Jaipriya K S, Content Writer, siliconindia

As of 2024, the government of India has recognized more than 1,27,000 startups. Overall, these startups spans over a huge range of booming sectors and are achieving enormous success, making India a global giant not only as a most populous country in the world, but also as a nation with extensive startup ecosystem.

Amid this positive side, there is a nightmare scenario happening in the same ground. Yes, according to Counsel India, studies shows that there are only 20% of startups sustaining for more than 5 years and only 8% of startups succeed by staying beyond 10 years. This failure rate of startups was a result of many factors, especially lack of awareness on market demand, poor business planning and insufficient mentorship.

In India, starting a new business seems to be excited yet puzzling, particularly for first time entrepreneurs. Since the ecosystem is thriving, but there is a lot hurdles that demands precise skills to sustain successfully. Hence if you are planning to start any kind of business or startup, developing & acquiring the right set of skills is vital to build a prosperous business. So here is a complete guide to must-have skills for every first time entrepreneurs in India who should acquire certain essential skills before launching their startup journey.

“The Government is partnering with stakeholders including educational institutions, non-government organizations, academic institutions, and the private sector in the development of skills for the youth to enable best possible results”, - Sanjay Bahl, CEO & MD, Centum Learning.

Industry Knowledge & Market Research: Understanding the market which you are going to thrive is the first foundation stone to lead a successful startup. Before getting into business, one should conduct thorough market research to spot the industry gaps, grab opportunities, consumer desires, and the cut-throat competition. This segment includes identifying the customer pain points and how the product can cater them, understanding competitors and their services to position your startup in an innovative way, remaining aware about current industry trends and regulations that has potential to impact your business. When it comes to first-time entrepreneurs, getting mastered in market research is a key to launch a new product that booms with targeted audience.

“Up skilling and creating employment opportunities in both urban and rural areas is essential. Apart from this, a continued focus on ease of doing business and building flexibility in the regulatory framework will help attract global investors”,- Mayank Khandelwal, CFO, NEC Corporation India.