Lei Jun was born on December 16, 1969. He is an investor and philanthropist in addition to his business credentials. He established the company that would become one of the top tech firms around, specializing in smartphones, smart hardware, and innovative AIoT solutions, all for what, to most people, becomes like “the Steve Jobs of China.”
Under his tenure, he took this startup back in 2010 to become one of the most renowned smartphone-making companies in the world and robustly set up an ecosystem for interconnected smart devices. Moving beyond that, Lei Jun was a firm technology innovation promoter and one of the more influential players within the startup circles of China. Today, MI by Xiaomi is a household name that spans mobile phones, televisions, earphones, laptops, bags, trimmers, and whatnot!
Let’s look at the biography of the Founder, Chairman, and CEO of Xiaomi, Lei Jun. We will discuss his early life, personal life, education, philanthropy, awards, and more.
Lei Jun Biography
Name
Lei Jun
Born
16 December, 1969
Nationality
Chinese
Age
55 (2024)
Residence
China
Education
Wuhan University, BEng
Profession
Founder, Chairman & CEO of Xiaomi Chairman of Kingsoft Chairman of UCWeb Inc. Chairman of YY.com Chairman of Shunwei Capital
Life was never easy for Lei Jun. A true entrepreneur that he is, Lei never catered in front of obstacles and pulled off stuff people would consider daunting. He was born in the city of Xiantao, China. Most of his childhood was plagued with rough phases, growing up near the industrial city of Wuhan.
Lei Jun was born on 16th December, 1969, in the underdeveloped area of Hubei, Xiantao. Both his parents were teachers, which was considered a disgraced profession after the Cultural Revolution. From his childhood, Lei Jun showed an interest in electronics and made his first electric lamp using only two batteries, a self-made wooden box, a bulb, and some wires.
He later graduated from Mianyang Middle School in 1987 and graduated from Wuhan University in 1991 with a Bachelor of Science in Computer Engineering. Even while excelling in school, he set up his first company, Gundugoms, in the last year of college. After graduation, he had only one aim—serving the world through his learning.
Lei Jun, the billionaire founder of Xiaomi, started with a simple life in Hubei, China. In 2010, he founded Xiaomi and turned it into a top tech company. A viral video online shows how he went from promoting products on the street to becoming a tech superstar worth $44.6 billion. His journey is a powerful example of hard work, ambition, and innovation.
Lei Jun was born to a family of teachers, but sadly, due to the Cultural Revolution, they always faced hard times. His father only received a salary of $7 a month but always pushed him to study more.
He is currently married to Zhang Tong, and they have two children together.
Lei Jun started his career as an engineer in 1992 at Kingsoft. In 1998, he became the brand CEO, and it went public on the Hong Kong Stock Exchange in 2007. Unfortunately, on 20th December of the same year, he resigned from the company citing ‘health reasons’.
He later founded an online bookstore named Joyo.com, selling it to Amazon at $75 million in the year 2000. A few years later, in 2005, he ventured over $1 million into YY; by the time the company came public in 2012, his investment was worth $129 million.
Later in 2008, he became the Chairman of UCWeb, but his greatest accomplishment came in 2010 when he founded Xiaomi along with multiple partners. Lei Jun received hefty funding from the Hong Kong billionaire Chan. Chan controlled Hang Lung Properties, which backed Morningside Ventures and was a regular investor in Lei’s company for many years. Apart from Chan, Lei also received funds from Qiming Ceyuan and IDG Capital Partners. Xiaomi, through its eight co-founders, was launched on 6th April 2010. After an aggressive phase of hard work, Xiaomi launched its first Android-based firmware named ‘MIUI’. In 2011, the company launched its first smartphone, Xiaomi Mi1, which was followed by Mi2.
With Xiaomi’s entry into the mobile device market, Chinese smartphone buyers now had affordable options. With the right timing and resourceful online marketing opportunities, the company ascended at amazing speed. Within a period of less than five years, Xiaomi stood out as one of the significant smartphone providers in China and also the third largest world manufacturer after Apple and Samsung.
In late 2011, he founded Shunwei Capital, together with others, an investment firm that invests in some sectors such as social networks, eCommerce, and mobile developments. In the same year, he again rejoined the Kingsoft brand as their Chairman.
Mi1 was well received, and that meant the next version of the smartphone came with more sophisticated features. With the help of Mobicity, the company went on to capture the technology market in countries like the United Kingdom, Australia, and many more. In 2013, the company launched its Smart TV line.
Xiaomi New Logo
Lie Jun: A Heavyweight Entrepreneur
Xiaomi CEO Lei Jun is one of those select individuals who have revolutionized the smartphone industry. Within three years, it became the 4th largest company in China and has successfully dominated the software industry. Lei is one of the best businesspeople today. In 1999, 2000, and 2002, he was a member of the Top IT figures, and China Central Television named him as one of the top Business Leaders of 2012. Lei is widely known as “Steve Jobs” in China for his contribution to the development of smartphones. His entrepreneurial undertaking reaped benefits for China. Xiaomi supports the livelihood of many and has enabled the middle-class section of society to own a smartphone.
“Entrepreneurship is overrated, The secret for success is HARDWORK” -said Xiaomi founder Lei Jun
Lei Jun: Philanthropy
Since 1997, Lei Jun, the owner of Xiaomi company, has been donating to his alma mater, Wuhan University, starting with a simple donation of Yen140,000. But in 2017, he donated over $1 billion to charity. He has also donated to the following:
Zhuhai Charity, an organization that provides funds for migrants,
Village of Yangchun to renovate schools, build mudbrick houses, and construct cultural buildings
To the victims of the 2013 Lushan earthquake
Part of Ice Bucket Challenge that aimed to raise money for Amyotrophic lateral sclerosis.
In 2021, he gave away Xiaomi shares valued at $2.2 billion.
On their 130th anniversary in 2023, he donated over 1.3 billion Yuan to Wuhan University.
Some awards and recognitions that Lei Jun has won over the years are:
Businessman of the Year (2014): Forbes Asia awarded him due to his outstanding performance that has catapulted Xiaomi into international stardom.
Top 10 Economic People of the Year (2014): He was among China’s top economic leaders said to influence the country as identified by CCTV.
List of 50 Greatest Leaders (2015), Fortune: Ranked 11 on the Fortune magazine annual list with respect to leadership at Xiaomi and innovative business approach.
Chinese Economic Person of the Year (2017): China Central Television (CCTV), in appreciation of his efforts for the Chinese economy to develop.
Global 100 Top Innovators 2017: Thomson Reuters has identified it as an innovation stimulant in the revolutionary tech ecosystem of Xiaomi.
Fortune Global 500 Leadership Award, 2019: During his leadership, Xiaomi was listed on the Fortune Global 500. This company is among the youngest that has been included in the Fortune Global 500.
Asia Game Changer Awards (2019): Asia Society recognized the transformative impact of this person globally in the tech industry.
