Author: Nishant Kapoor

Categories
Business Case Studies

How to Build a Successful Franchise Business

  • Franchise is one of the easiest and fastest ways of expanding a business. If you want to know how to build a successful franchise business, you need to first clear about different franchise business models.

Once you are clear with the franchise business model, you can look forward to investing your money in an established brand or even can set up your own franchise chain.

Before getting into the details of how to build a successful franchise business, let us first understand why businessmen are more interested in expanding their business through franchise business.

Why go for Franchise Business?

One of the reasons that people go for a franchise business is its increasing success rate and decreasing failure rate.

    • In franchise businesses, the startup cost gets minimized because the working model is already made, and you don’t have to invest in various combinations to make your business come on track.
  • In this business, you get a master franchisor that helps you in developing the skills to run and expand the business.

There are many advantages as well as disadvantages in the franchise business.

Let us first discuss what makes a franchise successful.

Advantages of Franchise Business

1. In this business, you get a proven trademark, logo and an established brand name.

2. An established working business model.

3. You get the customer’s ready footfall.

4. Everything is already defined be it the content, context, training, or print.

5. A system to train your manpower.

6. In some brands, you also get the support of the national marketing team as well. This saves the investment of your extra money and time because the marketing is done by the team for you.

Disadvantages of Franchise Business

1. Higher Entry Cost and Ongoing Cost

If you want to know how to build a successful franchise business, then you should understand that taking up the franchise of an established and popular brand will cost you a lot. You have to invest a good amount of money.

On the other hand, if you start your own burger shop the cost reduces to almost 10% and the profit also increases.

There are several franchisors that will give you their own infrastructure, software, database, and computer but in return, they will:

  • Keep a tight eye on what you are doing; you will be under strict surveillance.
  • Check the standard of the place, the database and everything, regularly.
  • Not support you as you would have expected.

All they are interested in is royalty.

2. Lack of Flexibility

Do you want to jump into a business where the possibility of bringing in some other product becomes zero?

  • In this case, you will not be able to bring in any new ideas or variations.
  • You will just have to stick to the basic standards and follow them.

Big brands standardize their processes and products as this is what makes a franchise successful. However, this restricts the franchisee.

 

The bigger the brand the stricter will be their rules and norms because they already have a large customer base.

So, choose wisely before you join hands with someone for kick-starting a successful franchise business.

3. Thorough Research

Thorough research of the brand whose franchise you want to take is one of the important factors of how to build a successful franchise business.

If you are willing to take the franchise of a brand, then do check that what it’s market status is because your brand will also be known with the parent brand.

 

If your parent brand is not going well in the market, your reputation will also be hampered irrespective of the efforts and money you invest in it.
So, you should do the following:
  • Check the brand’s product, positioning, and pricing.
  • Go and meet the other franchisees of the brand and ask them about:

1. Gap between what they expected and what is deliverable.

2. Gap between commitment and achievement.

3. Support from the company.

The above points are the factors that make a franchise successful.

4. Check the Failure Rate

Now after meeting the existing franchisees, you must go and search for some of the franchisees who have been shut down.

  • Go and have a word with them to get an insight and the problem due to which they were forced to close down.
  • You have all the right to know that where was the problem, was it with the franchisor or the franchise.
  • Check on the internet and decide only after you have satisfactorily done your research.

5. Franchisor Controls all the Cards

After finalizing the brand you want to work with, the documentation is the next most important part of how to build a successful franchise business.

  • Before you sign the papers, get assured that they are benefitting you as well.
  • Let your lawyer read the terms and ask him for guidance.
  • Carefully go through the agreement before signing and if needed negotiate things with the franchisor.

6. Consider Doing it Yourself

It is true that joining with a big brand will give you big business and will demand big investment but on the other hand, sometimes things can go well for your brand as well.

Who knows the brand you built that is low on business and investment could boom up and become a bigger brand.

Business is not rocket science; it needs possibility, passion, a business mindset, and some analytical ability.
Hope these points will prove to be helpful on how to build a successful franchise business.
Categories
Motivational

Learn How to Develop Personal Effectiveness with 3 Tips in 2025

how to develop your personal effectiveness, increasing personal effectiveness
  • Every manager in an organization someday wants to become a leader of an organization.

