How to Start A Startup? is the First and Foremost Question that Strikes the Mind of Every Aspiring Entrepreneur. You will find the Answer of this Question before Completing this Article.
Hi Everyone Today We Will Talk About How To Start A Startup in India
The Typical Startup Fairy Tale Goes Something Like This: You Begin with Young Entrepreneurs from IIT’s or IIM’s Who have Come Up with Some Novel Idea. After Creating A Prototype, the Guys Enter Startup Boot Camps & Recruit A Group of Early Investors. If the Initial Plan Succeeds, they Go into Heedless Expansion Mode, Which Usually Means Selling Off Huge Chunks of their Company in Exchange for lots of Money from Venture Capitalists.
How to Start A Startup In 1 Day
With IT Glitches Out of the Way, the Ministry of Corporate Affairs (MCA) is Gearing Up to Switch to A Comprehensive System of Selecting A Name & Incorporating A Company.
The System Upgrade, Along with Other Changes, has Drastically Brought Down the Time Taken to Reserve A Name for A Company from 6 Days to 1/2 A Day Now. It took An Entrepreneur Just Over 1 Day to Incorporate A Company Compared to 6 1/2 Days. Even in the Worst Case Scenario, the Average Time Taken to Register A Company is Down to Less than 2 Days Now.
The Government had Merged 3 Forms Into 1 for Registering A Company, A Process that is Now Online. The Process to Decide On A Name has Also Been Re-worked, Which Could Take Up to 10 1/2 Days Earlier, Data Available with MCA Showed.
With Infosys, Which Was Tasked to Upgrade the Ministry System, Fixing the Problems, the Slippage in the Time Taken to Incorporate A Company has Improved from the So Called “Crisis Period” When the Average Time had Shot Up to Close to 5 Days. Infosys had Faced A Lot of Flak for the Problems that Arose During the Transition of MCA-21 to A SAP Based System.
SPEEDING UP INCORPORATION OF COMPANIES IS A KEY ELEMENT OF THE GOVERNMENT’S EASE OF DOING BUSINESS DRIVE
EASE OF DOING BIZ
The Average Time Taken has Come Down from Over 6 Days to ½ Day Now.
The Average Time is Down to 1.2 Days from A Peak of Nearly 7 Days.
STARTUPS NEED A DIPP CERTIFICATE FOR IPR BENEFITS
In A Move that Will Improve “Ease of Doing Business”, A Startup Will Now Need Only A Certificate Of Recognition from the Department of Industrial Policy & Promotion (DIPP) to Avail IPR Related Benefits.
Earlier, A Budding Entrepreneur Had to Approach An Inter-Ministerial Board to Procure the Intellectual Property Rights (IPR) Benefits. Under the ‘Startup India’ Action Plan, The Government had Announced 3 Year Tax Holiday & Other Benefits to these Entrepreneurs.
What’s Often Forgotten is that It’s Possible to Start A Tech Company that Runs More like A Normal Business than A Debt Fueled Rocket Ship Careening Out of Control.
How to Be An Entrepreneur
Startup India Learning Program
Startup India Learning Program bring together some of the most successful, most dynamic and most driven entrepreneurs this country has produced to help you overcome the challenges of entrepreneurship.
Startup India Learning Program is a free online Entrepreneurship program by Startup India, a Government of India (GOI) Initiative. Invest India in collaboration with UpGrad has developed this program. The aim is to help entrepreneurs get their ideas and ventures to the next level through structured learning. The program covers lessons on key areas of starting up by 40+ top founders of India in an extensive 4-Week Program.
Here is a Glimpse in to the program and to the Struggles of the Entrepreneurs Journey:
Key Program Features
Learn about real-life successes and failures from top Indian entrepreneurs across domains.
Get step by step insights in creating a Business Plan for your venture.
Networking & Mentoring
Interact with fellow Entrepreneurs in an interactive discussion forum.
Receive an official Startup India and Invest India Certification.
Idea Identification and Assessment
Identify your idea and assess it with respect to your potential customers and the market environment.
FINANCE & LEGAL
Building a Legal Foundation
Define the right legal foundation for your company and explore fundamentals like Company Registration, Compliance, Patents etc.
Understanding Finance Basics
Understand the fundamentals of finance & accounting comprising of financial statements, break-even analysis etc.
Introduction to Business Planning
Learn how to build an effective Business Plan for your venture
PITCHING & FUNDING
Fundraising & Valuation
Understand an investor’s mindset on matters of company valuation, fundraising, equity dilution among other things
Pitching & Termsheets
Learn how to pitch your company to investors and identify the key focus areas in term sheets
Ramesh Abhishek, DIPP Secretary
“With the objective that India must become a nation of job creators instead of being a nation of job seekers, we launched the StartUp India initiative in January, 2016. This initiative aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for the growth of Start-ups. As a part of this initiative, we are proud to present the StartUp India Learning Program, a free course in entrepreneurship developed by UpGrad for Invest India. We hope that many budding entrepreneurs of India will benefit from this program and get the right learning to start their dream ventures.”
