Tag: Entrepreneurs in India

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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 Entrepreneurship also makes the marketplace more competitive so that outdated thinking is challenged.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.

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Startup

Business Ideas for Young Entrepreneurs: 5 Low-Cost Business Options That Aspiring Youngsters Can Take Up to Enhance Their Skills

Business Ideas

Every person, who aims to be a successful businessman in his life, desires to have a business that really does well in the market and has a unique brand identity. However, if you are young and want to explore the business ideas that you have in mind, this is the right time! The classic example of starting early is that of Mark Zuckerberg, who started Facebook as a teenager and grew it into a multi-billion dollar industry over the years. There are many low-cost business ideas for students and young entrepreneurs which one can get their hands on!

  1. Start your own YouTube Channel and promote brands

In this online world, starting a YouTube channel can be easily done without any hassle. All you need to do is use your mobile phone and skills to shoot a video. You can easily make and edit short videos with your phone. Just be creative. You can make videos that are comical, dramatic or unusual that the world would want to know about. Companies need teenagers and students to talk about their products on camera. You can approach these companies with short video samples that you have made.

  1. Offer language translation services

If you are a pro in languages, this is certainly your thing! There are companies that wish to expand in other countries. They are usually ready to pay people who can speak those languages. So if you are good at languages and have the skills, you can make good money from this by offering language translation services to individuals and companies.

  1. Become a fitness trainer

Crazy about fitness and exercise? Don’t waste your skills by just not doing anything about it. If you are a fitness specialist, who has a hang about a lot about the human anatomy, the gym and other things, then this is for you.

  1. Be a music teacher

If you are a fan of musical instruments and love playing them, you can teach others too and spread the good vibe. People these days are very much interested in taking music classes. You can start by teaching a few daily and then go on to starting your own freelance music training school. If you want to take your teaching skills online, you can make short video lessons that you can sell online for a fee.

  1. Become a tutor

If you have loved a particular subject in school and you are still fascinated by its facts and theories, you can revisit those books again, but this time, by teaching others. Yes, if you have knowledge of a particular subject, you can earn you good money as a teenager or student. Your knowledge of any subject can fetch you good money.

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Startup

Startups to Become Backbone of India as it Promotes Young Entrepreneurs With New Ideas of Doing Business, Says Piyush Goyal

Startup
Startup (Photo Credits: Pixabay)

New Delhi, December 13: The future of India is going to be startups as its ecosystem is encouraging innovation, promoting and strengthening new young entrepreneurs, Union Minister Piyush Goyal said on Saturday. While addressing the 93rd Annual Convention of Federation of Indian Chambers of Commerce and Industry (FICCI), Goyal said that startups are going to be the backbone of the country as they come up with new ideas and new ways of doing business.

The Union Minister further stated that the government has identified another 24 sectors on which work is going on by industry leaders who are working together to come up with actionable agenda to add nearly Rs 200 lakh crores worth of manufacturing in India in the next 10 years. “I have no doubt in my mind that that FICCI will be a part of our journey of a new India, of transforming India and building a more powerful India,” said Goyal.

Goyal appreciated the growing digital environment as said as we go forward in the post-COVID world, the country will see a mix of virtual and physical engagements, combining to help us expand our global outreach, helping us reach out to new markets, customers and products. During his address, Goyal also said that under the Brand India initiative, consumers both in India and internationally will be educated about products which are made in India.

“We are pushing all industry to certify the Make in India products. Under the Brand India initiative, we are also looking at branding India. It’s time now that India demonstrates to the world our leadership position and commitment of quality,” said Goyal.

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Startup

IESC Signs Pact With FLO to Provide Guidance to Startups and Women Entrepreneurs in Becoming Job Creators

Women Entrepreneurship (Photo Credits: Pexels)

New Delhi, November 23: In a bid to provide guidance and to mentor startups and entrepreneurs to grow, the Incubation and Enterprise Support Centre (IESC) of IIM Shillong has signed an MoU with FICCI Ladies Organisation (FLO). Reports inform that the IESC chairperson Sanjeeb Kakoty and FLO national president Jahnabi Phookan signed the deal for their respective organisations on Saturday. The pact is signed with the mission to generate and disseminate knowledge in all aspects of management for sustainable development and to develop innovative leaders with strong ethical values.