But do you know, what matters the most in becoming a leader? It is ‘people skills’.

“The higher you go in an organization, 90% is people skills and only 10% is technical skills.”

If you want growth, develop your technical skills.
If you want to grow more, then develop your managerial skills.
For unlimited growth, develop your people skills.

So, you have to develop people skills for growing from managerial positions to leadership positions.

But before dwelling into how to develop ‘people skills’, let’s understand the difference between ‘personal power’ and ‘positional power’.

Personal Power vs. Positional Power
Let us take an example to understand the difference between personal power and positional power, and how to develop personal effectiveness from them.

For Example
Mahatma Gandhi had personal power while Rahul Gandhi has positional power. Similarly, Amitabh Bachchan has personal power while Abhishek Bachchan has positional power.

So ‘personal power’ means ‘ability to influence masses by virtue of their own charisma. On the other hand, ‘positional power’ means ‘deriving power from the position, and it may or may not influence the masses’.

Which kind of power would you like to develop?
According to Verse 3.21 of Bhagavad Gita:

yad yad acharati srestha tad tad evetaro janah

It means ‘जैसा जैसा, वैसा वैसा’, that is, ‘Leading by Example.’
To put it simply, the way a leader does anything, the followers will also do the same.
However, it is not necessary that followers will obey everything instructed by the leader.

Leadership is not by positional power, it is by personal power.
Leadership is not by instruction; it is by inspiration.

So, before developing interpersonal effectiveness, you need to work on increasing personal effectiveness to be a successful leader.

Below given are some of the tips on how to develop your personal effectiveness:

Tip #1: Don’t See Things Worse Than They Are

In an organization, various things happen around you, don’t see things worse than they actually are.

You don’t behave based on what has happened to you, you behave based on what you feel has happened to you.

When you feel bad about something, you behave badly. When you do so, it creates a Negative Cyclic Reciprocation.

When you feel negative, you deal negative.

Tip #2: Try to See Things as They Are
When you try to see things as they are, you give benefit of doubt to a given situation. This, in turn, enables you to see things with a newer perspective. So,

When you change the way you look at the things

The things you look at they change

For Example
If you clicked pictures of a mountain, ocean, or a building and the picture taken is not looking good, then what you will do?

Do you shift the position of mountain, ocean, or building? No, you cannot.

You have to shift your vision to take a better picture. So, change your vision to look at things that are where the need arises to increase personal effectiveness.

Tip #3: Try to See Things Better Than They Are
When you see things better than they are, then you will behave better and develop people skills. It will also help you to develop great relationships.

Beyond a particular point, it is not your technical skills that help you grow; it is your people skills that help you grow. Hence you need to focus on increasing personal effectiveness, not positional effectiveness.
You have to feel better if you want to deal better.

Categories
Motivation & Mind Control

3 Tips to Improve Concentration and Memory

Yesterday, when you went out, you would have seen a lot of vehicles, people and many more things. But how many of those you still remember? None, am I right?
Why did this happen? It is because your subconscious mind didn’t register them at all.
Now, let us understand why did this happen. If you are able to understand all the facts here then you can easily improve memory and concentration more than ever before.
Let’s see three tips to improve concentration and memory.
Tip #1: Unusual Gets Noticed

If you see something weird, unusual or different from others, your subconscious mind captures it and registers it. Like, a baby of a monkey playing with a tiger cub or a car moving in a river.
This creates an image in your subconscious mind, later; your conscious mind can easily derive the information from it.
So, if you want to learn something and remember it for a long time, then give it a different name something very unusual or picture it in an old fashion.

Tip #2: Extreme Emotion, Good or Bad

People tend to remember something that is related to their extreme emotion be it good or bad.
People remember the extreme cold, extreme summer, extreme happiness, and extreme sorrow. Something that is very good or bad will also be remembered for a long time.
There is a cycle that is created from this picture which results in action and action again sows the seed of a new picture.

