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20 Functions of an Entrepreneur

by liftmystartupFebruary 29, 2020February 29, 2020Knowledge / Mistakes / Planning / PsychologyLeave a Comment

Are you planning to get into entrepreneurship?

Or are you already an entrepreneur?

If you jump into entrepreneurship without knowing what all you’ll have to do after taking it up, The chances of your failure are more than you becoming successful.

Improper planning can lead you in the wrong direction too and can increase the chances of getting failure. Before entering into any entrepreneurship, you need to know some basic but indispensable functions that may prepare you for upcoming challenges in your venture.

To make your entrepreneurial journey successful here we have written down 20 functions of an entrepreneur –

20 Functions of an Entrepreneur

Responsibility towards the society
Decisiveness
Develop Inventiveness
Experiments
Be organized
Spread the learnings
Control of situations
Recognizing the opportunities
Riskiness for venture
To manage the roles
Make public relation
Transfer of learning
Transfer of technology and its acclimatization
Economical Development
Division of incomings or earnings
Acceptance
Culture of contribution
Clarity of target
Finding niches
Building networks

So let’s reed them in detail now

Responsibility towards society –

When you start a venture in order to grow self economically and livingly, he owes the responsibility to develop society as well.

Your entrepreneurship must be the solution to the society’s problem, not the reason for their problems. It must be uplifting the economic condition of society too along with the entrepreneur.

You need to make sure that your organization or venture is fulfilling the responsibility to develop the society to make it a better version.

It is helping in making a better living for people. Start the entrepreneurship that opens the doors for new opportunities for the society and for yourself too so that it aids you to maint your responsibility towards the society where you dwell-in.

2. Decisiveness – It is very much crucial to take some riskful decisions in order to grow. Everytime you can not make an accurate and correct decision which always will head you in the right direction.

You shall have to make some decisions to get the wrong or right out of it. Making decisions is important rather than making always right ones because that is practically not possible at all.

Calculate the risk factors of the decisions for entrepreneurship and work on it.Make some riskful decisions for your entrepreneurship which are much needed for the venture in order to give pace to its growth.

3. Develop Inventiveness – Sometimes a hand which doesn’t know to be an initiator becomes a very big loss for entrepreneurship.

Sometimes what your product needs is just the right initiative at the right time.The demand of the market can be supplied when you fulfill at the right time before anyone else does in the market.

You can see the instance of any industry, the initiator who brought-up the solutions of the problems of society and took initiatives, is still booming the market.

4. Experiments – it is a very much needed element in entrepreneurship. You shall have to bring new methods in order to increase earnings and growth of the product.

Experiment with the innovations.Make the products innovative but before making it so, raise the demand of such innovation in market so the experiment can have more possibilities of getting success.Ba innovative with the techniques of the production, customer services and with your product.

A customer likes to be serviced with new better things. In order to stand still in this competitive market, you shall need to experiment with everything and to bring the innovations in entrepreneurship.

5. Be organized – Keeping all the resources is very much important to run the venture smoothly. All kinds of resources that entrepreneurship requires- human and nonhuman resources are extremely important for the venture.

Availability of all needed resources at the right time avoids the obstacles of increasing the productivity of work. By being an organized entrepreneur only, you can satiate the purpose of increasing productivity at your venture.

6. Spread the learnings – When you start your entrepreneurship, you also learn by your mistakes and try to earn the experiences from those mistakes or try to learn from the other entrepreneurs’ experiences. In the same way, share your experience that you gain through your learning and mistakes so that it will help future entrepreneurs in their learning phase.

This can easily be done by workshops, seminars, industrial visits and many more things. Share and read success stories, it will guide you a lot and will work as practical guidance for future entrepreneurs. That will help to increase the economical level of nations.

7. Control of situations – A venture just does not need the resources to keep it functioning, but it needs the team or people also who can deal in tactful conditions too. A venture gets loss and profit both but utilising the profit to double the productivity and dealing with the losses, is not an easy act to perform in the venture.

It needs a calm and decisive mind which can make some decisions while keeping the emotional part aside. You shall have to develop leadership qualities, interpersonal skills , skills which can handle disturbance through various things, skills which can manage the resources, develop the skills in the employees and can think for the utmost benefit of the venture.

8. Recognizing the opportunities – A venture value the works which bring social and economical increase in entrepreneurship.

For such opportunities you shall have to become the searcher who can figure-out the usual and unavoidable necessities of the people. Such opportunities will help you to create a beneficial prospect to your venture.

9. Riskiness for venture – It is a major and indispensable function of entrepreneurship. An entrepreneur shall have to become a risk taker regarding the production, estimation of material consumption, machinery, technology and many more things in the venture. Opportunities of the organization shall work when, calculated risk of needed elements will allow it to increase the production.

To bring innovation in the production, to maximize the productivity, to increase the demand, suh risks are very important to take. Even not just to increase entrepreneurship but sometimes to bear with the losses, risk is much needed. To cover the losses through theft, robbery, hooliganism or any natural or man-made misshappening risk becomes important.

10. To manage the roles – A venture demands multiple roles of the entrepreneur. An entrepreneur holds the command of multiple functioning like, planning, damage controlling, organizing, risk taking, leading and many more. An entrepreneur plays several roles in order to run the venture with proceeding graph.

The roles are categorised into interpersonal, informational, and decisional roles. Interpersonal roles include figurehead role, leader roles, liaison roles, Informational roles include monitor roles, spokesperson role,disseminator roles where as decisional roles include disturbance handler, resource allocator, negotiate role. All roles vary on the basis of work.

11. Form public relation -Every new venture needs organized relations with the public to develop credibility in the organization.

The productivity gets increased from the venture through public so it is so necessary to form relations with the public in order to keep the venture functioning.

You need to target your public as per your demand of the venture then accordingly you can step in the path to build terms with them. This function is very crucial especially in the initial phase of any venture. Because many ventures were discarded due to not having public relations that could- help them to transform their idea into reality.

12. Transfer of learning – When you join a venture you work as a beginner and try to learn from the knowledge which has been transferred by experienced entrepreneurs.

In the same way, your knowledge will also be beneficial for future and budding entrepreneurs and employees of the organization. Your transferred knowledge will help your new employees in adapting themselves in the aura of your organization as fast as possible. Such transfer brings maximum efficiency in work.

For such transfers you need to ensure to store employee’s key knowledge to share it with new ones in future.

