Tag: Entrepreneurship in India

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Technology

Tech Startups To Get Major Boost As India and Singapore Ink Pact To Usher an Entrepreneurial Ecosystem

Tech Startups in India (Photo Credits: Pexels)

New Delhi, April 24: India and Singapore have inked a pact to boost the startup ecosystem and encourage start-ups to take advantage of the Singapore-India trade and technology corridor. Under the pact, the Singapore Indian Chamber of Commerce and Industry (SICCI) and Start-up Incubation and Innovation Centre (SIIC) of IIT-Kanpur have come together to provide a gateway of opportunities to tech-based start-ups. This would help these startups to usher a circular economy and an entrepreneurial ecosystem.

India is today the third largest start-up ecosystem in the world, with over 45,000 start-ups in various stages. In 2014, only four start-ups in India were in the Unicorn club. According to a report by PTI, the SICCI-SIIC conducted the first in a series of cross-border collaborations on Friday under a memorandum of understanding (MoU) signed on March 10, 2021.

Here’s how the pact between India and Singapore would help tech start-ups:

  1. The two institutions are collaborating to identify young, indigenous talent to provide them with an array of incubation services.
  2. A joint statement said that this one-of-its-kind association will provide start-ups in Singapore and India a competitive edge in the global market.
  3. With an array of services, both SICCI and SIIC will promote homegrown and international initiatives operating in the technology domain with mentorship and access to capital.
  4. To galvanise their efforts towards promoting indigenous innovation, SICCI-SIIC Launchpad Competition – SICCI-SIIC INNOVATION LAUNCHPAD – held a start-up pitch competition on a virtual platform.
  5. Nine pre-selected contestants – five from Singapore and four from India – pitched their ideas to the judges.

Prof Amitabha Bandyopadhyay, in-charge of Innovation and Incubation at IIT Kanpur, said that LaunchPad 2021 is the first of many upcoming endeavours that marks the beginning of an unseen era in the incubation ecosystem. “SIIC and SICCI have come together to develop a symbiotic relationship to benefit indigenous innovations in our respective countries,” he said.

“As we open our doors for their startups to explore the Indian market, and vice versa, we bring in a plethora of opportunities for all stakeholders. We are delighted to support tech-based businesses that are sustainable, ensure value-addition, and provide local employment opportunities,” he added.

Meanwhile, SICCI Chairman Dr T Chandroo said with SIIC, we plan to provide a well-deserved launchpad to our start-ups and those in India to create well-established global brands that thrive on excellence, innovation, and ingenuity. It was with this expectation that the Prime Minister of India launched the ‘Startup India’ initiative in January 2016.

 

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Business motivation

Stand-Up India Scheme: Banks Sanctions Rs 25,586 Cr to 1.14 Lakh Stand-Up India Accounts To Promote Entrepreneurship Amongst Women, SC & ST Category

Women Entrepreneurs in India (Photo Credits: Pixabay)

With an aim to promote entrepreneurship among women, the government announced that banks have sanctioned Rs 25,586 crore to about 1,14,322 beneficiaries under the Stand Up India Scheme in the last five years. There is a large group of potential entrepreneurs particularly women and Scheduled Caste (SC), Scheduled Tribes (ST) who want to set up an enterprise of their own, which allows them to grow and thrive. Such entrepreneurs are spread across country and are bubbling with ideas on what they can do for themselves and their families.

Aspiring SC, ST, and women entrepreneurs are energetic and enthusiastic but may face challenges in converting their dream to reality. Recognizing these challenges, the Stand up India Scheme was launched on April 5, 2016. The scheme aims to promote entrepreneurship at grassroot level focusing on economic empowerment and job creation. This scheme has been extended up to the year 2025.

The objective of Stand-Up India is to promote entrepreneurship amongst women, Scheduled Castes (SC) & Scheduled Tribes (ST) categories, to help them in starting a greenfield enterprise in trading, manufacturing and services sector, by both ready and trainee borrowers.

