Tag: Entrepreneurs

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Startup

Planning to Start a Business? Here are 4 Tips for Women to Become Successful Entrepreneurs

Women Entrepreneurs (Photo Credits: Pexels)

Starting a business is not easy. One has to really think out of the box to become a known and successful entrepreneur. When it comes to creative thinking, women are no less! Female entrepreneurs can do wonders if they are given the right guidance and motivation they need. Right from picking up a business idea, creating a business module to funding, a woman can become a successful entrepreneur in no time.

According to research, entrepreneurship rates among women increased by 13 percent versus 5 percent for men, according to the Global Entrepreneurship Monitor (GEM), which monitors 40 economies from around the world. Female entrepreneurship is growing with each passing but it still has a long way to go. Here are four tips that will empower you to get started today. 5 Schemes Focused on Development of Women Entrepreneurs in India.

Love What You Do

When you are planning to start a new business, keep in mind that you will have to pick a business that you love. Ultimately, you will work with passion for things that you love and wish to do. So, choose a business that you think you will never lose your interest in! As yourself, what are you completely and absolutely passionate about? Maybe it’s a hobby or maybe there is something you’ve been longing to do. When we feel completely and utterly passionate, there is no room for judgment.

Believe in yourself

Sometimes, we doubt our own skills. We often underestimate our talent that leads to failure and rejections. You should always let your passion burn brighter than your fears. Keep in mind that the only thing that you have that no one else has is ‘you’. Your dreams, your passion, your power and the world will be yours. You just need to do one thing- that is, to believe in yourself.

Never give up

Failure is just a part of the deal. If you are afraid of rejections, you will always face hurdles in your business because you are not open to learning new things. This will however, hinder your growth in the long run. For becoming a successful entrepreneurship, all you need to do is keep trying. The formation of great companies like Amazon, Facebook, Google are classic examples of motivating us never to give up on our ideas. Don’t quit. Keep going.

Get feedback

Where there is love and inspiration, you can never go wrong. But you should keep on asking people for feedback. Feedback is critical to validate your business and its reach. It can also help you understand what customers want. You should read reviews, find articles and interact with them to develop and good understanding. Pay particular mind to negative reviews and ask people specifically what they wish they were getting out of the product.

 

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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

Myths Around Startups: Here Are 3 Popular Myths Which Every Entrepreneur Should Ignore

Startup
Startup (Photo Credits: Pixabay)

Mumbai, December 7: No doubt, starting a company is not an easy task, but with the right strategy, the correct focus, good funding, one stands a chance to succeed. There is a lot of glamour associated with startup and many have the notion that it is all about young, bubbly, and vibrant talent.

There are certain myths about startups and we try to bust them for you.

You need huge funding to start a startup: This another big myth. According to experts, in order to burst the myth, one should adapt to the practice of bootstrapping, which allows maintaining full control of the startup strategies, avoiding time delays and energy spent to attract investors and retaining maximum equity.

It is extremely difficult for startups to compete with big established companies: You need to identify the advantage which you have as compared to a biggie in the market. For e.g. Being a startup, you’re less likely to experience the bureaucratic drama that is involved in the whole process. This not only allows you to be more flexible but gives you a lot of creative freedom.

Yes, a startup can’t compete with a corporate big shot in terms of the budget, but you can identify your niche and focus only on that. Your spending will be more focussed.

Ideas Make a Startup: Yes, a good idea will help you to stand out. But, it is no the only guarantee for a good startup. There are numerous e.g.s like Facebook, Google who didn’t come into the market with an innovative idea. These ideas were tested before as well. However, the reason why they became successful was because they built a great product.

 

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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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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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Startup

Women Entrepreneurs in COVID-19: From Starting New Business, Closing Funding Deals to Innovating, Here Are the Women Who Saw Opportunity in Adversity

Women entrepreneurs
Women entrepreneurs (Photo Credits: Pikist)

New Delhi, October 22: The coronavirus pandemic has caused a devastating effect on the economy. From job losses to factories being shut, people across the world were impacted by COVID-19. However, in spite of this, there is also a positive side where few women entrepreneurs took the challenging market condition as an opportunity and flourished amid the pandemic.

