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Business motivation Strategy

Modi Govt Considering Giving ‘MSME Status’ to Dealers to Enable Them to Avail Benefits Offered to MSMEs, Says Nitin Gadkari

Nitin Gadkari | File Image (Photo Credits: Facebook)

The Modi government is considering of giving ‘MSME status’ to dealers which will enable them to avail benefits offered to micro, small and medium enterprises (MSMEs). The announcement was made by Nitin Gadkari, Union Minister for MSME and road transport and highways, while he was addressing a virtual exhibition on ‘Construction Equipment, Technology Components and Aggregates’ on August 18. “Regarding MSME, we are thinking now of giving MSME status to dealers also and they will get benefit of it, that is also under consideration by which they will get the benefits,” Gadkari said.

He said the government is also working on integrating and developing all kinds of transport like waterways, sea transportation, rail, road and air transport which will definitely reduce the logistic cost and help industries in a big way. Adding further, Gadkari emphasised that the government is ready to provide all possible support and industries should come up with innovative plans so that India can be a manufacturing hub in the automobile sector.

The Minister said the micro, small and medium enterprises (MSMEs) comprising manufacturing and services units need to get registered to avail the benefits and subsidies offered under various government schemes. The MSMEs that have been registered are eligible for tariff subsidies as well as tax and capital subsidies. The registration also helps them in getting government tenders and enables easier access to loans at low interest rates.

Gadkari said in order to achieve the objective of self-reliance, the country needs to reduce imports and boost manufacturing of various components in sectors like automobiles and construction equipment. The minister called for research, innovation and technology upgradation and emphasised on the need for joint ventures and foreign collaborations to get easy finance and compatible technology, an official statement said.

The minister also reiterated his appeal to major industries to clear the outstanding dues to MSMEs in a timely manner. He said the Ministry has also requested the Finance Ministry, the industries who want to make their technology centers, training centers, research centers, from income tax point of view, whether we are in a position to give some more support to them by which we can inspire and motivate them for more research and innovation,” Gadkari said.

Categories
Finance Sales Strategy

TReDs Platform Joining Fee Waived For MSMEs till September 20

TReDs Platform
TReDs Platform Joining Fee Waived For MSMEs till September 20 (Photo Credits: Ministry of MSME)

Mumbai, August 18: Narendra Modi government has invited MSMEs to join the Trade Receivables Discounting System (TReDS) platform with zero fees. The free access to the TReDS platform will be there till September 20.

TReDS is an online factoring platform connects buyers, suppliers and financiers. This platform will enable MSME suppliers to get quick access to low-cost finance.

Joining Fee on TReDs Platform Waived till September 20:

Congrats MSMEs !
The fee for joining TReDS platform has been waived. You can get funds against your approved invoices quickly. Register yourself and make your #msmetochampions. @FinMinIndia @sidbiofficial pic.twitter.com/4KdUEyGAaz

— Ministry of MSME (@minmsme) August 17, 2020

What is a TReDS platform?

TReDS is an online mechanism for facilitating the financing of trade receivables of MSMEs through multiple financiers. It also enables discounting of invoices of exchange of MSME sellers against large corporate.

How will MSMEs benefit on TReDS Platform?

Quicker Payment: MSME sellers will receive funds against the approved invoices within 48 hours
Multiple Financiers: MSMEs are not restricted to a single bank. With the help of TReDS platform, they will have the option to choose the lowest bids among the multiple financiers.
Without Recourse Borrowing: There will not be any obligation on the seller to repay the financier. The buyer’s account will be dedicated automatically through a pre-approved NACH mandate.
Lower cost of Funds: Sellers will be able to access financing at competitive terms as it is based on the credit rating of the buyer. The transparent bidding process will help to discover the most suitable price.

