Tag: startup

5 ways to tackle your business fears

It’s our nature as entrepreneurs to have a constant fear, which can be overcome only with personal conviction. To vanquish these fears and devise an appropriate course of action, we must trust our instincts.

Entrepreneurship is not only about taking risks but also dealing with psychological imbalances. It’s our nature as entrepreneurs to have a constant fear, which can be overcome only with personal conviction. However, we sometimes find ourselves in uncharted waters causing turmoils in our life. To vanquish these fears and devise an appropriate course of action, we must trust our instincts.

Here are a few ways to tackle your business fears:

1. Be Honest About Your Fear

Personal beliefs are extremely powerful and influential, which form the basis of how we react in fearful situations. In order to tackle such things, we should ask ourselves hard questions about the uncertainties being faced. Whether it’s fear of public speaking or unfamiliarity with handling company finances, employees, need to get specific, you can find a resolution to any predicament once you recognize what it is.

2. Have a Positive Attitude

Revel in your ability to look past fear toward successful outcomes. Learn how to work with any apprehension rather than letting it become a roadblock. Always be cognizant of your attitude, and don’t let yourself succumb to your fear. If a pessimistic viewpoint develops, stop and refocus. Get creative and be bold enough to turn the fear into an opportunity for growth.



3. Have a Clear Outlook

Clarity and commitment lessen the anxiety you feel when attempting something new. Rather than avoiding challenges that alarm you, gain a sense of control by understanding the situation. Develop a simple and clear mission with a specific outcome. Stating a tangible result decreases your fear and redirects your energies toward reaching your goals.

4. Trust Yourself

You need to accept that rejections are a part of life and it happens to all of us, but they will only impair your progress if you allow them to. Unshackling yourself from people’s expectations and keeping your vision clear will propel you to greater heights.

5. Anticipate Bumps on the Road

You need to realize that there will be moments when you feel disheartened so, rather than dreading it, expect it. Remember that you’ve been apprehensive before and successfully worked through it. To lessen the impact of stressful periods, indulge in activities that make you happy and act as stress-busters like reading comics, talking to your best friend, or listening to good music and others. Engrossing yourself in an enjoyable activity can put fear on the back burner.

Fear is a natural phenomenon from which we all suffer but in the end, it is our self-confidence and conviction which help us sail through the rough waters.



4 Signs Your Startup Is Ready To Scale

You’ve done the work and got through the starting stages of your business. These signs will tell you if your startup is ready for significant changes now.

You’ve done the work and got through the starting stages of your business. Congratulations! Yet you might be wondering when is the right time to scale up operations and reach much higher goals. 

While your customer base is growing, setting an objective to reach your target profit is also advised. But knowing when to take your company further is just as important as how to do it. Unsure of when to take things to another notch? These signs will tell you if your startup is ready for significant changes now: 

 

Your Core Team Is Strong 

 

Any startup business is only as strong as the people backing it up. It’s said that they’re the backbone of your company. Be it three people or more, commitment and consistency are critical to the longevity of your enterprise. Your team should have the same passion and goals as you do. They’ll perform better and shoulder the challenges that come with scaling up. 

But, if you have a small team with each member handling various tasks, the pressure they’ll experience can contribute to eventual worker dissatisfaction. Too much stress directs your team to absolute burnout and the likelihood of leaving your company becomes inevitable. 

To help lighten their load, begin onboarding qualified staff members who each have specific expertise so they can all focus and give their best. 

 

Refusing Business Opportunities 

 

Building a loyal customer base is vital to the stability of your growing startup. The more specific people you know, the more you can network. 

It’s believed that your customers or clients are the pillars that give rise to expansion and steady profits. While your business is developing, it’s common to welcome clients that come your way to establish your brand in the current marketplace. If you need assistance with your startup, you can go here for more information.  

Success becomes evident in the long run through the capacity which your company has grown into. The startup should look after the increasing baseline of customers while the client network spontaneously increases simultaneously. As a result, you may have to start rejecting potential business opportunities because the number of customers is overwhelming your team. 

When you start refusing customers and clients for there aren’t enough employees, inventory, and business hours, it’s a sign that you need to scale immediately. When more people show interest in your business, it means the startup is at the right time to improve its infrastructure, create and plan new goals, and map out the steps to be undertaken for scaling. 

 

Your Company Has Positive Cash Flow 

 

A startup has a positive cash flow when more money is already in the business account than going out. It doesn’t include pending payments from customers and clients. 

Scaling can raise the company expenses before revenue forms. It’s best to prepare for setbacks by using your current financial situation to estimate income and expenses in the future. If your efforts fail, setbacks won’t send your business into bankruptcy. 

It’s regarded that a profitable business and the ability to predict revenue aren’t enough. Learning to control expenses and predict profits is just as essential when running a business. While it may seem obvious, those involved in the startup must identify the time and allotted budget for selling or introducing a new product or service.  

With the given input and output, you must determine how one influences the other while considering the sustainability of the business with the given time and money. Although this will work on many companies, there’s always an exception to the rule. It doesn’t apply to those regularly funding their businesses with a series of financing options.  

 

Your Startup Has A Reliable Infrastructure Already In Place

 

The fundamentals of running startups should be the foundation and focus for the first level. Too many small businesses are believed to fail because they fuss overgrowth without preparation. If you want success, define your target market and value proposition to make the business last with a proven concept.  

You must first prove that your product or service is viable before shifting your team’s concentration on growth. The organizational structure is also essential for an organization, especially when managing the company’s finances. And like a company that values the basics, the company ethos and mission statement must also be in place before scaling up. 

Your business framework should be in place before scaling to allow you and your team to maximize the time and energy you put into growing.  

Conclusion 

Upon its establishment, your business must have signs of growing pains that show it’s time to allocate more time and funding, hire more people and create a plan of execution to go big. Scaling up takes time, energy, and money, and you can’t move up unless you’ve experienced what it was like to keep the business afloat. Keeping your eye on the signs helps you make informed decisions, leading to a better future for your venture.  

The 9-Step Guide To A Winning Start-Up Business

To streamline your process of building a business from scratch, here are effective steps that you can take up in order to get your business growing positively.

Getting any business started from the ground up can be a challenge if you’re inexperienced in the ways of the economy. Apart from having an idea, there’s much more that’s required for the successful inception of an organization. From planning how your workflows will operate, the number of members, and outsourcing technologies to things as simple as deciding the name of an organization; there are several layers to the formulation of a start-up that many don’t take into consideration until they’re a few thousand dollars deep into their investment.

One of the best aspects of start-up culture is that it can support the idea of a product or service without falling into the loop of corporate culture, maximizing your efficiency by bypassing all the red tape. However, the need for a structured approach is critical in all forms of entrepreneurship, especially startups. You see, a start-up without any set direction can grow in any way, even downwards, if the owners don’t watch their trajectory. To set things straight and help you streamline your process of building a business from scratch, this blog will talk about nine effective steps that you can take up in order to get your business growing positively.

1. Determine Your Business Avenue

We understand that start-up entrepreneurs are bursting with ideas to accomplish in a set product. However, too many of these ideas executed together can spoil the pot. The best way to go about your business avenue is to write down all of these ideas on a piece of paper. Next, conduct thorough research based on market trends, past records, and ongoing businesses regarding the feasibility and practicality of these ideas. What this does is help you to eliminate the ones which are not easily applicable in real life. Some ideas may be too futuristic for this time and can be parked until you reach a good level with a business idea that’s more lucrative. Once you have decided upon the industry and avenue of your start-up, you can now get into the inner workings of it.



2. Create an effective Business Plan

A business plan consists of all the particulars that your start-up needs to show in order to acquire new investors, shareholders, clients, and even partners. This is the document that elaborately covers your idea, preferred location, establishment workflows, the product or service description, how it works, your customer base, and much more. If you’re not sure how to start creating a refined business plan that can be presented on several occasions, make sure to do your homework and lookup a reliable business plan structured for your relevant industry.

3. Find Start-up Funding

Once your business plan and idea are all set, it is time to think about your funding options. Can you afford to carry all the expenses and investments that come with the business, and for how long? Most entrepreneurs seek the help of investors and capital sourcing to run their businesses. Of course, this makes you answerable to such parties, given their decision-making stake in your start-up. However, if you find the appropriate loan or investment, operations become smoother considering you can begin to get all the necessary technological and workforce support.

