Small Enterprise August 2019

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Small Enterprise

Educate . Innovate . Grow the Entrepreneurs of INDIA

VOLUME - VII, ISSUE - 6

STARTUP & SME STARS 2019 3rd Annual Awards Special Edition

Cover Story Startup Essentials

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EDITOR’S NOTE

www.smallenterpriseindia.com EDITORIAL TEAM Dojo Jose : Editor-in-Chief editor@smallenterpriseindia.com N Mahesh : Associate Editor Dhanya Menon : Features Editor Vaibhav A : Copy Editor Sandeep Kumar : Sub Editor/ Deputy Editor Babu S : Senior Correspondent Design Parithimal E: Senior Designer SALES & MARKETING Parinitha Prathap Head – Sales & Sponsorship parinitha@aspiremediaindia.com

Dear Readers, Hope this finds you well. In this issue, we bring you the quintessential topic “Startup Essentials” which explores various fundamental aspects of launching a startup. For a budding entrepreneur, taking a plunge into the turbulent sea of possibilities and struggles involved in setting up a business can be daunting. There are myriad of processes and tasks that need to be planned and executed before the actual launch, and through this issue we have made a sincere attempt to decode the drill for our readers. We have covered a variety of topics such as tips for startup success, business planning, funding, brand awareness, choosing office space, team building, technology for startups and much more. The objective behind these articles is to provide a coherent direction to those who are perplexed about where to begin and help them achieve clarity in their planning process.

The Spotlight story in this issue is about facing failures in Entrepreneurship. One thing failure gives you is a picture of the other side of trying. As you're getting ready to make your move, that unknown looms large. Once you've failed, as long as you're still standing on both feet, you're better off knowing that what hasn't killed you has only made you stronger. Every successful business story starts out with failing. In doing so, you're in good company.

The magazine also covers the 3rd annual Small Enterprise Business Awards and The AEONIAN 2019 event which was held on 29 and 30 May 2019 at St. John’s Auditorium, Bengaluru.

We hope that this issue will clear many of your doubts and help you lay the foundation of your dream business in a more organised way.

Raheel Mohammed advertise@smallenterpriseindia.com MANAGEMENT Dojo Jose : Publisher & CEO dojo@aspiremediaindia.com Dr.K.J. John : Managing Director ADMIN Jithu Ashok Kumar Manager Operations, HR and Admin Madhuri H.R - Administration Coordinator FINANCE Balraj M.S : Finance Manager CONTRIBUTORS Archana : Mumbai Harpreet Kaur : Mumbai Mamta Sharma : Ahmedabad Gagneet Singh : Mohali Itishree S : Hyderabad Jill Shah L: Ahemedabad Nidhi Arora : New Delhi Nidhi Vats : Gurgoan Priya Ravindran : Bangalore R.Sundararajan : Coimbatore Rajesh Kumar : Kolkatta Rekshma A : Chennai Smitha Venkiteswaran : Goa Viraj Desai : Delhi Abha Chopra : Delhi Shalini Jyothi : New Delhi Priyanka Bhowmick : Guwahati COLUMNISTS Smitha Hari : Mumbai Akshatha Sajumon : Bengaluru Rashida Khilawala : Ahemedabad Chackochen Mathai : Chennai MAGAZINE SUBSCRIPTIONS To subscribe to Small Enterprise magazine, please email us at subscribe@smallenterpriseindia.com OR call +91 80 41155725 HOW TO CONTACT US:

Happy reading!

Yours sincerely,

Dojo Jose Editor-in-Chief

Aspire Media Pvt Ltd., 2nd Floor, Vinir Tower, No 6, BTM Layout, 100ft Main Road, Bangalore - 560 068, India.

Tel: +91 80 41155725 Fax: +91 80 41128897 Email: info@smallenterpriseindia.com Web: www.smallenterpriseindia.com Disclaimer: This publication may not be reproduced or transmitted in any form in whole or in part without the written permission of the publishers. The Publishers regret that they cannot accept liability for errors or omissions contained in this issue. The opinions and views expressed within this publication are not necessarily those of the publishers or the editor. The editorial items appearing in this publication are the copyright property of Aspire Media Pvt Ltd. All rights reserved.

VOLUME-VII, ISSUE-6, AUG 2019, PRICE Rs.150/-

06 NEWS

06 PHYGITAL: THE NEW NORM IN SME LENDING | EXPERT EXCERPTS FROM THE EDELWEISS MSME CONCLAVE 08 NATIONAL PRODUCTIVITY SUMMIT 2019 SHOWCASED

09 10

3rd Annual Small Enterprise BusinessAwards

12 SEBA & AEONIAN 2019 30 COVER STORY

30 WHY DO MOST STARTUPS FAILS 34 KEY POINTS YOUE NEED TO KNOW BEFORE STARTING BUSINESS 36 BUSINESS PLAN FOR STARTUPS 38 RESEARCH FOR STARTUPS 42 HOW TO BUILD A PRODUCT THAT PEOPLE WANT 44 A PLAN FOR PROFIT 46 TECHNOLOGY FOR STARTUPS

13 THE AEONIAN 2019 PITCH 16 SMALL ENTERPRISE BUSINESS AWARDS 2019 21 SEBA AND THE AEONIAN EXPO 24 THE AEONIAN 2019 WINNERS LIST 25 SEBA 2019 WINNERS LIST 26 "SPOTLIGHT - FACING FAILURES IN ENTREPRENEURSHIP"

48 THE TEAM REQUIRED FOR STRATUP SUCCESS 52 A STRONG PEER SUPPORT 56 5 GOVT LOANS TO FUND 60 8 TIPS FOR FINDING AN OFFICE SPACE 62 KEY INGREDIENTS FOR A STARTUP SUCCESS 66 SOCIAL MEDIA A BOON FOR STARTUPS 70 MARKETING - 6 STARTEGIES TO INCREASE BRAND AWARENESS

NEWS NORM PHYGITAL: THE N EW N ORM IN SME LEN LENDING DING | EX PERT EXCERPTS FROM THE EDELWEISS MSM E CON CLAVE

Celebrating the the spirit spirit of of entrepreneurship entrepreneurship on on Celebrating the spirit of entrepreneurship on Celebrating International MSME MSME Day, Day, ECL ECL Finance Finance Limited, Limited, part part of of International MSME Day, ECL Finance Limited, part of International Edelweiss Group, Group, one one of of India’s India’s largest largest diversified diversified Edelweiss Group, one of India’s largest diversified Edelweiss financial services, services, recently recently hosted hosted an an expert expert panel panel of of financial services, recently hosted an expert panel of financial eminent industry industry speakers speakers to to share share insights insights and and eminent industry speakers to share insights and eminent expertise on on the the current current business business environment, environment, its its expertise on the current business environment, its expertise challenges and what lay ahead. challenges and what lay ahead. challenges and what lay ahead.

In this this context context and and in in keeping keeping in in line line with with the the UN UN In this context and in keeping in line with the UN In Theme for for #MSMEDDay19, #MSMEDDay19, the the topic topic chosen chosen for for Theme for #MSMEDDay19, the topic chosen for Theme discussion was was “Digitalization “Digitalization ––– Is Is ititit Big Big Money Money for for discussion was “Digitalization Is Big Money for discussion Small Businesses?”.

Businesses?”. The The panel panel discussion discussion covered covered the the Small Businesses?”.

The panel discussion covered the Small following trains of thought – following trains trains of of thought thought –– following Would Digitalization Digitalization help help SMEs SMEs scale scale up up and and earn earn Would Digitalization help SMEs scale up and earn Would revenue in in aaa sustainable sustainable manner manner going going forward? forward? revenue in sustainable manner going forward? revenue Would Digitalization Digitalization help help SMEs SMEs access access credit credit /// Would Digitalization help SMEs access credit Would finance easily easily in in order order to to scale scale up up sustainably? sustainably? finance easily in order to scale up sustainably? finance Or is is Digitalization Digitalization more more of of aaa hype hype and and was was there there Or is Digitalization more of hype and was there Or need to to look look toward toward more more phygital/ phygital/ traditional traditional need to look toward more phygital/ traditional aaa need avenues for for growth growth and and credit? credit? avenues for growth and credit? avenues The event event kicked kicked off off with with aaa keynote keynote address address by by The event kicked off with keynote address by The Rashesh Shah, Chairman and CEO, Edelweiss Group Rashesh Shah, Shah, Chairman Chairman and and CEO, CEO, Edelweiss Edelweiss Group Group Rashesh 06\\\ Small SmallEnterprise Enterprise \\\ Aug Aug2019 2019 06 Small Enterprise Aug 2019 06

in the the presence presence of of Edelweiss’s Edelweiss’s leadership, leadership, clients clients and and in the presence of Edelweiss’s leadership, clients and in partners. partners. partners.

Speaking on on the the occasion, occasion, Mr Mr Rashesh Rashesh Shah Shah said, said, Speaking on the occasion, Mr Rashesh Shah said, Speaking “India’s MSME MSME segment segment is is one one of of the the most most potent potent “India’s MSME segment is one of the most potent “India’s growth engines engines for for the the Indian Indian economy, economy, contributing contributing growth engines for the Indian economy, contributing growth significantly to GDP and playing a vital role in significantly to GDP and playing a vital role in significantly to GDP and playing a vital role in employment generation and overall economic employment generation and overall economic employment generation and overall economic activity. III strongly strongly believe believe that that technology technology has has the the activity. strongly believe that technology has the activity. potential to to and and will will eventually eventually transform transform how how potential to and will eventually transform how potential MSMEs operate operate in in India.

India. Edelweiss Edelweiss has has been been one one of of MSMEs operate in India.

Edelweiss has been one of MSMEs the early early adopters adopters of of technology technology in in the the lending lending the early adopters of technology in the lending the space. We We have have been been at at the the forefront forefront of of testing testing and and space.

We have been at the forefront of testing and space. adopting several digital initiatives which span adopting several digital initiatives which span adopting several digital initiatives which span customer acquisition, acquisition, credit credit decision decision architecture, architecture, customer acquisition, credit decision architecture, customer on-boarding and and customer customer life life cycle cycle management, management, on-boarding and customer life cycle management, on-boarding helping us us stay stay ahead ahead of of the the curve, curve, while while anticipating anticipating helping us stay ahead of the curve, while anticipating helping the future future needs needs of of our our SME SME clients. clients. ItItIt gives gives me me the future needs of our SME clients. gives me the immense pleasure pleasure to to see see our our SME SME partners partners validate validate immense pleasure to see our SME partners validate immense our belief belief in in the the potential potential of of this this emerging emerging sector” sector” our belief in the potential of this emerging sector” our In lieu lieu of of SMEs SMEs focusing focusing on on sustainable sustainable development development In lieu of SMEs focusing on sustainable development In goals and and their their access access to to credit credit for for the the same, same, the the goals and their access to credit for the same, the goals discussion threw threw up up the the following following key key insights insights about about discussion threw up the following key insights about discussion the sector sector and and its its future. future. the sector and its future. the

Historically, India India has has always always been been aaa capital capital /// Historically, India has always been capital Historically, credit starved starved economy. economy. And And in in such such aaa scenario, scenario, credit starved economy.

And in such scenario, credit less than than 50% 50% of of the the credit credit available available in in India, India, has has less than 50% of the credit available in India, has less made its its way way to to the the MSME MSME segment, segment, with with most most of of made its way to the MSME segment, with most of made the credit credit being being given given to to larger larger corporations. corporations. the credit being given to larger corporations. the With the the advent advent of of technological technological advances, advances, With the advent of technological advances, With initiatives like GST and formalization of the the initiatives like GST and formalization of the initiatives like GST and formalization of economy, the working capital needs of MSMEs economy, the working capital needs of MSMEs economy, the working capital needs of MSMEs has increased. increased. At At the the same same time, time, the the credit credit has increased.

At the same time, the credit has available to to them them has has gone gone down. down. This This represents represents available to them has gone down.

This represents available major opportunity opportunity for for banks banks and and NBFCs NBFCs who who major opportunity for banks and NBFCs who aaa major can leverage leverage this this and and create create aaa new new market market that that can leverage this and create new market that can meets this unsatiated demand.