Top 10 Influential Entrepreneurs in China 2020: Awarded by Hurun Report for being most influential in the tech industry and for his support of entrepreneurship in China.
Outstanding Entrepreneur Award 2020 National: For his innovative role in driving innovation and industry growth- by All-China Federation of Industry and Commerce.
China Philanthropy Awards 2021: Highly recognized for his critical philanthropic efforts, significantly in education and disaster recovery.
Entrepreneur of the Year Award 2022: Ernst & Young China honored him for his leadership and business achievements.
Among Top 50 Influential Business Leaders in China (2023): Featured in Forbes China, as his contributions have been lasting in the field of technology.
Lei Jun: Facts
Elected as a delegate of the National People’s Congress in 2013
Included in the list of International Sponsors of War maintained by the National Agency on Corruption Prevention in 2023
In 1991, Lei Jun graduated from Wuhan University with a degree in Computer Science. He graduated in just two years, two years ahead of the regular four years.
Before the formation of Xiaomi, Lei Jun was CEO of Kingsoft, a Chinese software firm. He has made huge contributions to the growth of the firm. In 2007, he took Kingsoft to its IPO, which defined his career.
Lei Jun has invested in more than 20 startups, including UCWeb and YY Inc., two companies that have become successful. His investments reflect his eye for potential in the tech world.
Lei Jun adopted a business model for Xiaomi that was quite different from the others. He was inspired by Amazon’s low-margin, high-volume approach and combined it with a direct-to-consumer sales strategy, allowing Xiaomi to deliver premium products at competitive prices.
Lei Jun is also an active philanthropist. He has donated millions to educational institutions, including his alma mater Wuhan University, to foster innovation and development.
Xiaomi CEO, Lei Jun is one of the most influential figures in technology. He was honored as “Businessman of the Year” by Forbes Asia in 2014 and is still being considered for the same contributions the industry has made.
With much on his plate, as is said, Lei Jun believes and is a book-worm who is particularly intrigued by biographies of entrepreneurial genius, which he holds responsible for inspiring and paving the way for himself into an entrepreneurial journey.
Under him, Xiaomi became the youngest company to mark itself on the Fortune Global 500 list in 2019 and that was just about nine years after its setup.
FAQs
Who is Lie Jun?
Lie Jun is Xiaomi owner and founder. He started Xiaomi in 2010 and serves as its CEO.
What is Xiaomi founder Net Worth?
The net worth of Xiaomi owner Lei Jun is $27.8 billion as of December 2024.
Who is the CEO of Xiaomi or the Owner of MI?
Lei Jun is the CEO and Co-founder of Xiaomi Inc.
What is Lei Jun education?
He graduated from Wuhan University in 1991 with a Bachelor’s degree in computer science.
Who is Lie Jun wife?
Lie Jun is married to Zhang Tong.
When was Lei Jun born?
Lei Jun was born on 16th December 1969.
What is Xiaomi net worth?
Xiaomi market cap as of April 2025 is $117.68 billion.
Where is Xiaomi Made?
The Xiaomi products are mainly assembled in China. Recently it has developed assembly centers in India as well, as India serves as the World’s second-largest Smartphone market for Xiaomi. It also has quite a presence in the South Asian Smartphone Market.
Is Xiaomi banned in US?
Though US hasn’t outrightly banned Xiaomi. The company is preparing plans to sustain itself, In case of any possible bans in the mere future by the American Government.
Is Poco a Chinese Company?
POCO is a sub-smartphone brand created by Xiaomi in 2018. Xiaomi recently spun off POCO as an independent company based out of China.
Is the Xiaomi company banned by google?
Google removed Xiaomi’s integration with Google Home and Nest products temporarily. Right after a user reported a security Issue. However Xiaomi is getting itself prepared to face the uncertain future with regards to the ban from Google.
Are Xiaomi and MI the same?
They both are same company, but the products are launched with different names in the Indian market. Xiaomi is a Chinese company. Xiaomi, Redmi, MI are the same brands.
What is Xiaomi owner net worth?
The net worth of Xiaomi owner and founder, Lei Jun, is $29.9 billion as of April 2025.
Who is in Lei Jun family?
Lei Jun was born to a family of teachers, but sadly due to the Cultural Revolution, they always faced hard times. His father only received a salary of $7 a month but always pushed him to study more. He is currently married to Zhang Tong and they have two children together.
Writing when you have a word limit to stick to is stimulating and challenging at the same time. The leveraging character limit for your own good is simply at another level. And that’s the idea behind Twitter. This social media platform has revolutionized concise messaging through the concept of tweets.
News, views, reviews, and whatnot are exchanged on Twitter. Sports, politics, movie industry, social workers, businessmen, organizations, the ordinary public…nearly every class and kind of person could be found on Twitter. It’s hard to follow that favourite celeb of yours had it not been for Twitter. Twitter now X is social media platform founded by Jack Dorsey, Biz Stone, Evan Williams, and Noah Glass
Jack Dorsey is an American entrepreneur and the co-founder and former CEO of Twitter. He is also the founder of Block, Inc. (Formerly Square). The net worth of Jack Dorsey is $4.1 billion, as of February 2025. Dorsey remained the CEO of Twitter till November 29, 2021, when he stepped down from the coveted position and was replaced by Parag Agrawal. Dorsey also resigned from Twitter’s Board of Directors on May 25th, 2022.
This StartupTalky article explores Jack Dorsey’s success story, including his early life, history, childhood, personal life, education, awards, net worth, and more.
Jack Dorsey Biography
Name
Jack Dorsey
Born
November 19, 1976
Place
St. Louis, Missouri, United States
Nationality
American
Parents
Marcia Dorsey, Tim Dorsey
Education
Bishop DuBourg High School, Missouri University of Science and Technology, New York University
Known for
Co-Founder and Ex-CEO of Twitter, Co-Founder of Block, Inc.
Jack Patrick Dorsey was born on November 19, 1976, in the city of St. Louis, Missouri, United States. Jack grew up in a middle-class Catholic family. He grew to be one of the most famous entrepreneurs alongside his brothers, Andrew and Dannie Dorsey. Tim Dorsey & Marcia Smith Dorsey are the parents of Jack Dorsey.
When Jack Dorsey was young, he was an observant kid who had a speech impediment. As a result, he normally stayed at home and developed a fascination for simplicity. An introvert in childhood, Jack overcame his shyness by participating in various oratory competitions. After many failed attempts, he overcame his fear of speaking in front of the public.
As a teenager, Dorsey loved spending time with computers. An early version of the IBM computer fascinated him and he spent hours, if not days, analyzing and understanding it. His ambition was to draw a live map of New York City, comprising several dots or legends that represented vehicles and landmarks.
Jack Dorsey – Education
Jack Dorsey attended Bishop DuBourg High School and after leaving high school, he enrolled in the Missouri University of Science and Technology.
