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A Short Guide to be Successful at Entrepreneurship

Anup Sahoo, Founder, Ideapoke
Friday, April 1, 2016
Anup Sahoo, Founder, Ideapoke
Headquartered in California, Ideapoke is an open crowd sourcing platform that enables the businesses to solve their business problems by posting real world business challenges to seek innovative solutions quickly & cost effectively from a global talent pool

A startup idea is like a wild horse. The individual, who tames it into a gentle steed - the 'horse whisperer' - shows the path and direction required to make the idea run. Changing demographics have clearly created a new entrepreneurial landscape that has thrown up a young population of disruptors with the drive & energy to invest in a business. Large global investors have also fuelled the growth in valuations and aspirations. Reports indicate that with India's market potential becoming more enticing and the startup ecosystem growing rapidly, this seems to be the right time to start a business venture. Globally too, a number of startups have witnessed phenomenal growth.

The Startup Spurt

As startups rush in, the spurt has brought its own set of challenges. Fierce competition is a huge challenge as the barriers to entry are relatively low. The next big challenge startups are facing globally, especially in the early stages is finding the right team who can share the same passion as the founders. This is a tricky part; predicting when the company moves out of startup mode into scale-up mode and what talent & organizational changes that this shift would require immense far-sight and foresight. Financing a startup is among the biggest obstacles entrepreneurs face. Handling cash flows both in terms of short term and long term objectives is an important priority. An entrepreneur needs to look at this key aspect very minutely to be able to sustain and eventually grow the business.

Technology moves at an incredible speed and keeping pace with the changes can be daunting for startups. Although innovation plays a key role, constantly changing market requirements and technology can distract companies making them lose sight of their niche market they initially started to address, with the objective of making themselves valuable.

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