Month: January 2021

Categories
Finance

Union Budget 2021 Expectations: What India’s Aviation Sector is Expecting?

Aviation Sector (Photo Credits: Pexels)

The novel coronavirus pandemic has majorly affected the aviation sector. The industry incurred severe losses after thousands of flights daily came to a standstill in March 2020. To cope with this, the sector is hoping for support from Finance Minister Nirmala Sitharaman in the 2021 Budget on February 1.

From lowering air turbine fuel taxes (ATF) to reducing airport, landing, parking and navigation charges- the industry is expecting help from the government. The ATF comprises around 30-40 per cent of the total cost of an airline.

The sector is also expecting the government to remove a cap on fare prices. A fare cap price band was introduced in order to avoid exploitation by airlines. However, the sector now believes that the government should remove the price band and airlines should be allowed to set ticket prices.

“Since the airlines have to currently follow a fare band as per the directives of the Ministry of Civil Aviation (MoCA), which is constraining their ability to charge higher fares, they want relaxations in terms of the fares they can charge,” said Kinjal Shah, vice president, ICRA.

Recently, the government also hintend at rationalisation of various taxes in the aviation sector. “We are working on a long-term plan to help the sector by rationalizing various taxes,” said Usha Padhee, Joint Secretary, Ministry of Civil Aviation. As of now, the government has allowed airlines to run on 80 per cent capacity, after starting out with 33 per cent in May 2020.

 

Categories
Business motivation

12 Entrepreneur Quotes to Inspire Success in Your Life and Business in 2021

Business Success (Photo Credits: Pixabay)

What is success? There are many definitions, but one thing remains common that success comes in the face of failures and barriers. The nature of success requires hard work, inspiration and motivation. An entrepreneur should focus on their business; having few phases that motivate can give businessmen support they need. That’s why we have gathered a few inspirational quotes for successful people like Steve Jobs, Bill Gates, Mark Zuckerberg and others to inspire you daily.

Motivating and Inspiring Quotes by Successful People:

  1. “My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had — every day I’m learning something new.” -Richard Branson, founder Virgin Group
  2. “You don’t learn to walk by following rules. You learn by doing and falling over.” – Richard Branson, founder Virgin Group
  3. “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” – Steve Jobs, Co-founder, CEO, Chairman Apple Inc
  4. “Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself.” – Oprah Winfrey, media proprietor
  5. “I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.” -Jeff Bezos, founder and CEO Amazon
  6. “Whether you think you can, or think you can’t — you’re right.” – Henry Ford, Founder Ford Motor Company
  7. “It’s not about ideas. It’s about making ideas happen.” – Scott Belsky, co-founder Behance
  8. “Your most unhappy customers are your greatest source of learning.” -Bill Gates, founder and CEO Microsoft
  9. “If you just work on stuff that you like and you’re passionate about, you don’t have to have a master plan with how things will play out.” –Mark Zuckerberg, founder and CEO Facebook
  10. “Always deliver more than expected.” – Larry Page, co-founder Google
  11. “Design is not just what it looks like and feels like. Design is how it works.” -Steve Jobs, founder, chairman and CEO Apple Inc
  12. “All humans are entrepreneurs not because they should start companies but because the will to create is encoded in human DNA.” – Reid Hoffman, co-founder LinkedIn

What’s your favourite success quote? We hope you can draw inspiration and motivation from these powerful quotes as you continue to grow your business.

Categories
Marketing

4 Cost Effective Marketing Strategies to Promote Small Businesses

Marketing Strategies| Representational Image (Photo Credits: Pixabay)
Marketing Strategies| Representational Image (Photo Credits: Pixabay)

In order to survive the dynamic market conditions and stiff competitors, businesses need to keep promoting itself and acquiring new customers while retaining the existing ones. Once the business has established itself in the market, next step is to expand and diversify. A pre-requisite for successful expansion and growth of the firm is a wide reach and awareness among potential and target customers. A comprehensive and well researched marketing plan is important for business development.5 Simple Steps to Start a Packaging Business in India.

With the coming in of social media, the avenues to promote businesses have increased. Marketing is no longer restricted to offline spaces. Business promotion involves all the activities that are undertaken to communicate about the enterprise and its product or service. It includes advertisement, public relations, branding among others. 5 Ways To Eliminate Work Stress And Avoid Burnout.