Missouri University of Science and Technology
He left after two years to pursue his dream of living in New York and joined New York University only to drop out in the final year to work on his idea of Twitter. His goal of creating the live map took over his academics but fate has its quirks.
During the summer of 1991, Jack Dorsey joined Mira Digital Publishing Company. A young Dorsey interrupted his boss in the middle of a project. Although his boss promised to talk to him within a minute, Jack didn’t get to speak to him. After the meeting, his boss saw him standing at the same spot. Jack had a thing for patience. He went on to lead a team of programmers in their thirties.
Jack Dorsey Young
Jack Dorsey – The Dot-Com Setback
Jack Dorsey got into the Dispatch Management Services Corp by hacking their security system and emailing the company’s manager, Greg Kidd, on how to patch the hack. He worked for the company for several years and worked for Greg Kidd’s project called dNet.com. However, the dot-com bubble destroyed the efforts that were put in for dNet.com, and Dorsey was left unemployed. His condition was so bad that he had to go for massage therapy courses.
Dorsey was then saved by Odeo Company, which specialized in internet startups. The company was headed by Evan Williams and faced a financial crisis and ideological difficulties amongst the employees.
Jack Dorsey – Launch of Twitter
Jack Dorsey created Twitter because he wanted to combine the SMS concept with an algorithm so that the would-be read only by the sender’s network. This was the only core logic behind Twitter. After two weeks, Dorsey and his friend came up with the iconic blue bird logo for Twitter.
Twitter Logo
The first tweet was done by Dorsey which read – “just setting up my twttr” (yes, twttr, and not Twitter). Twitter went public in the year 2006.
In the start, many people labelled the Twitter concept as “useless”. Even Williams was sceptical about its potential. It was a hard time since companies like Odeo, which supported young programmers to build their own companies, were not available to help Dorsey with his Twitter venture.
Naturally, there was a concern for funds to keep Twitter away from shuttering. However, the Twitter team soon found a scanned image of half a million dollars in its checkbox. A guy named Fred Wilson offered this cheque and was willing to work for Twitter as a strategic consultant. His plans assisted Twitter in building a global reach.
With time, Twitter cemented its place and the rapid developments in smartphone tech only bolstered Twitter’s growth. Twitter has around 2.2 billion visits per month at present. During the Southwest Film Festival in 2007, employees used multiple screens to show the facility of the real-time messages offered by Twitter. This helped increase the daily tweets count from twenty to sixty thousand.
In May 2008, the billionth tweet was posted. In the same year, the market capitalization of Twitter reached a whopping $1.5 billion. The market cap of Twitter was last recorded at $26.10 Billion in February 2022.
In October 2009, Twitter gained its first revenue of around $25 million. Google Inc. and Microsoft had a role to play in this deal. The deal was centred on the condition that Twitter messages would become visible to Google and Bing search engines. Later, Dorsey refused to work with Facebook.
In 2013, there was a 182% increase in Twitter’s shares. This was due to an increase in the stock’s value in IPO (the stock price was $26, but increased to more than $46 on the first day of trading). At present, 85% of the revenues come from online advertisements.
Jack Dorsey, being the brain behind one of the most popular social media platforms of our times makes him an iconic social media entrepreneur. Jack Dorsey is currently worth around $4.1 billion, as of February 2025 reports.
Jack Dorsey Net worth
Jack Dorsey – Exit From Twitter
Jack Dorsey served as the CEO of Twitter since he founded Twitter in 2006. However, he had to resign due to the alleged problems in the functioning of the platform and in the management of the company for which he was pushed out of his role by the board in 2008.
The genius, however, witnessed a Steve Jobs– style return to his home company as a CEO in 2015 and had finally opted to resign on November 29, 2021, when he left the office to give way to Parag Agrawal, who replaced him immediately the very same day.
Speaking about Agrawal, Dorsey has mentioned that firstly, he wants to stop Twitter to be an entity that is founder-led. Furthermore, he mentioned that his trust in him “is bone-deep”.
Twitter co-founder Jack Dorsey said that he won’t be hanging there on the Board of Twitter for long. This is vital because he thinks that it is “important to give Parag the space he needs to lead”. Dorsey took to his homegrown platform to post his resignation letter, which reads:
Jack Patrick Dorsey quit the Twitter Board of Directors on May 25, 2021. Though he stepped down from being the Twitter CEO on November 29, 2021, he still remained aligned with the social media giant’s Board of Directors, however, he had already planned to leave the Board since he stepped down from the CEO position. Twitter is witnessing a visible change in its administration and is going through a major transformation since the days when Jack Dorsey stepped down. Now, Parag Agrawal is the CEO of Twitter, while Elon Musk is on the verge of acquiring the popular social media platform, which would bring in more change to follow.
Dorsey is now working on the development of Block, Inc. (Formerly Square). While Square still exists as one of the company’s main products, the company changed its name to Block on December 10, 2021.
Block Inc. is headquartered in San Francisco, California, USA, and is financial services and digital payments company founded by Jack Dorsey and Jim McKelvey in 2009. The company Block derived its former name “Square” from its square-shaped card readers. Block is currently a public company that was registered on the New York Stock Exchange in November 2015.
Square, which is a payments platform that helps small and medium-sized businesses accept credit card payments and use tablet computers as payment registers for a point of sale system, is one of the core businesses of Block. Some other products/businesses of Block include:
Cash App – A mobile app that allows money transfers between users and businesses.
Afterpay – A buy-now-pay-later service of Block.
Weebly – Weebly is a website hosting service.
Tidal – Tidal offers audio and music videos to the users as a subscription-based music podcast and video streaming service.
In the year 2012, Starbucks invested $25 million in Square, Inc. The CEO of Starbucks, Howard Schultz joined Square’s board and became one of the most important personalities on the board.
Jack Dorsey – Awards and Achievements
Jack Dorsey’s Major Achievements:
Co-founded Twitter and led its expansion into a global social media platform.
Founded Square (now Block), transforming mobile and digital payments.
Philanthropic contributions, supporting education, COVID-19 relief, and universal basic income.
Jack Dorsey’s Awards & Recognitions:
MIT Technology Review (2008): Named one of the Top 35 Innovators Under 35.
The Wall Street Journal (2012): Awarded Innovator of the Year in technology.
Crunchies Awards (2012): Honored as Founder of the Year at the 5th Annual Crunchies.
Jack Dorsey is an American entrepreneur best known for co-founding Twitter and founding Square (now Block). He played a key role in shaping social media and digital payments.
Where did Jack Patrick Dorsey go to high school?
Jack Dorsey went to Bishop DuBourg High School.
What is Jack Dorsey education?
Jack Dorsey attended Missouri University of Science and Technology and New York University, but he dropped out in his final year to work on Twitter.
Where was Jack Dorsey born?
