Categories
Business motivation Motivational

Pivot And Persist: These Companies Stood Successful In Pandemic Times

2020 has turned out to be a chaotic year with full of surprises and shocks for everyone. It will not be wrong to say COVID-19, called the worst thing for many businesses, but for many entrepreneurs, it came as a blessing in disguise. This hard situation may not only enable them to rotate their business operations, process but keeping mind the growth of their business.

It has been months for the Indians who are surviving and fighting with the threat of this unbeatable virus. As correctly said, the lockdown imposed by the Government for the safety of our added woes not only to entrepreneurs but every class people as well.

While suffering during this time, a lot of businesses worked hard to fight back by changing the direction of their operation and touching different dimensions to be stable and grow at the same time.

Let’s have a look into those few businesses who fought this pandemic with a positive mind and change in operations way.

Hula Global

A garment manufacturing company founded in 2018 based out in Noida, was entirely into garments before COVID-19 came. But after a worse situation faced by people in terms of safety from viruses, the company owner changed business operations and started into manufacturing PPE kits, N95 masks, face shields, etc., to fulfil the rising demand for products in the country.

A change in business operation not only helped people in fighting the virus but also helped in the growth of the business. Now the brand has collaborated with the Bahrain Government, the Kingdom of Saudi Arabia (KSA), Brazil, and Italy to supply these kits.

Homescape

A co-working space, company founded in 2013 by Manoj Khandelwal operating from Bengaluru, when lockdown happened, then work from home to come. So, co-working spaces had major suffering during this pandemic time.

When the future of his co-working space future remains uncertain, then this Bengaluru-based co-working space Workshaala had set the example by changing business operations by an initiative called Homescape. The company started providing furniture like tables, chairs, and desktop to people working from home and help them individual’s productivity and provide them with comfort and ease at the same time.

Shree Shakti Enterprises

Shree Shakti Enterprises is a bulk trader of steel utensils since 1956 that has a good name in the market. But like most businesses in the world, they also hit a speed bump. This pandemic forced them to pause the economic activity, shut factories, so they had to close all its manufacturing units in Sonipat, Haryana.

Then their Rahul Bajaj, the owner of the company came up with the idea to touch uncharted territory of sensor-based sanitizer dispensers to hands-free hand wash systems, and automatic foot sanitizers. They started building a prototype within days of the lockdown. We can clearly say that the idea had changed their life.

2020 maybe turn out to be a surprise and shock at the same time. Last few months, many businesses have illustrated flexibility more than ever. As the pandemic and lockdown disabled not only the economy, our lives too across the globe. But, as it said you will find the way you go on the path of innovation with a positive mindset.

 

Categories
Business motivation

Tips To Save Your Small Business From Shutting Down

स्टार्टअप टिप्स
स्टार्टअप टिप्स

With big dreams in their eyes, many amongst us have been aspiring to become a great entrepreneur to make a difference in the society or even just to pursue their passion. Many of those are ready with their perfect idea but do not have someone to guide or advise them on all stages and crucial. This article is our genuine effort towards helping those dreamers with some super effective business tips to put their best foot forward while laying the foundation of their ambitious business plan.

Soak All That You Can

Regardless of whatever initiative we are in the middle of taking, we always lend our ear to those who give any piece of advice to give to us. Be a sponge and absorb everything that your family, friends, professionals, even experts have to say about the whole process. All this is part and parcel of the process of writing a coherent business plan. While writing this business plan, research, ask, and observe all you can.

The Simpler, The Better

We all have seen our parents and teachers telling us the same thing, again and again, that focus on one thing at a time and deal with one problem a day. This funda may seem very simple but has the ability to solve the worst of the problems. When you start your journey as an entrepreneur, try and work on your niche. The moment you see things going over the board, take a halt and figure out what are you going wrong with and how have you complicated the products/service, or management for that matter. Just remember that god lies in simplicity.

Hope For The Best And Expect The Worst

It is no secret that 90 percent of the businesses are forced to shut down in the first five years of their existence for many reasons. No entrepreneur would want their business to be trapped in such a situation and to be left with nothing to survive or get back on their feet for that matter.

