Category: Startup

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HR & People Management Startup

3 Effective HR Practices every Entrepreneur should Implement in their Organization

people friendly work culture
बिजनेस मॉडल

As an entrepreneur or a small business owner, it is normal and sometimes even necessary to don many different hats at the initial stages. But if you want to make your business profitable and successful in the long run, your management-related tasks must be handed off to a skilled and talented HR professional.

Companies that invest in their human capital achieve their business goals and promote a positive culture. A study by Darwish, T.K., Singh, S., & Mohamed, A.F. (2013) and Huselid, M.S., Jackson, S.E., & Schuler, R.S (1997) published in Forbes indicate the importance of aligning human resource strategies to achieve business goals and improved business performance.

We all have heard about the old metaphor, “jack of all trades and master of none”. But the fallacy of this idiom does not fit in the modern world. In doing so, it may lead entrepreneurs to make costly mistakes in terms of money and time.

Not only your business may face some serious consequences because of the lack of skills and knowledge. But it is completely unrealistic to build a successful business without building people, especially in a startup.

So whether you are a solopreneur, an entrepreneur, or a wantrepreneur if you want to create a professional and efficient culture in your company, here are three best HR practices that will guarantee a more productive culture in your organization:

1. Hire the Right Candidate

No desperate hiring, please! Because the hiring of the wrong candidate is detrimental to the startup business. Along with the essential skill set and a positive mindset, it is also crucial to consider the cultural fitment of the candidate.

Ensuring that the purpose of the position is met with the desired candidature of the job applicant is very important. Why? Because it ensures personal and professional aspirations being met. Developing a consistent interview process is also necessary as inadequate job descriptions attract less-than-best candidates.

Hiring the right candidate with a positive approach can help to create a culture in the organization where everyone feels welcome and participate. Select people who are self-motivated, goal-oriented, talented, and driven by passion and also share your vision. Keep your staff updated with the latest market trends by providing them essential training for futuristic skills. An improved and enhanced team will remain motivated. This will eventually accelerate your business growth.

2. Implement People Friendly Policies

The employees should be empowered to mold their work environment within the defined boundaries. Also, a set of policies that define the boundary within which it is to be carried out staying in alignment with the values professed by the organization.

Here a handbook comes in handy! The Policy or the handbook forms the foundation of the agreement on service conditions with the hiring candidate. This needs to be signed during the acceptance of the offer and every time the offer is amended.

3. A Performance-driven culture & a defined Improvement Path

When you invest in a financial scheme, you get returns! Similarly, when business owners invest in their employees, they, in turn, invest back in the business. Performance drives the success of any organization.

An agile and motivated work-force is every organization`s biggest strength. Whether you are an entrepreneur or an HR working in a large organization, it is necessary to ensure that your staff members are fully satisfied with their role in the organization.

Employees should have clarity about their current job role and growth opportunities as ambiguity can lead to non-performance. Encourage your employees to do self-evaluation. Try to nip the problems at the early stages.

An employee`s growth could be vertical as well as horizontal in which an employee is skilled and is made more capable.

As an entrepreneur, you must retain good employees and promote growth within the organization by making the entire staff skilled.

One of the most standardized and common initiatives that entrepreneurs can implement is new employee orientation. An orientation program will inculcate a sense of commitment in the employees, and thereby encourage a sense of ownership.

If the business size is small, it is advised to have a systematic performance review. A quarterly performance check would make more sense in a start-up. If you want to scale up your business and promote its growth, be honest about the performance.

Creative ideas, proactive solutions, emerging trends, and innovation stems out of a fully engaged workforce and not otherwise. Looking for a bit of expert advice on how to build a high-performance workforce? Click here https://www.youtube.com/watch?v=RszxzBYiZpQ&t=791s

You can also take our Everything about Entrepreneurship course that will provide in-depth knowledge from starting a startup to expanding your business. Learn from the top industry leaders on the front line. To know more click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

 

 

 

 

 

 

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HR & People Management Startup

7 Important Tips for Building a Winning Team!

Business Tips

The value of a high-performing team has long been recognized. Probably, this is the reason why every organization wants to hire and retain the best employees.

