This article is contributed by Mr. Meet Shah, Founder of Craftezy.
Entrepreneurship as a concept has picked up pace over the years. The excitement and the pride associated with launching oneâs venture and finally converting that dream into a reality is indeed indescribable!
The effect of the pandemic on the Indian handicrafts sector –
As much as the journey is a roller coaster ride, it is full of roadblocks as well. This is mainly witnessed in the handicrafts sector. Ever since the pandemic outbreak, the livelihood of artisans and the handicraft community has been impacted severely. The production hit the pause button, unsold inventory started piling up, and the demand for orders from the customers came to a halt. Businesses also faced a lack of capital with reinvesting and continuing the operations. To sum up, the community witnessed a dearth where the meager survival of artisans was in danger. In such a scenario, launching a startup in the handicraft community seems to be a daunting task.
Roadblocks faced in the path of launching a startup
The Indian handicraft segment is a highly unorganized market. Consequently, the gap between sellers and buyers remains prominent at the global level. One of the significant challenges an entrepreneur faces while launching a startup in this sector is bringing decorum to a chaotic market. Adding to it, the industry also envisions offering equal growth opportunities to both sellers and artisans, and this aim comes with its fair share of challenges.
As most sellers hold a strong presence in the local markets and not the global marketplace, it’s a significant hurdle for them to help reach international audiences. Providing solutions for payments and keeping a check on the quality of the products is another major hurdle for the sector, which is primarily driven by exports and is addressed as an export-centric business. The authenticity of crafts and having a robust logistics model are other major road bumps faced by startups planning to enter the handicraft ecosystem.
While the challenges disrupt the optimal functioning of the sector, they also come with a silver lining. They have eventually paved the way for the digitization of the handicraft sector. A segment that was always working with a brick-and-mortar model is now undergoing significant transformations. Realizing that to thrive through the troublesome situations and enjoy a competitive edge in the market, technology deployment is essential; the players have been focusing on introducing innovations and digital transformations in their operations.
Digitization: The feasible solution and the dire need of the hour
In an attempt to sail through the turbulent times induced by the pandemic, the sector is embracing digitization. The industry is hopeful that adopting technology will create employment opportunities and help businesses drive more significant revenues. The players are also focusing on leveraging the power of technology to bring convenience to the doorstep of their customers. While on the one hand, tech solutions have made payments smooth, quick, easy, and secure, on the other hand, the logistics and the marketing activities have also boosted exponentially, all thanks to technology!
Digital deployment has enabled the handicraft ecosystem to tap the global markets, and the players have been able to engage and establish a customer base at the international levels. On the whole, with the tech revolution, the handicraft sector has been upscaling significantly and will help in easing out the journey for aspiring entrepreneurs to launch their startups in this domain. Technological disruption will also help streamline the unorganized sector into a structured one.
Craftezy, one of the leading B2B marketplaces, has successfully understood the pain points of the handicraft industry. Ranging from authenticity and credibility of the crafted masterpieces to ensuring equal compensation for the sellers and educating them about the crafts’ business models, the brand has designed its offerings to ensure the players have access to apt solutions for the problems faced by them. Understanding the needs of the buyers and the sellers and the diversely growing preferences of the customers, Craftezy leaves no stone unturned to come up with viable solutions that are suitable for all! Becoming an end-to-end solution for sellers and buyers implies ensuring the provision of a platform that would simplify and ease out the operations of businesses.
Conclusion
As much as âVocal for localâ and âMake in Indiaâ campaigns are boosting the handicrafts sector, there are various hindrances in the journey for startup launches. However, the answer to all the troubles is digitization and collaboration with the marketplaces! A recent report by IMARC Group points out this trend and states that the Indian handicrafts market is projected to witness significant growth in the times ahead, primarily due to the surge in the e-commerce industry.