Always be ready with a plan b in case your business for some unfortunate reasons doesn’t work out. It’s better to have a back up rather than falling flat on your face.

Budgeting Is Key

Budget is something that every entrepreneur who is about to start a new business struggles with. Once you are done figuring out what your next business is going to be all about, it is important for you to plan the budget. Plan how much resources are going to cost you, what would the rent be looking like, how are you going to manage the production,  and also try to plan some unexpected expenses. Once you are done calculating the lump sum amount, multiply it by 4. Yes, it actually ends being more than what you had already planned. So, be more prepared than facing hiccups once you are in the game.

There is no particular protocol to follow or tricks to exercise as such to make your business a sure shot success, however, the tips that we have shared with you will certainly open up your mind and will let you think of things with a whole new perspective.

Categories
Business motivation

Tips To Ensure Survival And Growth Of Your Business

Starting a business is not everybody’s cup of tea and it’s even difficult to keep it running smoothly considering how flawed the startup ecosystem is at the moment. Looking at the recent surveys it is observed that a huge chunk of the population is going to start its own business venture by the end of 2020, but how many do you think will make it?

Read these super useful business tips which when combined with your hard work and dedication will not only help you survive but thrive beyond imagination.

Plan It Out

Once on paper, always in mind. This might sound vague to you but we’ll walk you through the significance of these 6 words. There might be a billion ideas going in your mind around how you are doing to manage your business, rather than helping you out this chaos will make you forget doing even the most basic tasks. Getting organized is the need of the hour and writing your daily tasks would be the best way to stay in sync and to be on the top of your game.

Keep An Eye On The Math Of It

How important do you think it is to keep track of the finances in your business? Turns out very! You need to figure out where to stand in terms of financial growth. Make a detailed plan of where you are and where you want to be with your financial projections but this could not be done until and unless you regularly keep a track of all the financial activities such as cash flow. Consider it a very essential move and form your future strategies accordingly.

Put On The Thinking Hat And Get Creative

Why should you try to blend in when you are born to stand out? No matter how amazing a product or a service you plan to offer if it fails to catch the attention of your target customer, your business will bear the consequences. Nobody wants that to happen and that is why we are suggesting you let those creative juices flow and think of the amazing ways in which you can market yourself to the customer.

Consistency And Persistence Matter

How consistently you try to put your hard work into growing your business and community every day tells a lot about how badly you want your business to be successful. To make a business successful, the kind of passion and dedication required to showcase isn’t something that is witnessed on a day to day basis. The ones who managed to showcase, emerge as true leaders. So, ensure your best work with praiseworthy consistency and be ready to work day-in and day out to ensure your strong market presence.

Don’t Lose Focus

If you listen intently to your long term goal, you will hear it saying, “focus on me”. Yes, don’t ever let your focus deviate from your long term objective by the routine difficulties that you are meant to experience in the process of making it all work. Never forget why you started this business in the first place. The business won’t immediately start experiencing sales or growth, it will take its own sweet time but until then don’t lose focus and keep working your hardest.

There are already enough businesses that are falling prey to the inefficient startup ecosystem across the nation and we know you don’t want to join the bandwagon. If you pay attention to what has been said in this article, it will only be a matter of time before you find yourself riding high on success.

 

Categories
Business motivation

Rule The Market: 4 Efficient Yet Simple Tips To Eliminate Competition

बिजनेस टिप्स
बिजनेस टिप्स

Any entrepreneur worth his salt knows that launching a business is a tough job and running it smoothly over a course of years is even crazier.  When you start a business, you work tirelessly to grow it in order to earn a greater market share. But you are not alone, there are tons of competitors out there waiting for you to make one wrong move. 

Yes, it just takes one wrong move for your competitor to knock you out and ruin your business. If you do not want to let that happen, read this article until the end to get your hand on some very easy but crucial tips to strengthen your position in the market.