13. Transfer of technology and its acclimatization – The transfer of technology generally known as TOT. It disseminates the required technology to the different ventures or entrepreneurial arenas of the world from different corners of the world.

In such a way it plays a very big role in uniting the world and helps in increasing the economy of the venture which holds this technology. Its adaptation or acclimatization is equally important to function the entrepreneurial activities in correct and progressive order.

Because you can own the technology with monetary terms but can not adapt it with the same, you shall have to be used to it along with your consumers shall also need to be. It is important to impart because it lessens the processing timing and saves a lot of money which we put in human resources.

14. Economical Development – To sustain the economy in entrepreneurship is necessary to keep the work throughout and keep it functioning properly.

Every organization helps in sustaining the work and the economy to balance it. It can be made possible by spreading the venture in different corners of the country and world.

15. Division of incomings or earnings – It is a very necessary function of business to make separate division of complete income.

Every part of the production requires a particular amount of income to function properly, so deciding the part of income for production’s different elements is the work of so much accuracy and efficiency.

Even in the time of losses some functions are mandatory to run, so keeping such expenses while dividing the income is also important. This the responsibility of the employer to keep everything in mind and make the accurate divisions to not to let work get hindered through such mishappenings.

16. Acceptance – This function of entrepreneurial arena will not affect the industrialization directly in its absence but gradually the deficiency of acceptance in the team of the venture may give a discard to the venture.

The ability to accept if something is not being known by the employer or employees of the organization and learning it can only help them to keep growing for longer visions.

When the employer or employees of the venture stop accepting the fact of having aspace to learn more then the gradually the venture starts working on its edge. A venture grows when the team has the will to become the learners throughout.

17. Culture of contribution – A fist is complete with the contribution of all 5 fingers of a hand as a venture is complete with the contribution of employer and each and every employee.

When you contribute while having a zeal in the heart to contribute not to the organization, not to the employer but to the nation,but to the whole world. This must be in the culture where you work, for who you work, by forcing it,one can not keep it for a long time.

This can only be developed in each and every member of the organization by having a thought to give contribution in making a better nation and world.

18. Clarity of target – Every person comes in entrepreneurship with a purpose and it varies person to person. But sometimes some work with no purpose, and there the problem starts happening.

You will need a purpose if you want to create a successful entrepreneurial kingdom. Some have purpose to earn money, some have purpose to earn status, some have purpose to influence others. There is no judgement happening on the purposes, it is an individual’s choice.But having a purpose is necessary to keep growing further.

19. Finding niches – A good entrepreneur never misses an opportunity where a great entrepreneur turns every chance into an opportunity. You are great in your work when you are able to identify your niche where you are best in it.Knowing in all spheres is good to work but having your own niche is necessary to grow.

Once you find your niche you can be better to solve others’ problems in your niche. You will have to keep working for it. So if you already know your niche, that’s good, if not, find it and work on it.

20. Building networks – Networking building is the last step of entrepreneurship where our whole production lies-on. Your production will be able to help to maximum consumers of it when your network will be enormous.As larger the network you have, more impact your product will create. Your larger network will bring the change on a huge scale. That you can get through by developing credibility.

When one enters into the business or entrepreneurial world, due to lack of knowledge, due to less ability of pre assuming the losses and many more unpredictable factors become the reason for a great failure of the venture. Then you just need proper guidance.

Here are some main functions that everyone must know before entering into entrepreneurship in order to avoid mistakes and to run it on a better scale. I hope this will help you and make your venture a success.

How to Start a Solar Energy Company

by liftmystartupJanuary 2, 2020February 22, 2020Business Ideas / Knowledge / PlanningLeave a Comment

Solar energy is one of the never ending energy source. There are many opportunities for fabulous business career. Alternative energy sources are on the mind of everyone this trend is going to continue.

Oil prices are increasing day by day and it is a limited source of energy. We have limited fossil fuel on the earth but the sun is an unlimited source of energy. We have one more unlimited source of energy it is windmills but it has too many barriers to establish it.

Solar energy power plant system is easier to establish than windmills. India has been working on the solar system for 50 years and now the rates are very low here in comparison of starting time.

The government has also launched several schemes to promote this.

Types of solar energy companies

There are three types of companies in the solar industry-

1.) Solar EPC company – EPC is engineering, procurement and construction. EPC term is for providing end to end solar services from designing the system, procuring the components and installing the project. Under EPC system you set the power plant to third party and purchase the complete component of the developer the same developer offers you the profit on the payment condition. EPC buy material from manufacturer.

2.) Manufacturer – It makes the necessary material for the solar projects like solar cell, panel, stand etc.

3.) Contractors – People required to do the actual ground work and this work of contractor. They do physical work for solar business like to set solar panel and maintenance of solar panel etc.

Process of establishing a solar energy company–

Make a business plan –

For making a solar energy business plan you should work on these points

Research on market – The first step you need to take before starting a company is to do a research on market conditions, this is the most important step in the success of your business. Do search about raw material for solar plant, market competitors, costs etc.

Make a good combination with govt. Electricity department because you have to sell your electricity to them. You should make good working policy with them.

Location – In the business of solar power plant location matters a lot because our whole work depends on sunlight and sunlight depends on location.

Different places have different sunlight. The difference is the intensity of sunlight. In the picture we can see intensity depends on location. Dark red colour has more intensity than faded yellow .

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First thing is to insure that intensity of sunlight must be in good range. If intensity is very low then we can not produce that much energy.

Second thing is flat land must be there. Flat land is ideal condition for arrangement of solar panels . Now days adjustable panel are available for uneven land but we can reduce expenditure by flat land and we can get more energy by flat land.

Third thing is we need shadow free land for panel because shadow can decrease the product of panel.

Before choosing a location you should consult an expert it can reduce your extra expenditure on solar panel.

Licence and certification –

After deciding a suitable business plan find out how to become certified.It is time to start the process at the corporate level. First of all understand the process of application of licences and certificates.

You must be sufficiently qualified to obtain this licence and certificates.

The licence and certificate will include

1. Tin number

2. Article of association

3. An article of memorandum

4. Certificate of commencement

The article of association and the article of memorandum are the two major documents that you need to start a business.

Registration –

Registration is the preceding step after obtaining the licence and certificate. You have to register your company in the registrar office of your state then they will check all certificate and after getting you competent in all aspects of your company will be registered.

Secure sound financing –

Review all the costs required to launch and run your company. If you don’t have adequate fund then submit a loan proposal. Government are providing good loan and subsidy for solar power plants.

Financial decision are most important activity in business. Financial decision about how much to spend on each activity.