 

Categories
Business motivation Leadership Building Motivational Powerful Personalities

7 Motivating Quotes By The Most Powerful Women That Will Boost Confidence of Female Entrepreneurs

Female Entrepreneur (Photo Credits: Pexels)

Modern times have witnessed more and more women entrepreneurs taking up different types of businesses and succeeding like never before. Female entrepreneurs are rising beyond all levels and proving themselves worthy of everything with each passing day. There are times when people are let down, but the wisdom lies in not giving up, and not paying heed to what the world says! One should believe in oneself and the rest of the things will fall in place! However, at time we just need the positivity and the motivation to get us going.

The quotes from these great inspirational ladies below are truly words of wisdom. Inspirational quotes from successful people can help you reframe negative thoughts during tough times and change your attitude for better things in life

The wise and beautiful words from the most positive thinkers will get you in the right mindset to tackle the hurdles that you face. Inspirational quotes and motivational quotes that will inspire you to achieve your dreams. Read these quotes by these empowering women, launch your business, and becoming a girl boss.

Here are 7 motivating quotes from the most powerful women in history

  1.  “I don’t believe in failure. It’s not a failure if you enjoyed the process.” -Oprah Winfrey
  2. “If you push through that feeling of being scared, that feeling of taking risk, really amazing things can happen.”- Marissa Mayer
  3. “I invented my life by taking for granted that everything I did not like would have an opposite, which I would like.” -Coco Chanel
  4. “We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes—understanding that failure is not the opposite of success, it’s part of success.” -Arianna Huffington
  5.  “If people are doubting how far you can go, go so far that you can’t hear them anymore.”- Michele Ruiz
  6.  “You never lose in business, either you win or you learn.” – Melinda Emerson
  7.  “If you are starting your own business, the best shortcut is to find a good mentor.”- Kim Kiyosaki

Throughout history, it has never been easy for women to prove their mettle. However, women have fought against all odds in the stereotype male-dominated society and made important contributions as businesswomen, entrepreneurs, actors, leaders among several other fields. Some of the most talented and successful women have believed in history and the world has seen what they are capable of. So never give up on dreams and keep hustling.

Categories
Finance

Gold Price Today: Price of Yellow Metal Slips to 52,207 Per 10 Gram, Silver Up Marginally at Rs 67,403 Per kg

Gold jewellery (Photo Credits: Wallpaperflare)

Mumbai, August 17: Gold rates in India slipped on Monday on the back of a drop in the global rates. Last week, gold slumped over 4 percent in the country. On MCX, October gold futures slipped to Rs 52,207 per 10 gram. Silver futures, however, moved 0.35 percent higher to Rs 67,403 per kg.

Customers will be able to buy a 10-gram 24-carat gold at Rs 52,500 in Mumbai. On the other hand, in Kolkata, customers will have to dish out Rs 54,460 for a 10-gram 24-carat gold. The price of a 10-gram 24-carat gold in the national capital is Rs 55,100. In Chennai, the rate for a 10-gram 24-carat gold is 55,320, according to Good Returns report.

Talking about the spot gold prices in India, it was at Rs 52,240, IT witnessed a growth of 0.02 percent, despite global gold prices($1,941.5) saw a drop of 0.29 percent.

The dollar to the rupee conversion rate on Monday improved to Rs 74.8 as compared to the previous close of Rs 74.9. The price of the gold depends on various external factors, one of which is the fall of the dollar against rupee which might lead to an increase in gold prices in the domestic market. The volatility in the gold market has also increased, resulting in damp sentiments among investors. The gold investors are eagerly waiting for the US Federal Reserve’s recent policy meeting for finer prints of its latest economic policy stance.

Categories
Startup

MSME Sector in India: Nitin Gadkari Says Government Plans to Increase MSME Exports & Jobs in the Next 5 Years

MSME
MSME (Photo Credits: Wikipedia)

New Delhi, August 17: Union Minister Nitin Gadkari on Sunday said that the Micro, Small & Medium Enterprises (MSME) sector plays a major role in the development of the country. He further spoke about how the government plans to increase MSMEs exports to 60 percent from 48 percent in the next 5 years. This will also be adding 5 crore jobs in the next 5 years.

