Month: February 2021

Categories
Marketing

4 Effective Tips on Improving Product Packaging for Small Businesses

Tips on Product Packaging| Representational Image (Photo Credits: Pixabay)
Tips on Product Packaging| Representational Image (Photo Credits: Pixabay)

The most important component of any firm is its offering – product or service, as it brings in sales revenue that is a major source of income. A business’ long term survival and growth directly depends upon whether the consumers like its products or not. Hence, a quality offering designed and create to satisfy the consumer wants is a must of businesses looking establish itself and carry forward its operations in the market. One of the most prominent features of any product that draws customers’ attention is its packaging. The material used in wrapping the product and the design of its container are influences customers opinions about the product. 4 Smart Ways to raise fund for your startup without Investors.

Apart from the customer’s opinion, packaging is also a significant part of the product itself. It keeps the product safe from damage, dirt, spoilage and protects it. A lot of time, efforts and financial resources are employed in the process. Packaging also forms part of symbolic communication from the firm’s end and helps the product to gain unique identification in some cases. Here are some ways to improve product packaging for small businesses:

Easy to Carry the Product:

The first and foremost principle to be followed while deciding the packages design is that it makes the product easy to carry. It should align with the dimensions and size of the product. Ideally, package should be of a size that is easily transported from one place to another without damaging the product. It should not be very bulky.

Choose Packaging Material Carefully:

The material used in packaging the product needs to be selected carefully. It should preserve the product form, freshness, and overall quality. The material should not be very expensive as it would add to the overall cost of the product. The colour and design on the material should also be represent the nature of the commodity. 4 Ways to Keep Your Employees Happy & Motivated.

Easy to Open:

Though the packaging should protect the product from any external damage, it needs to be easy to open. A complex package causes irks the consumer. Make the package simple to open, whether that be a ‘tear here’ tab or an easy-twist cap. Avoid multiple layer packaging.

Creative Design:

Packaging gives the firm a lot of scope of innovation and creativity. Businesses can play around the design of the package. A unique design is a big attraction for the consumers. Especially the products which are targeted to children should be attractive and unique. However, creativity sometimes back fires, firms need to be careful while picking up the right design.

Packaging is a key element in the product mix. Firms need to be careful in selecting the appropriate package of its offering as a lot of resources- money, time. efforts- are employed in the process. More and more firms are adopting sustainable packaging initiatives such as using recycled and reusable material, minimal packaging, green packaging among others.

Categories
Business motivation

15 Inspiring Documentaries That Should Be On Every Entrepreneur’s Watch List

Documentaries Entrepreneurs Should Watch| Representational Image (Photo Credits: Pixabay)
Documentaries Entrepreneurs Should Watch| Representational Image (Photo Credits: Pixabay)

People look for constant motivation and inspiration to keep moving ahead in life. This is equally true for the business and entrepreneurial life of all the individuals. Being business or start-up owner ensures a constant source of troubles and challenges. It sometimes become difficult to tackle the turbulent business environment and keep a positive mindset. Business persons, especially young entrepreneurs, sometimes feel defeated at the hands of rampant uncertainties. This happens almost at every stage of business, and not just unique to the early or start-up phases. 7 Rags To Riches Biographies Every Young Entrepreneur Should Read for Constant Motivation.

To overcome such situation and beat the blues, watching some real-life documentaries of successful business tycoons, understanding their method of working and their MO while dealing with complexities, is definitely a good way to feel re-energised and motivated. Such documentaries also help the entrepreneurs to clear their mind and allow them to think calmly without getting exhausted and come up with out of box solutions to the business problems. Here are documentaries which are a mist watch for all the entrepreneurs: 11 Business Lessons every Entrepreneur should learn from Late Dhirubhai Ambani!

Startupland: A Documentary Film

Capital C

Holyland: Startup Nation

Foundation

The Startup Kids

Print the legend

The Creative Brain

The Director: An Evolution in Three Acts

She Did That

American Factory

Steve Jobs: One Last Thing

Inside Bill’s Brain: Decoding Bill Gates

Enron: The Smartest Guys in the Room

American Experience: Henry Ford

Something Ventured

A young entrepreneur has to overcome a lot of unwanted external pressure from society, family, successful and well settled acquaintances, as well as constant internal conflict, fear and self doubt to bloom into a successful business person and reach the zenith. Some motivational real life -visual, audio or textual- stories helps her to stay strong and keep marching towards her destination with head held high.

Categories
News

Sonam Wangchuk`s latest Innovation can Keep Indian Army Soldiers Warm in Sub-zero Temperatures!

