Tag: startup

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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 Strategy

Startup Growth Strategy: Follow These 4 Steps to Sustain in the Competitive Market

Startup Growth
Startup Growth (Photo Credits: Pixabay)

Mumbai, October 20: Starting a company is not an easy task and one of the most important things is a strategy. You need to have a robust strategy in place for your startup to grow.

It is a very difficult and competitive space for a new company to establish itself. According to a report on the Entrepreneur, 50 percent of the startups fail every year and only a few manage to survive for more than five years. The ones who succeed for a longer time in the market can do so by creating a startup growth strategy.

Check Startup strategies shared by Dr Vivek Bindra: 

Today, we will talk about 4 steps to develop your startup growth strategy: 

Create your vision statement

When you are starting, create a vision statement where you would like to see your company in the future. Dream big, aim big but is also very important to remember that there are various restrictions in the form of budget and other resources, unlike a big company. But, if the focus is right, you will soon be able to achieve it.

Own your strengths and weaknesses

Identifying your strengths and accepting your weakness will help you to sustain in the market for long.

Determine your positioning in the market:

You must have an understanding of your business. You must know, what sets you apart from your competitors.

Keep a check on your competitors: 

In the age of digital media, a consumer is bombarded with numerous information from various sources. Very few manage to stick on to the mind. Therefore, it is very important to check on your competition and never underestimate them.

These strategies will help you to increase sales of existing products or services on existing markets, and thus will help in increasing your market share. They will also create a strong brand recall.

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Startup

5 Questions to Ask Yourself Before Starting Your Own Business

Startup
Startup (Photo Credits: Pixabay)

Mumbai, October 16: Often people want to start their own business because they feel they have a great idea. We don’t want to discourage anyone but would like to remind that starting a business is not a cakewalk it requires a lot of crucial planning in the backend.

Here are five questions which you need to ask yourself before starting your own business.

Try to Have a Unique Idea

The first and the foremost to any business is to have a plan for your business. Your idea should be unique and something which the customers want. Don’t try and launch something where already 10 players are fighting with each other. If you have an idea, keep your customer in the centre of it and think aloud that how will they be benefitted.

Do Adequate Market Research 

It is very important to do market research before you think of launching your product in the market. Understand if there is a demand for your product and then analyse your competition. Try and find out how will your product be different from the others and why should customers choose you.

Compare the Risks Vs Rewards

It is very important to analyse the risks associated with starting a business in comparison to the rewards which you may get to see if the business becomes successful. For e.g you may have a lucrative career, earning a handsome salary and thinking of quitting your full-time job to start your business. There are no doubt huge challenges and risks associated in the initial few years, so are you ready for it?

There can be two sides to your wanting to start a business. One being your idea may not kickstart and second, it may become huge and a successful venture.

Strategise a Plan

It is very important to plan and plan well if you want to start your own venture. Remember everything is new and will be in limited resources. Right from the budget to the people whom you will be able to hire to run your team. You need to spend every penny wisely. Crisis doesn’t come knocking at the door, for e.g. no one knew at the start of this year that the COVID-19 pandemic will lead to several businesses getting shut and people losing their jobs. Therefore, it is very important to plan for a time when things will not run smoothly.

Do you have the money?

Finally, do you have the money to start a business? Are your finances in place? According to a Forbes report, most startup founders use their personal savings to fund their businesses. It is therefore very important to not remember not to drain your bank account to raise funds for your business. Entrepreneurs should set aside enough living expenses to last them for a year. Most startups are not profitable for months after opening

 

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Startup

COVID-19 Impact: 15% Startups Halt Operations, 44% Have Cash Runway For Less Than 6 Months

Startup
Startup (Photo Credits: Pixabay)

Mumbai, October 14: The coronavirus pandemic has affected across sectors causing job losses and business being shut. According to an IANS report, the impact of COVID-19 has been severe on the Indian startup as 15 percent of the startups have halted operations.

According to a report by TIE Delhi-NCR and Zinnov, 44 per cent of start-ups have cash runway for less than 6 months, 41 per cent of startups have been impacted negatively while 52 per cent are struggling to raise capital.

In addition to this, there has been a decline in the overall pace of investments, especially in April to June 2020. To add to it, there has been a 48 per cent year on year decline in funding and 37 per cent year on year decline in the number of deals in the quarter.

