Categories
Startup

Part-Time Business Ideas for Students: Here are 5 Low Investment Businesses That Youngsters Can Take Up

Businesses in India (Photo Credits: Pexels)

Every person aims to become successful in life and for this to happen, one strives really hard all throughout. However, students, who are taking up their degrees and are planning to have a career in setting up their own business, can actually start with something small at first. This will help one to focus on what their goal should be and how they should be approaching their targets. Earning extra income with work from home jobs, freelance jobs are now in the trend. We often see students taking up part-time jobs for the sake of managing their own expenses.

Let us not forget that some of the popular and profitable businesses were launched by students: Microsoft, Dell, Apple. If you wish to supplement your income by doing business, you need to have a clear idea, a business plan, and a lot of patience and dedication. In this article, we will see some of the possible small businesses for students to earn money by doing part-time jobs or internships, that will help them start their savings and give them an idea to start, manage and grow their businesses in the future.

Start a YouTube Channel

Stating your own channel on YouTube can help you connect to more people in one go. If you are good at vlogging, this is the thing for you. Starting a YouTube channel needs a very little investment. All you need is a good camera, a good quality mic, and a decent background setup to record your videos. Students can use their smartphones, create the content which will be helpful for people, record and upload it.

Blogging

If you love writing, don’t let that skill go waste! You can earn a great deal of money by the power of words. Blogging is one of the most successful ways to make money online. All you need is to focus and articulate your thoughts to come up with ideas that will meet the expectation of the clients. Blogging, which is creating content in text format, can help you mint money in just no time. Your flair for writing can really be an added advantage to you.

Become a Radio Jockey

If you are good at communication and love to talk a lot, this is the right option for you. Along with studies, students can take up being a radio announcer. Once you are known to people, this can be one of the best full-time career options too. Of course, you can initially start with a bit of it to get some additional money. But, this side job can make quite a fortune.

T-shirt Designing

Make your artwork famous by making its presence felt online. What you can really do is, try and take up a T-shirt designing business, initially by printing just a few t-shirts. This is one of the growing and popular businesses in recent times. People usually go in for fancy t-shirts with artwork on it. You can try your luck and design some really fancy and unique style that will appeal to your target audience.

Translator

If you are good at languages, both verbal and written, you can become a translator and help people in their businesses. Companies usually hire translators to understand the core and basics of a language that is little known to them. Interpreting written or spoken material into one or more other languages and ensuring that the meaning and context are maintained, can help an individual deliver efficiently to the clients and corporations.

Categories
MSME

MSME Sector in India Has Huge Potential To Become World’s Largest Manufacturing Hub, Says Nitin Gadkari

Nitin Gadkari | File Image (Photo Credits: Facebook)

New Delhi, March 13: Union Minter Nitin Gadkari on Saturday said that the micro, small and medium enterprises (MSMEs) sector in India has a huge potential to become the world’s largest manufacturing hub. During a webinar on ‘Aatmanirbhar Bharat – Opportunities in Solar & MSME’ on Friday, Gadkari said that the government is committed to promoting renewable energy resources in the country, especially in the MSMEs sector.

The Minister, who holds the MSME portfolio along with road transport, said by making solar energy available, “we will create big market for electric vehicles”.  He said that the solar power rate in India is Rs 2.40 per unit and commercial rate of power is Rs 11 per unit and the cheap power generated through solar energy can be used for automobiles and other developmental works.

He expressed confidence that within five years, India will be a top manufacturing hub for automobiles in the world. While speaking about the businesses in India, the minister highlighted that India has tremendous potential and capacity for electricity generation. Gadkari invited investors abroad to invest in Indian MSMEs.

During his address, he expressed hope that this will provide a number of opportunities to the MSME sector in the country to become the world’s largest manufacturing hub. Talking about the growth of MSMEs in India, Gadkari said that the MSMEs with good track record are now being encouraged for capital market, adding that there exists a huge opportunity for investment in scrapping policy.

Categories
Startup

Startup India Scheme: What Qualifies a Startup Under This Scheme? Here’s How Can One Register a Profile Online on startupindia.gov.in

Startups (Photo Credits: Pexels)

The Startup India initiative launched by the government on January 16, 2016, aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of startups. In India, as many as 44,534 startups have been recognised by the department for the promotion of industry and internal trade (DPIIT).

What qualifies as a ‘Startup’ under Startup India Scheme

An entity shall be considered as a Startup:

1. If it is incorporated as a private limited company or registered as a partnership firm or a limited liability partnership in India

2. Up to 10 years from the date of its incorporation or registration

3. If its turnover for any of the financial years since incorporation/registration has not exceeded Rs 100 Crores

4. If it is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation

It must be noted that an entity formed by splitting up or reconstruction of a business already in existence shall not be considered a ‘Startup’.