Here are 4 effective ways to promote Small Business:

List Your Business in Online Directories

One way to reach customers is by listing the business in online directories. There are various sites available over the net that gives you can opportunity to list your business for free. Especially, for small businesses with low budget listing is a beneficial option of promoting the business. Some of business listing sites in India are :

  • sulekha.com
  • tradeidnia.com
  • indiamark.com
  • justdial.com
  • freelistingindia.in

Partner With Other Small Businesses

Another way to promote a small business is by partnering in with businesses in the same or complementary field. This way the business can enter new markets and take advantage of partner’s resources and customers. It helps the business to understand the market orientation better and modify its offering accordingly.

Create and Verify Business Profile on Google

To promote business online, having a verified business profile on Google. It automatically lists your business on search engines and it pop-ups whenever someone looks for similar product or services in your locality. It helps in boosting consumers’ confidence in the business, as people are increasingly becoming depended on online resources.

E-Mail Marketing Strategy

E-mail marketing is the most important aspect of online marketing. By communicating with customers on regular basis through personalised e-mails help developing a connect between the firm and customer. As per surveys, e-mail converts more people into customers as compared to any other element of digital marketing.

Businesses should have a balanced mix of online and offline promotional elements in the marketing plan. No one business can survive without proper marketing strategies which are flexible and responsive to dynamic environment. To evolve and grow businesses should carefully choose and implement promotional strategy.

Categories
Business motivation

10 Inspiring Biographies of Business Leaders Every Entrepreneur Should Read

Biographies Every Entrepreneur Should Read| Representational Image (Photo Credits: Pixabay)
Biographies Every Entrepreneur Should Read| Representational Image (Photo Credits: Pixabay)

Every entrepreneur, before entering the market, reads and analyses various information required to establish and sustain the business. Not only budding entrepreneurs, established businessmen also need to do their research ahead to taking any decision. However, not everything is learnt and researched on our own, sometimes experiences from the lives- success and struggles – of others help in paving paths for success. The best way to do this by reading the biographies, autobiographies and memoirs of successful businesspersons. 5 Ways To Eliminate Work Stress And Avoid Burnout.

Not only the biographies provide a constant source of motivation, they also guide entrepreneurs in finding solutions to difficult business problems, accept failures and keep going despite all odds.Top 24 Business Movies Every Entrepreneur Should Watch for Inspiration and Motivation.

Here is a List of 10 Business Biographies every Entrepreneur Should Read-

Dhirubhai Ambani: Against All Odds by A G Krishnamurthy

Bhujia Barons: The Untold Story of How Haldiram Built a 5000 Crore Empire by Pavitra Kumar

The First Tycoon: The Epic Life of Cornelius Vanderbilt by T.J. Stiles

Hit Refresh by Satya Nadella
The Z Factor: My Journey as the Wrong Man at the Right Time by Subhash Chandra and Pranjal Sharma
Shark Tales by Barbara Corcoran with Bruce Littlefield
Steel King: Lakshmi Mittal by Prateeksha M Tiwary

My Life and Work: Autobiography of Henry Ford

Dream With Your Eyes Open by Ronnie Screwvala

By Invitation Only by Alexis Maybank and Alexandra Wilkis Wilson

Businesses take time to settle in and succeed. Many people lose their hopes and give up few steps for reaching the goal. A continuous and abundant inflow of positivity, inspiration and guidance is crucial to keep the spirits high and keep moving ahead despite all the bottlenecks and failure.

Categories
Business motivation

5 Ways To Eliminate Work Stress And Avoid Burnout

Ways to Eliminate Work Stress| Representational Image (Photo Credits: Pixabay)
Ways to Eliminate Work Stress| Representational Image (Photo Credits: Pixabay)

Everyone who has ever held a job has felt the pressure of work-related stress at some point in their life. Experiencing work stress is unavoidable at times- even if you love what you do. In the short-term, there may be pressure to meet deadlines. But when work-related stress becomes chronic, it can be harmful to both emotional and physical health.3 Ideas to Keep Your Employees Engaged and Motivated.

Is there any way to get rid of work stress? How to keep cool during tight deadlines? We know you want to get answers to these questions, right? Here are steps you can take to keep work stress to a minimum. Top 24 Business Movies Every Entrepreneur Should Watch for Inspiration and Motivation.

Recognise Warning Signs of Excessive Stress

When you feel that you are under immense pressure at workplace, you lose confidence and may become bad-tempered. This can lead to less productivity and your work may seem less rewarding. If you ignore chronic stress it can lead to emotional and physical problems.

Take time to recharge

Even a few minutes of me-time during a hectic day can help prevent burnout. Listening to your favourite songs or watching a funny video can relax you. During your personal time, you should also avoid checking work-related emails and messages.