There are many activities depends on fund like land, building, machinery, marketing etc.

60% of the whole money is consumed by land because land’s prices are getting high. Land is the biggest part of this business it plays a big role in this business.

Saving money on solar cell is not right you should not compromise with quality of solar cell because this business takes a lot of time to get profit back it can take about 10 to 15 years till then it is your responsibility to keep your solar panel safe. Best quality solar panel can cost more but if they are good then they will last longer and will keep earning profit by panel.

You must hire a specialist for buying solar equipment because equipment’s utility depend on your land you have to choose the right equipment to save money

Specialist can help you to reduce expenditure on equipment.

Man power for company –

Then comes an important step which is to mobilize man power for your firm because new start up require more labour and employee and competent human resource will definitely give more benefits. A hardworking team can bring success to a very big level so choose the team well.

Look for candidates who can bring a positive attitude to your business.

Marketing strategies –

Know your target customers – Identify target customers before launching your company. Pinpointing and targeting specific groups helps establish a reliable customer base.
Maintain a strong online presence – A well designed website make you reach to client more easily. Your website should incorporate mobile friendly features by this customer can connect to your site through their smartphones.
Additionally include a project portfolio as well as your company’s contact details.
Create awareness across all social media platforms – Open different social media accounts and use them to elevate your business profile.
Build a solid customer base – proper marketing can build a solid customer base. Reward clients regularly with discounts, gifts and free services. Satisfied customer will often refer more people to come to your solar panel installation business.

Conclusion

Be sure to choose a unique name for your business. Maintain your solar installation equipment properly to avoid unwanted expenditures like repair or replacement costs. Ensure that all employees understand their role in the company and treat all clients with fairness and respect to keep them connected.

Long term growth and business success depends on always putting the customer first.

Related post – How to Make a Business Plan

What is a Food Truck Business? How to Develop a Food Truck Business Plan?

by liftmystartupDecember 19, 2019February 22, 2020Business Ideas / Knowledge / PlanningLeave a Comment

“Food truck business” Don’t know what is a food truck business is? Or you did hear of it but don’t know how the plan goes on when it comes to

“Food Truck Business” well we are here to explain to you what is food truck business and what is the business plan you need to follow to run start and run it successfully.

What is a food truck business?

A food truck business includes a large size automobile like a van or trailer, equipped with a small modernized kitchen to cook, prepare and serve food.

usually preferred by small owners or any famous restaurants to serve food in other localities as well.

Some food trucks sell ice creams and desserts some sell frozen or pre packed food; others have on-board kitchens and prepare food on customer requirements. you can see food trucks usually in construction sites,near to any corporate company and busy streets, parks where people usually hang out.

The food truck business provides an option for the on-the-go person to grab a quick bite at a reasonable price.

Nowadays the craze of fast food is rapidly increasing so as food truck businesses and also some food truck owners earn a good amount of money out of this.

In food trucks the advantage of mobility provides owners access to multiple locations at an initial capital that’s less than that required in opening a restaurant of the other format, this is why small all restaurant owners are looking to invest in a Food Truck instead of an individual stationary restaurant.

So if you are looking for a food servicing business but do not have enough money to invest in a restaurant business then you should go with a food truck business.

Food truck business or a restaurant on wheels has been an on-trend concept in India and all over the world, among entrepreneurs and consumers alike.

How to develop a food truck business plan?

Now as we have understood what food truck business is. Let’s know how to do business planning for a food truck business?

It’s natural to have hesitation while starting any kind of business which is why we will help you to learn how you can create a food truck business plan here.

Table of content-

A right choice to select food truck and location
Analysis competition and Creating the brand
Kitchen equipment and others
Requirements of manpower
Raw materials and food hygiene
Creating an online presence for your food truck business
Marketing your food truck business
Conclusion

Let’s go through some points which will guide you the way to develop a business plan:

A right choice to select food truck and location:

The first thing is to select the right food truck and location where you will have to sell your food. choosing a food truck is depend on the type of food you plan to serve, you need a commercial vehicle which is at least a decent size of 18 to 20 feet of length this will cost roughly around 7 to 8 lakhs.

Hey wait !

Don’t worry if you are a little tight in the budget you can buy an old commercial vehicle with right paper works which will cost almost half of the new once also you will have extra money left for designing the vehicle according to the need.

Choosing the right location is important you should choose a street which should be near to a construction site, park, busy street also you have to analysis the food street where less number of food vendors sell the same kind of food.

Also the location should have a regular flow of traffic to invite people to have a quick bite.

The street should have good parking space for the food truck also it shouldn’t be creating any hazel to commuters. There should be enough space for customers to have the food and enjoy it.

Analysis competition and Creating the brand:

There is good competition in the food business market so building a strong brand presence is important your brand should connect customers with a unique story.

Analyze the competitors business how they are doing in this business Everything you can dig up about your competition will be useful when you go about building your brand.

Creating a brand presence includes naming of the food truck, the logo and the theme of the food truck this will connect with customers it is important for branding It will show up on all your designs, on your food truck, on your banners and promotions and all your social media platforms.

Make sure it speaks to your brand.

Kitchen equipment and others :

It depends on the type of food you are planning to serve still on an average you will have to invest a roughly around 2 to 2.5 lakhs which includes Microwave, refrigerators, griller, steamer, working tables, one burner, exhaust equipment, generator or big batteries with an inverter and other things that are needed in the business.

It is good if you are going for new kitchen equipment because as it is mostly electronic items you will not be having issues of servicing it as it will be having a fixed time warranty which will cover all the necessary maintenance costs.

If you are a little tight in the budget for your food truck business you can go for old equipment which is in good condition if you can get a good deal out of it this can save you a good amount of money and also you will have some extra money for other essential items needed in your food truck.

Requirements of Manpower:

In this food truck business, you need to have a very good chef to cook food according to the type of foodservice your business is providing. you need at least 2 chefs to start with so that food can be delivered on time and customers shouldn’t have to wait for food getting ready.

In India you can get some good chefs which will cost you anywhere from 13 to 15k monthly also with a helper who can take care of the operation of your food truck business.

If you are planning for delivery services then you can hire a person who knows well the location and he can help you to procure raw materials in needy time.

A delivery boy will easily take a salary from 10k to 12k monthly. Also if you want to create your brand presence in the food truck business you need to have a good team from cooking to delivering because in the end customer satisfaction is the main goal.

All the staff should have a unique dress code that helps in the brand presence and also will gain trust among your customers in the food truck business.

