How to start a startup which can provide great solution to society?

Every startup is trying to solve a problem that exist in society, business or the environment, there has been lot of buzz around idea startup however how to start a startup is a puzzle. Startups are an endeavor of entrepreneurs who starts with an idea and try to make it a successful business model. A startup can be as new as a thought or Idea and can be as old as 1 to 2 years. It can be started by a single person or may involve several alike-minded people.

The word has gain so much of popularity that CEO of companies like HCL, Wipro, Tata, Infosys are Are now talking about promoting entrepreneurship culture in their respective organizations so that bonafide business idea’s can be captured, and harvested for the benefit of their respective organization, and if any idea is worth investing money they wouldn’t mind starting a new business line altogether. There are HNI individuals like Ratan Tata, D Shibulal, Mohandas Pai, Narayan Murthy, Rakesh Jhunjhunwala, and Phanish Murthy… who are taking serious notes on these new business startups and funding them to succeed.

So in reality it’s just a business idea that is unique in it’s segment, caters to several people and considers to be promising for financial gains, that’s the “startup”.

In recent budget speech Indian Finance Minister has made a provision of Rs.1 Billion, MSME ministry promotes entrepreneurship through various schemes, recently state govt like MP has created an entrepreneur fund to promote new ideas.

What kind of startups do we see?

We see startups in all the areas like: Social, IT, Human Resource, Products, Retail, Manufacturing, Supply Chain, Education etc however out of these dominance is of technology driven business idea for example: radio taxi service is purely a technology play now, Social Media Marketing or SMAC is technology driven other examples are: my notice period, peperfry, fabfurnish, homelane.

Few names like FlipKart, Jabong, Snapdeal, Myntra, carwale, cardekho, crickbuzz, bookmyshow, are NOT startups anymore they are old enough to be considered as full-fledged business which keeps searching for funds to ease their liquidity issues.

The Process of setting up a startup:

Anyone gets the idea, go for setting up Business, Business run for some time, Profit/Loss is realized, accordingly funds are arranged, business is expanded and stabilization phase makes the business a establish business, no rocket science, its just like any other business.

Do these new age startups really solve problems?

Principally they do else they remain only ideas. Any business idea need to have two things “Problem it solves” & “Extent to which it solves”. Recently few genuine startups have really made a difference in respective areas, for example: online Tirupathi prasadam, Shaadi, JeevanSathi, Edureka, ThinkVidya, Ecommerce retail companies, bookmyshow, Indiamart, Alibaba, Passport Seva Kendra (MoEA India), KarnatakaOne, MP Online, Ebidding(Govt of India) are serving many people and saving so much time, fuel, money and energy of our people.

What are the areas we see huge potential?

Areas like Public Distribution System, Supply Chain Management, Human Resource, Education, online marketing, Analytics, Online Retail Store, Online Community Service & Social Media are the areas with huge potential in coming days/years.

The big question: why should i bother about Startup Ideas?

As an individual you have two choices 1- Read the story just like a any other article 2- You can align your thought process with a problem and start ideating.

Reading a story is very good especially when you don’t really think that you are the saviour of society and truly you should not, just be happy and contend with your work that you do in a way you are also contributing to success of our society – Indirectly.

In the second case you feel you can make a difference and you have right blend of skill and idea then “don’t stop yourself”, just give it a try. I believe everyone who thinks this way should try something off the track and see how far they can sail but do it when you are young, can take financial risk and have an abundance of energy.

These are just the idea’s transformed into a business by the efforts of these few people and given the current scenario all the Govt of worlds wants to promote people to think differently and come up with ideas which serves the society at large.

Remember we all are born with equal physical capabilities and we all aim for good life and you would agree that we all put in our efforts to make it a good one however we must consider that we all are different, our pace in the track of life is different, some time we take decisions satisfy ourselves and sometimes we are called self-cantered.

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