Eat Right And Sleep Well

Food and sleep have a major impact on us as they directly affect our health. Most of the health experts advise eating a low-sugar and high-protein diet. If you have problem falling asleep or you wake up in the night and can’t get back to sleep, then try a simple breathing trick: Cover your right nostril and breathe through left nostril for three to five minutes.

Balance your work and personal life

Being available all the time will easily burn you out. It is important to give equal importance to work and home life to avoid potential stress. This means taking out time for socialising and establishing rules for when you will check work-related emails or take phone calls.

Motivate yourself

Hundreds of thoughts stream through your mind every day, This can also include negativity. The fix? Instead of being critical of yourself, try self-motivating yourself. Encouraging thoughts will help you to achieve your goals and ultimately train you to inspire others.

Categories
Finance

Union Budget 2021: How the post-COVID Budget will Impact the Corporates & Common Taxpayers?

union budget-2021
Union Budget 2021-22 | Representational Image

With the economy slowly gaining momentum from the pandemic, a lot of hopes are riding on the Union Budget 2021. Finance Minister Nirmala Sitharaman, who is supposed to announce the first post-COVID Budget 2021 on February 1, is ready to steer the Indian economy back on the growth track.

Due to the global pandemic, almost all the sectors of the economy were knocked-off in 2020. However, there have been few indications that some of them are showing a quick recovery.

The major challenge for the Finance Minister is to hit the perfect balance between managing the fiscal deficit considerations and reviving broad-based growth.

While the auto and real estate sectors are still struggling, MSMEs across several sectors are still facing the financial crunch, resulting in little or no job creation. In the wake of the pandemic-induced economic shock, the government is expected to provide more tax breaks to netizens, so that they can have higher disposable incomes.

Now that the end of the pandemic is in sight, all eyes are on Union Budget 2021 in the hope of some much-awaited reliefs and incentives. The corporates and individual taxpayers are all expecting the tax concessions in this year`s budget.

Let us look at some of the most crucial expectations that the taxpayers have from the upcoming Union Budget 2021:

Tax Reliefs for Corporates

Before the pandemic struck the world, the corporate taxes in India were reduced to 22% for companies and 15% for manufacturing firms. So, any further reduction in corporate tax seems unlikely. However, to support the companies to cope up with the losses suffered during the lockdown, investment-based reliefs and flexible adjustment of the previous year`s losses could be in the pipeline.

Insurance Awareness

The importance of insurance in India has been low for many decades. In 2020, people became more aware due to the pandemic and the high medical costs related to it. Perhaps, this is an excellent time for the insurance sector to increase its foothold in the country.

Worst Hit Industries & Sectors

Several industries like aviation, food & beverages, tourism, etc., have suffered major losses due to the COVID-19 pandemic. The recovery time for these sectors will also be longer as compared to the other industries that are already on their path to recovery.

To provide relief to worst-hit sectors, the government may extend their 8-year-loss-carrying forward window. These industries will have minimal income levels in this as well as in the upcoming financial year until they recover completely.

Vivad se Vishwas Scheme

The introduction of Vivad se Vishwas Scheme was one of the highlights of the 2020 Budget. The government aimed to increase their tax revenues by offering to settle cases upon 100% payment of disputed taxes. This would result in the saving of interest as well as the penalty.

However, there were fewer takers of the scheme due to the pandemic. Thus, the government might consider extending this scheme so that more taxpayers can avail the benefit of this scheme in the upcoming Union Budget 2021.

While there are numerous expectations from Budget 2021, the government has announced various relief policies to keep the economy afloat.

The Budget 2021 will be announced on February 1. Finance Minister Sitharaman will deliver the longest ever budget speech last year. This year the Union Budget 2021 will be paperless.

Categories
Business motivation

Top 24 Business Movies Every Entrepreneur Should Watch for Inspiration and Motivation

Movies Every Entrepreneur Should Watch| Representational Image (Photo Credits: Pixabay)
Movies Every Entrepreneur Should Watch| Representational Image (Photo Credits: Pixabay)

Entrepreneurs and Businessmen, like most of the people, need inspiration from time-to-time. And what’s better than watching some thought-provoking movies. The good movies can offer a lot to learn about the plight of entrepreneurs and startups from the comfort of your couch.Top 21 Books That Every Entrepreneur Should Read In 2021.
Some movies can inspire to raise the bar while others can push you to original thoughts and conclusions. The movies can also give you some exciting and fresh ideas or can even help you to make a breakthrough. 5 Habits of Highly Successful Leaders and Entrepreneurs.

