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Startup

5 Reasons Why Startups Fail; Here Are the Mistakes Which Need to be Avoided

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

Mumbai, August 24: Startups fail due to various reasons and one of the main reason is when they fail to offer the product which the market wants. In short, when they fail to meet the expectation of the consumers. It is very difficult for a startup to stand out until and unless their product offering is different from the others.

Below are a couple of main reasons why startups fail:

Failure to understand consumer demand: Several startups have failed over the years because their product couldn’t meet the expectation of the consumer. Therefore, it is very important to do proper market research before launching your product in the market.

Advertising Blitzkrieg Startups need to spend every penny wisely. However, most startups fall into the trap of spending a bomb on advertising. From getting on board celebrities to endorse their products to full-page ads and TV spots, brands end up burning cash in their quest to get the attention of the consumers. However, what they manage to get is momentary attention in the consumer’s mind space.

Insufficient Funds & Inability to raise capital: A lot of startups wind up due to insufficient funds after a few years of their launch in the market. Their inability to raise capital further adds to their worries with no option left, but to shut down their company, which by this time already have several employees on board.

Poor Leadership:

Startups often fail due to the wrong vision of the leader. A good leader, on the other hand, has the power to bind his team together and motivate, inspire and be with each other in times of crisis.

No Planning for crisis period: 

Several startups have shut because there has been no planning by the leaders on what action to take in case of emergency. Talking about today’s scenario in the middle of the coronavirus outbreak, not only in India but across the world, startups have been forced to shut because the coronavirus induced lockdown. Most of them had not planned for such a crisis scenario, and hence they failed.

A successful startup involves a team of hardworking people, good leadership and focus to help tide through any situation.

 

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Business motivation Startup

PM Narendra Modi Urges Indian Startups to Focus on Innovation in Toy Sector, Suggests Them to Find Ways to Boost Manufacturing And Global Footprints of Indian Toys

Toys
Toys (Representational Image) (Photo Credits: Piqsels)

New Delhi, August 24: Prime Minister Narendra Modi urged Indian startups to produce indigenous toys that not only have cultural connect but also helps in building life-skills and psychomotor skills among children at an early age. In PM Modi’s latest Aatma Nirbhar push, he urged the startups to not only innovate in this sector but also find ways to boost manufacturing and global imprint of Indian toys.

In a Twitter thread, PM Modi said, “I urge start-ups and youngsters to focus on innovations in the toys sector.” He further suggested educational institutions to organise hackathons for students to “innovate in toy technology and design, including online games, to reflect Indian ethos and values.”

PM Modi highlighted that the Indian toy market has huge potential and can bring a transformative change in the industry by promoting ‘Vocal for Local’ under the Aatma Nirbhar Bharat campaign.

He further suggested using tourism as a tool to promote India’s culture especially in regions that are known for handcrafted toys. PM Modi further stressed on the fast-growing digital gaming arena, Prime Minister said India should tap the huge potential in this area and lead the international digital gaming sector by developing games that are inspired by Indian culture and folk tales.

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Business motivation Startup

Online Business From Home: 5 Steps For Starting Up Virtually

Eager to start an online business, for alternative income, or want to switch the career graph. Then you are on the right path because of thanks to the technology available, which makes it easy accessibility and start a business or blogging when especially during this time. Starting an online business can help you make extra money on the side or you can replace your current income with this.
So, don’t waste time anymore work on the things or ideas on your mind. As it said, great plans and concepts need passions, hard work, and, the right steps to follow.
Here we come up with amazing simple steps you want to have in mind before starting Online Business-

  • Choose Business Idea
    It seems easy, not important enough, but you will be shocked to know a lot of entrepreneurs overlook this point and jump to branding or web development before having a solid idea. Plus, once you concluded you should start a business online and hold ideas in mind you need to validate it.
    The idea can be validated once you have researched and spoken to your potential customers, asking questions your group about the needs. One benefit of online business is you get additional methods for testing the markets through review reading and surveys.
  • Initiate Business Plan
    Time to work on your business planning as you have done primary phases of planning while you were working on a business idea. Your planning will involve pursuing funds, forecasting financials. You can conduct market analysis through SWOT analysis it’s essential to establish the mindset of the customer and identify your competition. The process will help you to figure out pricing models and possible benefits you can have when you enter the market.
  • Enlist Domain Name
    If you intend to aim a niche market, then you’re first step should be to register a domain name for your venture, which helps you to reach it easily. The domain name will be a unique address on the internet and will be like a patent or trademark for you. Their tons of domain registering companies which can help you to register domains. One thing you should keep in mind while registering is to keep the name very easy to say, speak, and, most importantly, easy to remember.
  • Setting Up Website
    Having the business plan in your mind the next step should be making a website that is up and running. But you need to keep in mind some process as setting up a landing page. You need to work on hosting, platform, and, a design that speaks about your business.
    As, your website will be a representation of your idea and will exhibit your product, services, and mission. When you create a website, try to focus on what can make you stand out, don’t forget to work on the quality of images, and content, you put on it
  • Get it legal
    For making yourself authentic and trustworthy you should opt for legalizing yourself. So, don’t forget to read online business regulations and register your company which can be done online. These legal steps will help you to keep you on the right path and will not let you fall in trouble in customer privacy or information.

