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Startup Strategy

5 Latest Business Development Trends of 2020

एंटरप्रेन्योर
एंटरप्रेन्योर

2020 is half passed, and still, if you have not noticed the new business development trends, then pull up your socks and start working on it. A lot of new trends like personalization to advances in AI trends are taking reshape these trends will help you in increasing the sales and growth of your business.

The digital introduction has helped to create personalized interaction to build a relationship with the customer better than before. For uplifting your business strategy, we mentioned new business trends that will impact your business growth.

Mobile Internet Advances

This year promises additional movement in making mobile connectivity more reliable and more durable by introducing the 5G arena. We are quite sure in the coming year; many cellular networks will introduce this service.

Introduction to this service will make it a lot easier to reach the customer in remote locations. There is the scope of a lot more services introduction, which you should keep an eye on.

Brand Collaborations

Today customers, are highly spoilt and confused with the choices between India and international brands. Now for reducing this confusion given by online and traditional platforms, business owners have started focusing on brand collaborations with brands locally and internationally. That will bring great business opportunities to brands for growth.

It is just not only helping brands, but it is helping consumers to get a structured services model, as a result of its winning situation to both.

Adoption of Data Centre

With the higher use of technology, the amount of data that passes through customer have also increased. Therefore, the need for the data centre has increased, whether its small or big company is using the data centre in a small or big way. Cloud-based computing is known by many but expected that the need for more storage is going to come very soon.

Therefore, all companies, from startups to the big players, will have their own personal data centre.

Machine Learning and AI Introduction

With time machines are getting smarter, which is leading opening for new jobs. A lot of employees are scared to lose to the job due to the high demand for machines, but smart companies will aim to retain their best employees and train them to be better at work.

For any business growth investing in the new technology will be a significant part of matching up the industry standard and gaining one step ahead over the competition.

Diversification:       

In the coming time, expected that brand owners are going to focus on the newest trend of diversification, where owners will be opting for multiple businesses that will be different from the main business.

Aside from setting their business skills, this trend is supposed to bring and offer the greatest business opportunities to brand owners.

Our country has already demonstrated immense business growth potential in the past few years. With the change of technology is the business world ready to change and accept new trends. These trends are going to have a huge impact on growth. We have mentioned a few trends which can help you to grow your brand.

 

 

Categories
Business motivation

What NOT To Do While Writing A Business Plan

 Why do you make a business plan? To pitch the idea of your dreams and turn it into reality. But what if this business plan does the exact opposite? You will be crushed to see your years and years of hard work and excitement going down the drain just because of few loopholes that were not paid attention to. The whole world talks about what to do when you make a business plan, but we will talk about what not to do while making the plan.

Let’s together ponder upon a few mistakes that are repeatedly made by the entrepreneur while writing their startup business plan and be sure of learning our lessons.

Don’t Conduct A Half-hearted Research

The Colosseum in Rome has been standing tall since forever. It has been made possible only and only by the solid foundation that was laid for it. Similarly, a good, productive, and detailed research is something that will provide the strongest of the bases to your business and help it stay in the market longer than whatever you are hoping for. Bad or wrong research which is not reviewed or double-checked can make things go haywire. Be wary of it, and always double-check your sources.

Don’t Present Unrealistic Financial Goals

We all know nobody is a fool these days. When we talk about financial goals, investors observe keenly. Nobody likes to show a dreamy picture which is far from reality. Avoid being over the top and tell them about the real financial trajectory. Tell them how and what you have planned for a particular business in order to make it successful. The more real you are, the higher are the chances for you to get the funding.

Don’t Be Unaware Of Your Target Consumer

Can you sell maternity clothes to office going men? No, right? It is of extreme importance to who does your product/service target. Make it very clear in your business plan the kind of audience you intend to target and the demographics you are going for. Always remember, only after defining your target audience can you move further with conducting the secondary and tertiary market research.

Don’t Publicize Unnecessarily

Don’t try to amaze them with what they want to hear, rather show them the power of your vision. We know you believe in your business idea but how do you plan on making others develop the same kind of faith? By using the abused adjectives of all times like greatest, mind-blowing, promising, hottest, worth your while, or by presenting your extensive research and the growth trajectory to back your excitement up? Only and only the latter will be able to help you solidify your claims.

Don’t Underestimate The Competition

They say keep your friends close and enemies even closer and we don’t see anything wrong in this. Never forget to talk about the competition in your business plan or business pitch. Your investors will not appreciate your confidence where you completely scraped the competition section out of the business plan. Even if you don’t think you have any competition just because you have a brand new idea that has not been touched yet. Think about how, if you become successful, people would want to copy you and encash the opportunity. Think about how you are going to deal with the competition then. Think about what is unthought-of and always be prepared.

