Tag: Business

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MSME

MSMEs Show Signs of Recovery, All Eyes Now on Diwali 2020 to Bailout the Stressed Sector

Startup Growth
Startup Growth (Photo Credits: Pixabay)

Mumbai, November 3: The coronavirus pandemic has been extremely difficult on every business, and India’s MSME sector is one of the worst-hit. The sector which has about 70 million enterprises and employs around 110 million people is battered due to the lockdown.

From factories being shut down, and freeze in the production, it is the small companies who are facing the heat of the pandemic. All eyes are now on Diwali 2020, from which they expect the sales to recover and help them to bounce back.

With the ease in the lockdown restrictions and with the economy opening up, business is taking place. According to a Financial Express report, retailers in majority sectors are yet to recover back to the year-ago level, and businesses in consumer durables and electronics seem to be scaling back relatively faster.

Some of these sectors like- sports goods, furniture, jewellery, footwear, food and grocery have still not managed to hit October 2019 level growth, according to the survey done by the Retailers Association of India.

While all hopes are pinned on the Diwali season, but according to reports, the demand continues to be low as people are sceptical of going to shops and making their purchases. On the other hand, customers are extremely careful in terms of spending as well.

 

 

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Startup

3 Social Media Strategies Which Small Firms Can Use to Revive Their Business Amid COVID-19 Outbreak

Social media Marketing
Social media Marketing (Photo Credits: Wikimedia Commons)

Mumbai, November 10: The coronavirus pandemic has affected everyone across the globe and small businesses are the worst hit. Businesses have been severely affected due to the coronavirus induced lockdown. However, with the opening up of the economy, things are getting better.

Small firms, therefore, need to draw out a proper plan and a strategy which will help them move forward and tide through the difficult times. They will have to keep in mind to use the resources in hand wisely and devise strategies which will reap the maximum results.

We bring to you three cost-effective social media strategies which you can use to revive your business:

The coronavirus pandemic has taught us the importance of technology. At a time when the entire world was shut down, it was technology which kept things running.

  1. Have a website: Start a website giving details to the customers about your business. There should be a contact us and a feedback page, which will help you get in touch with your probable customers. Now use this link on all your social media handles. This will be the face of your brand in the online world.
  2. Have a strong social media presence: If you have been thinking to start a Facebook page or an Instagram page for your business, our advice is DON’T DELAY. These social media platforms are a great way for small firms to promote their business and get in touch with people who are looking out for them.

    In today’s age, you need to start a page on all the social media platforms and can’t think of which one will be more beneficial to you. Remember to populate your page at least three times a week. This will help your customers to remember you.

  3. Be Human: Remember one thing that customers like to interact with humans. So your posts should also have a humanely touch. Don’t ignore any queries from your customers on your social media page. Attention should be given on how to make your customers feel special.

Today social media has become an important part of all our lives, and this is the reason, why you can’t afford to ignore this space. People today spend a good amount of their time on social media and this is where you need to target your probable customers.

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Startup

Shell India Plans to Engage With At least 30 Startups Every Year From 2020 Through Its E4 Programme, to Help Them Scale Their Business

Startup
Startup (Photo Credits: Pixabay)

Bangalore, November 9: Shell India is planning to engage with 25-30 startups every year from 2022 onwards through its E4 Programme. The objective is to help them scale their business.

According to a PTI report, Shell, under E4 Programme, incubates and supports startups via various modules of linking talent, technology, capital and know-how to accelerate India’s transition to a sustainable energy future. Over the last 3 years, the company has been able to engage with 30 startups and supported them with investments and mentoring at Shell campus located in India.

Shell E4 Programme, general manager, James Unterreiner as quoted in the PTI report said, “We have 30 start-ups now that have come through the E4 program and we’re in the process of adding 10 to 12 more that’ll start the program in January. We’re planning on ramping the program to 25 to 30 annually. So, the first couple of years have been a slow ramp to get there and now we’re at that run rate where we expect 25 to 30 annually.”

Shell has been working hard to ensure that energy startups become commercially viable, where they can engage with investors and corporates.

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Startup

What is the Difference Between a Startup And Small Business Venture? Here Are 3 Key Differences

Startup Vs Small Business Venture
Representational Image (Photo Credits: Pixabay)

Bangalore, November 5: Startup is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable economic model. A startup is often confused with a small business, however, there are key differences which one needs to understand in how they function.

Amid the tough market conditions, it is difficult to run a small business and more difficult is to see a startup grow.

Growth Plans

Startups are different from small ventures mainly because they are designed to grow fast on limited resources internally. Startups have an essential need for rapid growth.

Small businesses also seek growth, but more conservative growth which includes creating reliable, long-term income streams.

Funding:

Apart from having different growth strategies, startups seek financial investment differently than most small businesses. Startups rely on capital that comes by means of angel investors or venture capital firms. On the other hand, small business ventures may tend to rely on loans and grants from financial institutions.

A startup requires constant investment at every stage of their growth, which will help them to reach the next level. This is the reason, why user number metrics are so important to startups as they indicate what percentage of their target market has been achieved.

