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Tag: entrepreneur challenges

  • Amit Jain: The Visionary Behind CarDekho’s Success

    Amit Jain is the Chief Executive Officer (CEO) and Co-founder of GirnarSoft, an IT externalizing company that launched CarDekho in 2008. The CarDekho website and mobile application help its users buy the right vehicle they are looking for. The reliable reviews of experts help the users differentiate and compare the vehicles to buy the most preferable one. The comparisons are done through detailed information, pictures, and videos of the brands and models available in India.

    Amit Jain CarDekho’s co-founder is soon going to be seen judging the popular show, Shark Tank India along with other sharks. Discover more about Amit Jain’s net worth, personal and professional life, education, and more.

    Amit Jain- Biography

    Name Amit Jain
    Born 12 November 1976
    Birthplace Jaipur, India
    School St. Xavier’s, Jaipur
    College IIT Delhi
    Position Co-Founder & Group CEO, CarDekho
    Net Worth INR 3017 Crores (2024)

    Amit Jain – Family
    Amit Jain – Education
    Amit Jain – Professional Life
    Amit Jain – Position of Responsibility
    Amit Jain – Shark Tank India
    Amit Jain – Success Story
    Amit Jain – CarDekho
    Amit Jain – GirnarSoft

    Amit Jain – Family

    Amit Jain, the Cardekho owner was born and brought up in India. He completed his academics in Jaipur and Delhi. His mother, Nilma Jain is a homemaker and his father, the Late Mr. Prashant Jain was an ex-RBI officer and also a gemstone businessman. Amit has a younger brother, Anurag Jain who is the co-founder and COO of CarDekho Group. Amit’s wife, Pihu Jain is the Head of Girnar Foundation. Amit Jain has twin sons.

    Amit Jain – Education

    Amit Jain, CarDekho’s CEO did his schooling at Saint Xavier’s School, Jaipur. After finishing school, Amit studied science and passed the Engineering Entrance Exam. He then got into IIT Delhi.

    Amit Jain – Professional Life

    In the year 1999–2000, Amit worked as a Software Engineer at Tata Consultancy Services. After that, he worked as a Senior Associate, Delivery Manager, and Product Manager at Trilogy for about 6 years and 11 months. In 2007, Amit co-founded GirnarSoft, the IT firm, along with his brother Anurag Jain, with the dream of starting a business from their hometown. Later, in 2008, Amit and Anurag both co-founded CarDekho.com, the flagship portal of GirnarSoft.

    CarDekho Success Story – How It Finds the Right Cars for the Users?
    CarDekho founded by Amit and Anurag in 2008, is a car search venture that helps users buy the right cars. Read about CarDekho net worth, founders, competitors, business & revenue model, funding, etc.
    StartupTalkyRishabh Rathi

    Amit Jain – Position of Responsibility

    He established a company named GirnarSoft with his brother in 2007, which launched CarDekho in 2008. He is the CEO of the company and Co-Founder along with his brother. He aimed to build an online platform that would drive traffic from Google and appear at the top. Amit and his brother dreamed of establishing a million-dollar company through an IT-based firm. His efforts paid off with fruitful results. Their online venture, CarDekho, eventually gained huge gross profits.

    Millions of people visited the website and returned to learn about the reviews and features of various cars. Amit understood that this was going to work, and the brothers invested more employees and time in the CarDekho online venture. Buying a car is, for sure, an important decision for a middle-class family, they need to have proper guidance. CarDekho proves to be the best online platform that the common man needs.

    Amit Jain – Shark Tank India

    Amit Jain - Shark Tank India
    Amit Jain – Shark Tank India

    Shark Tank India Season One turned out to be a great success for numerous startups as well as the sharks. Amit Jain replaced the first season’s most prominent shark, Ashneer Grover in the second season of Shark Tank India.

    Amit was super thrilled to be a part of the show. While expressing his excitement, he wrote on his LinkedIn, “Looking forward to mentoring budding entrepreneurs on the show to build a new India.”

    Being a judge on one of the most popular shows among Indian audiences has undoubtedly added to Amit’s success.

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    Amit Jain – Success Story

    Amit and his brother started with a small garage at their home. They dreamed of establishing an IT outsourcing firm, and soon a team of 20 people started working for them. The first year of the company proved to be profitable, and eventually, they could buy a place for an office. But in 2009, the company went bankrupt when the stock market crashed. At that time, the company had about 70–80 employees, and they didn’t even have money to pay their salaries. Amit didn’t know how he would manage the office expenses, salaries, etc. Without losing hope, he learned that it is very important to use corporate money with sanctity.

    With a pre-established company, both the brothers started thinking of an online venture CarDekho. However, they were still in a dilemma of paying employees of their team. Still, they made CarDekho live in just two weeks. The idea of launching CarDekho came when they attended the Auto-Expo in Delhi. After doing the necessary calculations, they got to know that they could recover their loss through this online venture. The turning point came when they took CarDekho as an official flagship project.

    Very few people think of initiating their business from their home town. Also, there are a few examples of people who have really started their ventures from their hometown and accomplished them gradually. Amit Jain is undoubtedly among those examples, who has not only established his firm but also brought huge success and fame to his name and hometown.