How Can I register a profile online on the Startup India website:

  1. Visit the Startup India website startupindia.gov.inand click on ‘Register’ at the right side of the website where the profile photo box appears on the screen.
  2. Fill in the details as required in the registration form.
  3. An OTP will be sent to your registered email address, post submitting which your profile will get created.

 

Categories
Startup

Startup India Initiative Gains Momentum, Total 44,534 Startups Recognised by DPIIT So Far, 339 Startups Granted Income Tax Exemptions

startup ipo india

New Delhi, March 12: Under the Startup India initiative launched by the government, as many as 44,534 startups in India have been recognised by the Department for the Promotion of Industry and Internal Trade (DPIIT). The numbers have been updated as of February 24 this year, Minister of State for Commerce and Industry Som Parkash said in the Parliament on Wednesday. Startup India is a flagship initiative of the Government whoch aims to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities.

Startup India, a flagship initiative of the government launched on January 16, 2016, aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of startups. “Since, the launch of Startup India initiative, a total of 44,534 startups have been recognised by the DPIIT as on February 24, 2021,” he said.

Reports inform that as many as 339 startups have been granted income tax exemptions till January 2021. The recognised startups are eligible for several benefits under the Startup India initiative. They avail tax exemptions besides other support measures. Prakash said that startups are eligible for an 80 percent rebate in patent filing fees and 50 percent on trademark filing fees.

Giving details about the startups in India, the Minister informed that so far, 5,253 applications for patents have been filed by startups under the SIPP (startups intellectual property protection) Scheme, out of which 514 patents have been granted. Till November 2020, a total number of Trademark applications filed – 12,264.

Under the Startup India initiative, the Government aims to empower startups to grow through innovation and design. Several programs have been undertaken since its launch in January 2016 with an aim to contribute to his vision of transforming India into a country of job creators instead of job seekers. These programs have catalyzed the startup culture, with startups getting recognized through the Startup India initiative and many entrepreneurs availing the benefits of starting their own business in India.

Categories
MSME

Union Minister Nitin Gadkari Inaugurates Technology Centres, Extension Centres To Boost MSME Sector

Nitin Gadkari (Photo Credits: Facebook)

The government is undertaking various initiatives for the development of the MSME sector. Several projects and schemes have been launched to promote the welfare of various firms in the micro, small and medium sector. In lines with this, Union MSME Minister Nitin Gadkari has has inaugurated new technology centres, one at Visakhapatnam in Andhra Pradesh and other at Bhopal in Madhya Pradesh, three extension centres of big technological centres and seven mobile Udyam Express. These centres have been inaugurated to increase the e geographic footprint of Technology Centres network through future ready new Technological Centres with vertical as well as horizontal expansion to cover more states and regions, making its reach across the country. Udyam Registration Portal: GSTIN No Longer Mandatory for Registering MSMEs.

The Technological Centres and Extension Centre are expected to boost the micro, small and medium enterprises and people involved in the sector by providing an increased capacity of training and enhancing skills of around four lakh trainees, providing assistance to around one lakh MSMEs in terms of technological, skilling and advisory support. It has been undertaken to increase the competitiveness of various MSMEs in the country. It also aims for creation and registration of more firms under the MSME sector. It also tragets to improve and enhance employment generation capacity of various firms in the micro, small and medium sector. RBI Extends Deadline For Udyog Aadhaar Memorandum of MSME Registrations Till March 31, 2021.

At the virtual inauguration event of the new technological and extension centre, the Union Minister of Micro, Small and Medium Enterprises, Nitin Gadkari said, “if the country has to overcome three biggest problems of poverty, starvation and unemployment, then we have to create jobs.” He added, “the technological centres should have coordination, cooperation and communication with the local industries.” Gadkari said, “the country has huge potential for raw material, young and skilled manpower, government is ready to support all entrepreneurs and we need to take the cooperation of IITs, engineering colleges and successful persons in the society.” He emphasised on the need of integrated development.

Categories
MSME

Udyam Registration Portal: GSTIN No Longer Mandatory for Registering MSMEs

MSME (Photo Credit: Wikimedia Commons)
MSMEs (Representational Image)

The government is taking several steps to provide impetus to the enterprises in the MSME sector. Over the last few years, various projects and schemes have been launched by the central and state governments in order to promote and develop the Micro, Small and Medium Enterprises. In lines with the Narendra Modi-led government’s visionary ‘Digital India’ initiative, several efforts have been put in  by the Nitin Gadkari-led MSME Ministry to digitise processes involved in registration of firms under the micro, small and medium enterprises. In order to promote ‘ease of doing business’, steps have been undertaken to streamline all the procedures related MSMEs’ interaction with the government to reduce unnecessary wastage of time and resources and   increase business’ efficiency.

