Nowadays, many people are following the trend of launching their own business. Some are targeting bigger platform while others are simply small business owner. Likewise, every entrepreneur should strive to stay atop of every industry.
Doing business is not always easy; therefore, each entrepreneur should follow the business tips for success. It is essential to understand the modern business landscape. Know the keys, strategies, and tips for a successful business for beginners before making any decisions.
The future of your business rest on your own ways of dealing with it. As a business owner, you have to acquire skills of networking and creating strategies.
With entrepreneurial ventures, today there are common moments of doubts and uncertainty, that emerges. Take some time and look back at some business tips for success every entrepreneur should follow.
How to Achieve Success in Business?
Flexibility, good planning, and organizational skills are vital to achieving success in business. It is not easy to start a business and make money. Doing business requires time and planning before undergoing the activities.
Below is a brief description of common steps that will guide you and understand the business tips for success as an entrepreneur.
Always keep the big vision in sight. Having a great vision of your business will take you far. As an entrepreneur, things can get challenging. Thus, you need to persevere to keep on moving. Success will drive your way when you have perseverance and the good spirit of moving forward regardless of the discomfort and fear of failure.
3. Prepare to Make the Sacrifice and Understand the Risks or Rewards
Starting a business requires hard work. You have to put more time into your work, which means you have to sacrifice your family, and leisure time. Moreover, understand the risks and rewards that will help your business. Know the downside of calculated risks that can generate rewards.
4. Be Flexible in Your Business Plan
When starting a business, as an entrepreneur you need a few sets of plans. This includes a business plan and a marketing outline. These are important blueprints for the success of your business. The documents will help you advance on the major landmark of your business. Be always flexible when you require altering some information provided.
5. Customer Service Is Key
Many successful businesses usually fail in providing customer service. Better service offered to customers will result in the growth of your business. For a company to make money and profits, consistency is the key element. Every business owner should create a long-term positive attitude.
Tips and Tricks for Successful Business
Prior to the launch of any business, you are likely to get advice from everywhere. Aiming to become an entrepreneur is usually overwhelming but also frightening. Considering some business tips for success is important. Some basic suggestions describe below to ensure that your new venture in business is a success. Spare some time and learn about the advice on successful business tips and tricks.
1. Acquire Legal Counsel
Take some time and research lawyers having experiences in representing businesses. Having the right legal counsel to assist your business is very important.
2. Employ an accountant
One of the important factors when starting a business is to get financial advice. An accountant will guide you and ensure you are aware of some financial obligations.
3. Seek quality staff
Every business requires employees. However, as an entrepreneur be always meticulous when choosing your staff. Seek for quality staff to help you with your work.
4. Promote your business
As a new business, you should take some time to market yourself. Make use of social media and your contacts to promote your business. Deliver quality customer experience to get back other reliable customers.
Strategies for Success in Business
To point out, business tips for success requires careful thoughts and planning. The development and implementation of strategies for success in business are key components of business planning. This should be part of your written business plan. Common business strategies include marketing, managing expenses, receive payments and continuously developing your skills.
1. Market Your Business Effectively
As an entrepreneur, make sure to devise and develop an effective marketing strategy. This is important to stand out of the competitive marketplace. Determine what makes your business stand out from the rest. Create a network with the like minded and with the probable targeted customers. Networking Platform Evolvers help you to connect with appropriate pool of people. Focus on the different marketing efforts that require remaining among the best. Create uniqueness in delivering outstanding customer service, or you have specialized knowledge in the field.
2. Stay Away from Unnecessary Expenses
Always be wise when it comes to managing your expenses. Have your accountant to deal and manage your finance. Unnecessary expenses should be the bottom line in every business. Do not waste money on large liability insurance policy or recruit additional employees for work that can be outsourced.
3. Get Paid for Your Work
After providing any service or successful completion of work, you should get payments. Develop and implement some procedures to be sure that you get payments promptly. When you take a piece of work, consider asking for a small portion of the payment before you begin to work. With the advent of new technologies, encourage the use of credit cards by your customers to make payments.
4. Invest in Your Education
To keep up with the changes in doing business such as coping with current technology and developments, continue to learn. Get the skills to be successful in running your business. Focus on self-improvement, which involves taking management training. Learn about new products and trends as they reach the market.
Dealing with business is not an easy task. Join Evolvers network of seeker and givers to resolve issues. As an entrepreneur, you should arm yourself with the necessary information relevant to business and follow tips for successful business. Every entrepreneur should consider the above as Good business tips for 2018 to succeed in his or her business.
India is one of the best country in the world which is renowned for it’s bustling startups. we have curated thelist of best startups in India in all sector, these successful ventures will definitely motivate you if you are planning to start your own startup in india.
In this competitive startup world we have seen several companies that are growing too fast and a lot of research has been done for the survival of these startups.
Lets jump in to the list of successful startups in India that are listed below.
10 Successful startups in Health Tech Industry
With these growing health tech startups, larger trends come up with pathology, preventive healthcare, analytics, and emergency services among other things.
Over the past years, the healthcare startups were associated with medicine delivery solutions, providing diagnostic, enterprise, etc. But now, a new way of startups has emerged trying to solve the issues related to mental stress, reducing the painful processes such as chemotherapy in today’s time.