    Amit Jain – CarDekho

    Not a single penny was spent on marketing CarDekho, still, it achieved more popularity than any other application software launched by GirnarSoft. It has now become India’s number one Autotech portal and Rajasthan’s first unicorn startup. The company boasts having more than 35 million monthly unique users, 6000+ monthly used car sales, and 3000+ new cars sold monthly.

    In 2013, the company got weighty funding from an American-based company, Sequoia Capital. It significantly attracted many companies for advertising because of the spectacular online presence of CarDekho. Later, it also acquired Gaddi.com in 2014 and Zigwheels in 2015. Without any doubt, CarDekho played a vital role in lifting the name of the parent company GirnarSoft. CarDekho became a unicorn startup in India after raising $250 million in its Series E funding round in October 2021, bringing its valuation to $1.2 billion.

    CarDekho is planning to launch an IPO in 2025 and is talking to investment banks about it. The company aims to raise INR 3,000 crore to INR 4,000 crore. The bankers for the IPO will be chosen soon, according to a source. With an estimated worth of $2 billion to $2.5 billion, the IPO would almost double its prior valuation.

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    CarDekho Group Acquisitions Under Amit Jain’s Leadership

    Year Acquisition
    2014 Gaadi
    2015 ZigWheels
    2018 PowerDrift
    2019 Carmudi Phillipines
    2023 Revv

    After completing 11 terrific years of CarDekho, Amit Jain CarDekho owner disclosed the new Logo in February 2019. The snazzy new logo manifests the automated settings of the app. Like, whenever a new car comes on the market, an old and new comparison tool is designed to clear things up. Both the brothers acceded for a Logo especially designed on the pockets of their white shirts, be it old or new.

    The basic aim of CarDekho was to provide data on different cars so that people may understand the features offered in a car. Comparison, reviews, and feedback are something that makes a product reliable and give satisfaction to the customer.

    Amit Jain – GirnarSoft

    Parent Company of CarDekho - GirnarSoft
    Parent Company of CarDekho – GirnarSoft

    GirnarSoft is a company providing business value-based IT solutions and services. Amit founded the company along with his brother in 2007. It is the parent organization of CarDekho and is headquartered in Jaipur, Rajasthan. The company offers a variety of services like mobile application development, Automotive, Outsourcing IT solutions, custom software development, etc. It operates automotive portals and marketplaces like PriceDekho, BikeDekho, InsuranceDekho,OTO.com, and various other portals around the world.

    CarDekho Business Model | How CarDekho Makes Money | CarDekho USP | SWOT Analysis |
    Explore CarDekho’s business model and revenue streams, from car sales and insurance to advertisements and financial services.
    StartupTalkyNitin Konde

    FAQs

    Who is CarDekho owner?

    The CarDekho Founders are Amit Jain and Anurag Jain. Amit Jain is also the CEO of CarDekho.

    What is Amit Jain education?

    Amit Jain is an IIT Delhi passout.

    Who is in Amit Jain family?

    Amit Jain is married to Pihu Jain. They have twin sons together.

    What is Amit Jain age?

    Amit Jain was born on 12 November 1976. He is 48 years old.

  • 8 Best Time Management Tips For Startup Founder and Business Owners

    Running a startup is not an easy job at all. A startup calls for a lot of effort and time even before it is actually set up. The most critical skill for a startup founder is managing time.

    Successful entrepreneurs like Bill Gates, Mark Zuckerberg are excellent at time management. They know how to set the right goals and achieve them with intense focus and efficient time management. So, here are time management tips for startup founders.

    As a startup founder, managing time is important to accomplish business and personal goals. As they say “People are not busy, just they don’t know how to Manage Time”. Time is often referred to as the best resource.

    When you’re working hard to run a company, every second you save can take you closer to meeting your goals. It can also make the difference between having a life and lacking one. So, managing time well helps you balance work life and personal life.

    Here are some of the best time management tips for startup founders and business owners.

    1. Maintain A Calendar
    2. Assign Task To Colleagues
    3. Find Your Productive Time
    4. One Task At A Time
    5. Save Time
    6. Avoid Distraction
    7. Utilize Time
    8. Peace Is Important

    1. Maintain A Calendar

    One of the most effective time management techniques is maintaining a calendar. It is most important for a founder or business owner to always maintain a calendar.

    Every activity that has to be done for any particular day must be included in a calendar or a journal. This makes sure that nothing is left undone. Maintaining a calendar will help you to prioritize the tasks for the day.

    Moreover, the calendar helps you set a morning routine. Although everyone has their own specific routines, having a morning routine that works for you set the tone for the day. When you think about it, this totally makes sense.

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    2. Assign Task To Colleagues

    Being a founder means a huge workload. This might create pressure on you. Assign tasks to your colleagues, will save you a lot of time and also finish off work much quicker.

    As a founder, the best way to manage time is to do only those things that will help you reach your goal. Telling ‘no’ sometimes is a good practice because this reduces unnecessary pressure and saves a lot of your time and will teach you efficient time management.

