Factors Influencing Startups in an Emerging Economy:A Literature Review

Kapil Malhotra
Assistant Professor, Maharshi Dayanand University, Rohtak, Haryana, India; and is the corresponding author. E-mail: kapil.comm@mdurohtak.ac.in

Rubi
Research Scholar, Maharshi Dayanand University, Rohtak, Haryana, India. E-mail: rubi.rs.comm@mdurohtak.ac.in

Entrepreneurs are important contributors to a country's economic development and are at the core of every startup ecosystem. Startups have played an important role in the growth of many economies worldwide by generating employment, increasing innovation and bringing competitive dynamics into the business environment. In recent years, more startups are gaining pace by catering to new types of market demand. The present study examines the internal and external factors that influence the success of a startup in different stages. Multiple research works from various prominent publications like Elsevier, Emerald, Taylor, and Francis have been reviewed in this paper. The findings of the study indicate that external factors have more influence on successful startups than internal factors.

Introduction
Modern industrialization has been defined by entrepreneurship, invention, and creativity. People are quickly adjusting to the concept of entrepreneurship and innovation, which is boosting global economies. As a result, the government is under less pressure to create jobs. An improved understanding of the factors that contribute to the success of startups is an important aspect of entrepreneurship research (Okrah et al., 2018). The concept of startups may be traced back to the 1970s. The term 'startup' has been researched and defined across various disciplines (Baregheh et al., 2009). According to Robehmed (2013), 'startup' is a business that is still in its early phase of development. A startup is a business that aims to solve a problem for which no obvious solution exists and where success is uncertain. According to other definitions, a startup is a firm that is built on several uncertainties and has innovation at its core in order to build products and services that will transform the market (Moroni et al., 2015). A startup is a small business founded by one or more entrepreneurs to offer unique products or services. Its goal is to promote innovation, creativity, and speedy idea generation. A good idea is not enough to establish a successful business: while most studies have examined individual factors that make startups successful in different sectors, this study attempts to go beyond that.

What Is a Startup?
In India, an entity shall be considered as a startup:

• Up to a period of 10 years from the date of incorporation/registration if it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under Section 59 of the Partnership Act, 1932) or a limited liability partnership under the Limited Liability Partnership Act, 2008.
• Turnover of the entity for any of the financial year since incorporation/registration has not exceeded 100 cr.
• Entity is working towards innovation, development, or improvement of products or processes or services, or if it is a scalable business model with high potential of employment generation or wealth creation. Provided that an entity formed by splitting up or reconstruction of an existing business shall not be considered a startup (19th February) G.S.R. 127 (E) 2019 notified by Department for Promotion of Industry and Internal Trade (DPIIT).

Stages of the Startup Lifecycle
Many businesses generally follow a similar path in the business lifecycle. These stages are good for generalization and categorization, as shown in Figure 1.

Seed and Development Stage: At this stage, startups seek advice and comments on the viability of their business idea from as many people as possible: friends, family, coworkers, business acquaintances, or any industry experts.

Startup and Early Stage: Every business initiative or attempt begins with a concept. In this phase, the firm is only a thought or an idea, effectively indicating the birth of the company. Many people believe that the starting phase is the riskiest phase of the entire lifetime. It is time to make the enterprise legitimate now that the concept has been extensively tested. You have got your products and consumers lined up, and you are ready to go.

Growth and Establishment: When your firm reaches this stage, it indicates it has a continuous stream of revenue and is consistently gaining new customers. With a moderate but constant upward increase in income, the profitability should improve for the entrepreneur.

Expansion: This phase is defined by growth in new markets and distribution channels. At this stage, every company seeks to take advantage of innovative opportunities and ventures. Rapid revenue or profitability growth defines this stage of the business.

Maturity and Exit: At this stage, business has been seeing great profit and may continue to expand or choose to exit.

Figure 2 depicts the percentage of startups in various stages in India. It shows that a majority of startups are in the early stages of traction. Approximately 37% of startups are in the early stages of traction. The Figure shows that as the startup progresses to the traction stage, the number of startups increases, whereas at the scaling stage, the number of startups decreases. It demonstrates that not all startups progress to the scaling stage.