Top 24 Films About Business

The Wolf of Wall Street by Martin Scorsese

Boiler Room by Ben Younger

The Billionaire by Songyos Sugmakanan

The Corporation by Mark Achbar

Pirates of Silicon Valley by Martyn Burke

Moneyball by Bennett Miller

Startup.com by Chris Hegedus and Jehane Noujaim

The Aviator by Martin Scorsese

Joy by David O Russell

The Social Network by David Fincher

Wall Street by Oliver Stone

Jerry Maguire by Cameron Crowe

Jobs by Joshua Michael Stern

Breaking Bad by Vince Gilligan

The Pursuit of Happyness by Gabriele Muccino

The Goods: Live Hard, Sell Hard by Neal Brennan

Rocket Singh: Salesman of the Year by Shimit Amin

Glengarry Glen Ross by James Foley

Suckers by Roger Nygard

Mad Men by Matthew Weiner

Billionaire Boys Club by James Cox

Margin Call by JC Chandor

Too Big to Fail by Curtis Hanson

Con Man by Bruce Caulk

Films about successful businessmen and millionaires have considerable appeal to the audience, especially when they are based on real-life events. Movies about successful people can inspire us and may even be the reason for starting a business.

Categories
Startup

5 Major Reasons behind Why Indian Startups Fail

why indian startup fails

The Indian startup ecosystem continues to expand and grow rapidly. Right from the Government support, increased participation of corporates, evolution of the investor landscape, incredible global exposure, and the growth of digital infrastructure in India- the various elements of the startup ecosystem are coming together in a melodious symphony.

According to a NASSCOM report, the Indian startup ecosystem has the potential to grow 4X by 2025, and the number of unicorns is expected to be 95-105. The cumulative valuation of these unicorns is expected to reach USD 350-390Bn.

Despite all the favorable factors, 90% of the startups fail in India within the five years of their inception, according to a report by IBM Institute for Business Value and Oxford Economics.

Wondering why startups fail? Here are some of the key reasons behind the high startup failure rate:

  1. Lack of Innovation

One of the crucial reasons why startups fail in India is their lack of innovation. Innovative business ideas help to attract customers, beat the competition, and resolves challenging situations.

Although India is said to have the third-largest ecosystem in the world, the country lacks meta-level start-ups like Facebook, Google, and Twitter. Indian startups must drive their business operations with innovation, rather than replicating global startups.

  1. Lack of Funds

There must be millions of creative ideas floating around. However, turning these ideas into reality requires funds. Insufficient fundraising is a roadblock that leads to the shutdown of many Indian startups.

For startups that manage to receive seed funding, the inability to raise follow-up funds becomes the major cause of startup failure. So the startups must think about having effective business and revenue models.

  1. Lack of Focus

Be it a product, its features, or the market positioning, few investors and mentors firmly believe that the founders of Indian startups often start spreading themselves too thin.

A startup is best suited to cater to a particular problem for a specific segment. Though the business dynamics will keep evolving and the focus will not remain the same forever, it is essential for founders to sharply define what exactly they want to build.

  1. Right Market for Products

One of the biggest reasons why startups fail in India- the consumer does not need its products. Many founders in India end up falling in love with their product without realizing if it solves the customer`s need. Thus, it is important to target the right market segment and gain an in-depth understanding of your customers.

  1. Lack of Strong Leadership

Startups in India are mostly driven by the vision of their founders and core team members. While the innovative idea is significant in the journey of a startup, the absence of strong leadership is another reason why startup fails in India.

While some entrepreneurs are born with strong leadership skills, others can develop them. If you do not have the leadership skills, you can delegate the role to someone who has a futuristic vision.

You can also find a mentor to help you build and develop leadership skills. You can also study and gain an in-depth knowledge of leadership skills with the Everything about Entrepreneurship course. Learn the essential strategies to become a strong leader for your startup by talking with the top industry experts. To know more click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

Categories
Business motivation

top 5 Smart Tips for Packaging Business in India

packaging business tips

‘Never judge a book by its cover’, an old proverb that we must have heard multiple times. However, when it comes to marketing a product, the outer packaging is very important. Wrong packaging could be detrimental to your packaging business.

Packaging can influence customer behavior, improves customer satisfaction, and motivates consumers. It is also one of the key drivers of repeat purchases, especially when you are at the early stages of the packaging business.

According to a Business Standard report, in developing countries like India, the packaging is almost 54% more important for customer satisfaction, as compared to developed countries such as the US & Japan.

Having an excellent packaging design not only makes your product unique but also attracts customers. Good packaging can elevate your brand value, justify the price, and makes your product stand out from the competitors. It also ensures the safety of your products.