4. Name and Register the Business

One of the most important aspects of getting a start-up going is to name your company. This has to be well-thought-out since your business’s name will stick with you for the rest of the time. Choose a name that reflects the industry and business well, you don’t want to be mainstream and also not too mysterious. Once you have a name, check whether it has any competitors in the same industry or country to avoid conflict of interest. Get the name registered with the appropriate documentation. As well as registering the name, you also need to make sure you have registered your business’s office address (this is a legal requirement for all businesses in the UK). If you are struggling to do this, or are unsure of how to find a registered office service in London (or one closer to you), then a quick online search will bring up all the information you need to make sure your business is registered legally and correctly.

5. Build a Team

Whether you get funding or not, sometimes you cannot do it all by yourself. Take the time to hire at least the core team of your start-up so that you can get more work done in multiple departments rather than pushing yourself. Don’t be afraid to outsource your talent for expert work like app developers UK firms. It may feel very passionate to take up multiple roles in your dream business, but you will burn yourself out before the company takes off. Make the smart decision and hire people or outsource integral aspects from experts in their relevant field so you don’t have to worry about what you have to get done.

Want to skip the startup stage? Consider buying a franchise instead!

If you want to start a successful business without going through the tedious and stressful startup stage most entrepreneurs have to face, consider buying a franchise instead. Nowadays, you can use many websites to browse franchise businesses currently looking for new franchisees, such as Franchiseek South Africa. This directory will keep you updated on the latest franchise opportunities in South Africa.


6. Work on your Online Domain

Having an online presence to prove your existence is the status quo today. Every company is expected to have a functional website so that clients and interested parties can visit your portal to understand your offering. Generally, creating a dynamic website that has all the insight about your company can generate traffic using great content; make sure to establish a strong online presence.

7. Acquire the Necessary License and Permits

Many of you must be working on proprietary and flagship ideas that have not been seen anywhere else in the market. To protect your interests and products from getting replicated, plagiarized, or even stolen, make sure to file for all the necessary permits, patents, and licenses to prove that your work is legal, original, and belongs to only you.

8. Decide upon a Business Location

The head office of your business needs to be at a place where all the industry giants are at. Once you decide upon the audience, make sure to be located where they are. This makes you more reachable and helps with SEO metrics too.

9. Subscribe to Insurance

The number one mistake a new start-up can make is not having extensive insurance coverage. If you have a physical establishment, protecting your assets, technology, and property from damage has to be your first priority. Once you have the correct insurance cover that protects you against sudden losses and damages, you don’t have to worry much about incidents and accidents.

Wrapping Up:

As we can see above, this structure will help you form a very thorough approach with your start-up, covering all holes and loops in the plot. You can add to these by taking into account your specific service and industry, but these nine points cover all businesses. We wish you good luck with your endeavours!



Reasons to Have an Office Building for Your Small Startup Business

You shouldn’t run immediately away from the idea of having an office building for your small startup business.

When you think about an office, you might cringe at the mental imagery of a cubicle farm under the eternal glare of fluorescent lighting. Depending on your cultural background, you might even think of a certain Mike Judge movie or Steve Carell TV show. Still, you shouldn’t run immediately away from the idea of having an office building for your small startup business.

Make an Impression

A professional, inviting, and creative office space doesn’t just promote ingenuity and results from your current staff. It also sets a standard and atmosphere that others want to be a part of. Whether you’re trying to lure in investors or attract talent, the right property is a great selling point.

Readiness

Online technology and video conferencing might make it possible to hold meetings in a digital format, but communication is better if everyone is physically in the same room. Remote workers might rush to dial in at the last second, but having an organized meeting room everyone is present in means you can not only start the meetings on time but know that everyone is mentally there, too.



Accountability

Your startup might have to rely on remote workers to some degree. However, the more people you have in a central location, the better you can do in terms of keeping them accountable, not having to use a mail forwarding service to contact them. Someone you only hear from by email a few times a day is a lot harder to track than someone whose desk you can visit any minute of any hour during the workday.

Encourage a Healthy Team

When you have an office building all your own to set up as you see fit, then you can really see, to the health of your team. Provide them with a steady supply of healthy foods and snacks to maintain their nutrition and energy throughout the workday. Create a balance of quiet rooms and play spaces to let them find the relaxation they need on breaks, and encourage fitness. Organize social events to fuel friendships both in and out of the office for a stronger social fabric in your startup.

In conclusion, leasing an office building for your small startup business is usually a commitment of three to five years, so it’s not a trivial matter. However, you should know that where you do your business is just as important as how you do your business and what kind of business you do.



Give Your Startup a Running Start: Best Tips for Building a New Business

Building a new startup from scratch can be overwhelming, especially if you’ve never started a business before.

Building a new startup from scratch can be overwhelming, especially if you’ve never started a business before. Sometimes it’s difficult to even decide where to begin. Well, of course, you have to start with an idea. Once you have that, there are a few important steps you should take before making any financial investments, and there are some essential components of a business you need to have ready before making any sales. Here are the top tips for building a new company from the ground up:

Narrow Down Ideas and Get Organized

Perhaps you already have your business concept narrowed down, or perhaps you still have a few ideas you’re juggling around. Perhaps you’ve chosen a concept, but it still needs to be fleshed out. The first step is using a brainstorming and organization software to sort out your thoughts and create a solidified game plan. Create mind maps to visualize your concept ideas and easily compare ideas side-by-side. It’s also a good idea to find an app that is versatile and makes sense to you so you can use it for future financial planning, product development, and any other brainstorming you need to do down the road.

One popular brainstorming software is Braincat. This new app is still in development but is loved by users for its originality. Braincat guides you through a specific thought process designed to help you clear your mind and see projects in a new way. Many startup owners use Braincat for product development and business planning because it not only helps them sort out cluttered thoughts, but it also boosts creativity via carefully tailored question sets that vary depending on your project type.

Here are some key points to keep in mind when analyzing startup ideas:

· What is the business mission?
· Who is the target audience?
· What makes this concept original or unique?
· What are the costs? How will you fund it?

It’s also important to get feedback from outsiders on each idea. Having as many trusted, unbiased perspectives as possible will help you see new angles and potential limitations you didn’t consider. Ideally, this means at least one professional business consultant who can provide insight from within the business field. This is especially important if you’ve never built a startup before, as they will offer advice and help you set realistic expectations. If you don’t want to pay for a business consultant, or you want additional opinions, you can check out business themed online forums such as GrowthHub and startups.com. When it comes to online sources, it’s important to consider the expertise of the person giving advice.



Make a Financial Plan

Once you have a fully developed business concept and a general idea of the costs involved, it’s time to create a more definitive budget and financial plan. Include basic information about your startup, such as the name, type of business, and mission. Most of the end points of your original concept brainstorming should be included.

Keep this as a working business plan to refer back to and update as your startup develops. It’s important to always have documentation to remind you of the startup’s core mission, goals, and financial expectations. This way you can recognize when you are going off-track or when you need to reassess main goals. In this plan, get into the specifics of exactly how much your startup is going to cost just to get “up and running”, in addition to operating costs.

Obtain a License

Before making any sales, you’ll need to apply for an employer identification number or EIN. This is necessary for separating your personal identity from your business. Applications are free on the IRS website.

Additionally, research any other required licenses for your type of business. Some industries and locations require additional licenses in order to make your business legal.

Set Up a Bank Account

Once you are licensed, you can open a business bank account. This will be the account that collects all revenue from the business and makes business-related expenditures. It’s important to have a separate business account for tax purposes, as well as personal financial organization.

Get information about business account features and limitations from a variety of banks and credit unions to find the one that suits your needs. Take into consideration the payment processing speed, minimum account limits, and customer service reliability.

You will also need to hire a company that handles payment processing, like Square, so that you can accept credit and debit card payments from customers. Just as with finding a financial institution, you should compare multiple different companies to find the best fit for your business.



Create a Website and Rent a Space

Once you have a business bank account, you can begin making expenditures on your startup. The two most important expenses right off the bat are a website and a physical building or space, if your business requires one. If you can operate without a physical location, do it. Don’t waste money on renting and operating a building if it’s not an essential component of your business model.

