Tag: Entrepreneurship in India

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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

4 Key Skills Every Entrepreneur Should Have to Be Successful and Stand Out From the Rest

Women Entrepreneurs in India (Photo Credits: Pixabay)

Any person aiming to be a successful entrepreneur will always think out of the box and have several creative ideas as to how to go about in the business. There are key traits to success in small business which attributes no matter what your endeavour is. A great entrepreneur must be able to effectively communicate, sell, focus, learn, and have the skills to manage efficiently. The ability to keep on learning is not just a key entrepreneurial skill, but also a very valuable skill on one’s life. Some of the characteristics are innate, while some others can be nurtured.

If there are new businesses, more jobs will be created in the market. New ideas will pour in and better ways of doing business will be incorporated. Entrepreneurship also makes the marketplace more competitive so that outdated thinking is challenged.

Here are few characteristics of an entrepreneur can take you far in the workplace.

Communication:

Communication holds the key to any business, be it small or big.  Any entrepreneur needs to be an effective communicator to become known in the industry. No matter even if it’s a solo entrepreneur, you need to have the communication skills to attract all the potential that will bring profit to the business. An entrepreneur to be able to communicate with employees, investors, customers among others.

Creativity:

This is the most important entrepreneurship skill that one must possess. If your idea is not out of the box, you will not be able to stand out from the rest in the market.  “They want employees to be able to not only carry out assignments, but also come up with better ways of doing things,” Litzinger says. It is very important to be creative in this competitive world. If you are creative, you can improve your company’s workflow, productivity.

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Persuasiveness:

In order to be a successful entrepreneur, you need to have the quality to persuade people with your creative ideas. Persuasiveness can make you a better negotiator and help you achieve great things in your businesses. You may face hurdles in your business journey, but you will have to convince your client or your co-workers to take actions on certain things, so you need to be persuasive.

Ability and desire to Learn:

Any entrepreneur, who wishes to reach great heights, needs to be always open to learning new things. The ability to learn is one of the most important skills to have in life, be it an entrepreneur or be it anyone else. If a person is able to learn in any situation, even failure, they have the skills necessary to become a successful entrepreneur.

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Startup

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

Business Ideas

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

  1. Start your own YouTube Channel and promote brands

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

  1. Offer language translation services

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

  1. Become a fitness trainer

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

  1. Be a music teacher

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

  1. Become a tutor

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

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Startup

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

Startup
Startup (Photo Credits: Pixabay)

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

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

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

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

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Legal

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

Legal Laws For Startups (Photo Credits: Pixabay)

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

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

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

Incorporation Laws

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

Labour Laws

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

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

Laws Relating to Intellectual Property Rights –

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

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

Contract Laws-

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

Laws Relating to Winding-Up of the Firm

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

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

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

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

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Business motivation

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

बिजनेस सफल उद्यमी
सफल उद्यमी

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

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

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

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

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Student

Delhi Skill & Entrepreneurship University’s First Academic Session Expected to Start in 2021 in Close Consultation With Companies

Entrepreneur (Photo Credits: Picpedia)

New Delhi, October 12: The Delhi Skill and Entrepreneurship University’s first academic session is expected to start in 2021 in close consultation with companies. Delhi Chief Minister Arvind Kejriwal on Monday said that these companies will be treated as ‘customers’ in this endeavour, so that courses are in tune with the industry demand and students are greatly benefited. The Chief Minister made the comments after meeting the newly appointed vice chancellor and board members of the university.

The Chief Minister said that students will be imparted skills and training at the university so that they can easily get a job as soon as they pass out from the institute or can pursue business by getting hands-on business training. “The Delhi Skill and Entrepreneurship University has been established through an Act of the Delhi Legislative Assembly. I am glad to announce that the university has started functioning today. The first board meeting of this university was held today,” Kejriwal said at an online press conference.

Deputy Chief Minister Manish Sisodia, who holds the education portfolio, said the university will have a focus on quality and quantity – provide high-quality courses in the entire spectrum of skills training from traditional skills to those of the future and ensuring that the intake of students is large enough to cater to the existing demand.

According to reports, the government has appointed Dr Neharika Vohra, the head of the Centre for Innovation Incubation and Entrepreneurship (CIIE) at IIM-Ahmedabad, as the vice-chancellor. Meanwhile, the board members include Pramath Raj Sinha, founding dean of the Indian School of Business and Founder of the Ashoka University, Genpact founder Pramod Bhasin, Naukri.com founder Sanjeev Bikhchandani, entrepreneur Shrikant Sastri and IP University founder Vice-Chancellor KK Aggarwal.

The Chief Minister said that the Delhi government has appointed the vice-chancellor of the university and its board members. “I spoke to all the board members and told them that the only objective and ideology of this university will be ensuring jobs for every student passing out from this university, or they should be able to pursue business,” Kejriwal said. He added that the first academic session is expected to start next year, in close consultation with companies who will be treated as customers in this endeavour, so that courses are in tune with industry demand.

The chief minister said that those designing courses will show the curriculum to industry bodies and companies and ask them if students who learn this will get jobs. “The university should also address the qualitative gap that exists in the skilling sector. This was seen when all industries, businesses, shops, and markets were shut down during the coronavirus-induced lockdown, and people lost their jobs,” he said.

During his address, Kejriwal said that with the easing of restrictions of the lockdown, he met people who did not have jobs, and those who had businesses but did not have people to work for them. “It means that both were available, but they could not come together on a platform. “On one hand, many young students are unemployed and on the other, industries are not able to find skilled and trained labor. If we impart skills to our children, the industries will give them jobs,” he said.