Under the pact, entrepreneurs who are a critical stages of starting up a new business will get nurturing, instructive and supportive environment which would increase the chance for a startups to succeed. The mentorship would shorten the time and reduce the cost of establishing and growing its business, the IIM said in a statement issued here. The new pact between two very influential organizations is just the right boost at the right time particularly for women entrepreneurs of the region.

Talking about the importance of women, particularly those in the northeastern part of India, in safeguarding the rich culture and traditions of the people, Prof Sanjeeb Kakoty felt that women were also very much responsible for keeping alive the entrepreneurial nature and spirit emanating from the region. Speaking about the work of FLO, Phookan elaborated that FLO’s vision under her presidency is to focus on ensuring sustainable practices and creating sustainable livelihoods for the economic empowerment of women towards becoming sufficient job creators than just mere job seekers.

IIM Shillong chairman Shishir Bajoria expressed confidence that this initiative could be a defining moment in impacting firstly the region and then beyond, in line with the responsibility bestowed on this premier institute of national importance in the region.

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Legal

5 Indian Legal Provisions that Every Startup Needs to Know and Follow

Legal Laws For Startups (Photo Credits: Pixabay)

India has been witnessing the emergence of many new-age entrepreneurs, these are the people who have the urge to set-up and run their own businesses. They have idea, aim and objective, with a clear plan to enter in the business of their own. For a start-up to survive a sound flow of funds, adequate knowledge of market condition and proper resource management skills are of utmost skills. Apart from these, one of the most important aspects of the business field which young entrepreneurs often overlook is the understanding of the legal framework on the country where the start-up is operated.

All the countries have a set of legislations to govern the business environment. In India, as well, there are various laws and legislation that deal with the establishment and functioning of a business enterprise. They supervise the internal management as well as the external relations of the business. It is important for any entrepreneur to know and comply with these legislations, in order to ensure that the business does not land in any legal troubles.

Here are Five Legal Frameworks that Every Startup Owner Should Know –

Incorporation Laws

The first step to bring a start-up idea to reality is incorporation; every firm needs to be duly incorporated under relevant laws before it could start its business. The founders are free to register their firm in any category they want. There are different legislations for different types of venture. A Limited Liability Company has to be registered with the Ministry of Corporate Affairs under the LLP Act, 2008. A Private Limited Company needs to be incorporated under the Companies Act, 2013. Partnerships can be registered under the Indian Partnership Act, 1932; though their registration is optional. For a sole-proprietor firm there is no registration required.

Labour Laws

Another important set of rules is the labour laws. It is morally and legally important to comply with the various labour laws including the laws on payment of wages, provident fund and gratuity, workplace sexual harassment, maternity benefits, etc. However if the start-up is registered under the ‘Start-Up India Initiative’, it can avail exemption from nine labour laws by signing a self-declaration, for a period of one-year from date of incorporation.  These laws are-

  • The Industrial Disputes Act, 1947
  • The Contract Labour (Regulation and Abolition) Act, 1970
  • 1The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
  • The Employees’ State Insurance Act, 1948
  • The Industrial Employment (Standing Orders) Act 1946
  • The Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979
  • The Payment of Gratuity Act, 1972
  • The Trade Union Act, 1926
  • Building and Other Constructions Workers’ (Regulation of Employment and Conditions of Service) Act, 1996

Laws Relating to Intellectual Property Rights –

One of the most important regulations for start-ups who are dealing in new inventions or discoveries is the Intellectual Property Rights or IPR. It is important for start-ups to safeguard the novelty and uniqueness of their product or venture. Therefore, they should be very careful in registering various intellectual property including, products, service, venture, brand name, trade mark, discoveries, data algorithms under relevant laws.  Some of the Indian laws guarding the IPR are –

  • Trade Mark Act, 1999
  • The Patents Act, 1970
  • The Copyright Act, 1957
  • The Design Act, 2000
  • The IT Act, 2000
  • The GI of Goods (Registration and Protection) Act, 1999
  • The Protection of Plant Varieties and Farmers’ Right Act, 2001

Contract Laws-

For any business to function and operate, it is essential to make deals with other firms, government or individuals. All such deals should be governed by proper legal provisions. Every contract with employees, suppliers, stakeholders, debtors, investors, creditor or customers should be binding following the provisions of various laws including the Contracts Act 1872, Sales of Goods Act 1930 among others. As per the Indian Contract Act, 1872, all agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration with a lawful object, and are not expressly declared to be void.

