Source | LineMint : Rajiv Banduni
With the start-up scenario growing and becoming pervasive in India, entrepreneurs are bubbling with new ideas, believing their idea to be the next billion-dollar one. Today, it feels as though everyone wants to be an entrepreneur. This is very heartening for a young country like India where, by 2020, 64% of our population will be of working age, highlighting the urgency for future employment creation.
The biggest challenge facing global start-ups is the high rate of failure. According to Harvard Business Review, over 80% of global start-ups fail in the first 18 months, and in India this figure is close to an alarming 90%. The ministry of corporate affairs in fiscal 2014 published that close to 100,000 new companies were registered in India, but how many of them will survive? It appears that when signs of trouble arise, many founders struggle to “save” the business, largely due to poor decision-making by the leader, and a lack of guidance from a skilled expert.