These startups are not only filling the gap between the traditional and digital healthcare services and between the doctors and patients but are also creating an atmosphere to facilitate the best and faster healthcare services.
Various Booming Health Care Startups
The aim of this startup is to work on-demand virtual assistant application and on an Al-based application to simplify the ecosystem of Indian healthcare. Doc Talk is a mobile application designed for the users in which users can save their medical history and reports so that the users never have to carry medical files again and again.
By using this app, patients can also consult doctors online and get prescriptions at the same time. This application also provides services to the doctors by preventing revenue leakage and helps to maintain the relationship between patients and doctors.
With the time, the startup is extended its presence in many states like Delhi, Mumbai, and Hyderabad. The messaging platform of Doc Talk’s application availed by more than 500 doctors and more than 30,000 patients.
This is a startup launched by the trio from Actis PE, having an experience of many years in strategy and marketing areas and in the investment of healthcare systems.
The startup is working for the future medical community to provide the better tools and healthcare services. The startup offers the diagnosis panels to a highly accurate range of laboratory tests especially in the areas of Gynaecology, Critical Care, and Infertility.
The startup offers 1.400 test including infertility, advanced tests of cancer, and infectious diseases as well as routine tests.
New generation and future coming generation is looking for the best solutions to cure the genetic diseases. It will be good to watch the innovations of this startup in the coming years.
The consure Medical startup is founded in 2012 and is a medical device company which is totally focusing and working on developing medical devices for patients and for the department of critical care.
The aim of this booming startup is to innovate and create a new technology platform that would help to control the infection in homes and hospitals.
It is true that in the previous time many hospitals lose millions of dollars in poor clinical results, management of the healthcare due to fecal contamination. Now, the startup is working more on this and plans to enhance care in step-down units, home patients, and in nursing homes.
Consure Medical is one of the leading sectors in health tech industry and working on filling a much-needed gap.
According to the study, every year over 6 Mn lives is lost due to lifestyle diseases. The estimation of the economic burden of lifestyle diseases is $4.58 Tn by 2030.
The Grow-fit startup is trying to fill the gap and doing work to overcome the lifestyle diseases with its health-tech platform. The aim of this booming startup is to help over 300 Mn Indians who are suffering from lifestyle diseases and at the risk of its health foods, expert coaching, and behavioral insights.
The startup consists of various groups of technologists, counselors, nutritionists, food technologists, and product people who are ready to use the power of the mobile to make a daily healthy habit. The platform offers the solutions on the basis of these factors- a range of packaged food, the diet chart, and a central kitchen that makes and delivers food in the city.
This startup has the ability to address both international and national markets.
The aim of the startup is to enable access to health care in rural and urban areas by using its cloud-based telemedicine platform which is called ReMedies (Remote Medical Diagnostics).
The startup offers two technology solutions ehealth and mhealth that bring together partners, products, and the processes in the healthcare delivery ecosystem. It is working on diagnostic devices that perform chemistry tests including HBA 1c, Electrolyte tests, and biochemistry tests, etc.
In 2015, according to the World Bank report, only 2% of doctors are available and 67.25% of Indian population still resides in rural areas. So, to improve this scale ReMeDi digital health solutions are working.
The aim of this startup is to provide free sample collection service for diagnostic tests for all patients and caretakers. PharmEasy stands for Pharmacy made easy. The startup ensures that the medicines should be delivered within the six hours of prescription and the medicines are validates by a licensed pharmacist.
The online application has a dosage reminder for patients. And if any patient does not have a prescription after the consultation then PharEasy team connects with the patient and provides a valid prescription. The startup has tied up with 700 doctors in India and also tied up with various diagnostic centers across many cities like in Mumbai, Kolkata, and Delhi to provide diagnostic services. This health tech startup works on a commission-based model.
Launched in 2015, the aim of the startup is to create a cloud-based, machine-learned solution for the detection of abnormalities. The startup has developed the platform by AI for healthcare that allows the medical data to ingest and to train, execute various models to classify the diseases, detect diseases and compute the metrics for reporting.
They provide effective solutions for analysis of urine sample, retinal scans, blood smear, and chest x-rays.
They use the latest technologies so that they can work excellent on a large scale.
It is true that the rate of heart attacks increase day by day and 5Mn people suffer from a heart attack every year. Forget about the areas, the average time to diagnose the heart attack is 360 minutes. The chance of living is 20% in this case. The aim of this startup is to reduce the risk of heart attack.
The team of Tricog began with Karnataka and expanding to other states Tamil Nadu, Andhra Pradesh, Kerala, Telangana, Delhi, and Maharashtra. One great achievement for this startup is that it became the first started and selected by GE Healthcare’s accelerator.
The entire team is working on issues and able to provide the most-effective solutions of the issues.
SastaSundar is a digital network for managing many segments like pharma, wellness products supply chains, and healthcare. This is the platform for connecting doctors, health care clinics, diagnostic services, and health information services.
The aim of this channel is to reduce the cost of high-quality medicines by using digital connectivity, the latest technologies, and deep knowledge. The startup raised $5Mn in funding from Japanese Pharma’s company Rohto which motivated the startup to work on more operations across pan-India. The company has 440k registered customers and 178 Health buddy stores.
