Before delving into discovering the practical and legal challenges startups face, there is a need to understand the term and concept of a 'Start-Up.' As per the Department for Promotion of industry and Internal Trade (DPIIT), MOCI, under its Start-up India Scheme, a startup is an entity that has the following salient features:
WHAT IS THE RELEVANCE OF A STARTUP IN THE PRESENT SCENARIO?
There were times when having your own business was primary, then the economy shifted to the service sector as it offered stability and lower risks. However, the pandemic has taught the importance of one's venture and gave a craving for independence to the country's youth.
Further, creating employment has become the primary concern of the nation's economy. As a result, today's nation needs more employment generators and more innovation, which only startups and their founders can make come true.
Moreover, the Central Government has introduced various startup schemes, though not to much success. Despite the government's support and the zeal for budding entrepreneurs -
WHY DO MOST STARTUPS FAIL?
The answer lies in the topic of this blog - Various Practical and Legal challenges faced by startups. This blog will highlight the most pertinent challenges as follows:
MAJOR PRACTICAL AND LEGAL CHALLENGES STARTUPS FACE:
CONCLUSION OF THE STARTUP STORY
The startup story in India had, is, and will be witnessing hurdles. Whether in terms of economic backing or compliance issues, the struggle is real for startups to operate within India. However, irrespective of the challenges, the youth of India still have their minds flooded with innovation, creativity, and whatnot.
If you also have a new idea in your mind, don't be afraid to bring it into reality. MASTER BRAINS' EXPERTS have experience in various industries and have worked with many startups. They can provide you with vivid end-to-end guidance in planning and executing your Startup. They can enable you to overcome not just the significant challenges detailed above but any other hassles you are facing in FINANCE, TAX, and LAW.
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