Writing a business is a tough job and needs a lot of factors to be considered before finally it is shown to the investors or prospective partners to gain their trust and sentiment. Your plan should be designed in a way that paints a coherent and realistic picture with a hint of your enthusiasm and determination to make it work. 

 

Categories
Business motivation

Start An Online Business And Become More Successful Than Ever

फिशिंग अटैक
फिशिंग अटैक से बचने के तरीके

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

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

It Won’t Burn A Hole In Your Pocket

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

Helps You With Work-Life Balance

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

Growth, Income, And Development

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

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

Get To Be Your Own Boss

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

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

Categories
Startup

5 Simple And Worth Trying Manufacturing Business Ideas

Clarity, Precedes, Success, becoming an entrepreneur is your dream? Do you have minimum funding resources? This fact will shock you that the majority of Indians have a similar kind of dreams. Many entrepreneurs drop the potential idea of becoming a business owner because of a lack of investment resources. It’s a fact investment is a significant factor for business, but it’s also right to say that any idea can change your life with less investment.

Many business ideas can start with less investment. Today we are going to share one such business idea, manufacturing business. The manufacturing business does not always need to have expensive and machinery, with new opportunities blooming for manufacturers giving us a chance to step into manufacturing businesses.

It’s never before opportunity and time to step into the manufacturing business if you have the inclination towards it. So, we have come up with a list of manufacturing business ideas for you.

Light up the world with Luxury Candles

Luxury candles, demand, and usage have increased with drastic growth. You can notice the high use of these candles at weddings, restaurants, and for personal use. Due to the high demand for luxury candles which allows manufacturing also increased.

The manufacturing cost them is minimal, and in return, revenue generation is high. This business idea demand to require setup or high-end machinery. You can start this idea from home and touch the local market with online e-commerce platforms. In terms of raw material like wax, scented oils, threads, or other decorative items, are also very cheap can easily available anywhere.

Go Organic with Organic Farming

We all know we are slowly learning and following the trend of organic products, and organic farming is most popular among all. We very know the concept of this no use of harmful chemicals or some artificial additions for a healthy, clean, and harmless to us.

Being a manufacturer, you can collaborate with local farmers and sell the products directly. Organic farming requires a lot of time-consuming and requires more effort, but with the right marketing, it reaches great heights.

Time for Something Delicious Bakery Products

You love baking then, the bakery business is an idea is for you. Products like cake or pastries are always people’s favourites. You can start this business with a small fund with this one also needs an oven, and the ingredients of the bakery product, which are easily accessible in the market.

Selling your product can be convenient if you find a nearby local shop for touching the customer base. The success story of this manufacturing completely depends on the taste of the product.

Transform the Kitchen with Eco-friendly Cutlery

The trendiest in all successful manufacturing business is which make customer life easy. Going eco- friendly is a new trend, and love among people. It is the best replacement for plastics and also has hassle-free maintenance.

In this business idea, you have a one-time investment in cutlery making machine. With the great design, you can collaborate with stores, and with the help of social media, you can make a huge profit.

Tasty Pickle and Jam Making

Everyone enjoys the great preserved, with great jams, jellies, or pair Indian food with tasty pickles. One of a good idea for a business, you just need good research on details about the various ways of preserving, the shelf life of ingredients, etc.. You can start manufacturing with seasonal ingredients that are cheap and readily available.

Big thanks to e-commerce flourishment like Flipkart and Amazon providing a big platform for you and your product easily available in single click access to large customers. It may be new to you, but it’s never late to try, ask for advice, and also don’t ignore your instinct and have confidence in you and your idea.

 

 

 

Categories
Startup

Top 5 Survival Tips for Manufacturers in 2020

With the help of an e-commerce site route to becoming a small business, a manufacturer has begun to turn accessible and has seen tremendous growth. With changing time, manufacturing business owners have had to experience a fair share of challenges and opportunities in the past few years.

Due to COVID-19, the small business and manufacturing industry have been affected hard. So, business owners are stepping back and strategizing the whole plan to work out their business. Therefore, business owners need to have survival tips aimed to help you face the challenges.

Use Your Supply Chain Smartly

The supply chain is one most crucial factor for manufacturing business. You need to align your chain with business because, due to operating pressure, juggling multiple suppliers, and many other factors can make you lose the track.

Once you structure your supply chain, it will easy to achieve the strategic goal, operating efficiency, reduction of operational cost, and customer satisfaction with loyalty. You can leverage technology to gain an advantage.

Keep Working on Your Product

Keep innovating your product is a sign of a good manufacturer. When you use the little creativity and out-of-the-box thinking, it will help you and your company have a long way to go. The success depends on the mindset you invest in new technology and how good you evolve your product.

Quality Matters

Quality always matters above the quantity. Therefore, you need to work on quality improvement, their first time through rare to reduce scrap and rework. When you get made right at the first go, then you will increase your productivity and reduce your rework cost significantly. We suggest you do a detailed action plan to improve the quality of the components you produce.

