Social entrepreneurs are entrepreneurs who are adventurous and drive deep into the pressing problems of society and try to find solutions to them optimistically, not by leaving the responsibilities and the job in the controls of the government or businesses, but by trying to change systems and convincing societies to take new initiatives.
India’s gig economy is flying to newer heights and modern techs, owing to the surge of innovative start-ups and young entrepreneurs who are changing the rules of how businesses functioned. These young people do not only dream to achieve something big in life, but they also nurture their passion to resolve the social inequities holding the country back.
India needs these entrepreneurs to come out with high functioning business models to address environmental and social issues.
Being an entrepreneur in any country is challenging, and addressing a social cause through it is undoubtedly going to make the journey more difficult but a fruitful one. As social entrepreneurs in India, one is on a never-ending mission to generate business for a social cause. The job is to implement a low-cost business solution for socio-causes while dealing with the shortage of funds, resources and many more. The problems and difficulties in the way are endless but the idea to change lives for good is the driving force and agenda that helps social entrepreneurs in India to navigate social entrepreneurship.
Jeroo Billimoria
Jeroo Billimoria is one of the accomplished and renowned social entrepreneur and the founder of several international NGOs who supervises for the betterment of society. She even initiated the Childline Program that aims to provide help in form of healthcare and police assistance, especially to the abandoned children.
Jeroo Billimoria – Social Entrepreneurs in India
Jeroo, from her childhood, had a vision of giving back to the underprivileged in society. She also believed in the concept of self-empowerment and the employment of women in India. She was felicitated with the Skoll Award for Social Entrepreneurship and a holder of Ashoka Fellow as well.
Ria Sharma
Ria Sharma – Social Entrepreneurs in India
Ria Sharma, born in New Delhi, is a social activist who graduated from Leeds College of Art, UK. She is the founder of world’s first rehabilitation center for acid attack survivors.
Ria also founded Make Love Not Scars NGO in 2014, which is a rehabilitation center for acid attack survivors which are mostly women in India. It is the crowd-funded organization where it teams up to reach volunteers and funders through a social media platform. Ria was awarded the British Council’s Social Impact Award in the year 2016.
Sunil Bharti Mittal – Social Entrepreneurs in India
Sunil Bharti Mittal is known as the founder of Airtel, which is one of the largest social enterprises that put the power of telecommunications in the hands of the poor society in the country. His efforts were to bring down the costs of mobile telephone and it has assisted millions of Indian farmers to receive regular and instant updates on crop and weather.
In the year of 2000, Sunil Bharti Mittal established the Bharti Foundation as performing philanthropic work in the area of education besides empowering young members of low-income communities through entrepreneurship.
Hanumappa Sudarshan
Hanumappa Sudarshan – Social Entrepreneurs in India
Hanumappa Sudarshan is one of the most admired tribal rights’ activists. His dedication and pursuits towards assisting the poor section of the Indian society made him an honorable recipient of the prestigious Padma Shri and the Right Livelihood Awards.
Hanumappa also founded the Vivekananda Girijana Kalyana Kendra in the year 1980 for the integrated development of the tribal population in the state of Karnataka. He is the Secretary and Founder of the Karuna Trust that is focused on promoting development in rural areas in Karnataka and Arunachal Pradesh.
Ajaita Shah
Ajaita Shah – Social Entrepreneurs in India
Ajaita Shah is the CEO and Founder of Frontier Markets and also the President of Frontier Innovation. Frontier Markets has sold around more than 25,000 clean energy products in India, especially in Andhra Pradesh and Rajasthan.
Frontier Markets is a company of rural sales, marketing, and service distribution that provides access to quality consumer and affordable durables to low-income households.
Shaheen is the founder of the Akanksha Foundation that pays special attention to educating the unprivileged sections of society. For two decades, Akanksha Foundation that initially started with just one center and 15 children is now assisting over 3,500 children in 58 centers and six schools. Shaheen has the belief and vision to remove illiteracy from the basic level in India.
In the year of 1992, Sushmita Ghosh founded Changemakers after previously enjoying a successful career as a journalist. Changemakers is an online platform for solving open source problems. It has the vision to emerge as a self-energizing community of changemakers.
Sushmita Ghosh has also served as President of Ashoka from 2000-2005 and is now a board member of many non-profit organizations across the globe.
Dinabandhu Sahoo
Dinabandhu Sahoo- social entrepreneurs in India
Dinabandhu Sahoo speculated the use of seaweed as a product outside India and knew that it could be used in India as well. Even though seaweed wasn’t traditionally eaten in India, it can be used in lots of different products and is a relatively sustainable product to farm especially compared to its alternatives like shrimp farming.
Conclusion
Social entrepreneurship is, at its most basic level, doing business for a social cause. It might also be referred to as altruistic entrepreneurship. They don’t measure their success in terms of profit alone – success to social entrepreneurs means that they have improved the world, however they define that.
The top social entrepreneurs from India were driven by an individual and strong desire to bring changes in the lives of people and their necessities, instead of waiting for someone else to bring those reforms. The future of India is on the brighter side with new social entrepreneurs following their paths in their ways.
FAQs
What are social entrepreneurship and examples?
Social entrepreneurship is, at its most basic level, doing business for a social cause. It might also be referred to as altruistic entrepreneurship. They don’t measure their success in terms of profit alone – success to social entrepreneurs means that they have improved the world, however they define that.
What are the types of social entrepreneurship?
These different types of social entrepreneurship show just how varied the concept can be.
Community Project. A community project is a relatively small-scale effort to address an issue within a specific community.
Non-profit Organization.
Co-operative (Co-op)
Social Enterprise.
Social Purpose Business.
Who was the first social entrepreneur?
The terms social entrepreneur and social entrepreneurship were used first in the literature in 1953 by H. Bowen in his book Social Responsibilities of the Businessman. The terms came into widespread use in the 1980s and 1990s, promoted by Bill Drayton, Charles Leadbeater, and others.
What makes a social entrepreneur?
A social entrepreneur is a person who pursues novel applications that have the potential to solve community-based problems. These individuals are willing to take on the risk and effort to create positive changes in society through their initiatives.
Do social entrepreneurs make money?
The short answer is that it depends. In many cases, social entrepreneurs do make money. Social entrepreneurs adopt a business model that puts their mission at the center of their business and are held accountable to their customers and stakeholders based on their proposed impact.
How does a social entrepreneur identify social needs?
One way to identify social needs is to consider the Human Development Indicators and then determine the willingness to participate and the commitment that the stakeholders acquire.
Louis Vuitton – The King of Clothing brands, was established in Paris nearly two centuries ago. Louis Vuitton is among the world’s oldest and most successful luxury brands. It is one of the most prestigious labels in the world of luxury fashion.
Louis Vuitton, as an organization, is estimated to be worth nearly $30 billion, and its products are available all over the world. A huge boom occurred between 2006 and 2012 when it was named the most valuable luxury brand every year. A fashion powerhouse, Louis Vuitton is one of the most valuable brands in the world. Louis Vuitton products are handcrafted from high-quality materials and reflect the high-end side of fashion. It has a steep price point that makes it unaffordable for most people.
Strong craftsmanship and distinguishing features make it easy to judge authenticity while Louis Vuitton replicas travel around the world. A handbag’s authenticity can be determined at a glance.
Although replicas are available, real Louis Vuitton remains scarce. Because the originals are expensive and only available in a few locations, they are extremely hard to find. Being scarce creates a strong narrative because it results in desire. A simple wallet is transformed into a desirable commodity by creating a sense of scarcity. The high demand for rare items makes them even more desirable for people.
Every year, Louis Vuitton burns every unsold product to maintain exclusivity and high prices.
Even though there are three main reasons for this practice, it still seems odd to destroy so many products. Louis Vuitton products must continue to be rare and desired. Louis Vuitton, for starters, avoids sales at all costs – they rarely discount anything and want to ensure that ‘everyone gets their products at the same price. So, instead of offering discounts, the brand disposes of unsold pieces by burning them.
To prevent stock malpractices, Louis Vuitton destroys unsold merchandise. Would-be fashion thieves would be deterred if they had a warehouse full of unsold and legacy merchandise.
Due to a ‘duty drawback’ law, Louis Vuitton specifically burns bags in the United States. Supposedly, duty payments can be reclaimed if an item is imported into the United States and then destroyed.
They are divisive and wasteful. Likewise, Louis Vuitton loses potential profits because the bags were a waste of time and effort. It’s a price they are willing to pay for luxury.
Louis Vuitton is not the only one to destroy products
Louis Vuitton bag
Many other luxury brands follow Louis Vuitton’s lead in this regard. Regardless of how absurd it may seem, there are real reasons for this practice, as we’ve explained.
Luxury brand Burberry destroyed 37 million dollars worth of goods in a single year in 2018. This drastic action was taken to “prevent it from falling into the wrong hands.”
To qualify as high-end brands, these companies must maintain exclusivity in their product offerings. Customers will be let down if their products are readily available and sold at reduced prices.
Louis Vuitton destructive practices in not acceptable
Consumption soars as a result of this practice, and people are desperate to buy these products before they are destroyed.
As of 2019, the French government was determined to eliminate these destructive practices. Many of these luxury brands are based in France, and more specifically in Paris. This is one of France’s most lucrative industries.
There is some debate as to whether the positives outweigh the negatives, however, Is it so bad if these products are disposed of in an environmentally friendly manner and the companies pay for the disposal?
