Many start-ups sprang in the 1990s, the golden age of the Indian economy, which saw the birth and death of many industrial undertakings. Experience and a rise in the role in limited organizations failed to give many during that time better career prospects. They were dissatisfied with the way their career took shape, and as the chances for better jobs called for wider experiences, they were left with no choice. The boom in the Indian economy with the above cause, gave them the inspiration to start new business entities. Many followed the footsteps leading to the birth of many startups.
Always remember the golden rule of quitting diplomatically while resigning from a position. A bad relationship with the ex-employer might have the undesired result. History reveals that many have started businesses which are similar to the one of the previous employer. So a good relationship with the previous employer and her customers give better business prospects to the new entity. In addition to this, create a good network with everyone with whom you have worked with, from suppliers, colleagues to customers. A good network gives better opportunities to increase profitability through better contacts. A good network supported by an excellent relationship with the past employer might turn out to be profitable earlier than expected.
The boom in the Indian industry saw a twist in the events. Freshers from prestigious educational institutions like Indian Institute of Management (IIM), Indian Institute of Science (IIT) etc prefer to start their career by incorporating a company. The rise of the companies in the 1990s saw the entry of many venture capitalists who were willing to part with the capital and bear the risk on viable projects. With many previous experiences turning out to be very successful, the capital invested has shown a sudden spurt.
But managing a new company calls for a heart, stamina, courage, and perseverance to make it a success. Before setting up a company, analyse various business options and make a feasibility report to check the practicality of the business idea. A thorough knowledge on the economic conditions, general tax laws, market conditions, general business knowledge is necessary for the feasibility study. Study on the competitive market, their business policies, customers, workforce requirements etc is to be followed to know the kind of competition faced. The capital requirements, the sources of funds, and the terms to be stated must be definite. On the success of the feasibility study, identify the key roles in the organization and reach the people with the right potential who can drive the business idea to a success. The next step is to approach the venture capitalists with a positive air promising the success of the business idea. A great idea backed by an excellent team might induce them to invest in the company.
Indian Companies Act has been redrafted to promote easy incorporation of business entities. Many previous bottlenecks like licenses have been taken out. The Government has also taken the initiative to improve the general infrastructure facilities and the tax laws are formulated taking into account the changing needs of the economy in every budget.
Excellent support from the Government, venture capitalists backed by highly talented individuals brighten up the prospects for start ups. A career in a company is something that can be pursued any time. But the courage to face the challenges of a self-owned business and to lead it to success requires great talent.