Online presence is absolutely essential for business success. One of the biggest mistakes business owners make is underestimating the power of a website and online network, even when your company doesn’t rely on eCommerce sales. Creating a website can come before any physical preparation because you can begin generating local awareness before your business even opens.

Of course, if your business needs a physical office or retail location, now is the time to find one and prepare it for grand opening. It is advised to do this step as close to opening as possible, especially if you are renting, so that you can minimize your operating costs before you begin bringing in revenue. The same goes for other repeating expenses like employees.

Start Advertising

Be sure to start off your business with a bang in terms of marketing and advertising. A strong marketing campaign from the start will bring in customers on day one. In addition to paid advertising campaigns, make social media accounts and interact with the local community to build a positive brand reputation.

In the beginning, building a strong image for your brand is extremely important. You should even consider hiring a professional marketing company that can offer top branding strategies and additional resources.



21 inspiring quotes from animated movies for budding entrepreneurs, startups and everyone

Here is a list of 21 inspiring quotes from animated movies for budding entrepreneurs and startups, which are in fact applicable to anyone.

What do you see when you watch films? Nothing but your own hopes, dreams, and fears played out on the big screen. We humans reflect on our world through symbolic stories of our life. Simply put, stories are metaphors for our lives.

Here is a list of 21 inspiring quotes from animated movies for budding entrepreneurs and startups, which are in fact applicable to anyone. Anything you imagine can be conceived in animated movies. They’re vivid, rich, and filled with lively characters offering us profound wisdom in the most subtle ways. They’re not just for children, but for adults too. And if we pay close attention to them, we may just find the answers to life that we’ve been searching for.

1. Nobody is entitled to anything. Anyone can become an artist; you just have to make a choice.

Not everyone can become a great artist, but a great artist can come from anywhere. – Anton Ego, Ratatouille

2. Change is within. If thought is the cause, effect is the outcome.

Look inside yourself Simba. You are more than what you have become. – Mufasa, The Lion King

 

3. Invest in identity capital and build it. It adds value to who you are.

Your identity is your most valuable possession. Protect it. – Elastigirl, The Incredibles

 

4. Success is subjective – don’t get carried away. Have your own definition of it.

There is whole lot more to racing than just winning. – Tex, Cars

 

5. Our true reality lies in identifying with other people.

As long as we are together; it doesn’t matter to me. – Marty, Madagascar



6. Abandoning your ego is a gift. Strive for it.

To laugh at yourself, is to love yourself. – Mickey Mouse

7. Storms pass. Just wait until you reach the shore and never stop dreaming.

All at once everything looks different, now that I see you. – Rapunzel, Tangled

8. Believe your gut instinct and just plunge in. All you need is a little faith.

All it takes is little faith and trust. – Peter Pan

 

9. Don’t be deceived by appearances. Search for the soul – it actually counts.

Do not be fooled by commonplace appearance. Like so many things, it is not what outside, but what is inside that counts. – Aladdin

 

10. Your mind is everything. Wield it carefully or it will command you.

Your mind is like water. When it is agitated it becomes difficult to see, but when you let it settle; the answer becomes clear. – Oogway, Kung Fu Panda

11. Timing matters. Do not try to prove anything just for the sake of proving it.

I’m only brave enough when I have to be. Being brave doesn’t mean you go looking for trouble. – Mufasa, The Lion King

12. We create our own destiny through the choices we consciously make.

There are those who say fate is something beyond our command, that destiny is not our own. But I know better. Our fate lives within us. You only have to be brave enough to see it. – Merida, Brave

13. Never give up – you’ll find it. Trust me.

If you work on something long enough you will find it, even if you are lost for a while you will find it. – Professor Bomba, Epic

14. Everything bothers you if you let it. Remember you have a choice.

Cold never bothered me anyway. – Elsa, Frozen



15. We always search for answers without realizing the fact that answers lie within.

There is no secret ingredient. It’s just you. – Po, Kung Fu Panda

16. Never ever accept your limitations. Human spirit is eternal.

I’m flying… I’m flying! I’m not an ostrich…I’m not an ostrich! – Blu, Rio

17. When you are going through hell, just keep going.

Just keep swimming. – Dori, Finding Nemo

18. Whatever you imagine, you can conceive. The universe is waiting.

To infinity, and beyond! – Buzz Lightyear, Toy Story

19. You can’t see the future with tears of the past in your eyes.

You should, Shen. You gotta let go of that stuff from the past, because it just doesn’t matter! The only thing that matters is what you choose to be now. – Po, Kung Fu Panda 2

20. You will become, what you choose to be.

Your story may not have such a happy beginning but that does not make you who you are, it is the rest of it- who you choose to be. ― Soothsayer, Kung Fu Panda 2

21. Today is a gift.

Yesterday is history, tomorrow is a mystery, and today is a gift… that’s why they call it present. ― Master Oogway, Kung Fu Panda



Five critical questions your business plan should answer

Ask not what you can do for your business plan. Ask instead what your business plan can do for you.

Ask not what you can do for your business plan. Ask instead what your business plan can do for you.

Questions about pricing, hiring and other factors can put you in trouble. A detailed and revised business plan should help you answer these questions. Getting these answers will not only help your company to achieve short-term milestones but will also help you to keep an eye on your long-term business goals.

Here are five key questions and how your business plan should help you answer them:

1. Is my price right?

There are two essential components of pricing that should be included in your business plan:

i. Consider whether your price is in line with your marketing message. If you are offering a high quality product or service, you cannot charge a low price without contradicting your own marketing message. You should set your prices according to the relative value of your offer, or risk confusing your potential market.

ii. Your business plan should include revenues and costs on a per-unit basis, your overall direct costs and overhead. These factors can help you establish the constraints related to making enough profit. You have to cover costs, which can include expenses beyond the direct costs of buying what you sell, such as rent and payroll.

2. Can I afford to hire?

Especially when you are running a new company, you think to hire additional employees as they might help you with the mounting list of tasks that have to get done.
But wait, What would happen if you had hired an extra salesperson? Could an extra administrator solve some of your problems?

Go back to your business plan and determine what happens to projections if you add the extra salary and benefits. Check whether the improvement in people power will add to your revenue, or cut costs.
Instead, you should consider hiring a contract worker. Of course, hiring someone is almost always cheaper but only if there is a long-term need that justifies adding the fixed costs. If it is a short-term need then the cost won’t affect your overheard forever.

3. Am I implementing my strategy?

Test your strategic alignment: Do your milestones, spending for marketing activities, product or service development, and related expenses show the same priorities that are reflected in your strategy?

Generally, business owners say one thing in their strategy but do something different thing in their actions and spending.

For example, assume that you think to emphasize your extensive computer expertise in your strategy. But, you pay your service staff below market rates.

4. Can I afford to relocate?

Sometimes new business owners need to relocate to help cut costs or to take better advantage of a prime sales area. If you need to switch your location, consider prospects like Bevmax NYC office space rentals if they are applicable to your business. Then, get back to your basic numbers and break the problem into its business plan parts.

Estimate how much more your monthly rent will be at the new location. Also estimate your moving costs, costs for fixing up the new location, if applicable, and costs of the business lost while you are absorbed in the move.

Then adjust your sales forecast to either add in the additional business you would be able to do there or the costs you would be able to cut. If you don’t see enough long-term improvement, then perhaps you should not relocate.

5. Am I stunting my own growth?

Go back to your business plan and give your assumptions a fresh look. Consider your target market and strategy, and add in your business offering and distinctive differences.

Does your business offering match your market? Are you sending the right messages to the right kinds of people?
Think about things could easily add on to sell more per customer. Is there are any low-hanging fruit that you are missing?

Now look at marketing. Is your message changing enough to match changes in the market? Is your marketing mix adjusted to technology, media and social changes? What if you spent more money and time on marketing, could you increase sales?

Your business plan is not a static document, it’s your best tool for steering your business. Answering these questions periodically can help you to keep long-term goals in mind while you adjust your immediate steps and actions.

10 Reasons why entrepreneurship is awesome

There are endless reasons for why entrepreneurship is great. Here are ten simple but powerful reasons, in no particular order, why entrepreneurship is so awesome

Entrepreneurship is modern age dream. Everyone wants to live this dream but very few are bold and strong enough to bring this into reality. Every entrepreneur has a different story or reason about why he or she decided to start a business. Some have known from day one that they wanted to work for themselves and others come up with ideas while working for someone else and decide to take the entrepreneurial leap.

