Recently, the slogan ‘Startup India, Stand up India’ coined by the honorable prime minister of India created a buzz in India. It was aimed at empowering thousands of aspiring entrepreneurs to stand up and build something new, by leveraging the power of technology. The motive was to boost the entrepreneurial culture in India, and there is no opposition on the fact that startups are fuelling entrepreneurship in India.
Though entrepreneurship is a much greater concept which involves risk taking, identification of viable business opportunities and building a successful enterprise, the growth of startup culture in the country is complementing the growth of entrepreneurship in the country. Startups aim to answer the questions, which had not been answered in the past. This creates a sense of uncertainty to a startup. They work in the dynamic environment and build a strong foundation for an entrepreneur. Let’s see how building a startup improves the personality of an individual and transform into a full-fledged entrepreneur:
Building something for a new market involves taking risks at every stage as the situation, demand and reaction is unpredictable. A startup is aimed at developing a new product altogether meaning that everything would involve building from scratch. Creating a new category all together means a person’s decisions would not be backed by any previous research. So, developing a startup involves risk-taking, which is essential to the process of developing entrepreneurship abilities.
Venturing into uncharted territories
Launching a startup gives a heads-on experience to an individual to venture into the entirely new market. Mostly, a startup caters to an entirely new segment, where no other player is present. Also, a startup caters to the demand, which was unnoticed, so in a way, it is catering to fresh demand, which is like venturing into entirely new territory.
Development of leadership abilities
Launching a startup requires having conviction and determination to succeed. After the initial phases, managing a startup involves a building team of developers, and other support staff, who look upon the co-founders all the time. This helps in the development of leadership capabilities in co-founders.
Grabbing global attention
Startups take up riskier challenges rather than scalable certainties making them turn heads and pop a few eyes. Due to their disruptive techniques and marketing methods, they inevitably bring global attention to the country, which motivates others to take up the riskier route of entrepreneurship and create their mark by starting up something and solving a completely ignored problem. Also, startups approach to global venture capitalists for funding, succeeding which they bring home valuable media attention and foreign capital and fuel the entrepreneurial engine.
Entrepreneurship is a vast term, and startup culture fuels the concept as it is promoting the development of an entrepreneurial streak in an individual. During the journey, an individual faces innumerable hurdles, overcomes them and present a path-breaking product, only because of his hard work and conviction, which is the essence of entrepreneurship too.