Let`s discuss some of the most effective tips that you must keep in mind when it comes to a packaging business startup:

  1. Packaging Budget

Before starting a packaging business, determine your budget. Your budget will also determine the material you can use, and how you can make your packaging design as enticing as possible.

Materials like fibers and glass look beautiful, however, they do not come cheap either to manufacture or to ship. Glass is heavy and breakable. It is also not appropriate for shipping as well. This may lead to consumer prices. So, it is better to determine the budget for packaging. You can also opt for a bulk option which can be cost-effective.

  1. Multiple Packaging Plan

It is always wise to do some research before finalizing your packaging requirements based on your product. Invest a considerable amount of time to study the various packaging options available. Choose the type of packaging that guarantees the safety of your product and leaves an unforgettable impression on your consumer`s mind.

  1. Packaging Transportation

After deciding on the package design, it is time to shift your focus to its functional characteristics. No matter how attractive your packaging is if the packaging does not ensure the safety of the product, it is useless. Hence, pick your packaging wisely.

  1. Inventory Management

One of the most crucial parameters for any packaging business start-up is inventory management. Inventory management is done properly can be cost-effective. Analyze the stocking options based on your business requirements and manage your packing business smartly.

  1. Choose Sustainable Packaging Materials

Building purposeful packaging can leave a long-lasting impression on your customer`s mind. If you are an entrepreneur and your business is at an early stage, choose packaging that conveys relevant information about your brand. Pick a packaging material that is light-weight, eco-friendly, and sustainable for the environment.

Packaging serves as the main ‘attention-getter’ in every industry and can drive more customers to your products. Keeping the above-mentioned factors can help you choose the perfect packaging for your business.

Apart from picking up the best packaging material, there could be more challenges that can hinder the growth of your business. So how will you get past them when you are just starting up?

Find solutions to all your business problems with Problem Solving Courses that will give you some wonderful insights into the packaging business.

Find solutions to your every business-related challenges here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

Categories
MSME

MSMEs in Karnataka To Benefit As Amazon India Inks Pact With Karnataka Govt To Increase Their Exports on Global Selling Platform

Online Business
Online Business

Bengaluru, January 29: With an aim to help micro, small and medium enterprises (MSMEs) operating in Karnataka and spur their exports, global e-tailer Amazon India on Thursday signed an agreement with the Karnataka industries and commerce department. The pact will help the MSMEs in the southern state in increasing their exports on its global selling platform. The agreement will enable Amazon to train and onboard MSMEs across the state on its global selling platform for driving their exports to customers in 200 countries the world over. The e-tailer’s platform lowers entry barriers for MSMEs to expand their business and launch their products globally.

An official statement said that the MSMEs from the state export a range of products, including readymade apparel, leather goods and toys among others and the pact would boost their export. The company will conduct training, webinars and on-boarding workshops in MSME clusters at several locations on B2C e-commerce exports.

Here’s How the pact would benefit MSMEs in Karnataka:

  • The workshops will enable MSMEs to use tools for launching their brands and grow their business in overseas markets through our global selling platform.
  • The company will conduct training, webinars and on-boarding workshops in MSME clusters at Ballari, Channapatna and Mysuru on B2C e-commerce exports and selling worldwide through its 17 international marketplaces.
  • The partnership with Amazon India will enable MSMEs to leverage its global presence and showcase their products to customers the world over.
  • The partnership with Amazon will help the livelihood of artisans, weavers and craftsmen in the state as 50 per cent of sellers from Karnataka on Amazon were in based in tier-II cities, Amazon should expand its footprint beyond Bengaluru to other parts of the state.
  • Karnataka Industries Minister Jagadish Shettar said on the occasion that Karnataka had a vibrant agro, aerospace, automobile, biotech, garment, handicraft, textile and toys sectors.
  • Abhijit Kamra, Amazon India global trade Director, said the partnership with the Karnataka government would elevate MSMEs in the state to a global level.

In the past, the Amazon global selling programme has enabled over 70,000 Indian exporters to cross $2billion in exports and showcase Made in India products. The southern state has a rich cultural and traditional heritage, with multiple Geographical Indications (GIs) products like Bidriware, Channapatna toys and Kinnhal craft. Mysore silk, Udupi cotton and Ilkal sarees are world-famous.

Karnataka has about 8 lakh MSME units with Rs 86,000 crore investments and employ 56 lakh people in 10 clusters spanning automobiles at Hubli-Dharwad, food processing at Kalaburagi, readymade garments at Hubli, raisin at Bijapur (Vijayapura) and Athani in Belagavi, heat treatment at Hubli and printing at Harohalli in Ramanagara district among others.