However, just the meets this this unsatiated unsatiated demand. demand. However, However, just just the the meets mere hypothesis of an opportunity is not mere hypothesis of an opportunity is not mere hypothesis of an opportunity is not significant. Adequate Adequate investment investment in in technology, technology, significant.

Adequate investment in technology, significant. people and and in in understanding understanding prevalent prevalent and and future future people and in understanding prevalent and future people needs of of the the sector sector and and customers, customers, is is equally equally needs of the sector and customers, is equally needs significant to to capitalize capitalize on on the the potential potential that that this this significant to capitalize on the potential that this significant opportunity represents represents opportunity represents opportunity

together, which which helps helps meet meet the the unique unique needs needs of of together, which helps meet the unique needs of together, Indian customers customers more more effectively. effectively. India India by by nature nature Indian customers more effectively.

India by nature Indian is an an assisted assisted economy economy and and this this culture culture can’t can’t be be is an assisted economy and this culture can’t be is changed. Hence, Hence, ififif consumers consumers can can be be moved moved from from changed.

Hence, consumers can be moved from changed. physical to to being being assisted assisted and and then then to to being being physical to being assisted and then to being physical digitally savvy savvy digitally savvy digitally

Digitalization is is making making SME SME business business models models and and Digitalization is making SME business models and Digitalization access to to credit credit more more viable. viable. Digitalization Digitalization as as aaa access to credit more viable.

Digitalization as access journey for for SMEs SMEs today today is is inevitable. inevitable. With With the the journey for SMEs today is inevitable.

With the journey efforts of of the the Government Government and and the the introduction introduction of of efforts of the Government and the introduction of efforts the India India stack, stack, this this journey journey will will intensify intensify and and will will the India stack, this journey will intensify and will the lead to to aaa drastic drastic change change in in digital digital transactions transactions lead to drastic change in digital transactions lead over the next 5 years.

Digital disruption such over the next 5 years.

Digital disruption such over the next 5 years. Digital disruption such cloud computing, analytics, machine learning and cloud computing, analytics, machine learning and cloud computing, analytics, machine learning and AI will will help help sustainable sustainable SME SME lending. lending. As As AI will help sustainable SME lending.

As AI compared to to traditional traditional lending lending parameters, parameters, compared to traditional lending parameters, compared access to to data data and and technologies technologies like like cloud cloud access to data and technologies like cloud access computing can can allow allow for for easier easier assimilation assimilation of of computing can allow for easier assimilation of computing data that can be then crunched into meaningful data that that can can be be then then crunched crunched into into meaningful meaningful data insights and and better better customer customer segmentation. segmentation. This This insights and better customer segmentation.

This insights would provide provide aaa more more granular granular and and in-depth in-depth would provide more granular and in-depth would understanding of of aaa customer’s customer’s risk risk profile profile and and understanding of customer’s risk profile and understanding needs more more optimally optimally needs more optimally needs

India also also has has the the highest highest per per capita capita digital digital data data India also has the highest per capita digital data India consumption rate rate globally globally and and Indians Indians are are quick quick consumption rate globally and Indians are quick consumption to adopt adopt to to technology. technology. Thus, Thus, we we can can expect expect the the to adopt to technology.

Thus, we can expect the to physical to to digitally digitally assisted assisted to to completely completely digital digital physical to digitally assisted to completely digital physical journey to to accelerate. accelerate. In In the the current current scenario, scenario, journey to accelerate.

In the current scenario, journey companies should be looking to experiment and companies should should be be looking looking to to experiment experiment and and companies learning from early loss rates, to evolve into learning from early loss rates, to evolve into learning from early loss rates, to evolve into sustainable models models that that may may be be completely completely sustainable models that may be completely sustainable digital over over an an extended extended period. period. These These models models digital over an extended period.

These models digital should also also be be sensitive sensitive to to customer customer data data privacy privacy should also be sensitive to customer data privacy should laws and and yet yet look look at at building building insights insights that that are are laws and yet look at building insights that are laws future centric centric and and adaptable. adaptable. IfIfIf businesses businesses focus focus future centric and adaptable. businesses focus future on customer value, customers will adopt it on customer customer value, value, customers customers will will adopt adopt itit on

India is is phygital phygital journey. journey. In In order order to to serve serve the the India is phygital journey.

In order to serve the India diverse needs of the Indian market, one cannot diverse needs of the Indian market, one cannot diverse needs of the Indian market, one cannot only focus focus on on either either aaa digital digital only only or or physical physical only only only focus on either digital only or physical only only framework. You You need need an an ecosystem ecosystem where where both both framework.

You need an ecosystem where both framework. physical and and digital digital can can work work together. together. Phygital Phygital physical and digital can work together.

Phygital physical frameworks have have an an invisible invisible intermediary intermediary layer layer in in frameworks have an invisible intermediary layer in frameworks between, which which is is the the digitally digitally assisted assisted layer, layer, that that between, which is the digitally assisted layer, that between, seamlessly aligns aligns physical physical and and digital digital frameworks frameworks seamlessly aligns physical and digital frameworks seamlessly

07\\\ Small SmallEnterprise Enterprise \\\ Aug Aug2019 2019 07 Small Enterprise Aug 2019 07

The Nandan Nandan Nilekani Nilekani report report on on Deepening Deepening of of The Nandan Nilekani report on Deepening of The Digital Payments Payments states states that that digital digital transactions transactions Digital Payments states that digital transactions Digital per capita capita data data has has shown shown aaa significant significant growth growth ––– per capita data has shown significant growth per to 22.42 22.42 digital digital transactions transactions per per capita capita at at close close of of to 22.42 digital transactions per capita at close of to FY19 from from 2.4 2.4 such such transactions transactions in in FY14.

FY14. The The FY19 from 2.4 such transactions in FY14.

The FY19 report further further states states that that this this metric metric is is expected expected report further states that this metric is expected report to grow by 10X in the next three years.

However, to grow by 10X in the next three years.

However, to grow by 10X in the next three years. However, India remains remains aaa cash cash economy. economy. Thus, Thus, data data and and India remains cash economy.

Thus, data and India transaction history history need need to to be be recorded recorded using using transaction history need to be recorded using transaction both cash cash and and digital digital transactions, transactions, which which is is where where both cash and digital transactions, which is where both phygital has has an an important important role role to to play play in in phygital has an important role to play in phygital integrating cash cash into into the the digital digital economy economy integrating cash into the digital economy integrating

The panel panel discussion discussion was was moderated moderated by

by Anish Anish The panel discussion was moderated by Anish The Chowdhury, Head Head Marketing Marketing and and Direct Direct Sales, Sales, SME SME Chowdhury, Head Marketing and Direct Sales, SME Chowdhury, Shared Services, Services, Edelweiss.

Edelweiss. Eminent Eminent panellists panellists gracing gracing Shared Services, Edelweiss.

Eminent panellists gracing Shared the occasion occasion included included Mr Mr Rishi Rishi Gupta Gupta ––– MD MD & & CEO, CEO, the occasion included Mr Rishi Gupta MD & CEO, the Fino PayTech; PayTech; Mr Mr Ayush Ayush Bansal Bansal ––– Director Director --- Business Business Fino PayTech; Mr Ayush Bansal Director Business Fino Strategy, Razorpay; Razorpay; Mr Mr Vipul Vipul Agarwal Agarwal ––– Head Head Retail Retail Strategy, Razorpay; Mr Vipul Agarwal Head Retail Strategy, Risk, ICICI Bank; Mr Anand Iyer – Principal Solutions Risk, ICICI Bank; Mr Anand Iyer – Principal Solutions Risk, ICICI Bank; Mr Anand Iyer – Principal Solutions Architect at at Amazon Amazon Internet Internet Services Services Private Private Limited Limited Architect at Amazon Internet Services Private Limited Architect (AISPL) and and Mr Mr Nitin Nitin Agarwal Agarwal ––– Group Group CIO, CIO, Edelweiss Edelweiss (AISPL) and Mr Nitin Agarwal Group CIO, Edelweiss (AISPL) Financial Services Services Limited.

Limited.

Financial Services Limited.

Financial

NEWS N AT I O N A L P R O D U C T I V I T Y S U M M I T 2019 SHOWCASED COMPETITIVENESS I N M A N U FA C T U R I N G I N D U S T R Y

The 13th edition of National Productivity Summit (NPS 2019) organized by Indian Machine Tool Manufacturers’ Association (IMTMA) got underway today. The summit was inaugurated by Mr. Bhaskar Bhat, Managing Director, Titan Company Limited. Also present were Mr. P. Ramadas, President, IMTMA, Mr. Indradev Babu, Vice President, IMTMA and Mr. V. Anbu, Director General & CEO, IMTMA. The two-day summit held at Bangalore International Exhibition Centre, Bengaluru from 20th - 21st August 2019 will enable delegates to learn more about best shop floor practices from prominent industry experts on productivity gains through a series of case studies. The National Productivity Summit has been organized to serve as a learning and knowledge-sharing platform with interactive sessions and networking opportunities to usher in a fresh perspective on manufacturing as technologies surrounding Industry 4.0 gain wider acceptance across Indian manufacturing units.

In his opening address ‘Impact of Productivity on India’s Manufacturing Competitiveness’, Mr. Bhaskar Bhat stressed on the challenges faced by India’s manufacturing sector. He said that primarily the challenges centered on additional cess levied on the manufacturing fraternity, high logistics cost, the skill mismatch, and the spending on R&D. As the manufacturing sector navigates through these

08 \ Small Enterprise \ Aug 2019

challenges and emerges stronger companies will be able to get their return on time incurred.

Giving his welcome address, Mr. P. Ramadas said, “Indian machine tool industry has done well in the last financial year. It moved up by a notch and is now placed 7th in consumption and 9th in production globally as per Gardner’s latest report. The country has the potential to move further up the ladder in the global list of machine tool producing and consuming countries.

Although the automotive industry will continue to be the mainstay for machine tool industry business in the near future, the industry is also opening up to other sunrise sectors in manufacturing.”

The summit features live case study presentations from Bosch, BHEL, Carborundum Universal, Gala Precision, Godrej & Boyce, Khutale Engineering, Mahindra & Mahindra, Rane TRW Steering Systems, SAAB Engineering, TVS Motor Company, and UCAM, all of which will contest for IMTMA-ACE Micromatic Productivity Championship Awards 2019.

The IMTMA - ACE MICRO MATIC Productivity Championship Awards 2019 has been organized to recognize and reward outstanding efforts from the shortlisted case studies of companies who have excelled in achieving superior performance. The awards will be presented on 21st August 2019.

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3 RD ANNUAL THE AEONIAN & SMALL ENTERPRISE BUSINESS AWARDS 2019

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Great things happen when there is a gathering of great minds. We are delighted that this summit has already supported and awarded many MSMEs and young Startup founders and they all are growing now and have established their footprints in the business fraternity.

The 3rd Annual Small Enterprise India Business Awards (SEBA) and The AEONIAN Startup Pitch, Awards and Expo the 2 day event conduct on 29 and 30 May 2019 at the St. John’s Auditorium, Bengaluru, was a prestigious and comprehensive program that supported and recognised small businesses across India.

We at Aspire Media was delighted to host the consecutive 3rd year to celebrate the Startup Pitch and Awards “The AEONIAN” and the MSME Event “SEBA”, which has become an annual affair now amongst the MSME and Startup community!

You would find every segment of Startup present here, whether you are looking for seed funding, solution providers, accelerators, corporates, industry experts, VCs, incubators or knowledge partners, this summit has made available to you every bit of support and networking opportunities under a single platform.

Since 2010, Small Enterprise India has been at the forefront of connecting the SME and Startup community in India through road shows, online and print that inform, inspire and stimulate.

SEBA and The AEONIAN is known for its truly principled and ethical platform by setting the highest

standard in judging criteria.

Offering a unique opportunity to highlight India’s most outstanding SMEs and Startups, the awards seek to recognise the hard work that business owners contribute to the local community in generating employment for millions of Indians, as well as their contribution to the Indian economy.

The 3rd Aeonian Premier Startup Summit 2019 was aimed at bringing all stakeholders of the Startup Ecosystem in a single platform. From investors to companies, from seed funded to IPO Startups, from students to Startup founders.

The awards are the pinnacle of business success. They recognise the values associated with successful businesses. These values include service, commitment, leadership, endurance, courage, innovation, performance, persuasion and generosity.