    3. Find Your Productive Time

    Every person is productive at a particular time of the day. For some, it may be early mornings and for others, it might be late nights. You should try to utilize this time to get more output with less time.

    4. One Task At A Time

    Focusing is more important for a founder to achieve any goal in a startup. It is always good to focus on one thing and get it done right than doing multiple things and not getting any result. This saves a lot of time for discharging any duty.

    5. Save Time

    Unless and until it is very necessary to meet anyone in person, try and have most of your meetings through calls. This will save a lot of your commute time from your place to others and you will the importance of time management in business.

    6. Avoid Distraction

    Try to avoid distractions at the workplace. We all know that is not necessary to always pick calls or respond to that random mail in your inbox.

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    7. Utilize Time

    Utilize your breaks in an effective way to connect with colleagues and people that might be of some help for your startup. Get involved in other activities with your colleagues like some game or walk to know each other well in person.

    8. Peace Is Important

    Get some ‘me’ time for yourself. In this time do things that make you feel relaxed. A relaxed mind can wonderfully affect your work. Start your day early than usual. This will give you some time for self-care and help you plan your day ahead.

    Well, even after using all the above techniques Things may not work out so take a full break from the work and go out for a vacation!

    Conclusion

    Good time management improves the efficiency, effectiveness, and productivity of your business. Time is an absolutely crucial asset that cannot be bought and there is no exact science to manage it. But, You own your time. Consider managing it thoughtfully so that you get significant results without stressing out more. These time management tips might also help startup founders and business owners to better manage their time and focus on their goals.

    FAQ

    How many hours do startup founders work?

    Usually, startup founders work for 8 hours a day but every startup founder is different and hours of work depends upon the time management of founders.

    What are examples of time management skills?

    Some of the important time management skills are Decision-making, Goal setting, Prioritizing, Delegation, Multitasking, and Scheduling.

    What are the tools of time management?

    Some tools for time management includes the Calendar app, Task manager, Time tracker, and Note‑taking apps.

  • What to Look for in a Startup Mentor?

    This article is contributed by multiple Startup founders from different fields.

    The journey of entrepreneurship is long and tiring, somehow or the other you may find a need to look for a mentor, who can play a vital role in the success of your business. They will help you in facing the different challenges, that will come forward in the entire process.  There are many successful entrepreneurs who actually mentor aspiring entrepreneurs but not everyone can be your mentor. So while looking for one, entrepreneurs must understand what they actually need.

    In this article, we will find out what to look for in a startup mentor. Some of the successful entrepreneurs shared their views on this topic. Let’s take a look.

    Manav Shah  | Founder, Eduvacancy

    I would personally tell everyone who is looking for a mentor to network. Keep networking and building your connections. On the contrary, I would recommend young individuals to start building their connections from a very early age. The thing with networking is that you never really know who you would end up meeting. I would advise all young entrepreneurs to keep exploring and meeting different people from all walks of life. Not necessary you will find your mentor from the same industry or similar surroundings.

    Besides networking entrepreneurs should look for individuals who love taking up challenging tasks and overcoming those challenges. When you are picking your mentor also try evaluating what leadership skills you want to set in your organization. Accordingly, find a mentor who has been successful in creating a similar leadership skill set in their lives. Another suggestion I would like to give is to find a mentor who helps you build your network. Therefore in all when someone is looking for a mentor they need to evaluate how the mentor will advance their overall career.

    Kunal Ahirwar | CEO & Co-Founder, Earnvestt Technologies

    The most important quality in any mentor is availability and desire to help. I would recommend that anyone looking for mentorship needs to find people that invest in their growth journey both personally and professionally.

    Utkarsh Gupta | Managing Director, Ramagya Mart

    A mentor is not someone who has experiences and degrees medaled on their profile, or how much engagement or following they have on social media. For me, a mentor is someone that I can speak to for direction and decision-making when fear, uncertainty, and doubt looms.
    If you are looking for a mentor, do not start by keeping the cost of engagement in mind because ‘the best from the rest’ does not come cheap. What you should look for are:

    • How well your mentor understands your need and how well he summarizes it; it means they heard you well.
    • Look for energy, positivity, and the spark that clicks a chord with you. These are effects that bring positivity to an equation.
    • Pick a mentor who shares your values and ethics of business and a similar understanding of business success.

    Neha Indoria | Co-Founder, Boingg!

    You need to ask 4 questions when looking at someone to be your mentor :

    • Do you trust this person?
    • Will they be accessible to you?
    • Do they bring a new perspective to the table?
    • Are they addressing a specific gap with their knowledge?

    Pallavi Utagi | Founder & Mom-in Chief, SuperBottoms

    • Have mentors across age groups and walks of life.
    • Communicate clearly that you are seeking mentorship. Sometimes people
      tend to idolise someone from a distance and don’t muster the courage to let
      the person knows that they are seeking mentorship.
    • Have a professional mentor, who is outside of your organisation for
      complete objectivity.