Ensuring that the entire process of buying, selling, and delivering is fool-proof and error-free is one of the most appropriate ways to gain consumer trust. This would eventually lead to customer loyalty and increased revenues. Furthermore, providing marketing support to an otherwise un-exposed form of business would help small enterprises to tap the international market. This is the reason why marketplaces are rendering a helping hand in providing solutions. They are giving relevant opportunities to aspiring entrepreneurs and are helping them mark their presence in the market. These platforms take care of the entire buying and selling processes, transactions, along with end-to-end operations in a seamless, safe and secure manner.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Especia.
Getting an idea and starting a Startup Project is just a start of entrepreneurship. Sustaining your business and growing subsequently are the biggest challenges. The startup ecosystem works on the theory of survival of the fittest, and startups need to be competent enough to maintain their position in the market. Finding customers, securing funding, managing finances and focussing on your core products/services, all need to be managed in parallel. When it comes to finances, obtaining startup financial support is the biggest startup challenge faced by entrepreneurs.
Especia works as a finance partner for startups. It gives customized solutions for startups according to the stage of startup and the business requirements. It saves your involvement in financial activity so that you can focus on your core product or services offered by your business.
Read the success story about Especia, founders and team, its services, and how it works?
Especia – Company Highlights
Startup Name
Especia
Headquarters
Noida, Uttar Pradesh
Offices
Delhi-NCR, Mumbai, Hyderabad
Industry
Startups Finance Partner (CA, CS, Legal, and Valuation)
Co-Founders
CA Harshil Goyal (FCA, Regd. Valuer) and CA Sajal Goyal
Any startup needs a dynamic push to overcome its growth barriers. The new business owners have a stark of becoming successful, are full of vigor, and are ready to put into their efforts up to any extent that gives wings to their objectives. The beginning phase of any startup is crucial as it requires long-term decision-making skills and high accountability for their actions. The new startups tumble at this point. Underestimating the importance of an efficient finance partner consultant hampers their long-term objectives in future fundraising & due diligence.
Their team fulfills the role of an efficient finance partner. They are well versed in business legalities with the sound knowledge that improves the financial efficiency of your entity & has fewer red flags in future Due diligence.
Especia identified this growth barrier and started working out an innovative solution. Firstly they demarcated the startups at the ideation stage, Growing stages, and maturity stage and identified the cause of failure of early startups in the early stage, and drafted their services according to their requirement at several stages. They discovered that financial restrictions at an early stage prevent them from getting efficient consultation as the markets had fewer options of the one-window solution to the end-to-end finance outsourcing of the startups.
They identified this underlying incapacity of the market and gathered a team of individuals from various segments. Especia now bridges the gap and provides one window solution as a finance partner of the startups from Valuation, Secretarial, and Regular Tax & Compliance services that help them focus on the core. They act as a Virtual CFO Partner for Transaction Advisory & Due Diligence services as well.
Especia – Founders and Team
CA Harshil Goyal and CA Sajal Goyal are the Co-founders of Especia.
CA Harshil Goyal (FCA, Regd. Valuer)
CA Harshil Goyal, Co-Founder Especia
CA Harshil Goyal, Co-Founder Especia, is a Fellow Member of the ICAI, holds a Master’s degree in Commerce and is a Registered Valuer by IBBI. He possesses over 12 years of experience in Start-up consulting, Valuations of startups & Startup fundraising transaction advisory services.
In his 12 year career, CA Harshil Goyal has proven himself as a passionate Entrepreneur committed to easing out multiple pain points existing in the end to end finance outsourcing for startups from Valuation, Transaction Advisory, Due Diligence, and Business compliance domain using technology as a major disruptive force to change some of the age-old practices prevalent in the industry. He possesses expertise in Valuation, Secretarial Services, Transaction Advisory Services, Fund Raising, Due DiIligences, Structuring the Cap Table & ESOP Services.
CA Sajal Goyal
CA Sajal Goyal – Co-Founder, Especia
CA Sajal Goyal possesses 15 yr experience in this sector and has richly contributed to the growth and expansion of several startups and corporations. His expertise in CFO, business restructuring, process implementation, and reporting key indicators uplifted several startups and helped them achieve their desired pace of growth. In the 15 years of his career, he has spearheaded the entire gamut of finance & accounting and attained expertise in managing startups in a challenging environment. He has successfully implemented several effective processes & solutions in different businesses.