According to Louis Vuitton (at least in public), a product is either sold or discontinued at a set price. Everyone pays the same price for an item.
There are also private sales that are held for Louis Vuitton employees, which LVMH employees can occasionally attend.
Every two years, they’ll gather all of the discontinued items in all sizes into a large warehouse and sell them to the employees for a very low price, even at cost! A dedicated team selects the items, which may have been out of print for years. But they’ll continue to do so until they decide it’s no longer worth it to do so any longer. As a result, they will be effectively destroyed!
Your goods will not flood the market and end up in places you don’t like or that are bad for your image if you destroy the remaining stock.
FAQs
Does Louis Vuitton have an outlet?
Louis Vuitton products are exclusively sold in Louis Vuitton stores and through Louis Vuitton official website.
Which country is Louis Vuitton cheapest?
Louis Vuitton is headquartered in Paris, France. The price of Louis Vuitton products are substantially cheaper in Paris.
When was Louis Vuitton founded?
Louis Vuitton was founded in 1854 by Louis Vuitton in Paris, France.
Gaurav Taneja, one of the most popular Indians on YouTube, is always in the news for his rapidly growing list of admirers. He runs three YouTube channels which collectively has almost 10 million subscribers.
Gaurav is a man who wears many hats. He is a vlogger, pilot, fitness enthusiastandan aspiring lawyer. He and his wife, Ritu Taneja, are fondly known as the ‘power couple’. This post discusses the story behind Gaurav Taneja’s meteoric rise to becoming a youth icon and an inspiration for many.
Gaurav Taneja | The Famous Indian YouTuber | Flying Beast
Gaurav was born on 9 July 1986 to Yogendra Kumar and Bharti Taneja in Kanpur, Uttar Pradesh. He did his schooling at Jawahar Narvodaya Vidyalaya, Ghazipur, Uttar Pradesh. Gaurav graduated from IIT Kharagpur in 2008 with a Bachelor’s degree. He also pursued his diploma in Commercial Pilot.
Gaurav Taneja – Family
Gaurav Taneja was born into a middle-class family hailing from Kanpur, Uttar Pradesh. His father Yogendra Kumar was a bank officer. His mother Bharti Taneja was a teacher. Gaurav has a sister named Swati Taneja Bhatia.
The handsome hunk got married to Ritu Rathee Taneja on 5 February 2015. They have a daughter called Rasbhari Taneja, fondly known as Kaira. Rasbhari was born on 18 May 2018.
A snapshot of Gaurav Taneja’s family.
Gaurav Taneja – Personal Life
Gaurav has been passionate about bodybuilding for a really long time. He took his interest in fitness to the next level during his college time at IIT Kharagpur. A winner of several bodybuilding accolades, Gaurav is a certified nutritionist and fitness coach. He vouches for MY PROTIEN’s products and highly recommends them.
He is a commercial pilot as well but got suspended from his job. Being a travel enthusiast who looks forward to vacations, his stint as a pilot makes complete sense. Gaurav has relentlessly pursued his interests since childhood. If he puts his mind behind something, he gets it done. He is an ardent follower of discipline and has a strict routine. And that is how he makes time for all of his endeavours, be it his career as a pilot, his bodybuilding stint, maintaining his YouTube channels, and being the ideal family man.
He also raises his voice for social causes and talks about economics and national issues in his gaming videos. He maintains an excellent relationship with his viewers and that bond makes him a crowd favourite.
After his suspension from Air Asia, he has planned to become a lawyer. He gave the entrance exam of LLB hoping to get admission to law college in order to pursue his new dream.
Gaurav Taneja – Becoming a Pilot
After graduating with a Bachelor’s degree from IIT Kharagpur, Gaurav embarked on his journey to become a pilot. He started his career as a pilot in 2011 when he joined Indigo Airlines. In April 2019 he shifted to AirAsia from Indigo.
On June 14, 2020, Gaurav Taneja tweeted that he has been officially suspended from Air Asia for standing up for the safe operations of an aircraft and its passengers.
Today I have been officially suspended from @AirAsiaIndian for standing up for safe operations of an aircraft and its passengers.@AwakenIndia#SabkeLiye
The next day, he uploaded a detailed video on his youtube channel (Flying Beast) where he has been seen explaining the reason behind his suspension.
The reason behind the suspension of Gaurav Taneja from Air Asia
The video has garnered over 8.7 million views and over 81,220 comments, mostly appreciating the pilot for his move.
In the video, he alleged the airline has asked its pilots to do 98% of landings in “Flap 3” mode, which allows it to save fuel. And if not done so, it is considered as a violation of the SOP (Standard Operating Procedure).
Gaurav also discussed how landing in Flap 3 mode disregards the safety of the passengers. He gave the example of Imphal Airport where pilots have to deal with much steeper landings as compared to other Indian airports. When an aircraft comes down steeply, it needs drag to keep its speed under control. In these circumstances, a pilot has to perform a “Flap Full” landing.
But in order to fulfil the SOP’s requirements, the pilot often disregards the safety of the passengers and does the Flap 3 landing. Gaurav Taneja was tagged as a whistle-blower for disclosing this safety lapse and people appreciated him for his braveness.
The Directorate General of Civil Aviation said on Twitter, “DGCA has taken note of the concerns raised by some stakeholders against a particular airline and its approach to safety. DGCA has already started an investigation into the issues flagged and shall take appropriate action based on the outcome of the said investigation.”
Gaurav Taneja – YouTube Channels
Fit Muscle TV
To carry forward the interest in bodybuilding, Gaurav Taneja started his health and fitness channel named “Fit Muscle TV”.
Fit Muscle TV was his first channel on youtube.
Gaurav shares fitness tips and guides with people who are into bodybuilding and fitness through this YouTube channel.
As of October 2021, Fit Muscle TV has more than 1.99 million subscribers.
Flying Beast
Flying Beast is one of the most popular channels of Gaurav Taneja as he posts daily vlogs on this channel.
Gaurav Taneja started this YouTube channel in December 2017.
He hit 1 million subscribers on 26 March 2019.
The YouTube channel now has more than 6.45 million subscribers.
Flying Beast is all about Gaurav’s day-to-day happenings, travelling plans, and lifestyle.
His wife Ritu Taneja and daughter Rasbhari are often seen in the videos uploaded on Flying Beast.
Rasbhari Ke Papa
Rasbhari Ke Papa is the third channel that is run by Gaurav Taneja where he live-streams while playing video games.
Gaurav Taneja started his third YouTube channel on 8 July 2020 and named it after his daughter’s name.
Before launching ‘Rasbhari Ke Papa’, Gaurav requested his subscribers to make it the fastest YouTube channel to reach 100,000 subscribers. And it worked.
In just 98 minutes, the YouTube channel reached 100,000 subscribers, creating a world record in the process.
Rasbhari Ke Papa then reached 500,000 subscribers in less than 24 hours. Yet another impressive feat.
Currently, the channel has more than 1.29 million subscribers.
It is also claimed that about 100 fake YouTube channels with the same name were up within just 24 hours of this channel’s launch.
He was awarded the golden play button by YouTube for achieving the coveted tag of 1 million subscribers.
He won ‘The Great Visioners Award 2020’ for best lifestyle and travel content creation.
FAQs
Who is Gaurav Taneja?
Gaurav Taneja is the most famous Indian YouTuber aka Flying Beast. He is a fitness enthusiast and a vlogger.
What is Gaurav Taneja’s education?
Gaurav Taneja did his schooling at Jawahar Narvodaya Vidyalaya, Ghazipur, Uttar Pradesh. He graduated from IIT Kharagpur in 2008 with a Bachelor’s degree. He also pursued his diploma in Commercial Pilot.
Who is Gaurav Taneja’s wife?
Ritu Rathee Taneja.
How did Gaurav Taneja become a pilot?
After graduating with a Bachelor’s degree from IIT Kharagpur, Gaurav embarked on his journey to become a pilot. He started his career as a pilot in 2011 when he joined Indigo Airlines. In April 2019, he shifted to AirAsia from Indigo.
Is Gaurav Taneja still a pilot?
Gaurav Taneja used to be a commercial pilot but got suspended from his pilot’s job for standing up for the safe operations of an aircraft and its passengers.
Who doesn’t love to watch their favourite country in the Olympics but have you ever thought about the expenditure incurred to host the Olympics? For instance, the Olympics is the most awaited international leading sports event that every sportsman will look forward to.
Whereby different countries compete with each other in various competitions such as- Athletics, Baseball, Archery, Gymnastics, shooting, Rackets and many more.
Usually hosting an international event, especially the Olympics, demands a tremendous amount of money to conduct as, every year, different countries make bids million or billion bigger in order to host the Olympics and take charge of the spending that literally covers around tens of millions. So, Let’s understand the economic impact of the Olympics.
Why is there a Concern about Investing Money in Hosting Olympic Games?
Regarding hosting the Olympics, the priority task for the hosting country is to fulfil the demands & requirements of the International Olympic Committee (IOC) such as infrastructure updates, Olympics village, operational cost, transportation, maintenance, accommodation and so on.
Apart from the benefits of the augment in tourism (travel to watch the games) and infrastructure update in the countries or cities, the hosting country has to defray the expenditure of renovation which are accountable to incur beyond the expected budget of the hosting country.
