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Jun 14,2017 For at least once in our lives, we dream of leaving our 10- 5 job and shifting to a self dependent source of income, i.e. having a privately own business with no bosses or insecurities and thus lead a beautiful, cosy and rush-free life. Wait! Is that all you wish to know about the business? Do you certainly think that it’s totally up to you about choices regarding market, sales, target and planning? Do you think you would plan it daily and execute the same day to earn and grow? Below are 10 common mistakes that must be strictly avoided during business planning and set up- 1.Unclear and rough business plans Business needs planning’s and big and successful plans need investment. A business plan is really necessary to promote your business, and the preferred one is the in a decent written form along with good grammar. it must clearly mentions all the future business ideas as well. 2.Bad presentation Although it’s your own company or shop, but the investors must be impressed by the business idea and presentation. Either of unclear planning, lame ideas or bad representation of your points can take away the contract from you. 3.Detailed technicality in reports The fundamental prerequisites of any business plan are the reports; too much technical descriptions confuse the investors and compel them to take much more time in their decisions. The reports must be kept simple and have only the details that are just sufficient for the investors. 4.Incomplete planning Planning 80% of your future steps or planning nothing at all is considered almost same if you have started the execution of initial steps but still have no idea of plans to move forward. At some point in time you will find no way out and hence, force yourself into a dangerous situation. 5.Assuming that no risks are involved in your business This is a proven and worldwide known fact that no business is 100% risk-free. And if you make yourself believe that yours is a 100% secure business plan. Then, you are making a fool of yourself and would end up losing a large amount. 6.Claiming no competitors Maybe you do not have a competitor in your locality when you start your business. But, this does not assure you a no competitors game or a clear win. Subsequently, you might have competitors growing up from your own area or a dealer might start dealing into your area as well. So, you must maintain good relations with customers so that they do not change the shop they already buy from. 7.Having no target audience If you are setting up a business, the most important thing is whom would you target? Who you have to attract? And to whom would you be selling your products too. This must be purely based on research. The advertising, marketing and branding would be done for the same set of audience. 8.Unreal financial projection Investors too own a hard earned money and want to invest somewhere their capital grows. They actually know the market conditions and have a fair idea of the profit they would be making from you. So, don’t run into unreal impressions hyping your business and assuming a very high business growth in the very first year. 9.No financial protections Like crisis, opportunities too never come after prior information about their arrival. So, we may require urgent capital at some point in time for some cheap goods, good business opportunities or better setup plans. Always keep some amount for such opportunities or even crisis related to loss or damage of products. This would really help. 10.Not keeping written records- Although this is a mistake hardly someone do nowadays, But, this remains an important phenomenon for businessmen. If during planning days, a great idea clicked your mind, but you denied penning it down at preferred memorising the same, you will never be able to recollect the same idea that clicked and you might face a huge loss. Image Sources: http://www.primobonacina.com https://www.casino.org

Jun 14,2017 Designing a logo seems like a simple task but is in fact, a challenging job to do. A logo acts as an emblem which stands as the representative of the brand; it establishes the brand in the eyes of public and therefore must be done with care. Some critical aspects that must be kept in mind while designing an innovative logo are: 1.Creative and practical balance: often creative minds have a vision that goes beyond the understanding of common people. Creativity while designing a logo is of paramount importance but it must not exceed the level of comprehension of the public. After all, what use is a logo that people cannot decipher? A designer must keep the understandability of the design in mind and use their creativity in such a manner so that the masses can appreciate and make meaning out of the logo simultaneously. The designer has to strike the ideal equilibrium between practicality of design and its aesthetic creative appeal. Example: 2.Target consumers: a logo designer must be aware of the targeted consumer group. Even if there is no specific targeted audience, they should take care that the logo does not repel any potential consumers. As trivial as it may sound but a logo may repel potential buyers. For instance in a diverse country like India, religiously significant symbols such as ‘swastika’, ‘Aum’ symbol or the ‘crescent moon and star’ symbol; should not be used as logo designs as they may repel people with oppositional or simply different religious sentiments. On the other hand brands that have specific target consumer groups can use specific logo designs to attract consumers. Example: 3.Contextual consistency: The logo speaks for the brand. A logo design has to represent what