Tag: Startup Ecosystem

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Startup

How To Avoid These 5 Common Mistakes That Cause Startups Failure?

How To Avoid These 5 Common Mistakes That Cause Startups Failure
How To Avoid These 5 Common Mistakes That Cause Startups Failure

India is the 3rd largest startup ecosystem. Though the immense growth and support for startups is a pleasant change, the hard fact is that most of the startups in India fail within 5 years of their launch, as per a report by IBM Institute for Business Value and Oxford Economics.

One major reason behind the failure of any startup is the lack of innovation. But that’s not it! Another factor that contributes to startup failure is not learning from past mistakes and repeating them. Here is a list of five common pitfalls that every entrepreneur makes at the early stages that could cost them their dream venture:

1. Not Hiring People Who Think Out Of the Box!

Many entrepreneurs hire people just like themselves. Avoiding this trap is essential to make a startup business successful. Without people who challenge the stereotypes and the founders’ thinking, a startup fails to identify new opportunities or spot risks until it’s too late.

Avoiding this trap is essential to make a startup business successful. Startups should hire people who think out of the box and know no creative boundaries. The diversity of ideas, skill sets, and backgrounds are the key essentials of every successful startup. You can watch amazing videos by Dr. Vivek Bindra- the best business coach in India to learn how to hire the right people for your organization!

2. Rushing After Funds

Capital is essential. But this does not mean that every startup should rush after it. Speed is important, yes, but without breaks, it will result only in a misadventure. Finding a balance speed to find the right fit is equally essential.

Finding perfect Venture Capital is just like finding the right partner for marriage. Take enough time to find the right match- and avoid jumping at the first or the most extensive check.

To avoid a situation like that, put in a considerable amount of time to find a VC partner that will provide thoughtful guidance, and mentorship and will be there for you during the challenges.

3. They Don’t Consider Customer’s Pain Points

Too often founders get overly enthusiastic about their ideas related to their product or service. They often believe that once they build a product, customers will come. But building a product or a service without any customer validation or A/B testing can be dangerous for a business.

Instead, founders of startups should always find an alpha customer and then create a product to solve the customer`s biggest pain point. Creating a customer-centric product doesn’t happen by just sitting around a conference table brainstorming. The idea to build an amazing product comes from seeking out and tackling the real problems in the world that already exist. If you are confused about your business growth, you can hire the best business coach in India.

4. No Go-to-Market Plan

Entrepreneurs should document a clear and concise path to their profitability. To chart this document they should conduct rigorous research and analysis that challenge their market estimates.

This requires an in-depth knowledge of the strengths and weaknesses of their market competitors. They should also determine the company’s proprietary advantage in each market segment it is looking to penetrate.

It is also important to be prepared in advance to be able to shift the business with technological advancement or according to customer needs. And while adaptability is crucial, having a focused plan is also essential. As a startup the resources are generally limited, thus, it is important to be laser-focused for maximum impact.

5. Lack of Strategic Partnerships

Many startups think about partnerships just in terms of capital and checks. But startups also require strategic alliances that will help them refine their business models, and new customers, scale revenues, and generate market awareness.

By making partnerships with large and established companies, startups can save costs on R&D resources and the expertise of their professional team.

Want to know what are the other pitfalls that entrepreneurs should avoid? Know it all from the top industry experts with our Business Coaching Program. To know more, click here: www.badabusiness.com

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Motivational

Top 5 Offbeat Jobs That Pay High Salaries & Are Completely Fun!

Top 5 Offbeat Jobs That Pay High Salaries & Are Completely Fun!
Top 5 Offbeat Jobs That Pay High Salaries & Are Completely Fun!

Summary: Most of us are stuck in 9-to-5 jobs. But some people have taken up the offbeat path when it comes to doing jobs.

Click..click….click…..Ctrl+C…Ctrl+V……save file…save as….Ctrl+shift+Del……….Well, a lot of us working in mainstream jobs might be getting our salaries on time. But very few of us would say that we are satisfied with our work.

We are stuck in a routine and our work schedule has become mechanical. Still, we choose to do 9 to 5 desk jobs each day. But a few lucky ones amongst us dared to dream differently and escaped the rut by doing some of these offbeat jobs that we are sure you have not even heard of.