Startup India
To boost the startup culture in India, the Government of India has introduced more than 50 startup schemes. To encourage the entrepreneurs, the Indian government has launched some schemes favoring startups:

1. Make in India: This scheme was launched in September 2014 by the Government of India. The main reason for this initiative is to encourage Indian companies to manufacture and market to receive FDI. This activity will increase foreign currency reserves and contribute to economic growth. In this regard, the government has come up with single-window clearances to ease the documentation procedure.
2. Standup India: This scheme was launched in August 2015. The initiative attempts to encourage women from Scheduled Castes and Tribes to start businesses. The following are some of the key features: a. Non-farm greenfield projects will be eligible for loans under the scheme. b. The objective is at least two such projects should be possible per bank branch. c. Within 36 months of its launch, the scheme was expected to help at least 250,000 borrowers.
3. Digital India: This scheme was launched in July 2015. The program's purpose is to make India a digitally empowered society with a knowledge economy. The program's vision is to help government services available to all citizens through an online platform. At the launch of this campaign, the private sector committed capital to fund new businesses, creating a major commercial opportunity for startups.
4. Micro Units Development Refinance Agency (MUDRA): This scheme was launched in 2015 by the Government of India. This has been created to increase the credit facility to improve the growth of small businesses in rural areas. The banks give credit up to 50,000 to small and medium businesses and 5 lakh for medium businesses. In addition, credit facility of 10 lakh is given for MSME sectors at a lower rate of interest. This scheme will benefit around 1.73 crore people.
5. Startup Action Plan 2016: This is an initiative to develop an ecosystem for the development of startups across the country. The initiative covers funding support, simplifying the process and incentives also industry partnership, and incubation centers.
6. Atal Innovation Mission (AIM): The government announced the new scheme in the budget of 2015. It is named after the former Prime Minister of India Atal Bihari Vajpayee. It was established to provide a platform for entrepreneurs to interact with academicians which helps the entrepreneurs to boost the culture of innovation, research, and development. Under this mission, Atal Tinkering Labs are established in 10,000 schools to motivate young students to think innovatively.

According to the Economic Survey 2021-22, India has the world's third-largest startup ecosystem with roughly 61,400 startups recognized by the DPIIT in the fiscal year 2022, with at least 14,000 recognized for the fiscal year 2023. These startups are not only creating unique solutions and technologies, but they are also creating largescale jobs. In 2021, Indian startups raised $42 bn (Economic Times, 2022). To foster innovation and promote the startupecosystem, NITI Aayog plans to set up 100 incubation centers across the country.

Thegovernment will establish a 2,000 cr credit guarantee fund for entrepreneurs through the National Credit Guarantee Trust Company/SIDBI over four years in order to provide financial support to companies. DPIIT has identified 41,317 businesses, with 39,000+ startups reporting 4.7 lakh jobs. There is at least one woman director in 44% of the 590 districts having at least one recognized startup. 30 States and UTs have special startup policies, 319 qualifying companies have been given an exemption under Section 80-IAC of the Income Tax act, and 39 regulatory modifications have been facilitated with the support of several ministries. Through the Government e-Market Place (GeM) platform, entrepreneurs received 53,226 orders worth 2,279 cr (e-marketplace). The Startup India L&D program has 2.8 lakh users enrolled, and States and UTs have implemented 37+ regulatory amendments.

Figure 3 shows that the number of startups from the year 2016 to 2020 showed an increasing trend. It increased from 504 in 2016 to 14,740 in 2020. Between 2016 and 2020, the number of startups increased significantly. The maximum increase in the number of startups could be seen in the year 2017. Similarly, the number of people employed also increased from 10 in 2016 to 170,000 in 2020. The increase in number of jobs reported was minimum in 2016, i.e., 10 in comparison to other years.

Sector-Wise Distribution of Startups
Table 1 shows the composition of startups in India across various industries. The table shows that the percentage of e-commerce companies is higher than the percentage of other types of businesses. Technology-based startups are gaining traction faster than non-technological startups, indicating that India is keeping up with global technological advancements.

The table shows that e-commerce is the highest contributor in startups followed by B2B, Internet, mobile apps, SaaS (Software as a Service) and others. In terms of percentage, they contribute 33, 24, 12, 10, 8 and 13 respectively

. The composition of startups in India across various industries in the non-technology sector is engineering is the highest contributor in startups, followed by construction, agriculture products, textile, printing and packing, transport and logistics, outsourcing and support. In terms of percentage, they contribute 17, 13, 11, 8, 8, 6, 5 and 32 respectively.