Risk-Taking Capability

Compared to small business ventures, startups have an aggressive risk-taking capability. A startup undertakes several risks like- product risk, market risk and financial risk. For a startup, it is also very important to know their customer and why, how and where they buy related products is arguably the most important risk factor to assess before launching the product. For startups, the risk is mainly tougher because the product is new and it will be a different experience for the public.

Small businesses also take risks, but they are usually of a different nature. The time to prove their success in the market is usually more.

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MSME

Good News! MSME Business Activity Returning to Near-Normal Levels, Tier 2 & 3 Witness Faster Recovery Than Tier 1 Cities

Startup Growth
Startup Growth (Photo Credits: Pixabay)

Mumbai, November 4: It comes as a ray of hope amid the pandemic that the business activity of the micro, small and medium enterprises is returning to near-normal levels. According to a report published on PTI, the SMEs are rapidly developing a digital business tool to increase efficiency and growth.

The positive sign is that out of 36, 16 states and Union territories have witnessed business activity levels higher than pre-covid times. The data gathered by startup OkCredit further pointed out that business activity in Karnataka, Maharashtra, Gujarat, Andhra Pradesh, Tamil Nadu and Delhi are trending at 90-95 per cent of their pre-COVID levels.

A similar positive trend is being witnessed in Uttar Pradesh, Madhya Pradesh, Chhattishgarh, Odisha, Jharkhand, Uttarakhand, Bihar, Haryana, Assam, Rajasthan, and Himachal Pradesh.

The report further mentions that businesses activity in tier 2 and tier 3 cities are witnessing faster recovery than tier 1 cities. This has been attributed to the rise in micro-retail players increasingly taking up digital bookkeeping solutions.

 

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Startup

Tour Operators Write to PM Narendra Modi Seeking Release of SIES Benefits For 2019-20, to Help Them Survive & Revive Amid COVID-19 Pandemic

Travel
Tour Operators (Photo Credits: Pixabay) (Representational Image)

New Delhi, October 28: The coronavirus pandemic affected the tour operators as businesses remained shut for several months. On Tuesday, the tour operators approached PM Narendra Modi asking for immediate relief.

According to an IANS report, their demand is asking for the release of Service Exports from India Scheme (SEIS) benefits for 2019-20, which could help them survive and revive their businesses in this difficult period of Covid-induced disruptions.

The Indian Association of Tour Operators (IATO), a body representing more than 17,00 tour operators in a letter to the PM mentioned that the industry is not seeking any extraordinary help from the government but only SEIS funds which has not been released in this difficult period.

What are SEIS benefits?

SEIS benefits are given to the tourism industry based on its foreign exchange earnings under foreign trade policy (FTP) 1995-2000. The benefit is then used by the industry for promotions, marketing and packages to attract more foreign tourists to the country. These benefits are given annually, however, it has not been announced for 2019-20. Which means that the funds have been spent by tour operators anticipating a payment, the same had not been done so far.

Another request at increasing the SEIS scrips percentage from 7 per cent to 10 per cent for tour operators and travel agents has also been made.

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Startup Student Webinar

Piyush Goyal Says ‘Futuristic Vision Combined With Decisiveness Has Provided India a Solid Startup Ecosystem’

Union Minister of Railways, Commerce and Industry Piyush Goyal. (Photo Credit: PIB)
Union Minister of Railways, Commerce and Industry Piyush Goyal. (Photo Credit: PIB)

New Delhi, October 27: Union Commerce and Industry Minister Piyush Goyal on Tuesday said at an event that futuristic vision combined with decisiveness has provided India with a solid startup ecosystem. He spoke this at the inauguration of the 1st Shanghai Cooperation Organisation (SCO) Startup Forum.

Goyal highlighted how India’s startups have demonstrated their ability to convert this severe adversity amid the coronavirus pandemic into a great potential of the future. He further lauded Indian startups for demonstrating high energy and enthusiasm to give many timely and cost-effective solutions. He mentioned that this forum is an opportunity for all the member nations to share and learn from their experiences.

Goyal said creativity, innovation and disruption will be the new mandate in the emerging future. The minister said the new unique concepts that startups come up with will get a much larger engagement through this forum, according to a report on PTI.

“Sharing our best practices, knowledge, engaging corporates and investors from all the member nations, monetising and mobilising capital, setting up incubators, providing exposure and scale with market access will certainly help the worthy ideas of our startups’ innovations,” Goyal added.

 

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Startup Student Webinar

Opening a Restaurant Amid COVID-19 Pandemic? Here Are 4 Tips Which Eatery Businesses Can Follow to See Success

Restaurants
Restaurants (Photo Credits: Pixabay)

Mumbai, October 27: The coronavirus pandemic affected everyone, from businesses being shut to people being fired. Now with the economy opening up, and several curbs being lifted, restaurants along with other eateries have started their operations, but at a slow pace.

With the coronavirus rapidly spreading across the world and cases still on the rise, restaurants may need to hold on a little more before resuming operations like before.