We thank SBI the main Sponsor and other Associate Sponsors Kaleyra, MMT Biz, AWS and our Partners Art of Living, Future of Technology Summits and all Ecosystem partners who supported in making the event a success.

Principal Consultant, Aspire Consulting, Vijetha Shastry, Innovation Lead NASSCOM and Hemanth Mathad, Co-Founder and CMO, KOTUMB. The Last 2 years of our Startup Pitch platform has seen steady participation form national and international Investors. AEONIAN 2018 was graced by Innovation Birmingham who had selected 6 Startups to incubate at their UK campus for a year. While AEONIAN 2019 has seen over 20 Japanese and Korean Investors.

Amazon Web Services offered US$ 500 for every Startup who had registered and attended the event and US$ 2000 for the AEONIAN 2019 Final Pitch presenters and the Award winners.

The event provided an opportunity for entrepreneurs to benefit from this summit and helped them in progressing in the future and thus contribute to the well-being of the community and to the mainstream economy of the country.

Our heartfelt thanks to all who participated and supported the 2 day mega event and making SEBA and The AEONIAN 2019 a grand success!

Our sincere appreciation goes to our prominent Jury Panel members G.Ramachandran, Mentor Capitalist, Dr.Sunil Shukla, Chairman, EDII Ahmedabad, Ms. Shampa Bhattacharya, MSME Head, The Art of Living International, Dr.Krishnakumar,

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SEBA AND THE AEONIAN 2019

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THE AEONIAN 2019 PITCH

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SMALL ENTERPRISE BUSINESS AWARDS 2019

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THE AEONIAN 2019 AWARDS

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SEBA AND THE AEONIAN EXPO

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THE AEONIAN 2019 WINNERS LIST Sl No

CATEGORY

COMPANY

WINNERS

FOUNDER

1

Best Accelerator / Incubator

Metamorphosis

Winner

Shrey Arora

2

Best AI/ML Startup

Froot Research

Winner

Amit Gautam

3

Best AI/ML Startup

WML Technologies

Runner Up

Sri Kambhammettu

4

Best Business Technology Startup

Engage

Winner

Narendra

5

Best Business Technology Startup

Simuna Infosec Pvt Ltd

Runner Up

Arun George

6

Best Consumer Internet Startup

Voluntad India Pvt Ltd

Winner

Rupesh

7

Best Consumer Internet Startup

FetchIT

Runner Up

Divyansh

8

Best eCommerce Startup

Books Crow

Winner

Abdul Faayaq

9

Best eCommerce Startup

MyTutorsOnline

Runner Up

Swapna

10

Best Education Startup

NumberNagar

Winner

Ravi Shankar

11

Best Education Startup

Metamorphosis

Runner Up

Shrey Arora

12

Best Fashion & Lifestyle Startup

Yogeshwari Terracotta

Winner

Priyasi

13

Best Food & Beverage Startup

Organic Wellness Products Private Limited

Winner

Srushti

14

Best Healthcare Startup

BiOM Medical Technology Pvt Ltd

Winner

Suman

15

Best Healthcare Startup

Scribe EMR Systems Private Limited

Runner Up

Raju

16

Best Infrastructure Startup

Roboride

Winner

Sundeep

17

Best Infrastructure Startup

Fly Bikes

Runner Up

Aniket Raj

18

Best Services Startup

Franpreneurs Solutions Pvt Ltd

Winner

Vinod

19

Best Services Startup

Designhill (Reliable E Solutions Private Limited)

Runner Up

Rohit

20

Best Social Empowerment Startup

Dhiyo

Winner

Santhosh

21

Best Social Empowerment Startup

Conquerorhub

Runner Up

Premalatha

22

Best Women Social Empowerment SKB Vidhyashram School Startup

Winner

Manjupriya

23

Best Woman Enterpreneur Startup

Organic Wellness Products Private Limited

Winner

Srushti

24

Best Woman Enterpreneur Startup

MyTutorsOnline

Runner Up

Swapna

25

Best Bootstrap Startup

Upstart Coworking Space

Winner

Yamuna

26

Best Bootstrap Startup

RWO Info Systems Pvt Ltd

Runner Up

Kunal

27

Best Startup

BiOM Medical Technology Pvt Ltd

Winner

Suman

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SMALL ENTERPRISE BUSINESS AWARDS 2019 WINNERS Sl No

CATEGORY

COMPANY

WINNERS

1

Best SME - Expor-Import

Focus Edumatics Private limited

Winner

2

Best SME - Expor-Import

RCMPA Polishing Technologies

Runner Up

3

Best SME - Innovative Business

RCMPA Polishing Technologies Pvt.Ltd.

Winner

4

Best SME - Innovative Business

OMPLAST INC

Runner Up

5

Best SME - Manufacturing

CIYAZA - An Exclsuive RoseGold Collection

Winner

6

Best SME - Manufacturing

YASAHSWI FISH MEAL AND OIL COMPANY

Runner Up

7

Best SME - Rural

Lepakshi

Winner

8

Best SME - Rural

SHREEOSWAL SEEDS AND CHEMICALS LIMITED

Runner Up

9

Best SME - Agriculture

AUGUST BACKYARD CHICKEN PVT LTD

Winner

10

Best SME - Agriculture

SHREEOSWAL SEEDS AND CHEMICALS LIMITED

11

Best SME - Garments & Textiles

FableStreet Lifestyle Solutions Private Limited

Winner

12

Best SME - Garments & Textiles

Lepakshi

Runner Up

13

Best SME - Services

Studio 31

Runner Up

14

Best SME - Services

Focus Edumatics Private limited

Winner

15

Best SME - Sustainable Engineering

Greenfield Projects

Winner

16

Best SME - Sustainable Engineering

Alpha Systems

Runner Up

17

Best SME - Technology

WELKIN SOFT TECH PRIVATE LIMITED

Runner Up

18

Best SME - Technology

AgilizTech Software Services Pvt. Ltd.

Winner

19

Best SME - Woman Entrepreneur

Kavinhomes

Winner

20

Best SME - Woman Entrepreneur

BOOKS FOR KIDDIES

Runner Up

21

Best SME - Engineering

ACE MANUFACTURING SYSTEMS LIMITED

Winner

22

Best SME - Engineering

Paramount Enterprises

Runner Up

23

Best SME - AI/ ML

Sociam Equipment Solutions Pvt Ltd

Winner

24

Best SME - AI/ ML

WELKIN SOFT TECH PRIVATE LIMITED

Runner Up

25

BEST SME - Global Presence

AMBC Technologies Pvt Ltd

Winner

26

Best SME 2019

AUGUST BACKYARD CHICKEN PVT LTD

Overall Winner

Aug 2019 \ Small Enterprise \ 25

SPOTLIGHT

FACING FAILURES IN ENTREPRENEURSHIP

“It’s impossible to fail if you learn from your mistakes” quotes late Steve Jobs, Apple founder and former CEO. Failure often shatters us and makes us feel like everything is over, but remember, it’s just a feeling. A failed situation is an opportunity to make one stronger and wiser. It is certain that entrepreneurs are bound to face failures, big or small, at some point while setting up or running their business The death of VG Siddhartha Hegde, owner of the popular coffee chain, Café Coffee Day (CCD) is questioning the choice of entrepreneurship. He was declared dead on 31st July 2019 after his body was

26 \ Small Enterprise \ Aug 2019

found in the Nethravati River in Mangaluru.

According to a document that has been considered to be his suicide note, VG Siddhartha has apologized to his CCD staff for failing them. The note also mentions that he was unable to handle the extreme pressure from the income tax officials and money lenders, which forced him to take this grave step.

Sadly, in the past, financial strains in entrepreneurship has led several established entrepreneurs like Vineet Whig (Encyclopaedia Britannica’s Chief Operating Officer), Lalit Sheth (India’s leading travel service provider Raj Travels’ owner) and Angad Paul (CEO of Caparo Industries) to end their lives.

to re-evaluate the factors that caused it. Also, it provides you an opportunity to devise a plan that will prevent bigger failures or losses in the future.

In contrast to entrepreneurs who ended their lives on facing failures, there are entrepreneurs who survived such situations and have been role models to showcase sheer strength, determination and positive thinking. Narayan Murthy, fondly known as the father of the Indian IT sector, founded Infosys, after the failure of his first venture named Softronics.

Gautam Adani, the Founder and Chairman of Adani Group, faced several difficulties before experiencing success, and Kiran Mazumdar-Shaw, overcame several challenges over the years to make Biocon one of India’s leading biopharmaceutical company.

The word “Entrepreneurship” portrays an image of contentment and leadership; However, it is no surprise that this word is synonymous with “risks”.

Every entrepreneur must battle various types of risks, almost every day. It is sad that the coffee baron ended his life. How do entrepreneurs face such situations? What needs to be done rather than ending one’s life? This article emphasizes on measures that can be taken in case of entrepreneurship failures.

There are several ways to better handle failures, and some of these are mentioned below.

Be mentally prepared While setting up your business, stay mentally prepared to face obstructions or failures. You might find it difficult to cope up with unexpected failures.

Remember that these failures provide you an option

Learn from your mistakes Be open to suggestions and accept the fact that there are people around whose ideas might be better than yours. Undoubtedly, as an entrepreneur you need to be confident and believe in yourself, but at the same time, it’s important to learn from your mistakes and seek advice from people who you think are better and more experienced than you. Don’t keep blaming yourself for the failures. Accept the fact that a mistake has been committed and you are going to learn from it. Blaming yourself continuously for the failures will fill you with a pessimistic approach, which will further worsen the situation.

Do not let negative emotions influence your decisions Entrepreneurs must make decisions from time to time. Decisions made in anxiety and ambiguity can worsen the situation and be bad for the business.

Choices that are made in a haste or a negative emotion can prevent you from attaining your maximum potential. Take a break, settle down and then make decisions in a positive state of mind.

Build a strong support system Failure in business is usually accompanied with sadness, anxiety and anger. Instead of grieving alone, talk to your

Aug 2019 \ Small Enterprise \ 27

near and dear ones, may be your close friends, family members or your business partner. Tell them how you feel. You can also seek help of a professional like a counsellor. With the support of your loved ones, you will feel stronger and loved. Not only support, you can also receive valuable advice and guidance from them.

Have a positive mindset and strong perseverance What would have happened if James Dyson, Milton Hershey, Walt Disney or Thomas Edison had to give up? These renowned entrepreneurs experienced failures before attaining success and world recognition. Find inspiration in success stories of these and many other great people who faced several failures before they climbed the ladder of success. A positive mindset, great perseverance and determination will help you use your failure as the stepping stone to success.

Understand the risks involved Being an entrepreneur isn’t as easy as it seems.

Starting a business is accompanied by various unexpected obstacles that can dishearten you and tempt you to give up. Be prepared for tough times. If you are one of those people who can’t handle failures, then entrepreneurship might not be your cup

of tea. Understand the risks involved and be realistic with your expectations. Prepare yourself to face any challenges that you might experience as you work towards attaining your goals.

Is the Indian entrepreneurial ecosystem fair to our entrepreneurs? How can our system help entrepreneurs to find an amicable solution to settle debts? Is it time our country should set up systems that help budding and established entrepreneurs explore new business ventures? Effective measures must be taken to improve environments for entrepreneurship. The Indian entrepreneurial ecosystem must create an environment that supports entrepreneurial dreams via sustainable solutions. It must establish institutions that provides incentives and chances for entrepreneurs to take risks. The system must also celebrate success and promote diversities, especially for women and youth in entrepreneurship.

As stated by noted industrialist Anand Mahindra, entrepreneurs must not allow business failure to destroy their self-esteem. Our country’s law enforcers also need to re-check the complex laws that will help entrepreneurs overcome business failures.

- Amareta Rodrigues

28 \ Small Enterprise \ Aug 2019

COVER STORY | STARTUP ESSENTIALS

WHY DO MOST STARTUPS FAIL?

Most startups run into troubled waters during their first year or mostly by the second year of establishment. What could be the reason behind such a large number of failed ideas? There are numerous reasons that either ‘click’ or ‘kick’ the success of a startup and their ideas. For an establishment to penetrate into the market, a lot of research, planning and deep understanding of the business is a prerequisite. To be a success in the competitive market, be it a monopoly or

30 \ Small Enterprise \ Aug 2019

perfec competition, requires a lot of intrepidity.