There are endless reasons for why entrepreneurship is great. Here are ten simple but powerful reasons, in no particular order, why entrepreneurship is so awesome.

As an entrepreneur:

1. You have full control over your destiny and have an opportunity to change lives.

You call the shots and make the decisions. You will ultimately determine the success or failure of your business. You can stop anybody coming in the way of your vision.

Having an idea for a product or service that has the potential to make a huge impact, go for it – nothing is stopping you now!

2. It provides a rush that is hard to duplicate.

There is no greater shot of adrenaline than the one you receive after reaching a goal, knowing that you worked extremely hard to get to that point.

Also, you never feel bored. There is always something to do and you will always have a long to-do list. Every day presents new challenges and new opportunities to keep you on your toes.

3. The satisfaction of saying you’re an Entrepreneur.

It is a great feeling to be able step back and say, “I am an entrepreneur and this is my company,” while proudly holding your head up.

4. Creating something from nothing and getting out what you put in.

Every business starts as an idea. You have to create it from level zero. If you are willing to work harder than anyone else, you will be rewarded accordingly. Want to experience more growth and opportunities: simply work harder.



5. Turn your passion and beliefs into a business.

You have the ability to create a business as well as impact people through your passions and beliefs. Also, when you are able to make a comfortable living doing what you love, it’s a win-win situation.

6. Feeling appreciated is great.

Let’s be honest, when you build an empire from scratch and earn appreciation and gratitude – it is empowering. It’s a great feeling when you receive an email or phone call from someone that took time out of his or her day to let you know that your product or service have helped them in a positive way.

7. You become an expert problem solver.

As an entrepreneur, you become very resourceful and over time you will learn to overcome anything and solve any problem placed in front of you.

8. Developing financial independence.

As an individual, we always look for different options to develop financial independence. For some, financial independence means having the cash to buy what they want. To others, it means saving for retirement. And for some, financial independence simply means opening the bills without dread. Whatever your definition is, it means you command your money and not the other way around. That’s a victory worth celebrating.

9. You can get competitive with yourself.

Entrepreneurs are competitive by nature. The goal is to constantly improve and grow, so turn it into a personal competition. Can you make more business contacts today than you did yesterday? Can you motivate your sales team to crush the numbers from yesterday?

10. It enables you to dream big.

No idea is too crazy and no goal is too big when you are an entrepreneur. You can dream as big as you want!

What are some other reasons to inspire you to opt for entrepreneurship? Share your thoughts in the comments section below.



16 Leadership lessons from MS Dhoni for startups, entrepreneurs and managers

Dhoni’s leadership style offers invaluable lessons to managers/entrepreneurs at all levels. Here’s why.

MS Dhoni, India’s most successful cricket captain, is well on his way to be regarded as one of the greatest leaders the game has seen. In the past, people have attributed his success to luck, timing, good fortune and the like. But on closer analysis of his success, we see a clear pattern emerging.

Dhoni’s leadership style offers invaluable lessons to managers/entrepreneurs at all levels. Here’s why:

1. Gets Shit Done

Dhoni is great at delegating but when faced with pressure situations, he led by example. For example, take the case of promoting himself in the batting order in the World Cup final versus Sri Lanka.

2. Strategic Thinker

Dhoni makes plans before they are required. He always has a plan and knows the strengths and weaknesses of his troop as well as his opponents more than the opponent knows themselves. Remember the time he told Robin Uthappa to bowl during the bowl-out in T20 final against Pakistan? He had seen Uthappa repeatedly hit the stumps in the nets.

3. Right Ambition

He has no personal ambitions. He does not care about being the best batsman or the best wicketkeeper. He enables his team to become those, caring only for the success of the team. I remember a time when he got nicked off at 99 and the bowler asked him if there was a nick and he said, “Yes” He plays for something bigger than himself.

4. Courage & Instinct

Dhoni has the courage that is needed to take risks with partial information. He calculates and plans, but sticks to his guns if he believes it’s the right thing to do for India. For instance, take Rohit Sharma’s case – he was out of form but Dhoni believed in his calibre when the country was making fun of his decisions.

5. Manages His Psychology Well

How easy would it be for Dhoni to lose his cool? Billions watching his every move and a billion hearts expecting India to win. His most redeeming quality is his calm, when faced with a mountain of pressure. If you’re an entrepreneur, managing your own head is the toughest thing to do, and Dhoni does it really well.



6. Uninhibited style

Hailing from a humble background, Dhoni never let this aspect hinder his style or behaviour. In fact, he managed to channelise this raw rustic energy to his on-field performances.

He was never shy of expressing himself in any given situation. In a competitive world, you are often judged by your past or stereotyped and it is important to maintain a positive ego at all times.

7. Managing egos

In a hierarchyled environment, Dhoni was catapulted to captaincy ahead of several established players in a team laden with stars and former captains.

He took his time and didn’t interfere in their proven methods and managed to extract the best out of these stars at most times without ruffling feathers. Many young managers who inherit legacy organisations face this challenge at the workplace.

8. Change management

Dhoni did not rush through with change in personnel and team culture. He first established his credibility and over time dealt with these issues and managed the transition through the process of natural attrition and performance management.

Most CEOs confronted with change management issues at the workplace will do well to take a leaf out of MSD’s book and not take the “bull in a china shop” approach while dealing with change.

9. Managing success

Dhoni dealt with his early success with a lot of maturity with his feet firmly on the ground, which eventually led to his elevation. It requires a great degree of level headedness and humility to handle fame and money at an early age.

In a corporate context, early success need not lead to brash behaviour towards colleagues and customers. We have seen that, at times, young managers who see success early lose their balance and face early career burnouts.

10. Managing pressure

Ability to stay calm and keep his cool with a seemingly uncluttered mind is Dhoni’s greatest gift as a leader. This soothes the nerves of the rest of the team and ensures that they stay focused and continue to believe in themselves.

Dhoni is a lesson for all leaders in terms of their ability to manage extremely stressful work environments. Managing periods of high stress without losing your composure is the key to long-term success and good health.



11. Focus

Dhoni has immense ability to insulate himself from the surrounding environment and continue to focus on the job. The current Champions Trophy campaign is a case in point in the wake of the IPL controversy.

In a corporate context, it is vital for managers to stay positive and focus on the task at hand and avoid distractions and negative energies in play at the workplace.

12. Instinct

There are occasions when managers forget the ‘gut factor’ in decision making when confronted with data. Dhoni has often followed his instinct and on most occasions has been proved right.

At the recently concluded Champions Trophy final against England, while data would have dictated that he choose Umesh Yadav to bowl one more over, he chose Ishant Sharma for the crucial over which turned the match for India.

13. Managing failure

After the heady success of the World Cup 2011, it was just downhill for Dhoni and his team. After a string of embarrassing losses, it required great character and attitude to bounce back.

He did this in style and answered all his critics with the sheer weight of his performance once again. At the workplace, failure has to be dealt with the same fashion as success and one has to continue to be focused on the job at hand.

14. Invokes respect in the rivals

By his mere presence, calmness and body language Dhoni invokes great respect and fear in the opposition camp.

In a work environment, it takes a great deal to be respected by competition who would be itching to have you on the other side of the fence. This comes through sheer performance and acknowledgement from your internal and external stakeholders.

15. Backs his people

He places immense trust on his people and backs them to deliver. This allows them to express themselves freely without the fear of failure.

At the workplace, team members reciprocate and feel a sense of responsibility based on the trust shown by their leaders on them.

16. Versatile

Dhoni is hands on, is versatile and can adapt to any situation. He plays all the three formats of the game, can bat in any position, keep wickets and can roll his arm over if required. Versatility and adaptability is the key for long-term success for executives.

As a leader Dhoni is aware that the spotlight is on him but he never hogs the limelight. He keeps a check on his emotions all the time both in victory and defeat. He still has lot of cricket left in him and perhaps, for us, there are more lessons to learn from him.



Top cyber security threats facing start-ups in 2020 and how to protect your business

In fact, start-ups and SMBs remain the silent majority when it comes to cyberattacks. About 43 percent of all cyberattacks target start-ups and small businesses.

