Abstract:

Start-up ecosystem are in the development phase across the globe. Start-ups in India are also on the rise with over 15,000 start-ups established in the current decade. On their path to success in this sector, all entrepreneurs, particularly young entrepreneurs with no expertise in the field, would confront a variety of hurdles and have a slew of challenges to overcome. This research was conducted about the existing challenge factors and necessary competence factors that are involved in start-ups’ success. For research, the authors use qualitative and quantitative research methods. The results of the research show that both the challenge and competence factors of the entrepreneurs involved in start-ups companies have significant differences. However, the majority of respondents agreed that improper budget plans, unavailability of skilled labour, lack of motivation and confidence, and poor financial management are the top challenges. And the majority of entrepreneurs agreed that if start-ups identify customer wants, actively look for products or services that provide real benefit to customers, develop the long-term direction of start-ups, and commit to long-term goals they will succeed with their start-ups` venture. As the study also revealed that competence factors significantly impact the challenge factors in start-ups in India. Therefore, entrepreneurs can overcome the challenges in start-ups if they adapt to the necessary competencies.