“Our MSME sector has a huge contribution to the development of our country. Currently, 30 per cent income of GDP growth rate comes from MSME. 48 per cent of our exports are from MSME and till date, we have created 11 crore jobs,” Gadkari said while speaking at SWAVALAMBAN E-Summit 2020 organised by ‘Lets Endorse Development’ NGO.

Unregistered enterprises need to register, says Gadkari:

In order to get the benefit of the MSMEs, unregistered enterprises need to register themselves under the Micro industry. He urged NGOs to urge small traders and encourage them to also register.

Plan to Increase Exports, Bring Foreign Investment & Upgrade Technology: 

The MSME Minister said that the government will work for the empowerment of people from villages and make them self-reliant. Gadkari added that the plan would be to increase efforts, bring foreign investment, and upgrade technology and make India super economic power.

Categories
Business motivation Process & Business Expansion

5 Business Tips Every Entrepreneur Should Know

Business Tips | Representational Image Only (Photo Credits: Pexels)

The COVID-19 pandemic has changed the entire dynamics of running businesses. Running a business is hard, but if one puts in consistent efforts, no one can diminish the spark of an entrepreneur. One has to be really focused and have a positive mindset to succeed and to gain a competitive advantage over rivals. It becomes the need of the hour to make yourself and your business strong and worthy enough to deal with the perils of new entrants in the market.

Insulating yourself from such threats will not only help you grow your business, but also focus on trying to survive in the market at times of crisis. Being an entrepreneur in any sector should fill a hole in a certain market or niche.

Here are 5 Business Tips that Every Entrepreneur Should Know

Customers First: Listen to Them

The most important feature that a successful entrepreneur should possess is the quality of listening. The more you listen, the better you understand the problems of your customers. The quality of listening not only helps you focus on finding a solution, but also makes your customers happy as you give them a patient listening.

Trust Your Gut

Believe it or not, you need to trust your gut as it helps you make the right decision. This phrase is often used but rarely understood. Folks out there in the market are looking to solve a problem or find a particular type of product. If you trust your gut and give an idea a shot, who know? Your idea may be a hit!

Track Your Finances Inside And Out

A successful entrepreneur is the one who knows the key to access and manage the finances in a proper manner. If one knows the finances inside-out, keeps a record of the spending and earnings and plans accordingly, nothing like it! An entrepreneur should be well versed with the the firm’s revenues, expenses, capital requirements, profits (gross and net), debt, cash flow among other things. Spending are always easy, earning them takes a great deal of effort.

Be A Solution, Not A Problem

People out there have a lot of problems already. You be the solution! Provide solutions by listening to your customer’s grievances.  It’s a lot easier to gain a solid customer base when your business is fixing a problem. Just sit, be quiet, and listen to yourself.

Never Stop Looking for New Ideas

Be open to new idea. A successful entrepreneur is the one who should be open to fresh ideas even if after reaching a certain level of success. When one is open to fresh deals, the business has the potential to reach a next level altogether. The most successful businesses are always on the lookout for new ideas and useful business tricks that they can use.

 

Categories
Finance Process & Business Expansion Startup Strategy

5 Ideas to Rebuild Small Businesses Amid COVID-19 Pandemic

Few tips that can help small entrepreneurs to rebuild their business post COVID-19 pandemic
Few tips that can help small entrepreneurs to rebuild their business post COVID-19 pandemic. | Representative image

Mumbai, August 14: With the coronavirus lockdown still persistent in the country, small businesses are the most hit. While some have pulled down their shutters completely, others are looking for strategies to rebuild and reshape their businesses. Here are a few tips that can help small entrepreneurs to rebuild their businesses:

1) Financial Damage Assessment:

Every entrepreneur needs to analyse and calculate how bad their business has been affected in the COVID-19 lockdown. The first step that one entrepreneur shall take is to update the financial statements which include profit and loss or cash flow statements. Comparison with previous year’s numbers to see the loss is certainly a good idea to begin again.