Your business is never too small to consider cybersecurity. In fact, start-ups and SMBs remain the silent majority when it comes to cyberattacks. About 43 per cent of all cyberattacks target start-ups and small businesses. Here are the most pressing cybersecurity risks that every start-up entrepreneur should be worried about in 2020.

Ransomware.

In a ransomware attack, hackers use technology to encrypt your data until you pay a ransom. Ransomware attacks are increasingly becoming common, mostly targeting small businesses and young start-ups.

Phishing.

In a phishing attack, hackers use fake digital messages to trick victims into giving them access to sensitive information. Victims can easily end up giving attackers access to accounts, documents, or important internal information. Account Takeover Fraud Detection is a security measure that uses machine learning and behavioural analysis to prevent account takeover attacks.

Data breach.

Data breaches refer to security incidents where information is accessed without authorization. These attacks target digital data, documents, and user information. A data breach can be intentional or unintentional.

Why do hackers target start-ups? Most start-ups don’t have robust cybersecurity infrastructure, which makes them an easy target. Not to worry, though. There are steps as explained by Hazim Gaber that start-up entrepreneurs can take to improve IT security. These include:

VPN.

A virtual private network (VPN) creates a private network from a public internet connection ensuring online privacy and anonymity. It should be a part of your cybersecurity toolkit. Secure the network with a VPN to defend against DDoS attacks, malware, snooping, and a wide range of other online threats.

See this NordVPN vs ExpressVPN comparison article. They are the two most popular VPNs right now



Antivirus.

Use antivirus to protect your system from viruses and malware. Malware may include viruses, trojans, spyware, worms, etc. Antivirus software is essential to cybersecurity as it helps you protect your start-up’s data from hackers and other online threats.

Backup.

A comprehensive backup strategy is a vital part of a start-up’s cybersecurity safety net. Backing up your mission-critical data ensures that it’s available for restore in the event of a breach or a ransomware attack. With a backup, you can always start afresh.

Risk assessment.

A risk assessment is a comprehensive audit of your system. Assess risks and vulnerabilities to find possible entry points. Assessing risks and vulnerabilities helps you know where your business is most vulnerable which, in turn, helps you patch these weaknesses and protect your company data.

Most start-ups and SMBs don’t have strong IT security, which makes them an easy target for cyberattacks. Between client meetings, finding customers, and getting the right product for the market, start-up entrepreneurs are often too swamped to even think about cybersecurity. However, these businesses need to adopt a cybersecurity strategy if they are to survive.



4 Tips for creating a budget for your startup business

We’ve outlined some of the top tips from financial experts and business owners to help you effectively budget your business.

Developing a solid financial management strategy is vital to the success of your startup. In many cases, a well-thought-out budget is a cornerstone of the long-term success of any business. However, each startup is unique and will require different budgeting methods. Below, we’ve outlined some of the top tips from financial experts and business owners to help you effectively budget your business.

Determine Your Initial Costs

When launching a business, there are initial purchases that must take place. You’ll often require equipment, property, and deposits if you are renting an office space. These are the expenses associated with the founding of the business, and will often have long-term use. As a business owner, these costs are essential to getting your business off the ground.

Estimate Monthly Operational Costs

The fees you categorize as monthly costs will include your monthly rent, utilities and payroll in question. You’ll want to outline your expected staff number and employee salaries. Additionally, you can include the expected average cost for transportation, insurance, and required licensing as needed in this section.



Calculate Expected Revenue

Make sure you know how much money you expect your company to generate monthly. As an estimate, this will be your total amount earned each month prior to any recurring expenses. Use this number to give you an idea of how profitable your business should be in the long-term. For this step, you may want to discuss your projections with your financial advisor to ensure you have an accurate estimation. Your advisor may have insight on ways to improve business cashflow protection overall.

Determine Your Average Miscellaneous Spending

In this category, you’ll want to include all other expenses not already accounted for. Items in this list may include office supplies, breakroom items, or marketing funds. By looking at your required spending to start and your required monthly expenses and comparing them to your monthly revenue, you can make a logical budgeting decision for these less essential purchases.

Ultimately, budget planning revolves around determining what expenses are required upfront, what expenses are required monthly, how much you will earn, and what remains for operational improvements. It’s important to be realistic when you set out to make your budget. Many financial advisors say that it is best to overestimate how much you will spend and underestimate how much you’ll make to prevent overspending. However, following a reasonable budgeting system like this, you’ll understand what is and is not affordable for your startup.



Startup Bigthinx becomes first to step into 3D virtual fashion

Bigthinx is in partnership with fashion innovation that will live stream the first fully digital 3D virtual fashion show (inclusive of digitalized models of humans) this Friday as the Covid-19 pandemic has forced the fashion industry to go online. The aspect is that everything is ‘virtual’ including the models and clothes.

Artificial intelligence fashion startup Bigthinx is in partnership with fashion innovation that will live stream the first fully digital 3D virtual fashion show (inclusive of digitalized models of humans) this Friday as the Covid-19 pandemic has forced the fashion industry to go online. The aspect is that everything is ‘virtual’ including the models and clothes. These things are being created using 3D digital design, supply, and animation basis completely being technical data (inclusive of garment measurements) garments and photographs of models.

This would be the first time many fashion professionals will see the virtual fashion as the industry-wide discussions about implementing it construct it came to halt due to the Covid-19 pandemic. It is obvious from the announcements made by Helsinki Fashion Week that digital fashion is going to be a critical long-term solution rather than a temporary measure. Helsinki fashion week is the first to declare that they will show 3D virtual fashion shows for the upcoming season and beyond before COVID-19 forced Milan, Newyork, and others to follow suit.

this 3D virtual show will not only get opportunities but numerous challenges to especially for a technology company which is known for its body scan Avatar solution completely based on just a selfie from a Smartphone and two photos. From the images they get they calculate, “44 size body measurements and body composition ratios with over 95% accuracy.” Shoppers can explore a wide range of garment sizes on the avatars before purchasing because of their B2B model which completely plugs into retailer’s e-commerce sites. They say this is very much important to solve the problem of a high rate of return from online shopping and reduces the chances of Shoppers buying a product in multiple sizes wherein the returns are inevitable.

In an interview with the founders, husband and wife partnership Chandralika Hazarika and Shivang Desai, I asked how they found themselves creating a 3D Virtual Fashion Show, given that their bread and butter is AI solutions, primarily for fast fashion E-Commerce retailers. Desai said, “London and New York Fashion Week and the Swedish Fashion Council have all been in touch and need this.”

Hazarika also pitched in saying “Model agencies have started reaching out and this is something very new for us (but) digitalizing models is helping agencies with revenue (during lockdown). Desai explained furthermore digital models are more affordable and this can ‘level the playing field’ emerging designers. A request from a client in France was what actually boosted their entry into virtual fashion presentations as the client needed physical samples completely digitalized because of the closed sales showroom.”

As demonstrated by the bureau, there is a demand for digital fashion models as well as presentations, with incumbents, inclusive of The Fabricant, Digi-Gxl, founded by Cat Taylor, and Carlings, how Bigthinx approaches this new challenge which extends beyond this core area of focus? graduated from the Startup Bootcamp through which they gained Prada Group backing, Bigthinx directly has access to the fashion & style industry with mentors on the programs snapping Nike, NKE, Givenchy, and Diesel. Desai said, “While we don’t have the fashion background, what we bring to the table is the ability to adapt and integrate new technology quickly.” It is actually not difficult to see how valuable and important this could be for brands as the need for digital solutions and the likely competition will desire for proprietary software and brand-specific experiences. Bigthinx differs from The Fabricant and Carlings. They create extraordinary digital fashion along with software solutions at their disposal. “For the Prada group this allows us to create bespoke solutions for brands with E-commerce an obvious target”, their strength being able to move quickly software developers, Desai elaborated.

According to Desai one obvious advantage in the subject of luxury fashion, in particular, Bigthinx offers is the body scanning solution which provides customer measurement data and improves Prada’s understanding of their customer size demographics. This in turn informs the future production of sizing which is more in line with the customer base and targeted according to the location. Desai said, “They (Prada Group) are looking to us to invest things they will need in the future.”

The 10 strong Bigthinx team which is best in Bengaluru create a long runway inspired by World Oceans Day in terms of 3D Visual Fashion Show. The analysis of the sketches for garment photographs from the fashion designers is done by the Bigthinx AI engine which identifies the government category and the basic design features through image recognition. Marvelous Designer is used to digitalizing the garment, later on, the garments are then placed on the 3D model avatar.

