Add Thesis

Establishing an Indian Startup in Germany

First steps, Opportunities and Recommendations

Written by G. Bisht

Paper category

Master Thesis

Subject

Business Administration>Entrepreneurship

Year

2018

Abstract

Master Thesis: Start-up companies are companies that have recently been established and provide new innovative products or services. Start-up companies usually have good potential for rapid development as a company. In recent years, the number of startups created by budding entrepreneurs around the world has increased dramatically. With the development of the Internet, social media and e-commerce, young innovators are more and more likely to quit their jobs and become their own bosses through entrepreneurship, because funds can be obtained from various sources, and marketing and promotion can also be carried out through the Internet. And social media. Although the entrepreneurial culture is so popular, and a large number of startups are launched every month around the world, most of these startups end up in failure and survive no more than a few years. One of the main reasons for entrepreneurial failure is that entrepreneurs, due to lack of experience, do not know how to build a company correctly, because having a good business philosophy is only half of the successful entrepreneurial process. The purpose of this research is to understand the systematic approach to be followed to develop a business idea into a successful startup company and the steps to prepare for the startup company so that the startup company has a good chance of survival. Before starting a business in Germany, entrepreneurs should always be mentally and emotionally prepared, because starting a new business seems easy, but the process is often difficult, and the road to establishing their own business is economically and emotionally, sometimes possible. It will be very demanding. • A fledgling entrepreneur must be prepared to work at least 70-80 hours a week at the beginning, because starting a new business requires a lot of effort. If the entrepreneur works at a leisurely pace of 40 hours a week, the release is delayed or the entrepreneur Missed important deadlines, which was almost unbearable in the early stages of the company's establishment. • Starting a new company or new business requires some fledgling entrepreneurs to require a lot of mental strength, and a severe test of the entrepreneur's ability to cope with pressure, because at the beginning of the business, a fixed monthly income cannot be guaranteed. Then there is the additional fear of entrepreneurial failure, which will cause all hard work to be wasted, and all investment money is wasted, leaving the entrepreneur with a heavy debt. • A young entrepreneur who is starting a business should not expect a fixed monthly income or salary for the work he does. Usually in the early stages of a startup, entrepreneurs have to take a second job to make ends meet and pay monthly bills. Another thing potential entrepreneurs should do before starting a business is to conduct self-assessment to clearly understand their current situation, mental and financial status, because this helps to understand their own strengths and weaknesses, and clearly state whether the entrepreneur is Ready to start a new business and outline the areas that entrepreneurs need to improve or work on before they are finally ready to bring their new products or services to market. Successful entrepreneurs have common attitudes and behaviors. They work hard and are driven by strong commitment and firm perseverance. They see that the cup is half full instead of half empty. They fight for integrity. They burn with a competitive desire to strive for excellence and victory. They are not satisfied with the status quo and seek for something. Opportunity to improve almost any situation they encounter, they use failure as a learning tool. Start-ups are newly established companies, and everything starts from scratch. Start-up companies have certain risks, and future success is difficult to predict. Before starting a startup, the entrepreneur must fully analyze the market to enter. Entrepreneurs who start a startup must establish relationships with customers and suppliers, and obtain financing in the early stages of the startup, and all of this is done before starting the startup. In addition, entrepreneurs must also deal with the legal procedures involved in establishing a company in Germany. However, because start-up companies are built from scratch, companies can be built around entrepreneurs’ own unique ideas and concepts. Read Less