About Stand Up India Scheme:

  1. Under the scheme, bank loans between Rs 10 lakh and Rs 1 crore are provided to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one woman borrower per bank branch of Scheduled Commercial Banks.
  2. Started in April 5, 2016, the scheme has benefited 93,094 women entrepreneurs with outstanding loan of Rs 21,200 crore as of March 23.
  3. This scheme, which has been extended up to 2025, covers SC/ST and/or women entrepreneurs, above 18 years of age.
  4. In case of non-individual enterprises, 51 percent of the shareholding and controlling stake should be held by either SC/ST and/or Women Entrepreneur and borrowers should not be in default to any bank/financial institution.

 

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Business motivation Startup Strategy

5 Powerful Fundamentals every Entrepreneur must know for growing Startup!

Startup Tips

Starting your own business can be very exciting. A young mind, which is full of aspirations and creative ideas willing to give everything that it needs to turn a dream into reality, knows no limits. But just like there is no shorter way to success, every successful entrepreneur will tell you that the journey to success is daunting!

No matter what the nature of the business is, there are fundamentals that every entrepreneur must be aware of to keep their business thriving. Doing multiple things at the same time and without having a solid business background, being in charge of a lot of things can feel overwhelming.

Understanding how to read a balance sheet and a financial statement is just as vital as it is to understand how to make, launch and market the product or offer an A-class customer service.

Here are five fundamentals that you must know to grow your business startup:

1. Build & Grow Network

Networking is one of the most crucial factors that can help a business to grow immensely. Topping the list, every entrepreneur must focus on building an online and offline network. Building an online network with some of the most important key influencers is a really powerful thing to do. This can lead to people sharing your brand with others.

If you don`t have a large circle, go out and meet new people to build meaningful connections. Create a profile on social media and be socially active with influential people. Follow their blogs, leave comments on their social network profiles.

Engaging with influential people on social media can bring you to their notice. This can further help you in growing up your business because you never know on which door opportunities will knock.

2. Avoid Rushing

Business expansion is on every entrepreneur`s mind. However, rushing to do a lot of things in a very short time can result in a disaster. If your business is in the early stages then do not try to market your product or service to everyone. Target a small niche of consumers first, and then focus on reaching out to a wider audience. Here is a very informative video that will tell you how you can scale-up your business. Watch it here: https://www.youtube.com/watch?v=LxTCBzr9q-k&t=76s

3. Cash Flow

Budgeting is the first step that will take you on a successful entrepreneurial journey. Understanding the concept of cash flow projection is a vital step. You must be well acquainted with information like how much money your startup can expect to earn. How much profit will be generated, and how much fund will be required to continue day-to-day operations. It is essential to set realistic goals and take a cold, hard, fact-based look at what you can reasonably expect in the future from your business.

Have a basic understanding of financing and fundraising options that include angel investors, venture capital, self-funding, crowdfunding, loans, grants, and more.

4. The Regulatory & Legal Framework

Every business requires certain financial, economic, and legal frameworks in India. Adhering to all the regulatory and legal requirements is required to smooth the working of your business. Some of the legal aspects that your business must include are:

a).Business structure (corporation, partnership, and sole proprietorship).

b).Business name (copyright issues).

c).Tax IDs

d).Permits & Licenses

Understanding the legalities also means managing your rights and maintaining the right to do business. Also, insurance is crucial to any business as the future is uncertain. Having insurance is essential to growing a business at any stage of development.

5. Marketing Strategies

Last but far from least, having deep marketing knowledge is a must-know thing for every entrepreneur. Marketing is essential for the growth and profit of any business.

For instance, you have created an amazing product. It can change the lives of your customers, but your customers are not aware that your product exists in the market. Would it be beneficial for your business or your customer? Not exactly! Hence, you will have to invest a considerable amount of time into marketing.

Also, people do not like to make purchasing decisions impulsively. They need to be persuaded, coaxed, and reassured. That`s what a good marketing strategy does. You will need to understand your customers and their buying behavior to sell your product or services in the market.

These were some of the best tips that every entrepreneur must keep in their mind that will help you to scale up your startup business. Put these to use and with your determination and perseverance, you will see some excellent results.

