tag:blogger.com,1999:blog-47735641177460341302024-09-10T00:59:12.516+05:30Discuss issues relating to entrepreneurship, starting and building your own business in India.Unknownnoreply@blogger.comBlogger27125tag:blogger.com,1999:blog-4773564117746034130.post-75369801845665084892007-12-20T11:47:00.000+05:302007-12-20T12:11:44.183+05:30

Today's ET carries a piece by Sudeshna Sen titled "Rita Sharma: England's richest Asian woman entrepreneur", profiling England's richest Asian woman entrepreneur.It's refreshing to read a name that hasn't been splashed all over the papers, and although there is less said about Rita's journey to building a successful travel agency and picking up the Entrepreneur of the Year award to boot, than

Unknownnoreply@blogger.com68tag:blogger.com,1999:blog-4773564117746034130.post-61047224741505545852007-12-13T15:55:00.000+05:302007-12-13T15:58:32.638+05:30

If there’s one worry that dogs business owners, it’s the problem of having to raise prices. Inflation is part of every business’ reality, and sooner or later you will have to up prices in order to keep the margins. But as long as customers see value in your product or service, raising prices is not going to sound a death knell for your business.Here are some tips on how you can increase prices

Unknownnoreply@blogger.com24tag:blogger.com,1999:blog-4773564117746034130.post-40737632343375109432007-12-05T16:31:00.000+05:302007-12-05T16:32:52.259+05:30

Most business persons will acknowledge that they owe a lot of their success to their employees. Human resources are among the foremost and most expensive resources, and are notoriously hard to build and nurture. While ballooning wages are always under the accountant’s scanner, a business cannot afford to compromise certain positions which require specialized skills and experience. This is where

Unknownnoreply@blogger.com25tag:blogger.com,1999:blog-4773564117746034130.post-81181350683662217652007-11-30T17:42:00.000+05:302007-11-30T17:45:25.255+05:30

Managing the business cycle is one of the biggest challenges that entrepreneurs can face. And there is no escaping it.Given the globalized nature of business, events in far shores can make a big impact on your business, let alone the more predictable seasonal variations. The recent sub prime crisis in the United States is an example.Not being prepared to withstand such vagaries could well mean

Unknownnoreply@blogger.com7tag:blogger.com,1999:blog-4773564117746034130.post-41712394330731894922007-11-26T10:10:00.000+05:302007-11-26T10:43:23.878+05:30

Business Standard reports that the draft Companies Bill 2007 has proposed a new entity called one-person company (OPC) that will be a private limited type of entity for an individual promoter. Currently, many individuals conduct business through proprietorship or partnership entities - both these forms have simpler compliance requirements but pose unlimited liabilities on the promoter(s). The OPC

Unknownnoreply@blogger.com3tag:blogger.com,1999:blog-4773564117746034130.post-24418750327433779122007-11-23T13:46:00.000+05:302007-11-23T13:50:54.889+05:30

Starting a new business in India costs a bit as it is, without taking into account the resources needed to market it. So what is it that you, as a small business owner, can do to get the word out about your services, without burning a hole in your pocket?Although it may seem improbable, there are indeed a number of low cost ways to market your product or service. Here’s our top 10 list.Leverage

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-28315744198824911062007-11-17T13:50:00.000+05:302007-11-17T13:51:39.544+05:30

While taking up a franchise may give you a head start on many counts as compared to building a business from scratch, when it comes to financing, you’re faced with the same challenges you would with any start-up. Seeking the help of the franchisor at the outset can open a few doors and ease the pain considerably.Be prepared to spend as soon as you decide to buy a franchise. At the outset, you may

Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-4773564117746034130.post-60949903568702451012007-11-12T17:55:00.000+05:302007-11-12T17:59:18.762+05:30

The face of business has changed unrecognizably in recent years. No longer are businesses for life; indeed most entrepreneurs are looking to make a killing by selling out. Thus, securing a good valuation is hugely important, and a good number can come in handy even when one is not planning to divest.If you’re looking at selling your business, the paramount question is what you can hope to get for

Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-4773564117746034130.post-23914161617074636392007-11-08T10:33:00.000+05:302007-11-08T10:39:39.050+05:30

It’s the festive season and a busy time for most business owners in India. Retail stores are wearing a new look in a bid to attract customers. If your business has an online storefront, it’s the right time to ensure that it’s squeaky clean, shining and a place that visitors will want to buy at.Just as a brightly lit department store entices passers-by to step in, your online storefront should

Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-4773564117746034130.post-64105998276351823302007-11-07T14:52:00.000+05:302007-11-07T14:54:23.092+05:30

Budgeting is not just an art, it is a learning process in itself. A well made budget is critical to the survival of any business. It tracks the flow of finances and provides insight into those areas where there is excessive expenditure, thereby allowing an opportunity to make corrections.A small business can make budgets at different levels – one for the business as a whole, or for special

Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-4773564117746034130.post-48063896394889915372007-11-06T10:43:00.000+05:302007-11-06T10:45:14.124+05:30

When you start a new business, you would be mostly advised to venture into a field that you either understand or are passionate about. If you are looking to grow an existing business, you might diversify into a related area. But sometimes, business owners plunge headlong into a totally new field by buying a franchise. If you wish to follow suit, choose the opportunity with care, since they’re

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-87374906897501457812007-10-31T13:01:00.000+05:302007-10-31T13:02:23.839+05:30

