E-commerce Giant Amazon Launches Intellectual Property Accelerator Program in India
E-commerce giant Amazon on Sunday, July 4 launched the Intellectual Property (IP) Accelerator programme in India, offering sellers, who are also brand owners, easy access to services from trusted intellectual property experts and law firms.
Businesses may choose to engage with these IP law firms to help secure trademarks, protect their brands and tackle infringement, on Amazon.in and Amazon websites globally.
Mary Beth Westmoreland, vice-president, technology, brand protection at Amazon, said “we are excited to offer the advantages of this programme to our Indian businesses. Our Intellectual Property Accelerator Program enables businesses to protect their intellectual property, which in turn helps to ensure an authentic shopping experience for everyone.”
Westmoreland also added that the IP Accelerator programme is already available in the US, Europe and Canada. IP Accelerator was launched in the US in 2019, and has since then expanded to Europe, Japan, Canada, Mexico, and now India.
The process of obtaining a trademark registration with the Intellectual Property India, Trademarks Registry (IN TMR) can run up to as long as 18-24 months.
The IP Accelerator programme will help brand owners and seller navigate this process by connecting businesses with trusted IP law firms that are subject matter experts in this field with experience in drafting trademark and other IP registration applications. However, they may find it time-consuming and complex to go through the process on their own.
To date, six IP law firms Hasan and Singh, Lexorbis, Sujata Chaudhri IP Attorneys, Amitabha Sen & co, Remfry & Sagar, and H K Acharya & Company have signed up to be service providers as part of the IP Accelerator programme to support sellers on Amazon.in.
Businesses can engage with these firms to overcome common hurdles that could otherwise further delay the issuance of a registration.
The programme can be accessed by sellers on Amazon.in Service Provider Network (SPN), offering the benefit of availing the service at a single place.
Sellers do not incur any additional cost in accessing IP Accelerator firm listings on SPN and they can choose to engage with the law firms directly and independently for services of their choice at mutually agreed terms.
Govt Announces The Inclusion Of Retail & Wholesale Trades Under MSMEs
Minister of MSME and Road Transport and Highways Shri Nitin Gadkari announced revised guidelines for MSMEs with the inclusion of Retail and Wholesale trades as MSMEs. With this announcement, the retail and wholesale traders will now also get the benefit of priority sector lending under RBI guidelines.
He also said that earlier both the retail and wholesale trade sector was left out of the ambit of MSMEs. But now the revised guidelines will benefit around 2.5 crore retail and wholesale traders, and will also allow them to register on the Udyam portal.
Commenting on the development, the Confederation of All India Traders (CAIT) said, with this decision, traders will be able to avail requisite finances from banks and financial institutions under priority sector lending.
The traders can now avail the benefits of several other government schemes for MSMEs, he also added in his statement.
The move has an immediate impact on smaller retailers & wholesalers with businesses up to Rs 250 crore of turnovers in availing immediate-term finance as part of various schemes announced under Atmanirbhar Bharat.
The new guidelines received a warm welcome from the retail and trade associations stating that this will enable a large number of traders to get access to the crucial capital that has been impacted greatly due to the COVID 19 pandemic.
All the measures that were announced for the MSME sector in the past year will now also apply to the retail and wholesale traders as well. This landmark decision by the central government will have a structural impact on the sector and will provide better funding options for businesses that want to get structured.
5 Emotional Challenges Entrepreneurs Must Overcome When Starting a Start-up!
For every entrepreneur who has pursued his or her dreams and attained success, many others don`t make it past doing a first draft of a business plan.
Wondering why? Only because of one factor that is absent in the successful entrepreneurs and present in the heart of those who couldn`t just get past it.
Fear of failure.
Fear is a human emotion that actually forces us to think rationally and not just jumps off the clip. But, when not handled carefully, it could mislead us. It can also trick us into believing that we are not capable of fulfilling our dreams, especially when we want to start afresh.
It does not matter how many times entrepreneurs tell themselves about their goals; the fear of failure arises, challenging them at every single step. Therefore, many people take help from a business coaches to understand the dynamics of the business world.
Review this list of seven things a young and aspiring entrepreneur might fear, and learn how it is possible to overcome them:
Confused about the First Step
After an entrepreneur sets his or her ideas in motion, the next step is to implement them. This is where most of the entrepreneurs feel clueless. This sense of confusion instills the fear of the unknown and many ambitious minds back off.
However, stepping back is not the solution. Start by finding someone who has achieved the goal which you have set for yourself. Read about that person and you will know that if she or he has achieved success, so can you.
