Enter the compelling narrative of National Startup Day, where readers will immerse themselves in the vibrant world of emerging businesses and visionary founders. In this article, the focus is on shedding light on the initial challenges that startups bravely confront, emphasizing the formidable hurdles and invaluable learning experiences inherent in their early stages. Drawing insights from the journey of a seasoned startup founder, the aim is to cultivate understanding and rally support for entrepreneurs navigating the intricate path of launching a new venture.
Join the journey as National Startup Day is celebrated, spotlighting remarkable stories that underscore the possibilities and triumphs within the broader startup ecosystem.
Diwakar Chittora, Founder & CEO of Intellipaat
In order to build a successful startup or any company, here is the list of key resources, including talented resources, infrastructure, initial capital that will help the organization grow and survive, and strong Vision and Execution. A decade ago, the startup landscape was very different compared to the present; a drastic difference has happened.
10 years ago, people were not ready to take risks and preferred being high-paid employees rather than entrepreneurs. However, it has changed now, and India is one of the fastest-growing countries, which has steep growth for new-age entrepreneurs like West. Now, a failed startup is no longer a taboo for an individual’s career graph!
A lot of challenges are faced by entrepreneurs in the initial days, which include:
- A strong team to believe their vision and execute the idea
- Capital that will help the company to survive.
- Right mentorship: A founder cannot be a master of all things; hence requires a right mentor to guide and that can help in making the right decisions at the right time.
- Motivation: Entrepreneurship is full of challenges, and every day is tough. You need a partner or a team who can build and keep up the motivation in difficult times. A never-die attitude has to be there.
- Competition: As an entrepreneur, you need to make sure you address the gap present in the market to beat the competition.
- Sustainable Business: Many entrepreneurs make mistakes while growing their business by focusing only on revenue and not caring about the profits. Business is all about earning a rupee by spending 25 paise. As a result, when funding dries, most of the business gets into the shutting stage. As an entrepreneur, you need to make sure to build the company’s fundamentals so that it can withstand by itself without needing external funding.
Priyadarshi Mohapatra, Founder and CEO of CureBay
In the dynamic journey of entrepreneurship, Priyadarshi Mohapatra, Founder and CEO of CureBay, emphasizes the fundamental truth that basic challenges, such as initial funding hurdles, are intrinsic to a startup’s narrative. From navigating market uncertainties to building a robust team and establishing market presence, these challenges are not setbacks but essential chapters in crafting a resilient and impactful startup story. On National Startup Day, he inspires us to embrace these hurdles, recognizing that overcoming them is not just a part of the journey but a testament of every startup founder for their unwavering spirit and commitment to never give up on the journey.
Vinayak Shrivastav, Co founder& CEO VideoVerse
The traditional advice of solving a familiar problem needs an update in today’s dynamic landscape. Leveraging advancements in technology, especially generative AI, and navigating a competitive market, entrepreneurs can today achieve greater success by addressing a set of interconnected problems. Entrepreneurs who think more broadly about problem-solving will find deeper integration into their users’ lives.
We exemplify this approach at Magnifi; by aiming to provide time and cost-efficient technology for content generation while solving for resizing, branding, and distribution of video content under one platform. By offering a comprehensive solution, we’ve seamlessly integrated into production workflows, demonstrating the value of a holistic problem-solving strategy.
Moreover, in the fundraising realm, the common shotgun approach is also often counterproductive. Being strategic and aligning with investors who share and understand your mission and values gives you a stronger starting point. Following this approach with Magnifi, and using carefully selected investors from a curated list, led to invaluable support and aided us in becoming a premier platform for AI-powered video editing. Entrepreneurs who strategically align with the right investors will find not just financial support but true partners in their journey.
Vikram Subburaj, CEO, Giottus Crypto Platform
Every venture, no matter how successful it becomes, starts with challenges and hurdles— especially in niche sectors. At Giottus, we focussed on two constituent elements for success—building strong teams and investment in developing a robust platform.
Building a motivated team with varied skill sets is a key to our success. In a niche industry, employees often learn on the job—they need to be given time and consideration to perform key roles. Also, as a product-based fintech platform, security is a top priority. Ensuring the safety of funds of 1.1 million customers is a costly endeavour while navigating the changes in regulatory and tax regimes in our industry (crypto).
We embrace these challenges without fret as we believe in the immense scope of the fintech revolution.
Our message to all budding entrepreneurs: remember that every obstacle is an opportunity, and every challenge is a stepping stone.