The startup space in India has witnessed an all-time-high in recent times with an influx of funds from all quarters to support its growth. Being one of the most prolific startup nations in the world, nobody wanted to miss out on a piece of this pie and eagerly hopped onto the bandwagon, hoping to give wings to the next big unicorn.
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Retaining talent is amongst the key concerns for most businesses. It becomes even more critical in case of a startup since there are anyway limited team members owing to scare resources.
In such a scenario, losing even a single person can disrupt the work and become a big hindrance in the smooth functioning of the startup.
One of the major reasons for attrition is that employee’s feel that their contributions are not valued and their roles not challenging enough. Rewarding them and recognizing their efforts from time to time and developing them to take on larger roles can help change this mindset.
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Nobody said running a startup was easy. A startup’s life is marked by the thrill of the heady highs and rough lows. Of late, the Indian startup industry hit a bottleneck, with funds drying up, as investors have become more cautious about where to park their funds.
It has been a roller coaster ride like the game of snakes and ladders, with the thrill of the climb in the past of couple of years and the sudden rude slide down since the last few months. The dice is clearly not rolling in the favour of startups, with investor interest and valuations reflecting a clear lack of confidence in their capabilities. More than one startup is feeling the bite of competitors at their heels gobbling them up by way of mergers and acquisitions. They have been dumped in the troughs of low valuations and need a lot of luck to roll the dice in their favour and get back on track.
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Positioning is a concept that was coined by Al Ries and Jack Trout to help brands set themselves apart in a crowded hyper competitive market. Successful positioning is not simply about knowing who your customers are, it is also about how to appeal to them and entice them with interesting ideas.
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Why is it that we don’t see too many businesses talk of or focus on succession planning in spite of the fact that finding the right successor can be an arduous and time consuming process and has a direct impact on the longevity of the business? There is no dearth of examples of succession planning gone wrong even at renowned corporate across the globe. Though the ‘biggies’ are more or less able to withstand the brunt in such cases, for startups, a wrong decision on this front, could even prove fatal.
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It is very tempting for the founder of a company to try to tackle as much as they can in the mistaken notion that they can control the outcomes. However unpleasant the truth maybe, remember, you alone do not possess all the skill sets necessary to grow the startup. Therefore, hiring the right people becomes very important.
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Whether you are a solo entrepreneur or a team of two or four people, carrying around all the visions, projects and processes in one’s head, subject to human limitations of memory and undependable communication, is risky.
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Amongst the few things in common between successful business leaders across the globe is the fact that they have a very clearly defined vision and mission for the company and also clearly articulate and demonstrate the values that form a part of the company’s DNA.
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Delhi-based fitness startup FitMeIn today announced that it has raised an undisclosed pre-Series A round from Japanese healthtech firm FiNC and current investor GHV.
Based in Tokyo, FiNC is a mobile tech company that provides personalised nutrition, fitness and healthcare advice to users by leveraging scientific research, medical test results and artificial intelligence. Its team consists of medical doctors, pharmacists, registered dietitians, athletic trainers, preventive health professionals, data scientists, computer science engineers and researchers in genetics & life sciences.
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A lot of brilliant ideas from aspiring entrepreneurs never see the light of the day in India due to capital crunch. Between the development of the rudiments of a product and the creation of a company, entrepreneurs need outside help to bridge the gap. This is where angel investors step in. They are usually wealthy, well connected industry leaders or established entrepreneurs themselves who use their own money to support disruptive ideas.
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