Fears and frustrations of starting a Fintech Business plague most entrepreneurs or entrepreneurially minded individuals who may be in a high powered job right now looking to make a meaning SHIFT in their life.
Developments in the disruptive Fintech field are boundless and captivating, yet complex regulation and stiff competition can put off the hardiest of entrepreneurs or would be entrepreneurs.
However, one thing is clear. We need to radically transform financial services, because it’s broken. Its broken because incumbent players have got so big, that they can’t be allowed to fail. More importantly, the current system still excludes around 2.5 billion people who don’t have access to banking, and therefore, can never create wealth for them and their families.
It’s possible for radical transformation of financial services to come from incumbent players, and they are really trying to seize the Fintech opportunity. However, more than likely, a big SHIFT in finance is going to come from a Fintech startup. Think of how Google, Apple and Facebook were created. Alternatively, it’s going to come from players outside financial services.
However, financial services is a different beast. Barriers to entry are huge because this sector is fraught with regulatory complexity, high startup costs and reliance on an existing back-end infrastructure.
However, when approached in the right way, Fintech start-ups can make it BIG. Think of a plethora of Unicorns emerging in the Fintech space, including Funding Circle, Transferwise, Kabbage and many more.
Path to Success
For a Fintech venture to attain roaring success, they need
- To create a “magnetic market force” that rapidly attracts customers, staff, investors, suppliers and partners.
- To deliver on their promise made to the market, they need robust operations and a talented team.
- Not to ignore regulation. It’s vitally important for Fintech startups not to ignore regulatory compliance, as doing so, would almost certainly expose the firm to regulatory censure or even closure.
Scale is impossible without a solid foundation. Scalability needs to be factored into the strategy and operations at the start. No doubt you have heard of the expression “start with the end in mind”.
Fast growth will become next to impossible when you’re busy just trying to survive day to day and in a busy and evolving market. A lack of vital knowledge may mean moving in the wrong direction, making it difficult to retrace your steps back to effective business function.
There are, of course, also personal ramifications to consider. Will you be sacrificing your family’s fortune and financial security if you quit your job or branch out into an unrelated business? Won’t this undo all the career achievements you’ve spent years building? What about the prestigious network of partners you’ve built in the city, the reputation you’ve acquired? Nobody wants to end up looking like a failed maverick.
If you’re dreaming of escaping the corporate world, and have an entrepreneurial flair, the chances are that you have a highly creative mind. You will have the ability to innovate and produce effective or efficient services and products. Fortunately, entrepreneurship isn’t just about going at it alone. In fact, that’s one of the biggest mistakes you can make. Across all industries, when entrepreneurs attempt this, it often leads to failure. Thankfully, your previous business relationships and past networking lessons will have already lead you to this conclusion. There are some indisputable, beneficial resources available to Fintech start-up companies, all of which are worth utilising to their fullest.
Vedanvi’s solution
Vedanvi offers consultancy, coaching, mentorship and access to years of regulatory knowledge. Our website has a library of free resources, in a variety of formats, to suit the needs of the learner. These resources prove the quality of our service as do the testimonials we have of satisfied clients. Vedanvi offers the guidance to start and grow your business through innovation and disruption. If traditional financial services don’t react to the fast-changing world, it is people like you – budding Fintech entrepreneurs and corporate escapees, that will outstrip them. Vedanvi will take the time to understand your business needs and help you to build, expand and evolve your Fintech start up.
So, if you’ve reached a peak in your career, or are dying to fulfill your entrepreneurial ambitions by launching a Fintech venture, develop a robust strategy before launching, seeking regulatory approval or need help to launch your business, you’ve come to the right place. We at Vedanvi are here to help you succeed.
Why not bounce your idea off someone who has helped launch and grow several Fintech ventures. You never know, you may just pick up vital information that you need right now.
Book a 30-minute chat and find out exactly what we can do for you.