So, these are five simple steps you need to look if you want to start a new business online, giving yourself and your career new dimensions. Now you can make your dream into reality, it’s time to get out there and create an online money-making business.

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Business motivation

What Are The Best Sources Of Credit For Business Startups?

It takes a village to raise a child! Similarly, it takes you a well thought out research, determination, hard work, and some good sources to gather capital to turn your dream venture into reality! Where the entrepreneur is all thrilled and excited by the mere imagination of their business coming into existence, they are equally stressed about the venture and the capital it would require for the respective business to survive and thrive in the market.

 

Considering how important and unavoidable it is to raise the capital for your business, it will be a great idea for all the entrepreneurs and wantrepreneurs to conduct detailed research on how and from where they can arrange the finances. With the help of this article, we are going to introduce you to some great options that you could consider while arranging the capital.

 

Venture Capitalists

One of the major sources of investment, venture capitalists are the groups that are known to buy equity in a start-up in exchange for the capital they provide. However, it is important to keep in mind that venture capitalists do not really entertain all start-ups. The only startups that are backed by venture capitalists are those that have tremendous growth potential and are driven by technology. If venture capitalists identify and acknowledge the potential of a startup, they will provide the capital as well as the skills and strategies that the entrepreneur lacks to grow further.

 

Bank loans

This is the old classic that could never go out of trend. Banks, since ages, have been giving out business loans to startups. It is certainly the best and most highly used option for the MSMEs to gather funds for their business ventures. In case you are a small or a medium enterprise, you can consider getting a business loan from a bank. Nevertheless, careful research and a solid business plan are the criteria banks have set to give out loans to start-ups.

 

Angel Investor

In case your business requires a large amount of money, the best option out of the lot for you is to reach out to an angel investor. An angel investor is defined as a wealthy individual with extensive and enriching experience in a particular domain. Sometimes people confuse Venture capitalists with angel investors, however, there are some prominent differences that tell them apart. Venture capitalists do not invest their own money into a startup whereas angel investors do bring their own money into play. An angel investor will invest their own money in a business venture in their early stages and are very much involved in the process of supervising the operations. 

 

Crowdfunding

Crowdfunding is the newest resort that is becoming a rage, especially among the start-ups that promise to serve the society with the service or the products they offer. It is the process of raising small funds individually from a large number of individuals. People invest their money in these startups expecting a reward, product, service, or equity in the business, generally. However, there could be several individuals who do not expect anything in return in case a startup is trying to serve the society.

 

Conclusion

Business financing has become a basic necessity for almost all businesses and this is when the options mentioned above play the most important role. Once you figure out nature, relevance, performance, and market opportunities, it will be a cakewalk for you to decide which option serves your business best.

 

 

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Business motivation

Startup Ideas: Be Your Own Boss With These 3 Business Ideas

Success is just a wise decision away! A wise decision to come up with the best business idea that fulfills your passion as well as your wallet. Since ages, people have been making these decisions to live an independent life by becoming successful entrepreneurs for various reasons varying from flexible work hours to being their own boss, from getting to follow their passion to contribute to society the way they want.

 

When things boil down to picking one startup idea, it becomes equally important to see the pros and cons of starting that business. With a ton of amazing and tempting business ideas available in the market,  it can be hard to figure out which are worth investing your money and time in. This is where we want to be of some help to our readers. We will be sharing a few business ideas with you that may work out in your favour.

 

Educational Mobile Apps

If you have always had an interest in teaching and have a knack for it, the business idea of coming up with an educational mobile app would be the best idea for you. For all the technicalities of designing the app and other requirements, you can have a third party involved and get it outsourced. We are certain that EdTech is one industry that is blooming in this pandemic amidst all the restrictions and will continue to grow and flourish even after things get back to normal. There are many verticals in the field of online education, ranging from the subject matter experts to the professionals who provide courses around business and marketing, you can choose which option serves you the best.

 

Consulting

In case you are an expert and find yourself well-versed in a particular field or an industry, we would highly recommend exploring more about how consultation and consultants work. If you are good at providing expert advice and it ends up benefiting the individual or an organization you serve, you may get paid a hefty amount as a fee for this consultation. Once you make a place for yourself, you could also start becoming a part of professional events, meetups, conferences where your expertise would be more than welcomed. You can become a professional consultant in the field of education, education overseas, business, coaching, investment, etc.