Raw materials and food hygiene:

You need to have the right amount of raw materials so that you do not need to hurry up and bring raw materials, it is advisable to stock the raw materials enough for 5 to 7 days in the preservative so that it would get damaged and make a loss in food truck owner’s pocket.

Then comes down to hygiene of the food truck, the food truck business operates at a small space where both cooking and selling food operates. so it is necessary to maintain a clean kitchen and also good waste food management all the materials used in cooking should be of good quality so that customers will feel good and they will be coming again and again to your food truck. also, your staff should be well dressed and cleaned and maintains good sanitation.

Creating an online presence for your food truck business (website/software/social media):

Nowadays having an online presence helps the business a lot, thanks to the free internet everyone is into their laptops and mobiles. so you should also invest in creating

websites or software depending on your budget so that people can know about your food truck business and also go through the menu.

Almost every food truck business has its website/ software where they get connected to their customers anytime and anywhere, so you need your online portal should be user-friendly and easy to understand by a layman. they should feel easy to place an order.

Investing in the software will cost more than just a website. so at first invest in the website then as per your online popularity, you can invest in software.

If you do not have enough money for the website too then you can create a social media page and start inviting customers who like street food with some offers at first this will drive your customer and if they like your food they will suggest your food truck business with their surroundings.

Marketing your food truck business:

It’s too difficult to survive or maintain your food truck business without marketing, here are some of the marketing techniques you can have to market your food business:
1. Social Media (Optimization/Marketing): After you have created a social media page for your food truck business you need to maintain the page by adding a post of latest foods you are having on the menu and be active on the social media page and keep posting at least 5 times a week to keep your new customers stick with you and visit your food truck.

2. Placing ads in social media for your food truck business so that it will drive a good amount of customers into your business and it is not much investment. you can show ads to the one who is interested in street foods and food truck business this will surely be a good return of investment for your food truck.

3. Search Engine (Optimization/ marketing): After you create a website you can optimize it with some of the shortlisted keywords about your niche and create

content so that you will be available on the first page of google in the optimization of the website you will have to optimize your website properly so that it will mobile friendly and customers would not have issues surfing on mobile or any other devices.

you can also place ads in the google search engine when the customer types your niche keyword it will appear in the first page of Google so that customers could find you this will create online orders and brand awareness. you can target a certain audience who will be interested in your niche market.

This comes under digital marketing and you can hire a guy who knows this marketing and this will generate you a good amount of sales and cover-up all your investment within a few months of starting a food truck business.

Conclusion:

These are some of the steps you should take in starting of the food truck business, also you have to do a Licenses & Permits Required For Starting a Food Truck Business

which will cost you around 50k to 80k.

In India, the investment for a food truck business will cost you around 8 to 10 lakh but the good thing is the overall operation cost is less than a small restaurant in the long run and also a normal food truck business can earn anywhere between 8k to 15k daily depending on how are you service satisfy your customers.

Also, you can grab opportunities like any events, catering, and occasional opportunities you can have a good amount of sales in a day also you can generate branding for your

food truck business.

Food truck business is in a hot trend right now and doesn’t show any sign of slowing down. if you are planning to open a restaurant business but don’t have enough

money and time to invest in a food truck business is a good option.

10 Business Ideas for Women at Home

by liftmystartupDecember 18, 2019February 22, 2020Business Ideas / Knowledge / PlanningLeave a Comment

Here are 10 Business ideas for women which they can start from home with the least investment in fact some businesses they can start without investment even.

By this we want to support these women who really want to do something in their life but they are not able to do because of some family problems or some other problems they cannot go outside of the home.

But after getting knowledge about these business ideas they will be able to choose something to do from home only and they will be able to earn money too and most importantly they will get happiness after becoming financially independent.

So here are those all 10 business ideas.

1. Yoga Instructor

In today’s era everyone wants to look good and wants to be fit by body so if you will become a yoga instructor then that will become very beneficial business for you.

You can become a yoga instructor after completing 1 to 3 month course from any certified center of yoga and then you can start your own yoga center from your home.

For this you can charge a good amount and everyone would like to pay you because by this they will get a good health and good health will give them good heart and mind.

As we have been listening from years that “A healthy mind resides in a healthy body“.

2. Dance Classes

As we all know that we are living in India and India is the country of culture and festivals so we love to do dance on all occasions of our life especially in marriages.

And everyone would like to spend money in marriages and dance is an important part of marriage, in all the ceremony of marriage we people do dance like haldi, mehandi, ladies sangeet and many more.

So you can start dance classes at home and for this business you will not have to do any kind of investment, you need only sound system which usually we have at home.

In this business you can earn a lot of money by having bookings of sangeet function of marriage parties, retirement parties, annual functions of schools and many more occasions.

And you can take all classes at your home only.

3. Blogging

Blogging is one of the best business ideas by this you can elaborate your thoughts on any topic and can earn easily because it is all about your thoughts which you can deliver to people by blogging. Your thoughts can give answers to many people about their questions and they will feel better after getting answers to their questions by your blog and obviously by your thoughts. It’s quite a good job especially for women who cannot go outside their home. Women will enjoy blogging as a business & also will have the advantages of staying at home and will be able to give proper nourishment to their kids at the same time. Blogging is one of my favorite forms of passive income.

4 . Handmade gift items business (Crafter)

If you are having interest in making handmade gift items then you can start a business of that first you can start by self and when you get little success in this profession then you can hire someone as an assistance of yours.

In today’s generation everyone would like to gift handmade items such as:

Handmade cards, scrapbooks, mixed media layouts and many more things.

And you can take classes for that you can organize workshops too.

You can canvass your work by making page on Facebook, Instagram, and many more social sites, you can sell your products by Flipkart, Amazon etc.

You can make YouTube channel to canvass your creativity and can also take online classes. There are many options to canvass your work and by this you can earn a good amount every month by living at home only.

5. Jewellery making

This is also a very good business idea which you can start from home you can buy jewellery in bulk from wholesalers, for getting knowledge about wholesalers of jewellery you can take the help of Google and especially Youtube.

Now a days oxidized jewellery is in trend people are liking it very much so you can start this business you can buy material in bulk from Delhi, Calcutta, Mumbai, Ahmedabad these cities will be much better for this type of material.

You can make whatsapp group for selling your products on social media too.

You can sell flowers jewellery also it is also in trend in marriage functions and baby shower functions too.

In this business you have to invest little time of yours and you can earn more.

