Tag: Entrepreneurs

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Business motivation Startup

Cofounder or No Founder? Two Fundamental Rules For Entrepreneurs To Find The Right One!

Two Fundamental Rules for Entrepreneurs to Find the Right Cofounder for Startup!
Two Fundamental Rules for Entrepreneurs to Find the Right Cofounder for Startup!

India has more than 30,000 startups, making it one of the leading startup ecosystems in the world. A key common factor in all the startups is that they have two or more co-founders. While many amateur entrepreneurs feel that this is the ground rule to go about it, there are many solopreneurs like Paytm`s Vijay Shekhar Sharma, SHEROES` Sairee Chahal, CRED`s Kunal Shah, and Chai Point`s Amuleek Singh Bijral who are doing well, while riding solo.

Apart from selecting a brilliant startup business idea, another factor that often confuses Indian entrepreneurs is—choosing the right cofounder!

Choosing the right co-founder is like choosing the right partner for marriage. It is one of the important decisions you have to make not just for your startup but also for your overall startup journey. It is not a surprise that people spend more time together with their cofounder than with their actual spouse.

However, just as a lot of marriages end in divorce, the interpersonal conflict between the partners is the second or third most common reason for startup failure.

Even though the decision to find or not to find a co-founder is tough, making a startup work on your own is much more difficult.

So, if you are a budding entrepreneur and in a dilemma, whether you should go solo or choose a cofounder, let us help you out. According to a report by startup investment fund First Round, “teams that have cofounders performed better than the solo founders by a whopping 163%.”

Finding a co-founder has three major benefits:

  1. When you have a partner who is equally focused on the same goal, the overwhelming workload gets divided which is required to make a new venture successful.
  2. Motivation and accountability to each other.
  3. Two heads are always better than one as it provides a unique point-of-view from a person who is equally invested in the project.

But how should you find the right partner for your startup business? Here are two major rules you should follow to find the right person for your venture:

1. Ensure That Your Values & Expectations Are Aligned

The best person to start your venture with could be your ex-colleague because you already have experience working together. However, if your skills match with your college friends, they could be your ideal co-founder.

If you do not have people in your immediate circle who would like to embark on the journey with you, don`t lose hope. You should let everyone in your network that you are looking for people who can help you turn your startup business ideas into a full flourishing venture.

If this too does not work out, you can start working upon a fantastic startup business plan on your own. Be active in your group of networking, and always keep your eyes wide open to look for people who could be a good fit. There might be a possibility that co-founders will join you at a later stage.

Once you do, make sure that you get to know each other as fast as possible. Don`t just share and discuss ideas, but also talk about ideologies and values. Ensure that you both are on the same page when it comes to working. Clarity is the power! Hence, it is best to discuss and share these things as quickly as possible to avoid major problems that could arise in the future.

2. Make Sure your Skills Complement Each Other

There is a cliché that each startup tech needs at least a hacker and a hustler. So whether you are looking for an employee or a co-founder, the key is to find one of the two if you are the other. For instance, if you are a marketing team, make sure that you attract high-quality technical talent to your venture. You can also hire consultants if you can afford to.

Or if you are a technical person, then you must realize that you will need someone to sell your product and idea to have a chance of success. One of you will have to stay in contact with the stakeholders all the time.

In short, always look for someone who complements your skills and aligns with your values and long-term business planning goals.

Owing a business is incredibly rewarding, but to keep it up and running needs professional expertise if you are an amateur. To know how to build a startup from the scratch, you can take the ‘Entrepreneurship  Course’ to gain in-depth knowledge about different aspects of the business.

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Business motivation

5 Ways For Entrepreneurs To Leave An Unforgettable Impression!

5 Ways For Entrepreneurs To Leave An Unforgettable Impression!
5 Ways For Entrepreneurs To Leave An Unforgettable Impression!

“Out of sight is out of mind”, this holds especially in the business world. Being memorable is crucial for every entrepreneur. It is essential for every brand. If a customer does not remember your brand, he or she will purchase from your competitor. On the other hand, if investors will not remember you, they will not fund your project and you will have a hard time finding an investor for your startup, no matter how brilliant a startup business idea you have.