Discussion
The analysis of a set of elements that contribute to the formation of a new business is essential in entrepreneurship research (Harms et al., 2007). This is the time for tiny, quick, and innovative enterprises to emerge in developing countries, changing the traditional market for goods and services. Previously, the term startup referred to a small number of high-tech microcompanies primarily involved in electronics and computer technology. According to Chesbrough (2003), a new startup encounters various problems; gathering market data, determining anticipated revenue, creating the business, and establishing commercial processes are all important tasks (Gatewood et al., 1995). Nalintippayawong et al. (2018) analyzed the factors affecting the success of Thai startups, namely, support partners, business models, market opportunities, and customer perspectives. Thanapongporn et al. (2021) revealed that the patterns and critical success factors in Thailand's seed to early-stage startup was fund raising. The owner's personality, field expertise, persistence, networking site, adverse selection, market opportunity, and a supportive atmosphere are all important factors to consider. Simpson et al. (2004) indicated that training has a big impact on enterprise success and that most companies rely heavily on prior knowledge and experience. Lee and Osteryoung (2004) revealed that other than the goal/operations approach, there appears to be no significant changes in the important success variables. Lizarelli et al. (2021) analyzed that customer feedback, risk minimization, cost reduction, and factor engagement of the team (team support reward and learning) affect the success of the startup. Santisteban and Mauricio (2017) indicated that a business must go through four stages of development and identified 21-key success variables for tech firms, divided into three categories (cultural, individual, and external) (start, early, development, and expansion). We found that the experienced startup founding team and government support factors affect the seed stage; the venture capital factor affects the early stage; the clustering, technological/business capabilities of the founding team and venture capital factors affect the growth stage; and the clustering factor affects the expansion stage.

