Choosing an ideal target audience and location is one of the most critical factors for the setup and further growth of your startups. And there is no reason why India should not be your first choice when it comes to such a crucial decision.
If one looks into the recent past of this country, one shall find nothing but the tremendous leap the entrepreneurs have taken by setting up a business in India. The customers have made India a perfect candidate for startups, and the flexibility of laws related to business and economy, availability of workers, etc. are some reasons behind this success.
Let’s have a look at the top 7 reasons why India is the best for a Startup:
1. Availability of Capital and Investors
Funding is the most essential prerequisite for initiating your startup. It helps you build capital for catering to all your needs for growing your business and taking it to new heights. Cities like Bangalore, Mumbai, Chennai, Kolkata, Delhi, are some places in India where the majority of the investors reside. If you have an idea unique to its core, which will not only bring profits to you but also benefit the customers, there is no place in this country where your vision will not be supported to scale up to new levels of success.
2. Cost of Living
Another advantage of setting up a business in India is the amazingly less cost of living than other countries like the USA, China, etc. The last thing you need while setting your business’s foundation is the added expenses of your living cost in a new place. Therefore, India is an ideal location for your business’s roots, which can later spread to different areas.
3. Availability of Workers
India is a country where unemployment is increasing day by day. The competition in the education sector is so high that the cut-off in major institutions closes at 98%! In simpler terms, rejection is faced not only by an average student but often also by the second topper of the class.
Hence, there is a massive population of workers who possess brilliant minds with different sets of talents and qualities, which, if you put to your advantage correctly, can bring out astonishing results!
4. Government Laws
The fourth reason why India is the best for a startup is the motivation and support extended by the government through the recent acts enacted. For example, The Goods and Services Tax has eased the transportation of products and services throughout India. Many laws have been made for liberalizing the markets and increasing their efficiency.
Not only the business laws but the regulations made to enhance other resources to boost the setting of startups like technology, labor, etc. also play an essential role in making India a startup nation.
5. Support and Media Coverage
The acceptance of entrepreneurship and the support given to this field in the past decade in India is worth taking a risk. Gone are the days when starting your own business was regarded as unqualified and materialistic. Schools have begun incorporating such topics as major subjects in their curriculum. Various events and programs are being held to appreciate and reward the best of ideas while also supporting them. Turbostart is one such program that puts multiple startups in a competition to identify the best one with a cause quite influencing and then help it reach new bars of success.
The unique feature of India is its cultural diversity. There are various religions with more categorized communities within themselves. Such differences in practices, choices, habits, approaches, etc. create a set of problems that differ for all societies. And where there are more problems, such as a place where one can take a risk and come out with a solution profiting him as well as the community.
7. Growing Democracy
Last but not least, India is a “growing democracy,” where both the words in this term are equally important reasons.
First, India is a developing country. It has not yet reached the stage of being a developed one where stagnancy in problems or inventions is attained. No. From agriculture to IT, healthcare to education, every sector is subject to changes to development. And with progress comes new problems and new hurdles which can be solved when the most intelligent minds are put to work in a perfect manner possible.
Second, it’s a democratic country. Unlike many other countries, a lot more freedom can be experienced here in presenting your ideas, gaining support for them, and establishing your startup to address them. Even the government is aiding the budding entrepreneurs through various laws and acts.
The above seven reasons make it impossible to avoid putting India as an ideal location for laying the foundations of a startup. The country provides the perfect balance of all the prerequisites necessary to set up a business. From labor to capital, from investors to promoters, almost every factor is covered by the country. Probably that’s why it has gained the title of “startup-nation” because, at this time, no other country, but India is the best for a startup.