the brand stands for, however it should be kept in mind that a logo, at the end of the day, is a symbolic representation and meaning of symbols are open to interpretation. Symbols are associated with meanings in the background of a context. The context in which a symbol is being used to represent the brand should be made clear through further detailing of the logo such as a tagline or smaller symbols. Maintaining the contextual consistency between the logo symbol and the brand is what makes a logo meaningful and not arbitrary Example: 4.Understanding of the Brand: A good logo designer needs good understanding of the brand ideology, principles and products. Similarly, a good Logo should reflect what the brand is all about. It should be able to explain to the people what it represents at a single glance. The design should be such that the meaning of the logo and what the brand intends to sell is immediately registered in the mind of the viewer. A logo should include the key aspect of the brand and convey it well. It should not comprise of too many elements or its very purpose will fail. Example: ​5.Color scheme: to make logos attention grabbing getting the color scheme right is important. Colors convey meaning silently; to make a logo meaningful and memorable colors must be chosen with care. The psychology of colors also plays a role in designing an appropriate logo. The following are some qualities that a color represents; these can be effectively used though logo designs: Green: natural, growth, herbal, organic Blue: professional, medical, trustworthy, subtle, effortless White: simple, pure, peaceful Pink: fashionable, feminine, soft Red: trendy, energetic, appetizing Yellow: optimism, hope, brightness Example:

Jun 14,2017 A strong workforce is an asset that forms the foundation a company. It is important to maintain this asset and for this, retaining employees is vital. In fast moving economies employees usually do not stay put in a firm for a long time, they keep looking for better opportunities. To retain employees is therefore a challenge for the company. In rapidly varying economies, these 10 ways of retaining employees can prove to be effective: 1.Employee satisfaction: a firm must ensure that all needs of their workforce are satiated. Gratification of requirements of employees is important so that the employees do no look for job opportunities elsewhere. The formula is simple; if you want to keep your employees for long then keep them happy for long, don’t give them any reason to leave. 2.Morale boost: in the work environment, self-esteem of employees and their morale have to be taken into serious consideration. Boosting the morale of employees allows them to stay motivated and charged this increases the total efficiency of the workforce and creates an overall healthy work atmosphere. 3.Rewards: rewarding and appreciating good performance of employees boosts their confidence and reassures them that their performance matters to the company. Rewards show that the employees are valued. Titles such as employee of the month or benefits either monetary or perks motivate employees to perform better, this also creates a zone of healthy competition. 4.Feedback: provide feedback to employees for helping them improve their performance. Feedback shows to them that their employer is considerate about their work and it is being seriously evaluated. Through feedback a healthy chain of communication is developed and sustained among different levels in an organization. 5.Moderate flexibility: extremely rigid work hours or procedures exhaust employees. Allowing a moderate level of flexibility keeps them relaxed. However, flexibility should not be equated with ambiguity of procedures. Flexibility of rules should aim at achieving a work life balance in the lives of employees. It prevents them from thinking that their work has taken over their entire life. 6.Growth: employees shift jobs mainly while looking for better growth prospects. By offering them opportunities to grow in position and financially, employees can be encouraged to stay in the same firm. No employee would like stagnancy in their career therefore reassuring them that better performance would lead to better grow this important to retain them in such a competitive economic scenario. 7.Fairness: fairness must be maintained in the work environment. Promotions, perks, salary hikes etc. must be awarded to employees on the basis of fair and unbiased judgments. Biases and favoritism in office discourages employees and leads them to believe that their work is not appreciated enough. Worthiness of employees, their dedication and hard work must be objective criteria of all work decisions 8.Participatory relationship: taking inputs from employees regarding company strategies and decisions makes them believe that their opinion is valued. This boosts their self-esteem and sense of self achievement. Creating an atmosphere of participation and sharing fosters a better employee-employer relationship as well. 9.Allow creative space: providing employees with challenges and giving them some creative freedom keeps them interested and indulged in their work. Appreciating their creativity and giving them the space to explore it will prevent their work from turning monotonous and thus tiring. 10.Exit interviews: conducting exit interviews with employees leaving the company can help the employers understand the reason for their employee leaving. They can then work on that to retain other employees. In the current competitive economy, understanding the reason, why a person wishes to change their job is important as it gives a reflection of the company from an employee’s point of view.