Most entrepreneurs often find it challenging to create a brand recall value for their products or services. Making your customers recall your brand at the time of making a purchase decision can take your business revenue- sky high!

So many entrepreneurs who attend seminars and webinars of the business motivational speaker, Dr. Vivek Bindra often ask them how to make them memorable enough. They often share their experiences in which they remember meeting a certain investor, but they have no idea that they connected before.

“Brand recall value is critical to any business”, says Dr. Vivek Bindra. “And to make your customers memorize your brand name does not need much. It is a very simple mechanism that is implemented by many popular brands that take their marketing strategy to an all-new level.”

So what are some of the simple, yet powerful strategies to ensure you are making a strong and lasting impression? Let`s get started:

1. Identify a Common Factor

What is the first thing that can get someone to like you instantly? According to eminent psychologist Robert Cialdini, “the fastest way to get someone to like you is to find a commonality you share with them.”

Customers will trust you and relate to you only if they share a special bond with you. So whether it is the common hometown, or the same school, similar color, or favorite business motivational speaker in India, if you share similar interests with them, they will like you, trust you, and will remember you.

2. Pique their Interest

Most often when someone asks, “What do you do”, we kill the conversations in the first 10 seconds. Instead of replying with the usual boring answer, find a creative way to explain your profession that will pique their curiosity. Whether you are an entrepreneur with a startup business idea, looking for an investor or small business owner who wants to build a strong network, make your customers or clients want to know more.

Instead of introducing yourself as, “I own a business”, say instead “I help companies become more famous” or “I am launching a business that will enable you to connect with potential customers.”

3. Develop a Signature Style

Until and unless you don`t emanate a style that is unique to you, it is tough for other people to remember you, especially if they are meeting hundreds of other people at the same time. Along with your excellent communication skills and presentation style, sometimes your wardrobe can help you stand out too. If you have a certain accessory or style, you may consciously make it a part of your style and personality. For instance, Steve Jobs` black turtlenecks helped him to stand out from the rest of the crowd.

4. Ask Right Questions, Plenty of them

People love to talk about themselves, and they are likely to remember someone who shows genuine interest in them, who is more thoughtful, and asks the right questions. Someone who asks interesting questions makes them feel more appreciated and important rather than someone who simply rattles about their accomplishments.

5. Stay Connected & Follow up

Being an entrepreneur is a tough job! If despite socializing well with others, if they don’t remember your chances are that you might be not giving them enough opportunities. It is hard to remember anyone whom you have met just once. Hence, if you want to stay connected with a potential client, customer, or investor, make a point of finding a way to continue the conversation.

Perhaps, you can contact them to discuss your startup business idea or simply send them an article related to that. Get their contact information, follow them on LinkedIn and congratulate them if they have achieved something, recently.

Making a strong impression is critical to any startup business. So follow the above tips and let us know if they worked like a charm for you on your next meeting. To know more about how to pitch correctly to your investors, you can take our “Entrepreneurship Course”.

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Process & Business Expansion

3 Morning Mistakes That Can Cost Entrepreneurs Their Productivity!

3 Morning Mistakes That Can Cost Entrepreneurs Their Productivity!
3 Morning Mistakes That Can Cost Entrepreneurs Their Productivity!

HABIT– This five-character word has immense power, especially for entrepreneurs. A good habit can transform your life magically, doing unbelievable wonders. On the other hand, a bad habit can ruin not just your mood, temperament, and daily life, but also your plans.

Many entrepreneurs are often curious to know about the daily habits of successful people, and how they can inculcate them in their own lives. However, there is one thing that every entrepreneur who is working on a small business startup plan must remember that developing a set of habits doesn’t have to be complex.

Take Satya Nadella, CEO of Microsoft, for instance. He has two key habits that he follows religiously, every morning—gratitude and exercise. Every morning he gets up and pays his gratitude for all the things in his life that he is thankful for. An act of expressing gratitude has been shown to improve mental and physical health. He then goes to the gym and no matter where he is, he commits to going to the gym for at least 30 minutes. People who are physically fit have shown improved cognitive function.

Dr. Vivek Bindra who is one of the best motivational speakers in India often says in his motivational videos on YouTube, “Your mindset often determines how you approach the challenges that come into your life and the people around you. If you have a positive mindset, it will play a significant role to determine your success in leadership.”

