Tuesday, 17 October 2017

How to Manage your Team in New StartUp with 5 Easy Steps

Employees are the most valuable asset of any organisation. It is necessary to have a strong team and a determined leader for any organisation, whether it is the startup or renowned business. Any simple idea can be accomplished a goal if the team has proper co-ordination and tactics otherwise ideas will remain but a theory. Here are some strategies how you can manage your team in a right way in a startup.
team work

1) Find partners with enough resources 


Partners with enough resources and who can make a long-term commitment is the fundamental key for any startups. It is hard to maintain your business without daily expenses and arrange the overhead costs and operating expenses in the beginning of any startup. 


So, make a partnership with the people who have enough resources to cover costs. Therefore, you don't have to bring outside investors up front in the very beginning.

2) Hiring skill based employees and those who have worked with startups before


It is always better to hire the individuals who have startup experience in past. They can make grow a business rapidly by using effective and budgeted marketing techniques like SEO and social media. They know how to work with big budgets and big brands.In a startup, every employee should count and hire patiently. Don’t only rely on educational qualifications while shortlisting the candidates for the startup but also count their past experience.


In any startup, a good hire is when the candidate is willing to take on additional work and duties with other employees.


3) Training is important


Excellence is an art won by training and habituation.Training is the important aspect although you have an experienced team. If you want to handle any project in a decided way, then you have to show your team how to do it. Train your team by giving illustrations, explanation and put in the groundwork. 


Show them by demonstrating how to do a particular task. Once your team got the standard of excellence you want, they will ensure to complete your satisfaction.

4) Integrate people having marketing and sales experience 


First, there is always a group of technical or business mind together, they create a startup, and start bringing other functional areas together. In starting, you don't need or even have people on your team who are taking products to the market and sell them to give you money. 


What’ll happen, as a result, entrepreneurs wind up all their funding by losing on products that nobody wants to buy.According to studies, bringing marketing and selling team during the development phase with consumer-facing sensibilities, can save you from stress, save a lot of time and fundraising down the line.

5) Learn to assign the work


As an entrepreneur, it can be difficult to delegate important duties and tasks to your employees but you need to start assigning to other team members as your company grows. Another important factor is to delegate the ownership of a whole project completely. 


It will create confusion if you hold on to some of the work as you can’t decide at the end who is responsible for what. Team members work harder when they feel that they have full ownership of a certain project.

Monday, 16 October 2017

5 Mistakes To Avoid in New Startup

The statistics are grim that every entrepreneur knows very well. There are many factors that are responsible for failed startups. However, if we know the missed out factors or those mistakes that we can stop at the earlier stage, there are chances that we can see most of the startups at the success level. Mistakes make man perfect and so does business. 

5 Mistakes To Avoid in New Startup

startup mistakes
Some mistakes are inevitable that you cannot escape from making them.Entrepreneurship and mistakes are inextricably intertwined. So that, in startup success, the lesser the mistakes, the more success you likely to get. Here, we have listed top 5 mistakes that most of the startups face but don’t realise the amount of loss they will make. So try to avoid them.

1) Less Focus on Market Research


Many startups begin with a great product research but fail to research the market condition. Before launching, get to know your market, listen to customer feedback, and create a plan so your product reaches to the right audience efficiently.


2) Focusing on making lots of money


Do not set your goal for making money. You will fail in startup if your primary goal is to make millions in a year. First, decide what your mission is. The money will automatically come if your mission is to create the best business or make the best possible product.


3) Getting the Wrong Hiring Process


Wrong hiring process includes hiring too late, hiring too early, or hiring the wrong people. It is indeed difficult to find the right people at the first interview round because everyone instantly becomes a right man for the job. Every hired person should know the purpose and vision behind your startup. But many times those people do not understand the vision behind your startupand it can be very destructive. Do not hurry while hiring the employees. 


4) Launch without Marketing Budget


In starting, you don't need the people who are taking products to the market and sell them to give you money. You are intended to spend all your capital on manufacturing and other processes without setting aside the fund to promote the business. As a result, entrepreneurs are lack of funding for marketing and advertising. Ultimately, they wind up the whole business by losing on products that nobody wants to buy. 


There is no free lunch in this world. So, you cannot rely on mouth publicity or free media advertisement that will ready to listen to your story. Your story must be worth being advertised. 


