Tag: Entrepreneur

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Startup

Here Are 4 Kinds of People To Avoid When Starting a Business

Startup
Startup (Photo Credits: Pixabay)

Mumbai, November 30: Starting your own business is not as easy as it sounds. There are several factors which need to be considered and they need to fall in place for the proper functioning of the business. When you start a business, it is very important to be in the influence of people who will have a positive impact on you, rather than demotivate and pull you down.

The entrepreneurial journey is extremely satisfying,  but there are several challenges on its path. We have listed a few kinds of people from whom you should stay away.

  1. People Who Are Negative & Doubt Your Capabilities: Stay away from people who doubt your capabilities as one of the traits which are required when you start a business is confidence. So at no cost, you can afford people who doubt your capabilities. People who are negative will have a bad impact on you.
  2. People Who Will Not Stand by Your Tough Times: All days are not going to be the same. There will be days when your business will face a tough time. It is very important to choose people who will not leave you in your tough days.
  3. Those Who Have Big Egos: When you are starting a new company, everyone is on the same page and all the employees need to think of it as their baby. People at this stage can’t carry excess baggage in the form of egos, which will create a negative impact and will hinder the growth.
  4. The Person who keeps reminding you of your shortcomings: Stay away from people who keep on reminding you of your past mistakes and shortcomings. These kinds of people will not let you move ahead in future.We hope that the above ideas will help you to stay alert and maintain a distance from such toxic people, whom you can’t avoid at the start of your business.
Categories
Business motivation

Aspiring to Become a Successful Entrepreneur? PM Narendra Modi Shares This Basic Mantra

बिजनेस सफल उद्यमी
सफल उद्यमी

Every entrepreneur aspires to become successful. Being successful often means learning from those who have already achieved their goals. For any entrepreneur, having a mentor is an amazing blessing. However, not everyone can find one! As the country is battling the coronavirus pandemic, many businesses across the country have suffered greatly during the crisis. Many entrepreneurs, who have strived hard to fulfil their dreams, have suffered hardships during the ongoing pandemic. Several business are now limping back to normalcy during this challenging time. Many startups are now managing to survive in the market as entrepreneurs have found ways and means to get their businesses going.

On Saturday, Prime Minister Narendra Modi shared a few noteworthy tips for aspiring entrepreneurs. During the 8th Convocation of Pandit Deendayal Petroleum University, Gandhinagar in Gujarat on Saturday, the Prime Minister addressed the students and told them to consider this pandemic a new opportunity to move forward and aspire of doing great things in life. He asked the students to have purpose in life and stressed that it’s not that successful people don’t have problems, but the one who accepts challenges, confronts them, defeats them, solves problems, only succeeds.

The Prime Minister added those who take on challenges, later succeed in life and cited an example of the youth of the 1922-47 period, who sacrificed everything for freedom. He urged the students to live for the country and join the movement of Atmanirbhar Bharat and develop a sense of responsibility. The Prime Minister remarked that the seed of success lies in a sense of responsibility and a sense of responsibility should be turned to the purpose of life. He pointed out that the same people are successful in life, do something by which there is a sense of responsibility in their lives. Those who fail are the ones who live in the Sense of Burden.

The Prime Minister added a sense of responsibility also gives rise to a sense of opportunity in a person’s life. He said India is progressing ahead in many sectors and young graduates must march ahead with commitment and stressed on protecting nature and the environment.

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Business motivation

5 Steps to Help You Become a Successful Entrepreneur

Entrepreneur
Entrepreneur (Photo Credits: Pixabay)

Mumbai, November 18: Being an entrepreneur is not as easy as it sounds. Most people want to start their own company because it gives them a sense of freedom and empowerment. You can take your own decisions and implement them for the wellbeing of your own company.

However, even though, it sounds fancy, but there is a huge responsibility that comes the moment you start your own business.

Here are a few steps to follow in order to become a successful entrepreneur: 

Trust yourself: The first and foremost quality which an entrepreneur is required to have is to have great trust in one’s decision and capabilities. However, this shouldn’t be confused with overconfidence.