Here is the list of bullets, that not only make startups bleed but ultimately succumb to their deadly end. These factors can be divided broadly into twoInternal Factors External Factors

Internal Factors Absence or erroneous business plan- One of the major reasons for the failure of start-ups is either absence of business plan or faulty business plan. Either way, it is suicidal. Majority failed start-ups have no idea about the market, competition, customer’s preferences and supply chain management.

Start-ups assume that their ideas are brilliant and will attract customers automatically. Start-ups fail to figure out how they will reach their customers? How they will maintain the inflow of the customers? What will be the cost of gaining these customers? What is plan B if product A fails? How will the start-up survive the competition?

Everything served at onceWith the ambition of becoming an overnight success, few start-ups do too many things, too early. They produce, invest and offer all their ideas or products to the market, all at once. Without setting their foot firmly in the market, they go ahead with scaling up of their businesses. This is when the bottom falls out for these start-ups.

Poor financial planning Financial planning is the heart that pumps blood to the entire body of the business. Majority start-ups fail to understand the crux of this aspect. Start-ups fail to

balance the asset and liabilities sides of their balance sheet. Start-ups go out of their way in acquiring too many liabilities such as loans from banks. And some simply drown themselves into the flood of acquiring too many resources which lie as dead stock after a period of time. This increases the maintenance as well as the operating cost of the company.

Scarcity of investmentInvestment scarcity can also lead to the failure of start-ups, no matter how revolutionary their ideas are.

High-interest rates on bank loans, repayment conditions, lack of personal finance, losses and so on. To maintain the cycle and constant inflow of cash is necessary. If it stops, business stops.

Contingency plan- An ounce of prevention is better than a pound of cure. Most start-ups are delusional thinking they will bring a revolution in the market and will have a flying start. And in their day-dreaming process, they fail to put a contingency plan in place. Due to this lack of far-sightedness, when their ship hits the iceberg and their business plan backfires. They fail to figure out what happens if they run out of cash, the product is a flop, customer does not like/ accept their idea, etc.

Boredom or impatienceSometimes entrepreneurs’ expectations exceed reality.

When things don’t progress at a faster pace or returns are slow or nil, they get impatient or bored. Start-ups assume that they will become a huge success overnight. That is not the case; it requires a lot of hard work sometimes without pay.

Success of a business is an uphill task, it is time-consuming, slow and requires discipline. Survival of a start-up depends on the constant fending of competition, being on the right track, smart planning and practicing patience.

Inadequate marketing of products- Fifty per cent success of any product and idea depends on the marketing strategy.

Marketing plays a very important role to make any idea or product a big hit or a failure. To identify and layout the right marketing strategy is essential.

External Factors Lack of resourcesResources here implies raw materials, cheap labour, trained human resources, latest merchandise, funds, technology, etc. When these resources fall short, demand increases and so does their cost. Not only the high cost and deficiency of resources suffocate the business but also ruins the business plan altogether. For example, if an

Aug 2019 \ Small Enterprise \ 31

entrepreneur establishes an IT business in an area where there is a lot of power cuts, inexperienced trained IT professionals or expensive office spaces. It will automatically shoot up the operating cost, leaving little room for further investment and profit. Hiring a trained professional will cost more; power cuts will increase the cost of running a generator and so on.

More profit-oriented and less market-orientedFailure knocks on the door of start-ups when they focus more on profit-making irrespective of customers preferences. They commit a blunder by ignoring consumers’ need, demand and feedbacks. Start-ups busy themselves in expansions, thinking that it will assist them in generating more profit.

Severe competitionCompetition leaves little room for a newbie start-up to find its own place and leave a mark. When big guns have their lion’s share and are deeply rooted, it becomes difficult for a start-up to participate in the war. Big businesses have a stronghold in the market along with customer’s trust on their side. To get a piece of this cake is tough if you are serving a similar product or services.

Wrong timing or ahead of time- Some ideas or products of these failed start-ups are way ahead of their time. For example, ASK Jeeves and WebTV were the poster babies during the revolution of the internet.

Back in 1996, these radical ideas were ahead of their time. The former offered answers and website links to any particular question, and the latter promised a perfect union of television and the internet. Remarkable ideas;

but for present-day 21st century.

Government policies and higher tax structureSometimes external factors like government policies and tax structure eliminate the survival chances of these start-ups. Government’s strict business policies, lack of support by the government to small-scale businesses, high taxes, etc. prove to be fatal for start-ups.

To sum it up, these infant start-ups have a lot of challenges in front of them, right from their birth. Factors like big competition, lack of cash inflow, lack of resources, faulty business plan and more, write their failure stories. Unless their ideas are phenomenal and marketing extra-ordinary, they are bound to meet a fatal end.

-Sumaiya Khan

32 \ Small Enterprise \ Aug 2019

COVER STORY | STARTUP ESSENTIALS

KEY POINTS YOU NEED TO KNOW BEFORE STARTING A BUSINESS

The very thought of starting your own business can make you gleam in joy and fill you with ambitions, ideas and determination.

Entrepreneurship can provide optimal personal satisfaction, but it can also be quite tough, especially in its initial stages. You might leap into

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it with great enthusiasm, but you are uncertain of what lies ahead. And so, we have put forth some vital points that will guide you to build a strong foundation for your business, especially during the initial stages.

Know your Competitors One of the most important tasks before converting your new business ideas into actions is to know your competitors. Research about them. It might be highly possible that their ideas are similar to yours. Also, check the cost factor. If your products are similar to that of your competitors but are higher in cost, then it is quite likely that your business might not do as per your expectations. Go through their website and customer reviews of their products.

income for entrepreneurs, especially during the initial stages of business establishment.

Entrepreneurs need funds to launch a business and if the business fails, they are at a risk of bankruptcy having to pay back the borrowed loans. Another risk involved is a wrong business plan that might prevent a business from achieving the set targets.

Prior to deciding the product, entrepreneurs must carry out market analysis to assess demand of the product or service that they wish to launch.

Map your Finances Finances that will go into building your business is a crucial aspect and therefore handle it carefully and wisely. First and foremost, plan your business execution carefully. Make an estimate of how much money is needed. Keep in mind the business setup costs, investments required and working capital. Calculate for how long you will need these investments and what are the security options on offer. Your financial source can be anything from personal investment to friends and family and from business loans to incubators, grants and subsidies.

Using technology to promote and grow your business can help reduce expenses in the long run.

Create a Business Plan To systematically run a business, it is important to create a business plan and adhere to it. Spend some good amount of time to write your business plan, forecasts and marketing tactics. A good business plan helps to convert your ideas into successful actions, raise capital from financial institutions and lenders, take clear decisions and identify weaknesses.

The business plan that you create must be clear and easy to understand. Lot of entrepreneurs who are not looking for investments outside, do not feel the necessity to create a business plan. However, without a good business plan, your business ideas might not succeed.

Understand the Risk Factors It is no surprise that every new business venture comes with its own set of risks. Therefore, you must assess the risks involved before implementing the business plan. There is no secure monthly

Complete the Legal Formalities Entrepreneurs must be aware of the several legal formalities that they must fulfill while establishing their new business. Legal formalities must be fulfilled at different stages of setting up the

business. These differ based on the size and type of business enterprise such as small scale, medium scale, and large scale.

Entrepreneurs must be aware of the major business implications in India such as registration, legal status, member liability, taxation, annual filings, and so on.

Hire Smartly A lot of entrepreneurs prefer to set up and run the business solo.

However, this isn’t a great idea. It’s always good to hire the right people who will help to make your business aspirations a successful reality. It is highly advisable to hire help to handle your financial and legal aspects. Make sure that the team you hire is the best. There are plenty of talented individuals who do not hesitate to work hard.

Do not hire friends and family just because you wish to help them out, unless of scourse, if they are really capable and willing to work hard to grow your business.

Starting a new business can be quite taxing. However, with proper planning, required funds, a hard-working team and a good business plan, you can attain your goals and convert your dreams of entrepreneurship into a successful reality.

- Amareta Rodrigues

Aug 2019 \ Small Enterprise \ 35

COVER STORY | STARTUP ESSENTIALS

B U S I N E S S P L A N F O R S TA R T U P S

A business plan is like the backbone of any business, whether it is a small enterprise or bigger one. A proper plan gives you an idea about the entire process from start to finish and helps in creating the right strategies for the growth of your business. Also, a compelling plan attracts investors and banks to help you with the required funding and much more. However, not every idea requires a detailed and complex plan. While some business ideas are best supported with a roadmap comprising every minute detail, some others can go equally well with a fairly simple plan.

LivePlan, GoSmallBiz.com, BizPlanBuilder, OnePlace, PlanGuru, EquityNet and Business Plan Pro are available today. These tools and software assist you at every step, right from chalking out a business plan template to finalising the plan. They will save much of your time and effort, and come up with a highly efficient business plan for your new venture. A typical business plan comprises the company description, an executive summary, description of products and/or services, market research, management and operational structure and marketing and sales strategy.

Numerous business plan software and tools like

Let us see how to get started with a business plan.

Company Objective – It is very important to have a clear objective for your company.

Identify what you are going to do exactly; the services you are going 36 \ Small Enterprise \ Aug 2019

to offer or the products you will sell. Which are the locations you will cover and what is your mission? What is the primary reason for starting this venture?

Have a clear idea about these things and specify them clearly in your company objective. Leave no place for ambiguity. Keep the summary crisp and clear, so that

just the right amount of information is given out.

Target Market – When you have an idea in mind, you would certainly wish to reach people from all walks of life. However, not everyone will be interested in the same kind of products or services.

So it is an important step to identify your target market by carrying out a market research. Jot down what kind of people would be interested in your offerings, what is your price structure and how will it meet customer needs; is your service location easily accessible, what are the plans you have for promotion, and so on. It is best to start with a broad perspective and then narrow it down step by step. Consider the categories - geographic, demographic, psychographic and behavioural and work on them to come up with your target market.

Competition – Analyse your competition in order to create a brand differentiation strategy. See what sets you apart from your competitors and create strategies that will help attract customers to your business. Price, quality, product range, brands, etc. can be some of the strategies that you can work on. Analysing and identifying your competitors can be done once you are sure about your target market. The two go hand in hand so make sure to carry out every process carefully before moving on to the next.

Budget – Running out of funds is one of the main reasons why startups fail. So list down your

requirements and figure out your finances right from the start. You need to have a clear picture of how much money you will need to kick start the business and an estimate of how much you will need in order to stay operational.

You can start with your budget planning by considering expenses like equipment costs, property (leasing or buying), inventory, legal fees, insurance, payroll and so on. Keep the figures accurate.

Estimate a higher amount when in doubt, and never let the figures go below your required level.

Goals and Finances – With a clear goal in mind, you can plan out strategies for your financial as well as non-financial needs. Make financial projections based on the total count of target market in a specific area and the percentage of target market you can reach.

These projections must be for the early three to five years of your startup, and not just for the first year. Create a proper break-even analysis and ensure to keep your plans reasonable.

Power Structure – Every business plan should have a well-outlined organisational structure of the company. It is best to have a hierarchy planned well before you start to avoid any confusions and debates over each one’s roles and responsibilities. Keep it clear but not too complex or confusing.

Ensure to give power to the right people so that major decisions are taken care of.

Marketing Plan – Marketing plan relies on all the above processes.

You need to plan how to acquire customers on the basis of market research of the competitive analysis and your target audience.

This strategy should be aligned with your financial projections and budget plan as well. Although there is no right or wrong way to do this, make sure to stay cost-effective, well-balanced and versatile as much as possible.

Before going ahead with all this, it would be best to have a website, active social media accounts, focus on customer retention, build an email subscriber list and to launch customer loyalty programs.

Short and Professional Plan – With all the above mentioned components, it may seem like a lot of information to put on paper.

Include the important details but see that you don’t go overboard.

Write everything in a professional format, keep it error-free and proofread in order to avoid simple mistakes like grammatical errors.

The main purpose of creating a business plan is to help evaluate your strengths and weaknesses, by listing down your USP (Unique Selling Point). It helps you compare your product/service with your competitors and plan your financial requirements. It also shows your dedication and seriousness towards the business, thereby allowing investors and partners to trust you. Therefore, make sure you plan well before rushing into the venture, so that a strong foundation is laid for business success.