5)Negative Business Relationships


Every entrepreneur is a positive thinker and that’s why he becomes what he is. Positive thinking makes them open to take the risks. However, the most positive entrepreneurs also can be discouraged at some stages. Get rid of from those people around you who oftentimes remind you the rates of startup failure. If this is happening with you, you are with the wrong crowd. These people could be your business colleagues, close friends, family members, friends, etc. Stay away from such negative people and make your think-tank full of positivity.

Sunday, 15 October 2017

Some Easy ways to Find Funding for your Start Up Idea

Nobody is going to throw money at you just because you’re having the excellent and new business idea. It is a tough task to get the funding on the initial stage of business. However, it doesn’t mean that entrepreneurs never get funds for startups. There are many creative options available for starting a business you probably not find while buying a home, car, or other consumer items. Here are some easy ways to find funding for your startup.
Funding

 

1) Funding your startup by yourself

Startups cost almost all-time low funding these days. More than 80 percent of startups are self-funded or you can call it bootstrapping. However, it may take a little longer time to save money but the advantage is that your business is yours only. You don’t have to give up control or equity.

2) Ask friends and family for your need

 

At early-stage startups, asking to friends and family for your need is the primary source of funding from non-personal funds. Professional investors always expect that you have already committed to showing your credibility from this source. Don’t expect outsiders to jump to into your idea if your family and friends don’t believe in you.

3) Start a crowd-funding campaign

Crowd-funding is the newest source of funding, where you can run an online campaign for your startup which includespre-buying of the product and later delivery, here one can qualify for a reward or give donations. Ask potential customers to fund your new idea and in exchange, you can provide signup discount to the customers at a discount, offers for early birdsor give exclusive support.

Selling products before you launch them in a market is one of the highly effective ways to raise the fund for your business. Find potential business customers who can value your idea and willing to give you an advance before you launch your development. 

4) Get the financed office equipment

We can call it vendor funding or financing. Tangible assets are more beneficial than cash advance or loan. Now is a trend, where many manufacturers can be convinced to defer the payment until the goods are sold. There are many equipment finance firms that can offer up to 100% financing on startup needs.This valuable capital can be used for marketing expenses and payroll.

5) Get Angel Investors

Angel investors are those people who have surplus cash and want to invest in upcoming startups.They also offer mentoring or advice along with capital investment. Many startups like Yahoo, Google and Alibaba are the results of Angel investors (i.e softbank). However, they prefer to take higher returns for those lesser amount investments.

6) Startup Capital that offered by Government Programs

Toenhance startups in India, the Government of India has raised more than 10,000 Crore Fund in the budget 2014-15. 

SIDBI (Small Industries Development Bank of India) offers loans to MSME sector.‘Pradhan Mantri Micro Units Development and Refinance Agency Limited (MUDRA)’also starts to give benefits to around 10 lakhs SMEs. You only need to submit a business plan and once the plan approved, you will get the loan sanctioned. 

There are other different programs for different states of India such as Kerala State Self Entrepreneur Development Mission (KSSEDM), Rajasthan Startup Fest, Maharashtra Centre for Entrepreneurship Development, etc.

7) Startup funding through Bank Loans:-

Generally, banks are the first place entrepreneurs go when planning about funding.

The banks provide two types of financing for businesses namely - working capital loan and funding. Working Capital loan is the loan given to revenue generating operations where the loan limit is pre-decided. Funding from the bank, one can get by involving the bank into the usual process of sharing the business plan, project report, and valuation details. Most of the Indian banks offer SME finance through their various schemes.

Saturday, 14 October 2017

Top 5 Best Books for Start-up Founder 2017

You become what you read.  Sometimes books can solve your many problems either in business or life. By just reading the experiences on the pages, it may help you in the practical life too. If your ultimate goal is to build a successful company, you might have to start with the following top 5 best books for startup.
Best Books for Start-up

1. The Lean Startup

The lean startup is a book by Eric Ries. The whole book is the experiences of Ries himself. The content of the book says that startups can organize the things in a much better way. Start-up organization has to start from the low and reach at the top to become an example. It is an experiment. This book is highly recommended by Josh Avnery who is a co-founder of Wise Stamp and many other entrepreneurs.

2. The Hard Thing About Hard Things

The Hard Thing about Hard Things is a book by Ben Horowitz. The book is all about Ben Horowitz’s journey to success. He has shared all the details of his struggling while setting up. The book is helpful to separate from perception. There are two main lessons one can learn from this book, one is “there are no short-cuts to knowledge” and the second one to the understanding of facts that are separate from the perceptions”. Horowitz’s profound insights make this book such a readable which takes us to build a successful startup with tremendous flair.