Work on Building Relations, Sales Can Wait

Yes, we all understand that business is started with the ultimate goal to be financially viable and make good money, but that shouldn’t happen at the cost of running your image in the eyes of your consumers. Don’t just try and make sales, that will make you come off as greedy and self-centered. Work on building cordial relations with your customers and try to build a community first. Let them know what is the purpose of your business and ask them what are their preferences and feedback on your service/product. Sooner or later, this hard work will pay off in the form of skyrocketing sales.

Try To Sell A Solution, Not A Problem

Nobody wants to hear how amazing your product or service is no matter how many adjectives you decorate your product with. The customer out there wants his problem to be solved. Instead of listing the benefits of your product, tell them exactly how your product or service could possibly put an end to that problem by proving a kickass solution and help them achieve their goals.

Choose Your Employees Carefully

Your employees are the face of your brand. Considering this factor, you need to ensure that each and every employee of yours shares your ideology of being customer friendly. If we pay attention to what surveys have always been saying, it is highly likely for a customer to buy a product from a sales attendant who is nice to them. So, we would recommend you to hire employees who have a pleasing personality, are cheerful, and are genuine.

Identify And Nourish Your Unique Selling Points

Know what you’re best at. Work on planning, developing, and strengthening that one product of yours that has made your business what it is today. Always focus on that one product that will never let you lose your position in the market for years and years to come just for the fact that you have been great at it consistently. Be known for that one solid product/service that the whole world vouches for your credibility.

All in all, please understand that keeping your business alive and kicking does take hard work and effort but the protocol doesn’t always have to be complicated. The tips that we have mentioned above, and believe us there are many more such tips, will surely help you make a name for yourself.

Categories
Startup

5 Businesses That Can Turn Out To Be Winners Amid The Pandemic

India has faced a lot due to COVID-19, and to be honest, every person is now being affected by it. This pandemic has hit economies, employment, and all sectors in very different ways worldwide, and the small business is the one that has felt the pressure a little more.

It is said that every dark cloud has a silver lining. Similarly, some industries managed to grow because of the spread of the coronavirus. One of the examples is the underserved and unnoticed hygiene market that has made footprints in this pandemic as demand for these products has increased. With this, EdTech or online learning, space has been growing rapidly, due to staying home and upskilling themselves.

Let’s see which small business has thrived or started off amid this pandemic.

Cover Yourself with the Masks

In the times of the pandemic, one thing which came out as a survivor during this time is Masks. After medical communities around the globe declared masks as a preventing measure to alleviate the spread of the virus.

Therefore, this leads to a huge demand for masks led to small – scale companies to set up or start manufacturing mask with less investment

Protection for Hands- Gloves

From doctors to nurses and other healthcare people wearing medical gloves using it as a precaution for avoiding coming into contact. Not only the health care sector using it but, now common citizens also using it for avoiding infection through the surface.

So, it made demand and supply of gloves have increased, therefore it made small owners utilize this opportunity of manufacturing facility for disposable gloves with capital under Rs 50,000.

Wash Your Hand Properly – Hand Sanitiser

Due to this pandemic washing your hands has become the most important task of the day. Therefore, the demand for hand sanitizer also turned up more into 100x by the users. A lot of brands started producing it, as existing brands struggle to keep up with the pace of demand.

This huge demand leads to opportunities, and with the creation of business opportunities for many entrepreneurs.

Give 20 Seconds to Washing – Soap

Soap is one essential product of our daily life but, after WHO has advocated washing hands for at least 20 seconds to eliminate traces of the virus from the skin. Therefore, people have started a small manufacturing unit at home with fewer investments.

These soaps are made home ingredients like herbs or special anti-viral to sell and made huge demands with building trust among people.

Let’s Learn Online

One sector which has shown promising growth during these tougher times is the EdTech sector, which had shown immense growth and up-gradation. We all were forced to be at home, which pushed them to be dependent on technology for learning and updating their skills. These online platforms had everything to give users like online tutorials, masterclasses, webinars, and online workshops.

The interest made birth and growth to the new and existing companies for flourishing. And given the opportunity to people who have the talent and skills to teach others.

As popularly said, that in every battle, there is a winning side and a losing side. So, in the fight with COVID-19 times, we have lost a lot, but, this small business got a chance to flourish.