His diligence in controlling and planning the finance and thorough understanding of Finance Processes, Management Reporting, Budgeting, and People Management for Multinational & Fortune 500 companies took Especia to greater heights.
Especia – Startup Story
Everything that it needs to maintain the finances of your company from basic bookkeeping to high-end valuation and due diligence services accompanied by well-drafted secretarial services fulfill the requirements of the start-up, in the long run. All the services suiting the needs of any startup are embedded in theirentire gamut of offerings. From book-keeping to valuation and secretarial services, Especia team is ready to take charge of all your corporate financial management requirements.
Time and again Especia has proved its utility to several growing startups and helped them bloom with their prospects. They had the privilege of outsourcing several new and running startups. They started as a traditional CA Firm but expanded rapidly as a One-Stop Finance Partner with tons of promising initiatives that suit your startup requirements. Their expert team proved its efficiency in outsourcing the accounting and secretarial services of several new and old businesses leaving them to work out on their business expansion.
The technological blend in their services adds to your advantage as they are always ready to assist you through their virtual CFO services. They have attained maximum use of technology in their day-to-day proceedings with in-house technological advancements to avoid any human error that may hamper progress towards your futuristic goals.
The tagline of Especia is âwe work from start to finishâ. It defines their working strategy and their timely and productive services. They have a well-defined social media platform and their official website laden with segregated columns of your requirement. Any start-up seeking any kind of valuation, secretarial, or accounting services under one roof is always free to drop them a query.
Especia – How it Works?
Especia Associates is a group of dynamic professional experts in their domain. They have a team of Chartered Accountants and Company Secretaries to provide a one-stop solution to all therequirements of the startups being their finance partner.
They manage your statutory compliances that add to your benefit at the time of any Fund Raising Due Diligence or M&A Activity in your business journey. Your statutory records are well maintained and monitored with due corporate governance. The requirements of a startup change according to their progress from one stage to other.
Startup Development Stages
They modify work according to the stage of the startup as the processes are in co-relation with the growth stage attained by the startup. At the ideation stage, they focus on maximum business retention and advise according to the cash flow generated by the business. They tend to long-term objectives and avoid any lucrative traps that may hinder your future growth.
The growth stage is very crucial for any startup. It requires decision-making at several crucial instances that affect your prospects. Their expert team advises on retention activities and predicts deep insights to keep your start-up in a progressive mode. You get all the required services regarding your bookkeeping and Secretarial requirements to help your startup get the required push.
The Growth Stage of any startup attracts the attention of investors. However, the startup tries to attract potential investors. They make your startup investment ready with all your compliances ready to satisfy the doubts of the investors. You get the best valuation and due diligence services with an aim to attract the most suitable investment to fulfill your growth objectives.
Once you get the required investment from external sources, their scope of work also expands. Now, they provide you with all the facilities to retain your financial position and get a better insight into your future business journey.
Especia – Services
Especia services
They start understanding your business operations and align & modify finance processes along with management vision how they want to structure the entire finance Department, Finance Processes & Reporting. Their services align with your business needs & vision of the management to give you the one-stop solutions as your finance partner that covers Valuations, Secretarial Services, Book-keeping Services, Compliance, and Management Reporting. Their team helps you in getting investment ready at the time of fundraising with all the compliances and due diligence ready at hand. With Especia by your side, you can surely scale new heights in your business venture.
They identify the stage of your startup and render their services accordingly. Their services vary according to your business requirement and deploy full-scale operations to save your involvement, of any kind, in the day-to-day secretarial or any other financial activity. They focus on a âone-stop solutionâ for your accounting, compliance, and secretarial requirements. This facilitates your timely & accurate valuation and due diligence as they already possess all your vitals for the report. Their expert team saves your time, keeps a vigilant look on your finances, and gives you red flags beforehand.