For more such tips and in-depth knowledge to scale up your business, you can join our ‘Everything about Entrepreneurship’ course. To know more about this course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Technology

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

Instragram (Photo Credits: Unsplash)

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

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

Here are 4 Instagram marketing tips for entrepreneurs:

  1. Make your hashtag game strong

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

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

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

  1. Use quotes from experts

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

  •  Use Instagram live

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

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Startup

Startups in India Need To Be Encouraged To Ensure That They Are Not Afraid of Failure: Piyush Goyal

startup ipo india

New Delhi, March 3: Piyush Goyal, Commerce and Industry Minister Piyush Goyal on Tuesday said that startups need to be encouraged to experiment and ensure that they are not afraid of failure. In his address at the CII’s Global Bio India Startup Conclave, Goyal said that in some sense, failure also has its importance, particularly in research, innovation and invention. The Minister emphasised that Indian startups need to be encouraged to experiment and only then they will be able to prove their capacity to go beyond in the long run.

“Our startups need to be encouraged to experiment, to go beyond the run of the mill thinking. We need to ensure that our startups are not afraid of failure. I believe that the country should celebrate failure because it is only when somebody fails, he knows how not to do something,” he said.

Emphasising on the talent in rural India, the minister said that the need of the hour is to engage more with rural India as there is a lot of talent lying there. “You cannot have great innovation and invention coming up through just government initiative, we need to have all sections of business involved. The government should act as an enabler, a service provider,” the minister added.

In India, the government is taking steps to promote startups by launching a slew of initiatives to boost the startup ecosystem in the country. It had launched the Startup India initiative in January 2016 to build a strong ecosystem for nurturing innovation and entrepreneurship.

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Startup

Startup Ecosystem and Entrepreneurship in Jammu and Kashmir To Get Major Boost As JKEDI Inks Pact With HED and We HUB To Promote Startup Culture

why indian startup fails

In a bid to promote the culture of entrepreneurship and innovation in Jammu and Kashmir, a memorandum of understanding (MoU) was signed by Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) on Friday. Separately, JKEDI also signed an MoU with ‘WE HUB’, India’s first and only state-led incubator of the government of Telangana to promote women entrepreneurship and startup culture, the spokesman said.

The pact between JKEDI and HED will lend expertise and evolve the ecosystem of entrepreneurship and startup environment in the colleges of the Union Territory. The MoU was signed in presence of Commissioner Secretary, Industries and Commerce (I&C), Manoj Kumar Dwivedi and Commissioner Secretary, HED, Talat Parvez Rohella.

Here’s how the MoU will enhance the startup ecosystem in ecosystem in Jammu and Kashmir:

  1. The MoU will boost the entrepreneurship and startup ecosystem in J&K. It will help to establish entrepreneurship development cells, innovation and incubation centers in colleges besides a module of entrepreneurship course will also be offered in colleges with other degree programs.
  2. Under the pact, both the departments can share our expertise and build capacities among the stakeholders. “This will benefit the students across the Union Territory. There is no dearth of talent and this partnership will provide ample exposure and the students will face no difficulty in creating their own enterprises,” the official said.
  3. In his address, Rohella said JKEDI has a mandate of creating entrepreneurship avenues in Jammu and Kashmir and by this collaboration between JKEDI and HED entrepreneurship courses will be started in colleges for the young generation who will be job creators rather than job seekers in coming times.
  4. This MoU will provide a platform for budding entrepreneurs and will create end to end solutions. They will be exposed to options of angel funding, technical expertise to create prototypes and help in up scaling and launching of the final product of startups.

Initially, the programme will start with 14 colleges in the cities of Srinagar and Jammu and will subsequently expand to other regions of the Union Territory. The second MoU was inked virtually between Principal Secretary (IT, E&C), Government of Telangana, Jayesh Ranjan and Dwivedi.

“Apart from the pre-incubation, incubation and startup exchange programs between JKEDI and WE HUB of Telangana, certain aspects of Progressive Innovation Startup Policy of Telangana government can be replicated in J&K for promotion of culture of startups and entrepreneurship,” Ranjan said.

