Willingness to pay is known as the maximum agreeable extent a singular person pays for a product or service; it is autonomous to the budget limitation. Later, the customer’s ability to pay comes into play and consumers with a high inclination towards the product may not be able to afford the product or service at the given price.
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Even though organizing and running your own business as an entrepreneur sounds very thrilling and might look profitable from the outside but on the inside it is completely different and this is surely the shared notion of many existing Entrepreneurs. The preliminary stages comprise of struggles like company operation, employing personnel, setting up a functional crew & business development, generating timely profits, working in the direction to reach breakeven point and also receiving profit along the way – these tasks are enormously challenging and thought-provoking to arrange and launch.
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Back when McDonald’s started it had a skimpy menu. Later, even after witnessing a rise in competition and diminishing sales, they decided to keep a more Operationally Efficient lookout and did not succumb to their temptation to increase menu items. They kept it simple and concentrated on good taste and ensured that quality of food was always cost efficient. Such examples can be useful for many startups that almost always have a lean budget.
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A startup is only as good as its team, as all the dreams, visions and missions can be realised only through their skills, sweat and commitment. So, it is imperative for a startup to be able to recruit the right people, as there is very little room for mistakes for a cash-strapped tight ship like a startup.
A lot of times, a startup may not have a separate HR person or be able to afford headhunter fees to look for the right talent. So, mostly it is up to the founder and the core team to do the right thing to recruit the most suitable talent for the startup.
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A startup is the culmination of the hopes and dreams of a founder. It is a baby which has to be nurtured and nursed to the dimensions envisioned by the founder. With limited resources and mounting responsibilities, a founder needs just the right kind of help to keep this baby healthy. Since there are not enough financial resources to hire the best expertise from the industry and any bankable relationships, a founder needs a doppelganger to fulfill the demands of running a startup. This doppelganger may be a co-founder or a key team member whose motivation and commitment levels match that of the founder.
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n the last few years, the huge influx of investor funds encouraged nearly everyone with entrepreneurial aspirations to give wings to their dreams. As a result, the startup ecosystem in India was thriving. But with the passage of time, while many startup unicorns have been born, at the same time, the failure rate of startups has also been fairly high.
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Though launching a startup has almost become a fad now, what most people still fail to understand is that they need to first get the basics right. You can just wake up with an out-of-this-world idea one day and decide to launch a startup. Many recent issues with a number of start-ups, some of them being renowned and respectable brands, have only strengthened this belief.
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They say there isn’t much you can accomplish without passion. Passion gives our lives a meaningful direction and drives us to achieve the impossible. Therefore, it is undoubtedly an essential prerequisite for an entrepreneur to succeed. However, the key is not to cross that fine line and become so obsessive about your goal that you can’t see beyond that since that could be the beginning of the end for an entrepreneur.
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With the Indian government acknowledging the huge potential of the flourishing Indian startup sector and corporates waking up to their unique capabilities, the startup ecosystem is moving towards the adequate support required to foster growth of startups, as we have witnessed in other successful early stage venture markets.
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Everybody, at some point in life, needs a guardian angel to lend a helping hand and steer them through the pitfalls. Startups also need a guardian angel, especially in their early stages, to get off the ground.
For young entrepreneurs who are still too small to be noticed by VCs and have run through most of their own money trying to take off, having an angel investor betting on their idea is a blessing. Although India is the third most prolific startup ecosystem in the world, barely 1% of the startups that set up shop here get any kind of funding in the early stages, apart from their own sources or family and friends.
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