Jack Patrick Dorsey was born on November 19, 1976, in the city of St. Louis, Missouri, United States.
When did Jack Dorsey start Twitter?
Jack Dorsey started Twitter in 2006 and his first tweet was “just setting up my twttr”.
How did Jack Dorsey start Twitter?
When Odeo went out of business, Jack Dorsey started work on his idea where he wanted to combine the SMS concept with an algorithm so that the would-be read-only by the sender’s network.
Did Jack Dorsey graduate college?
No, Jack Dorsey dropped out first from the Missouri University of Science and Technology and after two years he transferred to the New York University but dropped out from there too to work on Twitter.
Did Jack Dorsey leave Twitter Board?
Yes, Jack Dorsey resigned from Twitter’s Board of Directors on May 25, 2022.
When did Jack Dorsey leave Twitter?
Jack Dorsey, the founder of Twitter, stepped down from the Twitter CEO position On November 29, 2021, which brought Parag Agrawal as the new Twitter CEO. Furthermore, on May 25, 2022, Jack Dorsey left the Twitter Board of Directors, which was when Jack Dorsey left Twitter altogether.
Who are Jack Dorsey siblings?
Jack Patrick Dorsey has two brothers Daniel and Andrew.
Where did Jack Dorsey go to high school?
Jack Dorsey went to Bishop DuBourg High School.
How did Jack Dorsey start Twitter?
Jack Dorsey started Twitter in 2006 with Noah Glass, Biz Stone, and Evan Williams. It began as an idea for a simple status-sharing platform. The first tweet was posted by Dorsey on March 21, 2006. Twitter quickly grew into a major social media platform.
What did Jack Dorsey invent?
Jack Dorsey co-invented Twitter (2006), a social media platform for short messages, and founded Square (now Block) (2009), a mobile payments company.
After the pandemic, things started to improve in 2023, and there was a lot of fresh enthusiasm and energy. This stimulus benefited and expanded our economy. It was a fun opportunity to experiment and pick up new skills. The start of the new year 2025 is thus looked upon by entrepreneurs, businessmen, and other individuals around the world as a year that will endow businesses with fresh rays of hope and opportunities to prosper. However, it is the resolutions that we make at the very start of the year that matter much.
New Year resolutions have always been occupying a central part of the society in which we live and in other parts of the world as well. These resolutions are aimed to be made at the beginning of a new year, where a person resolves to continue doing what good he/she has been doing and remove their bad traits, undesired habits, or behaviors that he/she hadn’t been able to shake off. The New Year resolutions have been followed traditionally but not blindly. Research says that setting goals is important for ourselves and our minds and is essential to help us achieve the things we wish for fast and without any worries.
However, with the year 2025, there is a new ray of hope for entrepreneurs who want to grow their businesses. Without proper resolutions, nothing is easily achievable. Startups would float around without objectives and resolutions, and entrepreneurs would have little to no energy to complete things ahead of time. So, instead of being reactive, establishing resolutions this year will allow you to be proactive. These New Year’s resolutions would help entrepreneurs revitalize their staff and take their firm to the next level.
New Year Resolutions for Entrepreneurs – Enhance Your Leadership Abilities
Leadership is a constant learning process despite it seeming to be a hazy resolution. Being a good leader is one of the most difficult challenges entrepreneurs confront. Gathering support when the morale is down, establishing a climate that encourages innovation, delegating work properly, out-of-the-box thinking, and never losing sight of where you want your company to go are some of the things you can do to boost yourself as a leader. With a range of distinct leadership styles to choose from, the leadership style you choose will impact your startup’s culture and capacity to flourish. Proper communication is also expected from a leader; it has been a hot topic in the past months and will remain one of the most essential attributes for every leader in the upcoming year.
With the help of solid leadership, you’ll be surprised how far you can go. This is the year to mix things up, get out of your comfort zone, and learn new methods to drive your business ahead, thus becoming an exciting leader.
Take Care of Your Health and Avoid Burnout
Returning from a relaxing festive trip with enthusiasm to strike the ground running in January may be rather exhilarating. It’s fantastic to take advantage of the extra energy that comes from resting and spending time with loved ones, but before you rush fully into work in 2025, make a strategy to avoid burnout this year.
It’s no secret that many small company entrepreneurs put in long hours. But how can you expect to manage a business efficiently if you’re fatigued and burned out? Burnout is harmful to you, your company, and your personal life. Mentally, physically, and emotionally, you must be in good health. We all have various limits, and we can only work to that extent. There is also a threshold when dealing with stress. So, you need to make sure that you’re running your company healthily without fatiguing yourself in order to go for long.
Knowing when to take a break, establishing clear limits, and asking for help are excellent methods to avoid burnout. Give your immune system a shot in the arm. You will be more productive and happy if you eat well and exercise often. This implies you’ll take fewer sick days and complete assignments on schedule.
Create Realistic Organisational Processes
If you want to start the new year feeling energetic, you must do this. Take some of the weight off yourself by sharing the knowledge with your colleagues. It will only be beneficial to the firm and its operations. The delegation will be made more straightforward as a result of this New Year resolution.
While the whole idea of making business resolutions may be to be overly ambitious, taking a more realistic approach can sometimes be beneficial. While many individuals enjoy arranging their homes at the start of the year, you can do the same with your business. And creating natural processes is fundamental to every excellent organizational structure. Take a close look at what worked and didn’t work for you and your team in the previous year.
It’s all too tempting to get caught up in the enthusiasm of a new year and set your sights on significant improvements. However, to be sustainable, an organizational structure must be reasonable.
What procedures appeared to be causing more bother than they were worth? Which of these had to be refreshed several times because the system was too difficult to keep up with? Use the information you’ve gathered to adjust your processes for 2025.
Everyone has had a difficult time during the last two years. So, please take a minute to thank the community for keeping your business afloat during these trying times and then give back to it. Giving back to the people who help you succeed is a simple way to express gratitude.
Volunteering or mentoring are some of the most rewarding things you can do. Connect and reach out to someone who is just getting started and might benefit from your advice as part of a community. Donate your time and money, as well as resources, to assist individuals in your community get the support they need. Please demonstrate that you have their backs as much as they have yours. You’ll be recognized as generous as well as someone with whom people desire to work. Sharing a few hours to help others will be rewarding and will also allow you to cultivate empathy and recall why you started your business.
New Year Resolutions for Entrepreneurs – Develop a Performance Management Plan
You may update your performance plan with your expertise and knowledge now that you’ve already determined the marketing activities that benefitted your firm the last year and those that didn’t. Your staff is a critical component of your business, and its success may either assist or hinder it. If you want to feel safe when you’re not at work, you’ll need a performance-management plan. Your new strategy should eliminate anything that didn’t work before focusing on your company’s most effective. New tactics are welcome to be included as well. This can help you choose where you should spend your marketing budget in 2025 to obtain the most return on your investment. This strategy might help your staff stay focused on the company’s objectives. You’ll also be able to recognize who needs additional training or is ready for a leadership role, and you’ll be able to make more objective decisions about staff changes and compensation.