It is true that most of the cancer patients found in India and the cancer-related cases increase day by day. According to the reports, 70% of the cancer patients aware at the last stage and take consultation at the terminal stage, only 30% are curable, and few percents of cases remain the chances of relapse.
Oncostem diagnostics provides personalized treatment of cancer using the developed techniques of tests that predict the chances of recurrence in patients and try to fill the gap.
And one more aim of this channel is to help the patients to stay away from the expensive medicines and painful treatment of chemotherapy and its toxic effects.
Also, the startup has received financial thrust from investors such as Artiman Ventures and Sequoia India. The analysis of cancer recurrence will help the companies of pharma in developing new targeted medicines. This startup is one of the leading startups that develop innovative tests to predict the risk of cancer reoccurrence.
These were the top booming health tech startups, they put so many efforts to become successful and to achieve their goals and now they are at the top in their industry.
India is a country which full of opportunities and making better use of them needs a thorough study of the market industry where one wants to enter, settle and succeed and sustain. Evolvers is a platform for all those innovative thinkers and budding entrepreneurs who just need a break somewhere, where he can kick-start his business. At Evolvers, such highly interested and determined business starters get in touch with the investors and mentors for their startups. It is one of the most amazing platforms for all the blooming entrepreneurs to polish and flourish their business.
Current scenario of the market states that it’s the e-commerce industry which is rapidly growing. It is also predicted that this will continue and accelerate even more in the coming days. Here in this article, I have brought to you some highly popular and successful business startups. You can take ideas from them for your own e-commerce startup and make it a big hit.
Popular Business Startups In India for 2019:
These days, there is one online grocery and food store which is high on demand and it is no9ne other than BigBasket. It has made its identity as India’s largest online grocery market and it catalogs more than 18,000 products that widely range from numerous varieties of food items and personal care products and many more. It has already spread its wings across all major cities in the nation and is still flourishing its scale of operations at a faster pace. The best quality of BigBasket is that it owes a customer-friendly service. It was founded in 2011 and has served more than 10 million customers.
Founded in 2012 by Falguni Nayar’s Nykaa completely possesses an inspirational story behind its success. It is a multi-brand retail online store where one can get branded beauty and personal care products in India by cataloging international brands. It has proved itself to be the best online store in terms of an online store for all the beauty-addicts.
Netmeds has made its name in the e-commerce industry in India as one of the most trusted online pharmacies. Netmeds is a single solution for all kinds of healthcare products and prescription medicines along with assured as well as comfortable delivery on time. Netmeds was found in 2016 by Pradeep Dhadha and is considered to be as the most promising startup of the nation.
4. Mr. Button:
Based in Bangalore and collaboratively founded by Deepak Khetan and Sonam Chauhan, Mr. Button has grabbed the nerves of online men’s fashion industry on the storm. Mr. Button has become one of the most trusted e-commerce companies for making a fashion statement for men all around. Men’s fashion wear at Mr. Button has made its way in such a manner that fits best in their aesthetics and satisfies all the needs of fashion men.
Generally, food products are available at groceries and departmental stores. However, making things more transparent and clear these are now available at e-commerce websites too. One such successful e-mandi for all kinds of food products is WOTU (We Organise The Unorganised). Here, you will get a chance to skip multi-sellers and re-sellers for getting your favorite food products. Apart from this, it also aims at skipping all the geographical boundaries by bringing them even more near all across the country.
I hope you have got some crazy, funky and innovative ideas for your startup. Now according to my suggestion, you must get in touch with Evolvers where you can meet investors, mentors, small-medium-large business tycoons, etc. They can help you reach your goal and make it a hit in a short span of time.
The modifying phase of the sports has created a fertile ground for the sports tech startups in India. As a matter of fact, there is a gradual increment in the number of innovative ideas in the sports tech startups in India.
However, in case, if you are also filled up with some amazing and innovative ideas that relate to sports and are looking for someone who can help you, then the platform of Evolvers is actually waiting for highly fascinated people like you. At Evolvers, you can get in touch with all the relevant people who can help you out in your business, then whether the person is a mentor, investor, small business starter or any other big business tycoon of the market industry. You can meet up everyone over there and take a helping hand from them.
By the way, in this article, I’m about to share some of the top class sports tech startups in India and how they have helped in the changing scenario of sports in India.
Top class sports tech startups in India:
1. Sports 365 Founded In: 2011 Founders: Chandra Sekhar Reddy and Aashutosh Chaudhari
2. Protégé Sports Founded In: 2014 Founders: Pranesh Krishnamurthy, Rohit Narayan, Rahul Rane
An amazing travel startup that was being founded with a vision of offering sports technology to one and all, Protégé Sports provides wearable technologies for team sports like, football, hockey that helps in enhancing the performances of the players on the field. This further assists in setting up a benchmark for the players and manage training and trial sessions.
Adding more to this, Protégé Sports also provides SAAS (software as a service) tools. For instance, software licenses to use its academy or club management tools, training modules, and communication modules. It is just the way as Evolvers helps in networking along with entrepreneurs.
3. BookMySports Founded In: 2012 Founders: Akanksha Saxena
BookMySports is one of the most amazing sports tech startups. It helps in learning a new game, find a sports venue or coach or in order to organize a tournament. In other words, it is a one-stop solution with its wide range of sports services.