Here are a few tips which restaurants can follow to see success in their business: 

Maintain Hygiene: The first and foremost thing is to maintain hygiene. Customers always like to take their meals or have a good dinner at a place which is clean and gives attention to hygiene. This has become extremely important amid the coronavirus pandemic, where people are extremely sceptical of trusting anyone who scores low on this point.

Customer is king: Like any business, restaurants also thrive on customers. It is therefore very important to keep them at the centre of your planning and strategy. Be polite, hospitable and make them feel special. Invest your time and effort on your guests. Give them special offers on their birthdays, anniversary and other days.

Be online: If your business is not yet online, it is time, you should rethink and make a strategy on how to go online. With the increase in online food delivery apps and the rise among people ordering food from their home, you will lose out on a major chunk of the customers if your presence is not on the online platforms.

Be Active on digital: As a restaurant, it is very important to be active on the digital platform. You need to always keep updating your customer base about exciting offers and lure them with attractive food pictures.

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Finance Sales Student Webinar

Planning to Start a New Business? These Dates Are Auspicious for the Opening of Shop, Office and Factory in November 2020

Hindu Puja (Photo Credits: Pexels)

If you are setting up a new business, you will always consider an auspicious time to start the venture or a firm. It is believed that the ‘auspicious time’ known as ‘mahurat’ followed by Hindus before starting any kind of new business, small or big, can provide many benefits and help the business flourish. Any work, office, shop or factory that is started at a ‘shubh mahurat’ always open up new business opportunities for the entrepreneur. If one starts the business at an ‘shubh’ time, the business will become a great success with rapid growth. Let us see when are these auspicious days in November 2020 according to astronomy.

In November 2020, a new shop, new office or factory can be inaugurated in these auspicious times-

  1. November 8: If you wish to open a new shop, November 8, 2020 is an auspicious day as it is Saptami Tithi and Pushya Nakshatra on that day.
  2. November 12: On 12 November 2020, Dwadashi tithi will be observed which is considered to be auspicious for starting or opening new office as the day falls on Hasta Nakshatra, which is lucky.
  3. November 13: It is a Friday and it is an auspicious time to start trading as Trayodashi and Chitra Nakshatra fall on the same day.
  4. November 15: Sunday, November 15, 2020 is an auspicious day for opening shop due to Amavasya and Anuradha Nakshatra.
  5. November 19: On Thursday, November 19, 2020, Panchami Tithi and Uttarashada Nakshatra are auspicious to start business.
  6. November 20: On Friday, Shashthi Tithi will be auspicious for shop Opening due to Uttarashada Nakshatra.
  7. November 25: Ekadashi falls on November 25, 2020, which is a Wednesday. The date is auspicious and lucky for office opening due to Uttarabhadrapada nakshatra.
  8. November 27: On 27 November 2020, Dwadashi Tithi and Ashwini Nakshatra are beneficial for the beginning of any trading in business.
  9. November 30: Rohini Nakshatra with full moon on Monday is auspicious for starting a new business.

The Auspicious time for shop-factory-office opening as per Sarvarthasiddhi Yoga are: November 12, November 13, November 25, November 27, November 30. The auspicious time for opening of shop or office – November 8, 12, 13. With the onset of the festive season, people are now gearing up to bring their business to normalcy after being severely hit by the coronavirus pandemic. In the new normal, entrepreneurs are now gearing up to look for opportunities to revive their businesses.

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Startup

4 Business Lessons Which Every Entrepreneur Should Take From the COVID-19 Situation

Startup
Startup (Photo Credits: Pixabay)

Mumbai, October 21: The coronavirus pandemic has affected every business around the world. Several companies have been shut, people have been fired and many are on the verge of closing down. The pandemic has taught entrepreneurs some harsh lessons which every owner needs to keep in mind before starting a business.

The coronavirus pandemic has caused changes in mindset, attitude, direction, and the behaviour for organisations, according to CISCO.

Here are 4 lessons which entrepreneurs need to keep in mind after the coronavirus pandemic:

Keep a plan B ready:

No one expected that coronavirus pandemic will have this massive impact and the effect will be lasting this long. Due to the coronavirus pandemic, strict lockdowns were enforced and there were several restrictions. This was not an ideal scenario for businesses to run smoothly. Here comes a plan B in handy, on which you can fall back on if your initial plan doesn’t work.

Every day is not going to be the same. Therefore, as an entrepreneur, if you’re struggling to cope with ups and down of the entrepreneurial journey then it is critical for you to have a Plan B in place.

Hire carefully: Allocate a set budget and then hire accordingly. Don’t overspend on resources which can easily be done with limited resources.

Keep a contingency fund ready: Prepare a contingency fund for emergency purpose. This fund is cash or other assets reserved to address unforeseen circumstances or losses in a business. The role of the contingency fund is to improve a company’s financial stability by developing a safety net that the firm can use to fill emergency needs.

Be Open to accepting new technology:  The virus has emphasised the importance of technology, as it was relied on more than ever for companies to conduct work. From work from home to business meetings, closing deals and interviews, everything was done online with the help of technology amid the pandemic.