Laws Relating to Winding-Up of the Firm

No start-up owner would ever wish their firm to liquidate or wind up. However, under certain circumstances it becomes absolute necessary to close down the business. In such situation as well, the company owner should follow proper legal route to wind up the start-up. From the legal point of view, there are three ways to close a start-up. These are –

  • Fast Track Exit Mode
  • Court or Tribunal Route
  • Voluntary Closure

Of all the three ways, the Fast Track Exit Mode is the best suited for start-ups as it allows companies to speed-up the closing process at a lower cost and within a short time period. In order to apply for a fast track exit, a company should not have any assets and liabilities and not have had any business operation for the past year. If these two conditions are met, the company can be struck off the registrar of the Registrar of Companies (RoC).

For a venture to get properly established in the market, grow, diversify and succeed it is important that it does not land into any legal troubles. The consequences of not complying with the laws do not only affect the operations and productivity of the business, but also hurt the delicate goodwill of the firm. It is hence, necessary for any start-up to know, understand and comply with the legal framework and provisions.

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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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Startup

5 Schemes Focused on Development of Women Entrepreneurs in India

Women Entrepreneurs in India (Photo Credits: Pixabay)

The Indian startup ecosystem is thriving successfully. For the past few years many entrepreneurs have emerged and established their business across the industries with much success, giving tough competition to the existing stalwarts. Not only men, Indian women are progressively moving the bandwagon on entrepreneurship forward. Women have been fraying well in the start-up community, starting, sustaining and succeeding in various businesses ranging from food to clothing, entertainment to event planning, tech to handicrafts. They have been proving their worth in the business sphere.

Keeping in view the enthusiasm and determination of the women entrepreneurs, the government has launched various schemes to support and encourage them. The aim is to motivate more and more women to enter the business sector, have their start-ups and fulfil their dreams. Quick finance, loans and other facilities are provided to women at easy and flexible terms and conditions, so that they can start and sustain their businesses.

Here are five schemes that are offered for the development of women entrepreneurs in India-

  1. Stree Shakti Package For Women Entrepreneurs

The scheme is offered by the State Bank of India and its branches. Under this loans up to Rs 50 Lakh are sanctioned to women entrepreneurs who have at least 50 per cent share in the ownership of a firm0020vvvv0072 or business and have taken part in the state agencies run Entrepreneurship Development Programmes (EDP). If the loan exceeds Rs 2 Lakh, a 0.50 per cent concession is granted on the rate of interest.

  1. Annapurna Scheme

Offered by the State bank of Mysore, this scheme is available to women entrepreneurs who have started or plan to start a food catering business. The loan can be utilised for buying various goods required in the business including kitchen equipments. A loan up to Rs 50,000 is sanctioned under the scheme. The loan can be paid back in 36 instalments. The interested charged as per prevailing rates. To secure the loan the candidate needs guarantor and has to offer some asset as collateral.

  1. Dena Shakti Scheme

The scheme is offered by Dena Bank. Under this, women who plan to start businesses in various sectors including agriculture, manufacturing, micro-credit, retail are provided loans. A loan up to Rs 20 Lakh can be sanctioned under this scheme There is a concession of 0.25 percent on rate of interest. Under the scheme, loans up to Rs 50,000 are offered under the microcredit category.

  1. Udyogini Scheme

This scheme is offered by Punjab and Sind Bank to the women entrepreneurs involved in Agriculture, retail and small business enterprises to get loans for business at flexible terms and concessional interest rates. The maximum amount of loan under this scheme for women between the age brackets of 18-45 years is Rs 1 Lakh but the candidate’s family income is also taken into consideration and is set at Rs 45,000 per annum for SC/ST women. For widowed, destitute or disabled women from SC/ST categories, a subsidy of 30 per cent of the loan, up to Rs 10,000, is provided.