Jun 13,2017 Creating a product is not an easy task because it not only deals with its creation but also its launching and advertising. The company needs to ensure that it will land on a pre-defined market and end to be profitable. A good marketing strategy isn’t necessarily dependent on the amount of money one shells out, it also depends on how effective it is in spreading the buzz. Here are some hacks to promote products and services effectively- 1.Press Release: A simple, brief press release article posted on the sites which accepts and distributes it sets the buzz to roll in. Hence, the product or service is circulated and a word is spread. 2.Forum Posting: Searching forums that promote a similar product and posting on large forums rather than small ones saves a lot of time. That way it is easy to reach out to more people. Also, contribute in highly visited discussions. 3.Offering freebies and attractive offers on the product attracts more customers. 4.Creativity: It is the best asset. All that shines is not gold but the shine does attract people. And once attracted, selling, done creatively lead to success. 5.Holding campaigns, organizing contests are a great way to influence more public and informing them about the product. One can offer solicit prizes like money, eBooks, and subscriptions, valuable to the customers. 6.Social Media: Using the full force of social media in the promotional activity is the advanced way and would also help in reaping the most of benefits. 7.Providing and mentioning the elements and details of the products or service clearly- Clients looking for things are generally in a hurry and prefer products with easy to read labels and services with easy to understand terms. 8.Adding images in the advertising or selling products always builds an emotional connection with the customers. It confirms the clients that it is the product or service they are looking for. 9.The title should be catchy and convincing and creative. Also the main features should be clearly visible. 10.First Impression is the last impression. Building up a good first impression prevents a dip in the customer count. It also promotes a consistent sale of products. 11.Having a creative and unique packaging or logo also serves as a good tool of advertisement, along with an attractive jingle; it adds even more colors to the sales. 12.Providing special offers and discounts and negotiations, offering samples also increases the utilization and interest of clients. 13.E-mail Marketing: It is the second most effective customer acquisition channel. It helps in keeping customers aware of the constant launch and introduction of new products. It also gives a constant notification about the existence of the company. Neither products nor services can sell themselves and hence the marketer needs to find a way according to their inconvenience and interest to find a perfect market for it.

Jun 13,2017 Customers are the backbone of an enterprise. It costs five times as much to attract new customers as it does to keep an existing one. Dissatisfied customers are, unfortunately, a fact of business. Dealing with unhappy clients is not an easy task but if one knows what to say and how to say it, they may be able to handle the situation. Some tips to face and deal with angry customers are as follows: ​1.Listen-Accept-Apologize-Provide a solution: This cycle, if followed correctly, has the power to satisfy even the angriest customer. Making the client realize that his problem is the concern of the business builds up trust. And one can follow it only by listening to the problem carefully, accepting the fault, apologizing and being empathetic and presenting them with a solution. 2.Patience is the cure to anger, sorrow or distress of the customer. Interrupting the customer while expressing their issue won’t be a good idea. One should be calm and listen to the concern and then reply. ​ 3.Negotiate with the customer and provide them with good offers to keep them satisfied, despite of the problem faced by them. Make the caller happy-give them a refund or voucher as per the company’s protocol. 4.Even if one has to encounter a loud and abusive customer, they should always respond by speaking softly and with a very steady tone. Shouting over the customer leaves a bad impression of the company on the client. 5.Try resolving the problem concerned with the customer as soon as possible to maintain trust and build even stronger relations. ​ 6.Don’t take long and try buying time with the hold button. Instead of calming the client down, it escalates the caller’s anger by feeling shunted aside. 7.Reach to the core of the problem so that it does not reoccur. Even if it does one is readily prepared with a solution to the customer. 8.Blaming the customer or the company would only affect the relations between them. Using an indirect approach to resolve the issue and coming to a conclusion is a better option. 9.Informing the customers about your customer care services and giving them a complete follow up of the status of their problem and a solution, if provided along with, helps the client to rely on the business brand even after the inconvenience caused. 10.Taking Feedback from the customers provides a clearer picture of the problem and also proves helpful in rectifying any defects in the working of the system. It might also provide with some innovative and creative ideas to help grow with the society. We learn from our mistakes and an unsatisfied customer is the result of a mistake. The company should know how to solve such mistakes and learn from them, also adapt to the changes it brings along to grow and to walk on the same path as their customers.

