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What is The Insolvency and Bankruptcy Board of India (IBBI )

by liftmystartupBenefits / Funding / Knowledge / Mistakes / RegistrationLeave a Comment on What is The Insolvency and Bankruptcy Board of India (IBBI )
Insolvency and Bankruptcy Board of India

What is The Insolvency and Bankruptcy Board of India:-

The IBBI, insolvency and bankruptcy board of india falls under Insolvency and Bankruptcy Code 2016, it is a regulator which regulates the profession as well as processes related to insolvency and bankruptcy. 

It regulates bad loan cases reported by various creditors, which are especially involved with banks in India. It works towards resolving any insolvency for corporates, individuals and partnership firms.

  • It was established on 1 October 2016  in New Delhi.
  • Parliament of India is the founder of Insolvency and Bankruptcy Board of India.
  • Dr. M. S. Sahoo is the Chairperson of the Insolvency and Bankruptcy Board of India.

To know what this department does, first let’s understand what Insolvency is –

What is Insolvency ?

Insolvency is a state of financial distress which describes a situation arises due to the inability to pay off the outstanding debts on time to the creditors because the assets are not enough to cover up the liabilities.  

In the case of companies insolvency caused due to the continuous fall in sales, and it doesn’t have enough cash to meet out it’s day to day expenses of the business for which it takes loans from the creditors and banks.

Insolvency can arise from poor cash management, a reduction in cash flow, or an increase in expenses.

IBBI deals with some of these proceedings:

  • Corporate Insolvency
  • Corporate Liquidation
  • Individual Bankruptcy

Functions of Insolvency and Bankruptcy Board of India – 

Here we are going to discuss some functions of Insolvency and Bankruptcy Board of India:-

  • Corporate Insolvency resolution process (CIRP):-  The insolvency resolution process is a one under the Insolvency and Bankruptcy Code, 2016, where the National Company Law Tribunal (NCLT) initiates a corporate insolvency resolution process (CIRP).

When a company defaults on making payment to creditors then creditors can file an application in front of NCLT if creditors loss is minimum 1 lac, because  the minimum amount of default for initiation of CIRP is Rs.1,00,000. 

After that NCLT will initiate an IRP interim resolution professional, whose name will be given by the creditor, which can be anyone from the creditor side.

Under IRP, the Insolvency resolution process appointed professional will be having the power to take charge of the company which has defaulted. 

That professional’s main work is taking necessary steps to revive the company.

Appointed professionals would have the power to raise fresh funds to continue operations.

  • Corporate Liquidation:- Liquidation is a process through a company which is going to be shut down and its existence comes to an end, because it is unable to pay its creditors and need to sell off its assets to pay them.

Liquidation process can be initiated under the insolvency and bankruptcy code 2016:- If the IRP interim resolution professional fails to find a resolution on or before the expiry date of insolvency resolution period.Then the company becomes liquidated to pay the creditors by selling off its assets .

In starting of this process first a public announcement shall be made about the corporate debtor being liquidated.And then further process can be done.

  •  Individual Bankruptcy:- As per the IBC Insolvency and Bankruptcy Code, 2016, a creditor can file petition for individual bankruptcy for an amount exceeding as little as Rs 1000 as per the notification by the Central Government. It can be revised upto Rs.1,00,000.

The IBC does contain a chapter relating to insolvency and bankruptcy process for individuals and partnership firms, but the rules for individual bankruptcy are yet to be notified.

Insolvency and Bankruptcy Board of India recently started to promote the development and working and practices of insolvency professionals,insolvency professional agencies and information utilities so now we will talk about these points:-

  • Insolvency Professionals:- An Insolvency Professional is one who is registered with the Insolvency and Bankruptcy Board of India (IBBI). They work for the dissolution process of an insolvent individual, companies, or partnerships.

These professionals get authorization from the IBBI to do work on behalf of such insolvent individuals and companies. 

In the situation of bankruptcy, the insolvency professionals play a big role in liquidating the entity assets and other settlement processes.

  • Insolvency Professional Agencies:- Any registered agency with IBBI becomes insolvency professional agencies, the most important work of these agencies are to regulate the activities of insolvency professionals and ensure their development in the industry. 