Believe in the people around you: It is very important to stand and believe in the people around you, like your colleagues, workers and others who are the pillar of your company. You should always believe in them, this gives immense confidence to their belief and they will stand by you, even when times are not good.

Be Passionate: You should be extremely passionate about what you are doing. The moment you love your work, everything falls into place.

Take Risks: Taking risk is another quality which entrepreneurs should have. If you have launched your own company, you need to make decisions sometimes without worrying about failure.

Identify your weakness: It is very important to identify your weakness and this will be the base where you can work on and improve. Listen to complaints and understand what the customer is saying. Try to be in their shoes and then analyse the problem.

Categories
Business motivation

6 Steps To Register Your Private Limited Company In India

Wish to be an entrepreneur in India? Starting this journey can be overwhelming as well as scary at the same time. There are many steps to be considered before you step up out and start your venture. So, when you are planning to plan your own business, you need to work on deciding what kind of entity it will be.

Like if you wish to own the business by yourself, then you can register your startup as a sole proprietorship. Similarly, you may register for a partnership. But if you wish to separate your liability from the company’s liability, then you should go ahead with private limited company registration.

In this structure, you need to choose the amount for taxes, paperwork, and the amount of personal liability to be distinguished clearly.

Here are a few steps that can help you to understand Private Limited Company registration processes in India.

Step 1: Get Digital Signatures (DSC)

The digital signature is one you require to file the forms for company registration. This process is online, and the forms need a digital signature. DSC is one of the mandatory for any subscriber and witness in the memorandum and articles of association. You can obtain the digital signature certificates from the government recognized certifying agencies.

If we talk about the costing of DSC depends on the certifying agency you work. You need to obtain either Class- 2 or Class- 3 categories of DSC. In this process, the person needs to present him or herself before registering authority to prove their identity.

Step 2: Apply Director Identification Numbers (DINs).

The Director’s ID number or DIN is a unique eight-digit ID number that is issued by the central government to each person who must be a director of a business or who is already a director of a business. It must be obtained by those wishing to become directors of a company. A single DIN is sufficient for an administrator in several enterprises.

Step 3: Name Approval

The company name is something that gives recognition to the brand. So, getting approval is important. For this, there are two procedures for acquiring the approval for the company name.

One process is to apply the name through INC-32 (Incorporating Company) but, in this process, only one name can be in this form. Therefore, make sure you have the proposed name should follow the name availability guidelines, existing trademarks to avoid rejection. Another process is by filing INC-32 it is a faster process than the INC-1 route.

Step 4: Information About Form INC-32

Recently, the Ministry of Company Affairs proposed Form INC-32. It is an explained pro forma for incorporating a company electronically.

It solves, the three purposes with the benefit provided in a single application:

  • Application for allotment of DIN (Director Identification Number)
  • Reservation of company name
  • Incorporation of a new company

Step 5: Information About INC-33 and INC-34

Both forms have been introduced, to facilitate the Indian company registration process. INC- 33 refers to an electronic Memorandum of Association, and INC- 34 is electronic Articles of Association

The memorandum describes the company charter, while the bylaws include the company’s internal rules and bylaws. Before the completion of both forms physically and now, you can complete these forms online and must include digitally signed subscribers to the memo and statuses.

Step 6: PAN and TAN Application

When you apply a single Form INC-32, you may submit an application for the company’s NAP and TAN uses Forms 49A for the NAP and 49B for the TAN. Once you have submitted Form INC-32, you can automatically generate the form(s). After forms download, please remember to attach a digital signature and upload it to the ACM portal. Upon completion of all details, the registration will get approved by the MCO, and a Corporate Identity Number (CIN) is issued. It is possible to follow up on-line through the GAC portal.

These six steps will help you to register yourself to set up a Private Limited Company in India.  Once you intend to register your company, you can get all information at the Ministry of Corporate Affairs online.

 

Categories
Process & Business Expansion Strategy

2020 Entrepreneur Trends For Business Expansion

As an entrepreneur, one has to be ready to adapt to the changes happening in the business world. The faster you adopt the change, you will able to establish your brand. As per your thought process, the idea you had must be great only due to the rapid changes the idea can get submerged or can come out as flying colours.