6. Cooking classes

It is also a very good profession for ladies if you are having interest in making delicious food and you like to try new dishes then you should start cooking classes at your home and you can teach many people how to make delicious food and different types of dishes.

For this you can use your kitchen at home by this you will not have to do any other investment and you can charge a good amount for teaching.

You can make your own YouTube channel of cooking if people will like your way to teach online then they will surely subscribe your channel and by this you can earn and canvass your interest also.

7. Tiffin center

If you are having interest in making delicious food and you don’t want to start cooking classes then you can start tiffin center by this you can earn a good amount every day or month.

In today’s era many people are compelled to live outside of their cities because of their jobs and studies, so at that time they don’t have time to make food so they like to take food from any tiffin center.

And if they will like your food then they will become your regular customers and that will give you confidence.

You can sell your food online too by registering on Zomato and Swiggy apps.

It will give you a good publicity to canvass your business.

8. Boutique

It is a very nice business to people who likes to make new clothes and design new clothes, they can start a boutique from home for this they need to have sewing machine at home that usually we have at home so we can start from this only we don’t need any kind of big investment.

And if you get success in this business then you can hire some labor for sewing the clothes and then you can excel your work on big level.

You can participate in fashion weeks and you can organize exhibitions of your work that will give you a huge publicity and by this you can become a big entrepreneur.

9. Coaching Classes

If you are educated and like to give your knowledge to others and want to do something but don’t want to go outside of the home or can’t go outside of the home then this business is for you only.

You can start coaching center at your home for this first you will have to apply a flex of your classes outside of your home, by this people will notice and start enquiring and you can do mouth canvassing too.

Now-a-days all people want to give a very good education to their kids for this they always find a good tutor for that so you can become that tutor who will give good education to their children.

By this you can earn and enhance your knowledge too.

10. YouTuber

If you are thinking that you have good thoughts about anything and you want to make people aware about that so you should start a YouTube channel for this and you should make good videos on that.

In this work you don’t need any kind of investment for this you need only one android phone with data, so you have to make videos and upload these videos on youtube and for being a good YouTuber you have to focus on your content which should be very specific and genuine which can relate to a layman.

By this you can attract many more people towards your videos and then only you will get more subscribers and watch time on your channel that will help you to enable your monetization policy of your YouTube channel.

Yes this business idea will surely take time to succeed but once you will succeed you will feel top of the world.

By this you will connect to many people and they will give you a satisfaction that you are doing something good for others.

So friends here we are completing our article on 10 business ideas for women’s at home so if you can relate yourself to any one business idea from all of these then do start what you want to do and do earn feel independent and happy from your inner Saul.

We want to say only one thing by this article that all people wants to get money and want to do something too but they don’t start because of laziness of something else but if anyone has a little interest in something then they should give a try at least, weather they don’t have enough time but they can start by giving little time and when you will start to earn by self then we are sure you will do that on a regular basis.

And one day you will surely get a big success of your hard work, and that will happen only when you will start something.

If you are planning to start a business then please read our this post – How to make a business plan ?

What is Social Entrepreneurship – 10 Steps to Become a Social Entrepreneur

by liftmystartupDecember 11, 2019January 4, 2020Business Ideas / Knowledge / PlanningLeave a Comment

What is Social Entrepreneurship ?

Social entrepreneurship is a process , By which Innovative Initiatives are taken by the start -up , entrepreneurs , companies to solve social problems , such as poverty ,illness, illiteracy ,environmental destruction ,human rights abuses and corruption , in order to make life better for many. main objective of profit based entrepreneurs are to generate revenue and profit gain , whereas social entrepreneurs are cause driven with entrepreneurial mindset . social entrepreneurs keep long – term road map for their social goal , they practice hybrid model that uses business solutions to make an impact on the world.

How to become a social entrepreneur ?

social entrepreneurs create innovative solutions to tackle social problems .these entrepreneurs maximize social value instead of profit , they place social mission to the center of their business activities . they are so passionate about making a difference.
to succeed as a social entrepreneur , you need to have great purpose driven business idea . you need to have a clear road map for your journey .

Here are ten practical , actionable steps to become a successful social entrepreneur .

Developing the skills
Identify the problem and research the field
Aim to run things like business
Make a team for support and feedback
Develop your business model
Initial investment funding
Brand your enterprise
Use information technology
Be transparent with consumers
Remember your mission

1. Developing the skills

grabbing opportunities to develop your social intelligence : any experience you can get that build social intelligence will help you in your journey . look for those internship or fellowship programs who give you opportunity to work on ground level , on grass root level you will get to interact with people , you will get to know the real problems of people .
expand your creativity : social entrepreneurs have to be creative. try to find innovative ways to function charities and non profits to maximize donations and implement action .
gain leadership experience: leadership is the key for any position of entrepreneur . try to find opportunities where you could lead.

2. Identify a problem & Research the field

start by deciding precisely who you want to serve and exactly where and how you want to serve . be clear about the problem which you would like to solve .figure out where to focus your energy , think about what is important for you , there are many issues in the world , such as poverty , pollution , that need to be addressed, you must not start solving any problem , which you read , heard somewhere, you must not have preconceived ideas , firstly you have to go on grass -root level ,you have to live that problem , try to interact with victims , those who have been facing problems.
for example , when social entrepreneur muhammad yunus had started lending to poor people , firstly he had lived with poor people , he had tried to find the real cause of poverty , then he realized that poor people are compelled to borrow money from ” loan sharks” , then he had founded “grameen bank ” which lend to poor people without guarantee ,without collateral.
so try to identify problem and after doing research on it and figure -out the cause of it.

3. Aim to run things like business

your business is not charity , it has to recover its full costs while achieving its social objective , when you are running a business , you think differently and work differently than when you are running a charity .you don’t have to rely on charitable donations ,foundation grants or government support to implement programs.
Social entrepreneur muhammad yunus says “a social business is designed and operated as a business enterprise with products ,services ,customers , markets ,expenses and revenues but with the profit -maximization principle replaced by the social -benefit principle ,the social business seeks to achieve a social objective”.

4.Make a team for support and feedback

you need to understand that you can not achieve your social goal alone , you must have dedicated team , look to people already in your life and career who you consider to be trusted , they may be some of the competitors and collaborates you came across when researching the field or they could be like minded souls who want to make a difference, too.

remember that your team members likely have good intentions and want to see you succeed.