A high-performing team is at the core of every successful business. When the employees work together towards a common goal, everyone wins! One of the best and easiest ways to get things done in any business is to build a great team.

Do you remember the 1983 World Cup cricket match? Even though the Indian cricket team was not in great form, they won the world championship for the first time. The Indian squad had Kapil Dev as the captain of the team, but the ‘man-of-the-series was Mohinder Amarnath’. However, it was the unwavering determination and serious efforts by all the players in the team that helped India won its first Cricket World Cup in 1983.

Be it a cricket match or an organization, when a group of independently talented people comes together in which they can merge their skills, the results are remarkable. Not only their creativity and productivity will be increased, the loyalty and engagement will also be greatly improved.

According to a McKinsey report that was published in 2017, when the team members of high performing teamwork together towards a common vision and achieve a common business goal, the financial performance of the organization increases by 1.9 times.

But, building a great team is like capturing lightning in a bottle! It remains as tough as ever. Ambitious, energetic, capable, and talented people are always a plus, but they often represent distinct functions, geographies, background, products, resources, and a lot of other factors.

Do you want to establish a high-performance team in your organization? Do you want to instill a healthy working culture that encourages team building and high productivity? Here are seven strategies for team composition and team dynamics that have long proved their worth:

1. Team Composition

Team composition is the first step towards building a high-performance team with essential skillset and a creative mindset. It is just like adding a cherry to your sumptuous cake. Just like the quantity of the salt has to be balanced to make the dish taste delightful, the team needs to be kept small- but not too small.

A small team that consists of around six to seven members is likely to result in poorer decisions because it lacks diversity. A small team will also lead to slower decision-making because of a lack of bandwidth. Hence, keeping the right number of team members can be a great start towards building a winning team.

2. Team Dynamics

It is one thing to hit the right composition. But, a team will deliver productive results only when they start working together. Once, the character of a team emerges shaped by team dynamics, only then they will be able to overcome challenges and achieve great things.

3. Build a team-oriented organization

Don`t just talk about teamwork. Instead, build your company values around teamwork. Put a clear focus on self-managing teams that are self-sufficient and empowered to make decisions. Also, show your employees the commitment by enabling teams with the authority to get their jobs done on their terms.

4. Assign Team Goals

Assign your team with important projects and assignments. Rope in all the team members when you are looking at innovative and new market trends. It is vital to keep a fresh perspective towards the market trend, which is why keep asking different team members for their opinions. Ask them to challenge the status quo and the conventional approach. This approach will help your company to stay ahead of the game.

5. Respect your Team Members as Individuals

A business needs to have a fresh and creative approach towards its goal to prosper. At work, you want your employees to a part of your team, but you also need a perspective. Every individual team member has a story of their own. They have come far in their lives without your company, and they presumably have rich and varied lives post work.

Hence, it is important to rope in the new team members when making an important decision. A robust team blossoms only when every member is respected and honored for their unique skills.

6. Motivate your Team Members

‘You get more flies with honey than vinegar’- an adage that great leaders swear by. In the real world, it simply means that it is effective to shape behavior with positive feedback rather than criticism. Also, the leader should be self-motivated. A highly motivated leader can inspire his team members to be goal-oriented. Resist the urge to criticize your team members` mistakes.

Rather, give them a positive environment by citing their behaviors and events that you particularly liked. You can encourage them to bring more of that as it is far more productive to keep your team highly motivated.

7. Reward & recognize the good performance

Every human needs appreciation, especially at the workplace. If you are a large organization and fortunate enough to rewards your employees with financial bonuses, you should do it. If you are a startup with little cash on hand, you can find creative ways to rewards your top-performing team members.