These changes can be bases on the political landscape, economy, technology, and social changes that can boost or kill your idea. As an entrepreneur, one needs know-how competitive the business industry is. In this case, to stay ahead, one needs to be updated with the latest trends. These trends can be in terms of technology, work culture, or operations.

Therefore, by keeping this in mind, mentioning a few trends that as an entrepreneur can help you to grow. These trends will help you, team, or business in the coming years and beyond.

Build Your Business as Part of The Economy

As a business owner, you should always remember how you are giving inputs in the country’s economy. You must understand the circular economy, a business model in which you benefit the business society and the environment.

When you are the owner of a new start-up, it will be easy for you to follow this model as in the later phase, it can be difficult to incorporate the model. Once you follow this model, then it can help you to achieve a great advantage over the competition.

Work on Global Path

When you plan your business, always plan to work on a global basis. Once you start thinking about the global growth, don’t think only about your product or services, but also when you create a team, make sure it has diversification in terms of education, nationality, gender, and experience. It will help you to become innovative and built a strong foundation for growth.

For reaching your destination, you need to start taking steps towards it. So, if you dream of catering to a global market, then, you need to plan this from day one, and it should reflect on your action and planning.

Innovation Is The Secret to Growth

As a business owner, one needs to keep working on a new opportunity for growth and expansion. Innovation is your best friend in this case as it will help you to create a better product or service but also help you tell to sell it to the right target market.

To have an advantage over the competition, you need to make innovation a priority, as it is the best chance to remain in the industry and help you to have the business grow.

Use Of Technology For Operations

You can play safe and smart by using the right technology. Tools that save time helps you to accomplish the goals with fewer resources only. These technologies will help you to streamline work, correct use of resources, and have better results.

These steps help you to grow your business and bring more focus to the team working better in the right direction.

As an entrepreneur, we understand you have many tasks to finish, but keeping yourself updated with these trends is important for you and your business plus your team. To expand your business and stay in the competition, you need to focus on the right things and at the right time

 

 

 

Categories
Business motivation

Who Are You – Entrepreneur Or Employee? Let Us Help You Find Out

What, according to you, being an entrepreneur means? If as per your thought process, entrepreneurship means to start a business, then you are wrong in interpreting the meaning of entrepreneurship. The real understanding of entrepreneurship is more of a mindset. If you do not possess this mindset, then from the mind, you are still an employee.

Now you must be thinking, what does it take to be an entrepreneur? It is essentially what you think and how you do things. Being an entrepreneur is not something mythical. It is to figure out how you need to get a mental leap from the mindset of being an employee to an entrepreneur. As working for the company as an employee and acting for the company as a boss is different, it is more demanding. Being an entrepreneur is a massive lifestyle change.

Let us discuss the thought process of how mindset is different of employees as compared to entrepreneurs.

Remodel Yourself from Working Hard to Working Smart

It’s common when we work for someone, tend to believe that we work smartly, but we are working hard. As an employee, we want to create a good impression for our boss, this leads to more work, and this cycle keeps continuing.

But as an entrepreneur, you classify the work into a checklist of urgent and not urgent. Being an entrepreneur, you need to work smartly and generate good results.

Valuing of Time over Money

Being an entrepreneur, you have a mindset that tends to pay importance to time over money. But on the other hand, you tend to wait to deliver the right amount of money to start working on your dream. Being an employee, you invest in money, but being an entrepreneur, they invest in time.

Being an employee, you work for earning more money, but being an entrepreneur, you value time and always endeavour to invest more in it.

Handling Disappointment in Everyday Base

Being an entrepreneur tends to face some setbacks. As employees working for a couple of years, eventually routine catch up and let you lose focus easily, which results in being frustrated and let it take a permanent place in us. But being an entrepreneur, you won’t let frustration and setback permanent space at work.

Trusting Your Abilities and Skills

Being an employee, you believe you need to have specific skills for running the business, but as an entrepreneur, they take off with whatever they know and learn while running the business. As an entrepreneur, they incline to trust their abilities, and on the other hand, as an employee, they start doubting their abilities.