One such initiative by the central government to simplify the registration process for the MSMEs is the launch of the Udyam Registration Portal. Launched in July last year, it was aimed to eliminate the excessive paperwork involved in the registering process and make the work more streamlined. The objective of the portal is to provide a single-page registration, consume less time and simplify processes of registering any enterprise under MSME. RBI Extends Deadline For Udyog Aadhaar Memorandum of MSME Registrations Till March 31, 2021.

However, the major issue with the portal being, that as per a notification dated November 26,2020, GSTIN was made  a mandatory condition to register the firm through the Udyam Registration Portal with effect fro April 1, 2021. Following complaints and criticism by various MSME owners and businessmen, the Union Ministry of Micro, Small and Medium Enterprises, have done away with this requirement. MSMEs in India: Over 11 Lakh MSMEs Registered So Far on Udyam Online System Since July; Here’s How You Can Register Your MSME Online.

As per a notification dated March 5, 2020 the MSME Ministry examined the matter related tothe mandatory requirement for filing Udyam Registration with those for filing GST Returns, in the interest of those enterprises that are exempted from filing returns. The business owners can now register under the MSME sector through the portal by using their PAN (Permanent Account Number) cards only,  the GSTIN is no longer a mandatory requirement for the same.

Following the notification last year, various MSME associations said that the measure of making GSTIN mandatory is impacting the registration process as many enterprises are exempt from the mandatory requirement of filing GST Returns as per the Goods and Service Tax Act. They also stated that the annual turnover for several MSME might be less than the threshold limit for exemption from registration under said act.

The Udyam Registration Portal has been a welcomed move by various existing MSMEs and the business owners who have been planning to get their firms registered under the sector. It is has simplified the entire process of registration, making it more user friendly and transparent. It also aims to support several  micro-enterprises, including skilled craftsmen and artisans and other enterprises in the informal sector and unorganised sector, by easing the process of registration.

Categories
HR & People Management Startup

3 Effective HR Practices every Entrepreneur should Implement in their Organization

people friendly work culture
बिजनेस मॉडल

As an entrepreneur or a small business owner, it is normal and sometimes even necessary to don many different hats at the initial stages. But if you want to make your business profitable and successful in the long run, your management-related tasks must be handed off to a skilled and talented HR professional.

Companies that invest in their human capital achieve their business goals and promote a positive culture. A study by Darwish, T.K., Singh, S., & Mohamed, A.F. (2013) and Huselid, M.S., Jackson, S.E., & Schuler, R.S (1997) published in Forbes indicate the importance of aligning human resource strategies to achieve business goals and improved business performance.

We all have heard about the old metaphor, “jack of all trades and master of none”. But the fallacy of this idiom does not fit in the modern world. In doing so, it may lead entrepreneurs to make costly mistakes in terms of money and time.

Not only your business may face some serious consequences because of the lack of skills and knowledge. But it is completely unrealistic to build a successful business without building people, especially in a startup.

So whether you are a solopreneur, an entrepreneur, or a wantrepreneur if you want to create a professional and efficient culture in your company, here are three best HR practices that will guarantee a more productive culture in your organization:

1. Hire the Right Candidate

No desperate hiring, please! Because the hiring of the wrong candidate is detrimental to the startup business. Along with the essential skill set and a positive mindset, it is also crucial to consider the cultural fitment of the candidate.

Ensuring that the purpose of the position is met with the desired candidature of the job applicant is very important. Why? Because it ensures personal and professional aspirations being met. Developing a consistent interview process is also necessary as inadequate job descriptions attract less-than-best candidates.

Hiring the right candidate with a positive approach can help to create a culture in the organization where everyone feels welcome and participate. Select people who are self-motivated, goal-oriented, talented, and driven by passion and also share your vision. Keep your staff updated with the latest market trends by providing them essential training for futuristic skills. An improved and enhanced team will remain motivated. This will eventually accelerate your business growth.

2. Implement People Friendly Policies

The employees should be empowered to mold their work environment within the defined boundaries. Also, a set of policies that define the boundary within which it is to be carried out staying in alignment with the values professed by the organization.

Here a handbook comes in handy! The Policy or the handbook forms the foundation of the agreement on service conditions with the hiring candidate. This needs to be signed during the acceptance of the offer and every time the offer is amended.