While some people use their knowledge and wisdom to gain fame and money, some people in India have been an inspiration for the entire nation. And, today we are talking about none-other-than Sonam Wangchuk- the man behind the character of ‘Phunsukh Wangdu’ in the Bollywood film ‘3 Idiots’.

Known for his creative solutions to practical problems, the innovator and education reformist has found a solution to keep the Indian Arms soldiers in the Ladakh region warm. Sonam Wangchuk has built a solar-powered portable military tent for soldiers to keep them warm in the sub-zero temperatures of Ladakh.

While the tent can accommodate up to 10 soldiers at a time, the fully portable tent weighs less than 30 kgs. On Friday, 19th February 2021, Wangchuk also shared the images of his solar-powered military tent. This latest innovation by Sonam Wangchuk has left everyone amazed, including some of the most influential personalities.

Appreciating his efforts, the chairman of Mahindra Group, Anand Mahindra tweeted, “Sonam, you’re the MAN! I salute you. Your work is energizing, even this late in the evening…”

Who is Sonam Wangchuk?

Though most of us are familiarized by the lead character of Phunsukh Wandu, Sonam Wangchuk is an Indian engineer, education reformist, and innovator. Born on September 1, 1966, he is the founding director of the Students` Educational and Cultural Movement of Ladakh (SECMOL). The school came into existence when a group of students who were the ‘victims’ of an alien education system decided to bring the education system.

Sonam Wangchuk is also known for designing the SECMOL campus that works on solar energy for cooking, heating, and lighting. He has also invented the Ice Stupa technique that creates artificial glaciers. It is used to store water during winters in the form of a conical-shaped ice heap.

Have an idea that holds the power to bring a revolution in the world? Do not hold yourself back and start working on it. Because success is not a place, rather it`s a journey that never stops at one place.

 

 

 

 

Categories
HR & People Management

4 Ways to Keep Your Employees Happy & Motivated

Ways to Keep Employees Motivated| Representational Image (Photo Credits: Pixabay)
Ways to Keep Employees Motivated| Representational Image (Photo Credits: Pixabay)

The most important asset a business has is its Human Resource. A good and motivate team is the first and foremost step towards business’ success and survival. Hiring efficient employee is half the battle won, keeping them motivated and making them work to their full potential is the actual victory. A determined employee can make a less competent plan to highly rewarding and successful. The firm’s success is to a large extent dependent upon the the efficiency and dedication of the human resource, hence it is necessary to keep the employees motivated and happy. 3 Top Investment Schemes in India to put your money at!

There are certain monetary and non monetary incentives to keep the employees motivated and give their 100 per cent to the firm. A business manager can appease its employees in the following ways :

Adequate Compensation:

One of the biggest incentives for employee to work efficiently is compensation. A adequate remuneration to compensate the work done by a person is not only her right but also a great motivational tool in the hands of the management. Proper monetary incentives including a basic pay, medical and health benefits, provident fund, paid leave among others keep an employee motivated to give her best to the firm.

Listen to Employees:

Another important way to refrain the employees from getting laid back or demotivated at work is by lending a listening ear to their problems and complains while providing them quick and effective solution. If an employee feels she is valued by the firm, her work performance also improves and she won’t hesitate to keep the organisation’s interest above her individual ones. 4 Effective Bookkeeping Tips for Small Businesses.

Workplace Aesthetics:

The surrounding of the workplace effects the mood of an employee directly. A dull, dirty, mismanaged workplace makes the employee disoriented. Management should ensure that the workplace has adequate lighting, preferably natural light. Clean and hygienic indoors and rest areas are a must. It adds to employee’s productivity.

Give Them Constructive Feedback and Appraisal

Employees should be given proper feedback and time to time appraisal on their work performance. It should be given in a constructive manner, not discouraging or inappropriate. Such feedback encourages the employee to make the necessary modification in their work styles and helps their personal growth and development.

Employees are the most crucial asset a firm has. The management should make continuous efforts to keep the employees happy and motivated. It helps to increasing their productivity and performance standards thereby proving to be highly rewarding for the business in meeting its end objective.

Categories
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.