- Swathi Bhat

Aug 2019 \ Small Enterprise \ 37

COVER STORY | STARTUP ESSENTIALS

RESEARCH FOR STARTUPS: P R E PA R E A N D P R E PA R E W E L L !

38 \ Small Enterprise \ Aug 2019

Given today’s scenario of cut-throat competition, it is always advantageous to be well prepared. Before kick-starting any business, whether small, medium or large, a detailed research about the market, target consumers and competition, is essential.

In-depth research offers answers to what, when, where, who and how things can be done. In short, research is a roadmap which aids a business to gather raw data and utilize it towards its advantage. Not only does it act as a cushion against unfavourable conditions but also gives a leg-up against competition. It is also an on-going process which guides throughout the existence of a business.

To corner the market, every aspect of the business should be dissected extensively. So, how should research be done? Which aspects should be analysed?

Here are some pointers.

Research methodology- During this gestational period, the most substantial step is to identify as to which research methodology is to be used to collect the required data. Networking, online research, informal focus groups, experts’ advice and other do-it-yourself methods can often do the trick. For both medium and large-scale businesses, both qualitative and quantitate methods could be used.

Novelty of the idea, service or product- New ideas are always

under the scanner for scrutiny.

The acceptability of the idea comes with the ease of its use. If the product or service is easily available and has a good post-purchase service, then it stands the chance for success.

You need to first research what your target consumers are looking for. What is the new feature that you are offering? Is it different from what is being offered by others? Is it an existing product offering a new exciting aspect or service?

Functionality of the idea- Any idea or product, no matter how great or novel it is, should be within the scope of functionality.

New ventures with limited resources and knowledge can always do a patch test first. If the idea or product is not new, a market survey would help in procuring all the details, from raw materials to delivery. In other words, you need to get the pulse of the industry, so as to analyse the level of difficulty or ease of doing business and selling your idea.

Game Plan- A proper research is required as to what will be your business structure. For example, will it be a limited liability company or a partnership or sole proprietorship. Legal entities and taxes are different for every business structure.

After crossing this hurdle, you need to precisely chalk out the modus operandi of your business.

Financial aspect / FundingOne of the most crucial aspects

of running a business is to deal with finances gingerly. You need to map down the A to Z of finance beforehand. All the answers in the finance questionnaire should be researched and answered well.

For example, whether you are attaining a loan or pumping your own hard-earned wealth into the business? How much are you going to spend on material procurement? Payment of staff’s salary? Cost of product promotions, legal fees, licenses and taxes. Lastly and most importantly, managing profits, losses and emergency funds for the business. Also maintaining a separate account for running the business is quite essential.

Presentation- As an old saying goes, “the first impression is the last impression”. It doesn’t matter if you are launching a new idea, service or product or going with an existing product.

Your way of presenting it to the consumers is what matters. Look out for unique and exciting ways to sell your brand. Add a personal touch to it and a pinch of creativity. For example, if you are opening a bakery, what will be the USP of your baked goods? You can introduce a few new delicious baked goods that are rare to find in the market.

You can run special festive programs during different seasons or offer doorstep delivery.

Sustainability- Before setting the first stepping stone, an entrepreneur should always seek the answer to this question. How

Aug 2019 \ Small Enterprise \ 39

is my business going to sustain in the ever-changing and demanding façade of competition? Well, do your homework well and brace yourself for anything possible out there. Assess your competition, do a SWOT analysis of their business and market. Do a SWOT analysis of your idea and product. Ensure resources for a constant supply of materials, ideas and funds well in advance.

Socio-demographic dataAn analysis of the sociodemographic characteristics can provide a catbird seat for your business. Understand the need of your target consumers well.

For example, an entrepreneur entering a garment business, needs to first understand who will be the potential consumers?

Whether the focus should be on female garments, men’s or kid’s wear? Based on this

requirement, further information can be collected about the latest fads in fashion and the consumer demand as well.

Presence- Before taking the big leap, you need to find out the ways to stay present on various platforms. You need to find out methods of both offline and online presence. Newspapers, sponsorships, sample testing, etc. are some of the brilliant ways of offline existence. In the virtual sphere, the internet and its astounding tools open up a whole new world to your business. With the present-day applications, websites and social networking sites, marketing a product, service or idea has become a piece of cake. Not only does it have a wide scope but is also cost-effective. Your customers are just a click away; all you need to do is to stay alive and kicking.

Staffing- Lastly, after arriving at the conclusion, whether it’s a one-man show or a swarm of experts, you need to identify which expert/ specialist you will require in every department. For example, to deal with the matters of finance and legal expertise, an accountant is essential. If you are going solo, identify the areas, where you need to do multi-tasking.

Strategically plan out the methods to handle different aspects of the business unaided.

After in-depth research and analysis, a carefully crafted framework always makes the day-to-day running of business smooth. It not only makes your business well prepared to swim in the fast current of competition but also provides a strong footing.

- Sumaiya Khan

40 \ Small Enterprise \ Aug 2019

COVER STORY | STARTUP ESSENTIALS

HOW TO BUILD A PRODUCT THAT PEOPLE WANT

Are you a budding entrepreneur with several innovative ideas, but not sure if they would be successful? Are you brainstorming on developing a product but don’t know how to execute your ideas? Are you confused about where to begin?

These are some of the most common questions that bother every entrepreneur. The process of developing a new product from concept to reality is one of the most crucial and challenging phases

42 \ Small Enterprise \ Aug 2019

of every entrepreneurial journey. It is challenging because in this age of cut-throat competition and millions of options to choose from, creating a product that people actually want requires a lot of research and innovation. It may seem daunting in the beginning but if you follow this simple roadmap, you can surely build a product with a wide public appeal.

Kick start with Data Collection You might have plenty of bright ideas for your product, but its success will be determined by these simple factors: utility, outcome and affordability. To begin with, the first and most important step in the process is identifying your target audience and keeping their perspective in mind throughout the product development process. But, how would you find out the consumer perspective? The best way to understand what consumers want is to ask them directly.

Once your research is complete, use the data collected to create the best possible product by keeping in mind the following questions: Is your product fulfilling the needs of your consumers? Is your product delivering the outcome that the consumers desire? Is the product affordable and cost-effective for your target audience? These are some basic parameters that will help you design a product people want.

You can prepare a list of issues that you want to address through your product and work on it.

Today, there is no dearth of platforms or channels that can be utilized to communicate with consumers. From social media platforms like Facebook and Twitter to marketing platforms or even simple surveys through emails, there are plenty of ways through which you can collect data from consumers. Some easy and effective ways to find out what people need, and more importantly what they want from a product, are surveys and feedbacks. You can conduct online or offline surveys by asking simple questions in a short questionnaire.

Make sure to include questions about their pain points, preferences and expectations.

Reach out to as many people as possible through different platforms so that you have sufficient information to proceed further. You can also go through the product reviews shared by consumers on various forums and e-commerce websites to understand their expectations.

Designing the Product The next step is to design the prototype of your product based on your idea of what the product should be. With the help of the data collected, create a design that solves the problems in an existing product or offers something unique that is likely to raise your product’s appeal. Send this prototype to your manufacturer to create samples for you. Now, provide these samples for trials and solicit the feedback of your customers. At this stage, it is extremely important to seek consumer feedback, analyse it and make adjustments based on their reviews. Involving customers directly in the product development process and actively listening to their feedback not only establishes trust between you and your target audience but also facilitates you to build a more consumer-driven product.

You might have to go through

several iterations to get the approval from your customers, but that is what will help you build a relevant product that people would willingly invest in. After all, the goal is to build a product that resonates with your consumers.

The Manufacturing Process After your design has received the approval of your customers, you move on to the next phase, i.e. manufacturing. Manufacturing is a tedious task that requires utmost attention. The most important aspect of this phase is quality control. It is extremely important to ensure that every single unit of your product meets the quality standards as it can make or break the reputation of your company.

Once you have done the quality checks, you can proceed with the marketing and launching of your product.

Eric Reis, an American entrepreneur and author talks about the Build-Measure-Learn feedback loop in his book The Lean Startup. According to him, the purpose is not to develop the next sensational product, but to learn. He believes that every startup is a business experiment operating under conditions of extreme uncertainty. Every startup is and should be a learning organisation undergoing the continuous cycle of Build-Measure-Learn feedback loop to create a successful product. And that is how you can create a product that would certainly thrive in a consumer-driven market.

- Swati Sinha

Aug 2019 \ Small Enterprise \ 43

COVER STORY | STARTUP ESSENTIALS

A PLAN F OR PR OFIT

Every business, small and big, should have a profit plan in order to drive the business towards success. Such a plan is even more crucial for new small businesses because it will help them stay on track and not fail midway. When you plan for profit, it helps you understand the various factors that contribute to your success. It will be a kind of summarized income statement in written, which will serve as your profit and sales objective, and as your business budget. Your profit plan can be used to evaluate the operations, determine additional resource needs (like employees or facilities), anticipate financing needs and plan your purchase requirements. With a well-planned business model, there will be an increase in the

44 \ Small Enterprise \ Aug 2019

possibility of gaining profit right from the start.

A profit plan is advantageous to your business in that it helps in performance evaluation, financial planning, creating cost consciousness, maintaining a disciplined approach to solving problems and gaining the confidence of investors and lenders. To get a clear idea, make sure to research your business model before kick starting the business; about consumer price expectations, the competing products, and the cost of infrastructure, materials and potential threats.

Following are the points to consider when you are preparing a profit plan:

Revenue – When you sell your products and services, what you get in return is the revenue. When the revenue increases, it eventually increases your profit.

But there should be a well-chalked out process, which will ensure that there is no additional cost on you when trying to boost the revenue.

When there is an increase in production for the purpose of boosting revenue, it can enhance profitability by creating economies of scale, or efficiencies that reduce the cost per unit when units are produced in bulk. For example, say, it takes about an hour to set up your machinery every day.

Then the total labour costs will reduce much if 100 units are produced per day, instead of just 10 units.

Margins – A company’s profit margin is its gross sales percentage earned in profit. For instance, a business that has $100,000 sales and $30,000 profit, will gain a profit margin of 30 percent. A $300,000 business with a profit margin of 10 percent will earn the same profit amount as earned by a $100,000 business with a profit margin of 30 percent.

However, the business that has a higher profit margin and lower sales will be in a better position to gain profit as the business grows.

Expenses – Profitability of a business can also be enhanced by cutting down the expenses and increasing the net earnings, after deducting the expenses from revenue. You will have to carefully research the cost of every item used by your business and look

for other options of lower costs and comparable value. Evaluate the company payroll for situations like overstaffing, increased utility bills, increased rent and other similar expenses. Doing so can help you lower your expenses.

Comparison of Figures – To create a profit plan you need to prepare an income statement of your business’ actual costs and sales, and compare it with your profit projection for that year. The income statement will help you evaluate all the operations and pinpoint the areas of high and low business performance. When consolidating your profit plan, you also need to compare and review the past year’s profit and loss statements on monthly and quarterly periods to the current periods. This analysis will help you make necessary changes based on trends that you have been following, such as the increase/decrease in product sales at specific times of the year.

Comparison of figures will also help you decide what new areas you need to invest in based on performance.

Profit Goal – Setting a target profit for the business helps in working towards a goal all through the year. In order to fix a target profit, you will have to consider the number of products sold, along with employee/ owner salaries, fixed and variable costs and other operating expenses. You can also decide the target profit on the basis of the business’ current gross profit margin percentage. This value represents

the total sales revenue percentage remaining after costs. Gross profit margin percentage is the main indicator of your company’s health and it shows whether the existing markup on products/services is enough for paying the expenses as well as for making profit. The higher the percentage, the better it is for your business. Make sure to review your monthly/quarterly profits regularly, while also monitoring the competitor and industry movements that could affect your company’s sales.

Changes – Being prepared for any kind of change is extremely crucial when you are in a competitive environment. Your business should be ready for changes in both internal and external factors, like pricing policies, staff changes, product cancellations, increase in supplier costs, general economic climate, client stability and so on.

However, if in your business plan you set aside some capital for these unforeseen situations and manage to stay afloat, you need not be worried about being impacted heavily by such changes.

