The Prime Minister-led policy of Make in India, where foreign investors were encouraged to set up manufacturing units with utmost ease and approval processes has bear great fruits as they have been able to beat IT sector in the race for office leasing. The property consultant, Knight Frank India have released reports which perfectly shows that the IT/ITeS’s dominance in office spaces of India has been overshadowed by the foreign manufacturers. They also said that changes are also seen in housing trends as people are now looking for ready-to-move-in projects.
The manufacturing sector of India has gain 2-fold jump in the first of this year.In Delhi NCR, companies such as Oppo in Noida, Samsung and Honeywell in Gurgaon have contributed highly in this sector. In Mumbai also, a high rise jump of 95% was seen in companies related to chemical and pharmaceutical. Their offices are mainly occupied in Andheri-Kurla, Bandra Kurla Complex and Powai. Same is observed in Chennai where gain is seen in service sector in the last 18 months where companies such as Renault-Nissan and Ford have acquired big market.
Moreover, the housing and commercial sector of Delhi-NCR, especially in Greater Noida has witnessed growth in Rs.50 lakhs houses in foreign manufacturers respectively. This one shows that the government initiatives are working pretty well as the results are overwhelmingly positive. This has also made sure that government policies such as Make in India, Start-Up India and many more are very productive provided they are implemented affectively.
We live in a world where start-ups are defining the norms. Their efficiency has proved itself to be the winner among public. The simpler a concept is, the wider it gets followed. The same thing is happening with the start-ups nowadays. The whole notion of the world getting smaller with globalisation and technology has increased the potential of new business ideas. Where traditionally, people had to go out in the market and arrange physically their business and had to think a lot beside their idea on how to grow the business. But, now people can put a great deal of time in their idea with the advent of technology. One thing that is never far away from a start-up is problem. We should feel lucky that today, any problem can be solved by just typing that on our keyboards. Same is happening with the problem of investing in a new business ideas. Initially, where preliminary money generation or what now has transformed a typical market term, seed funding, people used to rely on their families, friends and relatives. A big funding was only possible if the idea has run its way into the masses.
Now, the world is changing at the speed of our thoughts. New funding ways have evolved. The best thing is that all the big money makers such as angel investors or the people who had made big money in the last quarter of the 20th century are really vouching for the success of start-ups. They have understood the power and potential of the technology we are into. All over the world, the wealthy people are supporting their talents be it in India, China, Iran or any other place. However, a budding entrepreneur must understand few new ways which if done properly could bring them huge investments.
Crowdfunding – Crowdfunding is one of the latest modes of capital venture. A large number of people from various backgrounds gather to make contributions for new business ideas. The venture capital emerged from crowdfunding is enough for the seed funding. Also, a good word of mouth in the people who matter really take the idea to scale new heights. Many platforms are there in India which have made crowdfunding easy and make the campaign affective.
Pitching in Fest Events – This is one of the perfect places to pitch your business ideas for various venture capitalists and angel investors. Usually, in these scenarios, various fests and events are organised where instead of models ramping up the stage, new entrepreneurs pitch their ideas and if investors like them, they give them funding. One example of such a stage in India is NASSCOM.
More Seed Funds –In India, there is always going to be a need for more seed funding in the coming few years. Good news is that the VCs and angels have got support from the India government over no tax on investing. Such initiatives by Start-Up India will bring confidence to promising businessmen. It would result in better and efficient competition leading to proficient and deserving ideas to rise above.
Availability of investors’ database – A database of investors is a good thing as their public space can be used gather information. Such information can be resourcefully and judiciously be used to get seed funding. A background check of many investors will open multiple possibilities as their portfolio will provide signs of investing.
The world today has enhanced productivity requirements. Due to this, the demand for highly skilled labour is growing. China and India are set to drive this demand. Globally, the share of low-skill jobs is likely to decline from 74% of employment in 2010 to 62% by 2020. On the other hand, the shortage of highly skilled workers with a tertiary level of education is expected to reach 18 million by 2020, globally. But due to its demographic dividend, India will have a labour surplus of 47 million by 2020. However, this surplus may only be of low-skilled labour. And while the demand for highly skilled labour is increasing, the supply isn’t quite keeping up. The challenge, as well as opportunity, that India faces is how to train such a large reserve of labour and convert low skills to high skills. One solution that immediately comes to mind is providing higher education for all. But at present only 24% of those meant to be participating in higher education, are actually enrolled. Plus, traditional college or university pedagogy has been increasingly criticized for being outdated and irrelevant to the jobs market. If you attended school or college in India, you will have first-hand experience of the ills that plague the system.
