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Startup

4 Fund-Raising Mistakes Every Entrepreneur Should Avoid

fundraising

Like it or not, the entrepreneurial journey is not always easy. It also includes the not-so-pleasant step of fundraising. The reason why the journey is not so enjoyable is that it often takes months, if not longer. It also requires you to have resources that you may require to establish your startup company.

Fundraising for a startup is an involved process. There are no set rules or a manual to help you develop a startup funding plan. Every startup begins with a unique idea, vision, and promises that they make to their customers.

According to a report by IBM Institute for Business Value & Oxford Economics, over 90% of the Indian startups fail miserably within 5 years of inception. However, not much research is conducted to show the exact reason behind the failure of the startup.

A startup`s fundraising efforts depend on its ability to make itself and its business ideas appealing. Because it`s not the customer`s, but an investor`s perspective that is crucial.

Though the reason behind the failure varies, the pattern and the list of reasons seem to be repetitive.

To ensure that your startup runs smoothly, we have listed out a list of fundraising mistakes that every entrepreneur must avoid:

  1. Raising too Many Funds

Many startups make the mistake of raising too much money. Initially, they think they need as much money as they can get, but forget that this increases the liability, as well as the equity they will have to give up.

While a nice cushion of startup capital provides a comfortable start, too much money in the system can result in disaster. The expenses at the later stage will be too much, and you might have to go through firing staff, budget cuts, and closing office spaces.

  1. Not Raising Enough Funds

Some entrepreneurs ask for less funding than they require. It is the biggest fundraising mistake that can lead to the shutdown of the startup. Always ask for the amount by keeping your financial requirement as much realistic as possible. Don`t worry about scaring investors by asking for the amount of money you will require for your business.

  1. No Clear Funding Objectives

Having a clear goal in mind is essential to raise capital investment. Figuring out how much money you need to reach your next milestone is essential. From operational costs to essential professional services, determine how much capital you need. Not having a clear idea is another mistake that every entrepreneur must avoid.

  1. Giving up too Much of the Company

One of the worst fundraising mistakes that someone can make is giving up too much ownership in the company. While a deal that includes a good portion of your company might seem appealing, you could end up paying a much higher cost down the road.

Try to keep ownership within the company. Find out other ways to raise or access funds in any other way which is more feasible.

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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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Startups and MSMEs in India Get Major Boost As Indian Bank Signs MoU With SID of IISc for Extending Exclusive Credit Facility to Businesses

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Startup (Photo Credits: Pixabay)

New Delhi, February 20: In a bid to extend the exclusive credit facility to Startups and MSMEs in India, state-owned Indian Bank has inked an MOU with the Society for Innovation and Development (SID), an initiative of the Indian Institute of Science. Under the pact, the Indian Bank will extend loans of up to Rs 50 crore to these startups for their working capital requirements or for the purchase of machinery, equipment among other things.

This initiative is a part of the Banks scheme Ind Spring Board for financing Startups and will empower Startups and MSMEs to realise their research efforts powered by financial support from the Bank and backed by incubation facilities offered by SID, it said in a release.

In its statement, the Bank said that SID is the forerunner in setting up joint R&D with industries and supporting start-up incubation, the bank said, it provides support to the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology products under its department named TIME2. (Technology Innovation for Midsized Enterprises).

Under the MOU, SID will identify the start-ups and MSMEs based on their credentials and past experience and will refer the list of such members who require financial assistance to the Bank, it added.

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Maharashtra To Create Incubation Centre for Startups Near Mumbai To Give Major Boost to New-Age Enterprises

startup ipo india

Mumbai, February 20: Maharashtra is planning to set up a large incubation centre for startups near Mumbai- then financial capital of India, soon, Chief Minister Uddhav Thackeray said on Friday. The setting up of an incubation centre for startups will give a boost to new-age enterprises. While speaking at the annual NTLF event of IT industry lobby Nasscom, Thackeray said that the state is also determined to make Mumbai as one of the fintech hubs in Asia. The Chief Minister added saying that in the last three years since launching the Nasscom 10,000 startups programme, which has a warehouse in nearby Navi Mumbai, over 50 new companies have benefitted and over 1,300 jobs have been created.

“Encouraged by this success, we are planning to set up a large incubation centre near Mumbai with Nasscom in the near future,” Thackeray said. After the success with the 2015 IT Policy, Thackeray said the state is now creating an IT/ITes (IT enabled services) promotion policy for 2021 which will have a focus on creating the right ecosystem for technology companies, incentives for innovation and research and development, and a close working relationship with the state. Maharashtra is already using tech inputs for governance and extending services to the public, including blockchain, internet of things and artificial intelligence-based solutions, he said.