Set Clear, Realistic Deadlines
Deadlines are always important when it comes to working. Furthermore, when it comes to running a company or being an entrepreneur, it is more than essential to abide by strict deadlines. In case they are not there, then draw your own deadline. However, it is essential to note that the deadlines you draw are not unreal. So, in this new year, try to set precise deadlines that you can achieve.
Resurrect the Abandoned Projects that Still Have Scope
Life gives us opportunities to start with something new, but we rarely find time enough to resume the unfinished projects that we left in the midway. Most of these projects are left undone by the entrepreneurs due to the lack of funds or relevant markets to earn profit from them. However, the markets can also reverse at any time. This is why it is important to check out the projects that are yet to be completed and analyze the markets for them before starting them again. If they are to be started, then let’s start them with this new year, 2025!
Vivek Bindra: How to Make New Year Resolution
Stay Updated With Your Website
Entrepreneurs and their businesses are all mostly digital now. Therefore, it is also important that their own identities via personal websites are also well-maintained online. If you are an entrepreneur, and it has been quite some time since you have last updated your website, then update it now as the new year’s resolution to reap all the benefits ahead!
Stop Overburdening Yourself
Work, work, and work lead to nothing but piling tensions, intensifying headaches, and serious burnouts. It’s great if you have already understood the aftermath of burnouts but if you are yet to do so, then stay cautious and stop overburdening yourself before it is too late!
Try to Devote Time for Your Family
Our families are almost as important as our careers, if not more. Cracks in our career or business can heal, but relationships are difficult to mend, and the scare that a sour relationship leaves on us probably stays forever with us. Therefore, realize your priorities and dedicate some time, at least, to your family and dear ones who love you and care for you!
Monitor Your Health
Our health is our priority, and it is one of such priceless assets that simply cannot be overlooked. Good mental and physical health leads to a successful career but once our health goes bad, the whole thing can mess up badly. Therefore, it is necessary for you to understand your physical and mental health condition and take immediate action to repair it as soon as you discover something is wrong with it.
Counter Your Fears
We all have our own set of fears. From the employees to the business owners, entrepreneurs, and others, everyone is afraid of something or the other related to the work they do. For example, an entrepreneur may be afraid of facing disappointments, failing in his/her endeavor, waning funds, and more. However, it is essential that they are ever ready to counter the worst of their fears with regard to their business. So, let 2025 be the start of the entrepreneurs enabling themselves to counter their fears.
Be Digitally Strong and Active
Digital is the way of the world and all businesses today are relying on the digital platform for their growth. So, it’s not uncommon that entrepreneurs are also highly motivated to stay digitally active. This not only helps them stay informed about their rivals and requirements but also aids them in building their network online. You should also start boosting your digital presence and staying active, at least for the sake of the new year.
New Year Resolutions for Entrepreneurs – Improve Your Finances
Financial health is really important, whether it is for businesses, individuals, or entrepreneurs. Understanding one’s finances and improving them is a priority, especially when it comes to budding entrepreneurs and professionals. So, stop being reluctant to know about your financial health, analyze it deeply, and take adequate steps to improve it!
Be in Touch With the Current Affairs
The present is where we live and this is why we need to stay abreast of current affairs. Keeping track of the recent events and happenings around the world is the duty of everyone as an individual and more so when it comes to entrepreneurs. Staying informed of current affairs helps entrepreneurs know of their own position and that of their business, analyze the market efficiently and stay ahead of their rivals and peers.
Spend More Time With Your Employees
It is essential to monitor the employees’ performances and give them the feedback that they owe. However along with it, it is also necessary that the employees get an ample amount of support from their employers and other key executives of the company. This helps boost the morale of the employees, thereby giving a boost to overall productivity. So, without further ado, start spending some more time with the employees so that they feel that they belong somewhere in the organization.
It is the employees that make up a company. Smart and effective employees always stand the best chance of survival in a competitive environment. The hiring process can be held responsible for the batch of employees hired. This process of hiring employees should be strong enough and should sieve in the best employees required for the roles.
Write a Personal SWOT Analysis
SWOT is the acronym for Strengths, Weaknesses, Opportunities, and Threats. A SWOT analysis is a buzzword in today’s businesses, and SWOT is certainly necessary regardless of the type, region, and nature of a business. However, it also stands to be an important analysis for the employees and even the entrepreneurs as individuals. Now, if you are an entrepreneur and you have never thought of doing a SWOT analysis on yourself, then you are certainly away from all that you can achieve ahead. So, kickstart the new year with a revealing SWOT analysis of yourself that will help you know your weaknesses and identify and capitalize on your strengths while being informed about all the opportunities that lay ahead and the threats that are hovering above.
New Year Resolutions for Entrepreneurs – Positive Workplace Atmosphere
Embrace a fresh start this year by fostering a positive workplace vibe. Prioritize creating an environment where feedback is welcomed, and all team members are heard. A content team equals a more efficient one, while an overwhelmed and unhappy team leads to resignations. Tap into the power of positive motivation to boost productivity. As a New Year resolution for entrepreneurs, commit to supporting your team and consider self-kindness. Explore ways to enhance the overall work experience for everyone.
In the new year, make it a goal to keep things upbeat at work. Encourage everyone to share their thoughts, and be sure to listen and respond. Happy teams work better, while stressed-out ones might start looking for new jobs. Positive vibes really do boost how much work gets done. Entrepreneurs, think about how to improve your team’s work life in the coming year. And don’t forget to be nice to yourself too!
Start Embracing Technology
Embrace technology to ensure your business flourishes; staying updated is crucial. Even before the Digital Age, entrepreneurs knew that they risked falling behind without adopting the latest tech. Resolve for the new year: learn and apply current technology. Your competitors are doing it, so facing this fear is key to staying competitive. Embrace change, learn, and thrive in the tech-driven business landscape.
Also, start with the easy things when you’re getting into tech stuff. Don’t stress about big changes. Try out simple tools first, then go bigger when you’re ready. This way, you won’t feel overwhelmed and get the hang of using tech for your business. Taking small steps helps you build confidence and makes your business stronger.
Embrace Sustainability Practices
New Year Resolutions for Entrepreneurs – Embrace Sustainable Practices
In 2025, let’s resolve for our business to be kinder to the planet. Being eco-friendly means making choices that don’t harm the environment, like using energy-saving tools and creating less waste. It’s not just good for the Earth; it also makes customers and investors happy. Entrepreneurs can further commit to sustainability by integrating it into their corporate culture. Educating employees about the importance of sustainability and involving them in eco-friendly initiatives fosters a sense of shared responsibility. This cultural shift can lead to innovative ideas for sustainable practices within the company, creating a positive ripple effect beyond the business itself. Making sustainability part of our company culture is a win-win: good for business and good for the Earth!