Especia – Growth
Today Especia has 400+ clients with all their services outsourced to expert team with positive feedback for their services. They look forward to giving the most client-centric valuations, secretarial, and accounting services. Their team helps their clients qualify in due diligence and attract the best investors for their startup growth. The use of technology has played a key role in their service enhancement and making a more advanced approach towards technological advancements in their services to inculcate better outcomes of their services.
FAQs
When was Especia founded?
Especia was founded in 2010 in Noida.
Who is the founder of Especia?
CA Harshil Goyal and CA Sajal Goyal are the Co-founders of Especia.
The opinions & views in this article are contributed by various industry experts in the mental health domain.
âHealth is wealthâ goes the famous quote. It is true that most of us take care or have grown to focus on our physical health, the mental health and well-being have always been alarmingly abandoned. The health of our mind is almost as important as our physical health and results in damaging aftermath if not proving to have the most perilous of effects on our body.
Though quite a few of the startups of today have been founded to focus on our mental health, scaling these startups has been quite a challenge. If you are interested in the mental health startups and the challenges faced by them, go through this StartupTalky article to know further about them!
Dr. Anuneet Sabharwal | Founder & Director, The Happy Tree
Anuneet Sabharwal – Founder & Director, The Happy Tree
Happy Tree is a de-addiction, rehabilitation, and mental health hospital based in New Delhi, with a particular emphasis on the rehabilitation of addicts.
In my (Anuneet Sabharwal) opinion, one of the main reasons why mental health startups haven’t worked is because most of these startups are not founded by professionals in the field. Because they are not founded by professionals, the ins, outs, and subtle details that make or break a mental health or deaddiction business are not properly understood by the founders. Make no mistake, there is humungous demand. But the quality of mental health apps and businesses is not substandard. On the flip side, the mental health professionals who are doing a fantastic job, are simply not business or tech-savvy. So, while they are rendering excellent services to their clients, they donât have the vision for scalability. The Happy Tree has been a roaring success within just 5 years in the mental health and deaddiction space. The industry needs a visionary who is also a professional practicing in the field, to take charge and build a scalable business.
In the last 5 years around 500+ new mental health startups came into existence. Interestingly, the market for mental health looks very attractive to investors and they invest in technology-driven mental health startups led by non-medico/non-clinician anticipating an exponential growth curve, however, mental health is a complex and linear business model.
Unfortunately, technology, mobile apps, AI BOT, etc., can be a supplement not a solution when it comes to mental health help hence failing to create the right product offerings. Another set of startups led by clinicians sincerely lack growth and impact strategy. The B2C market demands a strong sense of vision, structure, and right implementation.
The global corporate wellness market size was valued at USD 52.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028. Hence attracting more and more players in the market who offer basic products like EAP (Employee Assistance Program) as their primary offering
However, EAP is a low-impact product and does not appeal to the business leaders anymore who are looking for concrete solutions. Another reason why Mental health startups are not taking off is because of the lack of product knowledge, industry knowledge, poor research & analysis, and a non-holistic approach.
In a nutshell, Startups are failing in creating the right products due to lack of understanding of the market, lack of industry knowledge, poor or no research, lack of appropriate training, qualified but untrained staff, less experienced team members, lack of innovation, investing in infrastructure than its people, trying to quick fix the infrastructural requirements, heavily relying on technology and social media.
Priya Kumar | Chief of Content & Founder, Genius Inside
The pandemic has worsened the mental health crises around the world and India was no exception. One in two people aged 18-29 years is possibly subject to anxiety and depression and another 17% are probably affected by it as per the latest reports. While it’s been a phenomenal time for the startup ecosystem in India as is evident, we are yet to see a surge in mental health startups. Many Venture Capitalists understand and see a huge demand for mental health startups, however, very few want to invest in these endeavors as they think these business modules would not scale.
We want to change the way people approach mental health issues and their cures by developing an ecosystem that is safe and can make people feel like they are in good hands. At Genius Inside we thrive on aiding individuals in personal and professional transformation. We aim to be at the forefront of bringing change and battle the invisible but evident threat.