But many of us get up in the morning only to surrender to our laziness and not-so-healthy morning mistakes. The cost of making mistakes can be quite high. The time that we waste by remaining caught up in the activities that are unproductive can be used to develop groundbreaking startup business ideas for your business.

Here is a list of mistakes that can cost you productivity and peace every morning:

Mistake 1- Jumping out of bed as soon as the Alarm goes

Certainly, many of you must be thinking how leaving your bed as soon as the alarm goes off could be a bad habit? Surely, forcing yourself to jump out of bed the moment your alarm goes off helps you to start your day early. But very few people know that this simple-looking action can disconnect you you’re your body.

What should you do Instead- Take just a few minutes to stretch and elongate your body, as stretching can help you feel more confident. As simple as stretching your arms into a V shape can boosts incredible happiness, your mood and increases your blood flow to all areas of your life.

Mistake 2: Checking Phone Immediately

Smartphones have become an integral part of our lives. According to a survey conducted by Mobile Consumers, “1 out of every 4 young adults checks their phones within one minute of waking up.” It is tempting to check phones every morning when there is so much information on this small device. But according to the health experts, it is a major mistake.

What should you do instead- Always remember that there is nothing on your phone that can`t wait. Your body and mind are not ready for the type of stimulation that your phone has. When you are waking up, it is important to focus on presence and gratitude, to connect your mind with your body through some morning movements. Write down your goals and startup business ideas if you are planning to start your own business.

Mistake 3- Sleeping in too late

A study reported that “people who get themselves out of the bed at the crack of the dawn responded that they felt “highly productive” 71% of the time as compared to those who snooze until 11 am.

What should you do instead- Now, we are not telling you which hours you should or should not sleeping, but going to bed in time will help you to complete your sleeping hours. You will wake up early and get a couple of hours to set up your morning routine. This will make you more productive and help you to plan your day in a better way. You can also take the help of a professional business motivational speaker to help you set up a healthy routine.

We all have the same 24 hours, and we all must cultivate healthy habits to give our mornings a kick-start. The list of all the above-mentioned alternatives is an invitation to experiment. Stretch out, keep that phone turned off, and try getting up earlier than you are used to and you will see productivity and peace rushing into your life.

To get back your professional and personal life back on track, you can hire the best motivational speaker in India.

For the rest of the challenges in your business, you can take our Problem Solving Courses that step-by-step learning strategy, action plan, frameworks that are designed to empower you with various business functions.

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Business motivation

5 Useful Tips For Entrepreneurs To Grow Successful Business Using LinkedIn!

5 Useful Tips For Entrepreneurs To Grow Successful Business Using LinkedIn
5 Useful Tips For Entrepreneurs To Grow Successful Business Using LinkedIn

Whether you are an entrepreneur who has just started his new journey or a small business owner your company and brand need to have a social media presence. Social media in today`s world is a powerful marketing tool. If utilized correctly, social media can take your business to new heights that would have taken you years to achieve in its absence.

Though there are multiple platforms like Facebook, Instagram, YouTube, and Twitter, we today are going to talk particularly about LinkedIn for entrepreneurs. Since its birth, LinkedIn has been an effective networking tool that helps professionals and businesses alike to boost their professional network. From MNCs to Industrialists, successful entrepreneurs to the best business coaches in India, everyone is giving special attention to their LinkedIn profiles.

LinkedIn keeps evolving itself with many useful features that let businesses of all sizes and revenue post updates and share content. This helps startup businesses to build their company brand on social networking sites.

Entrepreneurs can simply ask their connections through LinkedIn to write a recommendation of your work that you can display on your profile. And, those who are looking for funding for their brilliant startup business ideas, can boost your chances of getting your business noticed by a potential investor.

If you are an entrepreneur struggling to find your voice on social media, nothing can be better than LinkedIn. Here are 5 incredibly useful tips for entrepreneurs to grow a successful business using LinkedIn:

1. Develop Action Plan

Before you straightaway march out towards your laptop to build a LinkedIn profile, you must have an action plan ready. Unlike other social media platforms, LinkedIn is a great source of quality sales intelligence for small business owners. It can help you to raise your company`s visibility, secure clients, build and foster business relationships, and convert prospective clients into loyal customers.

