Difference Between Self- Employment and Entrepreneurship

Difference Between Self- Employment and Entrepreneurship

Often, self – employment and entrepreneurship are confused to be the same. An entrepreneur and a self-employed person may share the similarity of owning a business but their mindset and approach are completely different. 

The distinction between self – employment and entrepreneurship are:

Self-employment: When one works for himself. Maybe as a contractor or running your business.

Entrepreneurship: Process of setting up a business, taking on financial risk, in hope of getting profits in return.

Here we have written 8 points to differentiate self-employment and entrepreneurship –

1. Being self-employed, you have people working for you. Being an entrepreneur, you have people working with you. 

2. As a self-employed person, you hire people to work for you. The vision and goal is set by you and it solely depends on you. As an entrepreneur, you have people working with you. You and your team work together on setting and achieving the company goals. 

3. Self-employed people are the face of their business. If their absenteeism is constant, their business will significantly go down. This is not the case for an entrepreneur. The business will keep running even if the boss is absent because the employees understand the vision of the business. 

4. For self-employed, if the business owner retires or passes away, the business will also die. But if the business owner passes away, the business will still continue. It is not dependent on him to exist.

For example: Even after the demise of Steve Jobs, Apple still continues its business. Or even after Jack Ma retired, Alibaba continues its operations. 

5. Self-employed is reserved in his thinking. He does not want to go big. He is just concerned about paying off bills. Entrepreneurs are open minded. They are global thinkers. They understand the advantages of catering to people’s needs on a large scale.

6. A self-employed person is not a risk taker. He fears change. An entrepreneur is a risk taker. He has the zest to explore new opportunities and believes that he can manage and control risk. They understand that with great risk comes great returns. 

7. A self-employed person tries to do everything on his own because he thinks he is the best and nobody is better than him. An entrepreneur on the other hand understands and accepts that he can’t everything on his own. He delegates the right work for the right people so that there is efficiency in the work done.

8. Self-employment does not have many requirements and restrictions. Entrepreneurs must deal with a wide range of legal requirements including business registration, insurance requirements and filing taxes.

From this, there is a fine distinction between self-employment and entrepreneurship.

With 8 aspects mentioned, where do you see yourself?

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Top 10 Reasons Why Startups Fail and How to Avoid Them

Starting a startup is not child’s play. The fact that a majority of them fail in the first 3 years makes it even more terrible. Smart entrepreneurs always learn from their past mistakes and learn from others mistakes too. This is what helps them to hustle! After analyzing and examining why startups fail, we identified the top 10 reasons why startups failed. 

Here is the list of reasons for failure and methods to avoid them:

1. No market need:

Startups fail when they are not delivering the goods and services that the market needs. 

It’s of no use if you have a lot of money, a good idea and good reputation but not fulfilling the needs of the people. 

How to avoid:

  • Essentially, customers should be interested in the model you are pitching. 

Lawyers want more clients. Not a swanky office.

2. Running out of cash:

Cash is like fuel to your business. If you are running out of cash, then your business is in trouble and you will not be able to take it any further. 

Cash flow helps in keeping the business alive. No matter how passionate you are or how great your idea is, you still need to pay your bills, clear your dues and pay your employees. 

Many startups run into problems when they have insufficient funds to run their operations resulting in loss for the company. Or the exact opposite scene is also possible, when a startup receives massive funding and they misallocate the funds. 

How to avoid:

  • Keeping a track of cash inflow and cash out flow. 
  • If funds are required, work well in advance to explore all the funding options and not delay it to the extent that it’s too late.  

3. Market problems:

Every company is driven by the market. It is essential to identify the correct market and find the right solutions for the needs of people. 

The success of a product also depends on the timing of it. 

The e-commerce industry wouldn’t be booming in the early 2000’s like today because the internet speed was really slow and the smartphone industry was still picking up. 

How to avoid:

  • Go out, talk to people and understand the market needs and demand before building a product. 
  • Research and understand your industry properly. It is easier to make changes in the initial level. This will help you save money too. 

4. Business model failure:

Business model is the backbone of every business and it contributes to the commercial and economical success of a business. 

Some companies are so involved in the idea implementation process, they overlook the business model.  

Lacking the skill to analyze and strategize business model is a major drawback. A bad business model can reduce the life span of a business drastically.  