  1. Mudra Yojana Scheme for Women

This scheme is offered by the Government of India for women who want to start small new enterprises and businesses including beauty parlours, tailoring units, tuition centres, among others. There are three schemes under it each with different criteria for loan sanction. Firstly, Shishu Scheme, where loan up to Rs 50,000 is sanctioned to women to fund the initial stages of the business. Secondly, Kishor Scheme, here the loan amount ranges from Rs 50,000 to Rs 5 Lakh and is offered to well-established women enterprise. Lastly, Tarun Scheme here loan amount is Rs 10 Lakh and is offered to established business looking for expansion and diversification.

Apart from them, various other schemes for the development of women entrepreneurs are being offered by several organisations in the markets. The main aim of such schemes is to ensure financial support to women entrepreneurs to help establish the business and keep it afloat in later stages.

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Startup

Women Entrepreneurship in India: Wadhwani Foundation Emphasises on Adopting Ways to Tap the Untapped Potential of New Women-Led Businesses in the Country

Bengaluru, November 20: Lauding the importance of a vibrant entrepreneurial ecosystem and the women entrepreneurs in India, Wadhwani Foundation said that by adopting several new measures will tap into the enormous untapped potential of new woman-led businesses. The Wadhwani Foundation is a global not-for-profit championing the development of entrepreneurial ecosystem across the country. According to reports, only a quarter of India’s workforce is female as against a global average of 49 percent, and it is clear that India’s growing entrepreneurial landscape has left behind a key demographic- the women.

Ajay Kela, President and CEO, Wadhwani Foundation said that of the 63 million MSMEs in India, only six percent are women-led, a criminal waste of talent. The Foundation believes that it is the need of the hour to unlock the untapped potential of women entrepreneurs by providing them with a support system comprising of an integrated policy framework with equal focus on rural India, women entrepreneurship programs and skill requirements of women, more gender-responsive financial sector and a conscious integration of the formal and informal networks.

According to a report by IANS, growth driving, business-friendly skills such as relationship building, emotional intelligence, and multitasking are second nature to women. The report said that there is a huge opportunity to empower women in India to choose entrepreneurship by creating networks that promote an ecosystem to motivate and support women entrepreneurs in taking the leap of faith by providing training in the nuances of entrepreneurship.

With women comprising just 14 per cent of the total entrepreneurial base in India, this is India’s big chance to tap into the precious resource of women entrepreneurs so as to realize their true potential. The report said that it is equally important to celebrate the fearless breed of women entrepreneurs who have made it big as role models for inspiring women towards entrepreneurship and facilitating a major mindset shift.

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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

 

 

 

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Technology

V-Enhance E-Training Programme Launched by Vestige to Empower Hearing and Speech Impaired Entrepreneurs in India

Apart from unique challenges, the COVID-19 brought fresh opportunities for India in the hospitality and allied sectors. Here are few ideas which entrepreneurs in restaurant startups can try to keep their businesses rolling.
Innovative Ideas for Businesses

New Delhi, September 28: In a bid to empower the hearing and speech impaired entrepreneurs in India, Vestige, India’s leading home-grown direct selling company, has launched a custom-built e-training programme called V-Enhance. The special training programme aims to help distributors with hearing and speech impairment to augment their understanding about Vestige Marketing’s health and wellness products and their benefits through sign language.

According to a report by IANS, the aim of the V-Enhance E-Training Programme is to empower and support them to sell products with utmost confidence and build a rewarding and sustainable career with Vestige. This is a unique initiative taken by the firm which will help them realise their own potential to become successful and self-reliant entrepreneurs in the future.

Gautam Bali, the company’s founder and Managing Director said Vestige has provided equal opportunity to a diverse range of people globally and there are thousands of extraordinary success stories that highlight the the same. “For us, each distributor joining the system is a valued partner in our business. So, we feel that it is our duty to provide the differently abled a platform where they can equally grow. V-Enhance has been conceptualised with that very idea of providing equal opportunity to everyone.”

V-Enhance E-Training Programme is a two-month-long training programme. It covers the various health and wellness product categories offered by Vestige. It must be noted that there are multiple trainings every week covering topics like women’s health, immunity, detoxification & rejuvenation, glycemic health, fitness and diet and many more.