BookMySports offers services to schools, colleges and universities, tournament organizers and also to its corporate clients. The basic motto of this company is to keep the health and sports should be balanced equally. Henceforth, it offers an entire process of playing sports and making it simple and hassle-free. In all, BookMySports assists an individual or an institution; the way advisors at Evolvers do help to the budding entrepreneurs.
There are many more sports tech startups that can help you with some more innovative ideas for your business startup in the sports sector. However, in case if you wish to connect with the investors, mentors, small business starters and biggest business tycoons. You can take help and learn a lot from the team at Evolvers.
As there are numerous benefits of startups in the travel sector and you are looking forward to an expert’s advice or you wish to get in touch with the mentors, investors or the business entrepreneurs, then you can undoubtedly reach out to the team of Evolvers. However, in this article, I’m going to tell you about various travel companies in India that can assist you with some amazing travel startups as well as travel tech startup ideas for your business.
The following are some of travel startup companies:
Tripoto proves out to be a life-saver Delhi-based travel startup that allows people to create their plans for their upcoming trips which they can share along with other travelers too. The basic motto of this travel startup is to help people plan their trips efficiently via inspirations and advice. You can also take up this idea for your travel startup with the help of Evolvers.
Seeksherpa can be considered as one of the most innovative travel startups as they help you connect with some of the local people who are happy to help you while showing you the places around. These ‘sherpas’ are trained enough who can make you enjoy each and every moment along with the sightseeing, photography and food and many more. Apart from this, you can also get an opportunity to see the place from the eyes of the locals of the area.
3. Oyo Rooms:
This Indian travel startup has become so popular that it has become like a second home for every trip planner. Oyo rooms works in collaboration with the existing hotels and offers on the vacant rooms at the cheaper rates and offer them to the customers. Apart from this, Oyo Rooms offer a specific segment which is also known as Oyo Premium and it is for all those who desire to enjoy an experience which is more than basic. Plus one of the best thing about a travel startup like Oyo Rooms is that it is located in every prime city of India.
Nearify app is another one of the most amazing travel startups that allow users to grab all the relevant information about the events that are happening around them. A person can easily discover the meet-ups, workshops, music concerts and many more events that are about to take place; just by entering the name of the city. Henceforth, it becomes even easier for a person to connect with the people around or enjoy everything without a single miss.
Many of the aspirants tend to become great entrepreneurs, and they read the stories of legends like Steve Jobs, Bill Gates, and other successful people. But, many of them divert from their ambitions due to some myths regarding entrepreneurship. Most of the youngsters are scared of the myths and compromise with the ambition.
Many great entrepreneurs have their time and tend to provide time for their hobbies to the fullest besides succeeding in their motives. The secrets behind successful entrepreneurs vary from person to person but the motive to achieve something is the thing that keeps the aspirants active and motivated to achieve their goal to succeed as a world-class entrepreneur.
Myths about Becoming a Successful Entrepreneur
Most of the myths about becoming a successful entrepreneurare that they have to take risks all the time to stay in the competition, strive but fail multiple times to become famous, and rewards are crucial when compared to personal time and hobbies, and so on.
But all these misconceptions should be cleared off at the earliest to become a successful entrepreneur. Most of the aspirants believe that they need to embrace difficulties all the time to return triumphantly in their motive and step a back to make a move and compromise with their careers. Here are some of the myths that are to be ruled out in the path of a successful entrepreneur.
Entrepreneurship Cannot Be Taught
Entrepreneurship qualities can be learned from relevant sources and by practice. Merely reading the success stories of entrepreneurs won’t suffice to become a successful entrepreneur.
However, one can take guidance from the successful entrepreneurs and gain motivation but can’t ape their moves because your challenges are different from those of others.
For example, an elephant cannot fly, and a bird cannot swim. In the same manner, your challenges and motivations will be different from those of others. You can gain skills and motivation from the experiences of successful entrepreneurs, but you cannot copy their thoughts and actions all the time.
Nowadays most of the schools and colleges are focusing on teaching the students about the success stories of entrepreneurs besides inculcating the mindset and skill set of entrepreneurs in practical ways. Most of the universities and colleges are encouraging startups and ideas for budding entrepreneurs by conducting a special orientation for students.
They are organizing seminars and live projects for enthusiasts to discover new ideas and sustain as entrepreneurs in the long run. The ambition to become an entrepreneur may be considered as a gift, but with efforts and creative thinking, one can become a successful entrepreneur with proper guidance.
Most of the corporate companies are eager to invest in start-up companies to gain fame and as a part of the corporate social responsibility. The intention of the corporate companies to encourage startup companies is to raise the range of their market, but it works as a training for the budding companies to succeed as entrepreneurs.
Taking Risks Is Mandatory
Taking risks is compulsory to succeed, but all the risks might not cruise you towards success. Taking risks is necessary to achieve something, but the achievement you make should be greater than the risks you take.
If you take risks or strive hard for smaller things, you might waste your time, energy, and effort if you fail in certain attempts. Though the experience you might gain will be great, the time and effort you put on some other things greater might be wasted in petty things.
Sometimes playing safe is also a secret for success. Taking unnecessary risks or hasty moves may impact your business in pathetical levels. But the fact is, taking risks is necessary to achieve your goal but taking risky decisions in a hurry may lead to a massive loss.
