How Have Entrepreneurs Changed The World

A new company's huge strength is new thinking, even more important than dexterity, small size affords space to think. Startups operates on the principle that you need work with other people to get the stuff done, new technology comes from new ventures startups and small group of people bound together by the sense of mission have changed the world for better.

Entrepreneurs believe to take risk of a startup are rewarded with profits, fame and continue growth opportunity. Those fail suffer losses and become less valued in market. 

Entrepreneurs in Economic Development 

Entrepreneurs are extremely important for any country for the economic development, They serve as the catalyst in the process on industrialization and economic development.The entrepreneurs important role some are as:

Capital Formation: Entrepreneurs mobilize the idle saving of public in to market through industrial securities. Investment of public saving in industry results in productive utilization of national resources. Rate of capital formation increases which is essential for rapid growth.

Indirect, by setting up large and small scale business units they generates job opportunity.

Development of rural area: The entrepreneurs helps to remove the rural disparities which help in economic development. They setup industries in rural areas so that they can provide employment and subsidies to rural people.

Improvement in Living of standard: Entrepreneurs set up industries which remove scarcity of essential commodities and change the standard of living of people. Production of goods in mass unit have increase the standard of living and increase the demand of product.

Successful Entrepreneurs

                             

Rikant Pitti: Rikant Pitti is Co-founder of a multi crore empire EasyMyTrip, Rikiant pitti's father used to travel a lot and always used to book his ticket via his travel agent. This was in 2005 when online travel agency were not so popular. 

Poornima Vardhan: Following a successful career as an investment banker in NEW York, Poornima Vardhan returned to India to become an entrepreneur. While she was planning to make her move she observed that people generally focused on looking good rather than felling good. But there was not confident fit anywhere; clothes and accessories that make us look and feel confident. She began her journey with 335th, an innovation in fashion concept of 'fitwear '. Fit wear refers to clothing and accessories fused with shape wear to smooth your silhouette and flatter your body. 

Sachin Kate: This story of Sachin Kate founder of Clear Car Rental, who hails from Aurangabad in Maharashtra, from selling newspaper to being a school-going office boy at a computer institute, part time job gave him confidence to startup. His venture provides both local and outstation travel solutions. The service grew to 150+ cities within India and has home team of 100 who manage the operation.

Kabeer Biswas: This about a very successful company Dunzo, which was founded by kabeer Biswas, along with co-founder Ankual Agarwal, Dalvir Suri, and Mukund Jha in 2014.

Reasons why Startups Fail

No Market need: Doing lot off thing right, but it is useless because when you ignored single most important thing that every startup should focus first is "Right Product". The startup will fail if company is not pitching the right product.

Lack of Focus: " Lack of direction is the problem, not lack of time" Their are several thing takes place when their is lack of direction such as no networking, Doing partnership without proof of extra revenue, spending time on public relation and social media before knowing that you have picked right product for customer.

Being one person team: team management is necessary for any company you cannot run your organization with one person. "Individual Don't Build Great Company, Teams Do" There are essential thing required to have great startup such as Good people, Making something that customer actually want, Spend a little money as possible.

Premature Scaling: When your business expand faster than your product. o

you're don't know lifetime value of customer and your cost to acquire that user.

your're business model is not repeating means you are not acquiring same business model.

you're spending more time in the business rather than on the business.

Some Startups that shutdown

There are following Startups who failed such as 

Just Buy Live: Launched in 2015, founder: Bharat Balachandran and sahil sani, Business Type: E-commerce.

Just Buy Live connected retailers to buy goods directly from brands across multiple categories such as food, drinks, personal care, auto, smartphones, fashion, stationery, etc. The startup also offered an unsecured credit lending to small and medium enterprises(SMEs) to facilitate the transaction on its portal and provide working capital to small retailers. 

Why Fails

Various report claims that Just Buy Live may have shutdown due to an unscalable business model and negative cash flow.

Shontang: 

Launched in 2013, founder: anter basu roy, Type of Business: E-commerce. Shontang was a business-to-business online market place that connected retailers, distributors and manufactures to discover, transact and manage their business online using their platform.

ZEBPAY: 

Launched in 2014, founder: saurabh agarwal, sandeep goenka, mahin gupta, Business Type: Fin-tech

Undoubtedly India's largest crypto exchange, Zebpay enabled users to buy and sell Bitcoinn and other cryptocurrencies such as Bitcoin Cash, Ripple, Ethereum, and Litecoin, or to purchase airtime and gift cards

Why Fails

Zebay decided to down its shutters in the aftermath of the circular issued by the Reserve Bank of India on 6 April 2018, restricting banks and regulated payments companies from extending any services to crypto exchange and wallets.

BTVI: (Business Television India) earlier known by the name of Bloomberg TV India, Bloomberg UTV, and UTVi, it was an english news channel in the business domain. Business Broadcast News Pvt ran the channel. Ltd (BBNPL).

Vodafone M-Pesa: In 2013, Vodafone launched M- pesa mobile service in India. Vodafone Group said M- Pesa grew revenue by 20.7% and represent 12% of emerging consumer service revenue in fisal 2019.

Why Fails

According to Vodafone Idea CEO, Balesh Sharma, regulatory changes for the payments bank business and deterioration in the health of the telecom sector were the reason for the failure.