2) Reshape Business Plan:

Ideas that might have worked pre-COVID-19 era, may not work after the lockdown. So it is very important to remodel the business strategy and do some fine-tuning. Paying close attention to competitors’ plan is another idea that would certainly help in reshaping the lost business.

3) Focus on Generation of Working Capital:

When an entrepreneur takes an initiative to rebuild the business, especially after COVID-19 pandemic, focussing on the generation of working capital becomes the priority. Without this essentiality, all plans to reshape a business model will turn into a failure. Look out for options for a sustainable and suitable financial lender/s who can show some faith in you (entrepreneur). But, for that, mutual understanding and trust are required, which an entrepreneur will have to build with the lender/s.

4) Revamp Budget Account:

Calculative risks during times like COVID-19 always help in revamping budget requirements for entrepreneurs who want to rebuild their businesses. All business ideas have pros and cons, however, a clear idea of what is needed for budgeting and what can be cut from the expenditure would certainly help in achieving the goal — monetary waste. Salary cut to self and only essential hiring are some of the good ideas that have been prescribed by experts.

5) Contingency Plan for the Next Crisis:

This is perhaps the last, but the most effective way to give life to business while rebuilding it. Learn from the previous mistakes and start working on the contingency plan for the next crisis. Saving the profits by cutting down useless expenditures and adapting self to the new way of business are some ways which will keep an entrepreneur in the market for a longer period. Moreover, thinking out-of-the-box to prepare for a worst-case scenario will be fruitful.

Categories
Startup Strategy

Startup Permissions: Here Are Some Licences And Permits Required To Start Your Own Business in India

Permit (Representational Image, Photo Credits: Picpedia)

Starting a business in India requires a set of permission and licenses for its smooth functioning. Fulfilling the legal formalities is one of the first steps which startups should never ignore. Otherwise, there may be huge penalties and other legal complications which will hamper the name and growth of the company.

Depending on your business, there are certain licenses and permissions that are required. Government agencies can fine or shut down a business that operates without a licence.

Business Licence: A legal document that grants you the right to operate a business in your city. It is a permit which indicates that the company has the approval of the government to operate.

Various Kinds of Business Registration: The various kinds of business registration in India are-Private Limited Company, One Person Company, Partnership Firm, Public Limited Company or an NGO/Trust. A business will have to get registered under any of the above type o structure.

Safety Registration/Fire Permits

Depending on the type of business you intend to operate, you may need to get an inspection and permit from the local fire department.

GST Registration:

It has now become mandatory for all businesses to get their GST registration done. It needs to be obtained within 30 days of business incorporation, otherwise, the startup will be subject to heavy penalties.

MSME Registration

MSME Registration can be obtained by micro, small and medium enterprises in India to enjoy few subsidies and benefits in terms of loans, taxation, and other schemes.

Startup India Registration

When the business comes under the definition of a startup as per the DIPP Notification, it can get its Startup India registration done. There are a few criteria for it, for e.g., it has not been more than 10 years from the date of business registration. The annual turnover of the entity for any financial year since its registration has not exceeded Rs. 100 crores.

Categories
Startup

What is a Startup? How Do Investors Add Value To Startups? All You Need To Know

Startups | Representational Image (Photo Credits: Pexels)

India is now becoming the world’s fastest growing startup ecosystem. In order to understand a startup ecosystem, one needs to know what a startup means! A startup is a young company that is usually founded by one or more entrepreneurs to develop a new and unique product. These entrepreneurs launch a service and bring it to market for people to use and benefit out of it. Startup, as the name suggests, begins with initial funding from the founders, their friends, families, relatives, among others.

Startups are becoming very popular in India. A start-up is basically a company or project begun by an entrepreneur to seek, develop, and validate a scalable business model. Startups face high uncertainty but some of them do go on to be successful and influential and become unicorns. The startup process can take a really long period of time and can go up to years to be successful. Hence, sustaining effort is required.