5.Develop your business model

how your enterprise is going to make money , your business model will be the roadmap of it . you need to decide how far you want your services and products to reach . if you want to expand to make big impact , decide exactly how much money you need for your enterprise to support your mission .
your business model must be like that ,any profit it earns does not go to those who invest in it, your business might be defined as a non loss, non-dividend business , rather than being passed on to investors ,the surplus generated by the enterprise is reinvested in the enterprise.

6. Initial investment or funding

initially , to get funding is hard nut to crack , you will have to decide that you would take loan or invest your savings or get money by crowdfunding but after sometime when you would be creating more social benefits for poor people in early stage then why would investors not put their money into your enterprise ?
first , people will invest because of personal satisfaction they would get from philanthropy. the many billions of dollars that people around the world donate in charity ,it means they are having hunger to donate money so why they would not invest in your enterprise which is working for more and more social benefits of people.
second , investors in a social business get their money back , they can reinvest in the same or a different enterprise.

7. Brand your enterprise

you are running a social enterprise but branding of it is very important . profit based companies work very hard on establishing a brand to get consumers attention , so you will have to do branding and make ensure to people, how can you differentiate yourself from other charities ? what makes your cause unique ?

you will have to reach to people if you really want expansion of your enterprise. you will have to create emotional connections with consumers use things like videos and images.

8. Use information technology

there are many brilliant ,idealistic people in the world who would like to devote their time, energy and talent to finding ways of using information technology to fulfill your enterprise social objective.
to get funding , hiring of people , marketing of enterprise, you can find people and organizations to causes similar to yours , in many works you can take advantage of technology.

9. Be transparent with consumers

if investors know exactly where their money is going , operate from a place of honesty and transparency . this will help you gain more support .tell people all about your cause , have a section on your website highlights your belief and what you are trying to accomplish, share specific statistics and milestones .

10. Remember your mission

becoming any kind of entrepreneur can be stressful at times , you may have some bad days and there will be failures along the way , if you feel lost , remember your cause , recall why you got involved to begin with , remembering your cause will help you stay on track.

Restaurant Business Plan – Do’s and Don’ts

by liftmystartupDecember 11, 2019February 22, 2020Business Ideas / Knowledge / Marketing / Mistakes / PlanningLeave a Comment

Are you set for opening your restaurant? Is this the plan you had a long time back but

could not implement it because you were afraid of risking your money and time into it?

Well now, this might be the right time to sit down and draw up an idea to open your own restaurant business.

Don’t worry, we are here to assist you to produce the right direction for achievement and grow your restaurant business without worrying about the risk factor.

No doubt it is a tough business which will consume much time and money but That’s Where we will guide you with a modernized restaurant

business planning helps and makes your business a successful run in this restaurant market.

To know more about business planning you should read our this article- how to make a business plan ?

First lets know what are the drawbacks in failure of some restaurant business.

Hey, wait! We do not want you to discourage you or any aspiring restaurateurs out there, or to lower the morale of the Present ones, however, we tend to believe that “An ounce of prevention is worth a pound of cure”.

So let’s go through it first:

Poor location planning and rent:

Location is the key factor before you set-up your restaurant business

some restaurateur spend a lot in renting for the location inside the busy locality and end of being in loss because of high rent.

it is important not to overspend. Often good locations come at a high price, and restaurants are not able to cover their costs.

If Also they get the right location they fail to find their right audience also analysis the location properly before setting up your restaurant business.

Inexperience of owner:

Well it is said that anyone with financial support and time can open a restaurant business but it is very important for the owner to have

The right planning and idea for the restaurant business. lack of inexperience leads to failure in business.

Staff management problems:

Untrained Staffs and thefts can lead the restaurant business down within some time.

Many restaurants fail because of poor staff management this will harm your business and be the major reason for failure because it’s all about customer satisfaction at the end.

Poor menu structure:

Some restaurants have a complicated menu which is not structured well and creates confusion in the customer’s mind and dissatisfaction of customers leads to a loss in business.

No involvement of the owner:

Often restaurateur does not have experience in this business market and end of depending on the manager of restaurants. they only think

investing money is enough for the long successful run for business, but this also leads to the breakdown of the business.

Lack of analyzing:

The main thing restaurant fails because of lack of analysis of the market which dish isn’t doing well to exclude those and to bring a new dish which will be liked by the customers and in trend dishes.

Also, it is the responsibility of the higher management to identify the loss of business and bring on solutions to sustain in restaurant business market.

At last, the main thing in today’s world is the marketing of your business to the right audiences.

All the things are done great location, well known trained staff, good menu structure but still, restaurants fail…. Why?

Well they forget the power of marketing in today’s generation. your business won’t make an impact in the restaurant market if it is not marketed properly in both online and offline.

So Now hopefully you understood Why some restaurant fails.

Now keeping this in mind let us guide you the business plan you should have before and after

Market Analysis:

Before establishing your restaurant it is important to make the market research of what customer likes to have, What should be the proper location for your restaurant business

what is the trend dishes for restaurant business all the reports from some successful and failed restaurant business

and then have a conversation with the expert to make this business plan a success.

Branding of your Restaurant:

From the information of reports you can have a clear idea of how to step ahead in the process. It is important to make a presentation of your restaurant brand by introducing your goals some unique selling points of your restaurant your right ambiance of restaurants etc.

In this stage, you have to also invest your time and money in marketing your restaurant business.

Proper Menu Structure:

Your Menu is the important element of your restaurant business a well-structured menu will drive customers and your customer won’t be confused

also, your menu design should be eye-catching and it would be great if the design matches the theme and ambiance of the restaurant then it will be very good for your business.

This means you are focused on every detail of the restaurant. the menu should contain every information of the dish in a summarized way so that customer should have an idea

what he is ordering.

Staff Hiring:

It is important to hire a well-experienced staff in your restaurant business because these will be the people who will be interacting with the customer.

Customer Satisfaction should be the main goal of any kind of restaurant business.

Restaurant design and ambiance:

The design of the restaurant will be the key attraction for the customers to drive them into your restaurant. Here you can show the customer

the creativity and thoughts you put in-to the restaurant mainly here you are showing the concept of the restaurant.

Right Location:

As we discussed before that location also plays a vital part in a successful restaurant business, it’s important that your targeted audience can come to your restaurant without facing any difficulty also analyze the location before setting up the restaurant business.

Regular Audit:

This should be happening more often to analyze whether the restaurant is making profits or not and what steps should be taken to improves it, also

analyze which dish is not selling and remove that dish which something new which will be liked by customers.