You can also take help from a business motivational coachwho will give you wings, yet keep you grounded with rationality. Just take the first step forward and do what makes sense. The path will reveal itself as you continue to walk.
Not being an Expert
Probably, you know sufficient about your product and services that you are planning to introduce into the market, and to answer the lion`s share of questions. Your knowledge is enough to resolve the challenges that may arise.
So, don`t worry if you feel that you are not a complete expert in the field yet. Slowly and steadily you can find answers. Keeping yourself updated with the latest trends in the market will also help. You can take online business courses for entrepreneurs for continuous growth.
Being Considered Impulsive & Crazy
There are seven billion people in this world. And guess what? Not even 10 people out of 7 billion will think alike. Hence, it is okay if some people will think you are crazy to quit your high-paying comfortable job to start a new business.
While starting your own business might give you a label of a crazy soul, the safest and rational thing to do would be to spend your entire life working for someone else.
If you will ask the best motivational coach in Indiaeven he or she would tell you that it`s the crazy ones who have the ability to make a difference in the world.
So, step out of your limbs, believe in your talents, and start ahead! Sooner or later others will get convinced too!
Not able to raise Funding
Being an entrepreneur would have been like a cakewalk if only every person with an idea can slide into a conference room to attract an angel investor or waltz into a bank to receive a loan. Since the reality is different, entrepreneurs must start their business even without investors.
Even if you do not have the capital at first, you will soon figure out a slow and steady process of building the business. Sometimes better decisions are made when we are forced to take our own sweet time with things.
Failed to Attract Customers
Taking risks is scary and anticipating if your skills will be valued in the market is even more terrifying. But unless you begin your startup with a set of audience who are ready to put their money on you, not many people will immediately knock your door down.
If you approach your business positively with joy and consistently deliver exactly what you have promised, you will certainly experience an increase in the number of customers. You can also take help from a business motivational coach and come out with effective marketing strategies.
You can also take online business courses to increase your level of expertise. But do not forget to be kind to yourself because you have made it quite far and you will achieve more.
The above-mentioned challenges are the most common that every entrepreneur is afraid of. However, hard work has no substitute. When problems arise in business, as an entrepreneur you should have confidence in yourself to complete the game.
Do not be afraid when you knock the pins down. Set the pins back up and play again!
You can take our ‘Entrepreneurship course’ that is tailor-made to help entrepreneurs navigate through the challenges of business.
The government on Thursday said 14 companies, including Dell, Lava, Dixon, Wistron and Foxconn, have received approval under the Production Linked Incentive Scheme (PLI) for IT hardware.
The PLI scheme for IT hardware, which was notified on March 3, 2021, provides an incentive of 1 to 4 per cent to eligible companies on net incremental sales over the base year of FY 2019-20 of goods under target segments that are manufactured in India for a period of four years (FY22 to FY25).
The target segments under the PLI scheme for IT hardware include laptops, tablets, all-in-one personal computers (PCs) and servers.
Over the next four years, these companies are expected to fuel a total production of over Rs 1.61 lakh crore, and generate direct employment opportunities for over 36,000 people.
The program seeks to boost domestic manufacturing and attract large investments in the value chain of these IT hardware products.
“Four companies have been selected under the category IT Hardware Companies which include Dell, ICT (Wistron), Flextronics and Rising Stars Hi-Tech (Foxconn),” an official statement said. Wistron and Foxconn are Apple’s contract manufacturers.
Electronics and IT Minister Ravi Shankar Prasad said the PLI scheme has been a huge success in terms of the applications received from global as well as domestic manufacturing companies.
“We are optimistic and looking forward to building a strong ecosystem across the value chain and integrating with the global value chains, thereby strengthening the electronics manufacturing ecosystem in the country,” he added.
It is estimated that in the next four years, the approved companies under the PLI scheme for IT hardware are expected to clock a total production of more than Rs 1.61 lakh crore.
“Courage is not the absence of fear, but rather the judgment that something else is more important than fear.” – Meg Cabot
One of the scariest things that almost every human being feels to do is to make mistakes, to take risks and meet failure, to try out of the league and fall hard. But mistakes are essential for professional as well as personal growth for both the individual and the organization.
We all make mistakes, every one of us. Making mistakes is a sign of business motivation, and that we are trying something new in your life. It is the pathway to great ideas and innovation. It is the best way to learn and grow. If you are not making mistakes, then we likely are not doing enough new things outside our comfort zone, and that itself is a blunder.