The bottom line is that the success of your business shouldn’t be left to chance. You should have a good profit plan that will ensure maximum profit and steady growth with each passing year.

With the frequent highs and lows in business, even if your high profit goal isn’t reached, the profit plan will lead you in the direction of progress and ultimately bring success.

- Swathi Bhat

Aug 2019 \ Small Enterprise \ 45

COVER STORY | STARTUP ESSENTIALS

TECHNOLOGY FOR STARTUPS

Every startup begins with a dream that resonates with the modern-day entrepreneurial setting. All the startups we see today are a result of strong will and the desire to make it to the top. While plenty of challenges are bound to get in the way, moving in the right direction with an unwavering sight of the goal will lead to success; having said that, a startup requires much more than a plan and a team of enthusiastic people in order to be successful. Using the right technology is the key to building a strong business structure. The constant evolution of technology is redefining today’s Django – Django is one of the best technologies that help build powerful applications in a very short timeframe. With Django, you can build your apps much quicker, with less code. It helps in building, deployment and scaling of

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business models, thereby playing a major role in small and big enterprises.

Numerous tools such as Trello, Powtoon, SumoMe, Score, Dropbox, Shake and Type Form make much of the daily work easier. They are available just a few clicks away. In addition to these tools, a number of softwares and technologies have become popular at startups today. Considering the software equipments used by successful startups, here’s a list of 6 of the most-used popular technologies:

applications in a matter of few days. Django is basically a web framework for those who never miss out on the deadlines and stay on top of the game. The technology adheres to the DRY (Don’t Repeat Yourself) principle

and automates tasks as much as possible. The idea of developing this technology arose from the need to handle two challenges faced by an online-news operation i.e.; rigid requirements of web developers and strict deadlines of

a newsroom. Big businesses like Pinterest, EventBrite, Instagram and Disqus make use of Django.

Node.js – Node is a JavaScript based platform which was built on the top of V8, the JavaScript Runtime engine of Chrome. Node serves as a perfect tool for real time applications across distributed services. This is mainly because its event-driven, non-blocking I/O model makes it light and efficient, thereby making it easy to build interesting stuff inside an app in real time. This solved the problem of real time processing when users in large numbers used the apps. With Node.js, you can build chat applications, real time multi-player games, real time collaboration tools (like CodeTable) and apps that need synchronous operations.

Some of the big names that use this technology include Microsoft, LinkedIn, Walmart, Yahoo and Mozilla.

Ruby on Rails – Ruby on Rails (RoR) is an MVC (Model-View-Controller) framework that allows users to carry out Web development.

Invented by 37 Signals, RoR has greatly lowered the barriers of entry to programming. It helps develop powerful web applications in just a few days, which would otherwise take weeks or even months together. So with RoR, you can build apps, fail fast and quickly come up with alternative solutions at a faster rate. Large numbers of companies have used RoR for developing some very important applications quickly and easily.

Groupon, Basecamp, Twitter, Walmart Labs and Github are some of the companies that make use of this technology.

JSON – JSON or JavaScript Object Notation is a lightweight format mainly used for interchanging or retrieving data that needs to be tweaked or manipulated. It is a subset of JavaScript's Object Notation; which means, the objects defined in JavaScriptJSON is a text format that is entirely language independent. However, it makes use of conventions that are familiar to the C, C#, C++, Perl, Java, JavaScript, Python and other language programmers of the C-family. This makes JSON easy to read and understand, and makes an ideal data-interchange language. So what makes JSON such a useful tool? When an application becomes bigger, with different parts of it written in different frameworks, the communication between the app’s interfaces becomes difficult. JSON comes to the rescue here by aiding in seamless communication between the interfaces. Since data exchange is a crucial part of any application, Google uses its own data exchange format known as Protocol Buffers. Companies other than Google use JSON. Cloud Computing – Cloud computing can be recognized as one of the most important factors that led to the high-speed growth of major tech companies. With cloud computing, web applications can be hosted in a highly scalable manner, by paying only for those resources that you make use of.

The technology replaces up-front expenses with lower costs that scale with the business. Cloud computing is ideal for variable traffic/load and for companies that experience seasonal spikes. Big names like Pinterest, Airbnb, NASA, LinkedIn and Quora are some of the companies that have been able to reach millions of users with the help of cloud technology. AWS, Citrix, Rackspace, Joyent, Microsoft and Salesforce are good cloud service providers, to name a few.

NoSQL – NoSQL databases are a boon to companies that have humongous amount of data to be stored. It serves as a great tool when there’s a need to store and retrieve huge amounts of data quickly, yet efficiently. In NoSQL, bulk processing action is performed at the interface layer.

With a huge explosion in the amount of data being stored and processed today, it has become difficult for traditional databases to do all the work. NoSQL comes into picture in such cases and helps store/retrieve/manipulate data without any performance issues. A lot of big companies like Google, Facebook, Twitter and Yahoo use this technology.

Listed here are just some of the technologies that can help a startup sail safely and make progress. The success of any startup depends on the tools and tactics used, which keep the business up to date with the current trends. Implementing the right technology can set the ball rolling for your startup and pave the way for your success.

- Swathi Bhat

Aug 2019 \ Small Enterprise \ 47

COVER STORY | STARTUP ESSENTIALS

‘THE TEAM’ REQUIRED FOR A STARTUP’S SUCCESS

Mobilising a troop of workforce can be a taxing task for a startup. It’s not only about hunting down a bunch of potential employees but also people who are willing to walk an extra mile to contribute to the growth of a startup. An employee’s expertise, experience and attitude can prove to be the deal-breaker for a startup. While filtering and hiring trained manpower is challenging enough, another hard task is of convincing these talented bunch to join a young

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team. For experienced professionals, joining a brigade of an inexperienced company is a risky career move. Therefore, while hiring your best staff, you have to be very careful and impressive enough.

Here are a few suggestions for consideration, under two main headings Quality Quantity / Assortment

Quality To hire the finest brains for your startup, you need to first develop your business’s vision. More exciting and plausible your business vision is, easier to get top talents onboard. With constraints to spend on big salary packages, you need to convey your long-term visions clearly to these professionals. With long-term gains in the future and promising growth would definitely create an impact.

Therefore, your visions and goals should be stimulating and challenging as well.

Hunt down resources related to your business terrain.

Many startups commit the error of hiring specialists with backgrounds of another business background. A professional having a firm hold on the subject-matter / area, along with apt experience will work wonders for a young company. For example, a newly launched five-star hotel will require an experienced General Manager and Resident Manager from a similar hotel management background. It would be a disaster to bring somebody from the retail segment and run the hotel. It will be a time-consuming task for him/her to get hold of the subject matter. Leave alone developing a functional strategy.

While crafting ‘The Team’, keep in mind to sieve and

hire efficient middle and senior level management.

This middle and senior level management play an important role in streamlining the process of your startup. Hiring them might prove to be an uphill task, as most of them are hunted down by large multinational corporations offering big bucks. By showcasing a broader spectrum of career growth, challenging projects and more exposure will help in getting these flocks of fitting professionals onboard.

Lure the right type of professionals into the workforce. Avoid fervent hiring of people who are willing to do it for free or if you have known them for a longer period. Avoid hiring a big team in expectation of future growth. Just hire skilled experts for specific roles only.

Retain your faithful fans. In other words, hold on to people who have worked since the birth of the idea and had devoted to developing the idea/ product and the startup as well. They know all the ins and outs of your startup and completely understand your business’s vision.

Lastly, identify the source from which you will generate and pay your employees their pay cheques. Keep in mind to identify a constant

source of income, which runs the cycle smoothly. A clear plan should be chalked out.

Uncertain payment schedule might prove to be a raw deal for the team and force them to leave the workforce frustrated.

Quantity / Assortment With less cash to pump into the business infrastructure, startups are left in a pickle as to who to hire? And how many to hire? Well, a stitch in time saves nine. Hiring too many professionals at once is a recipe for disaster.

Expecting that there would be windfall gains and their salaries will be managed through it, is a big bubble that will burst in no time. As a startup, hire a small, efficient and experienced team of professionals. Hire professionals who not only bring their experience, expertise and aptitude, but also a relentless attitude of ‘never say die’.

Get people onboard, who wear a lot of different hats and are up for challenges. A multi-talented workforce is icing on the cake and will reduce the operational cost of a startup.

Having said that, at least a specific set of skilled professionals is quite essential. For example, for an IT startup, a CEO, marketing manager, finance expert/ accountant, front-end engineer, back end engineer,

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Do not go overboard in hiring too many, too early.

With limited cash to infuse in the business, hiring too many specialists and professionals might escalate the operating cost. Focus on the right mix of professionals, who can yield the desired result.

define the role, responsibility and expectations of the company clearly. Get people with appropriate experience in the background.

Bring in people from the right background. For example, for an HR generalist role, hiring a professional having experience in the same field will make the functioning of the startup smooth.

One of the most effective ways to get the best of your talented bunch is to create the appropriate role. By clearly defining the role and expectations of the position, startups can reap a lot of benefit. For example, while hiring an SCM manager,

Finally, sometimes getting freshers on board is also beneficial for a startup. First, startups will have to shell out less cash as paycheques.

Second, fresh out of college professionals will have the greed to grasp and grow in the stimulating environment.

HR, research & analytics, legal expert, admin, etc. are a necessity.

Third, they will pump in an extra amount of enthusiasm and energy, always ready to take the challenges head-on.

Sure they will lack experience but sometimes it’s worth trying.

In conclusion, to form a powerful, efficient and adventurous team of specialists, is a back-breaking task for any startup. With careful consideration and homework in place, an efficient team can be crafted to escalate the growth of a startup. Skill management has always been a crucial aspect for startups. Once this aspect has been taken care of, developing strategic infrastructure becomes easier.

- Sumaiya Khan

50 \ Small Enterprise \ Aug 2019

COVER STORY | STARTUP ESSENTIALS

HOW PEER-SUPPORT NETWORKS CAN HELP?

Launching a startup is a substantial step and surviving in a hostile business environment is even scarier. But that doesn’t mean it eliminates the chances of survival and success. In the case of startups, due to lack of experience, a strong peer-support network comes to the rescue. A peer-support network refers to the term where people in the same situation/ experience help each other both practically and emotionally. In business terminology, a group of people/experts

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from similar business background and experience come together to help each other succeed in the business world. A well-knitted peer-support network offers a plethora of opportunities to grow together through learning, collaboration and exchange of data. It is like a strong tree trunk in the business world, around which the climbing plants (startups) can grow and achieve success.

Here is an explanation of how it works and how it benefits any startup.

How does it work?

Learning and sharing- A network of experienced professionals and experts are available to assist you as a business. These peers not only bring their experiences but also their expertise to help your startup achieve their business goal. It works like a wolf pack, each guarding its back and together taking down the competition. A strong peer-support group shares their best practices, knowledge accumulated over a period, some through trial and error and expertise.

Business insight from industries experts- A sturdy peer network works on the basic fundamental of information sharing. In this nexus, there is easy access to some of the industry’s best experts. These industry experts guide you through various methods of practical business planning, skill management, economical resource management and more.

Network of trusted supporters- A strong peer support group works on the element of trusted supporters.

Each member of the peer support group builds trust and share knowledge. This network offers a platform of non-judgemental peers, having confidential information about each other, committed to working towards the growth and success of their individual businesses. This greatly helps

a newbie startup as it offers a safer avenue with access to an extensive range of information and practices.

Emotional Support- Doing a business is not always about calculations, numbers and pie charts. It also involves a lot of emotions and personal motivational factors for an entrepreneur. Having a strong peer support group on your side offers a great amount of emotional support. A peer support group benefits by boosting each other’s confidence, offering equality and importance to each member of the group.

Brigade of business bodiesThere are many local, government and private peer support groups which a startup can become a member of. These business bodies protect the interest of the business through by-laws, rules and regulations, regular meetings and sharing of information. These popular bodies can be Chamber of commerce, local authorities, informal groups, a federation of small businesses, etc.

Sophistication of time and cost management- A peer-support group is always committed towards the goal of finding best solutions, efficient ways of running a business, time and cost management and growth, in every scenario of business.

Through collaboration and insight; best practical ways are

learned to save capital, time and cost of running a business.