The Chief Minister added saying that besides the traditional hubs of Mumbai and Pune, Thane, Raigad, Nashik and Nagpur are also getting traction and tech investments lately. He said in the last five years, the state has received Rs 65,000 crore in investments from IT companies which have helped create 8.5 lakh jobs in the state. Reiterating his predecessor Devendra Fadnavis” target, Thackeray said the state is on its way to becoming a USD 1 trillion GSDP state by 2025.

At present, its GSDP is close to USD 500 billion or 16 per cent of the national GDP, he said, adding that a third of the foreign direct investment received by the country comes to the state. Thackeray said the pandemic period was a testing time for all and the tech industry helped in ensuring that people stay connected through audio and visual modes and said COVID-19 helped hasten the pace of technology adoption. He also noted the sacrifices of emergency services rendering personnel including those from the police and medical fraternity to ensure the city keeps moving.

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4 Tips For Selecting a Powerful Business Name for your Startup!

business name

“What`s in a name?” is a beautiful quote said by none other than William Shakespeare. But, he didn’t know at that time how important a role a name plays in one`s life and especially in the business world.

Ask the entrepreneurs, and even Shakespeare will have to agree that choosing the right name is extremely important.

Entrepreneurs often struggle when it comes to picking up the right business name. The wrong name can do more harm than good to your business. It can play a major role in the disconnection between a customer and your business.

In contrast, a powerful business name can be extremely helpful in building your brand`s image. So if you too are having a nightmare about picking up the wrong name for your business, here are some magical business name tips just for you:

  1. Select Easy-to-pronounce & meaningful names

Yes, having a fancy business name might sound cool and all. But, if your potential customers won`t remember it, will it serve the purpose? Not really!

You do not want your target audience to get confused when they look for your business name online. Hence, keeping it simple will not only provide more visibility to you but will also ease the search process for your customers.

  1. Pick a name that is as diverse as your business growth

Imagine if Jeff Bezos had picked the name “EBooks” instead of “Amazon.” So, always pick a name that aligns with your business growth and expansion. You might be starting with one product, but if you have the vision to go into a distinct range, the name should be in the alignment.

Avoid choosing a name that could limit your business to a particular product or a particular city, as it may cause you problems down the road.

  1. Research well!

No one would like to get into legal hurdles at the beginning of a startup. Entrepreneurs avoid legal hurdles like a plague! So, if you have zeroed-in on a business name, do a web search on it. Generally, you may end up finding someone who is already using that name. While that won`t be a total showstopper, you might get time to do some more research to avoid conflicts.

  1. Domain Name

When choosing a domain name for your business, always pick “.com” rather than alternatives such as .net, .org, .biz, or other domain extensions. If you are thinking about the reason behind it then customers tend to associate a business website with the “.com” domain with a more established business.

Customer perception plays a crucial role in the success of a business. Hence, getting your business name right is the first step to building a powerful brand. Come up with 5 to 10 names and ensure that the name sounds good when said aloud.

With our “Everything about Entrepreneurship” course, you can learn what else is required to ensure the success of your startup. To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Planning to Start a Cafe? Know All About FSSAI Licenses Required Before Starting Food Business

Cafe (Photo Credits: Pixabay)
Cafe (Photo Credits: Pixabay)

India is a country of foodies, people love to eat, cook and experiment with food. Many people are converting their passion for cooking into full time successful businesses. The food business industry in the country is also developing and advancing progressively. As per a report, the Food Technology Sector is predicted to be valued at $2 Billion by the end of this year. Hence, starting a business in this sector will ensure a sure shot success for the entrepreneur.Open your Own Chatbot Agency in Just 5 Steps!

However, before establishing the business in the food sector one must get the required licenses and approval from FSSAI. It is an authority which is primarily responsible for maintaining and supervising food safety and setting up the regulations about the food safety across the country. It is mandatory to get the appropriate licenses by FSSAI in order to avoid heavy palatines and winding up of business. It also enhances customers’ trust in the business. 5 Easy Steps to a Successful Virtual Event Planning.

Depending upon the size of business and its annual turnover, three types of licenses are provided by FSSAI. These are as follow:

FSSAI Basic Registration: If the annual turnover of the business is less than RS 12 lakh then the food business operator shall get registered with Registration Form A under basic level.

FSSAI State License:  If the annual turnover of the business is between Rs 12 to Rs 20 crores then the food business operator shall apply for State license Form B.

FSSAI Central License: If the annual turnover of the business is above 20 crores, then the food business operator shall apply for Central License Form B.