Jun 13,2017 Customers are the resource upon which the success of the business depends. Whereas satisfied clients are the best promoters of the company’s business, providing a good customer service is a challenge for every business. Customer support is not just about fixing problems, but also forming a relationship with buyers and creating an opportunity for proper sales. Customer satisfaction is the leading indicator to measure customer loyalty, identify unhappy customers, reduce, churn and increase revenue. An excellent customer service calls for an open mind a lot of patience. Some ways for building a good relationship with the customers and having a healthy customer approach are: 1.Being attentive, taking feedback and notes to understand customer wants are the basic ingredients of a healthy relationship. Hence, effective communication skills is the most important factor in providing excellent service, preventing miscommunications, which is the most common problem 2.Ensuring that all the activities are being performed in the right way is a sign of a successful entrepreneur. Instead of making excuses, taking up responsibilities pushes up business performance. 3.Providing quality service consistently keeps customers happy. The customers should believe that their satisfaction is the ultimate goal of the business. To maintain such quality and to come up with innovative ideas, entrepreneurs should hold meetings regularly in order to come up with new and exclusive strategies resulting in customer satisfaction. 4.One of the most effective ways of keeping existing customers happy and even attracting new customers is maintaining a customer- focused content. Putting the customers at the center of everything propagates a beginning of the process of creating strong emotional ties with customers. Educating them on product updates, showing them hidden or little known features, featuring customer services can be some ways to satisfy customers in the best possible way. 5.Social media, these days, is the most convenient platform to reach out to customers worldwide. Having a fan following for customers has become equally important for customers as for celebrities. The brands worth following on social media are the ones that show personality and act more like a human than corporation. Engaging with fans and sharing valuables, entertaining, or informative content suitable for the platform makes customer happy and feel more involved. 6.Responding quickly, replying to mails within 24 hours instills a sense of importance in the customers. And, despite of facing inconvenience once, they’ll be willing to approach the same market again. 7.Listening the client’s point of view, personalizing the company’s service to their liking promotes a better understanding. Clients are equally informed and aware in the field so it becomes necessary to consider their ideas and inputs to attain customer satisfaction. Hence, delivering a great customer service means that all the customers must be treated with respect. The quality and effectiveness of the products must be accompanied by good customer service in order to be successful. It can be concluded, that one should try treating their clients as one would like to be treated if they needed help.

Amit Gossain, Managing Director of KONE India, discusses the revival of the real estate segment and how it will spur the elevator/escalator industry, and details the company's plans to instal the world's biggest escalator in Mumbai. Edited excerpts. Q:The revival of the real estate sector signals changing fortunes for its suppliers. Is KONE India witnessing similar changes? The real estate sector has been through lots of ups and downs over the past few years. Due to the demonetisation announced late last year, the industry is currently facing a short-term impact, but I am sure it will pick up in the long run. India is seeing fast-paced urbanisation and it is evident that this trend will set the stage for faster development across all sectors. Elevators are there in the heart of a building to ensure smooth people flow. Of late, a great many tall buildings are being built; In fact, this trend has become more prevalent and the buildings are now more complex. As we are finally creating 'cities in the sky', we have to ensure both safety and efficiency when we design our escape systems. True to its vision of 'delivering the best people flow experience', KONE will provide solutions with all the right features, ensuring smooth and safe rides for users. We have been in the Forbes list of most innovative companies for six years in a row, which is a testimony to the world-class technology we use. The customer today defines his needs well. He is not only looking at better aesthetics, but also at more economical and safer world-class solutions. Providing the best people flow to create an enjoyable and memorable user experience will continue to be our priority. Q:Which is your biggest and most buoyant market? What are your India expansion plans? Growth is happening across the country and all markets are equally important. Customers' requirements in different geographies could be different, but we need to provide value to all our customers, across all regions, with the same enthusiasm and vigour that mark our world-class operations and services. We will continue to innovate and provide value in line with the market trends. We have a best-in-class production unit that can support the ever-increasing needs of the customers. We are also investing in a new plant in Sriperumbudur in Tamil Nadu, which will be a state-of-the-art, world-class facility. Then there is our Chennai-based Indian Technology and Engineering Centre that helps with innovative product developments across the globe. We have multiple service and installation offices and centres across India that serve our customers in all cities and even in remote areas. This centre is also helping us instal the world's largest escalator in Mumbai, which is capable to carry 250 passengers in a single flow. Q:Now that there is enough splurging in the luxury market, do your top-end customers want something different? KONE is an innovation leader