 

Blogging/Content Writing

 If you often get complimented for your out of the box thinking and unique writing style, you might as well make a living out of it and turn it into a flourishing business eventually. Blogging or content writing is that kind of business idea that doesn’t require you to spend your entire savings or burn a hole in your pocket, the capital requirement is as minimum as it gets!

 

The popularity and importance of bloggers and content writers have only increased over the last few years and clients are ready to pay handsome amounts of money in exchange for some quality content that could help them shape the brand and help it position in a positive light on digital media. Blogging and content writing has become the bare minimum necessities for businesses and has the potential of a great startup idea that earns you good money.

 

Conclusion

With a plethora of options available around us regarding the startup business ideas, the process of narrowing the list down and selecting THE one could be a daunting and intimidating process. Nevertheless, careful and sincere research could help you choose your dream venture that not only supports your passion but also feeds your wallet.

 

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E-Commerce Process & Business Expansion

Flipkart Ties-Up With Nepal’s E-Commerce Firm Sastodeal to Enable Cross-Border Trade, Now Its MSMEs Can Sell Their Merchandise Abroad

Flipkart. (Photo Credit: Twitter/@Flipkart)
Flipkart. (Photo Credit: Twitter/@Flipkart)

Good news for India MSMEs. All the Indians MSMEs which are registered with e-commerce giant Flipkart will now be able to sell their merchandise abroad as well as the homegrown e-commerce platform. Flipkart had partnered with an e-commerce company in Nepal named Sastodeal. With this, Flipkart aims to create cross-border trade opportunities for lakhs of sellers who are registered with its platform.

Expressing his opinion on the partnership with Nepal’s Sastodeal, Flipkart’s Head of Marketplace Jagjeet Harode said, as quoted by Financial Express, “The partnership with Sastodeal, a homegrown brand like ours, will not just open doors for a wider market reach to our sellers but also allow them to boost their business significantly.”

With this partnership in place, both the e-commerce company will list products from Flipkart marketplace sellers under various categories including audio devices, men’s clothing, women’s ethnic wear, and sports and fitness, among others. Flipkart states that this new collaboration will help numerous MSMEs — spread across the country — experience newer avenues for business growth. Flipkart also sees this partnership as an opportunity as in Nepal, there has been a surge in online shopping.

Apart from local sellers, Flipkart is also planning to showcase its private brands such as MarQ and SmartBuy under this partnership. Both its brands operate under various categories including electronics, home appliances/home decor, and furnishings. Earlier, Prime Minister Narendra Modi had asked the Indian firms to push for increasing domestic production and ramping up exports under Make in India and Vocal for Local initiatives.

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Process & Business Expansion

Logistics Firm Delhivery Mulls to Invest Up to Rs 300 Crore for Expansion Over 2 Years, May Add 150 Trucks to Its Fleet

Logistics firm Delhivery. (Photo Credit: Facebook)
Logistics firm Delhivery. (Photo Credit: Facebook)

New Delhi, August 23: With most the businesses have come to standstill amid the COVID-19 pandemic, logistics firm Delhivery is mulling to invest up to Rs 300 crore in 18-24 months on expansion. The firm is planning to increase its fleet size and set up trucking hubs to meet the increased demands for more organised players in the sector.

According to reports, Delhivery is planning to add around 150 trucks to its fleet apart from launching trucking terminals in Delhi, Mumbai and Bengaluru. With this new move, the logistic firm is setting eyes on clocking revenue close to Rs 7,000 crore in the next 24 months, up from Rs 2,800 crore last year.

Informing about the plan, Delhivery Chief Executive Officer & Co-Founder Sahil Barua said, as quoted by news agency PTI, “Our total capital investment over the next 18-24 months is going to be in the range of Rs 250-300 crore. We will continue to invest behind growing our trucking network. We are going to launch three of the largest trucking terminals in the country in Delhi, Mumbai and Bangalore.”

Barua added that Delhivery is planning to grow its fleet with Volvo and other partners. He said, “Our own fleet all put together is 300 vehicles. We will expand that to about 400-450 vehicles over the next 18 months.” It is to be known that daily Delhivery operates close to 5,000-7,000 vehicles daily, in association with other partners. He also expects that the firm would grow at least 35-40 per cent this year.

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Process & Business Expansion Startup

GST Registration Applicants Can Opt for Aadhaar Verification Or be Ready for Physical Inspection of Place of Business, Says CBIC

New Delhi, August 22: The Central Board of Indirect Taxes and Customs (CBIC) on Friday issued a circular stating that businesses can opt Aadhaar verification for registration of Goods and Services Tax or else be ready for physical verification of the place of business. Usually, physical verification takes 21 days, while the verification through Aadhaar can be done in 3 days.