As an entrepreneur, you tend to have a leader’s skill on you, and as an employee, you tend to be a follower. It happens because an employee focuses on tasks assigned while entrepreneur, they go the extra mile and try to see the bigger picture. If after, going through the points we mentioned, you think you have the skills of an entrepreneur, then go ahead, take a step forward to the journey from employee to entrepreneur.

 

Categories
Startup

4 Business Lessons Which Every Entrepreneur Should Take From the COVID-19 Situation

Startup
Startup (Photo Credits: Pixabay)

Mumbai, October 21: The coronavirus pandemic has affected every business around the world. Several companies have been shut, people have been fired and many are on the verge of closing down. The pandemic has taught entrepreneurs some harsh lessons which every owner needs to keep in mind before starting a business.

The coronavirus pandemic has caused changes in mindset, attitude, direction, and the behaviour for organisations, according to CISCO.

Here are 4 lessons which entrepreneurs need to keep in mind after the coronavirus pandemic:

Keep a plan B ready:

No one expected that coronavirus pandemic will have this massive impact and the effect will be lasting this long. Due to the coronavirus pandemic, strict lockdowns were enforced and there were several restrictions. This was not an ideal scenario for businesses to run smoothly. Here comes a plan B in handy, on which you can fall back on if your initial plan doesn’t work.

Every day is not going to be the same. Therefore, as an entrepreneur, if you’re struggling to cope with ups and down of the entrepreneurial journey then it is critical for you to have a Plan B in place.

Hire carefully: Allocate a set budget and then hire accordingly. Don’t overspend on resources which can easily be done with limited resources.

Keep a contingency fund ready: Prepare a contingency fund for emergency purpose. This fund is cash or other assets reserved to address unforeseen circumstances or losses in a business. The role of the contingency fund is to improve a company’s financial stability by developing a safety net that the firm can use to fill emergency needs.

Be Open to accepting new technology:  The virus has emphasised the importance of technology, as it was relied on more than ever for companies to conduct work. From work from home to business meetings, closing deals and interviews, everything was done online with the help of technology amid the pandemic.

 

Categories
Motivational Startup Strategy

5 Common Startup Tips An Entrepreneur Shouldn’t Follow

Startups | Representational Image (Photo Credits: Pexels)

Starting a business with an innovative idea is a great deal of work. After completing lots of preparations and paperwork, an entrepreneur can pull off his/her business model. However, there will be always people to give advice that might not work for the startup to grow. Following them blindly, as those pieces of advice worked for others, can prove to be a disaster for your business.

Here are a few tips which an entrepreneur shouldn’t follow:

1) Customer is Always Right:

Many times an entrepreneur hears this line. The main issue behind the advice is customer pays and for that, an enterprise needs to listen to his/her every demand. However, it is a proven fact that no one can be an expert on everything. When conflicts arise, the best way is to clear the misunderstanding with proper communication. This will not only bring the client back but also s/he will trust you more for being truthful.

2) Raise Money and Grow as Fast as Possible:

Of course, speed is something that is needed to sustain in a competitive market. But the biggest mistake an entrepreneur makes is earning more money in a shorter period and then burning it with the same speed without even waiting for their products to fit in the market. The result — the sooner they rise, the sooner they fall. Best way to deal with this issue is to make a plan to expend the money in the right direction and identify product-market fit.

3) Choose Between Business And Family:

This is one misconception that most of the female entrepreneurs have. Instead of believing in this misconception, one should create a seamless work-life integration, where passion intersects with your personal life. The first and foremost part starts believing in yourself, and the second being surrounded yourself with people who believe in you.

4) Following Best Practices:

Walking on the path shown by others sometimes may help an entrepreneur, but not always. A path derived and designed by others, how is that going to fulfil the dreams and aspiration of a budding entrepreneur? To lead from the front, getting inspiration from someone is awesome, but one should not strict to best practices. S/he always be on a lookout to derive new ways to solve issue and progress.

5) Fake It to For Success:

Last but not least. This tip might help an entrepreneur in the initial phase but will end in a disaster. No investor, client or customer like dishonesty. This not only dampens their reputation in the market but also eradicates the trust that people have on them. Ask yourself, do you want to be called as a ‘cheater’? Think wisely before you proceed with this ‘faking’ people tip.