Tip #3: Passionate Conscious Goal Statement

A powerful goal statement is key to improve memory and concentration.
Whenever something new goes inside your mind, it registers and stores only what is fruitful to you.
If the data does not help the mind in achieving any goal, then it will leave the data. The conscious mind will take its own decision when you hold the goal statement.
For Example
If you as a student want to learn a subject and you have an interest in it, then you can easily learn it.
On the other hand, if you read something that is uninteresting, then you will have to learn it forcefully.
There are two patterns of thinking ’ Structured Pattern and Accidental Pattern.
In accidental pattern of thinking
, your data is not structured and your mind faces a lot of problems while taking a decision.
In structured pattern of thinking
, all your data is in a well-structured form and the mind does not have any problem in registering things and then finding it.
If you will use any of the above three tips to improve concentration rigorously then you will certainly be able to achieve your goals successfully.
Categories
Business Case Studies

How to understand consumer buying behavior?

Introduction

  • Do you understand consumer buying behavior?
  • Do you want to retain your customers?

Consumer behavior plays an important role in the positioning of your product. So, before launching a product it is certainly inevitable to understand consumer buying behavior.

Variety Seeking Buying Behavior vs. Habitual Buying Behavior

You need to ascertain whether your consumer is exhibiting a ’variety-seeking buying behavior’ or ’habitual buying behavior.
A consumer exhibiting ’variety-seeking buying behavior’ is always looking for buying something new or options. He can never be your permanent consumer.
On the other hand, a consumer exhibiting ’habitual buying behavior’ is not looking for any options. He has developed the habit of buying your products only.
So, whom to focus on? Naturally, the second type of consumers.
But, do you know how to convert a consumer from ’variety seeking from buying behavior’ to ’habitual buying behavior.

Let us take some case studies to understand consumer buying behavior.

#1: PepsiCo

Indra Nooyi, the global CEO of PepsiCo, has earned so much esteem that she was once the part of the advisory team of the American president.

But, when it comes to the products of her company, she goes to the malls and checks all the products with respect to ’Shelf offtake’ and understand consumer buying behavior.

Shelf Off-take means ’How the product is looking in the shelf and how much the customer is interested in buying it?’

She is not just making product innovations, but also bringing innovations in the product designs.

Why?

Because: Designs have a significant effect on the consumers’ buying behavior.

For Example

Indra Nooyi once found that the size of ’Sun Chips’, a product by Pepsico, was much bigger than the bite-size making it difficult for the consumers to eat it.

She not only changed the size of the Sun Chips but also brought changes in its packaging, form, functions, design, and layout of the product.

#2: Coca-Cola

One of the most selling products of Coca-Cola in America is Diet Coke but in India, the scenario is completely different.
In America, sugar is one of the biggest health issues and regular coke contains a good quantity of sugar.
So, Coca Cola came up with Diet Coke that does not contain sugar and is successful in America.
However, in India, a huge population is still malnourished, so, even if they consume more sugar in the form of regular coke nothing will happen to them.
So, after understanding the consumer needs and their behavior, TKK Krishnakumar, the Indian Head of Coca Cola, decided not to take the Diet Coke beyond tier 3 cities.

#3: Nike and Adidas

Both these companies deal in sports gear, wear, accessories, and shoes. They faced a lot of problems when they entered India.

Later, they understood the behavior of Indian consumers and promoted their products accordingly.

For Example

In the North-western states of India, cricket is a popular sport; people here are a huge fan of Sachin Tendulkar, whereas in the South-Eastern as well as North-Eastern states football is the popular game and everybody wants to become Maradona.

Based on this consumer behavior and preferences, Nike and Adidas have positioned and promoted their products in different parts of India.

#4: McDonald’s

When McDonald’s entered India, it failed. Later, they studied the consumer behavior of India and found that Indians use potato as a snack in one or the other form.

So, they introduced Mc Aloo Tikki, which got highly successful in India.

#5: Health Drinks

In India, all the health drinks related to lactating and pregnant mothers failed but children health drinks got highly successful.

Why?