How to avoid:

  • Analyze if your customer acquisition strategy is expandable. 
  • Analyze and estimate your sales and return on investment. 

5. Poor marketing:

Good marketing is understanding your target market and knowing how to get their attention. 

A great product can fail if it is not marketed well.

Knowing how to convert them to leads and ultimately into customers is very essential for the success of a business.

How to avoid:

  • Marketing should start at the initial stage of a product and not wait till it is completed.
  • Hire a good marketing agency that understands your vision. 

6. Poor management team:

Management is like the brain of the company. Having a diversely skilled group of people is essential for the success of a company.

Poor management can represent poor strategic decisions, communication gap between the top management and bottom level employees and bad hiring system.  

It is important for the team to be united and agree around a common vision and long term goals of a company.   

How to avoid: 

  • Communicate well with your employees.
  • Decisions should be backed by statistics and not experience always.

7. Loss of focus:

Founders are usually idea oriented and they mostly get carried away with ides. This could make them lose focus on the other key aspects of the business. 

There should be a fine balance between micro management and macro management as this could also be a reason for the employees to lose focus. 

How to avoid:

  • Don’t get carried away with new ideas. First concentrate on achieving the main goals of the business.  
  • Have a “To do list” and “To not do list”. This will help in eliminating the unnecessary things that are making you lose focus. 

8. Legal challenges:

Sometimes a startup could be doing really well but a legal complication could be the cause of shutting down the company. 

Every field can have different laws and it is important for startups to at least be aware of them. 

How to avoid:

  • Consult an experienced lawyer if required. This will save you a lot of time and money in the future.
  • Make sure your company and employees are compliant with the laws.

9. Disagreement among team members:

Conflict among team members is the last thing any startup would want to see. 

Everyone have their own opinions and their emotional behavior could lead to conflicts. This can destroy company culture and ultimately lead to the failure of a business. 

How to avoid:

  • When it comes to making a business decision, you should make decisions that are best for the growth of the business and rely on the collected data rather than going with the majority.   
  • Shareholder agreement and employee agreement should be in place to handle the matter professionally.

10 Burnouts:

Doing a startup is not easy. Even the most ambitious people burnout in the process. 

Because of the hectic schedule, they don’t have a good work-life balance. Hence, the risk of burning out is high.

Watching your buddies making good money in corporate jobs, posting pictures of family outings and parties could make you rethink about your decisions. 

A majority of the founders cannot take these burnouts and eventually quit.

How to avoid:

  • Make sure you have a good work-life balance.
  •  Health should be your first priority. 

Bad health = No peace of mind = Bad decisions = Downfall of company. 

A startup can experience several challenges presented above. However, it is better if the founders keep an open mind and learn from the failure of others. This can help them save a lot of money and time. 
So these are some of the reasons why startups fail. Hope you liked the article. ☺   


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Reliance JioFiber – Reliance Jio Brings Tech Giants to the League of Affordable Smart TVs

Reliance JioFiber

Reliance JioFiber’s price disruption in the broadband sector has had a direct impact on the smart TV growth. Huawei, OnePlus and others have also announced new connected televisions. 

Smart TVs have rapidly grown in the Indian market with the primary factor being the broadband disruption brought about by the introduction of Reliance JioFiber. 

With the launch of JioFiber, the broadband rates are expected to fall rapidly across the country.

What Reliance Jio did for smartphones and cellular connectivity in the Indian market, JioFiber is hoping to replicate and disrupt the broadband sector the same way. 

10 Successful Startups From Delhi

10 Successful Startups from Delhi

Delhi is giving Bangalore a tough competition in becoming the hottest startup hub in the country with over 9000 startups and is leading the numbers game already. This article includes some of the most successful startups that grew from Delhi. 

1. Zomato

Founders: Deepinder Goyal, Pankaj Chaddah and Gaurav Gupta. 

Founded in: 2008

Industry: Food and Food delivery Industry.

Zomato helps users to search restaurants. It also provides information, menus, user reviews of restaurants and also has food delivery options from selected restaurants. If you’re a foodie, chances are you would have already ordered food using Zomato. They have also got into events, payment and grocery sourcing for restaurants. 

Deepinder came up with the idea of Foodibay (Zomato was first started as Foodibay) when his friends constantly asked for the paper menu of different restaurants to order food. So he created an app and put up a digital version of these restaurants menu in it. 