As is the case, it is reported that many countries encountered an economic downfall and bankruptcy after hosting the Olympics. Instead of uplifting the economy in terms of unemployment, poverty, and many other opportunities, those countries misspent millions of million in hosting the Olympics which seems irrelevant according to the national spending.
Since the Olympics 1960, No countries or cities haven’t witnessed profit from hosting, though London and Seoul found profitability as they took advantage of existing structures in updating infrastructure and corporate sponsorship in funding other expenses. While the other hosted countries fall into a massive debt that can take decades to pay off.
Many hosted countries failed to maintain their finances which made them insouciance about investment in the Olympics again and not ready to face tremendous financial instability after hosting the Olympics.
Here, one such country is taken into consideration, the Rio de Janeiro, When the state won the bid back in 2009, for hosting the Olympics 2016, didn’t see the preordained financial catastrophe after the Rio de Janeiro Olympics 2016. Although for the very first, the country received a global audience of more than 6.6 million in the Olympics, it failed to meet crucial financial arrangements for the games.
In order to appeal to the audiences as well the IOC, the country did things beyond imagination, where the act of demolition and displacement of the country’s heritage sites occurred, fomented human rights in the nation.
The former governor Francisco Dornelles at the time proclaimed ‘state of calamity in the country, where the state’s government is bankrupt and failed to meet further requirements in the upcoming game of Olympics 2016.
Another example of financial disaster after hosting the Olympics was Montreal’s 1976 Summer Games where they were liable to pay around $1.5 billion, which took three decades to repay.
The Economic Impact of the Olympic Games
Instilling in hosting the Olympic tournaments is beneficial and productive is a counterfeit presumption. The government’s agenda on constructing modern arenas is the perception that it will generate fresh careers and the arenas will succeed to be beneficial in the future but it never takes place.
For hosting the 2002 World Cup, South Korea subsidized a hefty number in constructing 10 new arenas with a capacity of holding 40,000 to 60,000 people. But the aftermath was disappointing, to date they operated simply five of the stadiums and the typical crowd stature for soccer games is roughly 3,000.
South Korea 2002 World Cup Stadium
Likely, Nigeria built a stadium for the 2003 African Games with a capacity of holding 60,000 people, but the arena hadn’t been utilized due to the high keeping and conspiracy rate in the area.
Likewise, there were several further countries like Chicago and Rio de Janeiro that hosted the tournament in the notion that it would boost tourism and also enhance the infrastructure. Nonetheless, some of the countries didn’t achieve the outcome they foresaw but few managed to succeed.
Sydney developed over 100,000 new job vacancies, Atlanta Olympic Organizing Committee created 77,000 new jobs, South Korea profited an $8.9 billion.
Organizing the Olympic Games costs high budgets and the allowance for the Olympic Games can be halved into two sorts:
OCOG (Organising Committee For the Olympic Games) Budget:
The IOC contributes a large amount of money. They subscribe from the dividend they receive from the top Olympic Partner programme and from the capital they obtain from the firm they trade the broadcast ownership for the Olympic Games.
A hefty sum of capital is mandated to coordinate an Olympic Games and IOC subsidies fill in a considerable portion of it. In the Rio 2016 Olympic Games, the capital required to organize the event was 1.5 billion USD.
The country that owns the Olympic rights should also provide the ticketing of the event. The money for host broadcast operations is also contributed by the IOC. The federal partnership programme is also the basis of income for the provincial organisers. Around 880 million USD will be invested for the 2022 Olympic Winter Games.
NON-OCOG (Organising Committee For the Olympic Games) Budget:
The regional councils hold control of this budget and it has several divisions in it.
Systems budget: The operative services for general administrations like transport, customs, immigration, safety and medical assistance for athletics succeed under this budget.
Capital Investment budget: The private or civil administrations undertake the financing of particular ventures. The edifice of tournament outlets succeeds under this allowance.
Conclusion
Hosting the Olympics is not a susceptible task and it arrives with a hefty price of ventures. Many countries imply no attention in hosting the occasion reckoning about the obstacles in undertakings and insurance.
Usually, the nations who have investors and are inclined in boosting the technology of the nation put up with this as a recourse.
With a substantial portion of capital, the nation hosting the Olympics obtains undisputed recognition. Around 880 million USD will be subsidized for the 2022 Olympic Winter Games.
FAQ
What was the cost of Tokyo Olympics?
The cost of the Tokyo Olympics was $15.4 billion.
Do Olympians get paid?
Yes, In the Tokyo Olympics the athletes were rewarded $20,000 for gold, $15,000 for silver and $10,000 for bronze.
Which was the most expensive Olympic ever held?
Sochi Winter Olympics was the most expensive Olympics which a total cost was $51 billion.
An organization’s organizational structure is the relationship between different roles within the company. In the structure, you can see how the roles are interconnected and what level of responsibility each role entails. In addition, it reveals the organization’s hierarchy of roles. Your small business’s structure can help you stay organized during the start-up phase and beyond by helping you visualize it.
A great business idea and a great team are at your disposal. Your company is growing, and it’s time to put some structures in place to help you keep track of everything. If you want your startup to succeed, you need a more innovative organizational structure that can adapt.
An organizational structure is a visual representation of what employees do, who they report to, and how business decisions are made. It is possible to create organizational structures that are tailored to the needs of specific businesses and industries based on functions, markets, products, geographies, or processes. It’s also important to be aware of any potential stumbling blocks before you begin to scale.
Transparency, traceability, and repeatability of work must be ensured. Work must be delegated and owned. If something goes wrong, you need to know who’s responsible and what went wrong, as well as how to fix the problem. Process management is the most common tool used by most organizations. When it comes to information flow as well as the interaction between business and human worker processes, work management is a set of software products and services that apply workflow structure.
You can transform and streamline critical business processes with the help of good work culture and better work management.
Assembling Your System
Small businesses often have a very simple structure when they first start up and for a long time afterward, as well. As a small business, you don’t have to deal with the complex structural decisions that large corporations have to make.
You are likely the owner and manager of your company, with employees reporting to you. With one or more partners, the top of the pyramid could be made up of all the partners (including you), then managers (including you), and finally employees.
Roles in the Evolution
When starting a new business, the owner often finds that he can’t effectively handle all of the managerial responsibilities. Financial and marketing managers will be replaced by hard-working employees.
Owners and managers can focus on larger goals by delegating managerial responsibilities. Over time, employees become more skilled and knowledgeable in their respective roles, increasing the efficiency of the company as a whole.
Focus on your core competencies
Organizational Structure to focus on your core competencies
Make sure you focus on your core competencies and outsource the rest of your work. In the past, organizations have diverted large amounts of money from core products to servers, software development, platforms, and hardware. These days, it’s very likely that you can outsource these tasks and get better results than if you did them yourself.
Core competencies are the resources and capabilities that comprise the strategic advantages of a business. A modern management theory argues that a business must define, cultivate, and exploit its core competencies in order to succeed against the competition.
Team Organization
Organizational Structure for growing startup team
Software companies tend to use Agile. Whatever you choose, make sure that team management is in place, with the necessary structure, processes, and tools. Teams are almost non-existent in early startups, but they quickly become essential for basic functionality such as transparency, role and responsibility delegation, and asset management. The following are some of the benefits of working with a team: This approach to leadership views a team as an organisational group made up of individuals who work together to accomplish goals. A team is made up of individuals who are interdependent, work towards interchangeable goals, and share common goals. An entire team works together to accomplish a goal.
For organizations, Holacracy divides the structure into nested circles. For example, in a holacracy, members of an organization or team work together to accomplish tasks and achieve company goals in separate, autonomous teams. Hierarchy in the workplace is replaced by a flat organizational structure that gives each employee a say in the company’s direction. Because it is so well-structured, there is very little room for ambiguity about who is responsible for what in this system.
Because people are not hired solely for a specific job, they can take on one or more roles at any given time, and they have the flexibility to move between teams and roles if they have skills or insights that the organisation could benefit from at any given time.
This replaces the autocratic power usually exercised by company owners.
Sociocracy 3.0
It is based on seven guiding principles that help to shape the culture of organizations. Considering that all of Sociocracy 3.0’s patterns incorporate the seven principles, understanding them is essential to adopting and adapting the patterns. Use your time wisely by focusing on activities that will help you achieve your goals.
Use the principle of effectiveness to spend your time only on activities that will help you reach your goals.
Invoke the principle of consent when making decisions or taking actions.
All assumptions should be tested through experiments and revisions.
The principle of continuous improvement is to make incremental changes to accommodate empirical learning over a long period of time.
Unless there is a reason for confidentiality, all information that is valuable to the organization should be recorded and made available to everyone.
In order to be accountable, one must respond when something is needed, follow through on what they agreed to do, and take responsibility for the organization’s success.
Command and Control
To delegate tasks and approve work, you must have a chain of command (or command structure). If you have an org structure, you can specify how many “rungs of the ladder” a certain department or business line should have.
Almost all companies have a hierarchy in place that identifies which individuals are responsible for which people, teams, or departments within the company. The chain of command allows each employee to know who is in charge of them and what their responsibilities are.
Centralization
The term centralization refers to the final decision-making location. Your chain of command will need to be set up after that, and you’ll need to decide who has a say in each decision. Unified or decentralized decision-making is possible in a business.
If you don’t have an organizational chart right away, it will become increasingly difficult to run your company without it as you add more products and hire more employees.