and we are committed to delivering the best people flow experience. With the demand rising for high-rise buildings, the need for faster elevators is increasing. KONE has also led the way by introducing a new hoisting technology called KONE Ultra rope - a superlight carbon fibre core. The Ultra rope is 90 per cent lighter than the equivalent steel cable, thus ensuring more than 50 per cent reduction in moving masses and 15 per cent reduction in energy consumption. It also allows an elevator to travel up to 1 km in a single run, double of what's currently possible with a steel cable. Our latest partnership with the IBM will enable us to use technology to provide a better experience for our customers and end users. By leveraging the Watson IoT platform, we will be able to improve the uptime of elevators and escalators, bring a better experience, shorten journey time and improve people flow in big cities. Our differentiation will come from how best we utilise the insights to improve our service. Q:What is the parent company's plan to deal with the changing investment climate in India? Do you want to focus on capex? Our new plant will be operational in a couple of years. This is an investment to ensure that we meet the dynamic needs of the ever-changing market. We are also expanding our offices to make sure we deliver on-time and quality services to our customers. Q:As India moves from horizontal to vertical spaces and buildings, what kind of development do you expect? Even now, India is largely a residential market and growth will essentially come from this segment. With affordable housing given the infra status, this segment is bound to experience a bigger growth. Also, with the focus on the infrastructure sector and the growing number of metros, the need for escalators and elevators will be increasing. The government is also pushing for airport modernisation and I see a great potential in that sector as well. With the Indian government keen on infrastructure development, there will be a lot of scope to improve people flow and that will happen through urbanisation. Q:Which product segment is witnessing the maximum surge - entry, mid-level or the niche? As I have mentioned earlier, the residential segment is witnessing maximum growth. And the growth is mostly happening in the mid-segment. The luxury segment will continue to grow, but with all the new government policies coming in to support the real estate sector, the mid-segment will see a better surge. Source: Business Today

Malavika Tewari meets Mr. Satish Sikha – a successful fashion designer and serial entrepreneur who has left behind his life of material riches and dedicated himself to a greener world and healthier children, as he sincerely believes that Healthy children are Happy children. We salute his thoughts, spirit and efforts and we hope it will inspire many. “Children are the world’s most valuable resource and its best hope for the future.” This was once stated by the very prominent US President John F Kennedy. But is the future of today’s children safe? Are our children hale and hearty? How is our Ecosystem doing? There are many questions we have, but are we doing something? India is running fast on the tracks of development, the government is trying to bring in 100% education; media is present throughout the country to spread awareness. As we are climbing the ladder of success, life has become a marathon and there is an urgent need to ensure that the baton is passed through all the hands to create harmony in the country, and here is Mr. Satish Sikha who has instigated initiatives and lighted lamps in the lives of innumerable children. Mr. Satish Sikha with the children after a distribution drive of free biscuits It has been a great pleasure to know a man of such stature and brilliant ideas and to read about the various activities being done in the vicinity for the children and for the environment. Global warming, hazardous gases, extreme pollution, hunger, illiteracy etc are few dark sides of a developing society and Mr. Sikha is leading the way out in his own way by the simplest and the most difficult fundamental of “Thinking good and doing good”. Team Better India had a great opportunity to interact with him and when approached, he was very kind to give us a detailed input about his group in an interview as below: Q:Please tell us something about yourself? I am a man of simplicity and I love challenges. Life started with a boat in the middle of the ocean, and the will to reach the shore. The journey took me to study engineering but then I realized that fashion design was what I wanted to do. After 18 years of experience in fashion, I realized that I wanted to see something else and traveled on to fine dining and investment services. I’ve been navigating for 20 long years, and I realize that I still have not reached the shore. After being CEO & President for 3 incorporated companies: SIKHA INC. (investment & consulting services), SIKHA & TSUFA INC. (an Haute Couture bridal & evening line based in Toronto’s trendy Yorkville area), and the 5TH Element: Fine Dining Italian Cuisine & Lounge (The Official Hospitality Partner Of Toronto International Film Festival Group), I have decided to sail away from my businesses and go to the inviting shore I see approaching. My safe harbor are two inspiring causes: helping school children & combating global warming. Today, I feel like I was running on empty all those years in business pursuing personal gain and that I am finally living a life worth living. From a well-established career as fashion designer, what inspired you to walk for the cause of children and earth? Children’s health always inspired me. The happy smiles on the faces of healthy children always motivated my soul. Money would get the luxuries that are materialistic but when I see children happy I give luxury to my athma (soul). Making the environment better and happy for the children is what I am focused on doing. Today I am happy to live a life that gives me peace and luxury to my soul. Please give us a brief detail on the various foundations and projects which you have been involved in? I made the longest