Startup is the most audible and sensible word during an academic career, which decides a professional career. The term Startup redirects to an organization where mutual innovations and goals start to grow up. The startup became the most common word in the era of digital India. Most of the brains of today’s generation strike with a startup. But all should remain very clear that the phase ahead of a startup is full of struggle.
In the vast environment of the startup of the world, India has placed in the 3rd position. Govt. of India had launched an initiative “Startup India” on 15th august 2015 to promote startup innovations in India. Karnataka has the highest number of startups in India, while Bangalore is placed in the world’s best 20 cities list, having most startups. The department for the promotion of industry and internal trade (DPIIT) has recognized over 27,916 startups as of February 2020. The % of startups led by women entrepreneurs is at 15%.
• What makes an individual to start a startup?
A startup makes a man independent in work. Some are passionate about the ownership of an organization so that they don't need to be dependent. Sometimes any motivation strikes their brain to build their career in this field by implementing their skills. One of the main reasons is the growing market, which is creating an infinite number of opportunities.
• How do the startups invest?
At the initial stage, mostly families and friends are the source of funding. According to a report, 42.9 % of startups are funding by their families and friends. While a few startups get funding support from Govt. and private organizations, according to their performance.
• What are the preferred sectors for a startup?
According to the Department of Statistics and Information Management 2019, the count of startups related to data and analytics was at maximum, which was about 14.1 %. Due to the covid19 crisis, it is assuming that startups related to e-education and health will be at the top position.
• What are the academic backgrounds of founders?
A startup is structured with technical and non-technical skills. Relevant skills are a necessary part to design a startup. As the initiator of an organization or business, he/she doesn’t just need to bear a master’s degree or anything else. According to a report, one-third of the founders of different startups have an academic background in engineering. 7.3 % of the founders are still students. So initiation of a startup plan can be initiated at a student age also.
• How to manage a startup in the initial stage?
The launch of a startup may happen very quickly, but it is very tough to manage it. In the initial stage, the workload is concentrate. Most of the startups initially work with a very less number of members. When the services or products of a startup initially increase, then it is called primary growth. To achieve the primary growth, employees have to implement multi-skills. Several numbers of tasks of distinct areas have to be performed by a member.
• How long does it take to grow a startup?
The growth of a startup depends on the market situation. So, the startup has to introduce a product or service, which is less competitive, or else the startup has to increase the demand for its product or services among several markets. To foster the supply, the investment for products has to be raise. It is also very dependent on the collective efforts of its organization. It may take several years to witness the steady growth of the startup and for that the startup should be very well organized.
• When does a startup convert into a company?
A startup achieves its common goal after steady growth in its diversity. It has to be well focused and assured about its products so that the demand may not be deceased. To increase the production of products or services, it has to increase the number of employees. In this way, a well organized small startup slowly starts to convert into a large organization. It also increases its annual transaction in many ways to stay alive in the competitive market. In this way, after a lot of changes and modifications, a startup converts into a company.
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