5 Characteristics common to almost all successful online businesses

Not all websites are doing well because understanding the core of the online market is not easy and requires certain characteristics and features will enhance the website and its offerings.

The online e-commerce market has been catching up in India like wildfire and is growing leaps and bounds. However, where some players in the market are doing very well, the others are struggling to keep up. The reputation a business builds in the local as well as the national market is crucial for its sales and the clientele it attracts.

With advancements in the field of technology and growing consumer awareness, the online markets are dynamic and changing with time. Almost all walk-in stores are trying to expand markets by going digital as it is more convenient and offers better outreach. But, not all websites are doing well because understanding the core of the online market is not easy and requires certain characteristics and features will enhance the website and its offerings. One name that you can vouch for is Amazon. This is the biggest place where you can sell your products across the world using the option of Amazon vendor central.

Here are 5 things common to almost all successful online businesses:

1. Good image of the online brand in the minds of the consumers

The online businesses which are very successful have built a positive perception in the mind of their consumer base which is why they keep coming back for repeat purchases. Also, through their existing base and communication strategies, they attract a potential target audience.

Amazon.in, BookMyShow and Swiggy are online business in different markets which are successful because of the positive image and great service rendered out to customers.

Even though Snapdeal is a leading market player, people don’t perceive Snapdeal to be great because of repeated late deliveries and low quality of products faced by some customers.

2. Shopping cart abandonment solutions

Every Online business has faced the shopping cart abandonment issue where customers just add things to their cart but never really purchase them. This happens due to various reasons- the customer might change his/her mind, better deals on other sites, coupons not working etc. Installation of live chats has hit the online markets by a storm and businesses are trying to use this method to stop customers from abandoning their cart during checkout.

Offers like “30% off on shipping if you complete this transaction in the next 30 minutes” along with cart abandonment e-mailers sent out can also reduce this problem. Also, offer you customers the option of wish list so that they can save items for later.



3. Live chat services

Customers feel more satisfied if they have someone to live chat with while shopping as they might require assistance. This also plays with consumer behaviour as the customer believes that he can avail real-time assistance whenever he wants to. in this way, the business is connected to the customer and can provide solutions instantly.

This is an easy method to gain more customers as a chat window is all it takes to make the customers more likely to buy your products.

4. Customer satisfaction

For an online business to prosper and do well, it is very important to focus on the customer satisfaction aspect as a loyal base assures repeat purchases. When people have a good shopping experience with a website, they are more likely to come back and shop for more products the next time.

For instance, Amazon.in gives utmost importance to customer service through prompt e-mails and query solutions.

5. Constant growth and expansion

Because the online markets are so dynamic, a business cannot afford to become stagnant in the scenario. Hence, all business keep launching new products and venturing into new markets to expand their business.

For instance, OYO rooms started off with offering rooms at budget hotels but has now expanded into OYO prime and OYO cafe as well.





5 tips to build a solid online presence

Platforms like Facebook, Twitter and LinkedIn have gained massive popularity and it is important for a venture to be active on these platforms for an extensive influence

In the modern day, all businesses are going digital and are engaging in a race to build a strong online presence. The reason one should have online popularity is because it is easier to target your audience online and it serves a base for a huge outreach. With the growth of social media, having strong online presence has become a necessity. Platforms like Facebook, Twitter and LinkedIn have gained massive popularity and it is important for a venture to be active on these platforms for an extensive influence.

Here are some ways in which one can build a strong online presence:

1. Great content is the way to woo your TG

Attention span in the digital era has considerably reduced and you have very less time to actually grasp the attention of your audience, so, your article or video needs to be packed with entertaining yet informative content. Also, platforms like Twitter have only 140 characters so the content needs to be crisp and attention-grasping.

Great content packed with keywords and information also leads to better search engine results of your company.

2. Branding is the way to go

In an era, where your venture is capable of becoming a brand; you’d be stupid not to adopt branding. A combination of a logo of various colours, tagline, font, style, ads etc helps you brand your product/service. This ensures higher recall and better recognition of your brand.

Almost all e-commerce sites are branding themselves such as Myntra, Flipkart, Amazon, Shopclues, Romwe etc. This increases the value of the offering and also helps the customers associate themselves with the product or service being offered. Hence, to build a strong online presence, branding is crucial.

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3. Track your analytics

One can use various SEO told such as Google analytics, Followerwonk, Google Panda, Iconosquare etc to measure the performances of your brand individually and in comparison with other brands in the same market. It gives you a fair idea of important metrics such as engagement, new users, users who have left popularity etc. These tools are mostly free but charge nominal fares for a premium version.

Also, tracking your analytics gives you a fair idea of what strategies are working and what tactics need to be worked upon. These analytics also give you a clear idea as to what time your audience is online so that you can engage them better.