Ronnie Screwvala, Co-founder, UpGrad
“I started my entrepreneurial journey several years ago, when startup success stories were rare. Today, we are experiencing a somewhat special, even exceptional era in our country’s economic and business history. An entrepreneurial spirit, led by the success stories of Flipkart, Snapdeal and Zomato to name but a few, has been unleashed in this country like never before. To help kindle this entrepreneurial spirit we have tied up with Invest India for StartUp India initiative by Government of India (GOI) and have launched a free program in entrepreneurship called the StartUp India Learning Program.”
You can Read a Complete Article on How to Be An Entrepreneur
Benefits of Start-up India Stand-up India Campaign
- Initiatives like Startup Certification, Roping in Bodies like CBDT to Give Tax Breaks to Entrepreneurs, Setting up Incubators and Tinkering Labs have Been A Great Help in Strengthening the Startup Ecosystem.
- Several States Have Gained A Head Start. Karnataka, for Instance, is a Towering example, Due to Bengaluru’s Existing Startup Culture. But, NCR, Telangana, UP, & Kerala too have their Own Policies in Place.
- After the Successful First Phase of Operations, Startup Village in Kochi (Kerala) is Aiming to Align itself with the Centre’s ‘Startup India’ Programme.
- “In Phase I, We Succeeded in Creating a Seed Entrepreneurial Ecosystem in Kerala. In the Next 5 Years, We Plan to Support 10,000 Campus Startup Teams Across the Country, Completely Digitize the Incubation Process and Launch a New Business Model,” Explains Chairman of Startup Village Sanjay Vijayakumar.
- Startup Village is India’s First PPP Technology Business Incubator. It has Built a Momentum for an Entrepreneurial Culture in Kerala.
- Sanctioned in 2011 by the Department of Science & Technology, Startup Village was Setup with the Aim of Incubating 48 Startups Over a Period of 5 Years but Now has Gone Beyond the Initial Estimation.
- A Major Feature of the Expansion Plan is to Completely Digitize the Incubation Process – Right from Application Process to Admission, Allocation of Resources, Learning, Funding, Connecting to Mentors and Experts, Integration with University Education and Final Graduation. The Incubator has Received Almost 10,000 Applications.
- Uttar Pradesh has Already Launched a Startup Event in November 2016. Among other things, it triggered the Entrepreneurial Instincts of College Students and Aspiring Entrepreneurs. It has tied up with Kochi’s Startup Village (SV.CO), Which has Started many Programmes that other State Governments Can Ride on that UP has taken Full Advantage of.
- Startup Village’s SV.CO Digital Platform Private Limited Claims to be the World’s First Digital Incubator for Student Startups. It Aims to Add to its Flagship Silicon Valley #StartinCollege Programme that Aims to Build World Class Startups in an Academic, Set up Backed by Industry Mentors and Experts. It Offers Top Startup teams from India the Opportunity to Nurture their Business Idea, learn from Industry Experts, Build a Prototype and Launch to Early Customers in 6 Months. The last Week of the Programme is to be Spent at Silicon Valley for an Experience of the World Class Startup Ecosystem and the Chance to Interact Directly with Developer Teams at Companies Such as Facebook, Kumar says.
- The Start in UP Event is First-of-its-Kind Held in Uttar Pradesh along with the UP IT and Start-up Policy 2016.
- The Government has also Tied Up with IIT-BHU, KNIT-Sultanur, IIM-Lucknow (Noida) Campus for Establishing Incubation Centres Under the Startup Policy 2016 with Small Grants.
- The State Based Incubator, IT UPVAN, at Shreetron India Limited, is the Prime Incubation Centre in Uttar Pradesh for Registration of Startups that are Selected for “#StartInCollege – Silicon Valley Program.
How To Run A Startup Without Tons Of Funding
There is Perhaps No Better Example of this than MailChimp, A 16 Year Old Atlanta Based Company that Makes Marketing Software for Small Businesses. Slowly & Steadily, and Without Ever Taking A Dime in Outside Funding or Spending More than It Earned, MailChimp Has Been Building A Behemoth. According to Ben Chestnut, MailChimp’s Co-founder, The Company Recorded $280 Million in Revenue in 2015 & Is On Track to Top $400 Million in 2016. The Company Which has Repeatedly Turned Down Overtures from Venture Capitalists & Is Wholly Owned by Chestnut & his Co-founder, Dan Kurzius Now Employs 550 People, & By Next Year It Will Be Close to 700.
Chestnut & Kurzius Started A Design Consulting Business in 2000 After they Were Laid Off from Corporate Web Design Jobs. Late in 2000, Some Customers Asked for Ways to Reach Customers by E-mail. So Chestnut Re-purposed Old Code He Had Written for A Failed Online Greeting Card Business & Created An E-mail Service, MailChimp.
This is the Best Case Study About How A Startup Can Be Built Without Tons of Funding
Around 2006, they Realized they Weren’t Passionate About Web Design. What they Were Passionate About Was Helping Small Businesses Grow. So, they Stopped Doing Web Design & Focused on MailChimp. Because It Was A Small Business, It Understood What those Businesses Wanted Out of their Marketing Tools. The Next Phase is to Become A One Stop Shop for the Entirety of A Small Business’ Marketing Needs.