Mental health startups in India havenât received the kind of response that the overall startup industry has received. This could be due to multiple reasons like lack of awareness, lack of support, lack of reach to all age groups.
Mental health as a point of conversation is gaining traction, but yet the mindset of multiple people is still to change, especially of the older age groups. It will take time for them to recognize mental health issues within them and in their younger generation and support anyone who needs helps to seek the same. This shift in mindset, however small it is, is prevalent only in the urban regions of the country, while other areas still do not give regard to mental health the same way they do to physical health.
Trust, sense of security, and breach of privacy are also factors that contribute to people not being completely accepting of mental health startups. While online counseling and therapy did see a rise during the lockdown, being completely open about having mental health issues is also stopping people from spreading the word about it.
For mental health startups to take flight in India as an industry, it is key that the mindset of people changes and awareness about mental health increases. Along with giving recognition to mental health at the same standard of physical health
Nitin Bindlish | Founder & CEO, Mom’s Belief
Nitin Bindlish – Founder & CEO, Mom’s Belief
Itâs been quite a while that mental health which was once a taboo is now an important subject of discussion. The startups dedicated to upscaling mental health have been trying to put their best foot forward to spread awareness about the importance of mental health and mental health issues. What is also worth mentioning is that the pandemic came as a silver lining and rendered a helping hand in increasing awareness about these subjects. Consequently, people not only know but are also trying to accept the need for mental health measures. But they do face their fair share of challenges. The spending capacity for mental wellness by people is not considered as it takes them time to accept that paying for a mental health issue isnât a big deal. Just as other countries prioritize mental health, India also needs to look at greater investments in this domain. Another major hurdle is that experienced trusted senior talent is unable to cope with the new-age developments in this field. The age-old concepts wonât fit into the present times’ industry landscape.
One of the major challenges for the field of mental healthcare is for people to accept the need for mental healthcare services, especially for the kids. This problem would amplify when kids will join offline schools and they will face obstacles in adapting to the changing environment. This is where courses helping in bridging the gap would emerge as a saving grace. We at Momâs Belief are the largest mental healthcare providers in the Asia-Pacific region for children. We offer a plethora of programs & services for building emotional intelligence to interventions that help kids counter the challenge with the help of AI/ML. We ensure deep learning of actions, brain signals, and emotions for a quick, accurate, and insightful analysis of children dealing with developmental delays. On the whole, we aspire to empower each parent and touch a million lives with our offerings. (for regular and kids with developmental delays).
Conclusion
Though the mental health startups are striving to make their own mark among the startup companies of now, most of them are not able to reach their full potential due to the rising list of challenges that they are facing. This was thus an attempt to highlight a majority of them.
We hope you liked our article! It would be great if you let us know how you feel about it via your valuable comments and feedback. Also, let us know what else we can cover in this article and the upcoming ones.
The article is contributed by Mr. Shubham Khanna, Founder & CEO, Liquii Beverages Pvt. Ltd.
With a growing population, there is also a rise in concern over healthy foods and drinks. People are now more aware of the food and drinks they are consuming. This has led to Food and Beverages companies working on their toes to deliver the best product they can. Consumers these days are well aware of the products they are consuming, they are in regular touch with the health factors of the food delivered to their doorstep. Food and Beverage companies not only have to look out for their competitors but face other challenges too. Â Some of the challenges that these companies have to go through are listed below.
Innovation
To retain their position in the market or to sustain the cut-throat competition, it is likely that companies have to go through innovative ideas. The market is full of Food and Beverage Companies offering products that are tempting enough for consumers to go for. In this rush to get creative, food and beverage companies have to come up with something new. With so many different products available for purchase across a multitude of channels, product innovation and differentiation is getting increasingly important. For one, plant-based and fresh Products disruption will continue to increase. Demand for Fresh substitutes has rocketed recently, and consumers are consuming more plant-based and Fresh alternatives. The key to longevity is the need to accelerate new product development and adapt & improve products in correlation to thorough R&D.