 

Categories
MSME

ECLGS for MSMEs: Banks Sanction Rs 1.87 Lakh Cr to 50.7 Lakh Business Units Under Credit Guarantee Scheme

Money (Photo Credits: Unsplash)

New Delhi, October 10: In a bid to help the micro, small and medium enterprises (MSMEs) sector, which has been the worst-hit by the COVID-19 pandemic, the Finance Ministry announced that banks have sanctioned loans of about Rs 1,87,579 crore to 50.7 lakh business units under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector. Reports inform that of the 50.7 lakh business units, about 27 lakh MSME units received cumulative disbursement of Rs 1,36,140 crore till October 5.

The scheme is the biggest fiscal component of the Rs 20-lakh crore Atmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman in May 2020 to mitigate the distress caused by lockdown due to COVID-19 by providing credit to different sectors, especially MSMEs. As released by the Finance Ministry, the latest numbers on ECLGS comprise disbursements by all 12 public sector banks (PSBs), 24 private sector banks and 31 non-banking financial companies (NBFCs).

“As of 5 Oct 2020, the total amount sanctioned under the 100% Emergency Credit Line Guarantee Scheme by PSBs, private banks & NBFCs to MSMEs and individuals stands at Rs 1,87,579 cr, of which Rs 1,36,140 cr has already been disbursed,” the finance minister said in a tweet. The loan amounts sanctioned by PSBs increased to Rs 81,648.82 crore, of which Rs 68,814.43 crore has been disbursed as of October 5, Sitharaman further added. At the same time, private sector banks have sanctioned Rs 86,576 crore of loans and disbursed Rs 59,740 crore, while NBFCs sanctioned Rs 3,032 crore with disbursement of Rs 2,227 crore.

“The ambit of the Scheme was expanded to include MSMEs with turnover of up to Rs 250 crore & individuals for business purposes. As of 05 Oct 2020, Rs 17,460 crore of loans to individuals have been sanctioned, of which Rs 5,939 crore has been disbursed,” she in a tweet. In another tweet, Sitharaman said as many as 33 stranded housing projects with investment of Rs 4,197 crore were accorded final approval under the SWAMIH scheme. “Special window for Affordable & Mid Income Housing Fund (SWAMIH) is working at a fast pace to provide relief to homeowners. As on 05.10.2020, 33 projects with investment of Rs 4,197 cr accorded final approval & will lead to completion of 25,048 home units,” the finance minister said in tweet.

The overall, 123 projects have now been sanctioned, including final approval to 33 projects, with an investment of Rs 12,079 crore that would target to provide relief to 81,308 homeowners, she said. On May 20, the Cabinet approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through ECLGS for MSME sector.

Under the scheme, 100 percent guarantee coverage will be provided by the National Credit Guarantee Trustee Company (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested Micro Units Development and Refinance Agency (MUDRA) borrowers in the form of a guaranteed emergency credit line (GECL) facility. According to a report by PTI, for this purpose, a corpus of Rs 41,600 crore was set up by the government, spread over the current and next three financial years. The scheme will be applicable to all loans sanctioned under GECL facility during the period from the date of announcement of the scheme to October 31 or till the amount of Rs 3 lakh crore is sanctioned under GECL, whichever is earlier.

Categories
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.

Categories
Business motivation

How To Chalk Out An Outline For A Business Plan That Says It All

You know your business plan inside out because you came up with it, but how do you think your team and investors will manage to understand each and every single thing that your plan consists of and revolves around? That’s when a business plan comes into play. But are you aware of what goes into making an effective business plan?

There are several kinds of business plans that are made to serve different kinds of purposes, some are made informally to familiarise the internal team, whereas some are extensive and coherent plans that are designed specially to be presented in front of your investors. In this article, we will introduce you to a basic outline of a business plan that you could refer to anytime. Let’s begin.