Want to know more about team building? With our ‘Everything about Entrepreneurship’ course, you can learn to bring together people with diverse capabilities to work towards a common business goal. To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

 

 

 

 

 

 

 

 

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Startup

Startups in India Need To Be Encouraged To Ensure That They Are Not Afraid of Failure: Piyush Goyal

startup ipo india

New Delhi, March 3: Piyush Goyal, Commerce and Industry Minister Piyush Goyal on Tuesday said that startups need to be encouraged to experiment and ensure that they are not afraid of failure. In his address at the CII’s Global Bio India Startup Conclave, Goyal said that in some sense, failure also has its importance, particularly in research, innovation and invention. The Minister emphasised that Indian startups need to be encouraged to experiment and only then they will be able to prove their capacity to go beyond in the long run.

“Our startups need to be encouraged to experiment, to go beyond the run of the mill thinking. We need to ensure that our startups are not afraid of failure. I believe that the country should celebrate failure because it is only when somebody fails, he knows how not to do something,” he said.

Emphasising on the talent in rural India, the minister said that the need of the hour is to engage more with rural India as there is a lot of talent lying there. “You cannot have great innovation and invention coming up through just government initiative, we need to have all sections of business involved. The government should act as an enabler, a service provider,” the minister added.

In India, the government is taking steps to promote startups by launching a slew of initiatives to boost the startup ecosystem in the country. It had launched the Startup India initiative in January 2016 to build a strong ecosystem for nurturing innovation and entrepreneurship.

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Angel Investor Startup

Best 5 Ways for Entrepreneurs to Raise Funds for their Startup Business!

प्रोडक्शन लिंक्ड इंसेंटिव (पीएलआई)

A lot of entrepreneurs face plenty of challenges when setting up a new business venture. However, there is one factor that is common amongst everyone- to get the right resources and funds essential to kick-start your startup.

While there are plenty of challenges that entrepreneurs face on their journey of setting up their startup, raising funds could be the major challenge. This single challenge could decide the fate of your business venture.

If you too are encountering the same challenges, here are five ways in which you can raise funds for your new venture:

1. ANGEL INVESTORS

This is one of the fast-track methods that can help you to raise funds for your start-up business. An angel investor can take an equity share in your startup in exchange for the money they are putting in. However, they can be exchanged for convertible debt.  Though, one requires to have extreme knowledge of every aspect of the business.

2. PARTNERSHIPS

Partnerships are essential for organizational health. Coupling with a ‘strategic partner’ is always a good idea. A trustworthy partner can help you reduce liabilities, and can bring a fresh perspective into the business.

3. BOOTSTRAPPING

We all must have heard this term multiple times, but very few of us understand the concept of bootstrapping when it comes to fundraising. Bootstrapping is when you build the company up from the scratch with your own money. It is one of the best ways to raise money for your business if you do not want any investors in your startup project.

4. VENTURE CAPITALISTS

Entrepreneurs that are looking for investors can also take financial aid from Venture Capitalists (VC). VC firms invest in the early stages of a startup company in exchange for an equity share. These organizations raise money from distinct sources and mediums and invest this collective capital into the business. This funding along with business opportunities and additional resources can help startups to grow.

5. CROWDFUNDING

Crowdfunding is taking financial aid from small business financing individuals that help startups in raising investment capital. Crowdfunding allows entrepreneurs to reach out to a pool of investors, instead of seeking one big investor.

 

Companies like First Cry, BYJU`s, Nykaa have not only managed to do fundraising but have also joined the elite Unicorn club in 2020. You too can do fundraising for your business by joining our ‘Everything about Entrepreneurship’ course.

Learn the major challenges that you may face on this journey and how to break through them. To know more about this course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

 

 

 

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MSME Startup

Piyush Goyal Tells BIS To Cut Quality Testing Charges for MSMEs, Startups and Women Entrepreneurs in India To Encourage Ease of Doing Business

Women Entrepreneurship (Photo Credits: Pexels)

In a bid to encourage MSMEs, startups, and women entrepreneurs in India, the charges for testing quality of products should be reduced, Food and Consumer Affairs Minister Piyush Goyal said. The Minister said that once the charges are minimised, it will help them to get their products certified and meet standard norms. Goyal said this at the 3rd Governing Council meeting of the Bureau of Indian Standards (BIS). During his address, Goyal said that there is a need to change the approach of the country towards standardisation and instructed BIS to create a customer charter to usher in highest transparency in its certification process and inspections.