For any company to achieve success and growth, it has to check all the boxes of striking the right concept. Most of the Food & Beverage companies fail because of the lack of awareness about the concept. Nearly 60% of the startups fail around the first year of their inception. But if you have done the right research about the market, and focus on disruptive ways to integrate the right balance between functionality and long-term brand vision, you will succeed. Products are bought and not sold, and consumers have now become aware of the social and lifestyle impact of the brands. Itâs important to build a strong community of loyal customers who not only like the product but also align their values to the brandâs vision.
Customer Centricity
With the internet playing a dominant role in everyone’s life, consumers are well aware of what they are being offered on their plates. Consumers are becoming savvier, more informed, and are demanding change. To that end, customer-centricity has to be at the heart of every F&B company. The companies should not only keep the safety of consumers in mind but also their mindset regarding the environment. To better meet the demands of the target market, it is imperative to tap into customer insights like behavioral segmentation and product preferences and centering the innovation efforts around them. That doesn’t just mean the product itself, but also the end-to-end customer experience from shopping to eating, to delivery to the doorstep
Waste Reduction and Sustainability
Reducing food waste is imperative not just to cut down on unnecessary costs, but also to reduce planetary impact and optimize organization sustainability. In addition to that, the consumer is also becoming more aware and concerned about the planet, so they are opting for sustainable options. Â Sustainability issues must be brought to the forefront. In particular, addressing the food system to eliminate food waste and build a better food system for everyone. One of the key pillars of sustainability is to fight food waste by finding a home to âbad-looking but not bad-quality â fruits that otherwise get discarded. Through years of research, itâs been proved that itâs not the food thatâs bad but itâs the food system.
Pandemic has turned the world upside down. No one has ever expected the scale of impact the pandemic would cause. The Food and Beverage sector has faced the worst burn of the coronavirus. Not only has consumer demand decreased but it has also hit the manufacturing and supply chain. Ingredient sourcing with farming and agricultural activities have also seen a great loss due to pandemic. Consumers still refrain from ordering food from outside. While the onset of vaccination helps reduce some of these challenges, the aftermath of the pandemic is likely to remain.
Everyone knows that being an entrepreneur is not easy. But, everyone thinks of becoming one with their âOne in a millionâ idea. Everyone thinks that âthis is something no one has ever doneâ. Everyone has a unique business idea, but there are very, very few people who really give it a try. It doesnât matter that they achieve success or not, at least they are trying.
As you are reading this post, I am assuming you are serious about being an entrepreneur. So, here are some problems you will face in your entrepreneurial journey and some truth about startup life.
This may seem easy to start, but when you do it, you face many unpredicted things. And one of the main things is getting the first 10 clients for your company. You canât just rely on advertisements. Advertisements may work, but unless people talk about you, it will never work. And to make people talk, you need a real customer. You need someone who uses your product or service.
To get your first 10 clients, talk about your startup with people you know. They could be anyone, your friends, your neighbors, or your colleagues. Let everyone know what your product or service is. Do not be introverted while talking about your startup. Startups are not a shame, they are pride.
Marketing
Getting the first 10 clients is not enough. It is not written anywhere that once you got some customers, they will market your product. You have to put in effort to market your product. And believe me, you will have to go through each and every kind of marketing process if you donât have tons of money lying around. You will have to bargain for pamphlet printing, bargain with vendors, tell people about your product or service on roads, and literally everything.
Startup Marketing
You will feel uncomfortable, but it will totally worth it. Some people think marketing is only limited to online marketing or creating ads. But marketing is a very vast process than you think. And as an entrepreneur, you will have to map all the roads of marketing.
Lack Of Experience
It is much easier for a salesperson to go and acquire customers, but not for others. You will need each and every type of knowledge and experience to really stand a chance to succeed. Try doing as many jobs as possible. Or you can also go for internships. It can be any job. On-field Marketing job is the best as they will make you uncomfortable. And once you are comfortable with being uncomfortable, you are full of âyouâ.