hand-woven silk fabric with messages from dignitaries from different parts of the world. The project was to create awareness towards the importance of acting now against global warming and to keep our Mother Earth Clean and Green, especially for our lovely children to live a better and healthy life. I was the first and only person to present on the Arctic Ocean – North Pole the World’s longest Eco Silk Fabric. Every one yard of eco hand woven silk fabric has got one message from these dignitaries. All the fabrics are put together by hand and sewn as a single long piece. These days I am involved in providing Free Food Service 24*7, Free Education to the children and Free Health care. I believe serving another human being is equal to serving God. Mr. Sikha with the longest hand-woven silk fabric having messages from various dignitaries, at the North Pole Q:What do you think are the major challenges you face in your day to day operations and in the accomplishment of various projects? The biggest challenge in life is thinking good and doing good. But as I am doing good, every challenge that comes my way seems easy. The focus is very important when you are doing good and I am very focused and have a clear vision when I want to achieve something. Q:What is your dream and ambition? What is your future plan of action? My dream is to make others’ dreams come true. It all goes this way ‘Your Happiness is My Happiness’ and ‘Your Success is My Success’. I am passionate about seeing children around me healthy. Healthy children are happy children and the very name of my foundation ‘Healthy Kids Happy Kids Foundation’ utters the ambition of my life. This is the mantle on my shoulders right now and my purpose which is in action. You are a well traveled person and with large scale operations of the various events, workshops etc. all across the world, do you face issues with financial funding? How supportive have been people all around? Money is not everything as long as you get food and shelter. When I am thinking and doing good, people take care of everything (Food and Shelter) so I do not have to worry. When people invited us they were really gracious to take care of us. Is there a difference in the execution of initiatives in India when compared to foreign nations? ‘Laksh’ (Goal) is something I want to achieve no matter wherever I am. Good is always the same for any country or any culture. The place actually does not matter when you are focused in what you’re doing and are strong-willed to achieve it. Q:What do you think is the impact of social media such as facebook, twitter etc in creating awareness? The impact of social media has been very great when it comes to creating awareness. In this contemporary world, facebook and twitter play a vital role. Personally also, facebook has been helpful to me. So yes, the impact of social media is very significant. Q:Thank you so much for your precious time and kindness, would you like to share something with our readers? It was a pleasure to share a little of my experience with you. I want to tell all the readers that make sure the person who is next to you is healthy and happy. “In life we all pass through hurdles and hard times, it is up to us whether we choose to cross with a smile, a cry, a scream, fear or something else. We have to cross anyway, so why not choose a smile and cross, which can make others happy at least” God Bless. Source:The Better India

Jun 12,2017 The world is a busy place, we have no time to catch a break, enjoy and revive ourselves from the daily workloads inside a cubicle. What if we could do all that while working too? This is just what business seminars are for. Attending business seminars aren’t just fun and games and it is of course a serious matter but, it is also a platform that gives us the extra push or a breath of fresh air which enable us to do more. Here Are 5 Reasons Why You Should Attend Business Seminars: Break From The Mundane Existence - We often drown in the ocean of papers and files. The daily routines of the workplace pull us down and cause frustration. Business seminars provide us with a change in scenery. This is helps us to re-energise ourselves and break free from the routines inside the workplace and thus, be happier individuals. Bigger Circles (Networking) - As the saying goes, “keep your friends close and your enemies closer.” Here, enemies aren’t ‘enemies’ per se, it simply refers to our competitors. Business seminars provide a platform to see what your competitors are up to. It also enables peers to engage themselves in interactions and eventually form new bonds and ideas. Therefore, it widens our networks and allows us to improve our old ideas and device new plans. Make Room For Self-improvement - With the change of scenery and new interactions, business seminars also test our skills. It gives us the opportunity to voice out our plans and strategies and put them out for discussion and criticism. This gives us room to learn from each other which includes both triumphs and the pitfalls. With this, the original plans are molded with new ideas and are reformed into an even better one. Meeting and engaging with professionals helps individuals to learn, improve and grow. Create New Comfort Zones - Business seminars are perfect for each and every one of us to break free of our comfort zones. It pushes even the shy people to get out of their timid demeanor and allow them to grow. We all have our ‘comfort zones’ but if we allow ourselves to do new things and be accustomed to it then, we eventually get comfortable in doing that. Thus, that will be a new comfort zone. Motivation - Business seminars are just what we need for a change from the day to day patterns of the office. All the above points finally lead to us being re-energised. It gives us that push and inspiration we need to pull up our sleeves and take on the work with a fresh new zeal. This extra boost is beneficial for both the individual and the institution’s success. Now business seminars don’t seem so bad right? We SHOULD attend it as it allows us to be better at the work we do. It’s an investment in ourselves as well as the institution we work in.

