Tag: Entrepreneur

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Finance Startup

5 Financial Tips for Entrepreneurs Launching a Start-up

फाइनेंस

Building a company from the ground is one of the most difficult things to do. Starting your business venture can be daunting but a rewarding process. While a great business plan is imperative for entrepreneurs, financing is one of the most crucial elements that help a startup to succeed.

However, when it comes to financing management, the requirements of entrepreneurs are different. Not only an entrepreneur lacks the stability of predictable incomes, but they also have different spending decisions.

Securing funding to launch a startup can be difficult. More often than not entrepreneurs use their savings to start their business.  While this act showcases their immense commitment, it impacts their finances, and in few cases, leads to a severe cash crunch.

According to a report published on Inc42.com, in 2016, the major reason behind a large number of startup shutdowns was due to lack of funding. In 2017 lack of market demand was the major reason for the startup shutdowns.

Another report by NASSCOM states that around 25% of Indian startups shutdown untimely, due to failure in raising follow-on funding rounds majorly beyond Pre-Series A.

Good and effective management of finances can make a huge difference between a business that keeps climbing the ladder of success and one that falls at the very first challenge.

Here are 5 financial tips that would help every entrepreneur or small business owner manage their finances better:

  1. Create an Emergency Fund

A contingency or an emergency fund is created to provide financial security in desperate times. This fund helps an organization to meet large expenses in unforeseen circumstances. Ideally one should have six months of living expenses as a contingency fund.

If you own a business, it is suggested to create a larger emergency fund, in case your business has seasonal cash-flow fluctuations. It is best to build such a fund and invest it in a debt mutual fund as it will give far better returns than a savings account and help you encounter unforeseen challenges.

Having an emergency fund will also give you peace of mind and you can make more confident decisions for your business.

  1. Costly Credit must be avoided

Credit is the lifeblood of any business, especially for startups. Hence, entrepreneurs need to keep their credit scores high. Always pay your bills on time. Never miss a payment or delay the payment date, even if you are facing a financial crunch.

The cost of credit is a critical factor, when it comes to financing your business, especially in the initial months of operation. In the beginning, when the business has not even reached the break-even point, the financing of the business should be done keeping the interest cost at the bare minimum. This will reduce cost and attain profitability.

Also, keep your credit utilization ratio under consideration. The credit utilization ratio is the percentage of your available credit limits that you are borrowing during the month. Keeping your credit utilization ratio below 30% will help you to maintain a better credit score.

  1. Keep personal & business account separate

It is wise to keep your business and personal bank account separately. It will not only provide the benefit of easier accounting at the end of the financial year for tax purposes but will also eliminate the cash crunch situations in business caused due to withdrawals for personal expenditure.

  1. Bad Debts

Debts that cannot be recovered are called Bad DEBTS. When credit sales are not recovered, bad debts are created. Entrepreneurs should eliminate the situation of a fund crunch in business due to withdrawals for personal expenditure. Instead, these debts should be repaid in the next year so that a healthy financial position of the business can be showcased in front of potential stakeholders.

  1. Develop Financial Goals

Keeping the in-flow and out-flow of your finances is extremely important.  Planning a year for large expenses in advance can help small business owners to reduce the financial burden. If your future business goals involve the expansion and the launch of new products or services in the market, it is essential to plan everything related to finances.

If you are not sure how to manage your finances or how to ensure a strong financial future, you can also take the help of a certified financial planner. A financial advisor can also help you to build a strategy to meet your business objectives.

Instead of investing all your profits back into your startup venture, save for your future by investing your funds into multiple investment schemes. From stocks to mutual funds there is a wide array of investment schemes available. You do not have to invest every last penny into your business, save for your future as well.

If you can improve your finances with a better emergency fund, a solid credit score, and a strong portfolio of retirement savings aside from the equity that you own in your business, you can run your startup with a more focused and peaceful mind.

And for business owners, who are some of the busiest people in this world, having financial security is truly priceless. Are you planning to launch your dream startup business, but worried about managing your finances?

Get practical solutions easily with our ‘Everything about Entrepreneurship’ that includes step-by-step learning strategies, action plans, frameworks that are designed to empower you with various business functions. To know more about this course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

Do you have any other financial tips for our entrepreneurs? Share them with us in the comment section below.