However, a person might gain experience from flaws, but these cannot be achieved through risky moves all the time. Some organizations like Evolvers, which include entrepreneurs, knowledge experts, and startup companies, exchange knowledge and help to achieve mutual goals and individual goals by mutual coordination.
A person might tend to take risks or forced to take risks. But mutual co-ordination between knowledge experts and entrepreneurs might help you out with risk management skills and how to take risky moves worthy of them.
Innovative moves can come from risky ideas, but all the risky ideas will not lead to innovative ideas or innovative achievements. However, for your success as an entrepreneur, the results you achieve is more important than the risky moves you make.
The important myth that pulls back all the aspirants from starting up the business is maintaining proper work-life balance. Many people believe that the persons should work all the day ignoring family and relationships to achieve their goals. But the fact is, working with a sophisticated plan is a good move but ignoring personal life will leave an irreversible effect on your health and family relationships. Working and spending quality time on your work is the good style of work etiquette.
Most of the companies like Amazon and Google provide personal space for the employees to improve productivity. This idea works for budding entrepreneurs in the same manner. You need not work all the day but should work wholeheartedly to achieve your motive in a planned manner and gain fame and wealth besides becoming a successful entrepreneur or businessman.
Remember that you are your asset and you are your best human resource. Overstretching yourself might make you fatigued, and your goals might take the backseat. Hence take care of work, take care of yourself and strive hard to achieve your goal. You must strike off the myth that working like a clock is the only way to achieve success.
Concentrate on balancing work and life and make the most of them both. You might read in the books that most of the great entrepreneurs gained a great position by working restlessly, but the hidden secret behind success is maintaining a proper balance between work and family life.
Failures Are A Must
Failure is a must to achieve success in life. This does not mean that failures are inevitable to gain success in your motive. Networking experts like Evolvers are helpful to avoid defeat and achieve success in your ambition. These are helpful to prevent pathetical results and failures when you make the wrong moves. They provide guidance for the new entrepreneurs to achieve success in all your plans and ambitions to start a new business. These are helpful to rule out the myth that success comes after huge failures.
Nowadays many institutions and guides like Evolvers provide knowledge about preventing silly mistakes and hasty decisions that lead to huge failures. To succeed as an entrepreneur, you must overcome the misconceptions that success can be achieved only after bigger failures. Preventing failures by smarter moves and correct guidance are the smarter moves to succeed in your business or startup. Hence, you should get rid of the myth that to achieve success, and you should fail multiple times.
Mistakes are different from failures. Errors are sometimes possible in the path of progress, but failure is the final result of giving up. Making mistakes is different from quitting the attempt.
Hence, know the difference between failure and mistakes and stay strong to prevent failures and reduce the mistakes through continuous efforts and experience. Failure is not fatal, and entrepreneurs must achieve success by managing the risk and preventing failures. Analysis of mistakes and the outcome of the mistake is an important thing to prevent failures in the long run.
Innovations are the result of new ideas, but you need not think innovatively to achieve your motive. You should get a clear idea about your plans and the tasks you have to perform on a daily basis. You might find many things while performing mundane tasks but thinking innovative makes you a different person.
Don’t long for innovative things, but if you creatively perform things regularly, you can achieve the innovation you needed and gain the success as an entrepreneur. Pages and companies like Evolvers formed with the collaboration of experts and entrepreneurs help you to achieve your motive peculiarly.
Start from smaller goals
Starting from smaller goals is a good idea to achieve your bigger motive. You can gain bigger benefits by fixing smaller goals at first and striving to achieve them. Whenever you achieve more miniature landmarks, you can enhance your confidence levels and achieve bigger goals in the stepwise procedure.
A person might aim for starting a company like Microsoft, and he can strive hard to gain smaller goals in his way and achieve his goal easier with confidence and experience in handling smaller projects. You can find the opportunity in the long run to achieve your motive, but the fact is you know your ability more than any other person, and you are your asset.
The myth you have to strike off here is that you should aim only at the final goal to become a successful entrepreneur. The organizations like evolvers and other networking platforms provide the ideas to achieve smaller goals easier and gain the final motive easier and finally succeed in your motive.
For example, there are many companies which started in a single room with one or two desks and grown into multinational companies. Hence, start from smaller goals and rule out the myths that your talent and ideas will shrink if you confine to smaller projects or smaller goals. Every smaller goal you achieve enhances your confidence levels and gain more motivation to head towards your final goal.
Success Can Be Determined by Age
There is a myth that young and dynamic people can achieve their entrepreneurship goals and most of the people divert to other goals as they grow older. Many corporate like Walmart and KFC are the example of striking off the misconception about age factor to determine your success as an entrepreneur.
However, you need not leave your goals because of age. You can work from the moment with sophisticated planning and gain success in your motive and achieve your goal as a successful businessman.
You need not be young and ambitious to achieve the goal to start a business and succeed in your motive, but if you have an unbending determination, you can gain the success at any age if you start working on the aim and plan perfectly to achieve your goal. However, younger people have more opportunities to gain success, but older people don’t have lesser chances.
Role of Business Degrees
Most of the people believe that one should possess a business degree to achieve success as an entrepreneur. But some legendary entrepreneurs were illiterates or school dropouts but worked hard to achieve their goal.