According to reports, JKEDI is starting a pre-incubation programme that would focus on women founders and co-founders, with 30 start-ups from Jammu and Kashmir and 30 from Telangana.

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Business motivation

Startup India Scheme: 69 Startups Registered in J&K With an Aim To Enable Startup Ecosystem and Foster Innovation in the Region

Startup
Startup (Photo Credits: Pixabay)

Srinagar, February 10: The Startup India Scheme, which is an initiative by the Government for generation of employment and wealth creation, is gaining momentum. The goal of Startup India is the development and innovation of products and services and increasing the employment rate in India. In Jammu and Kashmir, as many as 69 startups have been registered in Jammu and Kashmir under the Startup India scheme, officials said. These startups aim to promote and boost start-up ecosystem across the region.

According to data from the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI), 69 startups have been registered in the Union Territory. At present, the J&K government is focussing on several sectors including food processing, agriculture, renewable energy, handicrafts and handloom for promoting startups.

In a bid to enable the startup ecosystem and create awareness, outreach, and scouting of startups, Startupjk.com has also been made live. To foster the growth of startups in the region, the Central Government has announced a Rs 945-crore Startup India Seed Fund Scheme (SISFS). This will be operational from April 1, 2021, to 2025. In the same light, the Jammu & Kashmir administration is working to encourage startups and foster innovation, thereby creating jobs and boost economy.

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Startup

Startup Ecosystem in India To Get Major Boost As IIT-Kanpur and IIM-Lucknow Sign MoU To Empower Future Innovators of the Country

Startup (Representational Image Only, Photo Credits: NeedPix.com)

New Delhi, February 1: In a bid to give an impetus to innovation in the startup ecosystem in the country, the IIT Kanpur Research and Technology Park and IIM Lucknow-Enterprise Incubation Centre (IIML-EIC) have signed a memorandum of understanding (MoU). The pact between the two world-class premier institutes would boost the entrepreneurial ecosystem and empower future innovators of the country. The two teams met over a zoom call for signing the MoU.

Abhay Karandikar, Director, IIT Kanpur and Chairman Board of Technopark, said that the association between the two top institutes will not only foster close linkages between academia and industry but will also open new avenues for resource sharing. The official further added that IIM Lucknow Incubator and Technopark are a part of academic powerhouses and bring unique values to the innovation ecosystem. We are delighted to partner with the IIM Lucknow Incubator to blend these strengths and leverage synergies. “We believe that this partnership has the real potential to make a deep and tangible impact on not only Uttar Pradesh but also the country at large,” he added.

Anadi Pande of IIM-Lucknow said that as an emerging economy, one needs to fill in the institutional voids that have long existed to create something on the lines of the Silicon Valley and incubation and innovation is the only way out. “At IIM-Lucknow, we are deep into artificial intelligence and have many technology start-ups incubated with us. This MoU will facilitate a collaborative exchange of ideas and knowledge between our start-ups and IIT-Kanpur and Technopark companies and our faculty,” he added.

India is witnessing an unprecedented boom in the innovation start-up ecosystem of the country. The association between IIT-Kanpur and IIM-Lucknow may serve as a benchmark for other IITs and IIMs to follow. In the current scenario the motto of “self-reliance” and ‘Make in India’ and start-up holds more prominence than ever before.

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Business motivation

5 Low-Cost Business Ideas for Young Entrepreneurs to Enhance their Skills

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Promote Your Business Online

‘Success may come to the first movers, but success stays with the fast movers’. Starting your own business is a dream, but if you stay confused about which industry or sector you must choose, you might keep waiting for a long time.

Every business has its challenges, however, if you are determined and confident about your skills you can find amazing business ideas that are profitable in 2021.

For young entrepreneurs who are passionate about making their mark, here is a list of low-cost business ideas:

Repairing of Mobile Phones & Computers

If you are an undergraduate but have dreams of becoming an entrepreneur in India, this idea is perfect for you. If you are interested in computers, you can do simple hardware repairing certification course. It is one of the most profitable low-cost business ideas that do not require you to have any degree. You can set up a shop in your locality and start earning by repairing mobile phones & computers.