If you thought only common people like you and me are prone to making mistakes in the business, think again! Legends like Ratan Tata, Narayan Murthy, Satya Nadella, Steve Jobs, and many other successful millionaires have made mistakes and learned from them too!
Here are some mistakes that these leaders made, but learned from them to bounce back in their lives:
1. RATAN TATA
One of the most esteemed and respectable personality in the business world, Ratan Tata needs no introduction. The Chairman of Tata Trusts and former head of Tata Sons has achieved great success with his incredible business ideologies and strategies. However, even he admitted his mistake when his ambitious project TATA NANO failed to create waves in the market.
According to him, his greatest mistake was branding the Nano car as the cheapest instead of ‘most affordable’, which was the true intention behind bringing it into the market. By using the word ‘cheapest’ instead of ‘most affordable’, a negative impact was created on the market.
You can watch the full story of what led to the failure of TATA Nano, right here to get some business motivation from this legendary industrialist.
2. SATYA NADELLA
Indian-born Satya Nadella made headlines when he replaced billionaire Steve Ballmer as Microsoft CEO in 2014. Before he replaced the former CEO, Nadella was Microsoft EVP of the cloud and enterprise group. Since he took over the charge, Microsoft`s stock has increased by more than 150%. However, this was not always been the case.
In July 2015, the Microsoft CEO acknowledged that thinking that the personal computer (PC) will reign supreme forever was his biggest mistake. Today, smartphones have overshadowed PC as the hub for everything to some extent.
He has steered Microsoft away from a failing mobile strategy of NOKIA, and focused on other segments, including cloud computing and augmented reality.
Watch the full story here:
3. ELON MUSK
Elon Musk, who is the founder, CEO, and Chief Engineer at Space X is also the CEO of Tesla Motors. A successful entrepreneur and a business magnate has also made mistakes that he still regrets. While participating in a Q&A at South by Southwest, the Tesla CEO said that the biggest mistake that he committed in his entire career was not being more involved with Tesla in his initial days.
From 2004 to 2008, Elon Musk was a lead investor in Tesla. However, he was also the CEO of SpaceX, a space exploration company. Today, he has moved past his mistakes and regrets to run a successful million-dollar company.
Watch his inspiring journey, right here:
4. WARREN BUFFETT
The year 2015 marked the 50th anniversary of Warren Buffett and his partner`s decision to take control of Berkshire Hathaway. However, the current CEO of Berkshire Hathaway once considered this to be the biggest investment mistake and called it a “monumentally stupid decision”. He said that the only reason behind him acquiring the company was because it was cheap.
Watch his amazing entrepreneurial journey, here:
The majority of entrepreneurs and professionals are not particularly interested in making mistakes and reliving them. However, many self-made millionaires are masters at learning from their successes and failures. That is the only way to analyze what went right, and what didn’t work out for the business.
So, keep making new mistakes, but find reasons for their failures and ensure that you do not repeat them. That’s the key to success and gaining incredible experiences in the journey called LIFE.
Prepare yourself to counter the challenges that you might encounter on your entrepreneurial journey with our online business courses for entrepreneurs. You can take ‘Entrepreneurship Course’ and take the first step towards achieving your dreams.
Govt Keeps Small Savings Rate Unchanged For 2nd Successive Quarter Of FY22!
To provide relief to common man from lower saving earnings amid the pandemic, the Central Government has kept small savings rate unchanged for the July-September quarter.
As the interest rates are falling all across financial instruments, the government has widely expected to cut rate on small savings too.
Previously, the Centre withdrew a decision to cut rates for previous April-June quarter too as they feared backlash from savers.
The decision on rate cut was withdrawn in the middle of voting for Assembly polls in West Bengal and Assam.
“The rate of interest on various small savings schemes for the second quarter of the financial year 2021-22 starting from July 1, 2021 and ending on September 30, 2021 shall remain unchanged from the current rates applicable for the first quarter (April 1 to June 30,2021) for FY 2021-22,” a finance ministry office memorandum issued late on Wednesday night said.
With the status quo, savers would continue to get 4 per cent interest on small savings during the July-September quarter as well. The 1-year time deposit rates will also remain at 5.5 per cent and so will the 5-year recurring deposit at 5.8 per cent.
Public Provident Fund (PPF) will also continue to get 7.1 per cent rate while Sukanya Samriddhi Yojana (SSY), National Savings Certificate will get interest rate of 7.6 and 6.8 per cent, respectively.