By following certain guidelines and fulfilling certain parameters, the businesses can easily obtain the FSSAI licenses. Entrepreneurs can visit to its official website at foscos.fssai.gov.in to get the registration done and obtain the license. Once the process is completed successfully and the required payment is made, a 14-digit registration number will be provided to the business. It is to be noted that if the business fails to get itself registered with FSSAI, then he can be sentenced in jail or charged Rs 5 Lakh as penalty or both.

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4 Startup Ideas That Housewives and Moms at Home Can Consider and Earn a Good Amount

Startup Ideas for Housewives (Photo Credits: Pexels)

Work from home businesses are really a blessing for housewives and stay-at-home moms. These businesses can be started easily with low investment and most importantly, require less time as compared to a routine 9-5 job. Apart from housewives and moms, if anyone is unable to commute to work or you are facing other constraint that prevents you from finding a full-time job, don’t waste your earning potential.

The world is full of opportunities, all you need to do is just surf online for things that you are interested in. Housewives and moms can take up these options and spend more time with their family and side by side they can earn a good amount too.

Here are a few options you can consider.

Makeup artist or open a Beauty Parlour

If you are really fond of makeup and you have a good knowledge of cosmetics, this can prove really a blessing for housewives and home moms. This can be one of the profitable home business as the craze for makeup will never fade, come what may! All you need to do it get a specialized beautician training. There are many training institutes that might be available in your area, which can impart with crash course.

Selling Home-made Foods

If you have been passionate about cooking and giving the taste buds a good treat, selling the homemade delicacies will fetch you a great deal of money. While some prefer junk, majority of the working class today prefer homemade food. You can try your hands on selling home-made foods and earn a good amount by just sitting at home. Let your cooking skills do the job!

Translating

Working as a translator or an interpreter seems like one of the best jobs for people wanting to work from home. With the high number of online jobs available and taking into consideration the market growth, this can help you earn based on how skilled you are and what languages you know. There is a thin line between translators and interpreters. The latter translates verbally in real time from one language to another. Being a good translator is basically working from a foreign language they speak fluently and translating back in to the local language, regional language or mother tongue. Translators are different from interpreters, as the latter translates verbally in real time from one language to another.

Teaching: Online or Offline

If you are good in handling kids and have always been wishing to put your teaching skills into practice but haven’t had a chance, here is the opportunity coming knocking your way! If you have your expertise in any subject, this can be the best option that housewives and home moms can try. You can pick the subject that interests you and you have knowledge about and start teaching kids of lower grades. You can also take up home tuitions if you are not comfortable in online classes.

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Bioprime Agrisolutions Pvt Ltd Bags FICCI Best Agri Start-Up Award 2021

Bioprime Agrisolutions (Photo Credits: Twitter/bioprimeagri)
Bioprime Agrisolutions (Photo Credits: Twitter/bioprimeagri)

Bioprime Agrisolutions Pvt Limited, a Pune-based agriculture start-up has won the Best Agri Start-Up (Industry Partnership) Award presented by Federation of Indian Chambers of Commerce and Industry (FICCI) for 2021. The winners for this year awards were announced on Wednesday in New Delhi. It was founded in 2016 in Venture Centre, under CSIR-National Chemical Laboratory. As per their official website, the start-up aims at providing relief to farmers worldwide, struggling with crop loss, temperature fluctuations, drought, resilient insects and diseases. Bioprime Agrisolutions is developing effective and affordable next generation Agri biologicals with time-proven biomolecules, life-friendly chemistry, smart material and energy use.

Its mission is to create innovative and disruptive next-generation Agri Biological technology platforms, in order to help the farmers fight the climate change, and help in increasing the field’s yield in order to enhance farming revenues. ” Our endeavor is to be leader in the agricultural industry, reforming and revolutionizing the industry by developing, promoting and providing Innovative and Sustainable farming solutions,” the start-up says. Startup India Scheme: 69 Startups Registered in J&K With an Aim To Enable Startup Ecosystem and Foster Innovation in the Region.

The start-up is currently working with farmers from Pune, Satara and Nashik districts and have collaborated with several peasants from the states of Jharkhand, Tamil Nadu, Uttar Pradesh and Telangana as well. As per reports, the solutions developed by the Bioprime Agrisolutions Pvt Limited have been beneficial in avoiding crop losses owing to untimely rain and other climatic events by 70 per cent. National Startup Awards 2021: A Great Opportunity for Young Entrepreneurs to get Recognition & Why Should you apply?

Its research and development activities has been supported and acknowledged by the Ministry of Science and Technology. The start-up has so far launched three products across ten states in India. It has also been recognised as DIPP start-up with intra-ministerial approval. Bioprime Agrisolutions Pvt Limited is a recipient of LEAP funds from BIRAC and also winners of a grant supported by Atal New India Challenge under Atal Innovation Mission.