Categories
MSME

59 Minute Loan Approval Scheme: Loans Worth Rs 72,502 Crore Sanctioned to MSMEs Under Central Government’s Initiative

59-Minute Loan Approval Scheme| Representational Image (Photo Credits: Pixabay)
59-Minute Loan Approval Scheme| Representational Image (Photo Credits: Pixabay)

Government and its various agencies have undertaken several programmes and initiatives to promote the Medium, Small and Micro Enterprises and boost the sector. One such step is the 59-Minute Loan Approval Scheme for the MSME sector by the Public Sector Banks (PSBs). As per the recent data issued by the Ministry of Micro, Small and Medium Enterprises over 2 lakh loans were approved by the public sector banks till February 1, 2021 under this scheme. 2,23,501 loans worth Rs 72,502 Crore have been sanctioned by various public sector banks since the launch of the scheme in November 2018. From the total approved amount, around Rs 59,548 Crore have also been disbursed to the MSMEs as well. SMBs in India To Benefit As Google Announces Rs 109 Crore for Small and Micro Enterprises in the Country.

The  59-Minute loan approval scheme primarily focuses on individuals and the MSMEs with the aim to ensure easy credit to both of them. It undertakes the automation and the digitisation of the the various steps involved with the loan sanction activity to speed up the entire process and the credit gets approved by the public sector bank in less than 59 minutes. Terms and conditions are flexible and the borrower has the option to choose from various public sector banks. It provides various types of loans including working capital loan, mudra loan, term loan among others are offered to MSMEs under this scheme.

Business loan with the principal amount ranging between from Rs 1 Lakh to Rs 5 Crore are offered under the scheme. The borrower may or may not be asked to provide for collateral depending upon the loan amount. A minimum interest rate starting from 8.5 per cent is charged on the principal amount. Mudra loan are currently being provided for Rs 10,000 to Rs 10 Lakh. It is integrated with the government’s Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to check borrower’s eligibility. Startups and MSMEs in India Get Major Boost As Indian Bank Signs MoU With SID of IISc for Extending Exclusive Credit Facility to Businesses.

In order to avail the loans under this scheme, an MSME is required to provide its GST Identification Number, Income Tax Returns, six-month bank statements, and owner’s details including personal, educational information and the ownership details of the enterprise. If an MSME is able to furnish all the required documents, it can easily apply for credit through the 59 Minute Loan Approval Scheme.

Categories
Finance

4 Effective Bookkeeping Tips for Small Businesses

Bookkeeping | Representational Image (Photo Credits: Pixabay)
Bookkeeping | Representational Image (Photo Credits: Pixabay)

For business to be successful, it needs to record all its economic transactions chronologically without any emission or omission in the entry book. It helps a business to keep a tab on its dealings as well as inflow and outflow of the financial resources. Here, bookkeeping comes into picture. It undertakes the recording of financial transaction and involves preparing source documents for all transactions that are economic in nature, operations, and other dealings of an enterprise. It is not merely restricted to big business houses, forming the foundation of accounting bookkeeping are used in small as well as medium level business firms and non business enterprises. 3 Top Investment Schemes in India to put your money at!

For small businesses as well, a sound bookkeeping is an important prerequisite to keep all the financial transaction in check. It helps in regular valuation of the assets, tab on debtors and the borrowing activities of the firm. Bookkeeping also helps in keeping a check of embezzlement of funds and money laundering by an employee if any. Here are some tips for bookkeeping for small business:

Keep Personal and Firm’s Account Separate

The first and foremost principle of bookkeeping is to have a separate account of the business and the owner for financial purposes. Following the accounting principle of Separate Legal Entity, the accounts for both the entities should be different. All the transaction related to business should be done through enterprise’s account and not the owner’s personal one. 4 Smart Ways to raise fund for your startup without Investors.

Record Transactions Chronologically

One of the most prominent features of bookkeeping is that all the transactions are recorded timely and regularly. Ideally, all the dealing and financial events are recorded in the books of accounts on the day their occurrences. It also includes the accounts which are debited and credited after a transaction and a brief description about it. It helps the business to look for and clear discrepancies if any.

Organise Business Documentation

Various transactions are substantiated with relevant business documents including vouchers, bills, receipt among others. These works as an evidence to the transaction and provide various essential details about it such as the parties to the deal, date and time of the transaction, amount involves other terms and conditions if any.

Review the Records

To ensure that no fraud or miscalculation is taking place, a firm should keep reviewing its records on a regular basis. It helps business to evaluate all its transactions and accommodate for any omission or error in recording. It also enables the owner to keep a tab on expenses, account receivables, debtors, accrued income and other important accounts.