3. A Performance-driven culture & a defined Improvement Path

When you invest in a financial scheme, you get returns! Similarly, when business owners invest in their employees, they, in turn, invest back in the business. Performance drives the success of any organization.

An agile and motivated work-force is every organization`s biggest strength. Whether you are an entrepreneur or an HR working in a large organization, it is necessary to ensure that your staff members are fully satisfied with their role in the organization.

Employees should have clarity about their current job role and growth opportunities as ambiguity can lead to non-performance. Encourage your employees to do self-evaluation. Try to nip the problems at the early stages.

An employee`s growth could be vertical as well as horizontal in which an employee is skilled and is made more capable.

As an entrepreneur, you must retain good employees and promote growth within the organization by making the entire staff skilled.

One of the most standardized and common initiatives that entrepreneurs can implement is new employee orientation. An orientation program will inculcate a sense of commitment in the employees, and thereby encourage a sense of ownership.

If the business size is small, it is advised to have a systematic performance review. A quarterly performance check would make more sense in a start-up. If you want to scale up your business and promote its growth, be honest about the performance.

Creative ideas, proactive solutions, emerging trends, and innovation stems out of a fully engaged workforce and not otherwise. Looking for a bit of expert advice on how to build a high-performance workforce? Click here https://www.youtube.com/watch?v=RszxzBYiZpQ&t=791s

You can also take our Everything about Entrepreneurship course that will provide in-depth knowledge from starting a startup to expanding your business. Learn from the top industry leaders on the front line. To know more click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

 

 

 

 

 

 

Categories
Powerful Personalities

International Women’s Day 2021: 5 Famous Success Quotes From Women Entrepreneurs Across the World That Will Inspire You

Women Entrepreneurs (Photo Credits: Wikimedia Commons)

International Women’s Day is celebrated on March 8 every year around the world. The day holds great importance as it is a focal point in the movement for women’s rights. The special day is commemorated with a wide range of events. The theme for International Women’s Day 2021 is “Choose To Challenge”. The day, sponsored by the United Nations since 1975, celebrates women’s achievements and aims to further their rights. The day was trending as #ChooseToChallenge  and #IWD2021 on Twitter. The day celebrates the social, economic, cultural, and political achievements of women. The day also marks a call to action for accelerating women’s equality.

On the special occasion of International Women’s Day 2021, take a look at 5 Motivational Quotes by Women Entrepreneurs across the world.

  1. “When you look at successful women, they have other women who have supported them, and they’ve gotten to where they are because of those women”- Sheryl Sandberg, Facebook CEO, Author
  2. “The challenge of a leader is looking around the corner..and making the change before it’s too late to make the change”- Indra Nooyi, CEO of PepsiCo
  3. “Without an open-minded mind, you can never be a great success”- Martha Stewart, American retail businesswoman, writer,
  4. “I really believe that entrepreneurship is about being able to face failure, manage failure and succeed after failing”, Kiran Majumdar Shaw, founder of Biocon Ltd
  5. “On my own I will just create, and if it works, it works, and if it doesn’t, I’ll create something else. I don’t have any limitations on what I think I could do or be.” – Oprah Winfrey, Talk Show Hostess, Producer, Philanthropist

“A challenged world is an alert world. Individually, we’re all responsible for our own thoughts and actions – all day, every day. We can all choose to challenge and call out gender bias and inequality. We can all choose to seek out and celebrate women’s achievements. Collectively, we can all help create an inclusive world. From challenge comes change, so let’s all choose to challenge”, the IWD said on its website.

Categories
Powerful Personalities

International Women’s Day 2021: Take a Look at Top 3 Famous Women Entrepreneurs in India

Savitri Jindal, Falguni Nayar, Kiran Mazumdar-Shaw (Photo Credits: Facebook, Wikimedia Commons)

Every year March 8 is celebrated as International Women’s Day (IWD). The day recognizes the social, economic, cultural, and political achievements of women. First observed in 1911, the IWD also raises awareness about women’s equality and lobby for accelerated gender parity.

The theme of IWD 2021 is Let’s all choose to challenge. “We can all choose to challenge and call out gender bias and inequality. We can all choose to seek out and celebrate women‘s achievements. Collectively, we can all help create an inclusive world. From challenge comes change, so let’s all choose to challenge,” according to the official IWD website. On IWD 2021, here are the top 4 businesswomen in India who inspire me and others around the world.