Want to explore unique opportunities that will pay you well? Attend our ‘Leadership Funnel Program 2.0’ by Dr. Vivek Bindra to discover unconventional business ideas.

Here are a few business ideas that pay surprisingly well:

1. Professional Cuddler

Gone are those days when the only profession was doctor, engineer, or lawyer. Today, there is no dearth of unique ideas that is a driving change behind the blooming startup ecosystem in India. One of these unconventional professions is to become a ‘professional cuddler.’

Many people have adapted it as a full-time profession and are earning pretty good. Trevor Hooton is a professional cuddler and hugger who charges as much as Rs 7,100, for an hour’s service. He also goes by the name ‘Treasure’ and offers ‘connections coaching’ for people who find it difficult to form relationships. According to Trevor, a lot of people do not understand the profession.

2. Become a Professional Bridesmaid

If you are good at giving wedding advice and guidance to all your friends when it comes to costume color, design, hair-dos, make-up, and footwear then you can consider becoming a professional bridesmaid.

Most often we see that brides need their friends around for beautiful photographs and of course emotional support. Many companies provide bridesmaids who provide exceptional services that include offering day-of advice to giving a beautiful toast at the ceremony. You can earn from INR 6000 to INR 7000. Sounds interesting? So put on your best dress and heels, and get ready to enjoy a wedding as a bridesmaid.

3. Water Slide Taster

As bizarre as it sounds, a water slide tester gets paid well. Job responsibilities include taking multiple rounds and trips down the slide to see how much it needs, how quickly you reach down, and how safe it is. Well, having fun during job hours goes without saying. So are you ready to make a splash?

4. Ice Cream Tasters

Does your heart skip a beat when you look at a cup filled with delicious ice cream? If you just nodded your head into a yes, this unconventional idea will make your taste buds extremely happy. Ice cream tasters, otherwise known as food scientists, sensory analysts, or “flavorologists,” can make up to $60,000 a year. If you’d like to get paid to try out new ice cream flavors, this unconventional career path may be for you.

5. Food Photographers

Have a look at your Instagram account. Do you see lots of dishes lying creatively in your posts and reels? Are you passionate about clicking pictures of delicacies and mouth-watering food decorated on a platter? Can your pictures make a badly-cooked dish look appealing to the eyes and other sensory organs?

If you love clicking pictures of food served on the table, you can become a food photographer. A food photographer is in great demand and makes a generous income these days. Chefs and restaurant owners hire food photographers to capture beautiful pictures of food for promotional use. Not just in the hospitality sector, but also they are in great demand by magazines, cookbook publishers, and newspapers too.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

You can also attend Leadership Funnel Program 2.0 by Dr. Vivek Bindra which is going to be held on 22, 23, and 24 July 2022. For more information, visit https://www.badabusiness.com/lfp?ref_code=SM&pp_code=BHBB000078

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Finance

5 Key Things Entrepreneur Should Know Before Applying For A Small Business Loan!

5 Key Things Entrepreneur Should Know Before Applying For A Small Business Loan!
5 Key Things Entrepreneur Should Know Before Applying For A Small Business Loan!

In a report published by Economic Times, “the Indian economy is expected to be a $5 trillion economy by 2025 and the MSME sector is expected to play a very crucial role in this growth story.” The MSME sector in our country has been the backbone of the economy. It contributes around 30 percent to the GDP and employment generation.

With the government`s ‘Make in India’ initiative, this sector is set to play an important role in supporting domestic companies and foreign multinationals to set up manufacturing units in India. Till now, 83 startups have entered the elite Unicorn club which has made India the third largest startup ecosystem in the world after the US and China.

But not every startup joins the Unicorn club. Some struggle to sustain themselves due to the lack of funds. And for an entrepreneur, the constant lookout for sources of working capital is like a nightmare, especially for those who run a small and medium-sized enterprise (MSMEs) with limited assets or collateral, finding different ways for fundraising.