Related Post: 6 Ways in which you can grow as an online brand

4. Keep up with the dynamic trends

The digital world is dynamic and the trends keep changing and one needs to constantly evolve with them. You might want to put up a kick-ass article but you can’t be uploading only one in weeks; your target audience demands more than that. Videos on Vine and Vimeo are catching up steadily and all brands can definitely tap the video market. Also, not to fall behind, one should understand how hashtags work and not use them for the sake of using.

To be updated about the on-going trends, an entrepreneur needs to keep researching and monitoring the inclinations of the virtual world.

Related Post: 3 Growth hacking strategies that’ll boost your venture in no time

5. Engage your audience

It is not sufficient to just gain a huge base of followers, you need to constantly engage them and keep them interested in your venture. If this step is not implemented properly, users will switch to other products and brands. Social media is the best way to create engagement online. Through hilarious and informative posts, videos, dubsmashes, pictures, articles etc, one can easily captivate the audiences.

For instance, through their varied content, pages like Scoopwhoop and Storypick keep their audiences engrossed via Facebook.

You don’t have to be omnipresent in the digital world but make sure you deliver and keep the Target audiences interested and in the process, increase your growth.





10 online tracking tools every small business and startup should start using now

Tracking your webmetrics, social media followers, leads, conversions and impressions is essential to record the growth or fall.

Tracking your web metrics, social media followers, leads, conversions and impressions is essential to record the growth or fall. If there is an acceptable growth, you should continue with the same strategy whereas if there’s a decline, you need to change your strategy.

Here are a few tracking tools every small business and startup should start using:

1. Google analytics

The most popular web analytics tool, Google Analytics does a brilliant job at providing you with data about your users’ demographics, the kind of websites they use and also where they are from. The data acquired from this tool is completely reliable and the best part about this tool is that it is absolutely free of cost.

2. Social mention

This tool is one of the most popular tools to track your social media progress. It is an easy to use tool which lets you learn your brand’s strength and the number of times it has been mentioned and discussed on social media. This tool also lets you know about the latest hashtags and keywords in the social media circuit.



3. Clicky

Currently, Clicky is gaining more and more popularity on web analytics front due to the amazing features they offer. The best part about Clicky is that it gives you data in real-time so that you don’t have to wait to receive information about the traffic on your website. Clicky is very easy to install and offers Twitter Search Tracking which helps you monitor twitter tags, keywords and retweets.

4. ChartBeat

This is an app priced at $9.95/month but is a must-have for every publisher who needs every detail about the website. This tool gives you real-time data and also tells you how people are interacting with your content. In addition to that, this tool has a brilliant user interface and gives insights as to how users are sharing your content.

5. Alexa

Alexa has a free tool which most websites use to find out the current ranking. All you need to do is write your website’s name and the tool will give you the ranking based on your country and globally. A more advanced version can be purchased by paying a nominal amount.



6. Mint

This tool is a tough competitor to Google analytics because it extensively tracks basic statistics like referrals, searches, popular pages, and traffic trends. It has a brilliant interface with a one-time cost structure ($30). It tells you about the total visitors and the most viewed content. The bird feeder feature is brilliant as it measures feed subscriptions trends and clicks through for each item.

7. Hootsuite

Another social media measuring tool which lets you monitor brand conversations accurately. This tool helps you be up-to-date with Facebook, Twitter, and LinkedIn. All you need to do is craft a stream that matches your keyword. There are free, pro and enterprise versions of the tool available.

8. Woopra

This tool is priced from$0-$199 depending on how big your website is. It allows you to measure customer engagement in real time and monitor more than just one website at the same time. The best features of this tool are the live chat and the fact that it lets you track blog posts, comments, and searches through its WP plug-in.



9. Google content experiments

This is a free tool for testing and optimizing your site and is free of cost. Google Content Experiments lets you see how two different versions of a web page perform so you can optimize your site. It also looks after the heavy lifting regarding analyzing the data and lets you know which version of your website is the best and more likely to engage customers.

10. GrapeWeb statistics

This is a free program which helps you learn about the accurate number of website visitors and the referrals. It is easy to use with PHP or HTML and offers basic metrics. It is a must-have tool for webmasters who just want simple analytics. The only drawback is that you’ll have to install and host the tool yourself.





6 websites every aspiring entrepreneur should bookmark

These websites are absolutely important for an entrepreneur to follow as it provides them with information, strategies and also teaches to use the various tools for a successful business experience.

Learning is an integral process for every entrepreneur and with the gamut of data available, an entrepreneur definitely receives a lot of help. The website has sufficient information which helps the budding entrepreneur to strategize and build his company accordingly.