Categories
Business motivation

7 Rags To Riches Biographies Every Young Entrepreneur Should Read for Constant Motivation

Inspiring Biographies| Representational Image (Photo Credits: Pixabay)
Inspiring Biographies| Representational Image (Photo Credits: Pixabay)

The journey of becoming a successful entrepreneur is not an easy one. It long, tiresome, disappointing and dis-heartening. Many people start doubting themselves and questioning their capabilities. They grew insecure, may even lose the spirit to carry forward and give up in the middle. No rewarding journey has been completed without hardships and fair share of failures. Young people in their initial stage of entrepreneurial life are bound to face several social and financial complexities which may deviate them from the life long goal of having a successful business of their own.11 Business Lessons every Entrepreneur should learn from Late Dhirubhai Ambani!

However, there are multiple stories of people who despite being form a marginal and economically weaker sections of the society, held on strong to their dreams, squashed all the bottlenecks to be highly successful businessman and titans in their field. Young entrepreneurs need constant motivation to keep going in the directions of their dreams and accomplishing them. Here are some biographies all entrepreneurs should read for inspiration and motivation: 4 Tips For Selecting a Powerful Business Name for your Startup!

Karsanbhai Patel: The Man Behind ‘Washing Powder Nirma

Ramesh Babu : The Barber With A Rolls Royce

Patricia Narayan: FICCI Woman Entrepreneur of the Year

Sunil Bharti Mittal: Connecting India

What I Know For Sure: Oprah Winfery

Big Magic- Creative Living Beyond Fear: Elizabeth Gilbert

The Man Who Made Reliance Industries: Dhirubhai Ambani

Despite all the hardships- social, personal, economical- these real life Rags to Riches stories will inspire all the entrepreneurs throughout the business cycle form generation of the business idea to its implementation, establishment of business to its sustenance and success and motivate them to never give up and keep working towards the goal.

Categories
Startup

Startups and MSMEs in India Get Major Boost As Indian Bank Signs MoU With SID of IISc for Extending Exclusive Credit Facility to Businesses

Startup
Startup (Photo Credits: Pixabay)

New Delhi, February 20: In a bid to extend the exclusive credit facility to Startups and MSMEs in India, state-owned Indian Bank has inked an MOU with the Society for Innovation and Development (SID), an initiative of the Indian Institute of Science. Under the pact, the Indian Bank will extend loans of up to Rs 50 crore to these startups for their working capital requirements or for the purchase of machinery, equipment among other things.

This initiative is a part of the Banks scheme Ind Spring Board for financing Startups and will empower Startups and MSMEs to realise their research efforts powered by financial support from the Bank and backed by incubation facilities offered by SID, it said in a release.

In its statement, the Bank said that SID is the forerunner in setting up joint R&D with industries and supporting start-up incubation, the bank said, it provides support to the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology products under its department named TIME2. (Technology Innovation for Midsized Enterprises).

Under the MOU, SID will identify the start-ups and MSMEs based on their credentials and past experience and will refer the list of such members who require financial assistance to the Bank, it added.

Categories
Business motivation

Ease of Doing Business and Ease of Living Among Government’s Priority for India’s Economic Growth, Says PM Narendra Modi

Business Tips | Representational Image Only (Photo Credits: Pexels)

New Delhi, February 20: Prime Minister Narendra Modi on Saturday stressed the need for a coordinated approach among the states and the Centre to achieve the ‘Atmanirbhar Bharat’ (self-reliant India) goal. Speaking at the sixth meeting of the Governing Council of NITI Aayog, the Prime Minister said that ‘ease of doing business and ease of living’ is also among the government’s priority to a strong country’s economy. He made a strong case for repealing archaic laws for ease of doing business in India and said the centre and states need to work closely to boost economic growth.

Praising the Union Budget 2021-22 which was presented by Finance Minister Nirmala Sitharaman earlier this month, the Prime Minister said that people have made up their minds about what they want. He stressed on ‘zero defect, zero effect’ mantra which he gave in August 2014 to Indian entrepreneurs for better products–a direct reference to the need to make things without causing environmental harm.

During his address, the Prime Minister said that ‘Atmanirbhar Bharat’ campaign is the way to build an India that produces not only for its needs but also for the world, and these productions will also stand the test of world superiority. To achieve the goal, the Prime Minister added there is need for a better coordination among Centre as well as states and increase export.

The Prime Minister stressed on the policy framework and cooperation between the Centre and states, saying “coastal states are a fine example”. “Exports from the blue economy have unlimited opportunities. Why shouldn’t our coastal states take extra initiatives for the same?” He added saying that India managed to build a good image internationally during the Covid-19 period because the central and state governments worked together for the betterment of people.