Create a YouTube Channel & do Brand Promotions

In this world of digitalization, the definition of entertainment has changed, completely. Today, young entrepreneurs are earning well by creating engaging content and promoting popular brands on their YouTube channel.

Starting a channel on YouTube is easy and hassle-free. It is a low-risk business idea, which is perfect for young entrepreneurs who are filled with unique concepts and exclusive ideas. All you need is a phone and a video editing app to create short videos that scream entertainment.

Become a Translator

Love learning new languages? Then becoming a translator is an excellent business idea for young and aspiring entrepreneurs in India. Various companies in the country are looking to expand their reach globally. They are willing to pay people who can speak foreign languages like Japanese, Chinese, German and Spanish.

So if you are interested in learning a foreign language, you can make good money from this by offering your translation services to individuals as well as companies.

Fitness Guru

Today, people are becoming health conscious more than ever. Thanks to our unhealthy lifestyle and hectic work schedules, more and more millennials are turning towards fitness trainers for good health.

If you are crazy about physical fitness, you too can become a fitness trainer. There are many certification courses available as well. You can set-up a gym and become a qualified fitness guru.

Online Tutor

With BYJU`s joining the Unicorn Club in 2020, online education has become a popular thing. If you have proficient knowledge about a certain subject, why not use it constructively? Due to the pandemic, many students are looking for a subject matter expert to help them in their studies. Becoming an online tutor is an excellent business idea that is profitable and involves no risk. Your subject knowledge can help you earn handsome money.

If 9 to 5 desk jobs do not excite you, fuel your entrepreneurial skills with our amazing business ideas. However, with proper guidance and expert knowledge, you can reach your goal quickly.

What does it take to become India`s no. 1 entrepreneur? Deep insights of great mentors who are ready to help you throughout your journey! And our Everything About Entrepreneurship course provides you exactly that. Why not connect with us for more information?

Take the first step towards your brighter future, by clicking here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Startup

4 Simple Business Tips That Will Help You Stand Out From Your Rivals in the Competitive Market

Businesses (Photo Credits: Pexels)

For any business to flourish, it takes a great deal of understanding of the market, your product and its need in the market and your target audience. Communication certainly plays a very important part in growing any business, be it online of offline. Few things that will help you stand out from the rest is, know what your customer wants and try and satisfy their demands, timely communication with them and not compromising on follow-ups. You have to understand that for every success you have in growing your market share, other businesses will inevitably lose ground, and you will surely have rivals in the market.

The key factor is that you should establish your business in such a manner that you are not affected by any new entrant in the market. Here are four easy business tips to gain a competitive advantage over your rivals. You can use these tips to insulate yourself from the threat of new businesses in the market.

Provide Solution, Don’t Just Sell Products

Unless you are a known brand, people don’t really search for you as a ‘brand name’. People are just looking out for things that can help them solve a problem or find a particular type of product. If you want to make a difference, you should convince the customers by explaining them in simple terms of how or why your product can help them in solving their problem.

Take Friendly Customer-Facing Staff On Board

This is an important point that every entrepreneur should keep in mind. People tend to buy a product also because the sales person who’s attending to them is just up to the mark, with impeccable skills and behaviour.  Friendly, outgoing and cheerful customer-facing staff will always attract more sales and more people, thus helping you grow your business.

Watch: Low Investment | Business Idea | Dr Vivek Bindra

Own Your Niche

Understand your expertise and go ahead with it. Speciality will really bring you genuine customers. People usually attribute ‘specialists’ with higher quality products that the others who act like ‘Jack of All Trades’ but are a master of none. Your speciality should be kept exclusive and you should try perfecting a single product or service. It should certainly be something that you excel in and have a thorough knowledge about it.

Be Humble And Down To Earth

Always be open to leaning news things and don’t ever get too satisfied with your business. There is always scope for improvisation! Even if your business does wonders and flourishes in no time, don’t get carried away by the success. Always keep in mind that popularity is a double-edged sword! Remember the lessons you’ve leant and heard about the downfall of countless hitherto thriving brands. Market leaders tend to get lazy and complacent when they realise their business is going good.