Month: February 2021

Categories
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.

Categories
Motivational

7 Inspirational JRD Tata Quotes that will Motivate you to Chase your Dreams!

jrd tata

The legacy of Tata is renowned and celebrated all across the country. The reason behind the Tata lineage is not just about their impeccable business skills, wealth, and global accomplishments. It also has a lot to do with their community-service approach for the people and the nation.

And of all the chairmen they have had, there is one man who has stood out for around 50 years, and that man is none other than- Jehangir Ratanji Dadabhoy Tata. Born on July 29, 1904, JRD Tata was a French-born Indian business tycoon who brought a revolution in the aviation industry.

When the Tata Empire was under JRD Tata, he took the company from 14-company conglomerates to 50, and sales were increased from INR 280 crores to INR 15,000 crores.

Along with other industries, JRD Tata also strengthened the civil aviation industry. Air India was probably one of his greatest contributions. JRD Tata had a great eye for arts and science and always fought for underprivileged people. He was one of the greatest and highly celebrated industrialists, who were humble despite being one of the most successful businessmen of his time.

Here are 7 quotes by JRD Tata that will inspire you and fill you with motivation:

  1. Uncommon thinkers reuse what common thinkers refuse.
  2. Always aim at perfection for only then will you achieve excellence.
  3. Money is like manure. It stinks when you pile it and grows when you spread it.
  4. Quality is first engineered, only then it is inspected.
  5. I do not want India to be an economic superpower. I want India to be a happy country.
  6. When you work, work as if everything depends on you. When you pray, pray as if everything depends on God.
  7. Common people have an appetite for food, uncommon people have an appetite for service.

Feeling less-enthusiastic about your entrepreneurial dreams? Do not worry! We have motivational quotes from the leaders who built their empire from the scratch. So keep reading and keep chasing your dreams!

Categories
Business motivation

12 Best Business/Entrepreneur Movies Based on True/Real Life Stories

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

It is not easy to be an entrepreneur or businessman. No matter how much you work harder, there are going to be many challenges to be successful. At times, you can get demotivate. So it’s a good idea to watch a movie. The movies based on real-life entrepreneurs help you learn from other people’s mistakes.

Here we have created a list of top movies that are based on real-life stories of entrepreneurs. All these films have been inspired by true stories that will boost-up your dreams and motivate you.

  1. Jerry Maguire by Cameron Crowe
  2. The Pursuit of Happyness by Gabriele Muccino
  3. The Aviator by Martin Scorsese
  4. The Social Network by David Fincher
  5. The Wolf of Wall Street by Martin Scorsese
  6. The Founder by John Lee Hancock
  7. War Dogs by Todd Phillips
  8. Guru by Mani Ratnam
  9. Jobs by Joshua Michael Stern
  10. Joy by David O Russell
  11. The Big Short by Adam McKay
  12. Tony Robbins: I Am Not Your Guru by Joe Berlinger

Even if your business is not related to anything shown in these movies, you can still get a lot of motivation. The path towards success comes with lots of ups and downs. If you feel like quitting, give yourself a break and spend an evening watching movies.

Categories
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.

Categories
HR & People Management

What Is Diversity In The Workplace? Here Are 4 Key Benefits

Workplace Diversity | Representational Image (Photo Credits: Pixabay)
Workplace Diversity | Representational Image (Photo Credits: Pixabay)

Why is diversity in the workplace so important? In this article, we will discuss the advantages of workplace diversity. But first, let’s look at what exactly it means.

What Is a Diversified Workplace?

A diversified workplace means that a company employs a wide range of diverse individuals. This means the company’s workforce includes people of varying gender, religion, cultural background, race, ethnicity, languages, abilities, education, etc. 3 Essential Qualities of Great Leaders to Navigate through Uncertain Times.

The benefits of a diversified workplace are immense. It improves productivity, employee retention and company culture. Here are some key advantages of diversity in the workplace.

Benefits of Diversity in the Workplace:

Improves Productivity

Productivity and diversity go hand in hand. Diversifying your team can boost productivity by 35 percent, research has found. Employees from different cultural backgrounds bring their own individual skills to the table. 4 Ways Start-Ups Can Improve Internal Communication for Better Productivity.

Increased Creativity

Diversity in the workplace brings creativity and innovation. People from different cultural backgrounds have different experiences and thus different prospectives which leads to higher creativity.

Faster Problem Solving

Organisations with higher workplace diversity solve problems faster. Research has found that diverse teams are able to solve issues faster than cognitively similar people.

Better Company Reputation

Diversity in the workplace boosts the company’s reputation. Companies that are dedicated to promoting diversity in the workplace are seen as more socially responsible organisations. As people from different walks of life work in your company and your brand, it opens doors to new markets and customers.

Categories
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.

Categories
MSME

MSME Sector ‘Growth Engine’ of Indian Economy, Contributes around 30% to GDP, Says RBI Governor Shaktikanta Das

RBI Governor Shaktikanta Das (Photo Credits: Wikimedia Commons)

The Micro, Small and Medium Enterprises have been gaining momentum in past few years. Government at various levels, the MSME Ministry, Public Sector Banks, and NBFCs among other state agencies have been implementing several initiatives for the development of the sector and encourage more and more people to establish their businesses in the MSME sector. The sector did suffer owing to the coronavirus outbreak and the subsequent lockdown, which lead to curb on all the economic activities across the country. However, the various micro, small and medium enterprises are now on the path of revival and will soon bloom to its full potential soon again. Union Budget 2021: Here Is What the First Paperless Budget Has In Store for the MSME Sector.

