Problems Faced By Entrepreneurs While Building A Startup In India!

Problems you may face while building a startup In India

➡ Managing finances and cash flow

  • Get in touch with investors to fund your idea or MVP if your idea is brand new.
  • Minutely document all your income and expenditure.
  • Strategize your finances so that there are no delays in invoicing.
  • Keep a thorough business plan in place, including funds set aside to endure the worst-case scenarios.
  • Prepare a solid pitch to draw in investors. This is probably going to be the toughest task of all.

➡ Understanding the target market

➡ Marketing (Forever and always!)

➡ Hiring and retaining talent

  • Define job roles. Make sure the job description is clear and concise
  • Leverage social media for recruitment marketing
  • Get creative with your interviewing process
  • If you are an online business, get the correct tech team to do the work for you. Outsource if needed. See, quality>>quantity.

➡ Legal issues

  • Licenses and permits: You will need numerous licenses, authorizations, and permits to implement your ideas. And this can vary a lot depending on the type of business. Some examples include registration certificates, import and export codes, GST registration, FSSAI license, and many more. A lot to remember, isn’t it?
  • Zonal Laws about Infrastructure: Did you know that local municipal bodies can introduce laws prohibiting the use of any property for business purposes in a residential area? Furthermore, you will need extra permissions from local authorities if you want to operate your startup from home. There are many more such local rules that you need to adhere to. So keep that in mind.
  • Managing contracts: As a startup owner, you will go through various contracts-with employees, suppliers, and others. So here’s a pro tip: be careful when drafting and signing a contract. For reference, you can always go through sample contracts available online, which may help you draw up a good contract.

Summing it Up

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TheCodeWork helps early-stage startups validate their business ideas in the market using the minimum viable product (MVP) approach.

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TheCodeWork

TheCodeWork

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TheCodeWork helps early-stage startups validate their business ideas in the market using the minimum viable product (MVP) approach.