The following sites are absolutely important for an entrepreneur to follow as it provides them with information, strategies and also teaches to use the various tools for successful business experience.

1. Entrepreneur.com

This website definitely lives up to its name by motivating budding entrepreneurs and helping them learn the tricks of the trade. The content on this site is packed with information, tools and strategies regarding how to start and build a whole company. The blog of the website is filled with articles related to marketing, business and finance tips to guide an entrepreneur. This website will educate and motivate the entrepreneur at the same time.

2. BusinessOwnersToolKit.com

This website helps to you start at the very basic stage. It is a simple guide which doesn’t believe in frills and provides you with relevant and versatile content. The versatility appeals to all kinds of entrepreneurs and while starting from scratch, this is the website to be hooked on to.

3. ChicCEO.com

This website calls out to the female entrepreneurs of the world as the name suggest. However, due to the nature of its enriching content, it garners traffic from both genders. The website helps you by providing step-by-step tutorials of website creation, creating a mission statement and more, all through e-mail. To make your life easier, the website also offers downloadable guides on a variety of subjects.

4. ASmartBear.com

This platform created and managed by Jason Chen has over 40,000 subscribers because of the level of information they churn out. A lot of marketing and entrepreneurial advice and tips are doled out on the website which have helped struggling entrepreneurs over the years to build and run their companies.

5. Ben’s blog

Living up to its tagline “CEOs are made, not born. Teaching You To Become One”, Horowitz’s website teachers entrepreneurs at a nascent stage about how to build their company and serve as proper and diligent leaders and CEOs. Once you delve into this blog, a lot of relevant information presented in a unique form is made available to you. The rap lyrics and accompanying music used will entertain you and help you make your business more alive.

6. YourStory.com

An Indian website founded by Shradha Sharma aspires to help all budding entrepreneurs to make it big by providing them with exclusive tips, guides and success stories which motivate entrepreneurs to make their companies successful.

8 part-time online jobs which pay a bomb

These online jobs require minimal skills and pay very well which is a reason why people are going in for virtual jobs.

A lot of websites such as Upwork.com, Freelancer.com and Odesk.com offer work to students, homemakers and everybody who is looking for extra income apart from their salary. These online jobs require minimal skills and pay very well which is a reason why people are going in for virtual jobs.

Here are 8 virtual jobs which help you earn really well:

1. Social media influencer

If you have a huge follower base on Facebook, Twitter and Instagram, you can easily become a social media influencer. Brands and Marketing communication agencies pay to advertise products, services or campaigns on your social media page as it is likely to reach out to many people. It works brilliantly for both parties as you are creating engagement for them and earning at the same time through posts.

2. Surveys

Answering surveys which are applicable to you is an easy way to generate income. All a person needs to do is take out some time to answer a few questions. These surveys might be market research surveys and they begin from $1 a survey and the price goes upwards. Companies such as darwinsdata.com and paidviewpoint.com pay people to answer a survey sheet if it applies your demography or psychographics.

Tip: Do not sign up for websites which charge a membership fee or are vague about payments.

Related post: Why entrepreneurship always takes more time than you expect



3. Website designer

In the modern era where everything is going digital, almost all companies, big or small, require websites to update their customers. So, the demand for website designers has gone up in the past three years and people who can design a good website on .php or .net have a good chance of earning a lot. Website designing is virtual but you might have to meet the client once or twice to understand what s/he wants.

4. Vlogger

If you’re well-versed with the DIY videos and how YouTube works, you could start making those videos too. If your videos are innovative and a hit with the masses, you are likely to earn a lot from the ads that feature on your video. Also, these videos could also be picked up by brands to feature on their website and you could make big bucks out of it.

For instance, Pantene could feature a DIY hairstyle video on their website.

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5. Graphic designer

Due to digitalisation, the demand for graphic designers has also gone up because companies require someone to create quirky yet informative social media posts. Companies also require revamped logos for which they require people proficient with Photoshop, CorelDraw and Illustrator. So, if you’re a designer and are well-versed with the vector world, you can earn a lot by designing for various companies.



6. Professional tutor

Tutoring online is a trend that seems to be catching on. If you know English well, you could tutor children in less fortunate countries via internet. If you know other languages such as Spanish, French, German etc, you could teach people the languages and make money out of it.

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7. Content writing

Content marketing is huge nowadays as everyone is trying to grasp attention in the virtual world with crisp and informative content. So, if you believe you can write SEO-friendly articles which will help in informing people better about a company, this is your chance to earn bylines and make money at the same time.

You can find virtual and well-paying content writing jobs on Freelancer.com, Upwork.com and Internshala.