Zomato currently stands at a valuation of over $2 billion.

2. Snapdeal

Founders: Kunal Bahl

Founded in: 2010

Industry: e-commerce

Snapdeal is one of the oldest e-commerce companies in India. Initially it was a platform for daily deals. After seeing good success, the company expanded as an online e-commerce store in 2011. The company received its first funding of $12 million in 2011.

They sell electronics, mobile phones, men and women clothing, shoes, home and kitchen appliances, etc. 

Currently, the company is seeing a downward trend in sales. However, it is still one of the top e-commerce company in India. 

3. Mobikwik

Founders: Bipin Preet Singh and Upsana Taku 

Founded in: 2009

Industry: Fintech

Mobikwik is a mobile phone based payment system and digital wallet. Users can add money to an online wallet which can be used for payments. The company was started with a seed funding of $250k which was invested by Bipin itself. Subsequently, Mobikwik has received over $115 million in 6 rounds of funding. 

4. Hike

Founders: Kevin Mittal

Founded in: 2008

Industry: Social Media

Hike is an instant messaging platform for smartphones which needs internet for connecting with other users. In addition to sending text messages, users can send audios, videos, gif, voice notes, files, contacts and user location.  

Hike has raised more than $200 million from funding. 

5. Dogspot

Founders: Rana Athreya

Founded in: 2007

Industry: e-commerce

Dogspot is India’s largest online store for pet supplies. They supply food and accessories for dogs, cats, birds, fish and some small pets. Dogspot aims at making pet care and pet ownership easier. 

Funded by successful entrepreneurs like Ratan Tata and Ronnie Screwvala, the company has come a long way and has great potential to go further!

6. Inshorts

Founder: Azhar Iqubal, Anunay Arunav and Deepit Puryakshatha

Founded in: 2013

Industry: Media

Inshorts compiles daily news updates related to business, politics, sports, technology and entertainment in 60 words. With no time to read the whole article, it’s a perfect app for this busy generation to stay updated. 

It has got funding of over $20 million by the founders of Flipkart, Sachin and Binny Bansal.

7. Zostel

Founder: Akhil Malik, Dharamveer Singh Chouhan, Varun Tiwari, Chetan Singh Chauhan, Tarun Tiwari and Paavan Nanda.

Founded in: 2013

Industry: Travel

Zostel was started to promote travel as a way of life. Zostel is India’s first chain of backpacker’s hostels. They offer safe, clean and an affordable accommodation. It’s a go to place for all the wanderers. 

The company has been expanding since its formation and has its service in 36 cities as of today. 

8. TrulyMadly

Founder: Sachin Bhatia, Hitesh Dhingra and Rahul Kumar 

Founded in: 2013

Industry: Dating app

TrulyMadly is popularly known as the Indian version of tinder. It is a dating and a matchmaking app. Unlike other dating apps which recommend many potential matches, TrulyMadly only shows you 10. 

The app requires you to answer a series of questions. Based on your answers, the app will find ideal matches for you. 

9. Chaayos

Founder: Nitin Saluja and Raghav Varma 

Founded in: 2012

Industry: Food delivery

The idea of chai adda always gets everyone together to discuss life, politics and sports on a cup of chai. It was the place that got everyone together. The young and old, the rich and indigent. The idea of Chaayos is serving freshly made chai made exactly to your liking. They are an online tea delivering and café chain. 

With Starbucks and Café Coffee Day having high prices, Chaayos is exactly what the middle class people are looking for. 

Chaayos is currently functional in 6 cities. 

10. Flyrobe

Founders: Shreya Mishra, Pranay Surana and Tushar Saxena

Founded in: 2015

Industry: Fashion

Despite having a wardrobe full of clothes, we always want more. Flyrobe is India’s first and largest online fashion rental service. Flyrobe offers renting high quality clothes from big labels for weddings, parties and other occasions. 

Celebrities including Sunny Leone, Parineeti Chopra and Huma Qureishi have used Flyrobe.

So, this was a list of some successful startups from Delhi. Hope it was informative. 

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10 Successful Startups From Mumbai

Mumbai has been considered as the financial hub of the country for a long time. Even though Bengaluru is the most preferred choice for starting startups, Mumbai has caught the attention of everyone for its posh lifestyle and business scope in many sectors. 

Here are 10 tremendously successful Indian startups that grew from Mumbai.