Several studies have been conducted on the stages of development that a startup goes through, as well as the factors that influence each stage. According to Hossinger et al. (2020), personal characteristics had significantly more evidential support in relation to academics' entrepreneurial activities. Traits had much higher evidential support with respect to academics' entrepreneurial activities. Moreover, the Academic Spin-Offs (ASOs) venture process and success are driven not just by macro level factors, but also those at the meso and macro levels, such as parent organization linkages and regional surroundings. Kim et al. (2018) pointed out that out of the four success criteria (namely, entrepreneurship, innovation, technology and economics) for design startups, concept commercialization is the most important success component as an innovation criterion. As a result, key success variables for design businesses include entrepreneurial conditions such as goal orientation and entrepreneur competency. Jennex et al. (2004) indicated that the employees' skills, user interface, and technical resources are the most essential variables in B2B e-commerce success. Spender et al. (2017) analyzed the literature and organized it into six sub-topics (the role of startups network; the actors interacting with startups in OI process; startup ecosystem and its impact on OI process; the entrepreneurial dimensions in startups' OI process; the role of financing and financing institutions; and performance of startups in OI context) that were found to be the most essential in describing startup characteristics in relation to OI (Open Innovation). Chu et al. (2011) showed that the most important reasons for starting a business are: to earn more money, become their own boss, and demonstrate their ability to achieve. Honesty, customer service, and management abilities are all mentioned as prerequisites for business success. Untrusted Employees were the most serious issue faced by business owners. For Chinese entrepreneurs, a lack of managerial training and competition pressure were also significant obstacles. Simpson et al. (2012) indicated several aspects of the business environment, the attributes of the owner-manager, and the traits of the firm are all used to define success and performance. SME performance is influenced by innovative ideas. Gupta and Mirchandani (2018) indicated that personal, economic, and governmental factors are a positive and major influence on the performance of businesses owned by women in the UAE. Sebora et al. (2009) indicated that the success of e-commerce business running in Thailand is significantly linked with the direction and locus of control. For Hazudin et al. (2015), if the family issues are addressed, women are more inclined to participate in the business, which is less likely to be a man issue. Furthermore, men, compared to women, believe that risk-taking and innovation are less likely to affect their company's profitability. Furthermore, it showed that it is more difficult for women to succeed in business if they lacked knowledge and capability. Managing corporate behavior, on the other hand, has proven to be a major challenge for men in an area where women have less experience. According to Prohorovs et al. (2019), companies that are more successful in attracting seed funding are driven by entrepreneurs with prior experience in setting up businesses and who are capable of creating a team of employees with experience in the field, specialized education, and high-level management skills. Previous research has looked into the importance of different demographic characteristics such as individuality, personnel management, social background, relationship status, literacy rate, family structure, work status and knowledge, religious practice, and personal attributes, as well as the political, social, and economic environment. Mazzarol et al. (1999) found that psychological variables have a major effect; personal need for accomplishments, self-efficacy low-risk behavior, human resources, a problem-solving mindset, autonomy, personal and social adaptation, and self-leadership with a great mindset and patience (Fisher et al., 2014) are all essential characteristics, as are personal attitude and behavioral control. For Hui-Chen et al., 2014) these factors impact the success of startup and entrepreneurial process, i.e., product development, competitiveness, environmental dynamism, geographic diversity, industry knowledge, funds, a minimal policy, investments, and institutional linkages (Chorev and Anderson, 2006). According to Kitsios and Kamariotou (2017), aspiring entrepreneurs were motivated to engage themselves in hackathon competition in a timely manner and considered it as an opportunity for growth, personal and expert association. Some people said they participated to improve their reputation and credibility and a small proportion of individuals improved their open data skills and career options. According to Lasch et al. (2007), human resources and previous employment have no significant impact on the success of emerging ICT enterprises. For Isaga (2018), the primary motivator for women to start a business is the need of employment. Two other factors are: to earn higher income and to enhance their ability to pursue the type of profession they want. Lack of funds, gender-related concerns, and cultural and economic commitments are among the most important challenges that female entrepreneurs confront. Ray (1993) suggested that no personality or set of characteristics can guarantee the success of a new business. Ray argued that understanding why some people become entrepreneurs and why some are more successful than others requires addressing three crucial components: a person's personality or qualities, knowledge and experience, and skills. Watson et al. (1998) suggested that internal and external environments influence the success of a small business. Internal environment includes knowledge, economic status, skills, personality attributes, traits and beliefs, values, ambitions, experience, socio economic background, innovation strategies for financial support and management strategy. External environment includes competitors, suppliers, banks, government assistance (the business infrastructure), individual ethnic lifestyle and purchasing behavior. External environment includes competitors, suppliers, banks, government assistance (the business infrastructure), individual ethnic lifestyle and purchasing behavior. Cho et al. (2020) found that internal and external environments have an effect on the success of startups. Knowledge, economic status, skills and experience, personal traits, behavior and beliefs are all factors to consider. The authors discovered the source of motivation, challenges (e.g., gender expectations), possibilities (home/corporate environment) and important variables (e.g., personality and good working conditions, opportunity-based drive, attitude) as pulling factors.

