YES, they can! Especially if they succeed to scale through challenges stemming from lack of access to resources and protection of intellectual property;
On the difficulty of getting resource persons
In India in particular, it is too difficult to find the right resource person with good skills who can help the entrepreneurs at the initial stage of the start-up. To overcome this, entrepreneurs should create strong networks in India and abroad through social media, friends, family, amongst others.
On the challenge of protecting Intellectual Property (IP)
This refers to the ownership of ideas. Unlike tangible assets to your business such as computers or your office, intellectual property is a collection of ideas and concepts and these are often not secured by the entrepreneurs at an early stage. Since the entrepreneurs are busy trying to materialize rather than secure their ideas or concepts first, in emerging markets the new ideas or concepts are more like small fishes floating in the sea and the big fishes floating in the same sea are killing them.
There are only three ways to protect intellectual property in India: through the use of patents, trademarks or copyrights.
The protection of IP is key for the entrepreneur to stand out. Thus, while other entrepreneurs are busily trying to materialize their ideas during the initial phases, you may want to stand strong alone with your idea. You may as well lose your motivation or idea in due course but remember:”defect is not when you fall down it is when you refuse to get up” So, always believe in your ideas or concepts and try to make others believe as well. Remain motivated and keep improving your ideas or concepts. Always think positive about your ideas or concepts and keep working on it until they get successfully materialized in to reality.
Running a team at the initial phase of a business is no easy nut to crack so you may want to chose your teammates wisely. To ensure greater productivity, entrepreneurs should note that it is their duty to keep motivating the team and make sure they produce good returns.
Government support remains unreliable in India and this political system reflects in every sector of India including start-up phases of businesses. So, as an entrepreneur you need be aware of all the government rules, plans policies pertaining to your …. Read More
CEO and Co-founder of Varistor Technologies Pvt. Ltd (a smart technology provider) and Solarclue.com (India’s first online solar store) is definitely a resource person for businessmen.