Pros and Cons of Being an Entrepreneur in India
Startups have always fascinated the young generation who have always dreamt of making it big with their own business. Rather for slogging nine to five every day in a salaried job, they prefer to establish their own identity by being entrepreneurs. In fact, there are people in their 40s and beyond who are quitting their secure jobs and foraying into entrepreneurship.
While the idea seems rosy, entrepreneurship comes with its own merits and demerits. In the huge and varied economy that India runs, there are numerous factors that influence startups. So, you need to know the pros and cons of running a startup and whether or not it would be suitable for you.
First, have a look at the advantages of entrepreneurship in India that actually make it worth trying:
Freedom to Innovate
If you work as a hired employee, you are bound by the company’s policies and vision. On the contrary, as an entrepreneur, you can use your entire energy with full freedom to innovate and create. You might want to design and produce your own product, or you might have an innovative service which you want to introduce to the world. Whatever your goals are, entrepreneurship gives you the independence to use your own expertise as you want. You might consider doing an entrepreneur program in India if you want professional guidance. Given the importance of startups in the Indian economy, the government is providing a boost to entrepreneurs who can bring something innovative on the table. Did you know that India ranks 60 among 127 countries on the
Global Innovation Index? While the position is still on the lower side, it has improved the second year in succession in 2016 and 2017.
Own Boss
Yes! You don’t have to report to anyone. You can take your decisions. If you are someone who wants to be your boss, take initiatives and control things in the business, entrepreneurship is good for you.
Promising Funding Options
While you might be worried about managing capital for funding your startup, you must know that the country has many Indian as well as foreign investors who are eager to invest in a promising startup. The only point you need to emphasize is a solid idea. If you are sure that your innovation is not just a dreamy idea but a foolproof and valuable product or service, you can rest assured that you will get funding as per your requirement. There are various types of funding options to choose from:
- Angel investors
- Seed funding
- Crowdfunding
Mentorship
The importance of mentorship in startups can’t be emphasised more. It is one thing to have an idea and create a product. But, it is another ball game to commercialize it, raise capital, grow your business, hire a team, serve customers and handle administrative tasks. Mentors can guide you in every aspect of the business. Usually, if your startup shows great potential, the mentors would knock your doors on their own. The mentors could be your investors, business consultants or any industry expert. However, nobody approaches you, don’t worry. The incubators and accelerators can come to your rescue.
On the other hand, there are reasonable factors that also make startups quite disadvantageous. Here are a few of them:
Fickle Employees
Most job seekers think that startups offer a dreamy job – flexible hours, work-life balance, leisure facilities, great working ambience and so on. However, their misconceptions break when they enter the real startup world. It is a fact that working for a startup can be gruelling. Before you plan to get your startup rolling, you would have to find the right kind of employees to work with you which is still quite challenging in India. Not everyone is interested in working for a company which is in a budding stage and insecure.
Taxes, Rules and regulations
India has laid down a wide range of rules and regulations for startups which are sometimes hard to fulfil. Right from taxes to policies, the framework of criteria required for a startup in India is difficult as compared to other parts of the world.
Competitive Markets
There is competition everywhere. In fact, the whole world is competition. Whether you like it or not, there is competition in every field – ecommerce, IT, food, healthcare, etc. If you don’t do your market research well, you might end up with a product or a service that is being provided by several other companies. You will find it difficult to work out competitive pricing and gain a huge customer base fast.
Work-Life Imbalance
Owing a startup can be very demanding. There are rejections and failures. There is a lot to be established before succeeding. You have to put in long hours which affect your personal relationships and health.
Take the above considerations in mind to decide whether or not you really want to plunge into entrepreneurship. If you weigh the pros and cons accurately and work on the challenges diligently, you can very well have a bright future in entrepreneurship. If you decide to go ahead, start your journey with entrepreneur program in India.
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