    Ritesh Ujjwal | CEO & Co-Founder, Kofluence

    I feel, in the Indian context, mentorship is still largely under leveraged which may be due to cultural reasons. I would strongly recommend for everyone to seek mentors from their immediate circle or extended circle, to begin with if you’ve not yet got one. Once, you’ve been nurtured by the initial set of mentors during the initial part of your career, then you should up the game by seeking mentors who have gone through the journey earlier.

    Conclusion

    While looking for the ideal mentor for you and your business, you need to first decipher what you qualities you actually need in your mentor, then only you can find the perfect one for yourself. Amidst thousands of people, they will not only help you in developing your skills but also provide the support and confidence, when you need some.

  • Spicetree founder’s fuelling thoughts on how to be a successful entrepreneur

    This article is contributed by Mr. Shiraz Khan, Founder/Director, Spicetree Design Agency. SDA is an integrated digital solutions agency with expertise in developing strategies across web design/development, print designs, digital marketing to brand identity and consultation in products & services.

    When you start a business and see it evolve into a successful organization, it is natural to think that it is all because of you. You start feeling like the boss. As the owner/founder of the business or the CEO.

    If you think entrepreneurship is about being the boss, then you are completely off the target. Any managerial position gives you the authority to issue orders, give instructions and ask people to follow your command. However, it doesn’t make you a successful entrepreneur. After having spent long years leading the team towards greater achievements, I (Shiraz Khan) can say with confidence that one can lead only by example.

    The first and foremost thing that every entrepreneur should remember is that they can’t complain. The business you have built is structured by your vision, and where it will go also depends on your vision for the future. Whether it is smooth sailing or adversity, an entrepreneur never loses sight of the big picture, and even in the toughest scenarios, they will focus on finding solutions and making progress. This hunger should never get satiated.

    One of the best ways to do so is to display solid work ethics and a zeal to perform. Be the first one to arrive at work and the last to leave.

    Isaac Newton had once remarked, “Opportunity is missed by most people because it is dressed in overalls and looks like work.”

    Every working day, I reach the office early just because I know that nothing works better than showing the way. People will adopt best practices when they see them in action. Instead of preaching the virtues of punctuality and an early start, I prefer to demonstrate how it is done.

    To be honest, there is ample chance of being misunderstood by people. Some people might see it as indirect pressure, and others as old-school practices, but what truly eggs me on is that my actions as a leader are going to motivate people to focus on self-improvement. I am giving them the reason to walk the path of self-betterment. It is this responsibility of a leader, and the opportunity to bring about a change each day, that makes me step forward with double enthusiasm, each morning.

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    A major challenge that I have seen a lot of people struggle with, is monotony, boredom, or the complacency that creeps in subtly and creates a negative, low-energy environment at workplaces. It is important to be constantly on the guard against such a negative state of mind. As a leader of my pack, I enthusiastically promote a work culture and environment that helps my employees align their job responsibilities with their purpose and enjoy doing what they do.

    Being the Founder-Director makes me the torchbearer for my people and leads them to achieve organizational as well as their own growth. I have constantly strived to build an environment full of equal and attractive opportunities for all the employees. A company’s growth is best exemplified by the growth and success achieved by its people. If the people are unhappy and stagnant then the company is not doing well, and if the people are happy, full of purpose then the company will scale faster. Also, the opportunities for growth shouldn’t just be decided from the top down. As the leader, I believe it is crucial to ensure that the opportunity is packaged and presented in a manner that entices people to go for it.

    Also, there is no doubt that being able to command the ship and having a good grasp on the pulse of the business is the greatest joy for an entrepreneur. Whether it is internal management of the company or the successes one achieves in the market, it is highly satisfying to see that each gain benefits all the people. This is one of the major factors that drives me towards finding new and interesting avenues of growth for the people around me.

    The best part of leadership is to see that each and every person around you get better at the game, each day. Once you are able to inculcate that culture and zeal in the organization, everything else falls into place automatically!

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  • Melanie Perkins Success Story: How Melanie Perkins Built Canva

    Today the demographic characteristics of businesses have changed because of the increasing presence of women entrepreneurship and their leadership skills. In today’s world, women-led businesses are playing a very prominent role in the economic growth of the society, generating more employment and the upliftment of the society as well.

    According to an analysis made by Boston Consulting Group, women-driven startups which get funded are way more successful in terms of generating higher revenue. It is said that women have strong business plans and have high resilience and adaptability skills.

    In today’s highly competitive market, there is one woman that has not only emerged to be a great entrepreneur but also has proved to compete and survive with tech giants like Microsoft and Adobe. The Australian entrepreneur has built a design platform that is a big rival to the tech giants. So, Let’s look at the success story of Australian billionaire Melanie Perkins.

    Melanie Perkins – Biography
    Melanie Perkins – Childhood
    Melanie Perkins – Education
    Melanie Perkins – Early Career
    Melanie Perkins – Journey With Canva
    Melanie Perkins – Personal Life
    FAQ

    Melanie Perkins – Biography

    Name Melanie Perkins
    Born 1987
    Age 34
    Citizenship Australian
    Education The University of Western Australia
    Occupation Technology Entrepreneur, Canva
    Net worth $5.89 billion as of 2021
    Spouse Cliff Obrecht

    Melanie Perkins – Childhood

    Born to an Australian mother and a Malaysian father, Melanie has had a multi-cultural family. Her parents belong to engineering and teaching backgrounds. Melanie had an entrepreneurial spirit since her childhood. She started her first business around the markets of Perth, where she sold handmade scarves at the age of 14.