The decline was even more prominent in seed and early-stage investments. The coronavirus also affected early and late-stage funding. According to the report, there was more than 50 percent decrease in early and late-stage total funding in Q2 20 as compared to Q1 20.

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Business motivation

Tips to Help You Smoothly Run Your Small Online Business

Technology and the internet have changed our lives in many unthinkable and unimaginable ways and nobody is complaining. The reforms that have been brought as a combined result of the internet and technology is nothing short of a revolution. Now the internet is not just a medium to entertain yourself, it has become one of the best ways one can make money.

This article is all about us helping you with some amazing tips to run a successful online business. So, let’s dive in together to make the most of this connected world.

Keep An Eye On The Trends

Social media is a world where things, patterns, and trends evolve and change in the blink of an eye. If you want to make the most of the digital space, you ought to keep an eye on the latest trending. These constantly evolving trends on social media will help you keep up with the newest ways to market your business as well as with the branding.

Persistence Is Key

Let’s all be real about success. Although it comes easily to some, others have to work their hardest for quite some time. It is in the public domain now that for a business to become profitable, it at least takes somewhere around 4-5 years. Yes, that’s how long it takes to be somewhere closer to what you call a successful entrepreneur. We suggest you take inspiration from the success other businesses are achieving rather than comparing your progress with them and demoralizing yourself. Promise yourself to be persistent and never give up because even Rome wasn’t built in a day and your business is no exception.

Always Stay Connected

Yes, dear readers. There is no point in starting an ONLINE business if you can get yourself a speedy internet connection 24*7. We say 24*7, because an online business is something that never sleeps, well mostly. Before you even think of starting an online business make sure that you have a great internet connection because your livelihood is going to depend on it.

Keep An Eye On The Competition

No, we do not ask you to wake up the green monster also known as jealousy, we simply ask you to observe and keep a track of what the competitors are doing. These observations won’t only make you in the loop of what’s new that your competition is practicing as well as it helps you learn what are things that have been done wrongly by them and you can learn your lesson. It is as simple as that. Invest in a social media monitoring tool to stay aware of what your competitors are up to.

Maintain The Online Reputation

Maintaining your online presence and reputation can play an important role in maintaining and showcasing a positive identity amongst the netizens. Now that even the smallest of the business understand the importance of online reputation management, digital marketers are investing a good amount of time controlling what’s being published around their brand in the digital space. Again, investing in good social media listening tools could be important as it helps you stay in touch with each and everything that is written for and around your brand.

The technology, smartphones, and basically the internet has changed the dynamics of the business world. Businesses are constantly evolving with the necessary changes which are very crucial in order to not become obsolete and always stay relevant. We will leave you with these tips that will help you do just that. Good Luck!

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Business motivation

Online Business: Business Ideas that You Can Execute With Zero Investment

Entrepreneurship is the pie that everybody wants a piece of. This profession is loved by many as it comes along with many benefits varying from being your own boss to have a flexible time schedule. It becomes even more alluring when it is combined with the ease that the internet provides. Yes, we are talking about the online business ideas that are already gaining popularity in these unprecedented times.

There are many online businesses that you can start today without worrying about any sort of investment. The Only investment it requires is your dedication, consistency, and hard work. Mentioned below are 4 such ideas that will allow you to be the entrepreneur you always wanted to be. Read on!

Become An Affiliate Marketer

Affiliate marketing is the most popular form of marketing these days and everybody is trying to absorb as much of this skill as possible. For those who don’t know what affiliate marketing is, it is a process where you promote and talk about the products/services of other companies. In case the company gains customers through your marketing, you are paid the appropriate commission. This is how simple it is. If you are good at writing and have great influencing skills then you are just a suitable and profitable niche away from making the best of this world!

Business Blogging Is The Real Deal

Since the time online business started to gain popularity, blogging has been the top choice for many of us to make money online without investment whatsoever. Business blogging is as important to a business as any other form of marketing, if not more. This form of blogging is extremely promising as it helps a business increase its visibility online, helps in brand awareness, helps in connecting with future prospects, and all this ultimately supports the growth of a business. If you are an amazing writer with a passion for marketing, this might be your calling.

Become A Content Creator

Digital space has really helped many of us find platforms where we can share information with our connections, followers, or subscribers in the form of videos, online courses, webinar, etc. since the time the pandemic hit the nation, a huge number of people have been observed to have started their own youtube channel and we are not complaining. The internet, especially youtube has leveled things up for everyone and it’s a fair game. If you have talent, you will grow. It’s only a matter of time before you find your audience and start making good money out of it. All you need is to record video and upload it on YouTube.