1. Ola cabs

Founders: Bhavish Aggarwl and Ankit Bhati  

Founded in: 2010

Ola cabs is an Indian transportation network company offering taxi services and food delivery. 

Ola has raised funding from Sachin Bansal, Kia Motors and Hyundai, reaching a valuation of about $6.2 billion. 

Ola Electric has separately raised funding of INR 400 crore from Tiger Global and Matrix Partners India. 

2. Quikr

Founders: Pranay Chulet and Jiby Thomas 

Founded in: 2008

Quikr is an online advertising platform. Quikr is there in over 900 cities and users can sell their mobile phones, household goods, cars, real estate, services and also look for jobs! 

Quikr has raised $350 million so far from Tiger Global, Matrix Partners, Norwest Venture Partners, eBay, Nokia Growth Partners and others.

3. Pepperfry

Founders: Ambareesh Murty and Ashish Shah  

Founded in: 2011

Pepperfry is India’s number 1 online furniture platform. They sell furniture and home décor products, creating their own niche in the e-commerce market. 

Its stock includes more than 80,000 products which includes various furnishing and home décor products. 

Initially the company was funded by the founders itself. They managed to raise $100 million in 2015. 

4. Justdial

Founders: V.S.S Mani 

Founded in: 1996

Justdial is marketed as India’s best local search engine as they provide search services across the country. They provide different services in India over the phone and online.

Justdial launched their web-based version in 2007 and their Android app in 2011.

In 2012, SAP ventures and Sequoia capital invested a total of $57 million in the company. 

5. Bookmyshow

Founders: Ashish Hemrajani, Parikshit Dar and Rajesh Balpande

Founded in: 1999

Bookmyshow is India’s largest online movie ticketing brand. Bigtree Entertainment Pvt. Ltd, the parent company of Bookmyshow received backing from Network18 group and Accel Partners. 

In 2018, the company raised $100 million in its Series D funding round. Bookmyshow is currently valued at $850 million. 

6. Nykaa

Founders: Falguni Nayar

Founded in: 2012

Nykaa is a beauty retailer online store. They sell cosmetic and wellness products. They opened their first physical store at T3 terminal, Indira Gandhi International Airport in November 2015.

The recent funding by TPG Growth has taken its valuation to $724 million. 

7. Toppr

Founders: Zishaan Hayath and Hemanth Goteti 

Founded in: 2013

Toppr is an online exam preparation platform. Initially, they catered to only IIT JEE students. Now they have expanded and offer materials to the medical students too. They also have materials for board and higher secondary examinations. 

The company has received $2 million seed funding from SAIF partners and Helion ventures. 

It recently raised $35 million in series C funding round which was led by eight roads ventures. 

8. Purple Squirrel

Founders: Aditya Gandhi and Sahiba Dhandhania 

Founded in: 2013

Purple Squirrel’s goal has been to bridge the gap between college learning and actual trends of various industries. The company provides industry driven education. 

The company works in collaboration with more than 350 businesses and 100 educational institutes. 

9. Bajaao

Founders: Ashutosh Pandey 

Founded in: 2005

Bajaao Music Pvt Ltd is an Indian online retailer of music instruments, studio equipment, DJ gear, lighting and pro audio equipment.

As the first online music store, impressive stock and good service, the startup was soon able to break even. 

As of today, Bajaao is India’s largest e-retailer for music instruments.

10. InCred

Founders: Bhupinder Singh

Founded in: 2016

InCred finance is a non-banking financial company in India. The company gives out home loans, education loans, consumer loans and SME lending. 

It recently raised INR 600 crore in a funding round led by FMO.

So, this was a list of some successful startups from Mumbai. Hope it was informative. 

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10 Successful Indian Startups that originated from Bangalore

Top Startups in bangalore

Bengaluru, also called Bangalore, is famously known as the Silicon Valley of India and IT capital of India because of its role as the nation’s leading Information Technology (IT) center. With Prime Minister’s ‘Make in India’ initiative, the city has emerged with many new players in the startup sector. Being the silicon valley of India, we have seen many startups emerging successfully from this city and making India proud on a global level. So, how can we not cover a list of the top startups that have originated from Bengaluru?