8. Data entry jobs

Data entry jobs require two things- a computer and typing skills. A lot of companies worldwide require people to enter data to maintain records, track inventory or update information. For this, they pay an average of 25,000 INR annually which is great considering you only need to sit at home and enter data on Word or Excel.

You can find a lot of these jobs on Freelancer.com or SimplyHired.com

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8 beneficial social media marketing tools every company should use

Platforms like Facebook, Twitter, LinkedIn, Instagram etc have proved to be the best to promote products or services.

Social media marketing is an important form of marketing for all ventures today as the audiences on social media are growing and sharing content on the platforms is a good way to make people aware about products and services. Social media marketing allows a marketer to target his audience and keep them engaged for a long time. Platforms like Facebook, Twitter, LinkedIn, Instagram etc have proved to be the best to promote products or services.

Here are 8 social media tools a marketer could use:

1. PostPlanner

PostPlanner is an app built in Facebook which allows free flow of your strategy without hindrances. It offers a dashboard which allows you to manage and increase the value of your Facebook page or group. PostPlanner also gives you a list of status ideas, access to the most viral posts on Facebook and insights on trending content based on your industry.



2. Followerwonk

Through this brilliant tool, you can find analyse the growth of your followers on Twitter. Along with that, it gives you a fair idea of your follower demographics for more comprehensive understanding and lets you know what time they’re online at so that you can tweet accordingly. Also, if most of your followers are online at one time, you get an idea of when to engage them in a discussion with the use of this tool.

Related post: 6 ways in which social media can benefit startups

3. Inforgr.am

This tool allows to make simple yet very professional and great-looking charts or graphs of various infographics. The free version of this tool allows to you to choose from various designs and embed the infographics onto your website. To down the infographic, you need to use the paid version.

4. Buzzsumo

Buzzsumo is a very handy and cool tool which all social media marketer need to know about and use. This tool gives you all the information about “most shared content and the key influencers” on social media. There’s a free and a paid version of this tool. The paid version allows you to export data and access domain reports.

5. Bit.ly

Bit.ly is a very important and handy social media tool which allows marketers to shorten URLs. They can take a long URL and shorten it into something remembrable and more feasible for platforms like Twitter which allow 140 characters. Also, Bit.ly allows you to see how many times the link has actually been clicked on and from which network platform.

Related Post: 3 important qualities to hike sales results for your startup

6. Iconosquare

Iconosquare is a useful tool on instagram which helps the marketer to analyse the followers’ statistics. Through this tool, they can learn about the followers’ engagement as well as track lost and new followers on Instagram.

7. Tagboard

Hashtags are a huge phenomenon on social media currently. Tagboard is a hashtag-based search engine that lets you monitor mentions and related content on all platforms. If you have a custom hashtag for your venture, all you need to do is register it on Tagboard and add a description. When anyone uses Tagboard to search your hashtag, your description and image will pop up immediately.



8. BulkBuffer

BulkBuffer is a brilliant tool one needs to know to use if they’re uploading content in bulk on the platforms as it allows you to upload a huge load of content without any hassle. For weekly schedules or videos to be uploaded with minimal ease, BulkBuffer is the way to go.

Related Post: Content marketing: Benefits and how to improve

9. PosterMyWall

PosterMyWall is a simple, end-to-end solution for social media marketers that helps them promote their brand effortlessly, efficiently and affordably by creating eye-catching social media graphics using its free online editor in minutes. Not just that, you can repurpose your social media graphics by resizing each design into as many different sizes as needed in a single click with the free Resize button. Once all your content is ready, you can directly publish your designs to your Facebook or Twitter pages without even leaving the platform, or even better, upgrade to the Premium plan and schedule all your posts at once. 

Image credit: sellorelse.ogilvy.com





Simple ways to upgrade your business

Expansion is definitely taxing but the fruits borne are definitely satisfying

A business is not a self-growing entity; to optimize it, a lot of revamping efforts are required to be put in by the entrepreneur. Expansion is definitely taxing but the fruits borne are definitely satisfying. The objective of an entrepreneur is to work smart and not clock in futile hours. Also, with minimal efforts and devotion to the business, one can easily chart out expansion plans and do away with inefficiencies and wastefulness.

Here are three simple ways to optimize and upgrade your business:

1. Extraordinary management

A lot of experts would beg to differ but by simply clocking in long hours, one cannot optimize his/her business. The time devoted to the cause should be utilised in an efficient and competent manner. An entrepreneur needs to be an able manager and be able to pin-point things that need to be worked upon. Also, a smart manager knows that it isn’t possible to do everything alone which is why he builds a team of dedicated individuals who are experts in their areas and work in accordance with the entrepreneur. The most important tasks should be undertaken by the entrepreneur first and the rest can be delegated.