3. Zero to One

Zero to One is a book by Peter Thiel with Blake Masters. This book is kind of a course about startups that an author taught in 2012 at Stanford. Zero to One is the notes of Blake Masters who was a student. To get the wider audience, he decided to turn the notes into a book. Even Mark Zuckerberg and Elon Musk have recommended Zero to One for the entrepreneurs. It will surely challenge the way you think about the matters and help you to forward for your startup.

4. The Innovator's Dilemma

"The Innovator's Dilemma" is a book by Clayton Christensen, one of the best seller books. Clayton Christensen interestingly demonstrates how successful companies can do everything still lose market leadership when unexpected startup competitors enter the market and take over.

There are two key parts in a dilemma, one is Value to innovation is an S-Curve and second is Incumbent sized deals. After the release of this book, Christensen received the “Global Business Book Award” for two books namely - The Innovator’s Dilemma and The Economist. His books are one of the six most important books about business.

5. Business Adventures

"Business Adventures" is a collection of New Yorker stories, written by John Brooks. This is one of the favorite business books of Bill Gates'. Warren Buffett has recommended this book for its evergreen lessons to him in 1991.

Business Adventures contains 12 critical moments in American industry, which includes the rise of Piggly Wiggly and Xerox, along with the Ford Edsel fiasco and GE. It also detailed Texas Gulf Sulphur scandals. "'Business Adventures' is about the strengths and weaknesses of leaders while surrounded by challenging circumstances.

Friday, 13 October 2017

Ola Cabs Confirms funding of $1.1B - All Set to Beat Uber

Ola is present in 110 cities across India. The company was founded by Ankit Bhati and Bhavish Aggarwal in January 2011. Ola was entered in the market in 2011 with a market share of only 5-6% till the year 2012-13 which was increased to 61-62% in the year 2015-16 taking the lead in September 2014. 

Ola Cabs Confirms funding of $1.1B

Ola Cabs
Recently Ola confirmed that it raised $1.1 billion led by Tencent Holdings Limited, with existing investor SoftBank, and US-based new financial investors in the latest funding round.

In one official statement, the Ola also revealed that they are in advanced talks with other investors to close an additional $1 billion as a part of the current financing round, to the total fundraising to over US$2 billion. 


In the Indian market, Ola will use the fresh capital for making investments in technology, supply, and innovations. The company will help in building the mobility needs and transportation modes easy in India. Ola will also come up and invest in the latest technologies like Machine Learning capabilities and Artificial Intelligence. Also, it intends to serve the majority of Indian classes who are looking for reliable and affordable transportation and commute modes.
In India, Ola is currently present in 110 cities with more than 14 transportation categories like cars, auto-rickshaws, and bikes.

Ola v/s Other Competitors in India

On the first place, Uber is giving a tough rival competition to Ola in India despite reasons like the bad workplace, driver’s misbehaviour, privacy issues, or sexist ads. In financial terms, Uber infused Rs 51.64 crore in May this year into various operations in India.

Ola was entered in the market in 2011 with a market share of only 5-6% till the year 2012-13 which was increased to 61-62% in the year 2015-16 taking the lead in September 2014. In January 2015, Ola’s growth was about 75% compared to June 2012. 


If we compare the market position of Ola and Uber, Ola’s market share was increased marginally by 2-3%, for the six month period up to September 2015. On the other hand, Uber’s market share was increased by about 22% in the same period. Ola’s market started to decline after Uber’s entry in 2013. Meanwhile, other international players are also looking at India to capture the market.


Apart from the close competitor Uber, some other players are also set to enter in the space of cab aggregation business and ride-hailing. For example, Mahindra & Mahindra Ltd intends to enter with urban electric taxis for city ride-hailing and cab business in the near future.

Press-note from the Co-founder and CEO:

Co-founder and CEO of Ola, Bhavish Aggarwal quoted in a press note - saying,
“The transportation industries are seeing huge changes internationally. Our ambition is to build an internationally competitive and futuristic transportation system in India to accelerate a nation on the move.”

Press-note from President of Tencent Holdings:

President of Tencent Holdings, Martin Lau said, “Ola’s unique local offerings are tailored to India’s huge transportation and mobility needs. The partnership with Ola makes it possible for Tencent Holdings to be the part of the fast-growing ride-hailing opportunities in India. We look forward to helping Ola for India’s transportation solutions.”