Business degrees are helpful to provide training and skill to start the business, but they are not mandatory for a successful entrepreneur. You might not find time to study and achieve a business or management degree, but you can gain more knowledge by practical experience that the colleges and universities might not provide you. You must get rid of the misconception that business degrees are mandatory to achieve success in your business.
The Corporate Environment Might Kill Your Dreams
Working in the corporate world might kill the dreams of entrepreneurship according to some people. But the fact is corporate offices provide the experience and confidence to handle tougher situations as an entrepreneur. You might not get instant results by work experience, but working provides the confidence and determination to start your business and succeed as an entrepreneur.
If you have strong determination, the pressures of the corporate world and work environment will not deter your goal but help you to achieve your goals more easily because you can gain the experience and confidence to handle bigger problems and overcome them when your business grows bigger. The misconceptions about work and the corporate world are to be ruled out to gain success as an entrepreneur.
You need weird ideas to succeed
Most of the new bees feel that the business ideas must be weird to achieve success. But these ideas won’t surpass the original taste of customers and market analysis. Believe in statistics and choose the field that has less number of competitors. This will help you to succeed in your startup and strengthen your position as an entrepreneur. Weird ideas might help in some cases, but innovation is different from quirkiness.
Many myths pull the aspirants back when they want to come up with new ideas in business. However, one might not be a youngster and possess a business degree or try crazy ideas, but determination and balance between work and life are important things to succeed as an entrepreneur.
Work experience helps you a lot to gain success as an entrepreneur and handle difficult situations in your business. Working in the corporate world is an additional asset to succeed as an entrepreneur.
Fintech is a well blend of Finance and Technology. All over the world, many fintech start-ups are evolving. It’s a big industry with a good scope of growth and profit, but it is tough to survive in this fast-growing sector. There are various challenges that a fintech industry faces and some of them are described below.
Challenges Faced by Fintech Startups in India
• Regularity bodies
Red-tapism and the immense number of laws slow down the market, but strict regulations are inevitable when it comes to a financial or technological company. A Fintech faces a lot of challenge in coping with all these regulations that it has to comply with.
Networking sites like Evolvers and Linkedin have a pool of subject matter experts, having strong knowledge backed with experience in several fields. As a new leadership, you can take their guidance and learn from their experiences to overcome roadblocks. You need not have to search for your solutions from various consultants.
Fintech companies handle exceedingly sensitive information of the customers, and thus as the emerging leadership, you must be well prepared to fortify your organization against any challenge posed by the internet. The more the financial data of individuals and companies become available digitally, the higher is the risk of cyber security breaches.
• Accumulating capital
Fintech companies require huge capital, not only to pay off the salaries of the employees but also need funds for a secure infrastructure.
The first step of fund accumulation starts with a good sales pitch, and at times in spite of possessingexcellent leadership skills, some falter here.
· Complex Industry
The complex working model of Fintech makes it a challenging task for them to maintain a healthy and smooth partnership with banks. Many fintech companies fear the loss of identity and autonomy amongst the vast landscape of large banking organizations.
On the other hand, banks find it risky to work with fintech innovators as they fear of losing reputation. These complex situations become the obstacles to the growth of fintech organizations.
· Lack of Consumer Trust
Providing financial services in the unbanked market is a challenge in itself due to the lack of trust of consumers, especially in India. People still relate these services with digital scams and are also not yet ready to accept the involvement of digital technology in financial services.
• Finding clients is a tough challenge
A business cannot run without customers and clients. Getting a client requires the support of a good platform. However, professional networking sites with a global reach, can provide the new leadership with the much-deserved podium and help you to take your business to newer heights.
With the advent of technology, the challenges faced by fintech start-ups has increased, but if the same technology can be utilized properly, it is a true blessing for any leadership.
Technology can be used to reach out to more people, and we all know, networking has a vital role in every endeavour. Evolvers networking site can rescue you by providing this networking platform that you might lack and help you to reach beyond your known limits to accomplish targets that might otherwise seem impossible.
Booming Startups in Fintech Industry
Today, everywhere and in every field like health tech, Logitech, Edtech, Traveltech, Enterprise, and Fintech, people use latest technologies and work by implementing the technologies in their business to get the best results. In India, still, there is a need for more technological strategies in the banking sector. Over 19% of the population still remains unbanked. Here Fintech startups come in.
Since 2015, the finance sector has undergone many changes like a change to move towards a cashless economy. The government is proactively using technologies to make India cashless – the launch of India stacking including UPI, digital wallets, e-KYC, Aadhaar, and BHIM are the Indian financial sector.
Demonetization is another factor that played an important role in the rise of the Fintech industry. According to the report of NASSCOM and KPMG, India has currently more than 500 startups in the Fintech industry, whose vision is to attain financial inclusion. In the ecosystem of startups, there are some wallets like FreeCharge, MobiKwik, and Paytym.
According to the co-founder and CEO of Microsoft-
“Digital technology provides a low-cost way for people in developing countries to send money to each other, buy and sell goods, borrow and save as long as the financial-regulation environment is supportive.” – Bill Gates, co-founder and former CEO of Microsoft.
So, digital technologies play an important role to change the traditional business model in the digital business model.
Startups are working in various sub-sectors of Fintech such as mobile POS (mobile-based point of sale), in loans and insurances, and alternative leading among others.