If you are going to have a tech startup, it is still advisable to gain some experience first. Gaining experience not only increase your knowledge, but it also increases your network. You cannot really tell that your old school or college friend will buy your product, but your office mate might buy it as they are more mature.
âIf you want to go fast, go alone. If you want to go far, go together.â
This quote is totally indeed. When you have a partner, and they say âwe should do this instead of your planâ, it really sucks. You might think âMan! It was my idea. Iâll do whatever I likeâ. But believe me, partners are important. However, you cannot go on the streets and ask someone âwill you be my business partner.â
That is why it is very tough to get a business partner. You might have a big friend circle, but not all of them are interested in entrepreneurship. You have to find someone who is as passionate as you are about your business idea. Although there are many websites which let you find your business partner but believe me, they are not worth it.
You canât partner with someone you donât have any emotional relationship with. You may partner with your best friend, they even may like your idea too much. Just make sure they donât leave you in the middle of anywhere. Many people think they are passionate about entrepreneurship, but internally, they just want money. You can’t be an entrepreneur if you always think about money. So chose your business partner wisely.
Facing The Awkwardness
Yes, it is true. There will be many times when you will feel awkward because of your business. It can be anywhere. Like, at a party, someone asks you about your startup which is in its initial stage and not making any profit from months, people will say âget a life manâ. You have to understand that they are saying â9 to 5 sucks but we make better money than youâ. It is true, but not for a very long time.
Not everyone understands that great things take time to build. Everyone wants quick results. You may also feel awkward to pitch your product in front of rich and successful people. But you have to understand, once they were also a “nerd with funny dreamsâ. So, be confident, and donât stress if you couldnât make it.
Brutal Truths About Startup Life
The Depression
This is one of the most brutal truths about startup life. You have to face so much depression. Mostly as it is a very time consuming profession which will lead you to lose time spent with friends and family. It can be very alienating at times as your top priority will be only on your startup idea. So, you will need to find proper ways to have a work life balance to ensure you don’t slip into a depression. Read, play or do anything you like and smile more.
Getting Backstabbed
Not once, not twice but many, many times you will be backstabbed by your own people. You literally canât totally count on anyone. There is no guarantee that your partner will never pull his hands back from his responsibilities or even abandon the startup. Or, your friend who told you to provide raw materials on the debt will never file a complaint on you. You really canât trust anyone.
This is a startup, this is everything about money. Everyone who is with you in this, are there just for money. And if it will take time to show a profit in the balance sheet, everyone will get frustrated. So, they will see you as their enemy. They can do anything to create problems for you. However, there is no solution to it. You have to go through this. So, keep calm – this is just one more hurdle in your startup story.
Yes, you will fail! The startup is less of a science and more of an art. And an artist doesnât make masterpieces in each and every attempt. They fail but they learn. You have to understand that if you have a very unique idea, you will succeed.
Only 1 out of 10 startups succeed. But that one has failed 10 times. And that is why that is the âoneâ. And donât think that you should not give too many efforts as you are going to fail anyway. Exceptions are there. So, do your best, donât stress, and smile more.
You Will Face Hate
Try pitching your product to anyone in the crowd or cold calling anyone, they will curse you to hell. And this will be constant in the journey of your startup till you turn it into a âcompanyâ. Hate is nothing but an emotion. So always remember, if someone is hating you, they are thinking about you. Which is so beautiful in itself.
They are giving you their time. So, donât stress about it. Even if itâs your best friend who is hating or making fun of you because of your startup. They donât know what effort it takes to actually working on your idea.
âAll Because Of You!â
When anything will happen to your company, it will always be blamed on you. And the brutal truth is, you have to face it. Because you are the one who started it. Each and every partner will point their fingers to you in low sales, bad marketing, etc. Even when you are not the in-charge of that area.
So, instead of arguing in those matters, try finding a solution. Try to back the situation up. And learn from it. If you will try to argue, everyone will be against you. You are the leader and the only string which unites the company.