So, if you are an entrepreneur and want to take a loan from a bank or a non-banking financial company, here are 5 things to improve your chances of getting a business loan from a bank or a non-banking financial company:

1. Maintain a Healthy Credit Score

A credit score symbolizes the creditworthiness of a person or business. It is assessed based on the payment history of the individual or business. So, the personal credit score of a person or a business is collected from the multiple institutions that maintain the records of the payments. These records can significantly affect the business’s eligibility for a loan.

If you pay your EMIs regularly and on time then you will have a healthy credit score which indicates that you are financially disciplined and are unlikely to default on repayment. Although the credit score that is required to take a loan varies and depends on the lender, a credit score above 700 will enhance your credibility.

2. Maintain Adequate Cash Flow in the Business

When you apply for a small business loan, the financial lender will investigate your business cash flow (past and future projections). An adequate cash flow will determine if the size of the loan that you are seeking is appropriate. Your previous loan history and existing debts will also be analyzed to determine whether you will be able to pay the loan`s monthly installments without defaulting. To ensure your loan approval, maintain the adequate cash flow in the business.

3. Keep all the Documents Required for Loan Application

One of the most important steps is you keep all the necessary documents ready when applying for a business loan. Keeping all the documents ready and in place will streamline the process and will make things smooth for you as well as the lender.

The following is the list of documents for verification:

  • Identity proof
  • PAN card
  • Address proof
  • Proof of business
  • Business and personal bank statements (last six months)
  • Business and personal tax return records
  • Business’s financial statements
  • Business’s legal documents such as commercial lease, and franchise agreement.

4. Be Insured

Being an entrepreneur involves a lot of risks. Hence, personal or business insurance is a must so that the loan can be paid off in case of any unfortunate event. Your probability of getting your loan approved is directly related to the risks associated with you and your business. The less risky your business is, the higher the chances of your loan getting approved.

5. Know the Best Time to Apply for a Loan

Many entrepreneurs often waste their time contemplating the ideal time to apply for a loan. However, there is no best time to apply for a loan, as the time of applying has minimal effect on the chances of your loan getting approved. Many business owners believe that the best time to apply for a loan is when your company is in the need of finances.

Many startups have to close their operations due to a lack of funds. But with a business loan, you can ensure that your business sustains in the market. There are many government schemes as well that offer business loans at nominal interest charges. So keep the above-mentioned points into consideration when applying for a small business loan.

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Startup

Amazon India Rolls Out ‘Mentor Connect’ Programme for Startups; Here’s How It Will Boost the Startup Ecosystem in the Country

startup ipo india

Bengaluru, April 15: In a bid to help the startup ecosystem in India, Amazon India has rolled out its ‘Mentor Connect’ programme for thousands of startups and emerging brands. The programme has been introduced ahead of the company’s flagship event ‘Smbhav’. The Amazon Mentor Connect programme is aimed at accelerating the growth of start-ups and emerging brands owners enrolled in the “Amazon Launchpad” programme. Amazon Launchpad showcases differentiated products from startups and emerging brands to millions of Amazon customers. The second edition of “Amazon Smbhav” will be hosted from April 15-18.

Here’s how Amazon India’s ‘Mentor Connect’ programme would help the startups:

  1. Amazon’s ‘Mentor Connect’ programme will help startups gain exclusive access to guidance from venture capitalists, industry veterans and Amazon leaders through expert knowledge sharing sessions, networking events and one-on-one mentorship sessions.
  2. Mentors from educational institutions and VC firms like Fireside Ventures, DSG Consumer Partners, Elevation Capital, and Tomorrow Capital have already signed up for this programme and are looking forward to contributing to the Indian startup growth story, Amazon said.
  3. Startups and emerging brands enrolled in the Amazon Launchpad programme can access guidance from these mentors through various ways.
  4. This includes one to one mentorship with chosen mentors over a 3-month period, ongoing networking opportunities with a wider pool of industry experts, or knowledge sharing sessions between these experts and other Launchpad brands.
  5. This offers entrepreneurs a platform to engage, learn and showcase their startups to the industry’s leading subject matter experts to help tackle strategic and functional challenges.
  6. Amazon said that the Mentor Connect programme will also be extended to the winners of the Amazon Smbhav Entrepreneurship challenge in the upcoming Amazon Smbhav summit.
  7. The winners will be the first cohort of startups to receive the benefits associated with the Amazon Mentor Connect programme.