Because: Indian mothers are more concerned about their children’s health than their health.

So, they buy a drink that helps their children to grow well.

#6: Johnson & Johnson

Johnson & Johnson studied the behavior of urban mothers in India. They found that the Indian urban mothers are alone at their homes.

There is nobody to advise and help them with what they should do to grow their children well.

After understanding this, Johnson & Johnson launched the ’Best for a Baby’ campaign.

As part of the campaign, they provided content about everything that could help a mother to keep their babies protected and safe.

They also gave many problem-solving videos on their YouTube channel.

With this, they created their recall value among the Indian urban mother before positioning their product.

Do not introduce any of your products before studying consumer behavior, otherwise, you may get fail.
With these consumer buying behavior examples, you can ascertain the market need and integrate the requisite changes in your product.
Categories
Marketing

Tips for Understanding Consumer behavior

Introduction

  • Are you an entrepreneur who wants to become a game-changer in the market?
  • Are you planning to run an ad campaign for your product in a new market?
  • Do you know the importance of consumer behavior in business? 

Launching a product in a new market is not a big thing. But, launching it without understanding consumer behavior of that market is certainly a big thing. 

It may boomerang and lead to devastating results for the concerned business!

The consumer’s behavior understanding should be the top priority for any businessman. In fact, it should precede your nature & type of product, it’s launching, it’s pricing, and its positioning into the market.

So, let’s understand importance of consumer behavior first.

Understanding Consumer Behavior

The behavior of a consumer in buying a product depends on various factors. Depending on the factors, a consumer wears different hats or what we say ‘Buying Roles’.

These ‘Buying Roles’ are:

Initiator – Influencer – Decider – Buyer – Consumer

Initiator: A person who starts the discussion for buying a product.

Influencer: A person who vets the initiator’s decision.

Decider: A person with all powers to take a decision on buying the product.

Buyer: A person who finally purchases the product.

Consumer: A person who consumes the product.

How to Study Consumer Behaviour?

Before deciding your product, positioning its price and profit, you have to develop the ability of understanding consumer behaviour.

You need to understand importance of consumer behavior; that what consumers of a particular

geography need. You have to study following aspects of consumers:

Psychographic | Demographic | Ethnographic | Geographic


Make Perfect Consumer Profile

To study the consumer’s behaviour you have to prepare profile of your target consumers on the basis of following factors: Age, income, gender, marital status, education, location, race, ethnicity, religion, occupation, industry, values, social class,  personality, mindset, urban/rural, lifestyle and aspirations.

Having understood the importance of consumer behaviour, now we will showcase some case studies pertaining to consumer behavior.

#1 Pulse Polio Campaign

The Pulse Polio Campaign was launched by the Government of India in association with World Health Organisation (WHO) in 1995. Amitabh Bachchan was made the brand ambassador of that campaign.
In the campaign, he was seen requesting people to get their babies immunized at Polio booth on given dates.
However, in the first five years of the launch, the campaign failed to drive the mothers to the Polio booths to get their babies immunized from this crippling disease.
Shocked from the campaign’s failure, they decided to go door to door in small towns and villages to understand people’s behavior; “why are they not coming at Polio booth to get their babies vaccinated?”
After studying people’s behavior in the village for months, they came to know that in rural areas, elders were responsible for taking important decisions of household, while babies’ mothers and fathers had little control over it.
Portraying Amitabh Bachchan as requesting people to get their babies vaccinated, had no impression on the minds of elders because they had an image of Amitabh Bachchan as a young angry man.
It led them to change their strategy by portraying Amitabh Bachchan as an angry young man, rebuking people for not taking their babies at Polio booth.
It left a long-lasting impression on people’s minds, and the campaign has been successful in eradicating polio from the country.
#2 Cadbury’s in Early 1988
Cadbury until 1988 used to target children as 78% of their target consumers were children. But they used to leave eating chocolates after growing up.
The result was; Market saturation for the Cadbury in early 1988! They were struggling to retain the market.
In 1990s, in order to sustain and expand their market share, they took a bold decision to “remove children from their ads”.
Cadbury re-directed their campaign strategy to target youths by launching “Kya Swad Hai Zindagi Me” campaign.
Since then, Cadbury gradually moved from “children to youths to the family” with advertisements like Shubharambh and Kuch Mitha Ho Jaye.
They influenced the buying behavior of people of all ages through repositioning their brand by changing their campaigning strategy frequently.

