Source | Entrepreneur
The Indian start-up ecosystem has really taken off in recent years driven by massive funding, consolidation activities, evolving technology and a burgeoning domestic market.
However, the bleak reality is 90% of start-ups that are brought into existence end up failing. Even according to the world’s most powerful tech-start-up incubator, Y Combinator, globally 93% of Y Combinator start-ups fail eventually. In spite of this harsh reality of the ecosystem, entrepreneurs aren’t stopping from treading on this path.
In fact, failure makes fledgling entrepreneurs stronger and wiser. Every optimistic entrepreneur — be it a college pass-out, a professional with some work experience or a serial entrepreneur — needs a dose of reality now and then. It is not intended to discourage them, but to encourage them to work smarter and harder, because, even though it is essential to learn from your mistakes, it is even better to learn from others’ mistakes.
Self-evaluation must be performed in the following ways to decide whether an entrepreneur should initiate a start-up or not:
How An Ideal Sart-up Mindset Should be
Start-ups are associated with innovation or establishing something that did not exist so far. They are poised to revolutionize a particular segment or create a new segment altogether. There are few elements associated with a start-up like innovation, how committed it is in helping people solve a problem, how different it is in the existing market, what percentage of the industry is getting affected by it and whether it is a disruptor or just another player in the industry. Potential entrepreneurs have numerous valid reasons to launch a start-up.