The Minister added saying that the fee for testing of standards should be reduced drastically ‘throughout’ for the MSMEs and in the initial years for the startups and for women entrepreneurs. Goyal said that this will encourage them to get their products certified and also encourage the ease of doing business. During his address, Goyal said that it is a challenge for BIS to fast track the standard setting processes, especially for these programmes of national priority.

BIS must therefore ensure that its technical Committees develop the required new standards in the quickest possible time for products where presently none exist, or review and revise existing standards whenever required, the minister said. Goyal reviewed the process of making Indian Standards and their implementation with officials from BIS, different ministries and regulators, among others.

Goyal directed the BIS to go in for massive expansion and modernisation of testing labs so that entrepreneurs don’t have to travel far to get the testing and certification of standards. Talking about PM Narendra Modi’s mantras for economic development, Goyal said, “Prime Minister Shri Narendra Modi has given the three mantra for faster economic development i.e. Speed, Skill and Scale. Now it is time to add fourth dimension of ”Standard” in to this”.

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Startup

Startups in Mobility Sector Get Major Boost As Maruti Suzuki Partners With IIM Bangalore To Encourage Innovative Startups in India

With an aim to nurture and enhance the overall startup ecosystem in the mobility sector, India’s largest carmaker Maruti Suzuki India has inked a pact with the Indian Institute of Management Bangalore (IIMB). Under the pact, as many as 26 startups will gain guidance under a 9-month extensive incubation program.

The company, in partnership with Nadathur S Raghavan Centre for Entrepreneurial Learning (NSRCEL), the startup hub at IIMB, has shortlisted 26 mobility startups for a 9-month extensive incubation program, Maruti Suzuki India said in a statement on Friday. Reports inform that the incubation program will help the startups become large-scale businesses. It also aims at helping industry with practical and technology-led solutions that bring efficiency and value to business functions.

Here’s how the startups would benefit:

  1. The 26 startups have been shortlisted from over 400 applications received across the country.
  2. A selection panel comprising experts from Maruti Suzuki and NSRCEL evaluated the applicants and interviewed over 120 entrepreneurs.
  3. The incubation program will help the startups become large-scale businesses.
  4. It will also help industry with practical and technology-led solutions that bring efficiency and value to business functions.
  5. Under the programme, the selected startups will undergo a 3-month pre-incubation journey during which they will be engaged in various sessions, workshops, peer-to-peer learning activities and will receive regular one-on-one mentoring and advisory sessions, Maruti Suzuki India said.
  6. Networking events, mock-pitches and interaction with investors will be major highlights of the initiative. Post this, the ventures will be allowed to pitch for incubation and funding and the selected ventures will be taken forward for a further six-months incubation journey.

Maruti Suzuki has a vast experience and market leadership in the automotive industry. The collaboration will be able to significantly contribute to the development of the ventures at NSRCEL, IIM Bangalore. NSRCEL Chairperson Venkatesh Panchapagesan said that the collaboration would be really beneficial as the mobility is evolving at a rapid pace in India and is projected to reach 90 billion by 2030, with significant growth expected in ride hailing, shared mobility and more.

Maruti Suzuki India Managing Director and CEO Kenichi Ayukawa said that through our partnership with IIM Bangalore, Maruti India is excited to foster and encourage some of the most innovative startups in the country.

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Startup

3 Home-Based Business Ideas You Can Start in 2021

Home Business Ideas| Representational Image (Photo Credits: Pixabay)
Business | Representational Image (Photo Credits: Pixabay)

The year 2020 was a nightmare for most of us. However, one positive thing it brought us was the expansion in the home-based business opportunities. Technology has made starting your own home-based business easy, affordable and possible.

With remote working getting more common, people are realising that they have the ability and resources to do their work from home. All you net to start a business online is a computer, a phone and an internet connection. Here are some of the home business ideas to pursue this year. 4 Startup Ideas That Housewives and Moms at Home Can Consider and Earn a Good Amount.