Moving on the next step is final material textures animations applying lighting and supplying. The show collaborator is an artist Jason Naylor whose salient graphic artworks are applied to a jumpsuit to demonstrate digital show can foster new partnerships between artists and fashion brands. Other brands involved are a contemporary fashion label from Japan, a bespoke atelier from Nigeria and sustainable swimwear label based in Brazil.

When asked about the challenges faced in creating this show their explain that the usual way of working for designers and brands is to create garments right up to a minute to show starts. With virtual shows, the design decisions got to be finalized weeks (or more) before the show to permit time for digital creation, animation, and rendering. the highlights need for closer collaboration new workflows between the technology company and fashion brands if this type of 3D virtual fashion show is to become commonplace.

Achieving realistic animation is just another challenge. This comes as no surprise that discussions where done hat length the time it was taking to refine nuanced and gait movements of the avatars. The industry standard is to animate on a featureless or invisible avatar (particularly creating the realistic hair is difficult) so that there is no undermine to the realism of the garment in motion. It seems a mighty feat to animate avatars created from human models with just a couple of weeks of production time.

The 3D visible fashion show is a proof-of-concept for Bigthinx team, this team has a powerful AI engine that is capable of creating 2D garment construction patterns for each of the 3D garment assets. No confirmation can be given with regards to the accuracy of the measurements and fit of these 2D patterns in a physical product. Desai describes them as “Ad-Hoc” at this stage. Provided that this runway is a showcase rather than just a sales tool, as there is no need to produce physical government afterward this necessary does not pose a problem as well. A consideration however it is for those brands which are planning to replace physical shows with the virtual ones as both promotional and sales tool.

Startup leaders choose to go to office first before asking others to come

To instill confidence among workforces about health safety, team leaders and managers of India’s top startups including Flipkart, Paytm, Udaan and Zomato, have decided to go at work first before asking colleagues to come. many firms still have asked their employees to continue work from home for those functions which may not need at-work presence.

To instill confidence among workforces about health safety, team leaders and managers of India’s top startups including Flipkart, Paytm, Udaan and Zomato, have decided to go at work first before asking colleagues to come.

Despite the government’s recommendation to resume operations, many firms still have asked their employees to continue work from home for those functions which may not need at-work presence.

Paytm is Noida based firm and has recommenced with only 25% workforce whereas guidelines permit 33%. Its spokesperson said, “…depending on where the offices are situated wherever possible our senior leadership has taken the decision of coming to the office first, to instil confidence in our workforce that all necessary steps are being taken to safeguard employees.”

E-commerce giants like Flipkart, Udaan and Zomato have applied such similar approaches for their employees.

Udaan is headquartered in Bengaluru and it is basically a B2B e-commerce firm. Its co-founder, Sujeet Kumar said, “We encourage employees to apply their own judgement on when and how they would like to return to the office…A significant number of employees resumed work over the last couple of weeks.”

There are several concerns for employees about returning to work like

• Travel restrictions.
• Fear to risk the health of their family especially in cases of aged parents and young children.
• Some of them have moved to their hometown and are unable to come back.

An employee of Delhi-based on retailer said, “The fear is not just about the workplace but also getting to work, and other factors at play.” However, firms are understanding these concerns.

For instance, Udaan and joined hand with Zoomcar and Bounce to sanitized vehicles for employees who do not own personal transport. Ola too have addressed the employees about safety measures like sanitising workspaces six times a day, safety teams for every site and demarcated seating to enable social distancing.

The Chief Human Resource Officer of Ola, Rohit Munjal, has asked all the leaders and managers to call their team members to the office only if it is absolutely needed. He said, “Unless your work requires you to be at the workplace by the nature of it, you will continue to work from home until the end of June.”

In fact, Snapdeal has extended its work from home advisory till 14th June and hope for a smaller number of employees back in the office after 14th June. Its spokesperson said that the first phase would include those volunteering to return to the office and those who need to be in office for specific work requirements.

Chief HR officers of these firms have indicated that businesses would move closer to regular operations especially in Delhi and Bangalore at the beginning of the month July while exceptions have been made for the month of June.

HR executive of an e-commerce firm based in Bengaluru said, “As businesses open up next month onwards, stricter protocols will be in place. There will also be enough data and learnings from the last three months to come to the best conclusion.”

Other firms like Swiggy, Amazon, Facebook have extended work from home for all their employees for at least the month of June.

Exclusive for Retailers: Follow these simple steps amidst COVID-19

The current situation has led us into an unexpected world. On one side, Government and Medical Organisations are working on the damages and controls, other side people are adjusting to the new normal either by staying at home, working from home, and maintaining social distancing.

The current situation has led us into an unexpected world. On one side, Government and Medical Organisations are working on the damages and controls, other side people are adjusting to the new normal either by staying at home, working from home, and maintaining social distancing.

Coronavirus pandemic has arrested the liquidity of markets and businesses. Since supply chain and logistics industry are facing a massive burden, businesses are also beefing up their elbow grease to respond to the pandemic and ease the fallout.

There are no estimates of COVID-19 crisis to get rid off but retailers can use technologies to elevate their sales.

So here are five simple Dos’ for retailers to fight the COVID-19 impact.

1. Let your customer know you are available for them

It is very important that customers know your service is open for them now. It is courageous and welcoming as well.

Instant messaging service is the tool to notify your customers about your service, promotions and important information for which they were waiting for. It is one of the technologies that works as an adhesive to stick your customer in such hard times.

2. Be specific and selective while accepting online orders

As long as these challenging times persist, it will be tough to manage your labour. So say yes to time, money and labour only on things that reciprocate in any form. There will be many orders via phone calls or whatsapp which will make weary to keep eyes on every tab loaded with orders. And this is mainly because of increase in customer’s demand especially, if they are coming from several channels.

So, take a smart step and preserve your limited labour for something that needs more attention because integrated online ordering apps can only simply the process of order taking. The single most effective way of processing sales orders is that the customer’s order products mobile apps only which can save a chunk of your time and labour.

Currently, all the big online retailers are facing a massive shortage in stock due to supply chain slowdown and are not able to provide adequate service to the customers. So it is better to capitalise on this and serve your customers by taking business online and build a strong bond.

3. Follow Contactless Deliveries to attract customers

Customers who have ordered products online want it to be delivered at their doorstep on time. So make them believe that your home delivery service is on work instead of calling them at your outlets.

Although, adopting delivery service may be challenging for you due to lack of workforce or skills of your labour but it can be easy through integrated delivery and payment management system.

Go for contactless deliveries with digital payments to provide service to your customer on time and facilitate convenience to your delivery person with quickest route navigation and tracking facility.

4. Stock your store as per customer’s need

Stop following your supply routine and focus on only what is essential for your customers. This is advised as logistics would be challenging and supplies would start to dwindle.

There is a need to study the recent sales trend in your store and then place orders with your suppliers accordingly. At the end of the day, it is a best option to open your stores with lesser but essential products.

5. To reach more customers, operate from multiple service points

There is a huge demand for goods and services at every place. Plan effectively to serve at multiple locations rather than just serving your community. There are some stores that are shutting down just because they are unable to cater the demands of customers of that locality. This is the time to grab an opportunity for you to see revenue as well as serve customers who need your service.

Van sales is an effective way to expand your boundary and operate from multiple service points. A handy mobile POS, which is already adopted by some of the supermarket retailers, can be a helpful to take your business with you.

Therefore, retailers can be the real difference makers against the powerless and fluctuating feeling amid COVID-19 crisis. Retailers can spread hope and positivity by providing their services to the customers at their doorstep and making the worldwide quarantine comfortable.

Farmer’s friend, Farmpal takes the agri sector to a new level

Right now, India is facing mass departure of the migrant labourers coming from other cities after being laid off due to the ongoing crises. Hundreds and thousands of the migrated workers who came from villages to India’s megacities are left with no choice except to walk back home as the buses and trains have been suspended.

Farmpal technology pvt. Ltd. depends on casual workers both directly and indirectly. This Pune based start-up requires manual labour for every part of process and to procure the products from more than one thousand farmers. Thereafter, it needs to be segregated by quality and later transported to supermarkets, hotels, restaurants and kirana stores. The objective of this start-up is to encourage collaborative farming as well as entrepreneurship development.