Pranav Bhasin, Director, MSME & Selling Partner Experience, Amazon India, said in a statement said that with Amazon Mentor Connect programme, the firm aims to create a support system to help startups unlock their potential. It would provide them with the right kind of mentoring that can help them scale their business, avoid blind spots, learn from experience of existing leaders, open new doors and help them unlock infinite possibilities for a Digital India.

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Startup

Yes Bank Targets Startup Sector, Ties Up With GVFL To Support the Growth of Indian Startup Ecosystem

startup ipo india

Mumbai, April 4: With an aim to help startups, lender Yes Bank has tied up with GVFL Limited to broaden its services for the start-up sector. The two companies have entered into a Memorandum of Understanding (MoU) to strengthen Fintech-led innovation and support the growth of the Indian startup ecosystem.

Under the pact, the MoU will enable the bank to offer various products, digital banking solutions, and many other facilities that will benefit the startups associated with GVFL Limited, Yes Bank said in a statement. The bank will offer its curated digital transaction banking product suite, including its flagship API-based offerings to startups and FinTech companies.

Furthermore, the MoU would promote innovation and investments across India by leveraging the capabilities of GVFL and the Yes bank, the statement added.

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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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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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Startup

Piyush Goyal Says ‘Futuristic Vision Combined With Decisiveness Has Provided India a Solid Startup Ecosystem’

Union Minister of Railways, Commerce and Industry Piyush Goyal. (Photo Credit: PIB)
Union Minister of Railways, Commerce and Industry Piyush Goyal. (Photo Credit: PIB)

New Delhi, October 27: Union Commerce and Industry Minister Piyush Goyal on Tuesday said at an event that futuristic vision combined with decisiveness has provided India with a solid startup ecosystem. He spoke this at the inauguration of the 1st Shanghai Cooperation Organisation (SCO) Startup Forum.

Goyal highlighted how India’s startups have demonstrated their ability to convert this severe adversity amid the coronavirus pandemic into a great potential of the future. He further lauded Indian startups for demonstrating high energy and enthusiasm to give many timely and cost-effective solutions. He mentioned that this forum is an opportunity for all the member nations to share and learn from their experiences.

Goyal said creativity, innovation and disruption will be the new mandate in the emerging future. The minister said the new unique concepts that startups come up with will get a much larger engagement through this forum, according to a report on PTI.

“Sharing our best practices, knowledge, engaging corporates and investors from all the member nations, monetising and mobilising capital, setting up incubators, providing exposure and scale with market access will certainly help the worthy ideas of our startups’ innovations,” Goyal added.

 

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Startup

Startup Ranking 2019: Gujarat, Andaman & Nicobar Islands Emerge As Best Performers in Implementing Policies to Uplift Startup Ecosystem

Startups (Photo Credits: Unsplash)

Gujarat has been named as the best performing state by the government in terms of implementing policies for uplifting the startup ecosystem.  While Gujarat was the best performing state, Andaman & Nicobar Islands was adjudged as the best performer amongst Union Territory and North Eastern states. On Friday, the ‘Startup Ranking’ framework 2019 judged states and Union Territories on seven broad reform area, consisting of 30 action points.

The Ministry of Commerce and Industry said that to establish uniformity and ensure standardisation in the ranking process, ‘States and UTs’ have been divided into two groups. “While UTs except Delhi and all States in North East India except Assam are placed in Category ‘Y’. All other States and UT of Delhi are in Category ‘X’”, the statement read.

While releasing the result of the second edition of ‘Ranking of States on Support to Startup Ecosystems’ through a virtual felicitation ceremony, Commerce and Industry Minister Piyush Goyal called upon the high networth individuals, venture capitalists to finance ‘Startups’. During his address, Goyal said that the COVID-19 pandemic should not be seen as a problem or challenge but as an opportunity to reimagine and reinvigorate India. The Minister recommended that ‘Startups’ should come up with imaginative, relevant and innovative products, undertake reengineering and reform of processes, and orient their ideas to be people-centric.