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The Startup race: chaSing a STarTup dream overcoming challenges & roadblocks

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As with this write up we are coming to a close to the three part series, I will like to conclude it with sharing some hard hitting realities and challenges that a startup must brace itself for and prepare to wade through rough waters to overcome jagged terrains. Let me briefly review my previous conversations. The stage is clearly set as we have observed GOI’s involvement growing thicker with announcementof Startup India Plan earlier in the year. The role of start-ups is appearing to grow richer in content and substance at the backdrop of easy to do business milieu. The current times seem like a hyper inflection point for the Indian start-up community, with immense focus on product or service development, capital funding and acquisitions all colliding to creating an impeccable tempest. Startup ecosystem is thriving with interesting companies and initiatives colouring the India’s startup skyline vibrant.From a startups’ point of view, whether Global or Desi, its success will largely depend upon providing solutions to customers’ biggest problems. Founders and product teams will have to continue to create business models around solutions that best solve customer worries. For startups to turn into profitable entities, it is of significant importance to first work on a healthy long term business model not based on the urgency of making immediate profits but the idea to sustain the momentum by improving revenue capabilities focusing on quality of both services and products. A startup must get all legal formalities in place and look into all matters pertaining to manpower, incentives and minimum wages, no actions or lack of it must flout laws. Besides, there are a lot of legalities to look into right after registering a company under a certain kind of ownership. There may be lesser paperwork and tax related issues in a proprietorship, but for PLC, LLC things start going complex.

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