This was a list of some approaches to organizational structure in an organization. You can also create your own organizational structure which you think fits your company the best. It’s time for your startup to adopt a more innovative organizational structure that forces everyone to think.
FAQs
How do you structure a startup?
Here are the things to consider while structuring a startup:
Defining and establishing the leadership
Architecting the structure
Building your team
Bring in the professionals
Communicate with the board members
What is a legal structure?
An organization’s legal structure is a key determinative of the activities that a company or a startup can undertake. It Includes:
Raising capital
Responsibility for obligations of the business
Amount of taxes that the organization owes to tax agencies
The opinions & views in this article are contributed by various industry experts & entreprenuers in the startup ecosystem.
The first priority of a business or a company is to meet the demands of the customers. Though the demands of the customers are growing, the impressive customer service is attending these demands only too well. Extending the best customer service is the rule of thumb for every business, young and old. No doubt it brings a wide range of benefits for the businesses, which is why more and more enterprises are lining up to empower their customer service.
If you are now curious to learn about the companies that are prominently prioritizing their customer service, then here we bring you a list of startups that are keeping their customers ahead! Read about how these entrepreneurs deliver commitment and gain trust from their customers with actionable insights, tools, and strategies.
Vinayak Shrivastav | Co-founder and CEO, Toch AI
Vinayak Shrivastav – Co-founder and CEO, Toch AI
“Building a good customer experience does not happen by accident, it happens by design.” – Clare Muscutt. At Toch AI we take our customers’ specific requirements seriously and deliver with commitment.
Every new inquiry is guided by a complete demonstration of our platform and product. With diverse clients across the globe, it is imperative to process the definite and precise needs of each client. It is then assessed over face-to-face virtual meetings. With technology bridging distance, a personalized solution delivered across geographies needs to be seamlessly integrated; such that demand meets the expected workflow efficiency. The next step is an effortless onboarding process that is comprehensible in the form of flowcharts and direction for unobstructed services that eradicates remote chances of disruption. A Slack channel is created with the client for fast and direct communication with a quick turnaround time, in case of any queries, suggestions, or problem-shooting. The success team steers smooth adaptation of the new work profile with precise timelines. A step-by-step discernable communication is chalked between the client and the concerned team.
At Toch providing solutions to every customer’s unique needs is our best business plan. Our work has been the best branding we have ever done through the life of our company, where each team member is involved in ensuring delivery exceeds expectations. The patrons might forget our faces, but they seldom forget the work we do. It is an intangible feeling of pride, being associated as a dependable company that never backs down.
Prashant Radhakrishnan | VP of Sales & Marketing (India), SemaConnect
Prashant Radhakrishnan – VP of Sales & Marketing (India), SemaConnect
Companies need to wire all design thought – whether it be products or services ground up from a customer-centric viewpoint & usage, instead of spending a lot of time and effort in getting the policies, processes & people approach around customer service. Now, providing effective customer service is important – however, the overall goal of an organization’s need to revolve around eliminating said customer contacts (typically negative or catering to issues).
While this is easier said than done – it involves crafting organization structure, processes & culture across all functions from a customer at the center viewpoint.
At SemaConnect, the endeavor is to build the relevant products and services after extensive understanding of the “Voice of Customer” – each iteration of a new product or service is user-centric – this user-centricity in design is not restricted to external customers but to internal customer groups as well. For small startup companies, this is always a challenge – hence a “Guiding Principle” on user-centricity in building new products or services can only be done when the clarity of thought on Customer-Centric design is part of the DNA of the organization.”
SemaConnect, established in 2008 is a leading provider of Electric Vehicle Amenities to North American and Indian Commercial & Residential Market. For over a decade, SemaConnect has installed over 14,000 charging stations in North America, while its IT development, R&D, and manufacturing are based out of India.
Harsh Shah | Co-Founder, Fynd
Harsh Shah – Co-founder, Fynd
Fynd is a one-stop omnichannel retail platform, with customer service at its core. Our key focus while serving our brands is to offer hassle-free coordination between all points of service, be the expert solution providers, and engage in our brands’ growth with regular checks and market insights.
We offer business insights and monitor a brand’s performance overperiodic weekly/monthly calls. Going a step beyond the basic technology platform-based omnichannel solutions, this demarcates us from our peers and attracts most brands to sign up with us. Our clients look to us as solution providers and place their trust in us for a resolution in times of crisis. Brands like Sportstation & Ruosh have appreciated that even if something gets stuck at 11 PM, it will be taken care of to ensure a smooth running for the brand.
Brands often run tight on schedules around the mega sales time (both, in-store and eCommerce). That’s where our customer support has been a great relief for brands like Mothercare, Hamleys, Red Chief, allowing them to focus on core sales, while we take care of the rest. Another highlight in our service offering is our user-friendly Fynd Order Management System (OMS) that allows a brand’s store and warehouse staff to adapt to technology with an appealing UI and UX. Our collaboration and experience with logistic partners ensure a speedy delivery for our clients giving them an edge. There have been instances where the product manager himself went out to deliver so that the brand’s customers do not suffer.
Shubhi Agarwal | COO & Co-Founder, Locobuzz
Shubhi Agarwal – COO & Co-Founder, Locobuzz
When it comes to customer service, the secret to success lies in personalization, consistency, and timeliness. In the post-pandemic era, we witnessed a voluminous spike in digital customer interactions that have coerced even the most traditional businesses to innovate their service scope and digital engagement methods. Today, brands across sectors constantly deal with delivering timely customer experience at scale. Through AI-led automation solutions, we aim to give customer service the human touch and personalization it needs for a brand to succeed in volatile markets. To us, ‘personalization’ is the result of rich, real-time, actionable insights that help eliminate the chance of a neglected customer.
Social listening and response management, therefore, is not just about AI-technology at its ‘always-evolving’ best; but about a brand’s utilization of AI-tech to deliver the best customer service. With simple things like faster responses and interactive social media engagement, one such BFSI brand celebrated 40% sentiment score uplifts and extended to nearly 700 new leads every month. One of the services we often suggest to clients is CRM integrations (Customer Relationship Management) – A Retail brand that leveraged CRM in its response management was able to garner organized intelligence about its customers and converted those insights into a consistent engagement strategy wherein; they captured 16,000 unique visits over WhatsApp Business alone, and measured 264.6k brand replies from customers within a year on social platforms.
Essentially, it is a fact that people appreciate being heard and cared for by the brands they are loyal to. With AI-powered Listening and Response mechanisms, advanced automation lets brands deliver tender and attentive customer service to their clients. For all thought leaders of the new age, it will be interesting to see how fast-paced tech advancements in the future will be employed, while keeping customer simplicity and service at its optimum.
Chaitali Das | Associate VP of Marketing, Sprink.online
Chaitali Das – Associate VP of Marketing, Sprink.online
Customer services have changed a lot in the last decade. Providing better customer service in today’s world goes beyond “professionalism” and “positive attitude”. It has become more than just solving problems but about how creatively the problem can be solved. It is about understanding the customer’s psyche and helping them provide solutions for not only what they might need for the moment but also about how the interaction can add value to their experience. Customer services now demand to be more personalized, where the customer wants to feel more than just a ticket number. Today, companies are developing more full-proof customer service strategies than just deploying just call centers. Many food businesses are utilizing technology to a great extent and as a part of customer service offer online forums, detailed & self-sufficient FAQ pages, and automated chatbots along with human help that gives customers the chance to help themselves in cases where queries are taking more time to resolve.
At Sprink, our customer care strategy revolves around building human-centric customer service through great customer care representatives and the utilization of technology where it is needed. A lot of our menu and services have actually evolved into what our customers are actually looking for rather than just providing them with one-dimensional services. Our customers are living testimony of how they feel about us. We feel confident and lucky when customers residing in a foreign country or in a different city wants to book meal subscriptions for their elderly parents in Bangalore due to their trust in us or when a happy customer recommends us to their loved ones because we delivered food to their door-step beyond our predefined delivery slots when they were sick with corona. All in such cases and more, our focus is and will always remain working towards making a better customer experience.
Mahmud Kotebagil | CEO & Co-Founder, Beyond Garage
Mahmud Kotebagil – CEO & Co-Founder, Beyond Garage
Providing good customer service is not an accident rather it’s a design that involves people from all the level of an organization. We at Beyond Garage believe that will never have a product or price advantage eventually, as they can be too easily duplicated. But a strong customer service culture cannot be copied and excelling the customer service every time builds a huge gap between a successful company and a normal company. Also, a brand is no longer what we tell the customer or other people but it is what customers tell each other in the market hence we collect reviews in an open forum from all our customers. And it’s easy to understand that, people will soon forget what we said. They will NEVER forget how we made them feel and that’s our effort all the time.
Naman Shah | Co-Founder & CEO, NowPurchase
Naman Shah – Co-Founder & CEO, NowPurchase
Customers enjoy customized experiences from B2C brands on a daily basis. Companies like Amazon Prime, Voot are known to provide personalized suggestions, similarly, eCommerce platforms like Flipkart provide excellent customer service, but it’s a different scenario when it comes to B2B enterprises.
The average customer experience score for B2B companies is less than 50%, compared to 65 percent to 85 percent for B2C companies.
Customer experience is a top focus for many B2B organizations, but their actions don’t always match their statements. However, the trend is gradually shifting. B2B organizations are beginning to see the significance of investing in customer experience and the competitive advantage it can provide, especially in light of the uncertainties surrounding COVID-19 and its influence on global industries.