1. Flipkart: 

Flipkart is one of the oldest and well-known brands in the Indian e-commerce sector. It was founded in 2007 by IIT Delhi alumni Sachin Bansal and Binny Bansal. From an online bookstore from a 2 bedroom apartment to one of the biggest companies in India, it has set a terrific example of successful Indian startups. In May 2018, Flipkart was acquired by Walmart for $16 billion.

2. BigBasket:

Bigbasket is the largest online grocery supermarket in India. They sell fruits, vegetables, eggs, meat, fish, household products, personal care products, etc.  It was started by Hari Menon in 2011. The startup has been growing steadily irrespective of all the challenges. The company has managed to receive $150 million in funding and this has pushed it to the unicorn club. Bigbasket currently operates in 21 cities across the country. 

3. Zoomcar:

Zoomcar is a self –drive car rental company which was founded by David Back and Greg Moran in 2013. The company has raised over $20 million and plans to raise an additional $50 million this year to facilitate their expansion in other cities. From 7 cars to 2000 cars, the company has grown tremendously. The company operates in 45 cities across the country. 

4. Myntra:

Myntra is an Indian fashion e-commerce company. It was started by IIT graduates Mukesh Bansal, Ashutosh Lawania and Vineet Saxena in 2007. It started out in the B2B sector to supply personalized gifts. The brand gradually moved towards B2C focusing on branded shoes, clothing, accessories and lifestyle products for women and men. In 2014, Myntra was acquired by Flipkart for $330 million. 

5. Practo:

Practo is a patient focused, unbiased, independent medical website with over 1,00,000 doctor profiles from across India and Singapore. Patients can book appointments with doctors that are listed on Practo’s website and also get online consultations. It was started by engineering graduates Shashank ND and Abhinav Lal in 2008. Today, their clientele base includes over 2 lakh doctors and 10,000 hospitals across 36 cities and 5 countries. The startup has raised over $124 million in funding so far. Practo has now expanded globally and made its entry in Brazil too.

6. Swiggy:

Swiggy is India’s largest online food ordering and delivering platform. It was founded by BITS Pilani alumni Srihrsha Majety and Nandan Reddy in 2014. Swiggy has its own delivery team members that pickup food from restaurants and directly deliver it to the customers. The company claims that this makes almost all restaurants accessible for its customers sitting at home. The customers can also track their delivery on real time which makes it a better user experience. This year, Swiggy has already got $35 million additional funding and they have expanded their operations beyond Bengaluru to cities like Mumbai, Delhi and Kolkata. 

7. Zivame:

Zivame is an online lingerie store for women. It offers a wide range of products for women including  lingerie, nightwear, activewear and shape wear. It was founded by Richa Kar and Kapil Karekar in 2011. It has raised $57.5 million of funding from different ventures. 

8. Ginger cup:

Ginger cup is a creative advertising agency. They are pioneers in cup branding. The company helps brands interact with their target audience by printing messages on their coffee/ tea cups. It helps to reach out to the target audience during coffee/ tea breaks. Their client base includes BookMyShow, OYO, Uber, etc. 

9. Moon frog:

Moon frog is one of India’s fastest growing mobile gaming companies. The company was founded by Tanay Tayal, Ankit jain, Kumar Puspesh, Oliver Jones and Dimple Kumar in 2013. Some of the popular games developed by Moon frog are Teen Patti Gold, Ludo club, Bahubali- The game and Alia Bhatt – Star life. Moon frog has attracted over $16 million in funding. 

10. HackerEarth:

HackerEarth is a software company that provides enterprise software solutions that help in innovation management and recruitment needs. HackerEarth was founded in 2012 by Vivek Prakash, an IIT graduate. Its big corporate clients include Adobe and Wipro.

With all these Startups emerging from Bengaluru and many more to come, Bengaluru could concrete its spot as the startup capital of India too! So this was a list of Successful Indian Startups that originated from Bengaluru. Hope you liked it. 

Delhivery bags startup of the year award in ET Startup Awards 2019

Delhivery bags startup of the year award in ET Startup Awards 2019

Delhivery, which received the Startup of the Year Award, was applauded for covering remote parts of the country, comprising more than 17,000 pin codes and creating an impact by being a full-fledged logistics platform.

The startup won votes for transforming from a last-minute delivery services to complete logistics and supply chain services firm.

On behalf of the over 50,000 people who are part of the extended Delhivery team, we are very grateful to the jury and The Economic Times for selecting us as the Startup of the Year. It is a tremendous honour to be recognised by a jury of one’s betters,” said Sahil Barua, its chief executive. 