Entrepreneurs should prioritize strategic business planning as a cornerstone of their New Year’s resolutions. A comprehensive business plan guides the company towards defined goals and objectives. Entrepreneurs should meticulously outline their strategies, incorporate key performance indicators (KPIs), and anticipate potential challenges. This proactive approach provides clarity in decision-making and enables effective resource allocation. Embracing strategic business planning as a resolution ensures entrepreneurs have a clear vision for the year, fostering adaptability in a dynamic business environment and laying the foundation for sustainable growth and success.
Listen Closely To Customers
Entrepreneurs should make a resolution for the new year to pay close attention to their customers. This involves actively listening to customers and taking into account their feedback on their experiences with the business. By doing so, entrepreneurs can gain valuable insights into what their customers appreciate or dislike about their products or services, and make necessary improvements. Effectively, it’s like having a roadmap for enhancing the business and ensuring customer satisfaction. Therefore, in 2025, let’s set a goal to always listen attentively to our customers’ feedback.
Focus Global Expansion Strategy
In the new year, entrepreneurs should think about reaching more people around the world. This means making a plan to sell or offer their products or services in different countries. By doing this, they can grow their business and find new customers. It’s like opening doors to exciting opportunities and being ready for changes. Setting clear goals, studying new markets, and working with others can help make this global plan successful. Making a resolution to expand globally can make a big difference for entrepreneurs, helping their businesses grow and thrive. By taking steps to expand globally, entrepreneurs can create more chances for success and make their businesses stronger than ever.
New Year Resolutions for Entrepreneurs – Diversify Revenue Streams
This year, entrepreneurs should aim to make more money in different ways. Relying on just one way can be risky if things change. By offering new things or reaching out to different customers, businesses can make extra money. This helps them stay strong, even if things in the market change. It’s like having a backup plan, making sure the business can adapt and keep going strong for a long time.
Master Time Management
New Year Resolutions for Entrepreneurs– Time Management
Time blocking helps you set specific times for different tasks, reducing distractions and boosting productivity. Delegating tasks to others lets you focus on more important activities. Using tools to automate tasks, like scheduling social media or managing emails, can save time and effort.
Focus on Continuous Learning
Keep up with the latest trends, technologies, and best practices in your industry. Focus on growing your skills by taking online courses, attending workshops, or finding a mentor. Set aside time to read books, articles, and blogs about business, leadership, and personal development.
Embrace Innovation
Foster a culture of experimentation in your business by trying new ideas and taking smart risks. Embrace new technologies that can boost efficiency, improve customer experiences, and support growth. Keep innovating and refining your products or services to stay competitive.
Conclusion
These resolutions will help you start the new year 2025 with a renewed boost, thereby helping your company significantly in its growth and steering it away from any dangers that are likely to befall it. Listen to the employees’ and the customers’ inputs, experiment with new tools and marketing tactics, track performances, clean up your business mess, and give back to your community to become a great entrepreneur in the coming years.
StartupTalky salutes your inner entrepreneur and wishes you a very happy and prosperous new year ahead!
FAQs
What are the top 5 New Year’s resolutions for entrepreneurs?
The top 5 New Year Resolutions for entrepreneurs to make in 2025 are:
Enhance your Leadership Abilities
Take Care of your Health and Avoid Burnout
Create Realistic Organisational Processes
Give back To People & Community
Develop a Performance-management Plan
What are the qualities of a successful entrepreneur?
Some of the qualities to be a successful entrepreneur are:
King of the discount season “Black Friday” has arrived with lots of discounts and amazing deals. Varieties of products over the varieties of categories are ready to get sold with huge price discounts to make customers feel delighted. This Black Friday discount season brings a great opportunity for every entrepreneur who has a bucket list of products to purchase for their business needs.
Start your shopping for your business needs without putting stress on your pocket by leveraging the benefits of Black Friday discounts. But Wait! Also Curious to know the Best Black Friday deals on the most used and popular products for your business. Here we are with the most popular Black Friday deals on widely used products by entrepreneurs. Black Friday is the day when everyone is looking forward to buying their most wanted pricey product such as software, Hardware, Electronics, furniture and so on at a low rate.
So, here is the big question, what is Black Friday? Why is it called Black Friday and not Black Thursday or Saturday? What is the reason behind this big shopping season? Generally, Black Friday is followed as a custom in the countries of- the United States, Canada, United Kingdom, Romania, India, Mexico, France, Switzerland, Germany, Australia, New Zealand, Norway, Middle Eastern countries and other countries in South Africa.
It was initially introduced back in 1952, when the concept of Santa Claus Parades was renowned and celebrated after Thanksgiving, where the word ‘Black’ refers to calamities that befell (throng over shopping) and the encounter of the day ‘Friday’ occurred in history two times.
Likewise, the United States kept a traditional way of doing commercials all over the country after getting inspiration from Santa Claus Parades. Whereby many stores offer highly promoted sales at a discount rate on Black Friday and in some cases, they even open the sale very early, say, midnight.
Moreover, the shopping season doesn’t end with Black Friday, it extends from Thanksgiving, Small Business Saturday, Cyber Monday, Giving Tuesday, and Christmas till Buy Nothing Day.
What are the Products every entrepreneur should look out for during Black Friday?
Apart from the benefit of buying products at a discount rate, what should every entrepreneur buy on Black Friday? The hunt for the best deals on Black Friday is a hectic task, where entrepreneurs should analyse the best place, price, and brands before buying the products. Here are some things, that an entrepreneur should lookout during Black Friday 2022
CRM Products
Customers are the key to unlocking the door of success for every business. The relationship of your business with your customers decides the growth and sustainability of the business. So, CRM products are the main requirement for entrepreneurs to maintain a healthy relationship with customers. It provides all the essential facilities to execute the business seamlessly and satisfy customers.
Zoho CRM
Rating: 4.0 / 5 Pricing: Starts From Rs1300/month
Zoho CRM is a customer management software solution offered by Zoho. It helps to automate most of the workflow to save sufficient time and focus more on other aspects of lead, deals, and contact management. Fulfilling the gap between customers and the support team efficiently can be done through Zoho CRM seamlessly. The best-in-class lead management feature of Zoho CRM will help to nurture the possible lead into a conversion.
Plans:
Plans
Pricing
Monthly
Standard
INR 1300/user/month
Professional
INR 2100/user/month
Enterprise
INR 3000/user/month
Ultimate
INR 3200/user/month
Yearly
Standard
INR 800/user/month
Professional
INR 1400/user/month
Enterprise
INR 2400/user/month
Ultimate
INR 2600/user/month
NetHunt CRM
Rating: 4.7 / 5 Pricing: Starts from $30/user/month
NetHunt CRM is loaded with all the essential features of traditional CRM software and some exclusive features like Gmail and Google workplace integration, data studio integration, and automatic email linking. It holds all the data of your customer journey and interaction with your product and service to deliver the best support facility. From the time a customer discovers your product to the time of final purchase, it stores everything.