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It is also important for an entrepreneur to be able to manage finances because they’re necessary for growth. Even with solid investors, if the money isn’t pumped into the right places, the business can turn out to be a failure. Allocation of funds to the departments and causes which are immediate should be done first. Also, profits made by the company should be constantly pumped in for the sake of growth.

An entrepreneur should also be able to forecast trends and manage his business plan accordingly. To become a successful manager, research and awareness are crucial. Good management will allow your business to run smoothly and chart out better strategies for the future.



2. Improved communication

In the modern day, forms of communication are growing but still a lot of stuff remains miscommunicated. Circulation of important information is a great way to make the employees feel more empowered and to make sure that everyone is well informed. Communication is very necessary because without communication, delegation of work, charting out strategies and pitching to Venture Capitalists isn’t possible. Internal communication between the employees is cardinal because without it, there might be long lasting internal disputes which are bound to hamper the growth of the company.

Communicating with the customers is a fundamental aspect of setting up a business. Dissatisfied customers can teach you a lot about what needs to be improved where as good feedback serves as great morale boost. Almost all companies set up Facebook pages and complain forums for customers’ complaints to be addressed.

For instance, Amazon has a wonderful customer service forum and through prompt e-mails they communicate with their customers and solve issues, doubts or problems.



3. Take bigger risks

Like it has been said before, doing business isn’t possible without risks. If your venture is doing well, why not take a bigger risk? If it turns out to be a hit, it’ll generate more success where as if it doesn’t work put, you can learn from it and never repeat your mistakes.

As an entrepreneur, don’t be afraid to explore new opportunities; it will only prove to be a smart or a miscalculated one. If you think you have a great idea, go forth with it and it might just turn out to be the best thing for your business.

Image credit: www.onlinesmoviehollywood.com

 

3 important qualities to hike sales results for your startup

All start-ups, companies, brands and services hope to increase sales for higher profits

With everything necessary in place, sales need to boom for a business to become more successful. All startups, companies, brands and services hope to increase sales for higher profits. For higher sales, people invest relentlessly in marketing and social media which are undoubtedly important, but, tend to miss out on more important qualities. However, there are certain qualities which are very important if one wants to increase sales:

1. Flexibility

A startup needs to display an easy-to-work-with nature which is very necessary for the company to grow. If people find your product or service to be flexible, they’re more likely to buy from you. A customer can make out through the services offered if his money and time is worth the investment by the sales pitch that is made to them.

For instance, Ola offers night-time services during peak hours with a nominal added charge which displays their flexibility in timing while offering you varied services.



2. Integrity and good-natured people often take the cake

Customers will prefer a good-natured startup over one which refuses to interact at all. They find it easier to adapt to a brand which is friendly and jolly. Also, integrity is very important to the customer. In case, a sales person is unable to address a query, the customer is not very willing to buy a brand the employees are unsure of. Customers also believe committed people are more likely to provide better after-sales and customer services.

Related post: Strategic marketing tips for startups

3. Patience

If you’ve set up a startup today, you can’t expect it to bear you fruits the next day. You need to be patient and willing to wait for customers to pour in and word of mouth to build slowly. In that time, you should apply a pull strategy to try and pull your target group towards your offering. Also, an entrepreneur should make sure to know how to deal with a detour or a roadblock and get back on track in no time.

Example: Sale of Maggi was banned; as soon as it was re-launched, Nestle’s PR team did a brilliant job to push sales and the results were evident.



Related Post: 6 Inbound marketing strategies every startup could adopt

Image Credit: softml.net

7 ways to supercharge your success

One can supercharge their success by certain ways in order to inspire themselves further as well as the other people around them.

Success is achieved by some within a short span of time while others need to work hard for it. However, one can supercharge their success by certain ways in order to inspire themselves further as well as the other people around them.

Here are a few ways in which people can supercharge their success:

1. The process of learning is never ending

Even if a person reaches the pinnacle of success, the process of learning can never be over. One needs to constantly educate and inspire oneself to achieve greater heights in life. The moment one decides to stop gaining knowledge, one starts making grave follies. Constant learning leads to gradual evolution which is beneficial to you as well as your company.



2. The sky is the limit

One of the major reasons people decide to stop evolving and innovating is because they choose to bind themselves to a limit. However, a successful entrepreneur knows that the limit doesn’t exist and growth and development can be achieved constantly through learning and believing in yourself. Also, limiting yourself will never let you crawl out of your comfort zone which is why one needs to push harder to become better.

Related Post: 8 qualities every entrepreneur requires to be successful

3. Help other people who require it

A lot of successful entrepreneurs share their success story and also take the time out to give tips to budding entrepreneurs. This is a healthy practice as sharing your knowledge can help others who require it and make yourself feel good about it. Sharing inspiration today is easier than before as one can encourage people through blogs, social media and interviews on various platforms.