Before coming out all shining on LinkedIn, spend time to make a list of people you see as your business prospects. Once, you do that, the next step is to create a highly personalized note for each person on your list and send them requests. The third step is when you are establishing a dialogue, avoid hard-selling, and instead focus on building a relationship.

To learn how to use networking for your business take online business courses for entrepreneurs like ‘Everything about Entrepreneurship’.

2. Share Professional Stories

Unlike other platforms, LinkedIn is not a social networking platform that is only meant to share food shots, travel photographs, and personal experiences. Hence, the key tip for entrepreneurs is to approach it as a platform to tell professional stories.

Talk about your professional stories- the challenges you faced, the lessons learned, and the milestones that you have achieved in your entrepreneurial journey. This will go a long way to build deeper connections and grow business. If you have no idea where to begin, you can also take help from a business coach. An ideal coach will certainly help you in building network connections.

3. LinkedIn is not like Facebook

Many people confuse LinkedIn with Facebook. However, entrepreneurs need to understand that LinkedIn is completely different from Facebook. Hence, they should not use LinkedIn as a social media site.

Connect only with relevant people, particularly with those who will gain from knowing you. Try sending them an interactive newsletter and relevant content. Do not hesitate to add people who you don`t know. You can also connect with new clients.

Wondering how to use other social media platforms as a powerful tool of business as well? Take our Problem Solving Courses to gain in-depth knowledge about marketing through social media.

4. Do Background Check

With a lot of people present on LinkedIn and make the most out of it, the platform enables entrepreneurs to locate and associate with a wide variety of stakeholders like employees, employers, investors, and partners. Thanks to its versatility, the search cost of performing the background check on LinkedIn has almost been cut down to near zero. It also helps entrepreneurs to unleash their true selves with a new wave of productivity.

If used correctly, LinkedIn can do wonders for you and your business. Entrepreneurs must leverage the platform by using its features to their utmost usage. Many businesses and brands have realized its potential. It`s time for you to unlock the power of LinkedIn for your business.

Find tools meant for rising entrepreneurs just like you with our Problem Solving Courses. From apps to services, to business strategies that let you manage many aspects of your business with the minimum investment of time and money, leaving you free to focus on the larger picture, everything is available at your fingertips.

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Business motivation

4 Ultimate Ways For Entrepreneurs To Deliver a “WOW” Customer Experience!

4 Ultimate Ways For Entrepreneurs To Deliver a “WOW” Customer Experience!
4 Ultimate Ways For Entrepreneurs To Deliver a “WOW” Customer Experience!

Let`s do a simple activity! Think about the last time you experienced a “WOW” moment at a restaurant or a store where you were impressed. You probably would love to go there again and do more business there, share it with your friends, and business associates too.

Customer experience is a crucial aspect of any business and an important chapter in any online business courses for entrepreneurs. Customer service can make or break a business, especially if it is a startup. A new business that is trying to make a foundation in the market generally has a hard time gaining and retaining customers.

While an excellent customer experience can retain even the most dissatisfied customers, poor and unresponsive service can turn away many potential customers. It can also turn away even the most loyal shoppers, which can certainly affect your company`s bottom line.

Customers expect good service, but if you are an entrepreneur and trying to establish your roots in the market, you must give them exceptional service. Going above and beyond will not only leave your customers blown away but will also make them advocates for your products.

To create ‘wow’ moments, you will have to make customers feel like they are the most important people in your world. Here are four ways to deliver “WOW” moments for your customers:

1. Deliver what your Promised, without Exception

Dedication and sincerity go a long way in the business world. These characteristics are something that you cannot learn in any online business courses. Delivering what you say, you will do becomes easy when you are committed enough to build systems around “WOW” moments.

When your goal is to win your customers` hearts, you look for ways to go the extra mile every time. One can achieve this by facilitating communication between different departments. Another way to sweep your customer off is to offer them a gift or more support. Everyone person loves to be treated exceptionally and little things can create special WOW moments.

2. Take Accountability & Fix Problems

Customer satisfaction is indeed a guarantee card for your business’s success. Nightmare customer service is not an alien concept in the marketplace. No customer service is mistake-proof, and let`s face it, it is practically impossible to not have any problems. We have all experienced it at some point in time.