Skill India Training
Some of the reasons for this are:
Absence of a customized or personalized approach to education (necessary as different students have different needs and learning capabilities).
Restricted resources due to not-for-profit nature of educational institutes and over-regulation.
Lack of technology infrastructure.
Poor teaching quality.
Lack of skills-based learning.
Low focus on research and development.
Minimal partnerships with industry/foreign academia.
Outdated curricula not reflecting requirements of a dynamic market environment.
Only about 25% of Indian graduates are considered employable by the organized sector. Further, 48% of Indian employers said they were having difficulty in filling jobs, in 2012. Despite employers expressing difficulty in finding employable candidates, in 2009-10 the unemployment rates in India were higher for those who were more educated (graduates had more difficulty finding jobs than secondary or primary level graduates). “ Skillintensive industries are expected to contribute more than 90% of India’s GDP by 2030. The opportunity is staring at us in the face. Featuring fresh takes and realtime analysis from HuffPost’s signature lineup of contributors 1 July 2016 iOS app Android app More MORE: So Indian education, in its current form, hasn’t proved to be enough training for the incoming workforce. The numbers also prove that just completing higher education in any field is not all it takes anymore. This pinch is being increasingly felt as the world of jobs is turning upside down; which is why we need skill training. Skill-intensive industries are expected to contribute more than 90% of India’s GDP by 2030. The opportunity is staring at us in the face. It’s not just about the potential but also the responsibility we are tasked with — restoring balance to the global supply of labour. The country needs to invest in skill development and training for a large chunk of its population. Exploiting sheer numbers is therefore one major reason to skill our workers. Secondly, the demand for advanced skill-sets in emerging areas is growing. Knowledge-intensive roles such as finance, business, etc, and those related to information technology and entrepreneurship are gaining momentum. The reality that these skills must be acquired will take root for more and more individuals, including drop outs from the mainstream education system and those who have completed such education. Currently, the actual supply of these workers falls drastically short of matching growing demand. Hence, the gaps in domain knowledge are another reason to scale up the skilling.
In China about 47% of the workforce has received some kind of skill training, 52% in USA, 68% in UK, 75% in Germany, 80% in Japan and 96% in South Korea. Comparatively, only about 10% of the Indian workforce received such training in 2008. India is seventh in the category of countries facing maximum difficulty in filling jobs, i.e., 58% difficulty, where the global average is 38%. These figures reflect that just belonging to the young Indian demographic is not enough. You are likely to be at a disadvantage, in terms of skill training and thereby employability, when compared to someone your age in China, USA, South Korea etc. To address these imbalances, India needs unprecedented increase in both education and job creation. At this point, there is no guaranteed advantage for India in the contest for high-skill talent. It will be dependent on skilling. Considering the state of higher education and the skill upgrade required to be carried out in the future, the process will not just be about learning for professionals, but rather unlearning and relearning.
Ever since Narendra Modi took oath as Prime Minister of India, he has endorsed the idea of Startup India and Stand Up India. The Skill India initiative by him is one of the best initiatives for the welfare of the people. The initiative aims to provide training to over 40 crore people in different streams by the year 2022. Narendra Modi believes in the principle of ‘Antyodya’ serving the last person in the queue.
The way the world is witnessing progress and development, technology is surely opening up new vistas and avenues for people. The young bloods today wants to set new benchmark of excellence and are willing to take risks.
The founder and CEO of OYO rooms is a young 23-year old boy. Isn’t it amazing when people like Ritesh believe in their ideas and turn them into a reality.
There is a fire in everyone and there is a story in every mind. All you need to do is ignite the fire and do every possible thing to make your story an inspiration for others.
In this corporate ridden world, it is not easy to leave an indelible imprint in the business world. A person needs to strive hard to standout from others and save his business from loosing in the crowd.
While starting a business, a budding entrepreneur faces many dilemmas. The first and foremost task is how to execute the idea, know the market, plan the budget, hire staff and brand your product.
Any wrong decision can ruin your startup. But there is always a way to know how to do things right at first go.
