Fund Isn't The Biggest Barrier for Start-Ups: Survey | SupportBiz


Fund Isn't The Biggest Barrier for Start-Ups: Survey

Respondents believe inefficiencies, corruption, delays and bad business practices are the biggest barriers to entrepreneurship
As India witnesses a start-up boom, there are more converasations around the companies and their roles in society. 
According to a survey by LocalCircles, India’s leading citizen engagement platform, 98 % of respondents want the definition of start-ups to include grassroot entrepreneurship.
With over 14,000 people  responding to questions, the survey provides insights into current challenges as well a blue print for the key areas that the mission must focus on to enable start ups and entrepreneurship in India. 
While capital perceived as fundamental, only 14 % voted on it as a barrier. 59 % believe that it is the inefficiencies, corruption, delays and bad business practices that are the biggest barriers to entrepreneurship. 13 % believe that lack of a supportive ecosystem was a barrier while 13% believed registration and taxation related processes and keeping up with them was a barrier. In response to another question, respondents also outlined a clear need for a local start-up ecosystem in their town.
In addition to the survey, an in-depth discussion was held on expectations from the Start-up India Mission. Below are the key findings from this discussion:
  • This initiative should solve a number of common issues that start-ups have 
  • It should create national and local city level frameworks that act as a one stop help for all information/registration/clearance for the start-ups 
  • This initiative should enable entrepreneurs to easily report inefficiencies and corruption and make the whole business ecosystem more effective 
  • It should help in removing poverty to a great extent in urban and semi urban areas by creating lots of jobs 
  • It should encourage people to innovate and start their own business 
  • It should help people to easily get feedback on how they should go about building a business in their sector and their market 
  • It should enable start-ups to easily find partners, vendors, initial pilot customers etc. 
  • It should touch and enable the grass root entrepreneur and not just the start-ups that need millions of dollars of funding
  • It should make access to funding and loans much easier and faster than it is today
  • It should enable start-ups with protection mechanism against bad business practices by private and Government organizations like payment delays or defaults
  • Online and On-ground Communities for start-ups and entrepreneurship should be established in every town of India
  • The mission should enable start-ups with access to credit facilities at cheaper rates
  • CGTMSE scheme should not just be advertised outside banks but should exist in practicality
  • Entrepreneurs setting up businesses in remote and undeveloped locations should be given tax sops and other incentives
  • The mission should provide a list of Industrial/IT sites available for start-ups in every state along with benefits offered.
  • It should create entrepreneur service centre in every town of India thereby enabling single window clearance, registration and filing for entrepreneurs
  • It should provide a 2 year tax and filing moratorium from business start-up /registration date to all entrepreneurs.