Coronavirus crisis crunching agri-based start-ups

However, the country-wide lockdown because of the coronavirus pandemic has crunched the manpower. Most of the manpower that are hired for harvesting comes from Uttar Pradesh and they have gone back now. Presently, there are not enough hands in the fields and harvest is just wasting. Of the 50 people who were employed by the firm, 20 have gone back and have been out of contact since then. They have not laid off anyone, but many have left which has given rise to shortage.

Right now, India is facing mass departure of the migrant labourers coming from other cities after being laid off due to the ongoing crises. Hundreds and thousands of the migrated workers who came from villages to India’s megacities are left with no choice except to walk back home as the buses and trains have been suspended.

Farmpal itself has cut off 20-50% of the salaries for backend employees based on their contribution. Farmpal has always believed in running a lean business while their other revenues have not been impacted like other non-essential services, but it still pressurises on their ability to pay salaries.

According to Sethi, the founder of this startup,Farmpal has lost revenue from hotels and restaurants as they are nearly shut all the time. Demand from supermarkets like Big Basket and Nature’s Basket has also tapered overtime due to the pandemic. However, the retail demand has grown three to four folds.

Referring to the kirana stores, Sethi also said they have been selling 12 -15 tonnes per day and now it has reduced to 6 – 7 tonnes per day but this demand is only from the retail market side.The retail segment has had the highest margins for Farmpal and sale there has increased.

A little hope rising

This pandemic has brought new opportunity for Farmpal. Amidst the lockdown, housing societies now connect directly with the farms or business platforms to procure vegetables.

Sethi said thatthey have received at least 25 inquiry calls from the housing societies in Pune. They also delivered vegetables once or twice but with each delivery at least two men must accompany and that is not feasible.

He then added, as they are unable to keep up with the demand, they decided to refocus on business to business deals. Also, as there is low manpower, they have decided to operate in areas where there’s high/Maximum demand and customers. Sethi however,does not expect the rise in retail sales to sustain once the pandemic ebbs.

Farmpal has already collaborated with Dunzo to deliver groceries within the city. Also,Swiggy has launched ‘SwiggyGenie’ service for deliveries during the lockdown and now they are targeting Zomato.

He added.“while apps are likely to provide new business, the rise in the retail demand is expected to normalise to pre Covid level by the next year.” Even if the demand from supermarkets and hotels return, it will be difficult to predict the quantum as they are yet to see if the lockdown has led to any permanent behavioural change.

From 70k initial investment to 3.5 crore presently, AP Solar Works works wonders

AP Solar Works, founded in 2016, by Akshay Gupta and Pankaj Yadav, provides cost effective solar solutions to make people self dependent for their power usage. It allows people to produce their own electricity after the installation of solar panels.

A complete switch from non renewable to renewable source of energy is the much needed demand right now. Making this dream comes true is next to impossible but Indore based AP Solar Works is trying hard to make this dream comes true.

What is AP Solar Works?

AP Solar Works, founded in 2016, by Akshay Gupta and Pankaj Yadav, provides cost effective solar solutions to make people self dependent for their power usage. It allows people to produce their own electricity after the installation of solar panels. AP Solar Works provides solar roof top systems for the use of domestic, commercial and industrial clients to help them generate electricity.

This start up is into designing, consultancy and EPC (Engineering, procurement and construction) of solar power plants. AP Solar Works procures parts from across India and other countries like Korea, German and US. They assemble them as per client’s requirement and then install the panels.

This is based on both the business models i.e. B2B and B2C. Be it individual households or organizations, anyone can install rooftop solar panels and produce electricity based on their requirements and excess can be sold to the Distribution Companies (DISCOMS).

How does it work?

To install, one needs to get permission from their DISCOMS first. This will sanction a particular amount of electricity that can be produced. Once installed, DISCOM will check if the user has adhered to the correct capacity and all the technical standards are met.

A minimal amount needs to be paid to the DISCOM depending on the size of the project. For instance, the charge for installation of commercial panels may be up to Rs. 10,000 and domestic installation may cost Rs. 3,000 to 4,000.

How far does it reach?

L&T construction, IIM Indore, Indian railways, Infosys Indore, Indian oil and Bharat petroleum are some among the many clientele. Also, the Startup received the state leadership award for Best Solar Rooftop Company in MP by solar industry publication, SolarQuarter, in 2019.

One of the founders, Akshay Gupta has plans to expand the business to UP, Chattisgarh, Bihar, Jharkhand and Telangana. In fact, this startup is in talks with undisclosed investors for raising its pre-Series A funding. However, the impact of coronavirus crisis and lockdown can be seen since installation of the panels required a team to work on the site.

What is the procedure of production?

Solar panels produce direct currents (DC) which cannot be used but placing an inverter with the panels, converts the DC in usable alternating current (AC) which later on is sent to the main power grid of the house, factory or office.

Again, a bi-directional meter is also installed that tracks the excess/surplus electricity that can be sold to the DISCOMS by the users. Users need to install the phone application on their cell phones that keeps them updated about the performance of their systems.

AP Solar Power Works currently provides 8 different types of solar panels systems, including such as solar PV module, on-grid solar power plant, off-grid solar system (standalone systems not connected to grids), solar water heater, solar street light system and solar water pump. AP Solar Works also provides solar mini kits, a portable solar panel system especially for rural use.

How much does it in profit?

According to Akshay Gupta, a domestic project can cost up toRs. 2.5 lakh and an industrial project can cost up to Rs. 20 lakh. AP Solar Works has offices in Indore and Bhopal. It provides services in Madhya Pradesh, Maharashtra, UP and Rajasthan through its dealer network.

Once Akshay was asked as to why the cleantech start-up is headquartered in Indore, Akshay said “Indore is my birth place and I have seen this city grow and evolve. Indore has a good potential to boost any business that starts here.”

AP Solar Works started with an initial investment of Rs. 70,000 from personal savings of the founders and now is clocking a yearly revenue of 3.5 crore, Akshay claimed. He added AP Solar Works has executed over 300 projects till now, with 17,000 units of electricity produced per day.

Story of Hari Mishra, Ankit Rajput, founders of Rs. 20 cr company who ate one meal a day, slept on floors

No matter how many times you fail, if you never stop chasing your dream, you will achieve what you always wanted. I hope this inspirational startup story of Hari Mishra and Ankit Rajput will definitely help you to achieve your startup dream.

No matter how many times you fail, if you never stop chasing your dream, you will achieve what you always wanted. Hari Mishra, an IIM Ahmedabad graduate and Ankit Rajput, a computer science engineer from Amity University, Noida, failed many times but never gave up on their dreams.

Failure comes for a good change

Hari and Ankit started a business of bootstrapped custom clothing brand and design studio ‘Poptailor’ in Mumbai in 2016. However, these entrepreneurs ran out of money and stepped down with all their funds i.e. Rs 25 lakhs within a year. They worked hard in converting customers over to their clothing design studio but could not make it because of the long purchase process.

Because of this loss, they faced challenges and started living with their friends, sleeping on floors, and having a one-time meal a day. In fact, two out of four partners quit the business, wherein Hari and Ankit had to deal with everything on their own. So, they decided to leave the dream city and move towards Delhi with a beacon of hope.

A new city, a beginning, and a new hope

Delhi brought delightful days for these entrepreneurs. Before that, they, faced challenges in Delhi – from staying with some friends to cutting their expenses. Fortunately, this struggle did not last for long.

Nona Lifestyle is their company in Gurugram which is based on the B2C model. During their struggle phase, these entrepreneurs noticed the challenges faced by startups, hotels and even large corporatesto source uniform and other items of clothing for their employees. So, they decided to tap on the B2B business from their old B2C business.

In an interview, Hari told, “Besides local traders and manufacturers, there was no organised entity serving this need for business. This provided an opportunity for us to become an organised player.” Then, they started working upon their new plans. Right from visiting textile markets to loading and unloading and transportation, everything was done by them to save expenses.

Ankit said, “To start something like this, we realised we needed to have strong cash flows, as B2B required huge investments for purchasing raw materials. So, we borrowed funds in a personal capacity to buy raw materials.”