Addressing the 185th Foundation Day Celebration of Bombay Chamber of Commerce and Industry, Governor of the Reserve Bank of India Shaktikanta Das said that the Micro, Small and Medium Enterprises (MSME) sector has emerged as the growth engine of the economy and is showing signs of revival after the COVID-led degrowth in early part of the current financial year (2020-21). Das added that the sector has been rendered vulnerable by the pandemic necessitating concerted effected effects to combat the stress and focus on the revival of the sector.

He informed that MSME sector -a vast network of around 6.33 Crore enterprises- is contributing about 30 per cent of the nominal Gross Domestic Product (GDP) of the country and 48 per cent to the total exports of India. “As digital capabilities improve and connectivity becomes omnipresent technological innovation and technology-driven revolution are poised to quickly and radically change India’s economy,”said Das. Adding that the Reserve Bank of India has also made necessary intervention to support economy’s critical sector- referring to the micro, small and medium enterprises. Major Boost to MSME Sector: Govt Trying to Make 5,000 MSME Clusters Under SFURTI Initiate, Says Union Minister Nitin Gadkari.

Meanwhile, the central government on its end has also been contributing towards the development of the MSME sector. In the Union Budget for the upcoming financial year 2021-22, Finance Minister Nirmala Sitharaman has proposed an allocation of a fund of over Rs 15,000 Crore to the Micro, Small and Medium Enterprises, which stands at double the amount apportioned to the sector last fiscal. A reduction in the custom duties has also been proposed, with duties on semis, flat, and long products of non-alloy, alloy, and stainless steels has been reduced to 7.5 per cent uniformly.

Categories
MSME

Major Boost to MSME Sector: Govt Trying to Make 5,000 MSME Clusters Under SFURTI Initiate, Says Union Minister Nitin Gadkari

Nitin Gadkari | File Image (Photo Credits: Facebook)

In an attempt to boost the Micro, Small and Medium Enterprises, Union MSME Minister Nitin Gadkari has inaugurated 50 artisan-based Scheme of Fund for Regeneration of Traditional Industries (SFURTI) clusters across over 18 States. At its launch the MSME Minister also said the central government is making efforts to establish at least five thousand MSME clusters under the SFURTI scheme. For the development of these clusters, the MSME Ministry spearheaded by Nitin Gadkari has funded Rs 85 Crore. Under the scheme, various small and medium scale traditional industries and artisans into clusters with the aim to improve their earnings and make them more competitive. MSME Credit Moves Towards Pre-Pandemic Levels, Witnesses a Growth of 5.7%: Report.

Gadkari also informed that the ministry is trying to fast track the approval process for the clusters, adding that these clusters would be helpful to farmers and craftspeople be independent. The clusters under the SFURTI scheme offers various programmes for the development of MSMEs including skill development, capacity building, creation of facilities such as common facility centres, rehousing facilities and marketing and e-commerce assistance to local industries. Indian SMEs Plan To Expand Businesses As Economy Revives, Restoration of Business Activities Likely To Gain Momentum Post COVID-19 Era: Survey.

Through these clusters more than 42 thousand artisans have been ensured continuous support and assistance in the traditional segments of muslin, khadi, coir, handicraft, handlooms, wood craft, leather, pottery, carpet weaving, bamboo, agro processing, tea and others. The SFURTI clusters have been inaugurated in several states including Andhra Pradesh, Arunachal Pradesh, Assam, Chhattisgarh, Gujarat, Haryana, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Nagaland, Odisha, Rajasthan, Tamil Nadu, Uttar Pradesh and West Bengal.

So far as many as 371 such clusters have been funded by the government under the Scheme of Fund for Regeneration of Traditional Industries initiative. A total of Rs 888 Crore have been spend for its development by the centre. Nitin Gadkari also said that the government is looking to increase the share of MSME sector in the country’s GDP to 40 per cent from the current 30 per cent and share of exports to about 60 per cent from 48 per cent.

Categories
HR & People Management

3 Essential Qualities of Great Leaders to Navigate through Uncertain Times

leadership qualities

Post-pandemic the nature of the world has changed, forever. Though businesses were already becoming more accustomed to deal with uncertain times, the COVID 19 pandemic has magnified it.

A strong leader can help an organization to stay afloat in the best of times, and in the ones that try us the most. It will be foolish to assume that the blissful stability that once existed will return. Hence, strong leadership is more important than ever!

What constitutes a great leader? What are those essential qualities that make for great leadership? Here are five qualities that make for great leadership, and the more we nurture these qualities, the better leaders will become during the crisis and beyond:

  1. Listen Completely

Listening and hearing have a hairline difference between them. Hearing is passive, while listening is active-and the great leader is someone, who understands the difference between the two terms.

Real listening is essential for effective communication. Listening not only involves ears but many other aspects like body language, expressions, and gestures. What`s not said is just as important as what is said.

A great leader will take cues from all other aspects and help people in the organization who might lack the courage to speak up. We need leaders who listen and are intentional about their conversations.

  1. Communicate Clearly

There is no one-size-fits-all strategy when it comes to communication. But, successful communication begins with transparency. But to keep lines open and clear across the business, we must be careful not just about putting our messages across, but also about the mediums, too.

While businesses around the globe are adapting to the change unleashed by the pandemic, great leaders are trying to find the right balance. Good leaders today have to difficult decisions such as furloughs, and staff reductions.

  1. Act Quickly & Confidently

Many leaders talk, but they do not execute and do. And it is doing that separates the real leaders from the rest. When your words match your actions, people learn to develop trust. It is more impactful when you take an action on what you are hearing from your employees. Leaders who act quickly and confidently often must make difficult decisions, and for that it takes grit.

We are in uncertain times, where the dynamic of business is constantly changing. Leaders, who have clear objectives, are certain, and committed to their passion and perseverance are the ones who will continue to build trust in these uncertain times.

Categories
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.