#3 Gillette

Before launching their Gillette shaving razor vector in India, Proctor & Gamble (P&G) did a study on Indian students at the Massachusetts Institute of Technology (MIT) for analyzing the buying behavior of Indians.

They thought that the “Made in USA” brand will be enough for their product to be successful in India.
However, they tasted failure! Why?
Because they perceived Indian consumer’s behavior from the angle of Indians in the United States (US).
Never launch a product without having an understanding of consumers’ behavior of the target market.
Realizing their mistake, they brought major changes in their product as per the “needs of Indian consumers” after understanding consumer behavior in India.
Their repositioning brought them seamless success over the years. Today, it is the number one brand in the men’s grooming sector in India.
#4 Maruti Suzuki

Have you heard of Maruti Suzuki’s Alto car? It is one of the world’s highest-selling cars.

Do you know that even after 15 years of the launch of Maruti Alto, it is being sold at the same price?
Even inflation is not able to alter the Maruti Alto’s price!
But how it is happening?
Because Maruti Suzuki kept on repositioning it’s Alto as per the consumer’s behavior and needs.
Maruti Suzuki does a lot of study and research before launching each and every edition of their cars.
These case studies along with the understanding of consumer behavior will help you make your campaigning strategy successful.
Categories
HR & People Management

Improve Employees Performance Using the Skill Will Matrix!

मैन्युफैक्चरिंग सेक्टर
मैन्युफैक्चरिंग सेक्टर

Introduction

  • Do you want to bring transformation in your company?
  • Do you want to increase the productivity of your company?
  • How can you improve the performance of employees with the skill will matrix?
If you are a million-dollar company, you can become a billion-dollar company just by practicing the Skill Will Matrix. This matrix can bring a complete change in your company.

Skill Will Matrix depicts four kinds of people working in your organization. These are:

Monkey

These are the people who have recently joined your organization.

they have a high will and low skill
.

They do not know- what to do, why to do when to do, where to do and how to do. They want to do something great in the organization.

Star Performers

These are the people who hold important positions like department heads and senior and old people in the organization. They have high skill and low will.

They know what to do, why to do when to do, where to do and how to do. They do not want to do anything due to the long vintage in the organization.

Parasites

These are the people who join an organization and start identifying the employees who have good authority in the organization and take shelter from these employees.

They neither have the skill nor will.

They do not focus on identifying what to do. They do not want to do anything in the organization.

Visionaries

They are the top people of the organization including CXO, CEO, and other senior people. Do they have high skill and high will.

They know everything and work very hard for the success of the organization.

Identifying Most Dangerous People for your Organization

Star performers are the most dangerous people for your organization. Why?

The reason is simple!

Star performers are the oldest people in the organization. They know what to do and how to do but they do not want to do.

Parasites take shelter under star performers and they also do not want to do any work.

As a result, a negative political nexus is formed in the organization.

When new employees go to the star performers to learn something, the departmental heads neither tell them nor encourage them due to some insecurity.

As a result, the enthusiasm and confidence get low. They stop taking initiatives in the organization.

What should Visionary do to change the Organization?

  • Start the evaporation and purification of star performers.
  • Start coaching and counseling of star performers.
  • Ask some of the star performers to leave the organization. This will destroy the negative political nexus build between the star performers and the parasites. Some parasites will also leave the organization and others will start moving towards visionaries.
  • Start training the monkeys or new employees. They have the will, if you give them skill, they will become the visionaries.

In Vedic scriptures as well, it is written:

tatra laulyam api ekalam mulyam Janma-koti-sukrtair na labhyate

The intense desire to perform something is the only one qualification needed by a man to actually grow and bounce back in tough times.

Start recognizing people with high skill will matrix and ownership taking ability, give them promotion and take them up and train them.

