August 7, 2022
Especially in the pandemic era, startups have gotten a lot more attention than ever. The number of startups in India is rapidly increasing, and more support is now available in all areas, thanks to Shark Tank India being telecasted on Sony which mainly focused on revolutionizing the Indian Startup ecosystem.
But the question is- Why is it so tough to start and grow a business in India? Despite having 1.3 billion people and a voracious appetite for consumption and demand, the country still struggles to develop a successful business. Let's understand this.
Corruption- Yes, you will know someone or the other who greases their hand to get something done in their lifetime. This loop keeps on going so massively that it is actually wreaking havoc on our country's economy, along with extremism, poverty, education, and healthcare, to name a few.
Access to finance: To start or build a business, every company requires capital. Although the startup ecosystem has developed and grown in tandem with government programs such as mudra, sidbi, and stand up India loans, access to financing remains uncertain, especially for those living in rural areas with limited access to organized financial institutions.
Lack of innovation- 77 percent of venture capitalists believe Indian businesses lack originality or innovative business strategies, according to a poll. According to a survey done by the IBM Institute for Business Value, 91 percent of startups fail during the first five years, with lack of innovation being the most common cause.
Although India is said to have the world's third-largest startup environment, it lacks meta-level companies such as Google, Facebook, and Twitter. Indian startups are also noted for copying global startup models rather than developing their own.
Product Market Fit- A majority of startups fail for one simple reason: their products aren't needed by their customers.
Is your product beneficial to customers? Are there people who want to buy your product?
Is your product in line with the cutting-edge ideas that your firm was created for? A lot of times, entrepreneurs strive to produce goods quickly that don't have a market or try to increase the market for a product that doesn't have one.
Business model failure- Many entrepreneurs believe that having a decent product, an impressive website, and a large advertising budget will be enough to attract clients and business. They overlook the fact that customer acquisition and retention are expensive, and that the startup requires a fail-safe business strategy to survive and profit.
Taking care of your startup's shortcomings and difficulties can only help you progress.
August 7, 2022
Startups and SMEs are the groundwork on which the government's Atma Nirbhar mission and Make In India vision will prosper - creating more jobs, increasing exports, raising the standard of life for millions of Indians, and strengthening India's worldwide position.
India is one of the fastest-growing startup ecosystems in the world, particularly for IT startups. Last year, venture capitalists invested a record-breaking $48 billion on Indian businesses and expansion plans.
The Indian government expects MSMEs’ contribution to GDP to reach 50% by 2024, up from the present 29%, and to employ 15 crore Indians, up from the current 11 crore. This is why the Ministry of Micro, Small, and Medium Enterprises has created many government initiatives aimed at providing additional resources and a platform for stimulating more growth for startups and small enterprises.
The SAMRIDH initiative aims to provide money to entrepreneurs as well as assistance in bringing together skill sets that will help them grow successfully. In the coming three years, the newly formed SAMRIDH initiative wants to focus on the acceleration of roughly 300 start-ups by providing them with client connections, investor connections, and other prospects for overseas expansion.
Startup India Seed Fund
Prime Minister Narendra Modi approved the establishment of the INR 1,000 crore 'Startup India Seed Fund' on January 16, 2021, to assist startups and foster ideas from young entrepreneurs. PM Modi stated that the government is taking significant steps to ensure that Indian startups do not encounter funding constraints.
The reserved fund for the Startup India Seed Fund initiative, as per the Union Budget of 2022 is Rs 283.5 crore, which is higher than the revised estimate of around Rs 100 crore for the year 2021-22.
Pradhan Mantri Mudra Yojana
PM Modi announced the Pradhan Mantri Mudra Yojana, under which MUDRA Banks provide low-interest loans to microfinance institutions and non-banking financial institutions, which in turn provide low-interest loans to startups and MSMEs. As a result, the Pradhan Mantri Mudra Yojana is a one-of-a-kind fund of funds designed to encourage Indian businesses. The MUDRA initiative allows for loans of up to Rs 10 lakh.
Startup India Initiative
In 2016, India's Prime Minister established the Startup India Initiative, which aims to enhance wealth and employability by fostering entrepreneurial spirit. Under this plan, the government provides tax benefits to startups, and over 50,000 firms have been recognised in a little more than five years. This effort is being maintained by the Department of Industrial Policy and Promotion, and it is being treated as a long-term project. In addition, the age limit for startups has been raised from two to seven years. Furthermore, the age limit for biotechnology companies is ten years from the date of establishment. It is one of the best government-sponsored startup programmes for entrepreneurs because it offers a number of benefits.
India Water Pitch-Pilot-Scale Startup Challenge
On March 12, 2022, Union Minister Hardeep Singh Puri announced a startup challenge in which selected Indian startups will receive a grant of Rs 20 lakhs, as well as support and mentorship from the Ministry Of Housing And Urban Affairs, whose brainchild is this startup challenge, which aims to empower as many as 100 startups in the water sector.
August 7, 2022
From a borrowed capital of Rs 80 to Rs 1500 crores in annual revenue, this is the success story of women empowerment.
Across every state in India, this product is a household name. However, while most of us have had the classic retreat at least once in our lives, few are aware of the inspirational success story behind the fantastic business, which was founded by seven ladies on their rooftop with a meagre investment of Rs 80 borrowed for the original raw material. It was churning out a whopping Rs 1,600 crore turnover in 2019, co-owned by 45,000 women (2021) who create 4.8 million papads per day, sixty years later.
The women began with four packs on the first day and sold over Rs 6,000 worth of papads in the first year. After winning a cash prize contest, the brand name 'Lijjat' was selected in 1962. At the time, the turnover was approaching Rs 2 lakh.