4. Health is wealth

A lot of people make a very crucial mistake of ignoring their health while gaining success on the career front. All the accomplishments in one’s life are rendered useless if one doesn’t take care of his health. So, while you continue to work very hard which is a requisite, make sure to adopt healthy habits like exercising daily and eating right.

5. Adopt good financial habits

One easy way to supercharge your success is by adopting good financial habits. Working on small yet effective habits will help you achieve the bigger financial goal in future. Start saving early and it’ll be the best thing you do for your company. Also, get into the habit of investing in fool-proof schemes like bonds, shares or real estate.

Related Post: 3 attributes required to be a successful entrepreneur

6. Know your worth

Just trying to become successful will never be enough. Everyday spend some amount of time into identifying your goals, passions, likes etc and what you really want to do in life and why you wnat to do it. Once you know the accurate purpose of your existence, you can focus solely to towards achieving it. Otherwise, people tend to get caught in a maze of vagueness.



7. Surround yourself with successful people

Being in the company of successful and inspirational people can definitely encourage you become a better person in life. The people who enthral you are your idols and if you strive to become like them, identify their positives and work on yourself accordingly. Also, make sure are open-minded to accept their faults and discard them while working on yourself.

Image credit: www.entrepreneur.com

Key checklist that Askme considers before investing in any startup

Piyush Pankaj, VP Corporate Finance and M&A at Askme Group, speaks about what are the key checklist that the company considers before investing in a company.

Piyush Pankaj, VP Corporate Finance and M&A at Askme Group, speaks about what are the key checklist that the company considers before investing in a company.

Askme, majorly owned by Malaysia’s Astro Holdings, invested a whooping $20 million in Indian online market place Mebelkart last year, in turn for a stake in the company. The company also acquired online grocery marketplace BestAtLowest.com for $10 million in 2015.

The key factors checked before a partnership or funding

Piyush said that the two main criteria that the group seeks are the synergy opportunities the startup has with the Askme Group and entrepreneurial skills of the team or the founder. Once these two main requisites are checked, then the Askme looks for other qualities like market opportunity and others.

When a startup begins operations, they have very limited resources. So the first thing we do is to keep the resources so that they can rapidly grow. We focus on how the company can further grow using the Askme ecosystem and how Askme’s gross users can generate revenue for the startup.

One of the challenges that we face is to integrate Askme’s philosophy and culture in the startup and at the same time create an environment where the startup continues to develop and innovate fresh ideas with complete freedom.

When a founder approaches us they should keep in mind whether they will be able to create any synergies with the Askme Group. We have the ability to incubate in our area — the online ecommerce, hyperlocal and penetration into the SMEs and bigger markets. So whoever comes with their idea, they should keep in mind if the idea matches our ecosystem and of possible synergies. The founders should have a clear idea as to how they can help grow our business or how they themselves could grow their startup using our platform.



What made Askme to invest in Mebelkart?

The idea of Mebelkart really appealed to us, as the concept of online furniture business has a lot of growth opportunities in India. The online business mostly caters to the metro cities. What Askme can provide to them is penetration into tier 2 and 3 cities.

Our main idea was to help Mebelkart rapidly grow using the Askme ecosystem. We also looked at the promoters, who come from a good IIT background, and have successfully created a sound technology platform which is very scalable. We have also seen a great amount of hunger in their team for success which made this decision come easy.

When Mebelkart approached us they had done their research on how we can help them and what are the opportunities that we could provide.

Ecommerce space can benefit from Chinese investments

The whole ecommerce industry is still at a nascent stage and penetration into the smaller cities is not up to the mark. The ecommerce industry still requires a lot of investment to help it penetrate into smaller cities. So with the Chinese investments coming and the new FDI norms, it is going to help the ecommerce industry, especially the startups.

Currently the whole ecommerce space is led by mobile and apparel categories, all other categories continue to remain at a very nascent stage. So wherever there are more hyperlocal businesses coming to the play, those startups are going to get benefitted because the market is moving towards these new distribution models.  Right now in the grocery domain, a lot of categories can penetrate into the hyperlocal model. The closer one gets to the consumer the better it is.

Lower funding in 2016 should improve quality

Money is drying up because everyone today is looking for profitability. On an industry basis, I think it’s good for the overall space as people will now stop giving several of those discounts, which the government also has tried to control via FDI rules. This will make a semblance for every player as it will make it a levelled play for everyone rather than giving the upper hand to those who were funded previously. It will help clear off the euphoria and let real businesses to emerge. People will focus on quality rather than quantity.