    Melanie Perkins – Education

    For most of Melanie’s childhood, she attended Sacred Heart College. Melanie pursued her career in communications, psychology, and commerce from the University of Western Australia. As part of her major studies, she also taught basic computer design. This was when she realized that students struggle to work in technical and complex platforms like photoshop and illustrator.

    At the age of 19, she dropped out of college to pursue her dreams of being an entrepreneur and business career.

    Melanie Perkins – Early Career

    Melanie Perkins with Cliff Obrecht
    Melanie Perkins with Cliff Obrecht

    It was with Cliff Obrecht her husband when Perkins co-founded her first startup named Fusion Books. It is a platform that allowed students to design their yearbooks of school by using simple tools like drag and drop, illustrations, fonts, etc.

    She started working on this platform at her mother’s place where her parents helped Perkins to print these yearbooks. She started connecting with people in colleges and universities to get new clients for her business. Very soon, it started to grow and become the largest yearbook company in entire Australia.

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    Melanie Perkins – Journey With Canva

    Melanie Perkins - Fusion Books
    Melanie Perkins – Fusion Books

    It was the time when Fusion Books was performing very well but Cliff and Melanie were running out of funds for growth and expansion. They wanted to take assistance and help from venture capitalists but no one agreed and believed in the idea.

    During this period, Fusion Books became Canva Inc. In the beginning, it was very challenging for Perkins and Obrecht to get funding from investors. They had an opportunity to visit a prominent investor Bill Tai in the year 2011 in Perth.

    They didn’t receive any funding from Tai but were regularly invited to kite-surfing gatherings where many other tech investors joined too. A few of these gatherings were held at Silicon Valley, where Perkins and Obrecht touched every single opportunity they could, but still couldn’t get any help.

    The Launch of Canva

    Melanie Perkins with Cliff Obrecht, and Cameron Adams
    Melanie Perkins with Cliff Obrecht, and Cameron Adams

    One fine day they met with a former Google executive who after years of struggle came as a blessing. Cameron Adams joined the team and also supported Canva to get funding for the brand to grow.

    In 2013 the company was officially launched after two rounds of seed funding where Melanie Perkins was announced the CEO of the Canva, Obrecht as the COO, and Cameron Adams as the CPO of the company.

    Canva started to grow and diversify its business operations at a rapid speed. In the initial year, they had more than 600,000 users. The company also expanded its reach to places like Beijing and Manila. As the years passed, the company kept adding more distinguishing features to its platform.

    Even with just a little diversification outside Australia, Melanie got popular in Silicon Valley and among the tech businesses of the United States. In 2016, she was named the Forbes’ 30 Under 30 in Asia List.

    In 2020, Canva raised $60 million and the company’s valuation went up to $6 billion making Perkins the third richest woman in Australia with a net worth of $1.3 billion.

    Melanie Perkins – Growth of Canva

    Perkins’s dream of building a graphic design platform that was easy to use with limited design skills came to be true with Canva. The platform has been an amazing alternative for Adobe Photoshop and Illustrator where the users have endless options of designing unique graphics.

    Even when Adobe dominates the global market, Canva has an active user base of more than 30 million across 190 countries.

    One of the rare stories in the startup industries is when Canva in 2017, posted a profit of $1.86 million on $25.1 million revenue in just the first half of the year. Melanie and her team have made it possible to give access to more than 40,000 templates for its premium users. The platform works on a freemium business model.

    Melanie Perkins – Personal Life

    Melanie Perkins with her husband, Cliff Obrecht
    Melanie Perkins with her husband, Cliff Obrecht

    Cliff Obrecht was the long-time boyfriend of Melanie Perkins. They together found their first startup Fusion Books and then Canva too. During the trip to Cappadocia, Turkey in 2019, Obrecht proposed to Melanie.

    Both of them are known for their philanthropic work and most of their earnings go to charity. Soon after they started traveling for kite-flying events invited by Tai, Melanie started developing an interest in traveling.

    Perkins is very proud of her work and she wants to continue growing herself as well as her designing platform Canva. More than 85% of the Fortune 500 companies are using Melanie’s platform.

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    Conclusion

    Being in the early ’30s of her life, Melanie Perkins has struggled and achieved a lot at a very young age. While she got happily married to Cliff Obrecht in January 2021, both of them plan to have a happy and successful future in building and growing Canva Inc and helping people with all the possible resources that they have.

    Melanie believes that her community and connections are really important for her business to reach new heights and she trusts that together with her team they will soon become a global leader in the tech design industry.

    FAQ

    What is the net worth of Melanie Perkins?

    The net worth of Melanie Perkins is approximately $5.89 billion.

    What is the age of Melanie Perkins?

    Melanie Perkins was born on 1987 and is 34 years old.

    Who is the husband of Melanie Perkins?

    Melanie Perkins is married to Cliff Obrecht.