Delhivery started as a food delivery startup, delivering food to its customers. Most of these customers were ecommerce entrepreneurs. Impressed by the quick service, they asked if it could deliver their company products too. The company looked at this as an opportunity and tapped the potential market. But slowly, they started facing saturation. 

This is when Delhivery started to expand. It covered all pieces of the supply chain. 

The firm branched out into cross-border, business-to-business logistics and integrated distribution solutions to enterprises. 

“We believe that the next global integrator must emerge out of India, and for India to reach its aspiration of becoming a $5 trillion economy a sea change in logistics is inevitable. We will continue to invest in building our logistics infrastructure and technology platforms and growing our team as we have done since 2011.” Barua said. 

Today, Delhivery undertakes more than five lakh parcels a day and is valued at over $1.5 billion. It got its funding from SoftBank Vision fund in February. This got the company to enter into the unicorn league. 

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The surprise entry of 3 Indian unicorns to the startup ecosystem in 2019

  • 7 startups have already reached unicorn valuation this year in India. 
  • There are 33 soonicorns in India which include Pine Labs, Paytm money and Zerodha. 
  • Icertis is the latest unicorn in India with $115 Mn funding. 

2018 was an exceptional year for startups in India. They saw the creation of 10 unicorns. It’s the first time the ecosystem saw the double-digit mark in a calendar year.

It is a proud moment for the country as it beat the previous best year (2014) which had 4 unicorns. 

Things have been going great for the last two months, with three unicorns being announced in the Indian market. 

2019 seems to be on a good track. Since the beginning of 2019, seven startups have reached unicorn status already. But, not all of these were expected. 

The three surprise entry unicorn startups include Druva, Ola Electric, and Icertis. 

The entry of these 3 companies have surprised everyone in some way. Especially, with their rise coming before some of the established startups like Zerodha, BigBasket, Paytm Money and others.

Let us understand what these unicorn startups do and take a look at their journey.

1. ICERTIS:

  • Icertis was founded in 2009 by Monish Darda and Samir Bodas. 
  • It is a Seattle and Pune based contract management software maker. 
  • It helps its clients improve management processes, increase their compliance metrics and overall productivity. 

Icertis became a unicorn this month when it raised $115 Mn funded by US based venture capital firm Greycroft and PremjiInvest. 

Google, Microsoft, Airbus, Johnson and Johnson, Infosys and Wipro are some of Icertis’s big clients. It also has five out of the top seven players in the pharmaceuticals as its clients. 

Icertis looks forward to continue its three-digit growth rate for revenue in the near future.

2. DRUVA:

  • It was founded in 2008 by Jaspreet Singh, Milind Borate, and Ramani Kothandarman.
  • Druva is a Pune based company.
  • The services Druva offers are information management software solutions and cloud data protection.

While Druva’s entry to the unicorn club has been a surprise, It was chosen as one of the soonicorns. 

NASA, Pfizer, Hotel chain Mariott are some of Druva’s big clients. 

3. Ola Electric:

  • Its parent company is OLA.
  • It was incorporated this march 
  • Its investors include Ratan Tata, Tiger Global, and Matrix partners. 

Ola Electric is presently running pilots involving two, three and four wheelers. It is also working on battery swapping stations and charging solutions.

Since this market is still new in India, Ola Electric has a great potential in making it big in this market. India’s EV market was valued at $71.1 Mn in 2017 and is projected to reach $707.4 Mn by 2025. 

How to make a business plan?

How to Make A Business Plan?

How to make a business plan ? – This is a common question in the head of most of the new entrepreneurs and startup owners.

A goal without a plan is just a wish. It is essential for every business to have a business plan. It helps in providing direction and attracting potential investors.

A business plan is important for the success of your business. But, how do you make a business plan? Relax! This article will help you answer all your queries.

Firstly, What is a business plan?

A business plan is a document of your business’s future objectives and strategies for achieving them.

It is very important as it helps in understanding the vision of your business, it helps in analyzing your plans for finance, marketing, manufacturing, production, sales, etc. and this will increase your chances for success. 

