India is a country where people are having lots of new ideas and the youth is always ready to take the risk to implement those ideas and make them as a successful business. Each year thousasalesnds of new start-ups get registered in India by entrepreneurs to implement their ideas and build a successful company. But when we see the success ratio of this start-up, it is a bit shocking that only 4% companies out of all these start-ups are able to survive up to 4 years or more. Rest of the 96% of companies are either closed before 4 years or are taken over by other companies. This is something interesting and if upcoming start-ups can overcome this 4 basic challenges then for sure they can build a million-dollar company. There are 4 basic issues with each start-up which is failing to survive in the market:
1. Lack of leadership quality of the executive team and delegation from them:
This is one of the key issue with start-up companies the executive team is not properly able to lead the team and delegate things to them Most of the entrepreneurs in India just want to have self-centric approach where they want all things to be under their control and are not able to share responsibilities or put trust on others due to which they are not dealing in proper ways with their team or focus on their key task.
2. Lack of proper structure and processes:
For any successful business you must need to have proper structure and processes in the company and for this, you just need to have proper resources with experience who can help you to set-up proper processes and structures. But most of the Indian companies do recruitment with one mindset where they just want to save cost and get maximum profit to their own pockets due to this short-term thinking companies are not able to have proper resources who can help companies to grow.
3. Lack of vision and competence with changing market trends:
This is one of the major reason, most of the companies have a short-term vision and by getting some success they start believing that they are doing all stuff in the right way and they are in growing way to becoming million dollar companies. Due to this they stop seeing the changes in the market and are not able to match the changes or prepare to match with those changes.
4. Lack of Guidance:
It is always required that to make a successful company you need a mentor or coach who can guide you with his experience and help you to grow your company. To grow your own firm you always need to invest in it. Get a person who can guide you on each step and correct your errors which will always help you to be successful.
If you need more details and techniques to overcome all the above issues then feel free to contact sales training company who is providing you best training for overcoming it. Might be possible, using their training you can running your company in a proper way and be a success.