These professional members of the agency are required to work as per the terms and conditions of the insolvency agency code. 

These agencies have the primary function of granting membership to insolvency professionals.

These agencies also enquire about the member’s grievances and take steps to resolve those.

  • Information Utilities:- An Information Utility becomes a professional organization after getting registered with IBBI under Section 210 of IBC, 2016.

It works for providing authenticated information about debts and defaults. 

Information Utility plays a big role in storing the financial information of the users.

And it helps the lenders in taking the informed decision about the credit transaction.

It would also make debtors attentive as the financial information is available with the utilities. 

It plays a vital role in the creation of evidence; the information can also be used as evidence in bankruptcy cases.

How do you declare Insolvency in India ?

Before going through this point we should have knowledge about the difference between insolvency and bankruptcy, there is a minor difference between insolvency and bankruptcy.

Insolvency is the state of being unable to pay the money owed, by a person or company on time and bankruptcy is a process of declaring insolvency in india.

Bankruptcy:-

When a person becomes insolvent and he wants to become debt free so he files an application to the relevant court where he declares himself as insolvent due to his inability to pay his debts and expenses, seeking to be declared as a bankrupt.

When court decides the appropriation of the personal property of the insolvent among his various creditors. It is the last stage of insolvency and gives a new lease to the insolvent to start a new fresh. 

It relieves the individuals or a company from all the debts and other disadvantages of insolvency.

By following this process people can declare their insolvency in india.

Structure of IBBI

IBBI has a total of 10 members committee which includes one chairperson, representatives from the Ministries of Finance, Law and corporate affairs, and the Reserve Bank of India.

  • Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India
  • The Insolvency and Bankruptcy Board of India has appointed three people as whole time members:
  1. Sh. Sudhakar Shukla
  2. Navrang Saini 
  3. Mrs. Mukulita Vijayawargiya 
  • The Insolvency and Bankruptcy Board of India has appointed 4 people as Ex-officio Members:
  1. Dr. Shashank Saksena, Adviser (Capital Markets), Department of Economic Affairs, Ministry of Finance
  2. Sh. Gyaneshwar Kumar Singh, Joint Secretary, Ministry of Corporate Affairs
  3. Dr. Rajiv Mani, Joint Secretary and Legal Adviser, Department of Legal Affairs, Ministry of Law & Justice
  4. Sh. Unnikrishnan A, Legal Adviser, Reserve Bank of India
  • The Insolvency and Bankruptcy Board of India has appointed 2 people as part time Members:
  1. Dr. Krishnamurthy Subramanian, Chief Economic Advisor
  2. Sh. B. Sriram, Former Managing Director & CEO of IDBI Bank Ltd.

So here I have given all the information about the IBBI insolvency and bankruptcy board of India and IBC Insolvency and Bankruptcy Code, 2016. 

Which was established to support the falling companies to stand again on their feet by restructuring their credits so that they can repay them easily and make a fresh start. 

I hope all this information will surely work for you and give you knowledge in an easy way which you will be able to understand very easily.


Top 10 Reasons Why Startups Fail and How to Avoid Them

by Srivatsa SBusiness Ideas / Funding / Mistakes / PlanningLeave a Comment on 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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10 Successful Startups From Mumbai

by Srivatsa SBusiness Ideas / Culture / Funding / Knowledge / News / People / Startup AwardsLeave a Comment on 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

by Srivatsa SBusiness Ideas / Funding / News / People / Startup AwardsLeave a Comment on 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. 

How to Start A Startup in Bangalore?

by liftmystartupFunding / Planning / RegistrationLeave a Comment on How to Start A Startup in Bangalore?

How to start a startup in Bangalore_ - IODED

Why join the navy if you can be a pirate? Bangalore, the Silicon Valley of India, is known for fulfilling the dreams of new entrepreneurs. The IT hub has several opportunities for passionate entrepreneurs to kick start and run their enterprise. The startup policy launched by the Karnataka government aims to help and support startups to reach their full potential. With increasing opportunities and good support from the government, entrepreneurs can build strong business models that can significantly contribute to the economic development of our country.  