Give Importance to Workforce

With everything giving significant importance of the workforce is a priority because a lack of skilled workers will impact your ability to meet your demand customer needs. So, make sure you have skilled labors who understand your product understanding in terms of making and quality with zeal to learn something new for improvement of the product.

Therefore, start making time for regular assessment, invest in the training and skills enhancement. Most importantly, have a positive culture in your company.

Have Customer Engagement

An effective marketing strategy is a high priority for any business, especially for the manufacturer. Whenever customer research and evaluate manufacturers, they notice several different factories like your website, market presence, brand strength, and social media. To enhance customer engagement, learn and use more about SEO to improve your website visibility and let customers interact with you on social media platforms.

There are many more tips which you need to consider, but you don’t have to take it all in one go. As we said before, take baby steps towards the success of your business.  The relation built with your customer. Employees and suppliers are significant, and always need to balance it for better results. Because combination all only makes the company successful. Therefore, note down give the top 5 tips which are beneficial for you and the growth of your company. Don’t forget to use the right technology for more growth.

 

 

 

Categories
Startup

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

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

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

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

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

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

Categories
MSME

MSMEs Take Centre Stage This Festive Season 2020 as Over 1 Lakh Local Shops, Kiranas And Neighbourhood Stores Gear Up to Sell on Amazon

Amazon (Photo Credits: Twitter)

Bangalore, October 5: As India gets ready for the festive season, Amazon India on Sunday said that more than 1 lakh “Amazon-enabled” local shops, kiranas and neighbourhood stores will be serving customers this year. The company further mentioned that over 20,000 offline retailers, kiranas and local shops will be participating for the first time in the company’s biggest annual sale Great Indian Festival.

“This festive season we are focused on helping our sellers and other MSME partners grow their business and bounce back from the recent challenges…The integration of Amazon’s programs with 100,000+ ubiquitous neighbourhood stores – for selling online, to help customers buy online, to make deliveries and enable contactless payments – is a testament of the adaptability and inventiveness of Indian entrepreneurs,” said Manish Tiwary, VP – Amazon India.

The programme is among a string of initiatives by Amazon such as Amazon Easy (to help local entrepreneurs set up stores), I Have Space (for Kirana stores with additional storage space for Amazon packages and sufficient manpower to deliver them in two-three km radius of their stores), Amazon Pay Smart Stores (to enable digital storefront, contactless payments, and reward coupons to customers) etc., catering to micro and small business sellers.

Recently, digital payments startup for merchants BharatPe said that it is gearing up for loan disbursals ahead of the festive season as it expects MSME sector to revive soon. Even though we are in the middle of the coronavirus pandemic and the total cases continue to rise

Categories
Business motivation

Crucial Tips To Launch A Successful Business

Business Idea
Business Idea

It is said that it is better to be safe than sorry later and we strongly agree. Starting a business is one hell of a task that has the potential to make even the best of the lot anxious and nervous enough to make mistakes. This article is intended to be a manifestation of our efforts to help the entrepreneurs with some business tips that could help them take the required decisions with utmost confidence and sincerity.

Your ambitious dream project will need the best of everything that you have got, be it a perfect idea, your work ethics, the skillset, confidence, or perseverance. Once you figure out the balance between all these factors and support them with some important business tips, no one can stop you from becoming successful.

Be A Sponge that Soaks In All The Knowledge

From the moment you think of an idea of starting your own business, consciously or unconsciously, you tend to observe every little thing that revolves around that idea. This is a  habit that needs to be developed as it helps you conduct productive research around your niche. Now that you know this is an important and basic step to follow, make a conscious effort to talk to the market experts, your mentors, your friends, and your family. Hear what they have to say and pay attention to everything that could make your business launch successfully and stay afloat in the future.

Solve A Burning Problem

What business idea according to you has a brighter future; the one that you have always wanted to do or the one that actually solves a busting problem of society? Although it is important to step into something that has your interest and it’s the most important that the product you develop actually solves a problem. Don’t try to become an ordinary salesman, but aim to become a problem solver. This will have you spend a good amount of valuable time into thinking about what should be your niche. What is that one business idea through which you can serve society as well as fulfill your dream?

Too Many Experts Spoil The Broth

We are all aware of this saying which means when too many people try and work on the same task, things tend to go haywire. Similarly, when as a new and inexperienced business owner, you introduce many features and products at once, it generally confuses the public and complicates your business management. To avoid the whole fiasco that could shatter your dreams, we would highly recommend you to write down all the services/products that you want to offer and narrow down one of the many that will help you get identified in the market by strengthening your presence.