Time management is one of the biggest challenges that a small business owner faces, day in, day out. While there will never be enough time to complete everything on your list to perfection, some simple time management techniques can help you squeeze a fair bit more into your day.Time is, beyond doubt, among our most valuable resources. And for businesses in India, keeping to a schedule can be

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-48925444297529957382007-10-27T14:15:00.000+05:302007-10-27T14:17:46.861+05:30

A very large number of startup businesses in India owe their initial success to personal contacts. But the list of acquaintances is usually short, and that is why business networking is so vital to sustaining the future growth of any business. But networking can only bring rewards when one believes in giving, even more than taking.Business networking is the art of building relationships for

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-76957085391600447032007-10-25T13:16:00.000+05:302007-10-25T13:19:38.505+05:30

NR Narayana Murty has acquired legendary status not only for spearheading a group that turned a startup business into a $4 billion colossus in 25 years, but also for the ethics that he and Infosys stand for.He will receive the ET Lifetime Achievement Award for corporate excellence in a couple of day’s time. In an interview to the paper he talks about his unique recipe for success (see excerpt

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-38226060525476537082007-10-24T13:49:00.000+05:302007-10-24T13:53:14.600+05:30

Choosing the right name for your business is both important and tricky. A name must be such that it prompts recall of your business; it must also be “right” from the legal point of view to avoid trademark skirmishes.If you are starting a new business by setting up a company in India, the registration procedure with the Registrar of Companies (ROC) will begin with a name search. You will have to

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-83880478522014028252007-10-22T12:03:00.000+05:302007-10-22T12:05:19.501+05:30

Given the wave that the economy has ridden in recent years, a number of people who start a business in India don’t stop at just one. Whether it is a matter of balancing the business portfolio by having multiple ventures, trying to make a quick profit in a rising sector or merely succumbing to the urge, serial entrepreneurship is here to stay. However, serial entrepreneurs must remember that it is

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-61389987500008191722007-10-21T11:02:00.000+05:302007-10-21T11:04:19.854+05:30

In an earlier post we discussed the challenges faced by someone entering a family business. We explore this further by talking about how to inherit a business successfully.Family businesses are not new to India. Indeed, our earliest business conglomerates were built and continue to be managed by family members. When a new generation steps into the older one’s shoes, it is very likely to create

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-69472464421343319412007-10-19T14:46:00.000+05:302007-10-19T14:49:45.338+05:30

From big companies to start-ups, a number of businesses in India are still family owned. Having family members work with you can be a huge advantage; on the flip side, you have to handle the dual nature of the relationship with greater care. The key to success in running a family business smoothly is to maintain objectivity, professionalism and adhere to the system as far as possible.If you are

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-48253590875480781812007-10-17T10:38:00.000+05:302007-10-17T10:42:16.934+05:30

Horror stories about the treatment meted out by Debt Recovery Agents to loan defaulters have been in the papers recently. While banks and financing institutions have a mechanism in place (regardless of the flaws) to recover their dues, what can a small business owner do when faced with a similar situation?Managing collections can be a tough ask in India. New businesses or small time traders,

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-62821759254169558012007-10-16T14:52:00.000+05:302007-10-19T14:50:49.352+05:30

In a post last week we spoke about how institutions were taking initiative to develop the skills of small entrepreneurs. Now, ICICI Bank has announced that they will fund start-ups in specific sectors that offer employment opportunities to the poor and rural communities, through the Institute of Financial Management and Research, also promoted by the Bank.About 14 sectors including rural

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-87037294230479035272007-10-15T19:23:00.000+05:302007-10-21T10:01:55.899+05:30

What is the first thing to be done to start a business in India? What are the key issues that must be addressed before others? Here’s our top 10 compilation.Make a business plan. It will change many times, but you need to start somewhere.Follow that up with a detailed marketing plan for your product or service.Employ the services of a chartered accountant(s). They will help you get through the

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-33080580222384200302007-10-15T18:43:00.000+05:302007-10-15T18:47:51.375+05:30

If your small business depends a lot upon the volume of traffic on your website, you will need it popularized. Website positioning helps drive a steady stream of targeted traffic to your site, and what’s more, it is highly cost effective. What are the strategies that can help position your website really up there in the minds of target customers?Use specific media. Keep the target audience in

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-5004157891910164612007-10-08T19:36:00.000+05:302007-10-08T20:02:28.106+05:30

When starting a business, obviously one of the prime concerns is how to sustain funding. The entrepreneur or promoter group will have to bring in capital to the start up business, and quite often, in the case of small business owners this money comes from personal resources.Under a private limited structure, promoters may borrow from close family members, but not from the general public.

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-78154861317005453432007-10-06T11:10:00.000+05:302007-10-19T14:52:49.966+05:30

A recent article in a business newspaper brought to mind a question someone asked us once – “Does India have a culture of entrepreneurship?”The immediate reaction may be to say “No” as we compare our environment with the American model of fostering enterprise building. But bureaucratic hurdles and salary earning mindset (read compulsion) apart, we think the question merits a second thought. And

Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-4773564117746034130.post-63544423397599643062007-10-04T14:44:00.000+05:302007-10-21T10:00:03.874+05:30

Since starting a business in India involves a number of formalities, it is best to be aware of the nature of requirements at the outset.In an earlier post, we discussed the simple sole proprietorship, which can work under certain, limited circumstances. Most of you will want to set up a company.Broadly, you need to the tick off the following big items on your list:Apply for registration (with the

Unknownnoreply@blogger.com116