This article was originally published in Entrepreneur.com



12 Ways to avoid startup mistakes

Mistakes and entrepreneurship go together. But thankfully, some mistakes can be prevented. Here are some smart ways to avoid stupid mistakes.

If you want to spark a lively discussion among a group of entrepreneurs, all you need to do is make a simple request:

“Tell me about your mistakes.”

Every single entrepreneur has made mistakes, is making mistakes, and will make mistakes.

Mistakes and entrepreneurship go together. But thankfully, some mistakes can be prevented. Here are some smart ways to avoid stupid mistakes.

Get a mentor who’s done it before.

Your most valuable asset isn’t your killer idea or innovative software. Your most valuable asset is a mentor or group of mentors who can tell you what to do or what not to do.

Mentors have a been-there-done-that perspective on startup life that will keep you from making hundreds of mistakes.

Also read: 20 Must watch movies for all Aspiring Entrepreneurs

When possible, use systems, not people, to get tasks done.

Systems are easier to manage than people. It’s easy to make quick-and-foolish hiring decisions. Instead of hiring a person to do a simple task, use SaaS or a tool that can accomplish the same thing.

Raise money with caution.

Many entrepreneurs think that the only way to get a business off the ground is to raise money through traditional startup funding.

Raising money is a full-time job. It takes thick skin and hardheaded persistence. Don’t let this discourage you, but take time to consider whether or not you need funding. If you do need funding, then determine the ideal time to seek funding.

It’s a mistake to rush into funding without counting the cost.

Create a rock-solid business plan.

Your startup will quickly descend into mass chaos unless you have a strong business plan. Your business plan will be like a map, keeping you on course, and protecting your startup from disaster. Give your business plan the time and attention it deserves.

Also read: Five critical questions your Business Plan should answer



Get legal help.

One of the most damaging things that can happen to your startup is to get embroiled in legal battles. I learned the hard way that lawsuits — even if you’re completely innocent — are time-consuming, expensive, and draining.

As early as possible, find expert legal counsel, and pay whatever fees are necessary to keep your business, assets, ideas, and organization in full legal compliance.

Stay away from negativity.

Entrepreneurs must stay away from negative influences. What kind of negative influences? You’ll discover haters who want you to fail and will criticize you. You may even have family members who discourage your ambition and try to slow you down.

You can’t cut everyone out of your life, but you can choose to ignore these negative forces. Sometimes, all it takes is a polite request:  “I am pursuing something that is important to me, and I ask you not to make disparaging comments about it. Thank you.”

Test the market, but don’t overtest.

Testing the market is always a good idea. Don’t spend too much time and money on testing your business idea, though. As long as things look safe, take the plunge, launch the business, create the product. Basically, take action.

I’ve watched would-be startups spend tens of thousands of dollars on market research and product viability. Then, in the middle of yet another round of market research, some other startup rushes out a similar product. The slow-and-steady company failed to create fast enough and was beat out of the market by the startup that hustled.

Don’t skimp on the right tools.

You’ll be surprised at the number of things you need to buy when starting a business. I’m not just talking about staplers and sticky notes. I’m talking about systems, servers, email automation, marketing SaaS, subscriptions, software, and other tools.

These can get very expensive. Is this money wasted? Not at all. Purchasing the right analytics or SEO tools, for example, can not only save you thousands of dollars, but can make you thousands of dollars, too.

Don’t buy an office until you’re ready.

Offices are overrated. You probably don’t even need one. With a computer and WiFi, most startups and their teams are in business.

An office space usually requires a lease, a contract, furniture, decorations, etc. You run the risk of spending more time and effort on your office space than is necessary.

Rethink your “need” for an office, and you can save yourself some serious headaches.

Don’t hire expensive people.

If someone is really expensive to hire, it doesn’t mean that they are good. It means that they are expensive. That’s it.

Why would someone be so expensive to hire? One common reason is that they are hedging their bets against the failure of the startup. If they think that the startup might fail, then they will negotiate.



Pivot.

To “pivot” is to make a massive business change in a short amount of time.

How massive? Shifting your market. Changing your product. Reinventing your approach.

Nearly every startup has to pivot if they wish to succeed. Be on the lookout for those critical pivot moments.

Fail fast.

Let’s just face it. Your startup might fail.

And that’s okay. It’s better to fail quickly than for your dream to die a slow and painful death. Fail fast, fail forward, and just get past it.

The best thing that you can do for your entrepreneurial success is to get the failure over with and move on to the next big thing.

Also read: How to Stay Motivated After a Startup Failure

Conclusion

No matter what, you’re going to make mistakes. You can get all the mentoring in the world, read all the articles on Forbes, and study as many startups as you want, but you’re never going to avoid mistakes.

Mistakes are often the best teachers. Instead of trying to avoid mistakes all the time, be eager for risk and ready to learn.