Executive Summary

The executive summary is just like a window that helps you take a sneak peek of what’s inside. A good executive summary will help you design the highlights of your business plan such as what is your product, what problem does it solve, who is your target audience, your financial projections, founding team, etc. An executive summary serves an investor the same purpose as a sample sized product serves you to help you decide if you want to buy the regular product. So remember to better be good at it for it’s the summary that decides if the plan goes into the bin or takes off the ground.

Shed Light On Scope And Opportunity

In a section called opportunity, you need to focus on why you are bringing your product or service into existence. What was the problem that sparked your interest and led you to birth this idea? Tell them what your product/service is all about, how different and better it is going to be from the competitors, and what is the solid solution that you are planning to offer. While writing this section, rather than bragging about the amazing features of your product, focus on the customer problems that are going to be solved by this product/service. 

Market Analysis

All your claims would further need to be backed up by some actual facts and figures. These statistics should be about the target audience that you have designed your product/service for. This section should have all the details regarding who you are targeting as your customer base, where do they belong, what are their interests, why do they need this product, and what difference is your product going to make in the market. All in all, this part is where you will give a detailed account of the target audience and the demographics.

Financial Projections

This is a very important section that covers the financial aspect of your plan. It should tell about the sales forecast, profit and loss, balance sheet, cash flow, and all your assumptions and objectives. Also, don’t forget to highlight the financial needs to build up the business as in how much money is required to launch the business and where to plan on sourcing this money from.

Execution

An idea on its own has no value until it’s met with proper execution. This is what every entrepreneur needs to be wary of. Work on your manufacturing plan, sales plan, and that marketing plan that is actually going to help kick start the business and allow it to go on smoothly.

These are some very common points that could be found in almost all of the business plans. But it’s for you to decide which point you want to keep and which one you want to exclude depending on the requirement of your business and the audience. Leaving you with all this information, we wish you all the best with the business plan in making.

Categories
Finance

Gold Rate Today: Price of Yellow Metal Up at Rs 50,584 Per 10 Gram, Silver Jumps to Rs 61,605 Per Kg

Gold jewellery (Photo Credits: Wallpaperflare)

Mumbai, October 9: Gold and silver prices moved higher today in India, tracking firm global rates. On MCX, December gold futures were up 0.8 percent to Rs 50,584 while silver futures rose 1.8 percent to Rs 61,605 per kg on Friday.

Talking about the global markets, gold prices were higher amid optimism over a new US coronavirus relief package after President Donald Trump said talks with Congress have restarted.

Experts predict that Gold may witness choppy trade reflecting choppiness in US dollar and equity markets as more clarity is awaited on US stimulus front.

The dollar to rupee conversion has been constant since Thursday and any fluctuation today in the gold price would suggest no relation with the dollar value.

According to the Good Returns.com, the price of 24-carat 10-gram gold in Mumbai is at Rs 50,500. In Chennai, the price of the same quantity and purity of gold is priced at Rs 52,820. Customers will have to dish out Rs 53,650 for a 10-gram 24-carat gold.

Categories
Startup

Entrepreneurship Course Introduced in Delhi Govt Schools, Students to Get Business Lessons

Entrepreneur (Photo Credits: Picpedia)

New Delhi, October 9: In order to help students to inculcate the entrepreneurial mindset, the Delhi government schools have introduced an entrepreneurship course in their curriculum.

Delhi’s Education Minister Manish Sisodia believes that this will course will create a new understanding among children from class 9 till 12th. Chairperson and MD of Biocon, Kiran Mazumdar Shaw, interacted with the students of Delhi government school on Wednesday during a digital interaction, as part of the school’s entrepreneurship mindset curriculum. She said, “Entrepreneurship is not just about making money. One needs to have a vision of how they can make a difference in the life of others.”

Last year, as well, the Arvind Kejriwal-led Delhi government introduced the Entrepreneurship Mindset Curriculum for Delhi government-run schools from July, where all students from Class 9 to Class 12 were given Rs 1,000 each as seed money to develop an entrepreneurial mindset.

The teachers working in Delhi government schools were given a week-long training programme. As per the previous year’s report,  the state government had allocated a budget of Rs 40-50 crore to encourage entrepreneurship at the school level.