Torn between startup ideas? Now what?

Clear your dilemma; start your business

Taruna Ashraf, a qualified engineering graduate was promoted at work. But her heart told her it was time to look beyond the small time perks of a regular nine to five job. Taruna had this deep impending desire to start something of her own. The only problem was that her family and friends. Rather than being supportive, they were casting doubts over her decision. What do you know about the world of business? Do you know how much money is required to start your own business? Why on earth quit a well-paying job for some distant idea? 

Almost every budding entrepreneur in India is facing a number of dilemmas. This includes the timing, decoding the financial haze and other challenges associated with the exciting world of business. Here is a look at some of the common dilemmas faced by budding Indian entrepreneurs:

Lack of Mentorship:

India has traditionally been a land of self-employed people. Yet there is a distinctive lack of mentorship available for entrepreneurs.  Almost everyone has a distinct opinion on things including people who have never ventured into business. A budding entrepreneur seeking advice is usually lost. He also ends up more confused by talking to peers, colleagues and others around him.

There are a few networking events for various industries. The ones available are usually limited to niche sectors and services. A unique business entity or a startup offering something entirely new usually finds it hard to get a good mentor onboard.

The Financial Haze:

Capital is one of the key constituents of any business. Every business has limited amount of capital at its disposal. There comes a time when the entrepreneur needs to decide on financial spending and raising fresh capital.

One option to raise capital is by diluting ownership over something you have built from scratch. The other is to raise sufficient fresh capital on your own making sure your company and its products and services stay afloat for a long period of time.

Lean versus Big Dilemma:

Do you start small with limited products and services or start big with a bag is another major dilemma faced by almost every entrepreneur. In case your company is offering a product or service, which already exists in the market, then the focus is whether you should launch your product at a cheaper price point or markets it as better than the existing alternatives.

For entrepreneurs facing a similar dilemma there is both good news and bad. The bad news is that there is no one clear winner in this section as the strategy. The good news is that there are enough success stories for companies following both lean and big upfront approach.

Product Approach Dilemma:

The product approach dilemma is common with companies having multiple products and services. It is usually a bad idea to put all your eggs in one basket and make a heavy launch. This leaves no room to learn from your mistakes.

On the other hand, launching with only one product may not be that cost effective. 

The Marketing Strategy Dilemma:

Marketing strategies have become a centrifugal force around which the success or failure of any business revolves. Companies having a good product but a bad marketing strategy cannot hope to survive for long relying only on their superior product. If you have a genuine product, your chances of success are great.

A marketing technique that may work for a technology startup may not be a good idea for a manufacturing startup.

Picking the right path holds the key and entrepreneurs brainstorming over their strategies for good are often the ones that succeed.

How did you clear your dilemmas about your business? Do share your views.