Jun 12,2017 Profitability and Business Growth are different aspects yet very inter-related terms. Many investors aim for profitability in the long run and think about business growth later. The typical mindset of an investor makes them carry out the solitary profitability route unlike a prudent decision maker. There seems to be no potential threat in following the narrow way but the organization will have to certainly go through a rough sledding eventually. The ideal relationship between profitability and business growth can be established only when a foreman understand that profitability is necessary but not quintessential for the sustainability of a business. Therefore, managers are advised to stop aiming exclusively for profitability and mull over the overall business development. The following points will make the stance comprehendible. Dynamic Environment: The time has changed ever since. In this day and age, managers need to think ahead of their time. The competition is neck and neck. If a business continues to adopt a retrograde approach and maintains the supremacy and importance of profitability above everything else, the firms are certain to get routed. The companies that are stick to their core products are most unlikely to understand market changes and new opportunities. Kodak can be exemplified. Only one of the 30 original firms that constituted the Dow Jones Industrial Average is still alive and kicking. Customer- Centric Environment: The markets are changing very swiftly. The managers should think about the customer friendly products even if it tends to increase the cost of making. The business could possibly grow manifold times if taken a customer developing approach. It will eventually pay off the firm in form of good returns. ​​They need to work seamlessly towards customer satisfaction. Social responsibility: Working towards fulfilling the social responsibility helps in reconciling. Unfair, fraudulent practices to increase short term profits will lead the firm nowhere. So, it should be an obligation to follow the customary. Developing a Holistic approach is the key to business growth and profitability eventually. Managers need to have multidisciplinary perspectives. They should listen to the market, absorb and improve ideas to keep learning. Business growth is altogether a broader term and encompasses the factor that necessitates healthy profit developing schemes. With business growth, value and strength of a firm is increased. In a nutshell, firms should go for business development and growth as it will help in protecting the rootstocks. Profitability at length will follow.

Jun 12,2017 A Small Business Venture can be defined as “start up entity developed with the intent of profiting financially”. Since every business firm needs funding in the initial stage, there are many ways of funding your small business venture. Out of these options, in my opinion, following are the best 7 ways to get your Small Business Venture Funding: Own Investment: The first and the most basic option to fund your startup is put your own equity. The reason being that only you know exactly how much investment you require and equity is never a loan, so you are not debtor to someone. Moreover, when you are putting your own money into the business, you are answerable to only yourself for the consequences and not to anyone else. Friends/Relatives/Family: The people besides you who believe in your ideas and put trust on you are your friends, relatives and family members. In fact, you can make your friends, relatives or family members, your business partners so as to diversify the risk of the business. But even if your motive is to control the business solely, these individuals can provide you money even without any credit worthiness of yours. Government Schemes: There are certain schemes from Government to promote small business start ups. Taking loan from such Governmental schemes is beneficial as these loans are generally provided at lower interest rates. Following are the few governmental schemes for small business venture funding: ​The Credit Guarantee Fund Scheme for Micro and Small Enterprises. Small Industries Development bank of India (SIDBI). Micro – Units Development and Refinance Agency Ltd. (MUDRA) Bank Loans: There are various schemes for Bank Loans provided to Small Businesses. Working Capital Finance can be availed either through direct funding or by a letter of credit. A lot of banks provide Working Capital Finance like State Bank of India, Andhra Pradesh and Bank of Baroda. Besides, for starting new venture, Corporate Term Loans are also available. Factoring: Factoring means selling your Bills Receivables to a third party in exchange of immediate cash. Factoring is useful when immediate need of fund arises. Angel Investors: Angel Investors can also be used to fund your small business. These individuals or group of individuals in the business of field of their interest. Venture Capital: These organizations provide money loan to startups in exchange of equity control. But, these organizations like to invest in huge amount and gain greater share in the company, or we can say, greater control in the company. The above mentioned sources of funds are easy to obtain and simpler in process. Obtaining funds from these sources is easier, that’s why these sources, I believe, are the best ones.