We bring to you a list of few entrepreneurs who dared to dream in spite of the negativity and gloom. Here are stories of some women entrepreneurs sailing amid the coronavirus pandemic.

Boju’s Kitchen:

Amid the pandemic, we saw how several women started delivering food and helping others when most restaurants and other food delivery options were not available. One of them was 23-year-old Chitrangadha Gupta who along with her mother and grandmother, started a sought after momos making and delivery service under the name Boju’s kitchen. She started the venture with just an initial investment of Rs 2,000. From around 6-7 orders per day, her business now caters to over 30 orders and delivers across Delhi.

NOTO:

Mumbai based startup launched NOTO, an ice cream brand that specialises in making healthy, low-calorie, low sugar, and high-protein ice cream in May 2019. Entrepreneurs Ashni Seth raised an undisclosed amount of funding as part of a Pre-Seed round led by WEH Ventures, with participation from Lead Angels, in July 2020.

Enklose: 

Rakhi Khera founded Abiti Bella Enterprises in 2014 and has been generating good revenue. However, amid the pandemic, her business incurred major losses and was not able to earn a single penny. It was then that Khera came up with the idea of Enklose, a coverall that can be used by domestic maids, beauty salon workers, and hotel employees. It is a cost-effective, reusable, and washable overall.

Ni-Varak:

Ni-Varak is a contactless mobile-based thermometer. The need for wide-screening of body temperatures during the pandemic fueled its invention. Using the Internet of Things (IoT) technology, it enables a contactless way of measuring temperatures, along with geo-location and time. It is the brainchild of Chinnayya Math and Vaishali Chinnayya.

These women are an inspiration for others who want to start something of their own but are sceptical. Their determination, innovative idea and zeal to become successful have helped them see success amid the pandemic.

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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.

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Business motivation Strategy

Bada Business ‘Retail Ka Mahakumbh’ 2020 Live Streaming: Watch Dr Vivek Bindra Share His Business Expansion Strategies During World’s Largest Webinar on Sept 27

Bada Business Retail ka Mahakumbh. (Photo Credit: Bada Business)
Bada Business Retail ka Mahakumbh. (Photo Credit: Bada Business)

Mumbai, September 26: The virtual event of Bada Business’ ‘Retail Ka Mahakumbh’ is all set to begin virtually on Sunday, i.e. on September 27. This is touted as the world’s largest webinar and will be held for a duration of 1.5 hours from 12 noon to 1.30 pm. Bada Business founder Dr Vivek Bindra will guide the event attendees on how to expand their business in the time of economic crisis and COVID-19 pandemic. The event will be broadcast live on Youtube. Interested entrepreneurs and budding professionals can watch the live session at Dr Vivek Bindra YouTube channel.

The event is free for anyone who is keen to gain knowledge that would be imparted by Dr Vivek Bindra during the live session of the virtual event — ‘Retail Ka Mahakumbh’ on September 27. Dr Bindra is considered as one of the top motivational speakers of India and is an inspirational Pathfinder to various high-profile entrepreneurs. All those who are keen to attend the live session of ‘Retail Ka Mahakumbh’, can register at the official portal of Bada Business.

Here’s the Live streaming link:

About Bada Business and Dr Bindra:

Dr Vivek Bindra is Asia’s No.1 motivational speaker and business coach. He is an international motivational speaker, leadership consultant and business coach. He has also been awarded honorary PhD degree. Dr Bindra founded Bada Business (BB) with the vision to empower Indian entrepreneurs & MSME businessmen and businesswomen with the knowledge, skills and network to grow their enterprise. BB offers a world-class education in Hindi language and offers in-depth problem solving for entrepreneurs with its problem-solving courses.