Based on Enterprise Resource Planning (ERP) Literature, according to Nah et al., 2006, there are seven categories of key success factors: (1) strategic plan and perspective; (2) organizational change; (3) information exchange; (4) ERP analysis identified, knowledge and experience, and remuneration; (5) organizational factors and championship; (6) program management; and (7) analysis phase, choice, and working mechanism. The study focused on two companies that have implemented and enhanced ERP systems. The impact of these important success variables was compared across the phases of ERP adoption and upgraded using Markus and Tanis' four-phase model. The value of these aspects is quite the same throughout the ERP setup and upgrading phases. During the chartering process, 'marketing strategy and goal' and 'planning and control' and leadership' are critical. Hyder and Lussier (2016) found that business planning, survival and success of small businesses in Pakistan are dependent on good personnel management, adequate economic growth, and alliances. Chirapanda (2019) found that significant factors for ensuring family business success are creativity, competitive advantage, development and organizational management, and creating solid relationships with the local community, as well as the important sustainability criteria. Eschker et al. (2017) suggested that prior entrepreneur experience had a significant impact on profitability, and also affected marketing activities. The other variables had no influence. A second step of the analysis utilizing probit regression provided four significant models (Experience starting a business previously will result in higher performance; Personal investments and those of family at business startup increase the likelihood of successful performance; Businesses that utilize business networking will be more successful than businesses that do not. Businesses that develop or utilize a business plan will be more successful than those that do not) predicting performance in women owners, family support, and Hispanic ownership, all of which were negative correlations. This shows the challenges these organizations have in obtaining help and resources required to grow. It was also important to note that the usage of a business plan did not boost the success of the firms. Kirkwood (2016) found that the four success factors were financial success, identity, job compatibility and source credibility. Female and male business owners defined success criteria as fair equality among genders, equal balance of financial achievement and individual and social aspects. There were no statistically significant differences in the prevalence of these success characteristics by gender, indicating that male entrepreneurs take a more holistic approach to success that considers financial, personal, and relationship dimensions. Hossain et al. (2009) found that every step that women take in establishing their own business is incredibly difficult. Women's decisions to become self-employed are influenced by a desire for wealth creation and decision-making in market. They face challenges like troubled access to startup capital, expertise, competencies and family responsibilities. Furthermore, the regression analysis revealed that the most influential elements in women's business growth decisions include engagement with women's organizations, advocacy, decision-making, and knowledge. Furthermore, the research demonstrated that religion has a negligible impact on women's business success. Ahsan and Cheng (2006) found that if policymakers or supportive organizations establish a positive entrepreneurial environment, people will be interested in beginning their own firms. Startup expenses will be lower, business overheads will be lower, and overall productivity will be higher. Furthermore, if there are market demands, sales or profits will increase, and new enterprises will continue to expand as in the case of Kazakhstan. In addition to the government, numerous non-profit organizations and successful entrepreneurs in Kazakhstan have already started entrepreneurship development programs, which is a positive indicator. It is also the obligation of existing successful entrepreneurs to support and assist newcomers in line with government efforts. Khyareh and Torabi (2018), based on the World Bank's Report on GDP and the 2007-2017 Global Entrepreneurship Survey on Entrepreneurship, indicated that the conclusions were used to investigate the difficulties that inhibited economic growth in Iran's entrepreneurship ecosystem. Jainani (2019) observed that lakhs of Indians are entering into labor force every year due to smaller amount of employment opportunities available. Although the Government of India is doing all its hard work and taking initiatives like Make in India, Atal Innovation Mission, Digital India, Start-Up India, Stand-Up India, and National Skill Development Mission to support innovation and entrepreneurship in India, entrepreneurial skills alone are not enough to run startups professionally. The study revealed the critical motivational factors such as economic difficulties, challenging atmosphere, family interests, background, knowledge, which lead to more entrepreneurial ventures and drive an individual to opt for startups.

Conclusion
Entrepreneurship is widely regarded as a positive, if not critical, aspect of economic development as it is a significant contributor to job creation, innovation, and enhancement of products. It has created not only self-employment opportunities, but also a framework for large-scale job opportunities. It helps a country's economy thrive by stimulating capital formation, raising per capita income, rising living standards, and promoting balanced growth by reducing regional disparities. Startups have emerged as a source of growth in a number of developed and developing economies around the world. Because of their significant contribution to GDP, they have emerged as a vibrant and dynamic component of the Indian economy. The importance of startups in economic growth is a well-known fact. Startups are businesses that are in the early stages of development, founded by one or more entrepreneurs who wish to develop a product or service that they believe will be in high demand. These businesses typically begin with a high cost of capital and low revenue, which is why they seek funding from a range of sources, including venture capitalists. The study has included internal factors (knowledge, economic and educational background, knowledge and experience, personality characteristics, demographics, beliefs, and goals) and external factors (the founder characteristics, competitors, suppliers, banks/government support agencies, business infrastructure, organizational characteristics and purchase behavior). It was found that previous experience and government support are the major factors that impact the seed stage of a startup, whereas the role of venture capital is a major factor at both the early and growth stage of the startup (Thanapongporn et al., 2021). For Santisteban and Mauricio (2017) at the growth stage, the technological factor and the business doing capability of entrepreneurs play an important role in influencing successful startups. Hossain et al. (2009) suggested that the clustering factor contributes to the expansion of startups and ensures their long-term survival. Some studies indicate that personal factors have an insignificant impact on the success of startups (Lee and Osteryoung, 2004; Lasch et al., 2007; and Hossain et al., 2009), while some studies indicate that personal factor has a significant impact on the startups (Simpson et al., 2004; and Hossinger et al., 2020). Limitation: The limitation of this study is that it focuses only on the success factors influencing the startups. Further studies/research may include other areas or determinants such as motivation factors, risk factors, measuring the financial or operating performances, startup ecosystems, business environment, government support, funding, startup incubators, social media, women entrepreneurs, etc. We can conclude from the findings of the studies and the literature reviewed that it is important to have a systematic understanding of all the factors before launching a startup.

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