The first step towards success

The duo came up with a new brand name ‘theStyleWorx’ under their parent company Nona Lifestyle. ‘theStyleWorx’ started offering basic quality workwear at a minimum cost of Rs 150 per t-shirt. They also distributed free design support to customers to bump up their brand reach through employees’ uniform.

Then, their first breakthrough came. OYO, largest & fastest-growing hospitality, placed an order of 70 t-shirts. Now, ‘theStyleWorx’ has many renowned clients like Coca Cola, Zomato, TikTok, Delhivery, Bayer CropScience, Urban Company, Chaayos and Denso.

Hard work and patience of duo paid off. Today, they have a company of 40 full-time employees and 50 factory workers. On this note, Ankit informed, “Once our business started growing, we realised we needed a team to support our operations. Creating a good quality team was a challenge as we could pay only small salaries. Despite this, we put a team together and started working out of a co-working space at Janakpuri.”

Expansion of the brand’s portfolio

Nona Lifestyle, now, has three brands under it. They are now planning to launch customised t-shirt delivery in 24 hours in Delhi-NCR market under this brand. One of them is StyleWorx, the other two brands are Limone Fresco and Harold Meagan.

Limone Fresco is based on a B2B model which deals with soft furnishing products such as bedsheets, towels and comforters for co-living spaces, hotels, hostels, hospitals, and restaurants. Meanwhile, Harold Meagon is a B2C brand of luxury clothing range that targets customers who follow the latest fashion trends.

Today, they have over hundred customers in countries i.e. India, UAE, Sri Lanka, Indonesia, and the US.

Becoming an establishing brand

Nona Lifestyle including their brands – theStyleWorx, Limone Fresco and Harold Meagon – has a turnover of Rs 20 crore in 2019-20 with a growth rate of 160%.

As per Hari’s believes, Nona Lifestyle is honestly priced, more flexible, and adaptive to market dynamics as they work on customer needs with a skilled team to carry out operations. It has two manufacturing units – one is in Gurugram and the other one is in Ahmedabad. This follows an inventory-light model and sources of raw materials based on orders.

Nona Lifestyle is competing with established brands like Raymonds and Mafatlal along with local traders.

New plans for a new pandemic situation

In the coronavirus pandemic situation, Nona Lifestyle focussing on anti-bacterial, fire-resistant, and hygienic products. In fact, it ensures its products are completely safe as they follow the sanitation process strictly in its manufacturing units.

The duo is also planning to come up with rental business for small organisations under their Limone Fresco brand which will provide sanitised beds and bath linen.

Cleantech startup ‘OxyGarden’ is making sanitisers to purify indoor air

It removes viruses, bacteria, dust particles, and harmful chemical pollutants like carbon dioxide, carbon monoxide, formaldehyde, benzene, etc., in an enclosed space. It also produces 700 litres of oxygen per day, reduces carbon emissions, and maintains an optimum level (40 percent to 60 percent RH) of Indoor Air Quality.

After over two years of prototyping and testing, OxyGarden has launched its first commercial product ‘Forest’. OxyGarden, a Gurugram-based cleantech startup has been developing air sanitisers for indoor usage.

The newbie product ‘Forest’ purifies and humidifies indoor air naturally. It removes viruses, bacteria, dust particles, and harmful chemical pollutants like carbon dioxide, carbon monoxide, formaldehyde, benzene, etc., in an enclosed space. Along with producing 700 litres of oxygen everyday day, Forest also reduces carbon emissions, as well as maintains an optimum level (40 percent to 60 percent RH) of Indoor Air Quality.

OxyGarden was founded Abhishek, who holds a mechanical engineering degree. He stated that he always wanted the air inside his room to be a 100% clean, however there wasn’t any such product available in the market.

Forest weighs 30 kilograms, and comes with a metal frame that fits easily in a 1.2 square feet area. It can either be hung on walls or placed on the ground.

Despite the coronavirus outbreak, which has generally caused a slowdown in sales, the company is expecting to sell around 11,000 units and clock sales of about Rs 40 crore in FY21. The startup has already roped in a few B2B customers, including Larsen & Toubro, a few hotel chains, B-schools, appliance rental companies, and online retailers.

OxyGarden has been succesful in developing a patent-pending technology, which induces controlled photosynthesis in plants with the help of automated airflows and artificial light sources.

It can prove quite useful in recent times as people are looking for healthcare products to prevent themselves from coronavirus.

Beijing-based Legend Capital invests $10 Mn in India’s top Edutech company Vedantu

Edutech companies in India are gaining lot and lot of popularity these days and such companies has seen an unprecedented growth in the recent days.The organization is run by four friends from Indian Institutes of Technology (IITs) – Vamsi Krishna (Co-Founder, CEO), Pulkit Jain (Co-Founder, Head Product), Saurabh Saxena (Co-Founder, Head Academics) and Anand Prakash (Co-Founder).

Edutech companies in India are gaining lot and lot of popularity these days and such companies has seen an unprecedented growth in the recent days. These companies have seen an upswing and witnessing unprecedented curiosity from enterprise
capitalists, hedge funds and strategic buyers.

BYJU’s, Unacademy, Doubtnut and Vedantu are few of top Edutech companies in India right now. Vedantu is an interactive online tutoring platform where teachers provide school tuitions to students over the internet, using a real-time virtual learning environment named WAVE (Whiteboard Audio Video Environment), a technology built in-house.

It is said to operate on a marketplace model for teachers, where students can browse, discover and choose to learn from an online tutor of their choice.

The organization is run by four friends from Indian Institutes of Technology (IITs) – Vamsi Krishna (Co-Founder, CEO), Pulkit Jain (Co-Founder, Head Product), Saurabh Saxena (Co-Founder, Head Academics) and Anand Prakash (Co-Founder). The firm has raised its first round of funding after six months of current operational format.

It has raised $5 million from Accel Partners and Tiger Global Management in its Series A funding Vedantu has raised $11 million in a Series B funding round led by Silicon Valley impact investment firm Omidyar Network and also contributed by its existing investor Accel Partners.

On August 29, 2019, Vedantu announced that it has raised $42 million in a Series C financing round for expansion in India by Tiger International. Beijing-based early and enlargement stage VC agency has invested $10 million (Rs 74 crore) whereas current investor Omidyar Community has joined the spherical with a funding of $3 million (Rs 22.17 crore).

Beijing-based Legend Capital manages greater than 450 portfolios and has $7 billion value property. It has turn into the third Chinese language investor in Vedantu.

4 Ways startups can professionalize their customer interactions

Fortunately, there are steps a business can take to improve their professional touch when it comes to customer interactions.

Every startup business is only as good as the customers it attracts. Without a solid, loyal customer base, it is difficult for any company to stay in business. Fortunately, there are steps a business can take to improve their professional touch when it comes to customer interactions. Here are four such approaches to consider.

Outsourced Customer Service

Sometimes interacting directly with customers is not in a startup’s best interests. This can be especially true when it comes to providing exceptional customer service, and the startup lacks the staff to maintain such support in-house. Outsourcing customer service needs to a third-party service provider can make a huge difference in how a company operates in this area by providing experience and expertise in handling customer issues. Additionally, a reputable third-party customer service provider can keep issues with customers under control so that the startup’s staff can dedicate their time to other more important business-related matters.

Conversational AI for Phones

Modern businesses can now leverage the power of AI solutions when addressing customer needs. By utilizing a Conversational Interface Technology Platform, it becomes possible for customers to complete surveys, place orders and even communicate with a startup in multiple languages. The AI experience customers receive can be customized to fit virtually any customer interactions.

High-Quality Website Development

A quality website is essential for doing business online. Some startups manage all their customer interactions right from their company’s website. This mode of customer access can be a focused way of driving customer interactions in a positive direction—especially if the company’s website helps customers to quickly determine how to carry out product transactions and to access help as needed.

Website Contact Forms

One of the greatest barriers to healthy customer interaction is the contact feature on a company’s website. Most visitors to your website would rather deal with a rational, human voice over the phone than to hunt around for specific contact information. With the right contact forms in place, it is possible to intelligently guide customers to the correct contact person or to resolve other issues resulting from customers doing business with a startup.

When customers believe a company values their business, this can do wonders for such a business’s sales volume. This is why it is critical to implement methods for effectively handling customer interactions. The result of excellent customer interactions and improved relations will often translate to producing happy and loyal repeat customers.