One mistake made is one hundred mistakes prevented, so go ahead and make a few.

What mistakes have you made in your startup?

Also read: 10 Reasons why Entrepreneurship is awesome





Bootstrap Mentality: Key ingredient for startup success

Bootstrap mentality keeps the organization focused on being frugal, innovative and agile. Here are some suggestions on how to maintain a bootstrap mentality while running your organization.

Bootstrap was term coined from the computer lingo ‘booting’ which means starting a computer or starting a chain of processes which eventually starts up the operating system. In the startup world, bootstrapping essentially means funding your own venture and not being too dependent on external sources.

Let’s face it, to have a bootstrapped startup you need grit and total faith and conviction in your product, something a lot of new startup’s find it difficult to conjure. While most startups believe that only funding guarantees success, we beg to differ. Bootstrap mentality is critical for a startup to succeed, irrespective of whether it has raised funds or not. Bootstrap mentality keeps the organization focused on being frugal, innovative and agile. Here are some suggestions on how to maintain a bootstrap mentality while running your organization:

Hiring: Hiring is the key element in any startup and every success story is as good as its team. They say that to make an effective presentation, ask the question ‘Why?’ / ‘So What’ to each slide and if you get a convincing answer, then you are doing good. Ask the same question while hiring someone and if the answer is in lieu with your vision and larger good of the company in a prudent manner, then that’s a good hire. Going on a hiring spree on receiving funding will ensure that you burn before you earn. Last but not the least, if you come across a ‘proven team’, then that’s just a rabbit out of a hat and you can believe us blindly. Proven teams are highly overrated and irrespective of who says what, they may not be right fit for a bootstrapped company. A young team which proves itself is where you should bet your money.

Spend Wisely: Put need first, want later – Most startups on receiving funding go berserk with huge spends on office infrastructure, hiring, system upgrades, software’s and all kinds of fancy things. Some even spend on creating apps and elaborate marketing campaigns. This is the sure shot way of burn out before you start making any money. So, question all expenses and never incur it unless you have found out a way to balance it with the money you make. Remember that it is better to be a successful business than to be a popular sink-ship.

Another pro-tip – Keep everything short – small up-front capital requirement, short sales cycles, short payment terms and recurring revenue cycles.



Barters and Associations: Barters from age-old days have been pivotal to successful business deals and if you could compensate a cost with barter, then nothing beat sit. It is a win-win situation where there is no physical money spent and a mutually benefiting association is formed. These could actually extend your customer base if you use it wisely. Use it abundantly and wherever possible.

Experiment: To be a bootstrapped company, put on your lab clothes, lab goggles, burn gloves and experiment. Don’t be afraid to think out of the box, try different things, get out of the herd mentality. You would burn your fingers, but a few tests and trials and you would shine. Similarly, to the way, we at Vista Rooms went ahead and created our mobile app on Instagram, no need to worry about downloads, or upgrades or coding. We could do it because we experimented, so keep experimenting to see what works for you.

Stretch Your Team: The optimal number of hands between a bootstrapped company and the customer is Zero. They say that God invented e-commerce to sell directly and reap greater margins, use it well. Stretch your team to don different hats be it marketing, operations or sales. The marketing guy can always look at operations when required, or the sales team could help in marketing initiatives. The lesser the number of people between you and the customer the better. This would ensure your team size is optimal.



Product first, sales later: Most startups do the reverse of this. The focus on sales and upscaling is so high that the product never gets a chance for betterment, till the time it becomes an absolute necessity. By then a competitor would have gained ground and whatever product enhancements you do may not save you. Focus on bettering the product and delighting the customer and rest assured your marketing budgets could reduce down. Genuine customers would always go for better products, no matter the cost. More marketing will not always bring you customers, there has to be a constant focus on understanding customer needs and action on feedback.

Funding is never guaranteed: Successful startup ventures follow this as a quote from the Bible. They would focus on being able to sustain without any funding and manage their overheads in a manner that they are able to manage with little or no funding. They have made up their minds that they will not need funding and work towards that goal. Most bootstrapped companies would worry on expanding business or bettering their product, instead of running behind wooing investors.

Red Pill or Blue Pill: Taking a leaflet from Apple’s ex-chief evangelist Guy Kawasaki’s blog, the Red pill or the Blue Pill dilemma sources from Neo’s quandary in the movie The Matrix, where he is given a choice to either accept reality or be in deep dream space. Bootstrappers take the red pill everyday with pride and go deep into the rabbit hole to see how deep it goes.

We encourage you to have a bootstrap mentality, irrespective of whether you have raised a large amount of funding or not. Make your team focused on being frugal and innovative and take the red pill daily.