Quality Improvement and professional developmentEvery colleague of the support group focuses on personal and professional skill development. The group focuses on practical ways of dealing with the challenges faced both personally and professionally as an entrepreneur. It also explores the methods of improving the business quality.

How does it help?

Nurturing the professionalA strong peer support group nurtures the inexperienced professional as well as the learned ones. As an entrepreneur with less exposure and experience, these old boy networks assist in nurturing the professional in you as an entrepreneur.

A reliable and trustworthy network- A strong colleague group acts as a reliable and trustworthy network. Startups usually do not have access to core market information and resources. A trustworthy network of peers helps in collaborating, sharing information and learning the ways of accelerating the growth of a startup.

Organisational or business development- By having each other’s back, a strong peer-support group helps in business development, which

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is quite essential for a startup.

By bringing different experiences and expertise from different areas of the business to the table. These support groups enhance the capabilities of a startup. For example, an expert giving practical know-how of financial management will certainly boost the organisational development of a developing commerce.

Trusted business alliancesTo be able to share and connect with a set of professionals, having similar experiences promotes a strong alliance. A friend in need is a friend indeed.

Trusted business alliances offer security from many unseen risky business aspects to a startup. To know how, when and what to do? Leaves some room for pragmatic business planning. These peer pacts develop strategies, business plans and through alliance aim at taking down the competition.

Expansion of business appetite- When a constant dose of information, learning and experience are injected into the business system, the business appetite is bound to expand. And for a startup it acts as a fertiliser, augmenting the business growth and horizon.

Safer environment for startups – With a close-knitted network of colleagues, the business environment becomes less volatile and safer for startups.

Networking makes the market less scary and more welcoming.

Tried and tested business methods – With less or no experience to rely on, startups could take some help from the tried and tested methods of their peers. It not only saves them from committing errors but also reduces the level of risk and wastage.

Encouragement and moral support- One of the biggest advantages of being a part of such a helpful group is that the atmosphere is always charged with positive vibes. A lot of encouragement and moral support is given to peers, especially startups. It works wonders for a startup and entrepreneurs, as sometimes they are full of uncertainty, confusion and self-doubt. Just like the big huddle before the game, boosting the morale of each player.

To put it briefly, a network of strong peer group helps create a pack of like-minded professionals, who help each other in the dynamic business world. This well-knitted group of peers is developed on the fundamentals of trust, sharing of information and experiences and guiding each other to develop and grow their businesses.

- Sumaiya Khan

54 \ Small Enterprise \ Aug 2019

BANKING & FINANCE

5 GOVERNMENT LOAN SCHEMES TO FUND YOUR SMALL BUSINESS

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India, one of the fastest growing economies in the world, has emerged as a major startup hub in recent years. The importance of the Small and Medium Enterprise (SME) sector can be ascertained by the fact that around 40% of the total GDP of India is contributed by the SME sector. Realising the massive potential in this sector, the Government of India has launched several initiatives to fund the Small and Medium enterprises in the country, because after all, a great business idea must not die a premature death due to lack of funds. So, if you are looking for a source of institutional monetary support, then here are the top 5 government loan schemes that can help you fulfil your entrepreneurial dreams.

These automated, contact-less business loan approvals are being provided for financial assistance worth Rs 10 lakh to Rs 1 crore. The entire process for disbursement of loan will take 8-12 days, while the approval or disapproval is given within the initial 59 minutes of applying. In this refinancing scheme, 5 authorised public sector banks will grant the funds. The rate of interest will depend on the nature of business of the applicant and credit rating, and the collateral coverage is not mandatory as these loans are connected to CGTMSE scheme.

You can avail this loan by submitting GST verifications, Income Tax verifications, ownership related documents, bank account statements for last 6 months and KYC details.

MSME Business Loans in 59 Minutes Announced by the government in September 2018, this loan scheme is available for both new and existing businesses.

Processing of loans is an inconvenient process. From making several rounds of the bank for weeks, to submitting cumbersome paperwork, the process can be quite exhausting.

To resolve this problem and support and encourage small and medium business owners of the country, the Indian government has launched a website (www.psbloansin59minutes.com) where medium, small and micro enterprise owners can get loan approvals within 59 minutes.

Pradhan Mantri MUDRA Yojana (PMMY) Another much needed financial assistance scheme of the Government of India, PMMY was launched in 2015 to support non-corporate, non-farm small/micro enterprises. The government has established Micro-Units Development and Refinance Agency (MUDRA), an organisation, to provide business finance to micro-business units. Aiming at “funding the unfunded”, the scheme provides loans up to Rs 10 lakh. The vision behind PMMY was to extend the facility of institutional finance to small business entities engaged in manufacturing, trading and service sectors. The MUDRA

loans are also refinanced business loans and are approved and disbursed by public sector banks, private sector banks, Non-Banking Financial Institutions (NBFCs), Regional Rural Banks (RRBs), Micro-Finance Institutions (MFIs) and cooperative societies. No collateral or security is required for availing this loan. There are three categories of loans under the scheme which are:

• Shishu Loans up to Rs 50,000/• Kishor Loans up to Rs 5,00,000/• Tarun Loans up to Rs 10,00,000/-

Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGSMSE) The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) was launched in 2000 by the Ministry of Micro, Small and Medium Enterprises, Government of India and Small Industries Development Bank of India (SIDBI). The objective of this scheme was to provide working capital loans to new and existing business unit owners who are eligible under the scheme, especially women entrepreneurs. The loans provided under this scheme are collateral free and do not require MSMEs to arrange any third party guarantee to avail credit. Individual MSMEs are allowed to take loans up to Rs 50 lakhs and these business loans are financed by several public and private sector banks covered under the scheme. A significant provision in the scheme is that in case the enterprise availing a loan under

Aug 2019 \ Small Enterprise \ 7

this scheme is ailing due to reasons beyond its control, the lender can also provide rehabilitation facility to the firm.

Stand-Up India Scheme In a move to promote inclusivity, the Stand-Up India scheme was introduced in 2016 to encourage entrepreneurship among women and scheduled castes and tribes.

The scheme provides bank loans between Rs 10 lakh and Rs 1 crore to at least one woman borrower or at least one scheduled caste or scheduled tribe borrower per bank branch for establishing a green-field enterprise. The loan is available only for green field projects (a work which is not following an existing work) related to trading, manufacturing or service sectors. If the enterprise availing

this loan is non-individual, then at least 51% of the shareholding and controlling stake should be held by either a woman entrepreneur or an SC/ST. SIDBI Make in India Loan for Enterprises (SMILE) Scheme In 2015, the Government of India launched SMILE to push forward the Make in India campaign and help MSMEs to emerge as major participants in the campaign. The scheme focusses on 25 identified sectors under the ‘Make in India’ programme and aims to provide timely and adequate financial support to MSMEs within these sectors. The SMILE scheme is designed with the intention to foster innovation, facilitate investment, enhance skill development, protect

intellectual property and raise best-in-class manufacturing infrastructure for MSMEs by providing soft loans and term loans. These loans will be offered at competitive rates of interest to new as well as existing enterprises undertaking expansion. The minimum loan size for term loans is Rs 50 lakh for new enterprises and Rs 25 lakh for existing ones.

The above mentioned loan schemes by the government are a reflection of the Indian Government’s commitment towards boosting the SME sector. Avail these excellent options and establish the business of your dreams.

- Swati Sinha

8 \ Small Enterprise \ Aug 2019

COVER STORY | STARTUP ESSENTIALS

8 TIPS FOR FINDING AN OFFICE S PA C E F O R A S M A L L B U S I N E S S

In the journey of establishing a new business, the decision to rent a commercial office space is one of the most exciting and overwhelming experiences of a small business owner. It signifies the turning point in your business where you have grown beyond your home office and need a larger space to operate. This implies that you are expanding your team, your office equipment and the place for conducting meetings. An appropriate

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working place is extremely important at this juncture to ensure sustained growth in your business. In your endeavour to take your business to the next level, there are several things that you must consider before taking the plunge. Therefore, here we have listed some tips that will help you find the correct office space for your small business.

Choose an accessible location near your team – This is one of the basic and most essential points to keep in mind when selecting an office space. You must ensure that the location of the office is close enough for your team members to commute. In case you do not have a team yet, make sure that your office is accessible to an area that is populated with potential talent. Not just employees, but the clients should also be able to locate the office without any hassles. Therefore, ensuring the connectivity and accessibility of office location is paramount.

Keep a budget in mind – The next major concern after location is the expense involved. Have a strictly defined budget in your mind.

Starting a business already involves many expenses and adding an exorbitant rent to your list isn’t a wise decision.

Therefore, have a strict budget in mind when renting an office and stick to it to avoid any future debts that could stunt your growth.

Also, keep a budget for any unforeseen extra expenses apart from actual rent.

Consider the lease carefully – Make sure that the provisions are very clearly expounded in your lease to avoid any hidden charges in the future. Also, you must pay attention to the length

of the lease. It is advisable to rent a place with a short lease period. A long-term commitment might cause trouble if your business sells or outgrows your office space.

Find a secure building – Security is an important aspect that you should consider before renting a place. To ensure the safety of your employees and office equipment, find a secure office building that has a security guard and after-hours security.

Choose a space that has scope for expansion – The space you choose for your office should have enough space to accommodate all your team members comfortably. The space should be large enough for everyone to sit, but not so large that you end up paying for rooms that you never use.

However, you must keep some spare office space for future possibilities of expansion. Also, having a specific place for meetings can be extremely helpful.

Know the exact condition of the space you’ll receive – Sometimes the advertisements about commercial properties can be misleading. The advertisement may offer many utilities which may not be available at the actual location. Therefore, make

sure that you personally check all the amenities and condition of the office space before renting it. How much space will be delivered and if there are any repairs or improvements to be taken care of.

Be informed about what you’re allowed to customise – When you move into a new office, you might have to customise things around you to suit your requirements and taste. So, before you sign any document, be sure to discuss in detail about how much you are allowed to alter the space without attracting any penalties.

Have provisions for an early exit – In a small business, it is possible that you may outgrow your office space and need to relocate, or your business might turn out to be unsustainable and get dissolved before the lease ends. In such situations, you should be aware of the consequences of breaking your lease. Ensure that you can manage to pay any fees or penalties for breaking the agreement before time.

In the end, prioritise your preferences and requirements before embarking on your search for the ideal workspace.

With these tips, you can make your search more organised and insulate yourself from any unforeseen complications.

- Swati Sinha

Aug 2019 \ Small Enterpri60se \ 61

COVER STORY | STARTUP ESSENTIALS

KEY INGREDIENTS FOR A STARTUP’S SUCCESS

To get the ball rolling for a startup is one thing but to survive the competition and yield success is altogether a different story. Out in the real world, there is no perfect recipe to cooking success. No matter how great your idea, service or product is; it stands a chance of utter failure or a colossal

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success. There are a bunch of factors, both internal and external in a business environment that can make or break the deal.

Here are few basic key points that are quite essential to make a startup a high-flier.

Personal motivation- As an entrepreneur self-motivation is a key factor in running a good business. Diving in the pool of cash and riches is one ultimate motivation for every entrepreneur. But keeping that aside, what else keeps your engine running, matters most.

How many painstaking hours are you ready to spend as an entrepreneur? What compromises are you willing to make? How long are you going to hang in there, when things go wrong? Being the head and leader of the business, self-belief and motivation is the key to success.

Skill management- Hiring a skilled workforce is one of the most important ingredients for success, unless you are going solo. The perfect mix of experts will bring experience and work in coordination with one another. Get professionals on board who have in-depth knowledge of the market and product. As a startup, your team should have the right number of talented professionals in every field. For example, for an E-commerce team, Chief executive officer, marketing manager, operations manager, human resources, finance head, administration manager, customer service executives and so on, will be essential.

In case of a one-man show, it is always helpful to get guidance or counselling from experts from a similar field.

Realistic product- Marketing a realistic product or idea requires half the effort in comparison to a less practical product. Keep your eye on the ball and deliver a product or idea that is crafted around the needs of the customer. The product or idea should meet the customers’ expectations and should satisfy their needs. It should be useful to the customers in one or the other way.

Innovative product- A product with useful novelty is always welcomed by the consumers. A startup’s product or idea should have some unique feature that should gain the attention of the consumers’ unquenched needs.