Q: Hi Ashwin and welcome. You’re from India so I have to ask, what’s new to the entrepreneurial India? Most people think about India as a place to get cheap labor and outsource stuff. Ashwin: The new India has more people taking risks, and even more people willing to facilitate the process of taking risks. Entrepreneurial India is abundant with angel investors and venture capitalists, who have now understood that India can also innovate. And India is innovating, like never before! Labor is still cheap and we still outsource, but we also know how to utilize the ever increasing globalization. Q: Did the crisis change the business rules? What do you think, during the crisis companies outsource more or cut spending altogether, outsourcing included? Ashwin: To some extent, it did. India saw a strange trend, different from what US showed. We did see a number of large corporations losing big money and businesses including outsourcing showing loss, but the period also brought risky entrepreneurs in the business world who wanted to benefit from the negative times. Number of small businesses increased significantly during the crisis, and many businesses centered on these SMEs also surfaced. Q: You recently started a new company, what is it about? Ashwin: Well, this question looks like a continuation of my previous answer. Because, we also started our company to utilize the fact that India has more than 2.5 million SMEs and this number is growing at a very high rate. Our company Incept creates, sells, and services unique Office Automation products for SMEs (small and medium businesses). Q:Cristian: So who exactly is your customer? Ashwin: Every Small and medium sized enterprise across India belongs to our current target group, and we are also looking at global expansion. Small shops as well as commercial offices can benefit from us. We are starting with Time & Attendance Management Biometric Systems and will move on to many more exciting products. Q:Cristian: What is what makes your company special? Ashwin: This is an interesting question, considering the fact that there are more than 600 companies in India who supply office automation products. But when you consider the fact that our products are created with only SMEs in mind, we become somewhat special. Add to this the fact that our products are novel and innovative, and we become even more special. But the final nail on the wall of specialty is the way we do our business: our business model is such that we do not involve distributors or resellers, but sell and service our products directly, using our own service partners. Q: Did you start alone or you have some partners? Ashwin: I started with the help and support of an entrepreneur who had seen the risks to come out clean, Hariom Sharma. And today we have a 12 member dedicated team. Q: What are the most difficult things to overcome when starting a company in India? Ashwin: Though the answer may vary based on the sector to which a company belongs, the biggest problem faced by us and also by various other entrepreneurs, is the legal tangle which forces you to take undesirable steps. For example, the taxation system in the country is so complex and poorly managed, that small businesses still suffer hugely and the worst effects are seen during starting up. Q: How was your path from idea to getting the first customer? Ashwin: Tough but exciting. We decided to pitch the idea to a customer who could have been the last choice for our products. But after various meetings, when he was convinced, we knew that we would succeed. So we took the tough road, hoping to get rewards if we are able to cross it. Q: What about the future? New product lines? New customers? Ashwin: Future plans include expansion into tier 2 and 3 cities of India. And talks of expansion to other countries following similar economy as India are also on. Among new product lines, we are next coming up with remote employee surveillance systems. Q: What was most difficult? Finding an idea? Making the first steps to transform the idea in a real business? Getting your first customer? Ashwin: The most difficult, according to me, is always the first set of steps. Idea can be abundant, but the implementation of the idea to be able to create a business out of it, requires lot of mentoring and support from investors as well as peers. Q: What about the legal part? Is it difficult to comply with the business rules in India? Ashwin: As mentioned earlier, though things are easier than ever before, still there is no flexibility to support small businesses. Also, various small companies work while blatantly disregarding laws and they still thrive, which is sad. But situations are changing. Q: What would be your best advice for companies abroad working with Indian companies? Ashwin: There are a huge number of innovators in India who remain hidden unless seriously scouted for. So while making associations with Indian companies, you should be able to find out these hidden talents so as to maximize the utilization of resources. Also, on a different cautionary note, it’s better to avoid companies following traditional rules in conventional fashion in India, as the market is changing and it’s time to welcome unconventional thought processes. Q: Coming back to your business, how did you come up with the idea? Ashwin: It was the period of recession which forced us to come up with products especially for SMEs. We analyzed the target group and steadily zeroed on the products. So it was customers first, products later. Q: What are the most important advantages your customers get when working with your products? Ashwin: That they feel it’s made only for them. Moreover, high level of interactivity, and focused customer support, are our other high points. Q: Any success stories you would like to mention? Ashwin: I’d like to share one testimonial from a customer, who said that they improved their profit in the quarter in which they bought our product by about 20%, due to the indirect effects it brought. They had bought our attendance management system which helped them reduce their HR loads and focus more on work while helping increase productivity. It was nice to hear someone giving us a quantitative compliment, rather than a qualitative praise. Q: Are you proud of what you have accomplished so far? Ashwin: I’d say it’s the beginning and we are still learning. We are proud of what we have achieved, and also of what we have failed to achieve, as it has taught us more. Sounds like a dialogue from an inspirational book, but its really true. Q: Any advice for young people not having the courage to start their own businesses? Ashwin: As I also mentioned in one of our company’s newsletters, try to run naked in public and that’s when you’ll be ready to become an entrepreneur. Source: Entrepreneurship Interviews