Majority of you might be aware of this “not so casual term”- ENTREPRENEURSHIP. Well, I don’t think being familiar with this word or having much information about it would be enough for you in case you are dreaming to be the one associated with this. To be an Entrepreneur is not so easy like everyone thinks and also not everyone’s cup of tea. However, in the case that you are able to be the one successful entrepreneur, a single person cannot handle the whole, you would undoubtedly need a team of co-workers.
So, in case you are an Entrepreneur from India, you just have to “Hope for the best and be ready for the worst”. Your venture might turn out to be the best thing of your life or maybe the worst. No one knows! In a busy country like India, success and failures are the activities that are quite certain to happen daily. One of the biggest reasons responsible for the failure of the ventures in India is the lack of funding. According to various reports, it has been concluded that approximately 1000 startups have vanished in the previous two consecutive years. Much of scary information, right? No need of any worries, in case you are dedicated and you think you have many funds to start up a business and make it grow to heights, trust me you can be the successful one.
Now I am going to site some of the major reasons responsible for the failure of the entrepreneurs in India. Have a look:
1- Impatience in the budding entrepreneurs
No one can get instant recognition and fame in this world. For being the best or even one of the best entrepreneurs, you need to have a lot of things and qualities in you and one of them is being patient. Nothing is straight in this field. When you start realising that everything has started to head towards south, one needs to handle those restless situations maturely. Setting up a venture needs new and advance technologies, large scale investment, scaling of their business etc, thus don’t look out for the shortcuts leading to success, solve all the problems and issues one by one and feel the development by experiencing it.
2- Mentors can’t be reached easily
Any company whether developed on in its starting phase, needs a mentor. But, reaching out to the most successful and the best mentor is not so easy in India. It is even more difficult than arranging funds for your venture in case you are lacking behind in it. Mentoring is the best way for and Entrepreneur to achieve success and also, the studies show that the business having the support of a mentor is more likely to reach greater heights rather than the others having no mentors. So, if you are not having one, get him now if you want to see the higher world.
3- Top tier colleges have absence of incubation centres
The top colleges are just providing the students with those kinds of professors who are not just dedicated towards their work. They just think this teaching is just a part of the course and nothing else. They are professors only because they know all the answers even if they have never experienced the Entrepreneur’s life and the hardships they all have to suffer during the course of their venture’s setup. Giving the students only the bookish knowledge is not enough, you need to make them experience all the things included in the Entrepreneurship.
So, above three were the main reasons of why the Indian Entrepreneurs fail in India. There are many others but, these are the most important and the acknowledged ones. Have a read and in case you are getting ready to own a startup, keep these things in mind and trust me on this! No one can stop you from becoming the most successful Entrepreneur, not even you. Good luck!