On World Entrepreneurs’ Day, venture heads say that the time is right for more people to start out and list the crucial skills that will help budding entrepreneurs sail the rough tides. The Rio Olympics 2016 and Indian startups have many things in common.
In Rio, from beginning everybody has had high hopes from all Indian sportspersons who too gave the best show of their lives but the medals tally could only open little late. Anyhow, the nation’s mood is buoyant again and there are hopes for more medals and celebrations.
For startups too, the ecosystem was charged up since the beginning of this year. However, recent concerns about their business viability has put budding entrepreneurs on a guard.
As we celebrate the World Entrepreneurs’ Day today, we spoke to a cross section of successful startup heads to understand what is on offer for new entrepreneurs ahead. The good news is that our panellists unanimously agree that tidings will only become smooth now on.
Here are their answers to the most crucial questions that newbie entrepreneurs grapple with:’
What skills should entrepreneurs have before launching a venture?
Subrata Ghosh, CEO & founder, Redstone Learning says, “deep understanding of the problem you are going to answer and the domain concerned is the key requirement. Good understanding of marketing and technology, sales acumen and ability to lead a team are the crucial skills.”
Vishwas Mudagal, CEO & cofounder and Sonia Sharma, founder & MD, GoodWorkLabs Services Pvt Ltd. also agree that it is critical to understand the problem you are going to address. Further, they add “first and foremost thing is to assess the desire to start a business. Knowing that business is messy and chaotic, it is important to measure your passion and willingness to go the extra mile. Be prepared to systematically navigate your startup through the attitudinal complexities that are bound to come your way.”
Shobhit Bhatnagar, CEO & cofounder, Gradeup says, “solving a problem which you understand closely and are passionate about, identifying the scope and the market, and putting the right team in place to start, these are the pre-requisites to starting up.”
Anup Sahoo, founder, Ideapoke has two distinct pearls of wisdom for budding entrepreneurs. He says, “innovative adaptation of Business Intelligence, strategic identification of pain points and presenting them attractively can solve many market demands. Unique approach to the Indian ecosystem can consolidate the industry as a whole.
- Instead of following western models (or the existing ones present in the same industry) primary things like, product innovation, design, manufacturing, etc be given apt attention.
2. Instead of first creating an attractive solution and then matching the demands, startups should pay attention to existing market pain
What possible fate is awaiting new startups?
Our panellists give a thumbs up for the coming times. Subrata Ghosh says, “startup wave is here to stay. This is a path towards money and fame while creating something valuable in the process. Startups will solve more and more difficult problems for industry and society. Bigger companies will also start behaving more like startups in order to survive.”
Vishwas Mudagal and Sonia Sharma feel that there has never been a better time to start out like now. “There are so many problems to solve all around you, and these could be the next unicorns. All you need to do is look around you and pick one problem that a billion people are facing and solve it better than anyone else,” they say.
Shobhit Bhatnagar adds, “we are still at the very start of startup revolution. Thousands of companies will be built around solving problems that are unique to the Indian market. A lot of things are right today, that make this revolution possible – founders who have seen some success, a maturing VC community, and technology/product folks who have already built great products”.
For startups, which sectors should one watch out for?
Panelsists unanimously agree that healthtech, edutech and fintech are the sectors to watch out for.
Subrata Ghosh lists these as huge markets in India where billion dollar companies will be created in the coming years.
Further list from Vishwas Mudagal and Sonia Sharma includes:
· Internet of Things: Niche product ecosystem scope for Internet-for-Things, as well as players with innovative intellectual property and platforms.
· Agriculture technology and clean tech Gaming, AR, VR
Shobhit Bhatnagar adds services (apart from the three mentioned) as areas where great companies will be built. “At an overall level tech will play a major role in drastically improving the quality and bringing down the cost of delivery of services,” he says.
Anup Sahoo says that the industry is going to be in the hands of key players who are ready to be steadfast with innovation, steady vision and evolving scalable services.
And like the Rio Olympics, for the startups too hope is rising and more promising players are expected to emerge in the market.
Date – 23rd August , 2016.
Source – www.shrm.org