The word Startup and Entrepreneurship has become quite familiar among us(specially youths) today. The list of startups are increasing daily in the market of Nepal aswel. And it is a great sign of the nation development. But still, the ideas and startups are not being able to achieve a mark as expected. Nepal has a raw market place so if utilized properly the turnover is limitless. But the challenges are equal as the opportunities are. So before jumping to the world of entrepreneurship or startup, a starter should be well known with some general concepts about the challenges and scopes of the market place. Here I have shared the summery I have concluded from my personal survey. If You find worth sharing do not forget to share. And if you have some more points to add please keep on mentioning on the comment section. So let’s get the summery :
‘An idea and investment is what needed to start a business or a startup’- this has become a general thought for any individual who are getting started. Yes it is true to some point, Startup is about idea and is about investment. But it is not JUST about those two factors only. Startup is not about just getting started, its about creating value. And for this one needs to act much more then just on idea and investment. So what could be some general challenges one needs to be prepared before getting started in Nepal :
Although the startup is about doing a new thing, but before getting started the person must have proper knowledge about what they are doing. We have heard the saying ’Little knowledge is dangerous ’, but instead of analyzing the meaning of this sentence we repeat the mistake. Most of the startup ideas in Nepal are a COPIED version of the successful ideas around the world. Rather than being innovative and creative it has became a concept of COPY AND PASTE PLACE.
The starter are unclear about their idea what they want to do, they are unknown about market demand and market challenges. Jumping with a vague idea with no proper market research and knowledge, is one of the major challenge.
Startup is not a matter of overnight turnover. Successful entrepreneurs explains the success of business with the example of bamboo tree. You need to nurture them properly for some initial years with regular effort and great patience. And the result after the years are magical.
We lack the patience. Most start the business with a goal of overnight turnover. A successful startup is the result of being determined towards the idea they had started, with power of patience and a regular consistency of effort and dedication.
Unclear Vision, Plans and Strategy
A successful venture is all about a clear concept about an idea/product, market demand, supply chain and distribution. Most starter are unaware about marketing, distribution, supply chain. They are only focused to developing or creating a product. As a result most startup fails in no time when started.
When talking about startup, its more talked about creative or innovative ideas. But the survey from around the world shows the major reason of failing the startups is Lack of Cash/Cash crisis. To make an imaginative mind concept to a valuable living successful venture, adequate CASH plays the major role. The starter are unknown about the fund management and future fund necessity. And in Nepal the market is not in a good response of public fund raising. These are some of the major challenges startups needs to be prepared of.
But, as it is said that ‘Opportunity lies in the middle of difficulties’. Similarly there is equal opportunity to get started in Nepal. The first thing, the market of Nepal is still virgin. Here you find opportunities to trying new ideas as the market is less competitive and the people in Nepal are always welcoming for new concepts and ideas. Secondly, the resources are still unused because most startup ideas currently are copied ideas. The startup ideas should be a solution, understanding the surrounding problem. The mission should be to simplify rather than making a vague.
Thus, if one is prepared with the proper research with the determination, patience and consistency focusing on solve the problem and achieving beyond limit, then Nepal is the best place to get a maximum return.