We have written these 9 steps to help you develop a business plan for your business –

Table of Content

1
Executive Summary
2
Company Summary
3
Detail about management
4
Overview of market size
5
Details of products or services
6
Sales and Marketing plans
7
Goals
8
Detailed Financial Projection
9
Funding requests

1.) Executive Summary:

An executive summary is a short document that summarizes a long report or a proposal. It is an overview of your business and your business plans. When you’re trying to pitch your idea to a potential investor, you’ll need to craft a perfect executive summary.

Curious to know why you write one? Here’s why- Investors, lenders, CEO’s and managers are always busy. When you’re writing your business plan, your goal is to get into the door of the investor.

Assuming that your business plan is a good fit for the investor, a strong executive summary will get you a meeting with the investor. A poor executive summary will leave you standing in the cold. 

2.) Company Summary:

A company summary is an important part of the business plan. It is an overview of the major points about your company- your history, management team, number of employees, location, mission, vision and legal structure. 

  • Company history: Includes date of founding and the people involved.
  • Management team: Details about who runs the company and other key roles of the employees.
  • Location of the business: Details about the place of your workspace. 
  • Legal structure: There are several business structures like Sole proprietor, Partnership, One person company, Private limited company and Public limited company. The summary must include what structure you’ve decided and who owns what percentage of it. 
  • Mission statement: Is a short statement of who you are, what you do and what you desire to become. 

3.) Detail about management:

A management team consists of all the employees that work together and manage a company. These individuals manage the daily operations of a company to ensure efficiency and customer satisfaction. 

If you’re a startup or looking to expand, there may be team members you’re lacking. In that case, mention the roles and what your plans are to fill those job opportunities. 

If you plan to present your business plan to banks or potential investors, this is crucial data. 

It includes who is the CEO in your company? What qualifies employees for their respective positions? Work experience, Past success and their degrees can be referenced for each person. You want to showcase everyone in a good light as investors invest in people first and business second.

4.) Overview of market size:

Market size is the number of people in a certain market segment who are the potential buyers.

Companies should determine the market size before launching a new product or service.

Now, it’s time to focus towards your target market. Who are you selling to? Once you have identified your target market, you should discuss the trends for this market. Talk about the market’s evolving needs, tastes or other forthcoming changes in the market. 

5.) Details of products or services:

Your customers don’t care about you. They care about themselves. They care about their needs, their wants, their dreams and their goals. If you’re able to help them reach any one of it with the help of your products or services, your business has a great chance of making high profits. 

It’s certainly useful for you to include a paragraph about your products and services to show the investors what you offer.  

6.) Sales and Marketing plans:

Before you even think about writing your marketing and sales plan, you must have your target market well defined. Without truly understanding who you’re marketing to, it will not convert into a sale. 

The marketing and sales plan section of your business plan helps you strategize how you can reach your target audience, how you plan on selling it to them, what your pricing plan is, and what types of campaigns and partnerships you need to make your business a success. 

7.) Goals:

A goal describes where you want to be in the future. Business goals describes what a company expects or hopes to achieve over a specific period of time.

Not only whole companies have goals but also departments and employees usually set goals. If they achieve their goals, they get a promotion. The business goals and the employee’s goals usually go hand in hand. 

8.) Detailed Financial Projection:

Financial management is at the heart of any business. It is one area that can help drive it forward. A financial projection is an essential part of your business plan.

It is one of the main things the investors pay attention to. It is basically the projection of future revenues and expenses. The financial section of your business plan should include sales forecast, expenses budget, cash flow statement, balance sheet, and a profit and loss statement. 

9.) Funding requests:

If you’re planning to start your own business, you’ll need the funds to turn your vision into a reality. While some entrepreneurs have personal assets to fund their business, most require assistance from an outside source, in which case a funding request is required.

A funding request is basically a written request to obtain funding from a lender or an investor for your business. Whether you’re obtaining capital from a bank, private investor or an angel investor, you should create a funding request. It increases your chance of getting the funds approved.

Useful article –

Restaurant Business Plan

How to register a company in India

How to register a company

How to register a company in India_ - IODED

Registration of a startup in India is a very frequently asked question by the new generation entrepreneurs. With a population of more than one billion and still growing, India is a great potential market for entrepreneurs. But for the entrepreneurs to tap this opportunity and make the most out of it, they should first register their company. It is very important to establish your company’s legal presence. The last thing you want is to get penalized over a legal mistake that you were not even aware of! If you are here to understand the process of how to register a company, then you are at the right place!