NowPurchase strives to give the finest customer experience to all of its stakeholders, including purchasers, production managers, and business owners. Some of our clients, for example, requested a live tracking system to keep track of their delivery progress. As a result, we created a WhatsApp notification system that alleviated their worries. We also discovered that clients preferred to receive information via WhatsApp notifications, so we developed a WhatsApp bot that allows them to receive daily pricing updates depending on market trends.
Priyanka Salot | Co-founder, The Sleep Company
Priyanka Salot – Co-founder, The Sleep Company
In today’s highly competitive business world, how you handle client complaints can either help you thrive or consign you to failure. Customer journeys are evolving based on specific customer personas, which is helping D2C firms improve their final mile. Customer attitude has evolved dramatically in some areas, to the point where there is no longer a blueprint.
So, we see innovation in the digital environment as a strategic opportunity. It benefited us in communicating with our customers and responding to their feedback and suggestions. Taking into account customer feedback has been one of the biggest advantages for The Sleep Company. We try to initiate one-on-one conversations with customers in order to have a deeper knowledge of their requirements.
Tech is at the forefront of our customer experience. We are using a website chat feature through which customers are addressed as per their inquiries. We also listen to our customers via social media and apps like Whatsapp. We have integrated the latest CRM tools to enhance the after-sales service. When it comes to human intervention, we also have dedicated teams for sales and support.
Customers have also expressed gratitude for taking their complaints seriously by providing speedy responses. It has also helped us to determine what needs to be improved. Listening to their complaints has helped us identify issue areas that we can improve on in the future, to create a positive customer experience.
Customers have evolved, and they now prioritize a brand relationship over a brand product. Customers want to have meaningful conversations. Brands should take the lead in identifying answers to issues that directly affect their target audience, as well as societal and cultural concerns that their customers care about.
Sandeep Aggarwal | Co-Founder, Candes
Sandeep Aggarwal – Co-Founder, Candes
We are a Delhi-based D2C brand of home appliances that aims at offering the best to its consumers. Be it technology, innovation, style, convenience, or after-product services. One should trust our company especially when it comes to your home appliances because we give a minimum warranty of 2 years in most of our product range. Also, we provide free door service to keep you tension-free, having over 1 million trusted users. We make sure to keep your electricity bill to a minimum and we have the highest ratings all across the marketplace. At Candes we make sure you get the best service and live a comfortable life with the help of our product lines. If there are any problems that you face, then you don’t have to worry as our customer service is always available to assist you. You can call us anytime between 10:00 AM to 5:30 PM from Monday to Saturday. We have a very convenient interface to register your complaint and resolve the same on a priority basis.
Customer service ought to be a strong point of every business and most companies now are strengthening the services offered to their customers like anything. This is also resulting in a growth that is longstanding and built on the pillars of trust.
We hope you liked our article on the best customer service providers. Feel free to share your feedback about the article and also subscribe to StartupTalky for more articles of interest!
ITC Limited is an Indian global aggregate organization headquartered in Kolkata, West Bengal. Established in 1910 as the ‘Magnificent Tobacco Company of India Limited’, the organization was renamed as the ‘India Tobacco Company Limited’ in 1970 and then to ‘I.T.C. Constrained’ in 1974. The specks in the name were expelled in September 2001 and the organization was renamed as ‘ITC Limited’.
The organization completed 100 years in 2010 and during 2012-13, it had a yearly turnover of $8.31 billion and a market capitalization of $52 billion. It employs more than 30,000 individuals in over 60 areas in India and is part of the Forbes 2000 rundown.
Since the organization was to a great extent dependent on horticultural assets, it wandered into associations in 1911 with the ranchers of southern India for sourcing leaf tobacco. Under the organization’s umbrella, the ‘Indian Leaf Tobacco Development Company Limited’ was framed in the Guntur area of Andhra Pradesh in 1912. The principal cigarette processing plant of the organization was set up in 1913 in Bangalore.
In 1918, leaf-purchasing focuses were made in southern India. ITC’s cigarette manufacturing plant at Munger was outfitted with a printing office in 1925, clearing the path for its first non-tobacco business. Even though the initial six years of the company’s presence were essentially committed to the development and union of cigarettes and leaf tobacco organizations, ITC’s bundling and printing business were set up in 1925 as a key in the reverse mix for ITC’s cigarettes business. It is today India’s most complex bundling house. More industrial facilities were set up in the next years for cigarette producing capacity all over India.
In 1928, development started for the organization’s central command, the ‘Virginia House’, at Calcutta. ITC procured Carreras Tobacco Company’s plant at Kidderpore in 1935 to further fortify its essence. ITC set up an indigenous cigarette tissue-paper-production plant in 1946 to essentially lessen import costs and an industrial facility for printing and bundling was set up at Madras in 1949. The company obtained the assembling business of Tobacco Manufacturers (India) Limited and the integral lithographic printing business of Printers (India) Limited in 1953.
The organization was changed into a Public Limited Company on 27 October 1954. The initial move towards Indianization was taken around the same time with 6% of the Indian shareholding of the organization. During the 1960s, innovation was given more concentration with the setting up of cigarette hardware and channel pole fabricating offices planned for accomplishing independence in cigarette production.
Ajit Narain Haskar became ITC’s first Indian director in 1969, and this was important for encouraging Indian administration within the organization. As the organization’s proprietorship was logically Indianized, under Haskar’s authority, the name of the organization was changed from ‘Magnificent Tobacco Company of India Limited’ to ‘India Tobacco Company Limited’ in 1970.
ITC likewise turned into the first organization in quite a while to begin staged-Indianization of capital; the Indian shareholding component of ITC developed from 6% to 25%. ITC went into brand sponsorship for different games, beginning from the Scissor’s Cup in 1971. Creative market crusades and electronic information handling began during the 1970s.
In 1973, ITC set up its incorporated research focus in Bangalore, went for expansion, and wandering into innovative work. With the unfurling enhancement designs, the name of the organization was changed to ‘I.T.C. Limited’ in 1974. The Indian shareholding aspect increased to 40% during this time. ITC went into the cordiality part with inn business in 1975 with the ITC Welcomgroup Hotel Chola in Madras.
ITC picked the cordiality segment for its capability to procure elevated amounts of outside trade, create the travel industry framework, and foster a huge scale of immediate and aberrant business. The shareholding went over 60% in 1976 and more lodgings were started by the organization in the next years. In 1979, ITC entered the paperboards business by advancing ITC Bhadrachalam Paperboards Limited. J N Sapru took over as the organization’s director in 1983 and universal development began with the obtaining of Surya Nepal Private Limited in 1985.
The year 1986 saw overwhelming moves from the organization with the opening of an Indian eatery in the city of New York, the securing and renaming of Vishvarama Hotels to ITC Hotels Limited, and the setting up of two new pursuits – the ITC Classic Finance Limited and ITC Agro Tech Limited. ITC likewise went into the eatable oils industry with the dispatch of the ‘Sundrop’ brand of cooking oils in 1988. Tribeni Tissues Limited was gained in 1990. K L Chugh accepted the job of administrator in 1991, and ITC Global Holding Private constrained was launched as a universal exchanging organization (Singapore) in 1992.
In 1994, every one of the inns under the organization was moved into the recorded backup organization ITC Hotels Limited. ITC, through the brand ‘Wills’, supported the 1996 Cricket World Cup.
Y C Deveshwar took over as the organization’s administrator in 1996, and the corporate administration structure was re-framed to help the successful administration of various organizations. ITC left the eatable oils business and monetary administrations, sold the ITC Classic Finance Limited to ICICI Limited, and handed the ‘Sundrop’ business to ConAgra Foods Limited in 1998.
In the year 2000, creative activity for ranchers called ‘e-Choupal’ began in Madhya Pradesh 2000. That year saw the dispatch of ITC’s ‘Wills Sport’ scope of easygoing wear with the first retail outlet in New Delhi and ITC’s entrance into stationery items and gifting business through the ‘Articulations’ scope of welcome cards and ‘Cohort’ note pads.
An entirely claimed data innovation auxiliary, ITC Infotech India Limited was launched in 2000 and ITC Bhadrachalam Paperboards Limited was converted into ITC Limited. The name of the organization was changed to ‘ITC Limited’ precluding the spots and adjusting the system ‘No stops for ITC’ in 2001. A representative investment opportunity plan was presented, and a web-based interface for the organization was propelled. Backups for ITC Infotech were set up in the United Kingdom and the USA.
Cigarettes: Insignia, India Kings, Classic, Gold Flake, Silk Cut, Navy Cut, Scissors, Capstan, Berkeley, Bristol, and Flake.
Prepared Foods: Kitchens of India, Aashirvaad, Sunfeast, Mint – O, Candyman, and Bingo.
Way Of Life Retailing: Wills Lifestyle, John Players, and Miss Players.
Individual Care: Essenza Di Wills, Fiama Di Wills, Vivel Di Wills, Vivel, and Superia.
Welcome, Gifting, And Stationary: Brands incorporate Classmate, PaperKraft, and Color Crew. Propelled in 2003, Classmate proceeded to turn into India’s biggest scratchpad brand in 2007.
Security Matches: IKno, Mangaldeep, VaxLit, Delite, and Aim.
Products under ITC
Incense Sticks: Ship, I Kno, and Aim brands of security matches and the Mangaldeep brand of agarbattis (incense sticks).