The interest rate on Kisan Vikas Patra was decreased to 6.9 per cent and the instrument will mature in 124 months.
5 Commitments Every Successful Entrepreneur Must Make For Business Excellence!
Whether you are a passionate and ambitious person for your job where you are deeply invested or planning to start a startup business, there are certain commitments and decisions that successful people have to make. Discipline and determination help to shape them into elite businessmen and –women.
According to Dr. Vivek Bindra- one of the best motivational coaches for entrepreneurs, “each day is a fresh opportunity for mastering the key skills to acquire goals. Success often comes down to having the right attitude and making smart decisions.
So, if you are trying to excel in the business world, here are five commitments you must make to acquire your goal:
1. Appreciate the Good
Most often we are too focused on the bad in our lives. However, it does no good but gives birth to negativity. No matter where you are in your career, find ways to appreciate the work you are doing. Jobs are not perfect and not every aspect of it, you will enjoy.
Make mental notes to focus on the solutions and not the problems. Allow no space in your mind for negative thoughts. When you think in terms of lack, you start making decisions from a negative place. Learn to respect your achievements, understanding that small things make room for bigger opportunities. You can also take help from the motivational coach for entrepreneurs to keep your spirits high.
2. Fear of Failures
“Success is the ability to go from failure to failure without losing your enthusiasm”, this quote by Winston Churchill elaborates the right approach towards your business goals. The road to success is full of failures, disappointments, and setbacks. If you give in to the fear of failure, it will discourage you from walking on the new path.
If you want to be successful, you will have to take a risk and be willing to witness the consequences of those decisions. Just like a good motivational coach, consequences can be your mentor and guide you with quick answers. If you will never take risks, you will never redirect yourself and your business in the right direction.
3. Work Hard for Dreams
It is essential to measure your success with your work ethic. If the pursuit of your success is solely based on money and profit, be aware that your mind will only be focused on the lack of it. Worry blocks opportunity and keeps reminding you of how much you don`t have.
Hence, always set up a mindset that your hard work will generate profit. Always focus on the goals and do not shy away from working hard for them.
4. Expand your Vision
Always be grateful for your achievements, but never be satisfied. Commit to thinking big by setting higher goals. Despite achieving great heights of success, know that you are not done. And it is just the first step.
Most often entrepreneurs become complacent as their businesses begin to generate revenue. However, this results in no innovative business strategies and they begin to lose their grip on the market. Always ask, “What is next?” How can I expand my business further? If you are struggling with certain business challenges, you can also take problem solving courses that are available online.
Never downsize your dreams. Change the path, not the dream!
5. Be Consistent
Consistency is the key to your entrepreneurial success. Commit to working with passion and determination, taking steps no matter how little towards your business goals. It is only through consistent and diligent work, coupled with flexibility and patience that you can achieve greater heights of success. If you feel like you are losing enthusiasm, you can always speak to the best motivational speaker in India– Dr. Vivek Bindra.
It’s the last person standing who ends up winning the race. The above-mentioned commitments can play a key role in your journey to establish a successful business startup. To be successful in business, commit to making self-aware and smart choices. Make one smart decision by joining our “Entrepreneurship course”.
To Kick Start Growth In The Country, Strong Fiscal Policy Support Needed: EY India!
To kick-start growth in post-COVID India, strong fiscal policy support in the form of stimulus measures is required, according to EY India.
The consultancy`s June edition of Economy Watch stated that the health sector should be the primary focus of the fiscal stimulus package. According to the firm`s June edition, “This could ensure meeting the short-term healthcare demand arising from COVID’s Second Wave and a possible Third Wave besides supporting growth and employment in the economy.”
As per the report, the package should solely focus on income support measures for the vulnerable rural and urban population. It should also focus on making provisions for additional vaccination expenditure as the Central Government`s recent announcement for its commitment to finance 75 percent of the country`s total vaccine procurement.
Besides, the policy should also take care of any additional expenditure, which is directed mainly towards expanding health sector infrastructure.
“Together, these add to Rs 2.35 lakh crore of which around Rs 0.65 lakh crore can be accessed by the restructuring of budgeted expenditure on other heads leaving a balance of Rs 1.7 lakh crore which would constitute an additionally 0.8 percent point of GDP on the budgeted fiscal deficit of 6.7 percent of estimated GDP,” the report said.
“Thus, the fiscal deficit would need to be increased to 7.9 percent of GDP in FY22 to cover the revenue shortfall of 0.4 percent points and the expenditure additionally of 0.8 percent points of GDP,” it added.