Categories
E-Commerce

10 Tips for Starting an E-commerce Business in 2025

According to a survey, in the next 3 years, that is until 2025, the market size of

e-commerce will expand by more than double from what it is right now.

E-commerce will help you to expand your business at a minimum cost.

Here are some 10 points that you need to prepare on before starting an e-commerce business.

Tip #1: Key Strengths of the Marketplace

If you are making a product that you want to sell to the entire world, then you should choose your marketplace wisely.

First, choose your marketplace according to the nature of the product, you want to sell.

If you want to sell apparel, then Koovs, Myntra, Jabong would be best; if your product is related to electronics to transportation, then Yatra, MakeMyTrip would best and henceforth.

Other than this, before starting an e-commerce business you should also look for a marketplace that has good reach, transaction ease, customer friendly, goodwill, good customer base and best for your product.

Tip #2: Look for the Quality and Level of your Competitor

In a marketplace, you will find a lot of competitors. So, before jumping in, carefully analyze the behavior of the competitor, the pricing and range of their products, their policies, shipment processes and the discount they are giving. This will help you to make your own policies and strategies to market your product and beat the competition.

Look for a marketplace where there is a large number of customers and competition is low.

Tip #3: Catalog and Presentation Catches the Eyeball Attention

The presentation and catalog play a vital role in the online market because the customer cannot touch or feel your product. So, work hard on what you have presented in the catalog.

If you properly give details about your product in a presentable manner, then you can grab the attention of your customers and they will definitely buy your products.

Tip #4: Merchant Support Service

You will get different types of merchants in the marketplace like small, big, niche, and expert merchants.

You need to select a merchant which handles your customers’ queries and help you in making policies, displaying your products, and giving discounts.

Tip #5: ROI, Fee, and Margins

Before starting an eCommerce business, you need to identify:

  • How much margin you are getting from it?
  • What fees they are charging on returns?
  • What is their cancellation policy?
  • Which product is not available in the marketplace?

You should also determine which marketplace is providing better ROI in terms of visibility and sales.

Tip #6: Shipping Charges and Mechanism

Do you prefer shipping your products all by yourself or you want the marketplace to do it for you?

Different online portals have different schemes and charges for shipping your products.

If you are selling your product in the regional market, then it is better that you do the shipping yourself.

However, if you do not want to get into the fuss of shipping, let the marketplace do it and you just need to pay the charges for it.

For example
Flipkart usually charges 10%, if you ask them to ship your product.

Tip #7: System Access and Control

Before selecting a marketplace, you should know how much system access and controls a marketplace is giving to you.

Some marketplaces will not give you good access control and some will not even let you showcase all your products.

For Example

Amazon never shares the email Id of their buyers, as they say, it is not your buyer it’s our buyer. They are just taking your product over others.

Tip #8: Payment Mechanism

While starting an e-commerce business, do take care of the payment mechanism that the marketplace offers because you are investing in it; so, you’ll like to get good returns at a fixed interval of time.

If you are not getting the payment on time even after your stocks have sold out, then you won’t be able to buy new stock.

Amazon takes 14-90 days to pay back their customers, Flipkart takes 45-120 days and ShopClues takes 30-90 days.

Tip #9: Returns and Refunds

Sometimes, the marketplace gives a very small margin and it takes away all your money from the refund and return cycle. How? Let us study some cases.

Categories
Finance

Do You Want to Invest in Learning or Earning?

पटरी पर लौट रही अर्थव्यवस्था
पटरी पर लौट रही अर्थव्यवस्था

Introduction

  • Do you want to get unlimited growth in your life?
  • Do you want compounding growth?
  • Do you want to invest in learning?

Everyone is running after earnings, but sadly no-one wants to invest in learning. If you invest in your learning, earning will follow automatically.

”Best investment in your cash can anytime Crash, but the Best Investment in your Brain will give you the highest Gain.”

– Dr. Vivek Bindra


To understand the reason of why invest in yourself, read through the complete article.

 

Compounding Inflation

 

Compounding inflation shaves off your saving accounts. Before understanding compounding inflation, let us understand what is compounding effect.