Moreover, the product should be marketed to consumers who need them. For example, while starting a maid agency, the target customers will be homemakers and working women, not shopkeepers or site managers.

Don’t go overboard- With limited experience and cash reserves, it is always prudent to control your business conduct.

Never go overboard by doing too much too soon. Do a test run, select what works well for the business, fine-tune the process and discard the unyielding aspect, product or service. This implies in all aspects of the business, like skill management, material procurement, expansion and marketing as well.

Networking is essential- Build a network that your business can rely on. As a startup, networking from day one creates a solid foundation for the business. By creating a web of acquaintances and associates, a lot of information and data could be exchanged. Information related to market, trend, customer’s preferences and needs, new financing means and more, can be discovered through regular communication. These bits of data can be later on fed into the business system and utilised for bigger turnover.

Adaptability - A real market is a dynamic place and it keeps changing every day, except for a few monopolist markets. In general, adaptability of a startup increases its chances of both survival and success. Be flexible enough to adjust to the changes in the business environment. For example, any changes in tax regime or business regulations by the government should not put a hurdle in your startup’s growth.

Realistic expectations with risk-taking appetite- Keep your expectations related to the business as realistic as possible.

Do not expect windfall gains from day one. The key to success is to expect the unexpected. Be willing to take risk and expect failures. Some ideas might boost the success of the startup and some might take them one step backward. As a startup, you have to try.

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Sort out the financial aspect- A startup should develop a proper financial management system from day one of the business. A defined structure, process and documentation of all financial dealing will keep the business smooth sailing. By knowing from where cash is coming, to who it’s going to and who do I owe, will help in developing an effective business plan.

Learn from mistakes- As a startup, never repeat the same mistake again and again. The idea is to learn from the mistakes and make corrections to alter the path of business course. Also, you can keep a keen eye on the competitors and compare notes of where they are making mistakes. As a startup, you could completely avoid making the same mistake or take advantage of it. Take lessons from your own mistakes as well learn from others.

Cyberspace visibilityNowadays, cyberspace has become the heart and soul of a business entity. This low cost and widely visible tool has helped many entrepreneurs build their empires successfully from scratch. With the right approach and thoughtful marketing strategy, you can reach everyone everywhere having a smartphone and internet connection. Creating a user-friendly website, Facebook page, setting up an email account, twitter handle and so on, can increase the visibility of a startup by many folds.

Effective marketing strategyThe success of a product or idea depends majorly on how it’s marketed. Great product but bad marketing is an ultimate disaster. A unique and effective marketing strategy, highlighting the best features of your product will boost the chances

of succeeding. Some of the best examples of exemplary marketing strategies are Uber, Hubspot, Alibaba and Mint.

Proactive- By being proactive, you can create an effective business plan for your startup.

Making plans of short, medium and long-term goals will pave the way for success. By scrutinising all the available options, resources and funds will assist in purchases, arranging funds, leasing and expansion of the business.

To sum it up, the success of any startup depends on constant learning and applying of the best practices. What is effective today might not be valid tomorrow. So, to bear-fruits of success, a startup should constantly learn, adapt, trim and grow.

- Sumaiya Khan

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Visitor Management System

COVER STORY | STARTUP ESSENTIALS

SOCIAL MEDIA: A BOON FOR STARTUPS

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Today, e-commerce websites and social media platforms are very popular among all ages and demographics. Everybody uses it. Information on these high-tech exuberant websites and social media platforms spread like a wildfire.

Present-day scenario is such that everyone has smartphones and businesses are providing splendid consumer and mobile-friendly experiences. For a startup to make a cut in this dynamic, fast-paced and hi-tech environment can be exciting and challenging as well. As a new startup, you can capture the imagination of your target consumers, by using e-commerce and social media portals. You can fetch business from boundless territories, simply by sitting inside your office having a good internet connection. As a startup, it is essential to find the right social media platform to plug-in and outperform your competition.

There are some very popular social media platforms, namelyFacebook YouTube WhatsApp Wechat Instagram QQ Tumblr Reddit Before you scamper to launch a page or an online profile for your business, here are few points for your thoughtful consideration.

Business vision- Defining business vision offers a clear picture to startups about their business vision and how they are going to excite their customers.

From their vantage point, they can map out whats and hows, they want to achieve. In other words, an entrepreneur can get valuable insight into their customer’s preferences and choices. Here, social media emerges as a great aid and offers a good clarity on this matter. With state-of-the-art virtual applications, a startup can create a vibrant and interactive website, Facebook page, YouTube videos, etc., to easily promote and interact with their customers. All you need is to put your business vision in the visual images, express your product generously and add your logo. Your business vision should be loud and clear.

Know thy customer- For new businesses it is very vital to learn about their target customers’ needs and preferences. An entrepreneur can keep a keen eye on the latest trending fads, preferences, feedbacks and latest tech updates, available on different websites and pages.

Later on, based on the findings, a marketing strategy can be designed around it. A startup can also roll out surveys on platforms like Facebook, company’s website etc. to get a better perspective of customer’s preferences.

Brand awareness- To leave a mark on consumers’ minds and

to buy their loyalty is a hard task for any new startup. Social media offers a level playing ground to both big brands and newbies. Social media helps a startup build their relationship with the market and customers.

It spreads the word out there, about the brand, services and even the quality of customer service. Not only this, it helps businesses to share a lot of information, updates and upcoming events with the world full of consumers.

Choose the right social media platform- Choosing the right platform to promote your brand and company is very crucial. It is like choosing your clothes before going to an important business deal. Based on your business requirement, you need to focus on one or two social media platforms, which has more transparency, users/customers, wide-spread connectivity and user-friendly interface. For example, for a retail startup, a website or social media page will be more useful than a chatting platform.

Exemplary marketing platform- For a startup, social media can provide a whole new landscape to boost business.

Without shelling out big bucks you can afford extensive marketing programs. You can also check on your competition as to what is cooking and counter that with a better upgraded promotional gimmick.

You can also create a buzz amongst your audience through

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weekly newsletters, latest updates, new launches, pictures and videos.

Website is essential- Having a website is a must, must, must.

Think of it as your businesses personal visiting card which can do way more than provide an address and a contact number.

You can hire an expert do this job and use their expertise to create a user-friendly and easy to navigate website. Your businesses website can be as impressive and dynamic as you want it to be. Convey your company’s vision, put your logo on it and open an entire line-up of your products or services for the customers. As a startup, you can choose to display all the offerings you have or provide a sneak-peak into your business to the consumers. Former is always better.

Team of experts- Social media has become as important for a business as fuel for a car.

Depending on the scale of your business, you can always decide, whether or not to have a skilled team of social media experts.

This dedicated team can post, update and track every single click on your website as well as other social media platforms. By utilizing their expertise, you can design, promote and add an extra edge to your startup.

Customer service- Haven’t you heard it millions of times that “Customer is king”? Yes, it’s true!

Having a good customer support not only benefits a business but also takes it to places. With these interactive websites, social media platforms and chatting applications, it has become easier to interact with customers. It offers a two-way

communication to businesses at a lightning speed. Depending on the scale of business, a startup can use these platforms to resolve, satisfy and expand their customer base. A customer can drop a picture, write a complaint or simply convey their issues on these platforms. All you have to be is vigilant and responsive.

Mobile friendly interface- Last but not the least, with smartphones in every hand, a startup should have mobile-friendly websites and webpages. Mobile friendly interface becomes easier to access; anywhere and anytime.

To wrap up, imagine, create, design and hop on the wagon of social media to connect with a whole new band of customers.

Make your business a global phenomenon by using the right mix of social media platforms.

-Sumaiya Khan

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India's 1st Vernacular Conversational AI Platform to employ the Next Billion Users While there are plenty of job portals, they often require jobseekers to upload there profiles in English, which many blue-collar workers are unable to do as they do not know English and also not adept at typing either on phone or computers. Thus, blue-collar workers are still heavily reliant on word of mouth, classifieds advertisements or agencies to find potential employers and get hired.

This process often takes weeks or months which results in frictional unemployment resulting in huge loss of income and also middle-men charging high commission.

For the first time in India, we are introducing a conversational interface where the job seekers in the informal sector can create their profile/resume just by speaking to their smartphone through a series of voice commands in their own native language. Now with our technology, they are empowered to make an active presence on the job market on their own in a simple-intuitive way without any dependency on middle-men.

www.dhiyo.ai

MARKETING

6 STRATEGIES TO INCREASE BRAND AWARENESS

Brand awareness is one of the most challenging and crucial aspects of establishing a business in today’s aggressively competitive business landscape. Branding is crucial because it is common human tendency to turn to the things that are familiar. We tend to trust and purchase only those brands that are familiar to us either through personal use or through recommendations. This explains why it’s so important to build brand awareness! Some of the best examples that demonstrate the power of Create Strong Content Engaging, unique and regularly updated content is one of the most powerful ways to increase your brand awareness online.

There are multiple forms of

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branding are Coca Cola and Dettol. Today, cola drinks are referred to as coke, while Dettol has become an eponym for antiseptic solutions across India. These brands have achieved the peak of their brand awareness, but this did not happen overnight. It took them many years of carefully crafted marketing campaigns to reach this status.

Taking inspiration from them, here are some of the strategies that are relevant in the current scenario and can be adopted to increase your brand awareness.

content that you can deploy to gain recognition among your target audience such as blogs, infographics and multimedia content. Consistent blog posts are the easiest way to establish

your business as an authority on the subject matter that you cover. Make sure that your content uses plenty of SEO keywords and infographics. It has been found that posts with

infographics and visual content are 3 times more likely to be shared and read by people.

Therefore, unleash your creativity to create SEO content that would attract the attention of your consumers and earn you recognition in your domain.

Referral Programs Referral programs are another genius way to spread the word about your product or service among people. When you provide incentive to your users for referrals, they spread the word willingly. Referral programs not only help you gain new customers by generating word-of-mouth marketing, but also facilitate you to build loyalty with the existing customers. Another advantage of this technique is that it can save you a lot of money that you would have otherwise used for advertising your business.

Impressive Guest Blog You might be running your own blogs, but they are helpful only up to a certain extent. If you want to reach out to new audiences, then posting guest blogs on other publications can be an effective strategy for your business. You can begin by checking other sites’ blog content and making a list of all those platforms where you can provide a relevant content that would fit their offerings. Next, brainstorm ideas for blog posts that offer some useful and unique insights that have not

been covered by these sites.

Once you have some impressive ideas and content for guest blogs, you can email each site with your pitches. On receiving access to a new platform, you must post impactful content that contains important keywords.

This will not only help you gain access to an entirely new audience, but also build awareness for your brand.

Partner with another Brand Increase awareness of your brand by collaborating with other businesses. You can establish mutually beneficial partnerships with other popular businesses, local or otherwise. In such scenarios, if they come across someone who needs your services, you will get the first referral. You can also partner with local businesses to sponsor events or festivals where your brand can get featured.

Influencer Marketing Just like guest blogs, influencer marketing is also an extremely effective strategy to build your brand presence. The data captured by an influencer marketing platform, MuseFind, shows that 92% of consumers trust an influencer more than ads or traditional celebrity endorsement. Therefore, you can conduct influencer-marketing campaigns by partnering with suitable influencers for your product or service. To find the right influencer, simply search relevant keywords on social

media channels and zero in on the influencers that would be appropriate for your brand. An existing influencer in your industry can make a huge difference in creating brand awareness by recommending your brand to his/her followers.

Freebies One of the easiest ways to build your offline presence is the classic tried-and-tested formula of distributing freebies!

Everybody loves free gifts.

Exploit this tendency of consumers by giving away free items such as pens, mugs, bags, diaries and the like with your brand name on it. Many companies are using this simple marketing technique to increase their brand presence. A lot of companies also give away freebies when customers hit certain checkpoints. Such free gifts inspire loyalty among consumers towards the brand.

These are some of the easy-to-implement and effective strategies to raise awareness about your brand. These are cost-effective and ensure bigger returns on investment. However, in the end, consistency is the key. Building brand awareness is a long process that can cannot be achieved overnight. So, if you’re running a business, start today with these simple tips. Be consistent and build a name for your business that everyone recognises.

- Swati Sinha

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