Increased access to the internet, have helped efficient and automated financial services solutions. Well, it seems that the Fintech industry is a fast-growing industry and there are so many leading startups that are working very well and provides many financial solutions to the industry. Let us look towards some really innovative ones.
Faircent is a lending startup that connects lenders with borrowers. It is a P2P model which means person to person. The startup was launched in 2014 and offers a variety of advanced tools such as Auto Invest. This is a type of tool with a great feature that matches criteria of lender’s investment with the requirements of borrower’s and automatically sends proposals to the borrower based on the amount, risk profile, and loan tenure.
The initial aim of this startup is to help people avail easy and fast personal loans at an affordable cost. This is one of the top startups that was also selected for the first batch of NASSCOM and was also a part of the BizSpark program and Microsoft Accelerator Winter Cohort.
With the help of latest technologies this emerging player from Fintech industry is working on to reach the larger group of professionals in this sector and looking for the businesses so they can tie up and can borrow online.
This is an online payment instrument and was launched in 2015. The customers can purchase and settle their payments online. This is one of the fastest data-driven platforms that help to reduce the payment flow, improves client’s product experience, and gives a payment model to the user’s that is faster and more convenient than cards and wallets.
With the help of this, the customer can choose to pay one bill instead of making the payments individually. There are many merchants that currently work with Simpl including Nykaa, DocsApp, FreshMenu, BookMyShow, Faasos, Licious, Drivezy, Dunzo and others. The spending limit for customers is between $11.7 (INR 750) and $78 (INR 5,000). The startup also has a partnership with a number of NBFCs and banks to make a robust product portfolio.
The startup was launched in 2015 and is a Mumbai-based startup that allows users to make purchases both offline and online. They provide instant credit and through this app users can buy items like jewelry, electronics, mobiles, laptops by opting EMIs even without a credit card.
This is the platform where you can see in-app merchants or choose whatever the customer wants to buy from the Kissht store. Users can also upload the documents and make the payment easily online. You can also see the limit of your credit and amount of upcoming EMIs. This is one of the top startups who also provide cash loans for construction of your loans, renovation of your homes, holidays, purchase of consumer durables, for traveling, short-term loan for equipment purchase and for other purposes.
The company has a fixed rate of interest on the monthly basis. Users can also pay their return amount in installments and can avail flexible return tenures of up to 60 months.
The FTCash startup is founded in June 2015 and provides many excellent solutions for micro-merchants to accept the payments through many payment mediums like credit cards, debit cards, and mobile wallets.
In 2016, the FTCash startup was selected as one of the 12 finalists of IBM Smartcamp for Fintech Challenges and also was one of the six winners of iSPIRT-organised Great Tech Rocket ships Initiative 2016 (GTRS) and UK Trade and Investment (UKTI) India.
The startup also provides short-term loans to the merchants and empowers SME’s and Merchants by offering easy access to credit usually range from $1000 to $20,000, with interest rates somewhere between 18 and 30%.
This is a Pune-based startup and first mobile lending platform which is founded in 2015 by Ashish Goyal and AkshayMehrotra. It provides smart risk scoring system instant cash loans, and salary advances. The startup has their operations in various cities including Hyderabad, New Delhi, Jaipur, Pune, Chennai, Bengaluru, and Mumbai, among others. This is the startup that provides advance salary up to 50% of monthly salary to its users and 70% of the loans are given in 10 minutes. The startup has also made the partnership with SMEs and with other corporate for advance salary purposes.
The average size of the loan that the company provides is between $125-$1,500 (INR 8,000 to INR 1 Lakh) for a period of up to 30 days. The app has many subscribers for both Android and IOS mobile app platforms.
Today, with the help of experienced, professional team, and funding from investors like IDG Ventures India, IFMR Capital, the Fintech startup wants to expand the entire business and work across tier II and tier III cities in the country.
Rubique is one of the leading Fintech startups that launched in 2014. The startup is an online marketplace for all type of financial products that offers loan products and end-to-end loan fulfillments to MSMEs and to individuals.
With the help of new online business marketing strategies and unique algorithm, this online platform facilitates up to 235+ products such as home loans, car loans, credit cards, business loans, loans against property, personal loans, healthcare loans, education loans, construction equipment financing, among others.
The startup is trying to fill the gap between lenders and borrowers with the help of various financing options and it has two verticals. First, the startup provides curated, well-aggregated, and digitized collection of products to the users. Second, the user can apply online after comparing and selecting the products.
The startup has also a credit score- Rubique’s Magic Store- that can be developed with the bank’s lending system. This is the startup in Fintech industry who has clocked revenue of over $2.6 Mn (INR 17.5 Cr) in just three years.
MoneyTap is a Bengaluru-based consumer lending startup and India’s first app-based credit line. It also provides flexible loans for personal use. By targeting the country’s fast-growing middle-income group, the team of MoneyTap solves the problems of insufficient consumer credit line and of the people who need money for rent, weddings, paying school fees, shopping, sending money to family and so on.
This is the only platform where users can borrow anywhere between $50-$7,500 (INR 3,000 to INR 5 Lakh) and offers the repayment time of two months up to three years. The app has more than 300k registered users across 14 cities in India. Recently, the startup is working with seven NBFC/Banking partners including RBL Bank at different stages of integration.