So avoid over-promising and under-delivering, hire the right people, empower your team with training and give more importance to customer satisfaction than the customer policy.

If you know how to handle mistakes and problems that come in day-to-day business then you can earn the loyalty of your customers. Why anyone would give their money to a company that does not care?

3. Customer Feedback

Respect can never be bought or snatched, it has to be earned. To gain respect from your customers, you will have to earn it. No matter how small or large your team is, every team member must be on top of their game at all times to give customers a “WOW” experience. This also means accepting responsibility for your mistakes rather than denying it.

Customers prefer businesses that own up to their mistakes, are responsible, and take the necessary steps to correct them. And the best way to know where you are lacking is to take feedback from customers and learn from it.

Survey your customers regularly, and reward them for giving feedback. After all, they are taking out time to tell your points where you are doing excellent or you need improvement. Customers would love to help you improve if you value their time and opinion. To improve yourself, you can hire the best business coach who can help you to improve customer experience with his expertise.

Want to know how to improve your customer service? Watch this video:

4. Follow up & Follow through, Always!

Many startup businesses spend a lot of time, money and a great deal of effort chasing down new customers, only to lose them after the first or second transaction. Why? Only because they don`t follow up or follow through after their first sale.

It is very important to realize that if a customer doesn’t feel appreciated, he or she tends to go to your business competitor instead of making you their choice for repeat business.

Following up with your existing customers is the guarantee card to more business, which means more profit. When customers get a good experience with you, the probability of a repeat business increases.

Always give your customers more than what they expect. This will completely blow their brains off! Let them know you will bend backward to make their day better! After all, it`s all about the overall experience and the details that lie in between.

You can learn how to give your customer an unforgettable experience from the top industry leaders through our “Entrepreneurship Course”.

Did you like reading our article? Let us know in the comment section.

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Powerful Personalities

7 Leadership Lessons Entrepreneurs Can Learn From M.S Dhoni For Success!

7 Leadership Lessons Entrepreneurs Can Learn From M.S Dhoni For Success!
7 Leadership Lessons Entrepreneurs Can Learn From M.S Dhoni For Success!

An outstanding batsman, an excellent wicket-keeper, and a powerful leader- Mahendra Singh Dhoni was one of the brilliant captains in Indian cricket history. He has developed an extraordinary reputation for being one of the greatest leaders that the game of cricket has ever seen.

Though he retired from Test Cricket in 2014, he still has a great influence over Indian and international cricket. Not just an extraordinary captain and leader, Dhoni also swiped many awards and holds several records including most wins by an Indian captain in Tests and One Day Internationals. He also has the most back-to-back wins by an Indian captain in ODIs.

India won the 2007 International Cricket Council (ICC) World Twenty20, the Commonwealth Bank Series of 2007–08, the 2010 Asia Cup, the 2011 ICC Cricket World Cup, and the 2013 ICC Champions Trophy under his captaincy.

His list of achievements is so long that we can keep on writing and still some of them will be left behind. But there is one amazing trait of our former Indian captain that deserves special mention- his leadership skills.

M.S. Dhoni has an arsenal of leadership skills that entrepreneurs can certainly apply both personally and professionally. Here are seven incredible leadership traits that are a useful template for business captains too:

1. Being True to yourself & Confident

Confidence is the key to success and M.S Dhoni is the best example of that. Even though he comes from a very modest background, he never let this hold him back from achieving his dreams. On the field or off the field, Dhoni is always confident, forthright and often surprises his fans, audience, and media with his witty comments.

Staying true to yourself will not just carry you far in the sporting world, but also the corporate as well as the business world.

2. Handling Seniors & Managing Egos

Despite the presence of many senior players in the team, Dhoni was chosen as the captain of the Indian Cricket Team in 2007. It was a tricky situation that could have backfired had it not been handled wonderfully by Dhoni. After becoming the captain of the team, he did not rush to make changes to mark his stamp. Instead, he took his time about making changes and maintaining strategies that had been proven useful.

This is something that new entrepreneurs or managers can learn from Dhoni. In business, many managers or senior leaders have to contend with and manage the egos of various people in their team. However, patience is the key to win the hearts even of those with the iron ones. Some can also listen to leadership speakers in India to enhance this essential trait.