  • Common Problems Entrepreneurs Face and The Truth About Startup Life

    Everyone knows that being an entrepreneur is not easy. But, everyone thinks of becoming one with their “One in a million” idea. Everyone thinks that “this is something no one has ever done”. Everyone has a unique business idea, but there are very, very few people who really give it a try. It doesn’t matter that they achieve success or not, at least they are trying.

    As you are reading this post, I am assuming you are serious about being an entrepreneur. So, here are some problems you will face in your entrepreneurial journey and some truth about startup life.

    Problems Faced By Entrepreneurs
    Brutal Truths About Startup Life

    Problems Faced By Entrepreneurs

    Getting First 10 Clients

    This may seem easy to start, but when you do it, you face many unpredicted things. And one of the main things is getting the first 10 clients for your company. You can’t just rely on advertisements. Advertisements may work, but unless people talk about you, it will never work. And to make people talk, you need a real customer. You need someone who uses your product or service.

    To get your first 10 clients, talk about your startup with people you know. They could be anyone, your friends, your neighbors, or your colleagues. Let everyone know what your product or service is. Do not be introverted while talking about your startup. Startups are not a shame, they are pride.

    Marketing

    Getting the first 10 clients is not enough. It is not written anywhere that once you got some customers, they will market your product. You have to put in effort to market your product. And believe me, you will have to go through each and every kind of marketing process if you don’t have tons of money lying around. You will have to bargain for pamphlet printing, bargain with vendors, tell people about your product or service on roads, and literally everything.

    Startup Marketing
    Startup Marketing

    You will feel uncomfortable, but it will totally worth it. Some people think marketing is only limited to online marketing or creating ads. But marketing is a very vast process than you think. And as an entrepreneur, you will have to map all the roads of marketing.

    Lack Of Experience

    It is much easier for a salesperson to go and acquire customers, but not for others. You will need each and every type of knowledge and experience to really stand a chance to succeed. Try doing as many jobs as possible. Or you can also go for internships. It can be any job. On-field Marketing job is the best as they will make you uncomfortable. And once you are comfortable with being uncomfortable, you are full of “you”.

    If you are going to have a tech startup, it is still advisable to gain some experience first. Gaining experience not only increase your knowledge, but it also increases your network. You cannot really tell that your old school or college friend will buy your product, but your office mate might buy it as they are more mature.

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    Finding A Business Partner

    “If you want to go fast, go alone. If you want to go far, go together.”

    This quote is totally indeed. When you have a partner, and they say “we should do this instead of your plan”, it really sucks. You might think “Man! It was my idea. I’ll do whatever I like”. But believe me, partners are important. However, you cannot go on the streets and ask someone “will you be my business partner.”

    That is why it is very tough to get a business partner. You might have a big friend circle, but not all of them are interested in entrepreneurship. You have to find someone who is as passionate as you are about your business idea. Although there are many websites which let you find your business partner but believe me, they are not worth it.

    You can’t partner with someone you don’t have any emotional relationship with. You may partner with your best friend, they even may like your idea too much. Just make sure they don’t leave you in the middle of anywhere. Many people think they are passionate about entrepreneurship, but internally, they just want money. You can’t be an entrepreneur if you always think about money. So chose your business partner wisely.

    Facing The Awkwardness

    Yes, it is true. There will be many times when you will feel awkward because of your business. It can be anywhere. Like, at a party, someone asks you about your startup which is in its initial stage and not making any profit from months, people will say “get a life man”. You have to understand that they are saying “9 to 5 sucks but we make better money than you”. It is true, but not for a very long time.

    Not everyone understands that great things take time to build. Everyone wants quick results. You may also feel awkward to pitch your product in front of rich and successful people. But you have to understand, once they were also a “nerd with funny dreams”. So, be confident, and don’t stress if you couldn’t make it.

    Brutal Truths About Startup Life

    The Depression

    This is one of the most brutal truths about startup life. You have to face so much depression. Mostly as it is a very time consuming profession which will lead you to lose time spent with friends and family. It can be very alienating at times as your top priority will be only on your startup idea. So, you will need to find proper ways to have a work life balance to ensure you don’t slip into a depression. Read, play or do anything you like and smile more.

    Getting Backstabbed

    Not once, not twice but many, many times you will be backstabbed by your own people. You literally can’t totally count on anyone. There is no guarantee that your partner will never pull his hands back from his responsibilities or even abandon the startup. Or, your friend who told you to provide raw materials on the debt will never file a complaint on you. You really can’t trust anyone.

    This is a startup, this is everything about money. Everyone who is with you in this, are there just for money. And if it will take time to show a profit in the balance sheet, everyone will get frustrated. So, they will see you as their enemy. They can do anything to create problems for you. However, there is no solution to it. You have to go through this. So, keep calm – this is just one more hurdle in your startup story.

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    You Will Fail

    Yes, you will fail! The startup is less of a science and more of an art. And an artist doesn’t make masterpieces in each and every attempt. They fail but they learn. You have to understand that if you have a very unique idea, you will succeed.