Business Consultant

With so many professionals leaving their full-time jobs to embrace entrepreneurship, business coaching has started to emerge as a prominent business itself. If you have a great understanding of how a business works then you might want to put your expertise to good use. Consultants evaluate an issue and set up an answer with attention to measures. Most of the time, after clarification and help with implementing the suggested solution, the consultant’s work is finished.

The trick is to understand that online businesses are not all about e-commerce activities, it goes way beyond that. Find a niche for yourself that is profitable and enjoyable and give it all a sincere push by putting your best foot forward, your hard work, and your determination.

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Startup

5 Mistakes Which Startups Should Avoid While Starting a Business

Startup Growth
Startup Growth (Photo Credits: Pixabay)

Starting a business is not an easy job. There are a lot of things that need to fall into place. You may have the right idea, but lack in marketing it, therefore there several crucial decision that needs to be made while running a business. More caution needs to be exercised especially if your business is small and it is a startup.

One poor decision can hurt the potential for success, or at least set you back. While there is no fool-proof plan for success, but there are some commonly committed mistakes, which can be avoided. Here are 5 mistakes, which startups and small businesses need to avoid at any cost.

Not Having a Plan

Small companies often fail to make a mark because they lack a proper plan. Planning may be tedious, but without a solid plan for your business that includes business idea research and market potential, you will be operating in the dark.

Lack of Market Understanding

When you launch in the market, you need to have a proper understanding of the space where you are working, including the competition. Never underestimate your competition and analyse their strengths and weakness wisely.

Hiring More Than Required

Never do this mistake of hiring more employees than what is required. Based on the budget allocated for a particular profile, companies should never hire more resources than what is required. One needs to remember that it is a small company and the resources are limited. Companies often make the mistake of hiring more than what is required and then they end up firing them.

Spending Too Quickly:

The most important thing which startups and small businesses should keep in mind is to spend wisely. In the initial few days, one might see that investing money is giving good returns, which might prompt them to spend more. However, there should be planning and based on which, companies should spend.

Planning only for success:

It is very important to be prepared for failure. What will happen tomorrow is not known to anyone. There can be a lot of factors that can hinder the growth of a business. For e.g, the coronavirus pandemic has caused several businesses to wind up. At the start of this year, no one could foresee that the pandemic would take such an immense scale which would make the economy dwindle. So don’t start a business, buy planning only for success. There will be times, and days when things will not go as per the way you want. So be prepared for it.

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Startup

Zomato, Toppr, Rebel Foods & Other Startups Raised Funding Amid COVID-19 Pandemic; Here Are 5 Indian Startups Which Closed Funding Deals

Startup
Startup

Mumbai, October 6: The year 2020 has not been an easy year so far due to the pandemic, from the rising infections, increasing deaths to job losses, businesses being shut to the dwindling economy. However, there have been few players who performed well and managed to hold high in spite of the challenges laid out on their path.

The crisis has also seen some startup raising funds and closing deals. Here is a list of five startups who raised funding during the coronavirus lockdown.

Cloud Kitchen Hoi Foods: In May 2020, Cloud Kitchen raised $2 million in a Pre-Series A funding round led by 1Crowd. The cloud kitchen startup also saw participation from Sprout, Angelist, Samar Singla (Founder of Jugnu), Jaideep Mehta (CEO of VCCircle), Mukund Kulashekaran (SVP of Business at UrbanClap), and other

Zomato: Gurugram-based Zomato closed four rounds of funding, securing its latest round of $100 million in September from Internet Fund VI Pte Holdings.

Toppr: In July, ed-tech startup Toppr raised Rs 350 crore in Series D round, led by Foundation Holdings, with participation from existing investors, including Kaizen Private Equity.

Rebel Foods: In April 2020, cloud kitchen operator Rebel Foods raised $50 million from existing investor US-based hedge fund Coatue Management, according to its filings with the Registrar of Companies.

JetSynthesys: In July 2020, gaming and entertainment startup JetSynthesys crossed 100 million users across 180 countries. It raised an equity round of Rs 300 crore led by Adar Poonawalla and Kris Gopalkrishnan.

According to a report published earlier this year, the funding in Indian tech-led startups rose by 14 percent in the first quarter of 2020 as compared to the same period last year, yet only 16 percent startups and SMEs had the cash to survive for more than three months revealed a study in June.