3. Staying Calm under Pressure

M.S. Dhoni has earned the title of “Captain Cool” due to his calm and composed demeanor on the field even during nail-biting moments. Even when severely tested, he manages to not lose his temper which used to influence the entire team to resist caving in. He kept inspiring the team like the best motivational speaker to perform at par no matter what the situation is.

This is one of the most crucial leadership skills for entrepreneurs to keep calm and not give up when the situation is not in their favor.

4. Handling Success

Dhoni well-received fame and money at a very early stage in his career. But he was and still is, humble and modest. He did not let the success get over his head while maintaining a steady path.

We often see that entrepreneurs who gain success too early often lose their focus and balance. They are unable to maintain the poise that is required for the business’s success in the long run.

5. Staying Focused

To remain focus on your goals amidst all the criticism is no child`s play. But Dhoni showcased his indomitable spirit of remaining focused on what is important during the Champions Trophy amidst the controversy that surrounded the Indian Premier League.

An ability to cut through the clutter, distraction, and negative energy is one of the best marks of a strong leader in every situation. If you want to become a powerful leader, you can hire one of the best leadership speakers in India– Dr. Vivek Bindra.

6. Handling Failure

Handling failure is as important as handling success. And no one has ever done it better than the former Indian captain M.S Dhoni himself. In the 2011 World Cup, Dhoni and his team were performing spectacular but then suffered a string of losses. However, the captain cool fought back by showcasing a world-class game of cricket combined with his high spirits.

Ups and downs are part of an entrepreneurial journey. Businesses tend to suffer some degree of failure at some point or the other. But, if you want to be successful, you will have to have the courage and strength to bounce back without losing faith in your dreams.

7. Team Playing

Just like no cricket team can win a match without the contribution of its 11 players, no company or organization can succeed without the team’s efforts. Dhoni has always believed in encouraging and supporting his players at all times with his trust and confidence. This support from their captain has always inspired them to play like there is no tomorrow.

This is a golden trait of M.S Dhoni that makes him the most loved and respectable captain of all time. Entrepreneurs should feel safe to experiment and fail if they need to be. Managers must also come to terms with the fact that no organization or department can achieve its goals without their respective team members.

M.S Dhoni is known not only for his famous ‘helicopter shot’ and his excellent class of game but also for his unmatched leadership skills and team spirit. Young entrepreneurs can learn big lessons from him about how resilience and focus can help their businesses to grow.

To gain in-depth knowledge about building a startup from the scratch, join our ‘Entrepreneurship course’.

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Business motivation

Feeling Low and Demotivated? Here Are 7 Inspiring Quotes by the Most Influential Women Entrepreneurs That Will Boost Your Confidence

Women Entrepreneurs in India (Photo Credits: Pixabay)

The world is changing and modern times are now witnessing more and more women entrepreneurs taking up different types of businesses and succeeding like never before. Women-led businesses are rising beyond all levels and these females are proving themselves worthy of everything with each passing day. The only thing that keeps them going is- not giving up and not settling for anything less.

We are all facing the COVID-19 pandemic and amid the uncertainties all around, these quotes from these great inspirational ladies will truly cheer you up. Inspirational quotes from successful people can help you reframe negative thoughts during tough times and change your attitude for better things in life.

Here are 7 motivating quotes from the most powerful women in history

  1. “There is nothing like a concrete life plan to weigh you down. Because if you always have one eye on some future goal, you stop paying attention to the job at hand, miss opportunities that might arise, and stay fixedly on one path, even when a better, newer course might have opened up.” ― Indra Nooyi
  2. “We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes—understanding that failure is not the opposite of success, it’s part of success.” -Arianna Huffington
  3. “You will be defined not just by what you achieve, but by how you survive.”―Sheryl Sandberg
  4. “I invented my life by taking for granted that everything I did not like would have an opposite, which I would like.” -Coco Chanel
  5. “I don’t believe in failure. It’s not a failure if you enjoyed the process.” -Oprah Winfrey
  6. “If you push through that feeling of being scared, that feeling of taking risk, really amazing things can happen.”- Marissa Mayer
  7. “Growth and comfort do not coexist.” ― Ginni Rometty
  8. “We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes – understanding that failure is not the opposite of success, it’s part of success.” ― Arianna Huffington

It has never been easy for women to prove themselves, but they have fought against all odds in the stereotype male-dominated society and made a place for themselves. Females have made important contributions as businesswomen, entrepreneurs, actors, leaders among several other fields.