    Only 1 out of 10 startups succeed. But that one has failed 10 times. And that is why that is the “one”. And don’t think that you should not give too many efforts as you are going to fail anyway. Exceptions are there. So, do your best, don’t stress, and smile more.

    You Will Face Hate

    Try pitching your product to anyone in the crowd or cold calling anyone, they will curse you to hell. And this will be constant in the journey of your startup till you turn it into a “company”. Hate is nothing but an emotion. So always remember, if someone is hating you, they are thinking about you. Which is so beautiful in itself.

    They are giving you their time. So, don’t stress about it. Even if it’s your best friend who is hating or making fun of you because of your startup. They don’t know what effort it takes to actually working on your idea.

    “All Because Of You!”

    When anything will happen to your company, it will always be blamed on you. And the brutal truth is, you have to face it. Because you are the one who started it. Each and every partner will point their fingers to you in low sales, bad marketing, etc. Even when you are not the in-charge of that area.

    So, instead of arguing in those matters, try finding a solution. Try to back the situation up. And learn from it. If you will try to argue, everyone will be against you. You are the leader and the only string which unites the company.

    Conclusion

    There is nothing wrong in having a dream, but make sure they make you sleepless. Every big entrepreneur was once “another startup nerd”. But they made their way from the social norms.

    Do you have an unique idea? Make sure you give it a chance. And don’t wait for the “perfect moment”, just put your step forward. You can start just now, at this very moment. Later never comes. Just call the person you think can be your business partner, now. Or call the person you think needs your service. Just do something which pushes you forward to your dream. Best of Luck!

  • Everything Entrepreneurs need to know about Union Budget 2021-22

    The recent news about the Union Budget 2021-22 is everywhere. And it seems that everyone is quite happy with this year’s union budget. Announced by Smt. Nirmala Sitharaman on Monday, Union Budget talks a lot about entrepreneurship. Lets have a deeper look at what is it that entrepreneurs are focusing on in the Union Budget 2021.

    Latest News – Union Budget Live Updates

    1 February 2021 – In parliament today, Smt Nirmala Sitharaman, Minister for the Union’s Finance & Corporate Affairs, introduced Union Budget 2021–22, which was the first budget of this new decade and during COVID-19 crisis unparalleled. She mentioned that this is an example of 130 crore Indian people who believe in their ability and skills in a vision for AatmaNirbhar Bharat.

    Union Budget Key Highlights

    • Citizens above 75 years who only have pension income are exempt from ITR.
    • INR 35,000 Crore for Covid-19 Vaccine
    • INR 35,54 Lakh Crore towards Capital Expenditure in FY22
    • Aim to complete 11,000 km of National Highway Infrastructure
    • INR 1.10 Lakh Crore outlay for Railways, of which INR 1.7 Lakh Crore is for Capital expenditure
    • Startup tax holidays extended to 31 March 2022, by one year
    • INR 2,217 Crore for 42 urban centres to tackle problems of Air Pollution
    • INR 3.05 Lakh Crore outlay for power sector
    • Infusion of INR 20,000 Crore for Public Sector Bank
    • Definition of small companies to be revised by raising capital base to INR 2 Crore from current limit of INR 50 Lakh
    • INR 18,000 Crore scheme to increase public transport in urban areas
    • INR 1,500 Crore for promoting digital mode of payment
    • Jal Jeevan Mission gets outlay of INR 2.87 Lakh Crore

    Union Budget 2020: Post Budget Quotes
    Honorable Finance Minister, Nirmala Sitharaman presented Union Budget on 1st
    February 2020 in the Parliament. The Union Budget 2020-21 unveiled a series of
    far-reaching reforms, aimed at energizing the Indian economy through a
    combination of short-term, medium-term, and long term measures. The Unio…
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    What is Union Budget?

    The annual Union budget, also known as the annual financial statement, is a statement according to Article 112 of the Indian Constitution of the year of projected government revenue and expenses for that specific year. For the financial year from 1st April to 31st March, the Union budget maintains the government’s record of finances. Capital and the income fund for the Union Budget are classified.

    The tax budget includes income collections and spending from the state. Two forms of income receipts are provided: tax and non-tax income. Revenue spending is the expense of the government’s day-to-day activity and of the numerous facilities given to residents. The budget for capital covers government capital receipts and transfers.

    Government Capital Receipts
    Government Capital Receipts 

    Indian Union Budget 2021-22

    In her third budget speech, Finance Minister Nirmala Sitharaman announced several steps to improve start-up and MSME ecosystems, which aimed to accelerate changes in the gameplay to boost growth back in the pre-Covid period and to harness Covid-driven digital winds. The budget proposes an expansion of the eligibility to demand tax vacations for start-ups and an investment capital gains exemption in start-ups until 31 March 2022 to stimulate funds to stimulate start-up investments in the region.

    What Startup Community Feels about Union Budget 2019
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    much debated ‘angel tax’. She also proposed a system of e- verif…
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    FM Sitharaman suggested amending the concept of budgetary SMEs by rising pay-out capital rates of Rs 50 lakh to Rs 2 crore and Rs 2 crore to Rs 20 crore. The drive for digital payments and the launch of a fintech center reveals the seriousness of the government in digitalizing banking. We hope Indian banks in cooperation with the thriving Fintech ecosystem can take up the feelings and digitize their processes.