Marketing to and for:

Well Marketing your restaurant business to and fro is important so that to make customers know that your restaurant keeps on updating new dishes,

new offers, some festive offers, etc. It’s important that the Restaurant should be in constant presence in social networks to drive new customers.

So this is some of the guides you should be looking into before setting up a restaurant business…

Yes, it is a little long but it’s worth your time reading.

How Artificial Intelligence and Machine Learning are impacting modern business era?

by liftmystartupNovember 29, 2019November 29, 2019Business Ideas / Knowledge / Planning / PsychologyLeave a Comment

In the last few decades technology has become a very indispensable part of our day-to-day lives. It has taken over almost each and every section of our basic necessities. Individuals’ more than half life has been dependent on the technology.

From our day to day life tour business environment, everything is rapidly becoming the user of Artificial Intelligence. We are somewhere among the most comfortable generation that we are witnessing the services and receiving the help of Artificial Intelligence to make our lives easier.

Now every small and big entrepreneur wants to impart the technology in business to get a hype. The maximum part of our technology has been covered by Artificial Intelligence and machine learning. So, we are preferring them more to create a healthy and successive business graph.

But having said that every coin has two aspects, it also has. On one hand Artificial Intelligence and Machine Learning has made our lives and work easier than before at the same time on the other hand it is decimating our lives in some aspects. We are using the maximum part of AI in our business environment. So, definitely we will be going to get maximumly positive or negative results in our businesses.

This article is all about how Artificial Intelligence (AI) and Machine Learning are impacting modern business era? So, before we start to learn, we all must know what is Artificial Intelligence?

What is Artificial Intelligence?

A part of computer science that helps human as a human. It works to makes things faster with the help of technology. It fusses-over to create more most intelligent machines of world. We can have some examples of AI that we use it on a daily basis, eg., Speech recognition, Cortana, Siri, Google Assistant are well utilized and known examples of Artificial Intelligence.

Let’s learn the both aspects of Artificial Intelligence and machine learning’s impact on our business era.

POSITIVE IMPACTS

Digital Assistants
New innovative businesses
Accuracy that helps in decision making
Economic Growth

Digital Assistants

Digital assistants have become so common that we don’t even realize that we are surrounded by it. It has created a huge scaled market in terms of users and sellers.

According to the survey so many facts have come in the light.

According to the report of 2018 digital assistants’ popularity will cross 1.8 billion by 2021 worldwide. Out of them 54% have agreed that digital assistants have made their lives easier. Estimated size of Virtual Digital Assistants’ (VDA) market worldwide is 8.56 billion USD. It may go 15.79 billion USD by 2021.

We use digital assistants in making our work faster and easier like

To get to know about traffic conditions of a place where we need to go.
To get reminders of meetings and personal appointments.
To read out emails and messages.
To type something faster than a human typing speed of typing.
To order goods, foods, and so more.

Digital assistant seems fun in use and the language it speaks is so friendly and understandable. Through the help of digital assistants’ children also learn to speak clearly.

Estimated Size of the virtual digital assistant (VDA) market worldwide

Year	Size (In Billion USD)
2017	3.00
2018	5.21
2019	8.56
2020	12.12
2021	15.79

New Innovative businesses

Artificial Intelligence begot a market of innovations. It forced humans to utilize their creativity and create some innovation that world actually need. Artificial Intelligence brought so many innovative business innovations.

Google Assistants, Siri, Cortana, Robots are all the innovative begets of Artificial intelligence only. But we have been so much used to of all these besides robots that all have turned into common innovation.

If we talk about new recent innovation then you must be knowing about ‘Google Tulip’.

If you have heard about it then please let yourself know completely about it. If you haven’t heard yet then please go and google about google tulip.

Google Tulip is a beget of google that communicates to flowers and fulfill their requirements of water, sunlight and etc. with the help of AI. It was tested in April 2019 and it was successful attempt have had by google.

It was innovated for tulips in Netherland, a country which produces 12.5 billion flowers per year which is around 50% of all flowers in the world, Scientists believe that flowers communicate to each other by their roots and send signals to each other. Every other person of Netherland wants to keep tulips at home in vases. But it becomes so difficult to keep them fresh and alive.

Accuracy that helps in decision making

Machines takes decisions based on set of algorithms, previous records and data. So, the rooms for errors reduces so much. It creates an environment of accurate outcome with no error which helps in decision making.

When human takes a decision, he connects emotions in decision making and that may hamper business. But machines have no emotions. They work on set algorithms, not on human emotions so they work efficiently in less span of time.

Economic Growth

Artificial Intelligence has not only played a big role in business but it gives a good hype in our economic growth as well. With the induction of AI, its study and education has also needed to be getting started. That creates one more option for students.

AI begets innovations and innovation is something that every country or nation wants to implement for the public. That brings economic growth.According to the market research firm Tractica, the global artificial intelligence software market is expected to experience massive growth in the coming years, with revenues increasing from around 9.5 billion U.S. dollars in 2018 to an expected 118.6 billion by 2025. (Information taken from google)

NEGATIVE IMPACTS

Dependency
Unemployability
Expensive
No room for creativity

Dependency

On one hand where AI is giving a very good impact on our businesses at the same time on the other hand, it is increasing our dependency on machines. For Artificial Intelligence and machine learning technologies we shall have to dependent of machines. That can hamper the productivity.

And at the same time humans are becoming lassitude by having all works done by being at the same place through google assistants like Alexa.

Unemployability

At one place where Artificial Intelligence is saving our so much time at the other place it is giving big downfall to the employability graph. It is stealing lacks of people’s jobs what they do instead of Google assistants.

As machines can work for long 24*7 hours without a single break. So, in that case businesses would certainly prefer to appoint machines and would invest in them instead of humans. That may bring a huge sales unemployability. We can take a very practical and real example of this. In upcoming years driverless cars will be owing on roads. Thousands of drivers shall have to lose their jobs.

Expensive

Though AI is giving helpful results in making lives easier, but it is a very expensive proposition. It is not going to be easy to implement in low economical fields. For example, driverless cars are going to be very expensive than normal cars.

A middle-class man cannot afford it for his comfort. Its maintenance, proceedings are very expensive, we can simply see the robots, robots are highly maintained part of Artificial Intelligence. However, low fund industries and companies cannot entertain Artificial Intelligence.

No room for creativity

Artificial Intelligence works on algorithms, previous reports and data. It works and gives commands as we set machines to command. It doesn’t have a mind to think creatively. SO somewhere AI steals creativity from business.