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Startup

Startup India Seed Fund Scheme To Support Startups and Domestic Entrepreneurs; Here’s How the Scheme Would Help Businesses

startup ipo india

New Delhi, April 20: Startup India seed fund scheme would support domestic entrepreneurs and their business ideas that often cannot take off due to the absence of critical capital at an early stage, Commerce and Industry Minister Piyush Goyal on Monday said. The Startup India seed fund scheme was announced by Prime Minister Narendra Modi in January to support startups and help budding entrepreneurs pursue innovative ideas. The Minister said that good ideas often get bought out by international venture capitalists at throwaway prices.

While launching the scheme, Goyal said that the idea behind the scheme is to ensure adequate availability of funds, particularly to startups with good ideas in different fields. “I do hope that this scheme will support our domestic entrepreneurs and their business ideas that often cannot take off due to the absence of critical capital at an early stage,” Goyal added.

The scheme will be implemented from April 1, 2021. The Rs 945 crore corpus will be divided over the next four years for providing seed funding to eligible startups through eligible incubators across India.

Here’s how the Startup India seed fund scheme would benefit the startups:

  1. The scheme will secure seed funding, inspire innovation, support transformative ideas, and facilitate implementation of those ideas.
  2. Smaller towns are often deprived of adequate funding and this scheme will create a robust startup ecosystem in Tier 2 and Tier 3 regions of India.
  3. The government has constituted an Experts Advisory Committee(EAC) which will be responsible for the overall execution and monitoring of the scheme.
  4. Over 7,500 new startups are incorporated every year and it is essential to provide seed funding to startups with innovative ideas to conduct their ”Proof of Concept”.
  5. The scheme is being launched by DPIIT (Department for Promotion of Industry and Internal Trade) to support this early-stage startup funding.
  6. It would provide financial assistance to startups for Proof of Concept, prototype development, product trials, market entry and commercialization. The scheme aims to support an estimated 3,600 entrepreneurs through 300 incubators.

Reports inform that the online portal created by DPIIT for the scheme will allow incubators to apply for funds under it. Also, grants of up to Rs 5 crore shall be provided to the eligible incubators selected by the EAC. The selected incubators would provide grants of up to Rs 20 lakh for validation of Proof of Concept, or prototype development, or product trials to startups. According to eports, an investments of up to Rs 50 lakh will be provided to the startups for market entry, commercialization, or scaling up through convertible debentures or debt-linked instruments.

 

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Business motivation

11 Must-Read Books To Inspire Every Entrepreneur in 2021

Books (Photo Credits: Pexels)

Being an entrepreneur is a tough job and it gets even tougher if you are not as experienced as others. Your knowledge about the business might not be at the same level as those who have been in the field for twenty years. No need to worry, if you have a high teachability then you will be fine.

One of the best ways to obtain knowledge is through reading. New books are published every minute that will help you grow in business and in life in order to become a successful entrepreneur. Here are a few books that will prepare you for the future.

  1. How to Win Friends and Influence People by Dale Carnegie
  2. The Startup of You: Adapt to the Future, Invest in Yourself, and Transform Your Career by Reid Hoffman
  3. Who Moved My Cheese? An Amazing Way to Deal with Change in Your Work and in Your Life by Spencer Johnson
  4. Solving the People Problem: Essential Skills You Need to Lead and Succeed in Today’s Workplace by Brett M. Cooper and Evans Kerrigan
  5. Crawl, Walk, Run: Advancing Analytics Maturity with Google Marketing Platform by Michael Loban and Alex Yastrebenetsky
  6. Own Your Career, Own Your Life: Stop Drifting and Take Control of Your Future by Andy Storch
  7. Rich Dad, Poor Dad by Robert Kiyosaki and Sharon Lechter
  8. Courage to Lose Sight of Shore: How to Partner with Private Equity to Grow Your Business with Confidence by Kelley W. Powell
  9. Business Model Generation by Alexander Osterwalder
  10. My Philosophy for Successful Living by Jim Rohn
  11. The Hard Thing About Hard Things by Ben Horowitz

Every entrepreneur’s journey will have different challenges, but learning from someone else’s experiences never hurts. Take your time to read these books and learn about your next big step.