    Expected GDP Growth
    Expected GDP Growth

    Another big problem of the economy is widespread unemployment. As Minister of finance, Mrs. Nirmala Sitharaman is planning to announce her first budget, a positive economic boost, and meaningful action to generate more jobs are desperately required.

    Union Budget – Effect on GST

    The Finance Minister proposed to review over 400 archaic exemptions this year. It will be conducted through extensive consultations and a revised customs duty structure free of distortions will be in place from October 1. The tax audit limit has been raised from INR 5 crore to INR 10 crore turnover for those having less than 5% cash transactions, which means more businesses will be able to run freely.

    What is special about the union budget 2021?

    Higher Education Board
    Higher Education Board 
    • In order to improve open higher education in Ladakh, the Central University will be built in Leh.
    • The residential schools in tribal areas will be designed in 750 Eklavya styles. From Rs 20 crore to Rs 38 crore, the expense for each school will be increased. This is increased to Rs 48 crore for hilly regions.
    • The post-matric bursary system will be updated for the benefit of four crore Scheduled Caste students. Rs 35,219 crore is being invested for 6 years, that is, until 2025-26.
    • A program introduced in 2016 will be amended by the National Apprentice Training Programme to improve apprenticeship options for young people.
    • Apprenticeship Act will cover Rs 3,000 crore, which will provide engineering and diploma graduates with post-education instruction.

    Everything Entrepreneur should know about the Union budget 2021

    It is projected that 40 percent of the Indian tech startups have to cease operations by the National Software and Service Corporations Association (Nasscom). However, many have seen immense relief in order to conquer the chances that even rise exponentially and are ready for more progress.

    Will power of Entrepreneurs
    Will power of Entrepreneurs 

    Some of them have also entered the Unicorn League, including Unacademy, Nykaa, Postman, Razorpay, and Cars 24. Others such as Nocca, MyLab, Bione, and Redcliffe Life Sciences have been better transferred into biotech, education, and medicine.

    • Eliminate all types of tax (direct and indirect) from any startup business founded in India until it earns Rs 500 crore, or 12 years earlier.
    • Finance Minister extended tax holidays for start-ups by another year, which would give the start-ups a much-needed post-pandemic boost. This ensures that by another year after 31 March 2022, start-ups will be exempted from all capital gains. You will also be entitled to demand tax holidays for another year.
    • Enable investments without burdening questions to withdraw failed start-up investment.
    • The Minister of the Department of Finance proposed a plan to change the 1938 Insurance Act by raising the FDI from 49% to 74% for insurers. This will encourage insurance providers to have international ownership and influence in the country with some assurances. This is a promising move that will give the InsurTech startups growth impetus.
    • Incentivizing involves drawing up and rising the existing insignificance of domestic support. One option will be to reduce long-term equity capital returns to 10 percent, which would be equal to global buyers.

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    of ‘Garib Kalyan Rozgar Abhiyan’ or ‘Rural Job Scheme’ was launched by the
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    StartupTalkyYash Taneja

    MSMES & STARTUPS

    • 15,700 crore rupees for the MSME market, more than double what they were.
    • Encourage one person company (OPC) incorporation to improve startups.
    • By raising the capital base to rupees 2 crore out of rupees 50 lakh, the concept of small companies shall be amended.
    • Startup tax holidays extended to 31 March 2022, by one year

    Conclusion

    This was a short Union Budget analysis done by the team and the rest is up for interpretation. The budgets are to further enhance Sankalp First, Doubling Farmer’s income, Solid Infrastructure, Stable India, Good Governance, Youth Opportunities, Education for All, Empowering Women, Inclusive Growth. Make in India a plan to divest two more PSBs and an insurance firm and a host of infrastructure promises to polling-bound states included a number of major announcements. The fiscal surplus is 9.5% of GDP, and in 2021-22 it is forecast at 6.8%. Slabs stay where they are for personal income tax.

    Everything an Entrepreneur need to know about Budget 2019
    Tax
    1.Within 2 years, Tax assessment will be done electronically – The government
    announced that within the next 2 years, they do all the verifications and
    assessments of returns electronically. They will use anonymised back offices
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    FAQ

    What do you mean by Union Budget?

    The Union budget is an annual report comprising government receipts and expenses for a fiscal year starting April 1, 2015, to March 31, 2011.

    When Union Budget is presented?

    On February 1, Union Finance Minister Nirmala Sitharaman introduced the Union Budget 2021 and revised Rs 34.50 lakh crore for FY 2021.

    What is Union Budget and Interim Budget?

    The interim budget is a budget proposed immediately before the general elections by the central Government. The Union budget is an annual budget submitted to Parliament by the Central Government.

    What are the 3 types of Budgets?

    The 3 types of Budgets are Union Budget, Interim Budget and Central Budget

    Who prepares Union Budget?

    The Union Budget is prepared by the Budget Division of Department of Economic Affairs (DEA).

    Who presented the general Budget in the parliament?

    The Finance Minister presents the budget in the parliament.