 

 

 

 

 

 

 

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Technology

Want To Grow Your Business on Instagram? Here Are 4 Tips That Every Entrepreneur Should Know

Instragram (Photo Credits: Unsplash)

Instagram can be a boon to anyone wanting to promote their business. An entrepreneur can easily target the audience with the use of this image and video-sharing social networking service. With a massive user base, Instagram can be a profitable platform for marketing activities for anyone wanting to kick off their businesses. On the app, you can use images and videos that are appealing that have the potential to lure customers.

Putting Instagram into use, a businessman can always help position the brand and increase its credibility online. The app has all those features to bring out the best show of your products as compared to other social media channels.  You can click and share the picture of your product, you can make reels of them and you can also make videos for better effect and result. If you are looking for some Instagram marketing tips for entrepreneurs, we’ve got you covered here.

Here are 4 Instagram marketing tips for entrepreneurs:

  1. Make your hashtag game strong

Be aware as to which hashtags are trending on Instagram. Use a variation of hashtags and geotags that are popular with users. If you use the hashtags that popular with the audience, chances are that your products may hit the ranking and would be at the top, thus helping it reach the maximum number of people.

  1. Have a catchy and crisp bio with a link where you want to direct your audience

Having a catchy bio can help the users land on a page you want them to. You will be able to tap the right set of audiences if you mention the details of your products and give a gist of it in the Instagram bio.

  1. Use quotes from experts

While you post on Instagram, one trick that you can use is to use quotes in your posts from experts and famous personalities from the business that you are in. That way, chances of your post appearing in the trends are more likely. You can also use a watermark on the images with your logo. Posts, reels, and videos with quotes by famous personalities have a high interaction rate on Instagram.

  •  Use Instagram live

One thing you should keep in mind is interaction with the customers. You can use the Instagram live option to give tips, talk about your products to people and take their feedback. Using the Instagram live option, you can take your customers along with you wherever you go, to any events and conferences. This will give you an edge over others when you find new ways to go live and engage with your audience.

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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.

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Business motivation

From Apparel Designer to Executive Director, How Priyanka Chirugapati Carried Forward Her Family Business

priyanka

Life often takes channels completely different from what one plans. Priyanka Chirugapati was also interested in fashion interested as she pursued an associate degree in applied science (fashion marketing) at Parsons, the New School of Design after graduating with a bachelor’s of science in business management from Case Western Reserve University in Cleveland, Ohio. She also went forward pursuing the career of her dreams as she designed Western and Indo-Western apparel for women and selling them through an e-commerce platform.
Entrepreneurship was in Priyanka’s blood, but she rather joined her family business related to pharmacy and is playing the role of a leader in the organization in the present. She joined her family business named Granules India in 2012, a Hyderabad and US-based pharmaceutical company that focuses on R&D, with some of its primary products being Pharmaceutical Formulation Intermediates (PFIs), Active Pharmaceutical Ingredients (APIs), and Finished Dosages (FDs).

Priyanka joined the organization as a good listener and learner which allowed her to think more openly towards the growth of the company. She gradually brought the company’s focus on the domain of manufacturing in the US. Priyanka was responsible for the over-the-counter division in the US as a Product Manager, which was challenging as the company was not working the depths of R&D. She thus changed the entire portfolio of the company and was designated as Executive Director of Granules Pharmaceuticals Inc. (GPI) after two years. The company entered the market of generic medicines when there were already competitors present, but it still succeeded to such as extent that the market constitutes 50% of the organization’s total revenue.

Priyanka faced the biggest challenge in form of setting up a front-end division for Rx business, which she turned out to be the greatest achievement of the organization along with for herself. It is always inspiring how leaders of renowned organizations turn their challenges into accomplishments. Many such leaders share their strategies and operations behind their success in the Everything About Entrepreneurship course by Bada Business, where aspiring businessmen and future leaders can learn the best business skills from leaders of organizations such as Kent RO, Dr. Lal Path Labs, and Xiaomi India. To know more or register, visit https://www.badabusiness.com/?ref_code=ArticlesLeads

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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.

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Business motivation

3 Ideas to Keep Your Employees Engaged and Motivated

Business Guidance By Multi-millionaires On Starting-Up!
Business Guidance By Multi-millionaires On Starting-Up!

One of the valuable skills you can sharpen as a business manager or an entrepreneur is the ability to engage the people you employ. If you hire the right people and manage them well, you will have an excellent workforce that is characterised by brilliant performance and growth.

However, if employees are not happy with you, the company might have an unwelcome turnover. The business will also be in a constant state of chaos. Here are some ideas to keep your employees motivated.

