Start Ups

Basic Steps To Start A Startup Business

Startup Business- The number of new companies springing up in India has increased due to technological and structural advances. However, not all of them are successful. Let’s look at potential startups in India, their stories and some requirements for launching a successful startup.

Definition of successful Startup Business

successful startups

In order to be successful, a startup must be profitable and sustainable, which means it must be able to continue and also generate decent profits.

Definition Of Startups.

What Is The Beginning

A startup is a young company founded by one or more entrepreneurs to develop and bring to market a unique product or service. A start up meets the following criteria, such as:

#1. Initiative: A successful startup is one that helps solve problems at the grassroots instead of making a profit. This should help find a solution that hasn’t been discovered yet.

#two. Social Impact: It must also have a social impact and reach the broadest masses of society.

#3. Job Creation: A potential startup should aim to create jobs.

How did startups emerge in India? All About Startup Business

Flipkart is the oldest startup in India. We all know the inspirational story of Sachin Bansal and Binny Bansal, who launched Flipkart as an online book selling platform. From its humble beginnings, Flipkart is now the largest e-commerce player in India. What followed was a host of other entrepreneurial ideas such as Snapdeal, Myntra, Paytm and more.

launch types

startup guys

The two types of startups:

#1. Bootstrap: This type of investment comes from personal or family funds and investments. These types of startups make up only 10% in India.The main motive ,purpose is to make profits

#2. Investor-funded: Investor-funded startups work with funds from investors. Your main goal is growth regardless of win or loss. These types of companies make up almost 90% of the total startup stories in India.

Who is allowed to found startups?

There are no limits to who can create a startup business, but you will see 2 categories of people creating it such as:

#1. Students: Students with engineering or management inclinations are generally considered to be ambitious to found a startup. They dream of starting their own business and with the support of a reputable institution like IIMs and IITs in India, these students have the knowledge and expertise to make it happen. Students fund their startups with the help of family or others looking for innovative investment ideas.

However, it can also often be observed that they quickly run out of funds and their startup fails due to a lack of additional financing. It is very rare for a 10th or 12th grade student to succeed in starting a business.

#t2. Professionals – The next category of people who dream of starting a new business is the professional class. These people quickly get bored with their mundane 9am to 5pm jobs and think they have the tech knowledge to start their own business. Due to their professional experience, they have sufficient knowledge of the industry. Most new companies in India are founded by professionals.

For starting up a business you need to know few things

Basic Steps To Start a Startup Business.

You can use the following 5 steps to start your startup.

#1. Idea: In the idea there are only two things: product or service.

#2. Investment: In order to be successful, a new business needs some investment. Remember, Facebook was started from a student’s bedroom itself.

#3. Work – One person cannot work on everything. It takes a team of at least 3-5 people to go through the intricacies of the business. For example, Flipkart was started in 2007 with a team of 3 people.

#4. Execution – Execution is very, very important. In the last 3 or 4 years we have seen manufacturers trying to sell their products through online platforms where their main concern is the customers, meaning they don’t know who is going to buy their product. Likewise, the main issue for service providers is price. Many competitors appear every day and win customers with low prices.

#5. Corporate Governance – Transparency with government is vital. Everything is fine in the beginning, but when a startup reaches a certain level, it starts working illegally when things are not in place.

Startup Certification Benefits

#1. Tax Benefits: A startup incorporated after April 1st, 2016 is entitled to a 100% tax rebate on profits for a period of seven years for a period of three years provided annual sales do not exceed Rs 25 million during any financial period. for Startup Business.

#2. Loan: Business founders receive tax relief for 3 years.

#3. Funding: A startup can be funded by family, friends, or angel investors. These have various advantages such as flexible and low-risk financing, mentoring, networking etc.

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Definition of successful startups

successful startups

In order to be successful, a startup must be profitable and sustainable, which means it must be able to continue and also generate decent profits.

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