With such golden opportunities, entrepreneurs can start their start up journey from a city like Bangalore. However, many people don’t become entrepreneurs because they don’t know how to start a startup. This article will help you answer all your queries related to starting a startup, registration process and workspace selection.

Table of Content

1. Get an idea.
2. Understand the potential.
3. Collect the resources.
4. Register a company.
5. Select a workplace.

How to Start a Startup in Bangalore?

1.) Get an idea:

Ideas are the lifeblood of a business. Most successful startups always become big because of a good idea and not because of surplus funds.

What is a business idea?

A business idea is a concept that can be used for financial and commercial gain. It typically centers around selling a product or service that can be sold for money in return. An idea is like the brain of a business. Right ideas implemented at the right time can lead to a very profitable business.

How to get a business idea?

You want to start a business? Awesome. There is no textbook answer to this question. But here are some tips:

  • Identify your biggest source of satisfaction:

I know it’s cliché but find something you love to do. Choose a job you love and you will never have to work a day in your life.

  • Identify your frustration: 

Don’t just lock yourself in a room trying to come up with an idea no one has ever thought of. Instead, live your life and find something that bothers you. Then, figure out how to fix that problem, and you have a business.

  • Think about the world’s biggest problems – (15 – 20 years from now):

 

 

People like Elon Musk and Richard Branson are forward thinking innovators. They brainstormed the solutions to future problems. This could help you think with a new perspective for getting new and innovative ideas.

2.) Understand the potential:

Potential markets are the most important part of a startup’s future growth. A potential market is a large group of consumers who have shown some level of interest in buying a particular product or service. It is essential to identify the potential market. To do this, you must look for people who are a certain age, certain gender, certain demography and then examine their needs. Understanding the potential market proves that you have a future. Once you’ve identified a potential market, the key element will be to get the right message to the right person at the right time. 

 

3.) Collect the resources:

  • Select a Name and Legal structure.

There are 5 choices while selecting a legal structure:

  • Sole Proprietorship
  • Partnership
  • One Person Company
  • Private limited company
  • Public limited company

  • Register a domain name for your startup’s website:

You can use platforms like Go Daddy, Big Rock or Hosting Raja to purchase a domain name.

(Can provide link for How to register a domain name for Startups)

  • Obtain a registration with ROC and GST.

  • Open a company bank account.

  • Lease office, Warehouse or Retail space.
  • Obtain licenses and Permits.

  • Hire employees (If required)

(Can provide link of People every startup needs with another article)

  • Obtain business insurance.

  • Start Marketing:

Use Social Media platforms like Facebook, Instagram, LinkedIn, Twitter and Snapchat to promote your company. You can also market the company using Search Engine Optimization (SEO), Email marketing, Google Ads, Facebook ads, LinkedIn ads and YouTube ads if there is more budget. 

(Can provide link of How digital marketing helps in the growth of a startup)

4.) Register a Company:

Now that you have selected all the schemes, you must be confused about the registration process. Well, Relax. The process has become very easy nowadays. You can register and start a startup company within 7 – 15 working days. All you have to do is fill some forms and get some signatures. 

(Can provide link of How to register a startup company)

 

5.) Select a workplace:

Selection of workplace is taken for granted by many people. But it is a very important element. 

There are many researches which prove a correlation between the quality of a workplace and the productivity of an employee. A startup can either use a coworking space or lease a serviced office. This depends on the space needs and budget. If you have a flexible budget and you need very less working space, then coworking space is the right choice for you. However, if you need an office space that is large, then a serviced office is the right choice for you.

An entrepreneur often wonders How to start a startup because of the numerous challenges it brings. It could be monetary and non-monetary challenges, quitting a regular job or coming up with new ideas. However, Success and growth only come through continuous effort and hard work. There are many Indian startups that have overcome all these challenges and are internationally recognized as of today. Some of the startups that we can take inspiration from are Flipkart, Ola cabs, OYO rooms, Cure fit, Paytm and Zomato.

Well, now that you know how to start a startup, you can start working on your dreams, Make your life a dream and dream a reality. Make sure you keep in mind all these suggestions to overcome the initial challenges that most entrepreneurs have. 

You must also read – 

10 Important Things To Consider Before Starting A Startup