Empower the Individual

Every employee deserves to be valued as an individual. No one wants to be a faceless pawn in the company. Thus, the employer should motivate every employee individually. This will encourage them to perform better and they will give their best in every assignment.

Develop a Positive Environment in the Workplace

Most of the employees spend the majority of their waking hours at the office. Hence, the workplace should be a place with a happy environment. Employees should be encouraged to share their knowledge with everyone, including managers. Employees also need to be encouraged to accept their mistakes without fear of humiliation.

Provide Supportive Leadership

Leadership is not only about giving tasks but also motivating employees. Supportive managers work closely with the employees. Good leaders serve as role models. Hence, they should also take accountability if the team does something wrong. While big wins are important, leaders should also celebrate mini-milestones of employees in their day-to-day lives.

 

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Business motivation

5 Habits of Highly Successful Leaders and Entrepreneurs

Businesses (Photo Credits: Pexels)

Being a leader is not an easy task as they are the one who shape our nation, community and organisation. We need good leaders to help us guide and keep things moving. Our society is pretty quick to find a bad leader, but do we know what makes a good leader? Here are five habits that billionaires, high profile investors and startup founders have in common.

They Read

The one thing that successful people do more than anyone else is that they read. They consume books with an incredible appetite. If you don’t have a habit to read books, you can make it now. Try to staple it to your routine before going to bed or in the morning.

Set Big, Clear Goals

Every watched “The Wolf of Wall Street”? In the movie, Leonardo DiCaprio was a middle-class man with a big and clear goal. It may be basic, but you will always be lifted by the goals you set.

Work-Life Balance

Successful people realise the importance of work-life balance. They are willing to take breaks from their stressed schedule and aren’t afraid to go on vacations with family. They also prioritise healthy habits like sleep, balanced diet and exercise. This helps them to stay more stable, both emotionally and mentally.

Emotional intelligence

Emotional intelligence or EQ refers to the capacity to handle internal and external emotions. High EQ helps one to recognise their own emotions and keep them under control. It also helps to recognise the emotions of others and responds in a healthier manner. People with high EQ have better relationships with their team members.

Time Management

Successful leaders are good at time management. They divide their time according to the importance of the activity. Entrepreneurs like Elon Musk are obsessed with time management. He ensures to devote a balanced amount of time to both his businesses- SpaceX and Tesla.

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Business motivation

Feeling Unmotivated? Here Are 3 Bollywood Songs to Inspire Every Entrepreneur

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

We all feel low at a certain point in our lives. Good song or music can provide comfort and drive to even the most stressed workers. Shekhar Astitwa wrote these lyrics about working hard and achieving goals. Bada Business Republic Day 2021 Offers: Know About Offers on IBC, LTM and Other Courses; Check List of Offers Valid From January 26–31.

“Pighla de zanjeerein
Bana unki shamsheerein
Kar har maidaan fateh oh bandeya
Kar har maidan fateh”

Especially during the times like pandemic, we have limited inspiration to work and we often turn to music to inspire us. Turning to music can be a good decision as it a healthy way to develop better work ethics. So here are some songs which are inspiring and motivating to hustle more.Small Business Ideas: 4 Businesses You can Start Right Away with Minimum Investment.

“Chale Chalo” From Lagaan (2001)

The team anthem from ‘Lagaan’ is an inspiring song with very uplifting beats. The team motivates you to be a team player and provide that extra boost of energy needed to finish difficult projects successfully. Overall, this song also teaches us patience because the story shows non-professional cricketers learning cricket to defeat much stronger British team.

“Ruk Jaana Nahin” From Intihaan (1974)

The iconic Kishore Kumar song is from the movie ‘Imtihaan’. The song gives a message to keep going even if you fall. The ability to keep going on is the quality that makes an entrepreneur successful.

“Kuch Kariye” From Chak De India (2007)

The melodious song from Shah Rukh Khan-starrer Chak De India is extremely impactful and motivating. “..Kuch kariye,kuch kariye, Nas nas meri khaule,kuch kariye, Bas bas bada bole..!” these lines from the song translates to “Do something, Every vein of mine is boiling , enough of all this big talk, now do something!” It gives you a message to get back on track and start working towards your goal.

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HR & People Management

7 Key Differences that make Intrapreneurs better than Employees

intrapreneur and entrepreneur

We must have come across multiple times the term ‘Entrepreneur’ in our daily lives. But are you familiar with the term ‘Intrapreneur’? If you think we have misspelled a word here, let us tell you that we certainly have not.