When interest is applied to the interest of the principal amount, it is called compounding interest. This is the compounding effect.

 

So, inflation is decreasing your buying and purchasing capacity. It is eating away the actual value of your money.

Let us understand this with the help of some examples.

For Example

In 2000, the average fee of doing an MBA from an average college was Rs 200,000. The consequent salary package of that MBA student was Rs 300,000.

In 2015, the average fees of doing MBA was Rs 2,000,000 and the salary package that MBA students got was Rs 900,000.

This shows that the cost of education has increased 10 times but the cost of earning has increased only 3 times. This is called inflation.

 

Inflation is not just reducing your return on investment but it is also including negative growth.

 

Example:
If the inflation rate is 8% and you are getting a return of 4% on your savings account. This implies that you are de-growing by 4%. It means that 50% of your money value is de-growing.

You are not experiencing growth in your life because the rate of inflation growth is higher than or equal to your salary growth.

Compounding Growth

If you are growing with compounding growth, then the inflation will become very small and you will become powerful.

Suppose 3000 Assistant Managers are promoted after every 3 years turn-by-turn in the car manufacturing company.

 

By this logic, there should be 3000 Directors and 3000 Chairman.

But this is not the case!

 

There is only one Chairman and a few Directors because people in lower bands are promoted initially but later their promotion takes place slowly.

 

Why invest in yourself?

When you stop investing in yourself, after a certain time, the turn-by-turn promotion stops coming.

You can get compounding growth only by ’out-of-turn promotion’ in which the salary packages increase with a very high percentage.

In such a case, an increase in inflation will not affect your growth.

 

How to get out-of-turn promotion?

You can get the out-of-turn promotion by investing in your brains.

All the millionaires have not become a millionaire by investing in the market but by investing in their business and their brains.

 

Whether you are an employee or an employer, there is only one way to grow – invest in learning, investing in your brains.

Some examples of millionaires who invest in learning:

Successful People Reading Habits
Bill Gates Reads 500 pages book in a day and 50 books in a year
Oprah Winfrey Reads one book in a month
Mark Zuckerberg Reads a book in every two weeks
Warren Buffett and Elon Musk They say that they are successful only because of reading book
So, eliminate the effect of inflation on your growth by investing in learning and the brain.

 

Categories
HR & People Management

7 Most Critical Recruitment Process Steps

Hiring is a systematic process which decides your company’s fate. A wrong person hired in a hurry, without following the appropriate process, can ’disrupt your whole business’ and become the headache for your company.

A productive employee can make your business and an unproductive employee can break your business.

Hence, the hiring process is very crucial for building an organization’s future.

Below given 7 significant recruitment process steps
will help you hire the right person at the right position with the right process, which will help your organization grow.

Tips#1: Prepare, Plan and the Process

Before hiring a person you have to prepare the whole ’hiring process’ to access the qualities and capabilities of a candidate. You have to prepare:

  • Detailed job analysis
  • Job description and specifications
  • Job responsibilities
  • Job summary
  • Job purpose and importance
  • It’s value and contribution to the growth of a business.

It is a prerequisite of a recruiter to inform the candidate about the challenges he/she is going to encounter at the concert position.

Moreover, you have to prepare a systematic process to evaluate candidates-

  • Education
  • Experience
  • Skills
  • Knowledge
  • Competencies
  • Roles & Top 3 future goals

Tip #2: Internal Promotion or External Hiring

Before hiring an external person, you have to ascertain whether it can be replaced through internal job rotation/promotion or not.

Promoting an internal employee at a higher level of instills faith among your employees, which is good for your organization.

However, if you have decided to hire an external person, then you have to select an interview panel of expert and experienced persons in order to ascertain all aspects of a candidate.

It must include cross-functional people to judge different competencies of a candidate before hiring.

Tip #3: Cultural Fit

Another most important factor during the hiring process is whether an external person will be compatible with the working environment of your organization.

You need to ask the candidate:

  • What kind of working culture and environment does he like?
  • Which kind of boss does he like?
  • What is his dream job?
  • What is his comfort level?
  • What is his cultural background?