Nourishments: ITC’s real sustenance brands incorporate Kitchens of India; Aashirvaad, B common, Sunfeast, Candyman, Bingo! what’s more, and Yippee! ITC is India’s biggest vendor of marked nourishment with over Rs. 4,600 crores in 2012-13. It is available crosswise over 6 classifications in the nourishment business that include nibble sustenances, prepared to-eat suppers, organic product juices, dairy items, and dessert shops.
Individual consideration items incorporate aromas, haircare, and skincare classifications. Significant brands are Fiama Di Wills, Vivel, Savlon Soap, and Handwash, Essenza Di Wills, Superia, and Engage.
Lodgings: ITC’s Hotels division (under brands including WelcomHotel) is India’s second-biggest in-network with more than 90 inns throughout India. Brands in the friendliness area possessed and worked by its auxiliaries incorporate Fortune Park Hotels and WelcomHeritage Hotels.
Paperboard: Products, for example, claim to fame paper, realistic and other paper are sold under the ITC brand by the ITC Paperboards and Specialty Papers Division. Classmate stationery products that are popular for their quality are manufactured by ITC.
Bundling And Printing: ITC’s Packaging and Printing division work producing offices at Haridwar and Chennai.
Data Technology: ITC works through its completely possessed backup ITC Infotech India Limited.
Established in 1910 as Imperial Tobacco Company of India, the organization at first managed tobacco items for a considerable length of time before broadening into non-tobacco items during the 1970s. ITC from that point forward has developed as a multi-business combination having business in different enterprises: Hotels, Lifestyle retail stores, prepared to eat division, confectionary segment, Paperboards portion, body care items and so forth.
ITC is one of India’s prominent multi-business ventures with a market capitalization of $52 billion and a gross sales value of $10 billion. ITC is crowned among the world’s best big Companies, Asia’s FAB 50, the World’s Most renowned Companies by Forbes magazine, and as ‘India’s Most Admired Company’ in an overview directed by Fortune India magazine and Hay Group. ITC was also included as one of the world’s biggest practical worth makers in the buyer merchandise industry in an examination by the Boston Consulting Group. ITC has been recorded among India’s Most Valuable Companies by Business Today magazine. The company is among India’s ’10 Most Valuable (Company) Brands’ as indicated by an investigation led by Brand Finance and distributed by the Economic Times. ITC likewise positions itself among Asia’s 50 best-performing organizations arranged by Business Week.
Big Conglomerate: Throughout the years, ITC has turned into a huge combination offering a huge scope of items and administrations running from agri-products and nourishment items in the FMCG segment to IT solutions. Involvement in such a differing cluster of items and administrations has helped the organization raise as an unmistakable player in the market: cigarettes, hotels and paperboards, and packaging divisions.
Vast Experience: With 108 years of involvement in the Indian market, ITC has built a hearty conveyance structure that is parallel to none of its rivals present. This has helped the organization to comprehend the needs of the customers, making it monetarily solid and aggressive.
The X-Factor: ITC’s E-Chaupal activity planned for making the web accessible to Indian ranchers has contacted the lives of a large number of ranchers and their families in the provincial piece of the nation. ITC has expanded brand nearness through this social activity and has brought some brand quintessence focus to the firm.
Use Of BCG Matrix
ITC’s business sections are FMCG-Cigarettes, FMCG-Foods, ITC Infotech, Agri-Business, Hotels, Paperboards and Packaging, Branded Apparels, and Packaged Foods. Out of these, FMCG-Cigarettes is its money cow while Agri-Business, Hotels, Paperboards, and Packaging come in the “star” section for ITC. FMCG-Foods still gives off an impression of being a question mark for the firm while Branded attire and Packaged substances are ordered as canines for the firm.
Distribution
The organization works with its business channel; items are made accessible to the discount vendors through Carried and Forward Agents (CFA’s) which is then sent to the retailers in towns directly or through Small Wholesale Dealers to reach the customers in the remotest of Indian areas.
Brand Value
ITC has been positioned 772 on Forbes magazine rundown of top 2000 organizations all around. The brand has been esteemed at $51.5 billion as of June 2018. ITC also found a place at 239th position in the universe’s best bosses rundown of Forbes Magazine and Asia’s 50 greatest performing organizations rundown assembled by Business Week.
Investigation Of Market
Under the GST system, extra cess being charged over the GST of 28% on cigarettes and tobacco-related items, ITC has assessed a steady taxation rate of over 20%. Investigators have assessed that the organization’s deals volumes of cigarettes have endured a shot and has declined by over 5% in the last quarter. Remote trade profit over the most recent 10 years remained at $7.1 Billion of which agri fares comprised 56% of the offer. In the social division with direct work to more than 32,000 individuals and through drives like e-chaupal, social and homestead ranger service activity, and ‘Mission SunehraKal’, ITC has contacted the lives of a huge number of ranchers and their families in provincial India.
On the earth front, ITC has been a Water Positive Enterprise (16 years straight), Carbon Positive Enterprise (13 years straight), and solid waste reusing Positive (11 years straight). This is the main undertaking in the realm of practically identical measurements to have accomplished and supported the 3 key worldwide lists of natural maintainability.
Analysis Of Clients
With its different scope of items and administrations, ITC caters to a diverse scope of clients going from the age group of 5-60 years and even more with its items running from Candyman and Mint-o to Aashirvaad and so on.
Cigarette-to-cleanser producer ITC has revealed 10.69% year-on-year development merged net benefit at Rs 13,162.30 crores for the money related year 2018-19, driven by paperboards, paper and bundling, lodgings and FMCG business.
“The organization had posted a united net benefit of Rs 11,890.78 crore in the budgetary year 2017-18,” ITC said in a recording to the Bombay Stock Exchange. United income from tasks expanded possibly by 4.55% to Rs 49,862.11 crore in FY19 when contrasted with Rs 47,688.5 crore in FY18. On the quarterly premise, the FMCG major posted an 18.72% development in net benefit at Rs 3,482 crore in the Jan-Mar period when contrasted with Rs 2,932 crore in a similar quarter of the most recent year. Income expanded to Rs 12,206 crore in Q4FY19 when contrasted with Rs 10,586.80 crore in Q4FY18, helped by exchanging openings oilseeds, wheat, and espresso in agribusiness, higher volumes and improved acknowledgement in paperboards and improvement in RevPar in lodgings. The working benefit (EBITDA) of the organization expanded to Rs 4,572 crore against Rs 4,144 crore in the year-prior period.
“The organization conveyed one more year of strong execution despite a difficult working condition. The Cigarettes Business, affected by soak increment in assessments under the GST system, honed centre around conveying world-class items through nonstop advancement alongside top tier execution consequently solidifying its market standing,” ITC said in the trade documenting. A week ago, rival Hindustan Unilever Limited (HUL) revealed a 15.98% y-o-y development in united net benefit at Rs 6,060 crore for the money related the year 2018-19, against income of Rs 39,860 crore. ITC’s board has prescribed a profit of Rs 5.75 per customary portion of Re 1 each for the monetary year finished 31st March 2019, subject to the imperative endorsement, which will be paid on July 16, 2019.
In a different advancement, the organization delegated Sanjiv Puri, Managing Director, as the Chairman of the Company with impact from May 13, 2019. Puri’s advancement comes after YC Deveshwar, ITC’s longest-serving Chairman, passed away on Saturday. Thus, Puri’s new assignment is Chairman and Managing Director of the organization. Following profit declaration, portions of ITC declined in negative territory to exchange at Rs 288.50 each, down 3.09% on the BSE.
Conclusion
ITC ltd. is a leading FMCG Company in India and for the last three consecutive years, it has shown accelerated growth in the FMCG portfolio. ITC has placed itself successfully as a market leader in various verticals and will continue to dominate through several brands.
FAQs
What is ITC Limited?
ITC Limited is an Indian global aggregate organization headquartered in Kolkata, West Bengal. It has a diversified presence across industries such as cigarettes, FMCG, hotels, packaging, paperboards and speciality papers and agribusiness.
What is the main business of ITC?
ITC Limited is an Indian conglomerate with diversified businesses in Fast Moving Consumer Goods comprising foods, personal care, cigarettes, apparel, stationery products, incense sticks, safety matches, hotels, packaging and others.
A business plan decides the future of a business. It’s working, profit, features, everything is provided in a business plan. But there is no universally accepted template of a business plan – it tends to differ from company to company, owner to owner, product to product, and service to service.
Steps in writing a business plan are very very important, which is why you need to learn how to write a business plan step by step. No matter what the format of the document is, certain sections and components just can’t be missed out, which is why everyone must know how to write up a business plan. Since many people don’t know how to write a business plan.
This write-up is going to present the important points of an ultimate business plan in parts ofEssential sections, business planning tips, and general tips.
How to start a business plan? The first step to write a business plan is portraying it’s Motto and Vision. Quite catchy slides or print-ups with interesting quotes and catchy vocabulary doesn’t make it an excellent business plan. Remember, the vision and mission are two important factors of an excellent business plan section, you can also check some samples of a business plan to get an idea of it and come up with your own.
One of the top business plan tips is writing a simple one-liner that exudes the vision of one’s venture, creating a formidable impression on potential investors instead of long descriptive write-ups with no mention of the vision and the motto of business.