Issuing a notification, CBIC directed that the new applicants can opt for the authentication of Aadhaar number while applying for GST registration. The new notification will be effective from August 21. However, the government stated that the applicant will have to undertake the said authentication while applying for GST registration.

The notification stated, “Where a person… fails to undergo authentication of Aadhaar number or does not opt for authentication of Aadhaar number, the registration shall be granted only after physical verification of the place of business in the presence of the said person.”

As per details, the linkage of Aadhaar with GST and PAN (permanent account number) would help the government build centralised database available facilitating data analytics and help in checking tax evasion. With this, the GST registration can be granted within 3 days without a physical inspection of the premises.

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Finance Process & Business Expansion Startup

Atal Innovation Mission Ties Up With India-Sweden Healthcare Innovation Centre to Boost Vibrant Start-Up Ecosystem

AIM-Business Sweden tie-up to boost start-up ecosystem.
AIM-Business Sweden tie-up to boost start-up ecosystem.

New Delhi, August 21: India on Thursday signed virtual Statement of Intent (SoI) with Sweden under the Atal Innovation Mission (AIM) to promote the disruptive potential of Indian entrepreneurs. The SoI was signed between AIM, NITI Aayog and Business Sweden on behalf of India-Sweden Healthcare Innovation Centre (ISHIC) to boost the vibrant start-up ecosystem across the country.

With this collaboration, the Indian government is looking forward to receiving support by the means of conducting programs, awareness campaigns, various activities and events. The motive behind the collaboration is to promote the overall innovation grid of both the countries through the initiatives being run by AIM such as Atal Research & Innovation for Small Enterprises (ARISE), Atal Incubation Centre (AIC), Atal Community Innovation Centers (ACIC), Atal Tinkering Lab (ATL) and Atal New India Challenge (ANIC).

Informing about the collaboration, NITI Aayog’s Mission Director AIM — R Ramanan — said, “We are very proud that India-Sweden Healthcare Innovation Centre is partnering with us in our endeavours to nourish the existing innovation and entrepreneurship ecosystem in India while also enabling innovation collaborations with counterparts in Sweden. Such synergies will enable a vibrant growth of world-class Indian startups addressing both Indian and global opportunities leveraging global partnerships and networks of Swedish companies.”

Sharing his opinion on the AIM-Business Sweden tie-up, Swedish Trade Commissioner to India, Anders Wickberg said, “We are very happy to partner with AIM who has been playing a significant role in promoting Indian start-up ecosystem. The collaboration with AIM will further strengthen the India-Sweden healthcare innovation centre eco-system to enable seamless experience and faster scale-up to startups onboarded with the India-Sweden Healthcare innovation centre.”

It is to be known that ISHIC agreed to support all the goals of AIM and hep in enabling synergies towards creating a sustainable ecosystem of entrepreneurship and innovation between India and Sweden. This includes building a seamless experience for the start-ups. Also, ISHIC has assured to further strengthen and support the innovators in finding solutions to the healthcare sector. Earlier, a similar tie-up was done by ISHIC between AIIMS Delhi, AIIMS Jodhpur and Business Sweden.

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Process & Business Expansion Startup

Uttar Pradesh, France Explore Opportunities to Develop MSME Sectors Amid COVID-19 Pandemic

A worker at an MSME firm
A worker at an MSME firm. | Representative image.

Lucknow, August 21: Ministry of Micro, Small and Medium Enterprises (MSME) of Uttar Pradesh and the Indian Ambassador to France on Wednesday joined hands to explore possibilities to develop sectors like defence/aerospace, textile, footwear and skill development.

State MSME minister Sidharth Nath Singh held a video conference with Indian Ambassador to France Jawed Ashraf intending to ease regulations to promote investments in the state. Both the leaders agreed to set up a working group to relocate disrupted supply chains amid the COVID-19 pandemic.

Sidharth Nath Singh said, “There is a huge opportunity to increase percentage potential of exports from India and U.P. to France. A large land parcel has been earmarked for maintenance, repair and overhaul (MRO) near the Jewar Airport in Greater Noida which can provide investment opportunities to French companies.”

Stating that the agreements between UP and France would help in the promotion of investments and exports, Additional Chief Secretary (MSME and Export Promotion) Navneet Sehgal said, “U.P. has excellent policies and incentives, and this is a great opportunity to promote investments in the state and exports out of the state to various countries.”

Expressing his opinion, Asraf said that UP was the first state to approach France with its initiative to promote investments and exports and had been successful in changing its image in recent years. Meanwhile, UP MSME Minister said that France is the gateway to the European Union market. He also opined that tie-up with France can be an attractive opportunity for Uttar Pradesh