreneurs to rise and shine in their own respective sectors. According to a latest report published, the startups in India can see a 108% growth in total funding of USD 4.2 Billion in year 2018 as compared to USD 2 billion in 2017.
The startup which came in last 5-10 years in India has seen phenomenal success in recent years. The research reveals that as much as $12.7 billion was only raised by Indian startups in 2018. Whether it’s Snapdeal, Paytm, OYO, Ola, Swiggy, Byju’s, Zomato or even it is related to a big celebrity brand like Shahrukh Khan of Big Basket; the new generation of entrepreneurs are ready to scale new heights every single day.
However, it has not been a magical red carpet ride for all.
A report given by the IBM Institute for Business Value and Oxford Economics researched and found that 90 percent of startups fail within the first five years. So, if you are planning to step into this brave new world, the present and upcoming time will be in your best interest to crack and make a mark.
Mudra Home being a startup comes with 5 key things you may need to know and want to keep in mind as you move onward towards your goal.
The first and the most important thing that most upcoming entrepreneurs forget to do is the market research. You might be an impression that you have a great product to serve but have you asked your family, friends or anyone else if they would like to use it?
Reality is very cruel and the sooner you learn to accept it, the better you are. A detailed and thorough research will help you to identify the problem areas and also at the same time you will be able to foresee with ample insight into the mind of your prospective customers.
There are thousands of startups and lakhs of people with new and fresh ideas for the upcoming startups in our country today. In this rapid growing ecosystem, the only way you can stand and create a mark when you have an idea that can make the complex things or work simple. If you still need inspiration then you can simply look around and ask yourself a simple question– what is that one problem that actually needs a solution? Set benchmarks for yourself and don’t stop until you reach the top.
Let’s picturize a scenario in your mind. In a mall or a lift you bump into an investor and the gentleman has just one minute for you to speak your idea. How will you pitch your mind? Yes, you need time to go great lengths while trying to define your dream project of a 100-page presentation and cut short it into a 2 minutes presentation, but don’t be under the impression that the CEO of a Fortune 500 company has so much time to spare for you. Understand your product well and make sure you can explain it within 50 words or less.
While making a start, there is always a possibility that you will fail 3 out of 5 times. But don’t lose heart or don’t get depressed. It happens. Hold your spirits high and keep your ears close to the ground. Learn from your mistakes and look at the other side of the coin too. Thomas Alva Edison failed multiple times before he hit gold with the electric bulb. It was the same with Picasso, Newton or any other person who has tried to achieve anything worth watching for the generations.
Create a budget and take care of the finances in advance before you set out to create history. In the early stages of the start up, it may become difficult for you to bring investors on board. The easiest way could be to save and spend carefully until you have a layout of your plans ready and then use the savings to create a receptor version of your product. But, wait! What if you run short of funds?
The negative side of stepping into a business is that it’s unpredictable and it can go belly up without giving an alarm. For such critical situations like these, a Personal Loan can come for your rescue so that you can clearly focus on creating your product. The interest rates are comparatively decent and, unlike angel investors, they are quite easy to be availed.
Keep the above 5 tips in mind before you plan out for your start-up. So that it should run smoothly without too becoming troublesome for you. You can also opt for other financial products that could help to arrange for the required funds for your business starting up and smooth running then you’ve certainly come to the right place.