MoneyTap app charged over a 1.5% interest rate. In recent times, the consumer has become more demanding with the demanding consumer internet companies. So, this is one of the booming Fintech startups.
This startup is started by IIT Bombay alumnus Rajeev Aggarwal, as the manufacturers of wireless hardware systems manufacturers in 2002. The advanced solutions of this startup help businesses to reduce the cost of processing digital payments. It supplies hassle-free working strategies that help in the growth of other small businesses.
The payment platform of Innoviti includes Indigo, Walmart, Titan, Reliance, Reliance Retail, and several others. Banks like ICICI, Axis, and HDFC also uses this platform to access customers for loan distribution.
The company’s aim is to focus on building and implementing new technologies that give reliability, speed, and flexibility.
So, these all are the booming startups of Fintech Industry and achieved their goal by a lot of hard work and dedication.
Now, in the next article, we will take a look at the booming startups of the Education industry.
One of the primary goals of the Government is Healthy India. A healthy citizen not only increases the productivity of the country but also helps reduce the load on the government sponsored health schemes. However, there is still a long way to go.
Sensing this opportunity many Health Tech startups entered the Health Care market with their unique offerings. It is true that most of the offline healthcare systems are not using digital technologies for patient care.
It is also true that correct use of tech can change not only patient experience but we can also move to a healthier India. But as major chunk of startups face many challenges, Health Care Tech startups are no exception.
Health Tech Startup Challenges
The goal of every health tech startup is to provide better and affordable healthcare to those who need it. According to the reports, majority of Indian healthcare tech startups are focused on preventive cure, convenient services & health management among many others. But there are certain health tech startup challenges that are stopping them from achieving their goals easily, namely
For any startup, it is important to have patience and capability to tackle the ups and down. Slow growth is one of the major factors that healthcare system needs to understand.
An age-old system which works by giving the medical practitioners demi God status, would take time to change. There is a need to do a lot of hard work to keep oneself motivated and to grow.
There is this example of Practo, who received their first funding after three years, and about 7 years to reach today’s position.It is tech and we usually do not associate tech with such long gestation periods.
It clearly means one should have patience to stay on & believe in the idea fully well. Just like the environment, the competition too will never be easy, but the only thing which one needs to do is maintain a regular focus on value proposition for the user,and keep doing it regularly. Alas, only few of the startups are able to do this.
Most of the policies are unclear that create confusion in the workplace. A few specialists might think that it is risky to participate in the industry because of the similar reasons.
The bureaucracy moves slowly as many lives depend on even a small policy change. The sector is governed by stringent laws and it should be as it deals with the human life. The sector is infested with quacks and alternative unregistered treatments but lack of access to good yet affordable medical care means that there is enough local market for such people as well.
However, a health tech startup would need to follow all compliance’s from day 1 even though the cost of such compliance could be killing enough.
Doctors are tough
According to the study, it is calculated that the doctor-patient ratio in India is as bad as 1:1700, and in rural areas the ratio goes down to 1: 160,000. The number of doctors is inadequate in our country and hard to acquire.
Even they do not have time to look up to the digital technologies through which they can do better. Getting hold of the doctors today is very tough.
They are overburdened, treated with a lot of respect and this creates a huge entry barrier in making them adopt new technology that can change their and their patients’ lives in the long term.
The development of the sector is moderate which makes it difficult to adapt. With few startups in this in healthcare space, there are not many plans of action to draw reference from. Thus the monetisation plan would be a trial.
Well being tech new businesses, regardless of whether as doctor-patient platforms, specialist, lab aggregates, have discovered it extremely difficult to earn back the original investment or even find an effective model.
As the industry manages the lives of the people, individuals – most take it for granted that it is the duty of the health care professionals, Government, and hospitals to treat them even if they are not able to recover their costs.
The social point related to the business is one of the significant root causes that it’s tough to monetize in education, healthcare, and in other sectors.
Lack of healthcare mentors in India
Right mentors, partners, and experts are essential for any startup because right mentors guides you regarding the plans of new businesses, positive and negative points of any startup, way of doing business, and how to use a strategy so that you can analyze each and everything very clearly.
Well-trained medical professionals are essential in healthcare organizations but are in limited supply given the vastness & sheer numbers of our country.
The number of investors and mentors is very less which is another challenge for health tech startup. As most of the startups fail in this sector, investors are naturally apprehensive about investing.
Need to connect with technology
From last many years, we are using internet and now we cannot imagine our life without it. In recent times, Internet of things have been added so many opportunities to consumers and business.
IOT simply means making decisions on the basis of analytics which includes extracting data, processing data, and storing data. This helps in predicting the outcomes and also helps in taking the best preventive actions.
Healthcare sector is the fast adopting, as IOT helps boost productivity, reduce cost, and improve the quality. This is the way through which one can also boost patient engagement.
Just think of a BP/ECG monitor connected to a central system. Precious seconds can be saved that can save many lives.
Add to it advanced robotics, then you are talking about solutions at the supply end.
Health Tech startups are working on supply side, demand side and also on preventive care side. They need right mentoring, timely fund infusions & policy support to bring a visible change in the Health Care Industry.
We await the change with a lot of hope, are you the one bringing it?