If your business is completely entertaining AI then it would be very difficult to keep it creative for a long time. Machines work efficiently not creatively. It performs as we command them to perform.

CONCLUSION

Definitely Artificial Intelligence can be the biggest change in mankind but at the same time damage that we’d face through this cannot be ignored. AI has power to eradicate maximum poverty of this world. It can explore new dimensions and if we use it precisely and in a useful way changes are adoptable and explorable.

Founder of Zomato Deepinder Goyal on its Growth, Zomato Gold, Food delivery and its Expansion – Zomato turns 11

by liftmystartupOctober 20, 2019December 17, 2019Knowledge / News / People / PlanningLeave a Comment

Zomato started off as an online service platform that scanned and put restaurant menus back in the day. They have now diversified into a food delivery company.

They have now expanded to 24 countries and serve almost 10,000 cities globally.

On its 11^th anniversary, CEO Deepinder Goyal said, “Every anniversary makes us proud of what we have achieved yet, acutely aware of how much there is left to do.”

Articles you must read – Restaurant Business Plan

Business Performance:

The burn rate of the company has reduced by 60% of what it was 6 months ago. However, it reported a loss of $294 million in FY 19.

Deepinder said, “We achieved tremendous results in optimizing our costs, without affecting new product launches or innovation. We will shoot for market leadership, and simultaneously steer the business towards a more sustainable P&L”.

Currently, Zomato has 3 main services, Food delivery, Dining out and Sustainability.

Zomato currently offers food delivery in more than 500 cities across India.

The order volumes in the top 15 cities have doubled in the last one year. The remaining cities contribute about 35% to the order volume.

Deepinder said that, “Our food @ work business is growing well, and some very large accounts are slated to go live soon. We are already doing 3 million orders a month for food @ work.

Zomato also claimed that its average monthly transacting users have increased by 211% to11.2 million users. While, the average monthly active restaurants have increased by 177% to 119K restaurants.

Known as the “backbone” of Zomato’s services, by Deepinder, the average monthly active livery partners have increased by 308% in the first half of FY 2020. Currently there are more than 200K delivery partners associated with Zomato.

Restaurant listing and Zomato Gold:

The restaurant listings on Zomato has gone up globally from 1.2 million in September 2018 to 1.5 million in September 2019. Half of the increase comes from India alone, said Deepinder.

One of the primary products of Zomato, Zomato Gold, saw its users increase to 1.4 million.

The cities in which Zomato Gold is applicable has increased by 34 cities to 54 as on September 2019 as compared to 20 cities in September 2018.

From a restaurant owner point of view, gold is not for everyone, said Deepinder. He added, “We always encourage restaurants to determine if participating in Zomato Gold makes commercial sense for them. Some restaurant owners in India campaigned against Zomato Gold last month (#logout campaign); We engaged with the restaurant owner community and rolled out some changes to the program that were widely accepted by most restaurants, as well as users – Thus creating more balance in the program. A number of restaurants who have returned to Zomato Gold post these changes have seen a 100% increase in revenue.”

In the last 6 months, Zomato has carried out over 65,000 orders for 2,200 restaurants across Delhi and Bengaluru.

Zomato acquired Hyperpure in 2018. They provide fresh and good quality ingredients to its restaurant partners. They have projected a growth of 10x in the FY 20.

In July, the food aggregator also started collecting used cooking oil from restaurants, processed it and then delivered it to biodiesel manufacturing plants. Zomato collects 130 tonnes of used oil per month from about 1000 kitchens in Delhi – NCR. They are planning to expand to 5 more cities from October.

Useful Article –

Restaurant Business Plan

What is a Lean Startup ?

by liftmystartupSeptember 22, 2019January 4, 2020Benefits / Business Ideas / Knowledge / Planning / PsychologyLeave a Comment

What is a Lean Startup?

Lean startup is a method used to build businesses based on the beliefs that the entrepreneurs must investigate experiment and test as they develop the products.
It is basically Customer development + Product development.

10 Important points about lean startup:

1. Lean startup uses validated methods and a hypothesis to assess consumer interest. This will help you to understand the needs and demand of the market. Hence, you can produce accordingly.

2. Lean startup gives a lot of importance to customer related information such as product popularity, Lifetime customer value (Profit attributed to the future relationship with a customer) and customer churn rate (Percentage of customers lost during a specific period).

3. In a Lean startup, experimentation is given more prominence than having a fixed plan.

4. Lean startups will release their products in a small quantity in order to assess the customer reaction to the product.

5. The Pivot – A pivot is not necessarily a failure. It means you will change one of the main hypotheses that you had implemented. There are different types of pivot. They are:

Zoom in pivot – A single feature in the product now becomes the whole product.
Zoom out pivot – It’s the opposite of zoom in pivot. A whole product becomes a single feature in something bigger.
Customer segment pivot – The product was right but the customer segment targeted was not. Here, the product remains the same but the segment changes.
Value capture pivot – Changing how value is captured changes everything in the business. (Cost structure, product, marketing strategy, etc)
Technology pivot – A new technology can substantially reduce the cost, increase efficiency or performance and allow you to keep everything else the same. (value creation, customer segment, etc)

6. Small batches:

One of the biggest advantages of working in small batches is problems can be identified at a much lesser cost.

For example – If there is a defect in the physical part, stopping the entire production line can be avoided.

7. The Andon cord:

The key to the Andon cord is that it brings work to a stop if there is any big problem that requires it to be investigated.

The activation can bring the production to stop if there is a big issue. This will help the management because it will help in reducing extra cost and increasing the quality too.

8. Kanban:

Kanban is a visual system for managing work through a process. The goal of Kanban is to identify potential problems in your process and fix them so that work process can be smooth without any bottlenecks.

This is also helps in saving money as it helps in recognizing the problem at an initial stage.

9. The 5 Whys:

Using the 5 Whys technique helps you get close to the root cause of the problem. It’s a simple and a powerful technique.

This technique is particularly useful for startups, as it helps them to find the optimal time and speed for making improvements to the detected problems.

10. Minimum viable product:

A Minimum viable product is a product with just enough features to cater to needs of the early customers and this will help in providing feedback for future product development.

These were some important points about lean startup. Hope you liked it. ☺

Top 10 Reasons Why Startups Fail and How to Avoid Them

by Srivatsa SSeptember 13, 2019September 28, 2019Business Ideas / Funding / Mistakes / PlanningLeave a Comment

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. ☺

Tagged : failure / mistakes / startup / startup fail