You must also figure out whether he/she is a team player or a single player.

Tip #4: Evaluate the Potential, Performance, Skill and Will

The interviewing process must evaluate the following traits of a candidate:

  • Potential:
    The interview process should be designed in such a way to judge the capabilities of a candidate which can be crucial for your organization’s growth.
  • Performance:
    Go through his performance in the previous job to check his performance.
  • Skill:
    Evaluate technical and soft skills which are required for a particular position.
  • Will:
    It is very important to access the level of commitment of a candidate towards his work.

While evaluating the competencies of a candidate, it is imperative to ensure that a candidate is neither a job hopper nor he has a long gap in career. Evaluate his promotions and talent progression in previous jobs.

Tip #5: Check the Hard Skill and Soft Skill

In your recruitment process steps following hard and soft skills need to be evaluated during the interview process:

Hard Skills:

  • Functional core competencies
  • Technical skills
  • Knowledge of statistical analysis and data mining
  • Network Information System
  • Digital Marketing (SEO or SME)
  • Accounting or Finance

Soft Skills:

  • Communication skills
  • Leadership, Motivation, Persuasion
  • Flexibility, Patience
  • Team Work, Problem-solving ability
  • Decision-making ability
  • Public Speaking, Verbal & Visual Communication

Tip #6: Check the Background and Reference

In order to ensure the best recruitment process, it is necessary to check the working performance of a candidate in his/her previous organization.

Most of the organizations do not check the background of a candidate before hiring, which sometimes results in hiring a candidate with an unimpressive record.

Categories
Motivational

How to Convert Failure into Success

घाटे में एमएसएमई सेक्टर
घाटे में एमएसएमई सेक्टर

Introduction

  • Have you failed in your personal or professional life?
  • Do you want to know how to overcome failure and achieve success in life?

If you never fail in your life, it means you have been playing way too safe. To grow everyone has to take risks in life.

The biggest risk in life that you can take is not taking any risk at all.

No man in history became successful without taking a risk. You have to take a risk which may fail you many times, but failing repeatedly will tell you how to convert failure into success.

Following are some tips that will help you direct your failure to success:

Don’t Make Excuses for your failure

Don’t complain that you failed due to the scarcity of resources.

Even if you don’t have resources, you have seamless potential to generate resources. Even if you don’t have the talent to become successful, you have the potential to create talent.

Now, let us understand how to convert failure into success.

You Have Seamless Potential

No matter how adverse situations are, or what talent and resources you have got, you have to imbibe enthusiasm to convert repeated failures into success.

According to 7th versus in 15th chapter of Bhagavad Gita:
mamaivamso jiva-loke

jiva-bhutah sanatanah

The verse says, ’All the living being in this world are my (Lord Krishna) eternal fragmented parts.’
In other words, Krishna has unlimited potential, therefore, you have the benefit of his unlimited potential because you are the part and parcel of Lord Krishna.

Make Maximum Use of Possibilities

Many people complain that they didn’t get a chance in their life to
become successful They go on magnifying difficulties and overlook seamless possibilities around them.

In mathematics, one problem has one solution, but in real life, one problem has many solutions.
Just focus on that solution which will solve your problem.

Circle of Difficulty and Circle of Possibility

Wherever your mind is focused, it gets zoomed. If you think that difficulty is big, then it will go on magnifying it, but if you focus on possibility, then it will become bigger enough to solve all your problems.

No Success without Failure

No person in history has ever created history without tasting some failures. You cannot understand how to convert failure into success until you face failure in your life.

There is a story of failures behind every successful person.

  • Figure out as many possibilities as possible around you and delete difficulties.
  • By focusing on possibilities you can convert every failure into success.
  • You can create a resource from resourcefulness.

Build a Positive Attitude

A bad attitude can never help anybody. So, shift your attitude towards positivity and possibilities, and stop focusing on obstacles.

The disease of negative attitude is far deadlier than diseases like Cancer and Brain stroke.

If you don’t help yourself, nobody in the world can help you to help yourself.