Consultant

If you are passionate and knowledgeable about a specific subject (marketing, social media, leadership, communication, human resources, etc), starting a consulting business can be a lucrative option. You can start consulting business in the comfort of your home and if it grows you can hire other consultants over time. National Startup Awards 2021: A Great Opportunity for Young Entrepreneurs to get Recognition & Why Should you apply?

Service-based online business

The service-based business allows you the freedom to use your skills and earn a profit. At you good at copywriting? You can start crafting marketing copy for other businesses. Do you have professional video editing skills? Launching a business helping people with video editing. You can sell and provide services completely online.

Turn craftiness into cash

If you are good at sewing, painting, jewellery making, or some other craft, there is a huge market for handmade products. You can be looking into selling your creations and running your business online from home.

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Startup

4 Ways Start-Ups Can Improve Internal Communication for Better Productivity

Tips to improve internal communication| Representational Image (Photo Credits: Pixabay)
Tips to improve internal communication| Representational Image (Photo Credits: Pixabay)

Clear and coherent communication between the business owners and its employees is one of the key features for the growth and success of any firm. Internal communication is important for ensuring that from top level managers to the workers all are on the same page about business’ principles, policies and objective and plans undertaken to achieve the goals of the firm. It also helps the employees to understand their job roles better and perform in line with the business’ requirements. The internal communication comprises dual channels- downward (top to bottom) and upward (down to up). Through the downward channel instructions, orders, feedback, guidelines are passed on while though the upward channel information, grievances, queries are passed. 4 Ways to Keep Your Employees Happy & Motivated.

Proper internal communication is required so that there is no scope of error or confusion in implementing plans and carrying out the work to meet the objectives of the firm. This becomes even more crucial for a firm that is in its initial phases and still struggling to establish its roots in the markets. A clear communication becomes increasingly important for start-ups. Here are some ways through which start-ups can improve their internal communications:

Encourage Two-Way Communication:

The most important feature of any conversation is that is a two-way process. There is a sender who gives information and receiver who upon receiving the information from the sender processes it and responds. The element of receiver’s response is crucial. In business communication as well the how well the employee receives and understand the information provided by the manager is important, that effects the overall work execution. Hence managers should encourage two-way communications and ask responses from the employees.

Develop Personnel Connect:

One way to improve the communication and remove the barriers is by developing a personal connect with the employees. This ensures that the employees feel free to discuss any query and confusion regarding the work with the manager, thereby improving their work performance and avoiding errors. Managers should provide a ear to all the problems her subordinates face in the business environment and make them feel valued. 5 Steps Companies should take to Improve Diversity at Workplace!

Value Employee Opinion:

Another method of improving the business communication is by giving a clear opportunity and platform to the employees to provide their feedback on various decisions of the management. Most importantly, their feedback should be acknowledged and valued. The business owners should not outrightly dismiss the opinions and thoughts of the employees. They should be listened and taken into consideration.

Organise Weekly Review Meetings:

One more way to improve the communication is by organising weekly meetings to discuss work and related topics. It helps to ensure that everyone is aware of the decisions of the management and understand it. Such meetings also help in reviewing the work progress and what modification and amendments if any, are required to improve the functioning of the organisation.

It is necessary for startups to establish a coherent internal communication channels for the business and encourage employees to communicate openly via proper channels. Such a well-organised set-up provides the firm as well the employee to learn, understand each others aspirations and develop a style of working that is suitable and productive for all.

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Startup

4 Fund-Raising Mistakes Every Entrepreneur Should Avoid

fundraising

Like it or not, the entrepreneurial journey is not always easy. It also includes the not-so-pleasant step of fundraising. The reason why the journey is not so enjoyable is that it often takes months, if not longer. It also requires you to have resources that you may require to establish your startup company.

Fundraising for a startup is an involved process. There are no set rules or a manual to help you develop a startup funding plan. Every startup begins with a unique idea, vision, and promises that they make to their customers.

According to a report by IBM Institute for Business Value & Oxford Economics, over 90% of the Indian startups fail miserably within 5 years of inception. However, not much research is conducted to show the exact reason behind the failure of the startup.

A startup`s fundraising efforts depend on its ability to make itself and its business ideas appealing. Because it`s not the customer`s, but an investor`s perspective that is crucial.