The consumer confidence collapsed in May 2020, with the Current Situation Index (CSI) touching historic low and the one year ahead Future Expectations Index (FEI) also recording a sharp fall, entering the zone of pessimism, as per the Consumer Confidence Survey (CCS) released by the RBI during the COVID-19 lockdown.

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Business motivation

Start An Online Business And Become More Successful Than Ever

फिशिंग अटैक
फिशिंग अटैक से बचने के तरीके

 If you have been thinking for a while about when to start the business of your dreams, now is the best time. The world has progressed a lot in terms of technology and innovation, and any entrepreneur worth their salt knows that with the kind of tools available today, growing a  business has become much easier. The best option these days is to start an online business considering almost the entire world has shifted online. Whether you are financially sound or not, you can always start an online with minimum to no investment with a wonderful advantage of connecting with a wider audience/consumer base to showcase your skills and making money out of it.

Observing the power and raging popularity of online businesses, we are presenting to you some of the many reasons that are convincing enough for you to either start an online business or take your present business online. Let’s get started.

It Won’t Burn A Hole In Your Pocket

Starting an online business is just going to cost you peanuts, it is that inexpensive. There are some online businesses that you can even start without even investing a single penny. There have been cases where people just started their online business with only Rs, 10,000, and grew their businesses exponentially thereafter because of the connection with the worldwide audience. The fact that you can outsource most of your work and do not require to hire full-time employees is another thing that will save you a lot of money.

Helps You With Work-Life Balance

For ages, the professionals/entrepreneurs as well as their families have been complaining about the work-life balance. This is one of the many reasons why online businesses are being preferred these days over anything else. It allows you to work Depending on what kind of an online business you choose, you can end up making a schedule for you that allows you to have a life of your own and some downtime to relax. Another huge advantage of running an online business is that you are free to choose whichever location works best for you. You can end up working on a bench in a=park surrounded by greenery or far away in the mountains away from the hustle and bustle of the city. 

Growth, Income, And Development

What happens when you move your business online? You expose your business to a wider set of audiences. However, it is of extreme importance to learn and implement some very important techniques such as internet marketing, search engine optimization, and social media optimization in order to reduce your working hours and encourage growth for more income.

Your online business encourages growth in many ways such as it runs 24*7 without you being present there to monitor every single activity. People will check your website, buy the product, make the transaction, and leave happily while you are asleep dreaming of how to grow business even further. Running an online business is a process that will earn you very good money given that you are consistent, continuously learning, and implementing those learnings.

Get To Be Your Own Boss

If you have been looking for an opportunity to get rid of the job that makes you follow orders that you do not even remotely identify with, online business has come to your rescue. Now that you have gotten a hang of professionalism, why not put that professional experience to best use working for yourself and making much more =money than you already have been making? Even if you are not at all bothered by your job and your boss, it will still prove to be a better experience for you to develop new skills and inspire the leader within you.

With online businesses, we can not manage to see the end of possibilities and the amazing ideas that you can start with an extremely low investment. Now that you clearly see that there won’t be unnecessary costs and bills to take care of, there will be flexible working hours, and you will get to work wherever you want, we don’t know if you are left with any good reason not to give online business a try. Just know that E-commerce has taken over the retail world and if you want to get a piece of this cake, now would be the best time to join the party.

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Startup

Startups That Have Independent Directors On Their Board Benefit From the Mediation Role Played by Them During VC-Founder Rift: Study

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

New Delhi, October 5: Startups that have independent directors on their board benefit from the mediation role played by them, according to a working paper by Michael Ewens and Nadya Malenko for the US National Bureau of Economic Research. However, they are not legally obliged to have independent directors on their boards.

According to a Livemint report, studying a sample of 7,200 VC-backed startups in the US, the researchers reported that at the first financing, a startup board has three members, with most of the power vested in the entrepreneurs. However, in the successive rounds of financing, the power and control shift from the entrepreneur to the VC.

The authors found out that the board of an average startup has two seats held by VCs, 1.7 by entrepreneurs, and 0.8 by independent directors. As the investors take up the role of monitoring and advisory in startups, the role of the independent directors is more of a tie-breaker in case of disagreement.

However, the authors have also highlighted that this mediating role played by the independent director may not produce the most optimal outcome. It further observed that the bargaining power of VCs in comparison to entrepreneurs in startups has reduced over the course of time due to the deregulation of private equity markets and the entry of non-traditional investors.