Conclusion
There is nothing wrong in having a dream, but make sure they make you sleepless. Every big entrepreneur was once âanother startup nerdâ. But they made their way from the social norms.
Do you have an unique idea? Make sure you give it a chance. And donât wait for the âperfect momentâ, just put your step forward. You can start just now, at this very moment. Later never comes. Just call the person you think can be your business partner, now. Or call the person you think needs your service. Just do something which pushes you forward to your dream. Best of Luck!
One thing which is obvious in this era of startups is that it’s not going to be easy like slicing a butter with knife. While a large number of these startups shine and thrive, others sadly vanish into the oblivion. Circumstances have been particularly hard considering recent economical changes well.
Nothing comes easy. The road ahead for startups is anything but a smooth one. So, it is important for them to execute their business plans in a manner that proves their vision and worth.
Now, let’s address the most important question: Why do new businesses fail? Here in this article, we will examine with engaged approach concerning what are the most well-knownissues of startups and their solutions.
Money is one of the most important assets without which the base of a startup cannot be created. Small startups depend heavily on funds from the investors. Also, when monetary issues hit a startup due to any reason, they can hit hard, thus postponing significant developments like rolling out items, recruiting key staff, or building more workplaces.
While taking help from an established and reputed monetary firm might be able to help with money related emergencies which threaten the startups, the real solution to a flourishing startup is to ensure that you understand your receivables, payables, and the net situation consistently with the end goal for you to prepare. It’s important to have emergency funds before you start and add it in your business plan and budget accordingly.
Team building
A hastily chosen team can break your dream of driving your startup to success. Look beyond resumes and use your best judgement to choose your dream team. When posting job vacancies be detailed about what precisely are you searching for and with what financial plan and advantages. Also, make sure you clarify what qualities newcomers must have, what the job obligations would be and what hours and days they would be working.
This will spare yourself a huge load of time as individuals who might apply would know about the financial plan and obligations while applying.
Erratic business planning
Proper business planning is the key for startups to make their businesses take off. Due to poor planning, many businesses fail in the very first year because they do not effectively look into the challenges and pitfalls. If their business plans lack perspective, they are destined to fail or they have to continuously devise and change them.
So, before launching your startup, it is vital for you to carry out a thorough research by investigating from suppliers to taxes to competitor prices. This approach is the bedrock for a successful business, which needs to be viewed in holistic way so that vision for the product is aligned with the identified target audience. Writing an effective business plan in the earlier phase helps startups to define what their business is, the market it serves, how it will conduct operations, and the money it will make and spend.
Finding customer loyalty between fierce competition
Continuously consider your optimal customer base and how to earn and retain them. You are the person who gives answers to their necessities, and that must be your business reasoning. Your business can grow in case you have clients who are pleased with you and who will spread out kind words about you through verbal promoting, online media, and so forth.
But remember, the corporate world is extremely fierce. If you have a startup that has been established recently, the opposition gets even tougher.
In any condition, the road is not easy for startups. There will consistently be rivalry, and the competitors would whisk away your clients and customers. It would be advisable for you to analyze the qualities and shortcomings of your competitors, be aware of not committing the same mistakes as them and be different and unique as much as possible. Remember to be firm in your identity and vision.
Partnership
Partnership is the way to progress. Humans were, are, and will be social and mingle with each other. But when it comes to leading your startup to success, be eagle-eyed. In this ever-growing and ever-changing digital time, where startups need to fight hard for their endurance, new businesses find it hard to track down reliable partners. Taking everything into account, stakes in partnership are a lot higher for startups. One wrong move and everything would collapse.
A partnership may deliver incredible profits for the startups, however they have to consider a variety of factors before settling on any choice to team up with another startup working in a similar ecosystem. To reap the maximum benefits out of a partnership, startups should search for partnerships that enjoy a good presence inside the market and a fair share of rivals.
In a nutshell. a keen eye, well-thought decisions and the persistence to keep moving forward would pave the way for your startupâs success.
This article is contributed by Amit Tyagi, Founder and CEO of Neuherbs India
Mahenoor Mansuri