Sales and Marketing Figure
As the sharks on “Shark Tanks” say let’s talk about numbers because business is all about numbers, isn’t it? So this section is an insight into the true potential of the business. It highlights the existing funds raised, predicted sales over the financial year, marketing costs, andROI, etc, and is an important part of any small business plan.
The key point of writing a business plan is not to exaggerate or bluff data in any way. The tip for writing a good business plan is providing data about the real sales of the business and giving a pictorial representation such as charts and graphs to elucidate the intended message. It’s better than creating a large table, spanning over several slides or pages. You can also check the best business plan template to understand how it can be written.
Also, give an estimate of the turnover that the business is planning to make in the upcoming year. This will eventually make the investor ponder about the investment portfolio. These are the main things to remember if you don’t know how to write a business proposal.
Sales and Marketing go hand in hand
Operating Strategy
The major purpose and hassle of creating a business plan is to decide the operating strategy of how the entire business will operate as this is the part of writing a great business plan. Every good business plan will describe the process flow in terms of how the entire business would operate and endeavor. After all, any execution method is best understood when one is aware of its algorithm, in other words how the execution process takes place, because that is what is the bottom line of all the hard work.
Many people don’t know how to write a business plan executive summary. The ultimate business plan is usually confined to a page or two, the executive summaryought to paint the entire picture without going into further details. The value proposition is an essential component of this summary and shouldn’t be skipped.
It’s advised to write the executive summary after drafting the entire business plan because by picking important ideas from other sections of the document, a concise crux can be formulated. You can follow many guides to writing a business plan or check for a free business plan template to make sure you haven’t missed anything.
Target Market Analysis
A no-brainer would be aiming to sell the product or service to everyone out there without any research and analysis which is why writing a business plan is important. This is the main part of how to write a business plan. A niche item would attract only a particular segment of the customers. When you write up a business plan it is necessary to let whoever is reviewing the business plan to figure out the audience that the venture is targeting.
Product or Service in Question
Imagine you are on a flight and don’t know the destination of it, will it make any sense? No of course, right? Likewise, without specifying the product and its specifications that the business intends to disseminate, it makes the entire document meaningless. Among all the steps to write a business plan, it is an important step to add specifications of the product.
Are you going to explain a chemistry experiment without specifying the substances and compounds involved? A startup business plan will always have a list of product dimensions, working, identified flaws and workarounds, usage, demand in the market, etc. A description should be mentally stimulating so that the customer can envision the entire thing before owning it.
The business plan must include a section that consists of a short profile of each member involved in the startup/company. This is the top business plan tip as it provides a parameter to evaluate the credibility of the business from the eyes of a VC or Angel Investor. It is the main part of how to do a business plan. The reasoning is clear—the ethics, personality, and various other attributes of the founder and his team are reflected in the final product.
This may seem absurd to some but pondering over it does ring a bell as it is setting up a business plan. Also, if the business is being mentored by some kind of advisory committee, it is a testament to the fact that the business can turn profitable otherwise experienced individuals would have stayed away from guiding such a venture and that is why it is an important part of business plans for any startups.
Financial Summary
Not to be confused with the sales figure section, the financial summary resembles a probable balance sheet and this is one of the top business planning tips. Revenue projections give an idea of the rewards you expect for the efforts you put in running the business because the numbers on the plan will surely speak your company’s story to the presenters because as mentioned earlier, numbers play all the game in business. A financial summary is part of a good business plan.
Future Requirements
One reason which makes a businessman work hard is the growth of itsbusiness in the future and a sample of the business plan must have this. Even if it is a small business plan, it must have future requirements as the future needs are going to vary when compared to the current ones.
For example, if the investment required at present is a six-digit figure, it may become an eight-digit one to sustain the business as time progresses. However, justification of the predicted requirements ought to be mentioned to make sense. You can check free business plan templates to see how this can be listed out.
While writing a business plan you don’t want to create a rip-off. The idea is to be unique with one or moreunique selling points to stand out from rivals in the same segment. This is among the important steps to write a business plan, an analysis with existing products with nearly the same functionality helps to bring out the USP and also gives you the scale to make your product better than the competitors. Any guide to writing a business plan will have a competitive analysis in it.
Guide to Writing A Business Plan
Some Tips and Business Plan Suggestions
Don’t make the business plan boring by leaving out graphics. Not losing the listener or reader’s attention determines the outcome is one of the best tips for writing a business plan.
The best business plans include an appendix to make traversing across the document easily.
Executive summary in the beginning or at the end won’t make much of a difference as long as the entire plan is cohesive and is part of a good business plan.
There are various types of business plans, you can figure out want you want by looking for the best business plan template. Research about them before choosing a free business plan template.
Don’t read it out like a textbook when presenting the plan somewhere. It is one of the main steps in writing a business plan and you should know the key points and themes to sound convincing.
Every startup business plan details the strengths and weaknesses of the business, and how you are going to seize the opportunity if provided.
One of the other business planning tips is using the same indentation and formatting throughout the document. The sudden transition from a times new roman 16 to comic sans 24 can be disturbing and agonizing.
While writing up a business plan, make it a story-based interactive session because no one likes to listen to lectures where you are not allowed to interact. The more people are going to interact, the more they will indulge in your business plan.
The most important tip while writing a business plan, be the master of the plan that you have created to monitor your business. Go through each point thoroughly, make sure you are aware of all the numbers, all the future expectations, and anticipations, growth, etc. Make sure you are satisfied with the small business plan you have created.
Avoid these Mistakes while drafting a Business Plan
Drafting a business plan requires intense focus and integrity as it forms the backbone of the entire business. Many people get confused about how to write a business proposal. Remember that when you are writing a business plan it should outline both the present and future strategy of the business, elucidate necessary points, facts, and stats around which it revolves.
Simply put, it can make or break everything at stake. You can check out the best business plan template to avoid making these mistakes. Here is a list of dont’s that should be kept in mind while creating your ultimate business plan:-
Worn out Phrases
Phrases like ‘disruptive’and game-changing are over-used and stale; avoid using them in the draft. These words may show what the business is but evade its idea in an actual sense. Avoiding worn-out phrases is a part of the steps to writing a good business plan.
The plan here is to make the readers/clients/investors resonate with the business plan and convey the right message when propagated to others. Moreover, cliched expressions make you sound over-ambitious and over-confident in nature and is not good for a good business plan. It might be the greatest plan on the planet but claims that are beyond your capabilities are a bummer.
Don’t use the word ‘DONE’ to Describe your Business
The theory behind the working of a business plan is that it keeps on going forever; business is a cycle ofimplement-improve-repeat. Using ‘done’may put an end to your aspirations outlined in the business plan. If you want an ultimate business plan process then you should PLAN-RUN-REVIEW-REVISE when repeated takes the business to the next level.
This is why when you are writing a great business plan, using the words finished and done makes the plan one-dimensional and less prone to getting success. Always keep it open-ended in nature and sound optimistic throughout the draft and follow all steps in writing a business plan.
Never Calculate the Sales from a Big Market
At the same time, don’t consider the segment you’re targeting as a small percentage of a large market. Forecast the details like stores, distributors, users, subscribers, click and emails, etc. Keep everything upwards, not downwards in business plans for startups.
Avoid Extreme and Unsupported Optimism
Not involving the risk factors involved can be a deranged factor for the company’s future if the words mentioned in the business plan take twice as long to make half as much as forecast.
Don’t Fill The Business Plan With The Product’s Or Service’s Technical Specification Or Characteristics. Keep it at a minimum. Emphasize more on questions like:
What problem are you going to solve for the client?
How are you going to solve the problem?
What is the product’s value proposition?
Outline the answers to these questions in your business plan. Be careful about what you put in the business plan because it’s your business canvas while setting up a business plan. Deliberate thoroughly, ponder all possibilities and points, don’t make wild claims, stick to the facts, and finally avoid the mistakes explained above!
What is the most important part of a business plan?
The executive summary is the most important part of your business plan, and perhaps the only one that will get read, so make it perfect! The executive summary has only one objective: get the investor to read the rest of your business plan.
What is in a good business plan?
A company often needs a business plan before it can borrow money from a bank. Good plans are usually highly detailed and include information on all aspects of the business, including the industry, marketing, personnel, finance, and various operating procedures.
What are the 4 types of business plans?
Business plans can be divided roughly into four distinct types:
Plumbing is a rewarding and more demanding career. Plumbing business is necessary because consumers and businesses generally are incapable of maintaining their plumbing systems. Depending on where you live many plumbers business ideas obtain corporate or commercial contracts and work exclusively with businesses.
By starting a plumbing business you can become your boss and have very much flexible work. Starting a plumbing business gives more freedom and the ability to shape your future versus working for someone else. Most plumbers often use math, creativity, design, and problem-solving skills, especially as they take on larger and more complex jobs.
The plumbing business in India covers the following aspects as Sanitary, Water, Gas, Heating and cooling, Metal roofing, Industrial wastes, Drainage, Building services, Mechanical services, Air-conditioning, and Fire services. But not many people know “how to start a plumbing business?” So this article will show you step by step how to start your own plumbing business and even market it.
Earning your high school diploma or equivalent, such as GED is the first step to become a professional plumber before growing plumbing business. So what to know before starting a plumbing business? For plumbers having advanced knowledge of math and science are necessary. Once you have completed your high school diploma or equivalent the next step is to enrol in a technical plumbing course and then start a plumber business.