Plans:
Plans
Pricing
Monthly
Basic
$30/user/month
Business
$60/user/month
Advanced
$120/user/month
Yearly
Basic
$24/user/month
Business
$48/user/month
Advanced
$96/user/month
Deal: 20%OFF on any plan for 12 months, validity- 25 Nov – 13 Dec 2022 Coupon Code- NH_BF_2022
Salesflare
Rating: 4.8 / 5 Pricing: starts from $29/user/month
Salesflare CRM offers hassle-free management of customers in a whole cycle of interaction with the product. Make your business ready to manage your existing customers and potential customers with this powerful and interactive CRM platform. Ticketing the issues and solving the query of customers is now very easy. So go ahead and avail the benefit of Black Friday to lock in the best deal.
Plans:
Plans
Pricing
Growth
$29/user/month
Pro
$49/user/month
Enterprise
$99/user/month
Deal: 20%OFF for 6 months on the pro plan Validity- till 31st Dec 2022 Coupon Code- BF22
Web hosting and web development products
Web hosting and web development products are undoubtedly a necessity for entrepreneurs in today’s digital era. These products will help to build an online presence to offer the services and create trust among the people. Varieties of products fall under this category to support your business needs. Hosting, domain registration, SSL certificate, Email, and website builders are the most popular ones. So onboard your business online by availing the benefits of Black Friday on these products.
BlueHost
Rating: 4.9/5 Pricing: Starts from $2.95
Bluehost, a web hosting company, provides almost all of the hosting services you would want, including advanced hosting like VPS, a dedicated server, and managed WordPress hosting. It offers top-notch hosting at an affordable price and supports its offerings with helpful assistance.
BlueHost provides 99.99% uptime, is inexpensive, and is simple to use. Small online firms and entrepreneurs are its target audience. The budget-friendly hosting plans from Bluehost provide unlimited bandwidth, a free worldwide content delivery network, free Cloudflare integration (speeds your site loading) and Secure Socket Layer certifications. On a robust and tested infrastructure that is optimised for security and efficiency, there are also free daily, weekly, and monthly backups available.
Plans:
Plans
Pricing
Shared
$2.95 – $13.95 per month
VPS
$18.99 – $59.99 per month
WordPress
$2.75 – $13.95 per month
Dedicated
$17.99 – $119.99 per month
Here is an exclusive Black Friday deal on BlueHost: Over 80% OFF ON WEBSITES AND ONLINE STORES (on select plans)
Fastcomet
Ratings: 4.2/5 Pricing: Starts from $111.19/month
FastComet is a hosting platform specifically for small and medium-sized business owners. It furnishes 24/7 technical support in case of bugs. It has WordPress LiteSpeed Cache (LSCWP), and Free CDN, NVMe SSD, AMD EPYCTM CPU which ensures 7% enhanced optimised hosting.
Web application firewall (WAF), daily malware scans, and SSL certificates are the arrangements done by FastComet for privacy and security concerns. Free bundled services, DIY frameworks, and cPanel hosting are other prominent features of FastComet.
Plan:
Plans
Pricing
Shared
$8.95 – $24.95 per month
VPS
$65.95 – $153.95 per month
Dedicated
$152.95 – $383.95 per month
Here is an exclusive Early Black Friday deal on fastcomet: 30% off on Dedicated Server Plans + FREE Imunify360 Security
Liquid Web
Ratings: 4.8/5 Pricing: Starts from $169/ month
Liquid Web is a private cloud-based host powered by VMware. It is a rich infrastructure enterprise hosting platform for small and medium-sized businesses. It offers several server configurations which promise the highest performance and uptime.
Lighting fast cloud VPS and private VPS parent are other prominent products of Liquid web. Its infrastructure is built to solve all the PCI and HIPAA requirements. You also get access to VMware environments without any extra cost. Functioning in 150 countries all over the globe, the liquid web has 10 global centres set up for its functioning. Their hosting solutions work for freelancers, agencies, business owners and resellers.
Plans:
Plans
Pricing
Bare metal cloud
$89 – $475 per month
Bare metal servers
$79 – $475 per month
VPS
$5 – $275 per month
GPU servers
$880 – $6460 per month
WordPress hosting
$21 – $164 per month
Here is an exclusive Black Friday deal on liquid web: 75% off
Accounting products
Running a business and managing every detail of the business transactions will become a cumbersome task without proper accounting software. The best accounting software should be easy to use, input, manage, update and view the data. Choosing the best software which satisfies the needs of your business is not a piece of cake. As an entrepreneur, you need to take care of so many things, and one of those things is pricing. So avail a huge discount on the accounting products below to boost your business growth.
Sage
Rating: 4.3 / 5 Pricing: Start from €12/month
Sage is an accounting software that eases down the most hectic and important tasks of accounting in your business. The advanced auto-entry feature automatically pulls in data from the bank to make receipts. Easy collaboration with the team to manage and view the data just by sharing the invite link and giving them access. Let your business accounting move smoothly and efficiently with sage.
Plans:
Plans
Pricing
Start
€15/month
Standard
€30/month
Plus
€39/month
Black Friday deal – 6 months free on sage accounting
Invoiceberry
Rating: 4.5 / 5 Pricing: Starts from $15 / month
Invoiceberry is an all-in-one software solution that simplifies invoicing and expense tracking. It filters all your invoices and shows all unpaid invoices at the top of the screen, this will give a quick insight into how much you need to get paid. The interactive status bar shows the status of your invoice sent, draft, paid, and overdue. In short, this software will help you create invoices, send quotes, convert quotes into invoices in a single click and send a late payment reminder to your customer.
Plans:
Plans
Pricing
Solo
$15/month
Pro
$30/month
Ultra
$45/month
Black Friday deal 50% OFF
Customer Service Products
Customer service products provide software solutions to deal with customers and resolve their issues in the best possible way. Provide support to your customers by resolving the ticket queries raised by them using the robust customer support software solution. These products help you to make your customers happy and delight with your support.
Call-Hippo
Rating: 4.3 / 5 Pricing: Starts from $0
CallHippo is a virtual phone system provider which resolves all calling-related issues with your customers. It hardly takes 3 minutes to configure this calling system, just buy numbers around the world, provide access to your team and you are good to go with calling and receiving calls from anywhere. Its outgoing caller ID feature will switch your number according to the country in which you are calling, this will decrease the chances of a call aborting.
It automatically switches to the best telephony provider using AI. This will increase the quality of sound over the phone and establish better communication.
Plans:
Plans
Pricing
Call center plan
$0 to $50
Office phone system plan
$35 to $55
Black Friday deal 20% OFF on annual call center plans Coupon Code: BLACKFRIDAY22
Marketing products
Marketing is an essential need for every business to grow its sales revenue. Marketing automation tools and software are a boon for every entrepreneur to handle all marketing-related stuff. So entrepreneurs grab the amazing black Friday deals in marketing tools and skyrocket your business growth.