Over the long term, sustaining effort is especially challenging because of the high failure rates and uncertain outcomes. One needs to understand the basic concept that an entrepreneur is an individual while startup is an entrepreneurial team, and needs to work accordingly to achieve the desired goals.

How do Investors add value to Startups?

According to Startup India Portal, which is India’s largest online entrepreneurship, the investors, particularly venture capitalists (VCs) add value to startups in a number of ways. The Startup India Portal platform allows startups to network, access free tools & resources and participate in programs & challenges.

  1. Stakeholder Management: Investors play a key role in building up the startup. They help by managing the company board and leadership to facilitate smooth operations of the newly started firm. In addition, their functional experience and domain knowledge of working and investing with startups imparts vision and direction to the company.
  2. Raising Funds: Investors are best guides for the startup to raise subsequent rounds of funding on the basis of stage, maturity, sector focus etc. and aid in networking and connection for the founders to pitch their business to other investors.
  3. Recruiting Right set of people: Sourcing high-quality and best-fit human capital is critical for startups, especially when it comes to recruiting senior executives to manage and drive business goals. The venture capitalists, with their extensive network can help bridge the talent gap by recruiting the right set of people at the right time.
  4. Proper Marketing of the Product: VCs assist with marketing strategy for your product/service.
  5. Merger and acquisition opportunities: The venture capitalists should be alert about the merger and acquisition opportunities in the local entrepreneurial ecosystem to enable greater value addition to the business through inorganic growth.
  6. Organizational Restructuring: As a young startup matures into an full-fledged established company, the venture capitalists help with the right organizational structuring and introduce processes to increase capital efficiency, lower costs and scale efficiently.

In India, the Government, under the leadership of PM Narendra Modi, has started and promoted Startup India initiative to recognize and promote startups. This initiate is aimed to develop Indian economy and attract talented entrepreneurs.

Categories
Startup

Here’s What Arvind Kejriwal’s Delhi Govt is Doing For Startups Amid COVID-19 Crisis

Startup
Startup (Photo Credits: Pixabay)

Delhi, August 13: Amid the coronavirus pandemic, when businesses have been badly hit, it is the startups who have been affected the most. In order to give fillip, Delhi Chief Minister Arvind Kejriwal recently met industry leaders, young entrepreneurs to draft a new policy for startups. The objective is to make Delhi a leading choice for startups.

Delhi boasts of over 7000 start-ups and it is also on top of the list of cities with the most number of active start-ups, according to a report by TiE. In addition to this, the CM further highlighted that the valuation of the city’s start-ups is about $50 billion. The report published in 2019, mentioned that Delhi-NCR is set to become one of the top five global startup hubs with 12,000 start-ups, 30 unicorns, and a cumulative valuation of about $150 billion by 2025.

The Objective Behind the Draft policy For Startups:

According to the statement released by the Chief Minister’s office, the objective of the draft policy is to support entrepreneurs and help create a robust economic and policy infrastructure that will create new jobs and add competitive dynamics into the current economic system.

Takeaways of CM’s Meeting With Experts:

The prominent participants in the discussion held were Ajay Chowdhry of HCL, Rajan Anandan MD Sequoia Capital, Padmaja Ruparel of Indian Angel Network, Sriharsha Majety, co-founder and CEO, Swiggy, Suchita Salwan, founder and CEO, Little Black Book, Tarun Bhalla, founder, Avishkaar and others.

Some of the suggestions included creating industry-academic partnerships, entrepreneurship programs for young professionals in Delhi and making the national capital’s physical infrastructure more conducive for startups to work.

Here’s the 2-Step Process of Drafting the New Policy:

The drafting of the new policy for startups will be conducted in a two-step process. The first step involved consulting industry leaders, experts from various sectors to provide valuable inputs in drafting the policy.

In the second step, the draft would be put up online for the public to recommend changes and suggest new policy rules.

Arvind Kejriwal along with the industry leaders are hopeful that with the new startup policy, Delhi will surely become a preferred destination for startups. It will also fight the economic instability that has been created due to the coronavirus crisis.