‘Entrepreneur’ is defined as a person who is a risk-taker, and comes up with his venture to sell his products at a certain price. Intrapreneur on the other hand works in an organization takes charge of new ideas and promotes innovation within the limit of the company guidelines.

‘Intrapreneur’ is a newly introduced term in today`s times, however, it was first introduced in the 1980s when a book was published by Management Consultants Gifford and Elizabeth Pinchot. If you are looking for a constructive way to build a motivated team in your organization, turn your employee into an Intrapreneur.

 

Here is a list of difference between an Employee and an Intrapreneur:

  1. Speed- First thing that makes these two professionals different is their speed of doing a task. A self-motivated Intrapreneur finishes his work at a rapid speed without compromising the quality of the work. But, an employee takes a considerable amount of time to finish the work.

 

  1. Approach- An Intrapreneur will always have a problem-solving approach. He will focus on finding a solution to a certain problem with his innovative ideas and critical thinking. However, an employee will always focus on problems and setbacks without making an effort to resolve them.

 

  1. Ownership- Where an employee considers only his relatives as his family; an Intrapreneur considers the entire organization as his own family. He not only takes ownership of his assigned work and but also tries to inculcate new ideas to experiment with his projects.

 

  1. Value- What makes an intrapreneur different from an employee is the way they create and add value to the company. An employee becomes a consumer by doing only their assigned tasks. An intrapreneur becomes a contributor by sharing his vision and bringing a new way to do existing projects to the table.

 

  1. Ideology- Another difference between employees and intrapreneurs is their ideology of working. An Intrapreneur is proactive and self-start, whereas an employee is reactive and needs a push-start.

 

  1. Availability- An intrapreneur is available round-the-clock, whereas an employee is available only for time-to-time. An employee works for 9 hours and leave, while an intrapreneur finishes his work, irrespective of the time it takes for him to finish it.

 

An Intrapreneur gets paid for the value he creates in an organization and promoting new business ideas and breakthroughs, while an employee gets paid for the tasks he performs in his official hours.

 

Build a team of Intrapreneurs in your organization by motivating them in simple and easy ways. Join our https://www.badabusiness.com/life-time-membership?ref_code=ArticlesLeads where you can learn how to take your business to next level.

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Startup

4 Key Skills Every Entrepreneur Should Have to Be Successful and Stand Out From the Rest

Women Entrepreneurs in India (Photo Credits: Pixabay)

Any person aiming to be a successful entrepreneur will always think out of the box and have several creative ideas as to how to go about in the business. There are key traits to success in small business which attributes no matter what your endeavour is. A great entrepreneur must be able to effectively communicate, sell, focus, learn, and have the skills to manage efficiently. The ability to keep on learning is not just a key entrepreneurial skill, but also a very valuable skill on one’s life. Some of the characteristics are innate, while some others can be nurtured.

If there are new businesses, more jobs will be created in the market. New ideas will pour in and better ways of doing business will be incorporated. Entrepreneurship also makes the marketplace more competitive so that outdated thinking is challenged.

Here are few characteristics of an entrepreneur can take you far in the workplace.

Communication:

Communication holds the key to any business, be it small or big.  Any entrepreneur needs to be an effective communicator to become known in the industry. No matter even if it’s a solo entrepreneur, you need to have the communication skills to attract all the potential that will bring profit to the business. An entrepreneur to be able to communicate with employees, investors, customers among others.

Creativity:

This is the most important entrepreneurship skill that one must possess. If your idea is not out of the box, you will not be able to stand out from the rest in the market.  “They want employees to be able to not only carry out assignments, but also come up with better ways of doing things,” Litzinger says. It is very important to be creative in this competitive world. If you are creative, you can improve your company’s workflow, productivity.

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Persuasiveness:

In order to be a successful entrepreneur, you need to have the quality to persuade people with your creative ideas. Persuasiveness can make you a better negotiator and help you achieve great things in your businesses. You may face hurdles in your business journey, but you will have to convince your client or your co-workers to take actions on certain things, so you need to be persuasive.

Ability and desire to Learn:

Any entrepreneur, who wishes to reach great heights, needs to be always open to learning new things. The ability to learn is one of the most important skills to have in life, be it an entrepreneur or be it anyone else. If a person is able to learn in any situation, even failure, they have the skills necessary to become a successful entrepreneur.