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How to Start Toys Manufacturing Business in India in 5 Steps!

Toys are an integral part of our childhood. Popular among babies, kids, teens, and even adults, everyone loves toys. Toys not only entertain children but also help them to develop the horizon of their imagination, dexterity, and more.

According to National Investment Promotion & Facilitation Agency, ‘the toy industry in India is estimated to be $1.5 billion, which is around 0.5% global market share. The Indian toys industry is also estimated to grow to $2-3 billion by 2024’.

The report also stated, ‘the demand for the toys will increase by 1.2 times in Tier II and Tier III cities by 2025’.

The toy manufacturers in India are mainly located in Karnataka, Maharashtra, Tamil Nadu, NCR, and across central Indian states. The sector has 4,000 toy industry units from the MSME sector.

Last year in August 2020, Prime Minister Narendra Modi also urged the young entrepreneurs to focus on bringing innovation in the toy sector as the Indian toy market has huge potential.

The Prime Minister also suggested that the start-ups should come up with creative designs and innovative toys that can instill a sense of pride and can help our domestic toy makers.

Apart from the domestic market, the toy manufacturing business also has potential in foreign trade.

Recently, the Swedish furniture maker IKEA announced to upscale the sourcing of toys from India on March 1, 2021. IKEA has a range of over 1,000 products as part of its kid`s range and is planning to expand its operations by sourcing toys in New Delhi.

Starting a toy manufacturing business is a brilliant low investment business idea. Here are 5 steps in which you can kick start toys manufacturing business startup in India:

1. Research your market

Whether you are planning to start a café or toys manufacturing business, it is essential to do market research. Having adequate and well-researched information will help you to create a business model. You will not only learn about your competitors but also about your target audience.

Hence, before starting a toy manufacturing business in India spend months researching to gather as much information as you can about this business.

2. Bring Innovation!

The toy manufacturing business does not need a huge investment to start it. However, there is one thing that you should have to succeed in the market- creativity!

Try to design unique toys and their exceptional designs will make you stand out from the rest of the toys manufacturer. Toy businesses in India are fast-paced, which means that the market will keep evolving. Your customers will want different things in a very short time. So, it is very important to be creative to meet the demands of your customers.

3. Find your Niche

The toy manufacturing business in India is booming with plenty of opportunities and competition at the same time. If you want to start a toy manufacturing business, you need to know what it takes to succeed in your niche market. Whether you want to manufacture soft toys or you would also like to venture into the market of electronic toys, you must make a decision.

Finding a niche market not only allows you to find your target customers but also gives in-depth knowledge to cater to their needs and preferences.

4. Raw Materials

The process of manufacturing toys is easy and simple. You will need basic raw materials that include pattern, fabric cutting, mold making, fiber for stuffing, sewing machine, eyes, and nose pinching.

However, if you want to venture into the manufacturing of electronic toys then you will need a toy manufacturing machine and raw material. Along with it, you will also need to hire a staff.

5. Toys manufacturing machine

If you only want to manufacture stuff toys, you will need raw materials of premium quality and a sewing machine. But, if you want to set up a manufacturing unit, you will need to secure a space first. Finally, you will need to install the toys making machinery. Some of the most vital machines and equipment are:

  • Digital Multimeter
  • Temp controlled
  • Drilling machine
  • LCR meter
  • Analog meter
  • Tool kit
  • Electronic screwdriver
  • Combined soldering desoldering station
  • High-speed mini drill set
  • Digital storage Oscilloscope
  • Tools, equipment, and dies, etc.

You will also have to obtain a fire protection system to protect your unit from fire. The initial investment might take around INR 2,00,000 to 5,00,000 if you want to start a toy store in India.

The toy manufacturing business in India has potential in the domestic as well as the international market. The main driving factor behind its growing popularity is the increased demand for quality and luxury goods.

Are you thinking about setting up your own toy manufacturing business in India? With our ‘Everything about Entrepreneurship’ course you will not only learn how to start a startup but also how to make it successful.

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