The curriculum depends on the city and state’s requirements but topics include the following aspects:
Pipe cutting and soldering
Draining and venting
Electrical basics
Water heating systems
Local plumbing codes
Joining the Plumbing-Heating-Cooling Contractors Associations can help you grow your plumbing career. The first step on how to start a plumbing company is by first choosing a location. Depending upon your location, you will likely be required to work along with an experienced plumber as an apprentice for a certain no of hours. You might be able to complete your apprenticeship while you are enrolled in technical courses.
How to Start A Plumbing Business With No Money
Business Plan
Plumbing is a system that deals with the flow of fluids using pipes, tubes, tanks, or any other material that convey fluids through it which is why it is important to have a plumbing materials business plan. A plumbing material shop business plan is different from a plumbing company business plan so you should plan accordingly. Since the business of infrastructure is ever continuing and therefore there is always a requirement for plumbing services in the field. Job growth in plumbing services is positive which is about 16%growth in plumbing services.
A business plan is important as it gives you an outlay of your business and helps you in moving in the right direction. In the business plan you must include all the details like how you will start the business and what will it take to start. This business plan also helps you in securing loans, getting new investments. Other relevant information which you must include in the business plan are below:
The view of outside and inside are different points of view. It is very much important to go deeper into this topic and research as much as you can as it is one of the most important steps in “how to set up a plumbing business”. Interact with those people who are already in this business. They will give you insights to start a plumbing business.
Choosing Your Expertise
Plumbing services have a very speciality of fields and magnitude of service. It is not easy to become an expert in all kinds of plumbing services. Choose them wisely based on your budget, expertise, team size, and equipment. Depending on the expertise the plumbing business owner salary can be high or low. There are many plumbing business opportunities, you can also choose commercial plumbing and household plumbing as this differ fundamentally.
Workplace of Plumber
Investment
Investment is the core of any business. You have the required investment based on your business plan to start your business properly in the right direction. How to grow a plumbing company? You must invest money wisely and never think that the more you invest more you gain profit it is wrong.
Setting Up Office
The plumber business plan must also include plans for setting office to operate your business. Setup your office at a place that suits your business and chooses that place from where people can easily access you. Maintain your office with all the required equipment and accessories for starting a plumbing business.
Both plumbing and heating businesses also need a warehouse to keep all the plumbing instruments, equipment, tools, and machines that plumbers need in their service. You can have your warehouse beside your office.
Invest in the Right Equipment
There are a few essential plumbing tools you will need in your plumber service. But don’t invest all of your money in shiny new equipment. So how to run a successful plumbing business? Start with the basics equipment, and purchase other types of equipment for speciality jobs if you have the license, skills, and customer demand.
Some right equipment which you need for a plumber business:
Most plumbers are too busy servicing their customers and running their business to think about marketing. Marketing will help you grow your plumbing business. Plumbing is one such industry where you should be able to find a decent amount of customers if you target them the right way, as plumbing business profitability depends on it.
In order for a plumbing business to achieve lasting success, it’s imperative to make a habit of constantly attracting new customers you need to come up with promotional ideas for plumbers. This is the main step on “how to grow a plumbing business” Get your plumbing business ideas flowing in the right direction with these marketing strategies:
Directory and pay per lead sites
Search engine marketing
Pay per click marketing
Your website
Social media marketing
Email marketing
Video marketing
Recruitment marketing
Customer service
Review generation (this goes hand-in-hand with customer service)
The plumbing industry is always changing. They are always coming out with new equipment, new materials.
Market revenue growth of plumbers
Business Insurance
So another step on how to start a plumbing business is by getting business insurance. As it helps protect your small business, you should consider getting plumbers’ insurance, also known as business insurance.
Whether you’re a residential or commercial plumber, you face unique risks while installing and repairing plumbing systems all plumbing businesses in India must get Insurance. All businesses, regardless of industry, face risks that should be covered by insurance. These are the types Of Insurance Plumbing Businesses Need.
General Liability Insurance
Premises Liability
Products Liability
Completed Operations
Plumber Business Owners Policy (BOP)
Buildings and Contents
Business Income and Extra Expense
Electronic Data
Newly Acquired or Constructed Buildings
Employee Dishonesty Coverage
Workers’ Compensation Insurance
If your starting plumbing business your employees can get hurt or sick from their job, workers’ compensation insurance can help pay for their medical costs, replace some of their lost income, and more.
Commercial Auto Insurance
Commercial auto insurance covers vehicular damages to your company vehicles, whether they are driven by you personally or by your workers.
Plumber Workers Comp Insurance
If one of your employed staff is hurt while performing his work duties, or if he is made ill by something related to his job, workers comp for plumbing contractors provides help in several different ways.
Common plumbing Materials that are used in plumbing:-
Cast iron for plumbing waste lines.
PVC (PolyVinyl Chloride) for plumbing waste lines.
Chromed brass for plumbing waste lines.
Chromed copper for water supply lines.
Galvanized iron for water supply lines.
Copper (rigid and flexible) for water supply lines.
CPVC (Chlorinated Poly-Vinyl Chloride) for water supply lines.
How to start a plumbing business in India?
Steps to start a plumbing business in India:-
Get Certified
Serve as an Apprentice
Choose a Specialty
Invest in Equipment.
Register Your Business
Create a Service Agreement and Pricing Formula.
Set Up an Office
Start an Online Presence
How to grow a plumbing business?
Strategies to grow a plumbing business:-
Create a Marketplace or a Dedicated Mobile App
Develop a Professional Website
Submit Your Website to Local Directories
Search Engine Optimization
Cross-Platform Marketing
Social Media Marketing
Paid Advertising
How profitable is a plumbing business?
A master plumber running a one-person company making $45 per hour, working 8 hours per day can make up to $100,000 per year. If ongoing costs are between $10,000 and $20,000 per year, this leaves $80,000 as net profit.
How much is a plumbing business worth?
However, it is a very profitable business, as the average sales price is up to $700k and the most frequent deal size is $300k in America.
How much money does to start a plumbing business in India?
This depends on a lot of factors such as location and the type of plumbing business you want to start.
A business is not just about buying and selling a product or service. It is much more than that. For a business to run properly, everything needs to be on point, for that management is necessary.
In fact, it wouldn’t be wrong to say that management is necessary for every step of a business. The most important factor in this is to manage the financial assets, risk, and other investments of the business.
From financial planning to look after bonds and equity of investors, it includes everything. Now, we all know business and risk go hand in hand. Therefore, in a business apart from investment management, risk management is also required.
Risk management is all about recognizing and controlling those venturing threats that can affect the organization’s financial assets. It is mostly done to protect the company from harm and its future. Risk management makes the work environment safe.
Now, thanks to technological advances, this also can be done by software. This article talks about the biggest investment and risk management software, BlackRock Aladdin.
“Wealth is only a benefit of the game of money. If you win, the money will be there.”
No, as the name suggests, it is not related to Aladdin and the magic lamp from the Arabian Nights. Although the work it does is not less than that of a genie fulfilling wishes. Aladdin (Asset, Liability, Debt, and Derivative Investment Network) is a system whose work is to keep an eye on the markets and stop anything going wrong.
It connects people and technology together to manage funds. It is part of BlackRock, Inc an American global, Investment Management Company. This system was found after BlackRock’s was founded in the year 1988. In the year 2000, Aladdin was introduced as a system for investment management user
This software works with thousands of computers for 34 hours and is continuously striving to manage the financial ecosystem of the world.
Interestingly, Aladdin was first created to handle BlackRock’s business. Now, apart from BlackRock, it is used by different clients of BlackRock’s to manage their investments.
Since the financial crisis in 2008, the demand for Aladdin has surged all over the world and it has now become one of the most important parts of the investment management industry in the world.
How does Blackrock Aladdin Work?
The system is involved in portfolio management to risk management; it’s all about providing a smooth investment process to the client with the help of a number of computers and people. With the tools required for portfolio management like trading, operation, and accounting, it gives out proper risk analytics.
Aladdin gives out powers through its tools to the user so that they can communicate efficiently and if any problem arises, they can solve it quickly during the investment process.
Aladdin contains a climate risk reporting app, that notifies if there is any risk that can be caused by climate change to their portfolio.
Top Companies that use Aladdin
Genworth Financial
This is an insurance company founded in the year, 2004 by Dave Reedy. Aladdin manages Genworth Financial, along with eFront, another software that manages the alternative investment, it keeps an eye on risk management and asset allocation of the company.
Fannie Mae
Fannie Mae is an enterprise that deals with mortgage financing. It was founded by Franklin D. Roosevelt in 1938; its main motive is to create a sustainable housing finance system. In 2015, Fannie Mae associated itself with Aladdin.
Macquarie
The global financial service deals with asset management, wealth management; principal investment were founded in 1969 by Stan Owens. Macquarie has taken up Aladdin in the team for their asset management.
The capability of the software Aladdin by BlackRock can be seen since the 2008 financial crisis. It has become the world’s most powerful risk management system and some of the largest enterprises are dependent on it. Needless to say by managing $21 trillion and counting, it is ruling the investment management industry of the world.
FAQ
Is Aladdin a Part of BlackRock?
Yes, Aladdin is an electronic system for investment management by BlackRock.
Who is the CEO of BlackRock?
Laurence Douglas Fink is the CEO of BlackRock.
Which companies use BlackRock Aladdin?
Genworth Financial, Fannie Mae, and Macquarie are some of the top companies that use BlackRock Aladdin.
Yash Gupta
Himangi Khare