The report said that although growth is projected at 8.3 percent in 2021 for India, this masks significant expected economic damage from COVID’s Second Wave.
A few days earlier even the National Council of Applied Economic Research (NCAER) said it expects the Indian economy to grow 11.5% in the June quarter and the range of 8.4-10.1% in FY22 over a negative base, calling for an expansionary fiscal policy to put the economy on a sustainable growth path.
5 Top Reasons Why Small Business Owners Must Embrace Business Automation
Computers, Robots, Artificial Intelligence, and the internet: these are some of the first things that come to our mind when we talk about technology that most businesses are using in this modern era. Some of the most impressive recent advances in technology and process efficiency are rooted in automation.
Business automation is becoming more frequent because it is both less expensive and more accessible. Today, it is used for everything from sending out “automated” away messages when you are out on a vacation to building high-rise apartments and cars.
Automation in a startup business can save your company money and time. But one thing that we should keep in our minds is that even the most advanced software or technology will be far from perfect. Why? That is because the creation of technology involves coding which is done by humans. Hence, a scope for human error is always present.
But every business requires reliable and faster communication, and business processes to boost growth. So if you are still doing a lot of business processes manually, without any further delay here is a list of the most essential benefits that every business can certainly drive from business automation:
1. Communication which is Faster & Reliable
For businesses that operate not only across India, but also outside the country, a reliable mode of communication is necessary. If telephone lines are not working, alternatives must be readily available. Thanks to various instant messaging apps, many local business owners are now able to promote their business across various states in India.
Multiple modes of communication ensure that the business operations will not be disrupted. Fast internet connections have made it possible to transfer vital information regarding a business across vast distances in seconds. This enables telecommuting that not only gives access to high-quality talent in places but also reduces human resources cost.
2. Increased Efficiency & Productivity
Technology can help to enhance efficiency and productivity in multiple ways. There are many processes like maintaining accounts, billing, payroll, and asset management that can be automated by using business software that is available in the market. It will not only help to manage their operations but will do it more efficiently.
Also, technology can help many startup businesses to automate their repetitive tasks that do not require an elevated level of decision making. This can give more effective results and productivity.
3. Increased profit & Reduced Cost
Where business automation can increase efficiency and productivity from technology, it also results in decreased operating costs and an increase in profits, eventually. Advanced technology can also eliminate the unnecessary travel expenses for meetings and other supervisory work. Most of these activities can now carry out on live video chat and other collaboration platforms. This does not mean that one should remove the personal interactions and meetings, but it can help to reduce the need to be physically present in one location to work with other employees.
4. Enhanced Security
With the latest technology like blockchain, businesses can work to implement better ways to carry out financial business transactions more securely without compromising transparency and creating layers of security.
Multiple business processes are complex and also involve countless types of transactions. But with advanced business software and technology, you can integrate these processes seamlessly. Also, when it comes to sharing and processing business data, you can automatically collect, process, and present everything in a readable format.
Technology is omnipresent. But many businesses resist embracing technology and those who refuse to do so may be bound for failure. But to ensure business growth is it essential to be well acquainted with the pros and cons that come along the way.
If you have a business idea and want to build your startup around it, you can take our ‘Entrepreneurship course’.
FM Rolls Out Loan Guarantee Scheme To Revive The Worst-hit Travel & Tourism Sector
Due to the Covid-19 induced pandemic, the tourism sector across the globe has been affected badly. Not only it has been downhill since 2020 due to imposed guidelines and travel restrictions, but it is still on its knees trying to find its balance.
The Finance Minister of India Nirmala Sitharaman, on Monday, announced a new 100% guaranteed loan scheme that will be provided to registered tourist guides and other travel and tourism stakeholders who are facing a financial crisis.
Tourist guides who are registered at the regional or state level and are licensed can get loans up to INR 1 Lakh with a guarantee. A total of 10,700 regional level tourist guides are recognized by the Minister of Tourism and state governments would benefit from the scheme.
Loans with an upper limit of INR 10 Lakh would be available with a 100% guarantee to travel and tourism stakeholders such as travel agencies. Around 904 stakeholders are recognized by the Ministry of Tourism who are eligible for this loan guarantee scheme.
The Finance Minister said that under the new loan guarantee scheme for Covid affected sectors, working capital or personal loans will be provided to people in the tourism sector to discharge liabilities and restart businesses impacted due to Covid-19.
