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Whether it’s ordering food and groceries online or paying your credit card bills in exchange for coins, start-ups since the past few years have become the epicenter in most people’s lives.
Such has been the success of these organisations that most young as well as experienced executives dream of becoming an entrepreneur. Hence, many are driven to take out a personal loan or an unsecured business loan as the first investment for their start-up idea.
Lenders too have recognised the contributions start-ups make to the Indian economy and now offer niche services to this sector. For instance, IDFC FIRST Bank offers a ‘First Startup Current Account’ with features such as nil balance requirement for the first three years or free cash deposit up to Rs 30 lakh per month.
However, while the lure of “starting up” is enticing, one has to sit and think about how his or her idea can taste success and in turn impact the Indian economy too. If you are a budding entrepreneur, here are a few things you must consider:
People remember brands that help them solve a problem - this is the base on which a start-up builds success. For instance, if you think people are finding it hard to decide which credit card to take, you can consider building an app that lets them compare credit cards from different lenders; throw in some pros and cons too. This will make things easier for people who find this process complex and also helps banks indirectly reach more people and spreads banking access to different parts of the country.
One of the biggest contributions the start-up industry has made to India’s economy is employment. If your start-up idea can do that, you’re set. Say you’re a fashion designer whose new fashion house uses cloth material from diverse parts of India, you not only employ designers for your company but provide business to cloth material sellers from various parts of India and also the transporters who bring the goods to your fashion house. It is not always about direct employment but indirect employment matters too.
The banking and financial world is the Indian economy’s backbone. If your start-up idea makes a profit, it means you will park your money in your start-up’s current account. Now, the bank has more money and it can lend it to people in the form of home, auto, personal loans or increase the interest rates offered on savings accounts. Your profits help the people.
Start-ups are the future of India’s economy and if your idea strikes gold, it will play a major role in shaping the country’s financial future and secure the livelihood of thousands or lakhs of people. Give your idea the right amount of time, shape it with precision, and see it shine and join the ranks of some of India’s best-known start-ups.
All the best!
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