Startup India Consultants is one such platform which aims to help young people their capabilities at startup attempts. We aim to provide proper guidance to people in this dynamic business environment. We will give you a chance to seek advice from India’s top entrepreneurs and step in their shoes to give you a comprehensive understanding of various important things.
There are many important things you need to consider before kick starting your startup such as funding, branding your product, hiring staff and the list goes on. But one the biggest dilemma faced by any entrepreneur is, deciding the location of the business. On the startup extremes, location is one of the most critical success factors. With ever growing market of Indian Startups, budding entrepreneurs need to choose the right location and give his or her startup that X factor.
Before you start looking for business space, you need to have a clear vision of what you would like to have, where you would like to have and how much you are willing to pay. While many things can be reversed if they go wrong, what cannot be reversed is the location of your startup. So it is one of the most enthralling yet tedious tasks for any entrepreneur. The geographical location of your business should take care the given below factors.
Decide the type of your Business operations.
If your business is a formal and permanent one, you should go for a traditional store in a posh location and if it is a casual one and not permanent, you can look out for a booth which can be moved anywhere.
Demographics
Business involves sale and exchange of a product, and it’s the customer who is the king of the market. It is important that your business is in proximity with the customers. Demographics is the most influential factor in a retail business. You decide the location of your business keeping in mind your target market.
Foot traffic is of extreme importance. Never choose a place where people might bypass you. A dead spot might kill your business.
Vehicle Parking
Shoppers usually prefer places with easy vehicle parking and accessibility. If your business is on some congested busy street, it might not attract supplier, employees or customers. Any business is lousy if it not accessible. There might be difficulty in importing and exporting goods, adding further to your menace.
Competition
Having your competitor nearby, can be both an advantage and disadvantage. While if you choose the location where there is already a competitor, it might bring you existing customers of your rival on the other hand it can make your marketing job tougher too. Keeping your enemies close is good but how close is what you need to decide on.
Infrastructure
A good and vivacious infrastructure attracts shoppers quite easily. The infrastructure of startup should fulfill the requirement of all your operations and should have power backup, 24/7 water supply, telecommunication services and air conditioning.
An objective evaluation of all the factors will spare you from the cost of an execrable location. To make sure your business doesn’t lack anything, seek advice from Startup India Consultants. They will give an edge to your startup from idea till execution.
Startupswhich don’t know the value of your product and price their product often frizzle out in the market. The price of the product depends on the supply of it and certain demand of it. Demandincreases as price goes down. But things are not this simple. When you are bringing something new in the market, you have to be extremely carefulwhile deciding the price. It should be your priority to get the price element right, at first go itself.
Keep the following factors in mind while pricing:
What is the material cost of your product?
This includes the amount of money you spend on raw materials. Whether you are manufacturing a product or creating a product online, you must exactly know the various material costs incurred in the process. For example in manufacturing a product you might incur expenses on tangible materials, while in developing the software you might have to pay license fee.
Know the Labour Costs
It includes both the wages paid to workers and numbers of hours required to make the product. If the price is kept too low, you might not be able to pay the salariesto workers and get through the cost of the product.
The Overhead Cost
We have often heard people saying, try to keep the overhead cost as low as possible. Overhead cost can be everything from web hosting to phone bills to electricity bill. Keep in mind these overhead costs while pricing your product.
Respect the Industry Price
If your product is priced significantly low or higher than the market price, you either will have to change the price or alter your profit expectations.
Never forget the price of your product also influencesthe perceived value of your product. Peopletend to believe that higher priced product is better than the low valued product. So price often serves as the proxy for quality of your product.
One can never be sure about the customer wants, try delivering various productsat similar ranges. If necessary let the customerdecide the price of your product, this way you get the feedback too.
Know the pinch pint of your product and make them emotionallycompelled to buy it.
What about Decoy Pricing?
Have you ever thought about McDonalds economical meal? Why do they offer more of food at comparative low price? That precisely increases their sale. Decoy pricing might be a suitable option for your product too.
If you wish to be more careful while pricing your product, you can seek advice Startup Indian Consultants and give your product a kick start.
There are many important things you need to consider before kick starting your startup such as funding, branding your product, hiring staff and the list goes on. But one the biggest dilemma faced by any entrepreneur is, deciding the location of the business. On the startup extremes, location is one of the most critical success factors. With ever growing market of Indian Startups, budding entrepreneurs need to choose the right location and give his or her startup that X factor.