Though the reason behind the failure varies, the pattern and the list of reasons seem to be repetitive.

To ensure that your startup runs smoothly, we have listed out a list of fundraising mistakes that every entrepreneur must avoid:

  1. Raising too Many Funds

Many startups make the mistake of raising too much money. Initially, they think they need as much money as they can get, but forget that this increases the liability, as well as the equity they will have to give up.

While a nice cushion of startup capital provides a comfortable start, too much money in the system can result in disaster. The expenses at the later stage will be too much, and you might have to go through firing staff, budget cuts, and closing office spaces.

  1. Not Raising Enough Funds

Some entrepreneurs ask for less funding than they require. It is the biggest fundraising mistake that can lead to the shutdown of the startup. Always ask for the amount by keeping your financial requirement as much realistic as possible. Don`t worry about scaring investors by asking for the amount of money you will require for your business.

  1. No Clear Funding Objectives

Having a clear goal in mind is essential to raise capital investment. Figuring out how much money you need to reach your next milestone is essential. From operational costs to essential professional services, determine how much capital you need. Not having a clear idea is another mistake that every entrepreneur must avoid.

  1. Giving up too Much of the Company

One of the worst fundraising mistakes that someone can make is giving up too much ownership in the company. While a deal that includes a good portion of your company might seem appealing, you could end up paying a much higher cost down the road.

Try to keep ownership within the company. Find out other ways to raise or access funds in any other way which is more feasible.

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Startup

Startup Ecosystem and Entrepreneurship in Jammu and Kashmir To Get Major Boost As JKEDI Inks Pact With HED and We HUB To Promote Startup Culture

why indian startup fails

In a bid to promote the culture of entrepreneurship and innovation in Jammu and Kashmir, a memorandum of understanding (MoU) was signed by Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) on Friday. Separately, JKEDI also signed an MoU with ‘WE HUB’, India’s first and only state-led incubator of the government of Telangana to promote women entrepreneurship and startup culture, the spokesman said.

The pact between JKEDI and HED will lend expertise and evolve the ecosystem of entrepreneurship and startup environment in the colleges of the Union Territory. The MoU was signed in presence of Commissioner Secretary, Industries and Commerce (I&C), Manoj Kumar Dwivedi and Commissioner Secretary, HED, Talat Parvez Rohella.

Here’s how the MoU will enhance the startup ecosystem in ecosystem in Jammu and Kashmir:

  1. The MoU will boost the entrepreneurship and startup ecosystem in J&K. It will help to establish entrepreneurship development cells, innovation and incubation centers in colleges besides a module of entrepreneurship course will also be offered in colleges with other degree programs.
  2. Under the pact, both the departments can share our expertise and build capacities among the stakeholders. “This will benefit the students across the Union Territory. There is no dearth of talent and this partnership will provide ample exposure and the students will face no difficulty in creating their own enterprises,” the official said.
  3. In his address, Rohella said JKEDI has a mandate of creating entrepreneurship avenues in Jammu and Kashmir and by this collaboration between JKEDI and HED entrepreneurship courses will be started in colleges for the young generation who will be job creators rather than job seekers in coming times.
  4. This MoU will provide a platform for budding entrepreneurs and will create end to end solutions. They will be exposed to options of angel funding, technical expertise to create prototypes and help in up scaling and launching of the final product of startups.

Initially, the programme will start with 14 colleges in the cities of Srinagar and Jammu and will subsequently expand to other regions of the Union Territory. The second MoU was inked virtually between Principal Secretary (IT, E&C), Government of Telangana, Jayesh Ranjan and Dwivedi.

“Apart from the pre-incubation, incubation and startup exchange programs between JKEDI and WE HUB of Telangana, certain aspects of Progressive Innovation Startup Policy of Telangana government can be replicated in J&K for promotion of culture of startups and entrepreneurship,” Ranjan said.

According to reports, JKEDI is starting a pre-incubation programme that would focus on women founders and co-founders, with 30 start-ups from Jammu and Kashmir and 30 from Telangana.