1

Obtain a Digital Signature Certificate (DSC)
2


Obtain a Director Identification Number (DIN)

3

Registration on the MCA portal
4


Obtain a certificate of Incorporation

1. Obtain a Digital Signature Certificate (DSC):

Step one is to apply for the digital signature of the directors, also known as DSC.

  • What is a Digital Signature Certificate?

A Digital Signature Certificate (DSC) is the digital equivalent of physical or paper certificates.

  • How to get a Digital Signature Certificate done?
  • Digital Signature Certificate (DSC) Applicants can directly approach Certifying Authorities (CAs) with original supporting documents, and self-attested copies will be sufficient in this case.
  • DSCs can also be obtained, wherever offered by CA, using Aadhar eKYC based authentication, and supporting documents are not required in this case.
  • A letter/certificate issued by a Bank containing the DSC applicant’s information as retained in the Bank database can be accepted. Such letter/certificate should be certified by the Bank Manager.
  • It normally takes 2 days to obtain DSC after submitting the documents. 

  • What are the documents required for DSC?

Identity Proof: (Any of the following documents)

  1. Passport
  2. PAN Card of the Applicant
  3. Driving License
  4. Post Office ID Card
  5. Bank Account Passbook containing the photograph and signed by an individual with attestation by the concerned Bank official
  6. Photo ID card issued by the Ministry of Home Affairs of Centre/State Governments
  7. Any Government issued photo ID card bearing the signatures of the individual

Address Proof: (Any of the following documents)

  1. AADHAAR Card
  2. Voter ID Card
  3. Driving License (DL)/Registration Certificate (RC)
  4. Water Bill (Not older than 3 Months).
  5. Electricity Bill (Not older than 3 Months)
  6. Latest Bank Statements signed by the bank (Not older than 3 Months)
  7. GST certificate
  8. Property Tax/ Corporation/ Municipal Corporation Receipt

  • Why is Digital Signature Certificate (DSC) required?

A digital signature can be presented electronically to prove one’s identity, to access information or services on the internet or to sign certain documents digitally. 

2. Obtain a Director Identification Number (DIN):

  • What is Director Identification Number?
  • Director Identification Number (DIN) is a unique 8-digit number that is allotted by Central Government to the individuals who intend to become a director in a company. 
  • DIN once allotted is valid for lifetime of a director until cancelled, surrendered or deactivated.
  • How to apply for DIN?
  1. SPICe Form:

Application of allotment of DIN’s to the proposed first directors in respect of new companies

      shall be made in SPICe Form.

  1. DIR-3 Form:

Any person intending to become a director in an already existing company shall have to make

an application in eForm DIR-3 for allotment of DIN.

  1. DIR-6 Form:

Any changes in the particulars of the directors shall be filed in form DIR-6.

To apply for DIN, the above forms are to be filed electronically. It has to be digitally signed

and then uploaded on the MCA21 portal.

3. Registration on the MCA Portal:

  1. Open your internet browser. (Google chrome, Internet explorer)
  2. Open the MCA website. ( http://www.mca.gov.in/ )
  3. At the top cetre
  4. , there is a register option as shown in the image below.
  1. Click on “Register” and the Registration tab will open.
  1. Fill all the details in the Registration form and your registration on the MCA portal is complete. The Registration form will look like the image attached below.

Registration form 

Registration form (Contd..)

4. Obtain a certificate of incorporation:

  • What is certificate of incorporation?

A certificate of incorporation is a legal document relating to the formation of a company or a corporation.

  • What information is required to prepare a Certificate of Incorporation?

A basic certificate of incorporation usually includes:

  • Name of the state
  • Business code where the entity is organized
  • Company name
  • Company legal address
  • Registered Agent name and address
  • Registered agent consent of appointment
  • Quantity of authorized shares of stock
  • Value of the shares of stock
  • Main purpose of the business
  • Name and address of the initial board of directors
  • Name and address of the Incorporator
  • Date
  • Signature of the Incorporator
  • How many days does it take to get the Certificate of Incorporation?

It takes about 8-10 working days to get the Certificate of Incorporation.

Once the RoC issues your Certificate of Incorporation, you are ready to start conducting business in India and start your journey as an entrepreneur in the diverse market of India!

So, what have you decided? What business are you planning to start? Let us know in the comments and we could help you with the digital marketing aspect of it!