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5 Ways You Can Prevent Your Business From Joining 90% Failed Start-Ups

why startup fail

According to Forbes, 90% of Start-Ups fail within one year of beginning their business. The statistic stands quite opposite to the dreams of most entrepreneurs to start and build a business that makes its mark in the market. The failures start-ups fail are majorly due to the organizations’ inability to identify the factors that might result in the downfall of their business. Below is a guide to the reasons due to which start-ups fail, so that you can read and avoid facing the same in your start-up:

Hear Out the MarketStart-up owners often do mistakes related to the market, including difficulty in understanding marketing trends, not understanding the right customer for the product and poor marketing. Organizations need to understand their market and its needs and cater to their services and products accordingly. This can range from products or services that are already out-of-use or too advanced to be accepted by the current market.

1. Is the Product Worth Selling
Start-ups often launch the product without even checking their importance and demand in the market. This often leads to the product being launched at the wrong time or not meeting the quality expectations. A good example of this scenario can be products that are suitable for specific seasons or occasions. A rather funny example of this could be selling woolen clothes in the summer season. While the product might be bought by customers willing to travel to colder places, but their count would be very less for a business to survive.

2. Focus on the Pocket
Money is as important to meet the customer’s budget, as important, it is for a startup to earn revenue. Sometimes start-ups end up delivering products or services that are way beyond the customers’ budget to be worth purchase. Reasonable pricing is a crucial factor for not only a product but also the brand to maintain its place in the market. Apart from the customers, start-ups also fall short of money in their beginning years. Take care that the product is unique and sustainable enough to convince your investors to provide some financial aid in need.

3. Your People Take You Ahead
As the saying is “Any Company’s Greatest Assets are its People”, people in any company play a vital role in both rising and fall of any company. It thus becomes crucial for start-ups to have the right people with the right mindset i.e., Skilled people with great conviction towards the brand and its products and services.

4. Know Your Customer
Once a product has reached the market, it is most essential to not only hear but also understand and work on what the customer has to say about the product or service. Focus on both the good and bad: work on delivering the good factors even more and eliminate the bad. Your customer has the power to take your product to unimaginable heights or toughest ends, depending on how you treat your customers.

To know more how a start-up can not only survive but also gain success, strength, and expansion, join the Everything About Entrepreneurship course by Bada Business which guides entrepreneurs and business aspirants through valuable business skills taught by leaders of billionaire organizations such as Xiaomi India, Kent RO, and Dr. Lal Path Labs. To know more or register, visit https://www.badabusiness.com/?ref_code=ArticlesLeads

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National Startup Awards 2021: A Great Opportunity for Young Entrepreneurs to get Recognition & Why Should you apply?

Startup Awards 2021

The National Startup Awards 2021 are back to recognize the contribution of another group of startups. Indian startups whose innovations have created a positive social impact by spurring innovation while being profitable will be rewarded.

The Indian startup ecosystem, which defied the odds during the pandemic has created record 12 unicorns. According to Economic Survey 2020-21, the startups in India have the potential to act as a catalyst in the growth in the medium to long run.

Indian startup ecosystem provides an excellent platform for entrepreneurs who dare to take an off-beat path when it comes to conceiving innovative products. Launched in 2020, the National Startup Awards aim to reward the startup ecosystem enablers, who are contributing to creating job opportunities, wealth creation, and have a measurable social impact.

These awards were first launched virtually on October 6, 2020, and the winners were facilitated by Piyush Goyal, the current Railways & Commerce Minister.

In the second edition of these awards, the Department of Promotion of Industry and Internal Trade (DPIIT) will recognize startups, accelerators, and incubators in 49 sectors. There are also other eight special sectors.

The government is also considering promoting sectors via National Startup Awards to bolster the country`s manufacturing sector under its ‘Atmanirbhar Bharat’ scheme. The finalists who will receive the awards will serve as role models for the upcoming entrepreneurs who are struggling to make a name for themselves.

The award recognition will be conferred to sectors like agriculture, animal husbandry, education, fintech, and space. These categories are further divided into 49 sub-sectors. Apart from these traditional sectors, startups that are led by women and those impacting rural areas with their grit and innovation will also be recognized for their positive contribution.

One more category is also dedicated to startups that excel in content delivery in Indic languages. Fields such as detection, prevention, and monitoring of COVID 19 will also get recognition for inducing innovation.

The winner will be eligible for a cash prize of Rs 15 lakh each. A winner also is selected in each sub-sector of every category and would win a cash prize of Rs 5 lakh. DPIIT has started accepting applications for the second edition of the National Startup Awards. The last date for the application is February 10, 2021. If you want to participate, you can go to the website: https://www.startupindia.gov.in/awards