Savitri Jindal

Savitri Jindal is the chairperson of Jindal Group. Considered as one of India’s leading conglomerates, the company is a leading player in the steel, power cement, oil, and infrastructure industries. The 70-year-old took charge of the company after her husband and founder of the Jindal Group, Om Prakash Jindal died in a helicopter crash in 2005. Under her leadership, the company is touching new heights.

Falguni Nayar

Falguni Nayar, a former investment banker with Kotak Mahindra, founded Nykaa in 2012. With her hard work and dedication, Nykaa has become one of the leading online cosmetic and wellness company in India. The lifestyle retailer offers over 850 brands and has more than 30 physical stores. In 2017, Nayar got the title of “Most powerful business” by Business Today.

Kiran Mazumdar-Shaw

Kiran Mazumdar-Shaw, the billionaire chairperson and managing director of Biocon Limited, is a self-made businesswoman. She calls herself an accidental entrepreneur. Creating a biopharmaceutical company in 1978, her net worth is $4.6 billion (September 2020).

Categories
Business Startup Ideas Marketing Sales Strategy

Branding: Why it is crucial while scaling your startup business?

Branding plays a crucial role in the success of every business. And when it comes to startups, branding is of paramount importance. It is vital for the development and growth of an organization.

Your brand becomes a part of the customer`s everyday life. For instance, if a customer wants to purchase a product, he or she would like to buy from a company that not only offers great quality products but also provide other assurances. And, if a customer feels that your brand is the best in the market, then a customer will buy it even if it is a bit costlier. This is the impact of having a solid brand image.

A brand is what helps your business distinguish your product from the league and helps consumers associate themselves with your brand.

But many entrepreneurs fail to recognize its importance in the initial stage of the business. They make the mistake of obsessing over their products and turn a blind eye to every aspect of the branding. This can lead to a series of disastrous consequences for the product as well as the company in the long run. Due to the negligence, the brand might become unnoticed and irrelevant.

According to an analysis conducted by the Marketing Accountability Standards Board (MASB), ‘brands contribute on an average of 19.5% and if the impact is measured based on firm cash flow, profits and firm value, the impact could be contributed for over 50% of the enterprise value.

Another report by the Marketing Science Institute (MSI) that included around 220 consumer products found that a superior brand preference or reputation commanded price premiums of 26% on average, even when brand quality is the same.

Brand Image: A living persona

Your brand image is like a living entity. If your brand can create ripples in the market and generate excitement by showcasing life, you can get a loyal clientele. Your brand grows and matures over the years and builds its persona just like a living entity and provides a solid competitive advantage.

In this age of digitalization, it is important to have a unique brand strategy that will engage the audience across multiple mediums. Therefore, it is essential for every company to carefully select and invest when it comes to building a brand that speaks volumes about the company`s unique business strategies and core values.

Branding is essential for business sales too!

If your brand connects straight away with your target customers, it will result in an excellent customer experience. And according to a report published in Forbes, ‘73% of companies with above-average customer experience performs better financially and also get higher revenue’.

Another report suggests that around 17% of the consumers are willing to pay more to purchase from a brand that has a great reputation and market value.

Harvard University professor, Gerald Haltman who is the author of ‘How customers think: Essential insights into the mind of the market’, writes in his book that 95 percent of a customer`s decision-making process happens subconsciously. Hence, the major reason why a customer will choose your brand instead of your competitor will largely depend on how the consumers ‘feel’ about your company.

And why this factor is important for a startup? Startups tend to have major competitors who have a larger team, better infrastructure, brand reputation, and marketing knowledge. A good brand image will help you to attract more customers and your product will finish on top of your competitors.

Brand Image: Honesty v/s Perfection

Startups represent innovation and a distinct approach towards the same product that is already available in the market. It`s their uniqueness that connects them super strongly with their customers. However, too many companies want to represent their brand under a perfect and idealized spotlight. This results in a brand image that lacks the character, texture, and trust of a consumer.

Another blunder that most startups do is copying other businesses or internet trends and images. Creating a fake image of their brand that does not represent them would simply mean wasting the most valuable emotional factor due to which a startup ends up eroding its customer base.

Branding in the internet age

With technological advancements, the internet has slowly taken over. Today, with the advent of affordable smart-phones, branding of products online is no longer a luxury. It has become a necessity for startups where they can sell their products to a wider audience.

With cost-effective internet that is available to most people, a business must use this opportunity. Despite the changing times and mediums of advertisement, branding is still an integral part of advertising and the business world. Hence, listen to what stakeholders and customers have to say about your brand, and use their feedback to make improvements. This will also build a better brand image.

Learn how you can take your startup to new heights with our Everything about Entrepreneurship. Click here to know more about this product: https://www.badabusiness.com/?ref_code=ArticlesLeads