Lijjat came up with a unique women empowerment model whereby any woman who wanted a source of income could become a member and start earning money by rolling a papad or helping out with the kneading of dough, packing or quality control function.
Women could take the dough home, roll it into papads in their leisure time and return it the next day after collecting their payment.
Lijjat accepted all its working members as owners and every member had an equal share in the profit and loss of their branch. All women who worked for Lijjat were fondly referred to as “Lijjat sisters”
They gradually developed from a few hundred to thousands of women who produced the goods and earned a share of the profits. The brand grew over a six-decade period, propelled by regional media coverage, to empower over 42,000 women by 2002, and 45,000 by 2021.
The company has 82 locations and exports to nations such as the United States and Singapore. After serving over the years with the tremendous success with their papads, Lijjat began producing other products in the 1970s like Khakhra, masala, vadi, wheat atta and bakery products. It also set up flour mills, printing division and polypropylene packing division. It also produces other items such as detergent soap and rotis.
Men are only hired as drivers, store assistants, and helpers by the organisation. The framework is set up in such a way that the persons who roll the papads learn to control it. Their president, Swati Ravindra Paradkar, is a second-generation co-owner who began rolling papads with her mother at the age of ten after the death of her father. She remarked last year, "Some of our ladies make more than their husbands — and their families respect them for it."
Out of this strong belief in quality delivered at an affordable price comes an act of ignoring competitors. Lots of companies selling papads have come and gone. It doesn’t consider them, it only does its own thing, not taking into consideration what the competition is doing.
What we can learn from this amazing story of Lijjat Papad is that if your product quality is good, consumers will buy. Its quality does not differ whether it is for exports or for the local market. There is just one quality. And that’s good quality. Again and again and again!
These powerful women taught us one lesson- To push the boundaries, even when they push back. And we are more powerful when we empower each other. Being a good ally, friend, co-worker or leader means empowering those around you….
August 7, 2022
The popularity of online media has not occurred overnight or simply as a result of the Covid 19 pandemic. OTT, or Over-The-Top media platforms, are now almost the only way to discover new shows online. Since viewers can access these platforms on the move, OTT platforms have become so popular. Furthermore, OTT platforms also replace traditional entertainment venues such as cinema halls.
OTT consumption in India has grown from 181 billion minutes in 2011 to 204 billion minutes in 2021, according to the estimated size of the market. The fact that OTT is taking over is not in dispute.
As much as Netflix is the king of the west, Disney + Hotstar is the real beast in India,
● Disney+ Hotstar has 43 million subscribers, making it the largest OTT provider in India. Netflix has 5 million subscribers, and Amazon Prime has 17 million customers.
● Hotstar is the leading OTT provider, accounting for 29 per cent of total viewership. In 2020, the platform earned around 16 billion Indian rupees.
● 85 per cent of Indian customers will have access to the Internet by 2023.
India will have tremendous growth in OTT subscribers by 2023. Currently, there are 350 million users, but it is expected to reach 500 million users soon.
From Ramanand Sagar's Ramayana (1987) to Mirzapur (2021) there has been a substantial change in the quality and quantity of content that is consumed by viewers.
August 7, 2022
As an entrepreneur, I strongly believe that books contain eternal wisdom that can be revisited all the time. When I re-read a book, I always discover something new that I had missed before. I have obtained practical advice and examples from these books that have helped me through my entrepreneurial path. I will share some of my favourite books that have been beneficial to me in both my professional and personal lives.
1. Robert Kiyosaki’s Rich Dad Poor Dad
One of the most popular personal finance books of all time. Kiyosaki tells the story of growing up with two father figures - his own and his close friend's "rich dad." In his book, Kiyosaki explains how each of these men influenced his thinking about money and investing. He exposes the common financial misconceptions that keep people from reaching their income potential. In addition to sharing his journey, he also shows a powerful method to make your money work for you.
2. The Hard Thing About Hard Things by Ben Horowitz,
One of Silicon Valley's most experienced and respected entrepreneurs, Ben Horowitz, draws upon his own experience founding, running, selling, buying, managing, and investing in technology companies to offer essential advice and practical wisdom for navigating the toughest challenges that business schools don't cover. Horowitz's book provides essential advice for any business leader, written in his signature no-nonsense style with some references to his rap fandom. Beginners and veterans will both find this book helpful, but it is especially recommended for those facing challenging obstacles during tough times.
3. Start with Why by Simon Sinek
Entrepreneurs face the challenge of finding and sustaining the inspiration that moves others. During his mission to discover what makes some organizations innovative and influential, Simon Sinek has been looking for ways to help you be more inspired at work. In Start with Why, Simonek explores the ways that leaders such as Martin Luther King Jr. and Steve Jobs found success by connecting with their "why." He develops a framework that you can use to create a company that inspires others.
4. How to win friends and influence people
By changing your own behavior, you can change the behavior of others. By learning these principles, you can better understand people, become a more likable person, improve your relationships, win others over, and influence behavior.
5. Good to Great
Good to Great was inspired by Jim Collins' quest to understand why some businesses last and others do not.” He assembled a team of experts to study successful companies that have lasted over 15 years. It's well-researched and well-written and offers practical advice for creating a thriving business. Collins outlines the facets of greatness in his book "Level 5 Leaders" and "A Culture of Discipline".
The mentioned list is an excellent place to start sharpening your business skills. Additionally, there are a variety of insightful business books that can help you learn more about any topic that interests you. This list includes some of my favourites.
You can tell me more about the books you like or want to recommend!