Make That Money Work In Your Favour

It’s good to count your blessings but even more important to count those coins when it comes to preparing a budget for your business. When you are done researching the business that you want to set foot in, you should now look at all possible expenditures that will come your way. Calculate all the expenses and increase the amount four-folds. Yes, Four folds because there is much that you will miss out on and it’s always a better option to be over-prepared than to run short on funds once you are on the battlefield.

No matter how amazing a pan to roll out, it’s highly unlikely that events will unfold the same way you had planned. All you can do is to stay wary of all things important for successfully setting and operating a business. We hope that the tips we have shared with you will help you widen your horizon and will push you to see things from a different perspective.

Categories
Startup

Starting a Business After Retirement? Here Are Interesting Business Ideas That Retirees Should Consider

Retirement (Photo Credits: Unsplash)

We know that there is no age for trying something new! In the same way, there is no age-limit to start a new business and give wings to your dreams. There are things that we love to do and things that we just wish we could! However, in this fast moving world, we hardly get any time for ourselves as we are caught up by our jobs and our daily chores. Once a person retires, the individual usually has a lot of free time and can take up a lot of things to earn and make money even after retirement.

Retiring from service after years of hardworking must really be a noteworthy feeling. While some wait for their retirement age so that they can relax for the rest of the time, some are of the opinion that a life with absolutely zero activity would drive us absolutely nuts!

Even after retirement, people can take up businesses that inspire them or the ones they always thought of doing in the youth. If you are a workaholic and want to try on something that you are passionate about, here are 5 best after retirement business ideas for retirees.

Start Blogging, Write Books

If writing is what you love the most, blogging or writing is the best business idea for you! If you can pour your heart off and are fond of writing, this is the best time to gather all ideas and pen it down. All the ideas and write ups you have had over these years can be published as a book. Who knows, it could be the next best seller or the blog might get famous like a dream come true!

Become a Trainer in Skills

Use all your experience and help others with your knowledge. All the work experience you have gathered all these years, use it wisely in imparting the tricks and training people who are new to the field. If you have been at your best in your work while you were at service, you can share your expertise with others through training.

Financial Advisor

People who retire have actually lived life and experienced the swings in the market. They precisely know how the market functions and what decisions are to be taken when you are financially burdened. If you have managed your finances properly during your work life, you can become financial advisor and help people to effectively use and invest money. Don’t let the experience go in vain!

Take up Teaching

Teaching can be an option for people who have the mastery in explaining things to people. Retirees who enjoy working with young people, might enjoy being a teacher and mingle with students. Universities sometimes hire teachers who have practical experience about the subject so that they can provide realistic ground-level information along with theory knowledge. You can be a personal academic tutor too.

Open an Eatery or Sell Home Made Foods

If you love cooking and if you have the trick to tickle the taste buds, you should think of starting up a startup that serves people with delicious food. Cooking is fun, and you can make this fun-loving hobby as your business. Give it a thought, you are assured of making profit in food-related businesses.

Painting/Interior Decorating

If you have a creative ideas running in your mind, painting or interior designing is just your thing! If you have an eye for colour, good attention to detail why not consider painting or interior decorating as a retirement business and share your creative skills with the world?

If you are planning to start a business after you retire, asked yourself, “Should I be starting a business?”. The answer solely depends on your goals, personality, and retirement income needs. Just keep one thing in mind, there are plenty of benefits to starting a business in retirement!

Categories
Technology

Microsoft to End Its 20-Year-Old Open License Programme for SMBs From January 1, 2022

Microsoft (Photo Credits: Pixabay)

New Delhi, October 2: In a bid to help small and medium-sized  businesses (SMBs), Microsoft has announced to end its 20-year-old Open License programme from January 1, 2022. The SMBs organisations can continue to renew and purchase new software licenses, software assurance and online services through the Open License programme until December 31, 2021. In an update on Friday, the tech giant said, “As of January 1, 2022, commercial customers won’t be able to buy new or renew software licenses or online services through the Microsoft Open License programme”.

Microsoft added that new license-only purchases should be transacted through partners in the Cloud Solution Provider programme. The Microsoft Open License programme was created over 20 years ago for small and midsized customers to buy multiple perpetual software licenses at a volume price. According to a report by IANS, Microsoft said it is taking a significant step to simplify licensing by introducing perpetual software license purchases through the new commerce experience, as part of its Cloud Solution Provider programme for partners, with a target availability date of January 2021.

“Small and midsize customers will benefit from a simplified approach and greater flexibility in how you purchase software licenses in a way that’s easy to understand, that directly improves licensing asset management, and with predictable costs,” the company said. Some companies may have purchased “tokens” to use Microsoft’s online services. Those tokens will remain “active for five years from the purchase date,” Microsoft said. The firm added that it is committed to support every organisation wherever they are in their digital transformation journey.

Microsoft Cloud Solution Provider (CSP) partners will offer perpetual licenses after the end of the Open License programme. Perpetual licenses are pay-once, non-subscription licenses that don’t expire.