Get response
Rating: 4.2 / 5 Pricing: Starts from $0
Create a huge email list of customers and generate leads by converting all the anonymous customers into loyal customers using the powerful and robust tool of Get Response. This software solution will help you to grow your audience, engage your audience, and make them loyal customers. Flexibility and simplicity to use this software to boost your email list, customers, and hence your sales revenue is easy peasy.
Plans:
Plans
Pricing
Monthly plan
$0/month to $101.15/month
12-month plan
$0/month to $82.94/month
24-month plan
$0/month to $70.81/month
Deal: Black Friday deal 15% OFF on a monthly plan, 30% OFF on a 12-month plan, and 40% OFF on a 24-month plan
Socialbee
Rating: 4.8 / 5 Pricing: starts From $5/month
Social media is the new fuel to create a great social image and online presence. Socialbee is playing an important role to manage your social media account. It helps to manage social media profiles, and schedule a specific time to publish the post across all the social media accounts. It also helps to see the analytics of the posts in one place for proper insights. Easy integration with designing tools like canva will help to create beautiful designs to publish.
Plans:
Plans
Pricing
Monthly
Bootstrap
$29/month
Accelerate
$49/month
Pro
$99/month
Yearly
Bootstrap
$24/month
Accelerate
$40/month
Pro
$82/month
Deals: Black Friday deal 70%OFF for 3 Months on a monthly plan, 30%OFF on a yearly plan for 1 year.
Appsumo
Ratings: 4.1/5Pricing: Starts from $8.25/month
Appsumo is a tool to empower entrepreneurs by upskilling and assisting in the growth of their businesses. It has a growth scale strategy on which App sumo functions. It first discovered the business of the entrepreneur.
It integrates with top-discovering tools such as Evernote, Hopin, Depositphotos, and MailChimp. As featured in Entrepreneur, Forbes, product hunt and business insider, App sumo is trusted by more than 1.25 million entrepreneurs. All you have to do is to list your digital products on Appsumo.
Plans:
Plans
Pricing
Membership
$8.25/month
One-time purchase
$99
Here is an exclusive Black Friday deal on Appsumo: 10%
Eye-catching designs attract customers and this gives a chance to convert those customers into loyal returning customers. So having a great design product that supports your whole design needs is necessary. A good design makes a brand image strong and conveys a positive message to your potential customer. The good-looking design also helps to build trust among the customers.
Pixpa
Rating: 4.7 / 5 Pricing: Starts from $6/month
Pixpa is a portfolio website builder which helps to build websites to showcase your portfolio of products to sell online and earn revenue. It provides 150+ responsive templates to use as per your need, there is no requirement for any coding knowledge to create this website. Just drag and drop to customize the template and align it with your brand image and tone. Pixpa provides integration with 100+ apps to increase the capabilities of your website.
Plans:
Plans
Pricing
Monthly
Basic ($6/month), Creator ($12/month), Professional ($18/month), Advanced ($25/month)
Yearly
Basic ($4.80/month), Creator ($9.60/month), Professional ($14.40/month), Advanced ($20/month)
2-year plan
Basic ($3.60/month), Creator ($7.20/month), Professional ($10.80/month), Advanced ($15/month)
Black Friday deal 50% OFF on Annual plans, Coupon code (BLFPIXPA50)
Glorify
Rating: 4.81/5 Pricing: Starts from $8
Glorify is a multipurpose design tool that lets you make high-converting social media posts and logos, and even offers logo design assistance. This program includes functions that can assist you in producing high-quality advertisements, presentations, infographics and mock-ups. Exclusive educational material, embed codes on your canvas ready to be embedded on other websites or downloaded as still images, personal libraries integration, carousal slideshows while designing, advertisements analytics, additional stock integrations available directly from Glorify’s assets library, launching freehand tools to gain more customised creative capabilities, live collaboration, 3D viewer, and so much more are just a few of the key features of Glorify.
Plans:
Plans
Pricing
Basic Plan
$8/month
Pro Plan
$15/month
Business Plan
$45/month
Here is an exclusive Black Friday deal on Glorify: 60%Coupon Code: No Coupon Required
Invideo
Ratings- 4.7/5 Pricing: Starts from $15/ month
Invideo is an online video maker tool having more than 5000 templates in the application. With more than 6 million downloads and 7 million customers of Invideo, it has brand kits, audio editing, team addition, 40+ fluid animations, and text-to-video conversions.
Other video editing features of Invideo include text overlay, video capture, video stabilization, collaboration, social sharing, audio tools, brand overlay, media library, video speed controller, split video, merge video, HD resolution, video capture, etc.
Plans:
Plans
Pricing
Free Plan
$0/month
Plus Plan
$35/month
Max Plan
$60/month
Generative Plan
$120/month
Vpn and Cyber security products
VPN acts as a shield that protects us from cyber attacks and helps to surf the Internet Anonymously. This kind of cyber security product enhances the security of software and provides a safe web surfing experience. As a business owner taking care of the safety of software running on the system or the cloud is very important. Hence, don’t miss the great Black Friday deals on this cybersecurity software.
NordVPN
Rating: 4.4 / 5 Pricing: Starts from $11.99/month
NordVPN is a very popular VPN service provider which provides wire guard protection in VPN and has 5200+ servers across the globe. With a single account in NordVPN, one can use the service on 6 devices. Connect every system in your office with NordVPN and add an extra premium level of security of AES 246-bit encryption. It automatically stops you from web surfing if the connection with the VPN drops.
Plans:
Plans
Pricing
Monthly Plan
Standard ($12.99/month), Plus (13.99/month), Complete ($14.99/month)
1-year Plan
Standard ($4.59/month), Plus (5.49/month), Complete ($6.49/month)
2-year Plan
Standard ($3.59/month), Plus (4.49/month), Complete ($5.49/month)
Black Friday deal 70% off NordVPN
Express VPN
Rating: 4.5 / 5 Pricing: Starts from $12.95/month
Express VPN provides its VPN services with all the essential features and some additional features like VPN split tunnelling. This allows some devices to access the web through VPN and at the same time allows some devices to access the web directly. It has servers in 94 countries and it allows you to switch between the servers as many times as you want. Protect your data from online theft with Express VPN.
Plans:
Plans
Pricing
1-month
$12.95/month
6-month
$9.99/month
12-month
$8.32/month
Black Friday deal Up to6 extra months free!
PureVPN
PureVPN provides an outstanding network of international VPN servers and focuses on privacy, security and accessibility. It uses advanced data encryption for the protection of its client’s data and privacy. It is loaded with features like Always-On audit, Constant third-party audit, Logless VPN and Privacy-Centric Service.PureVPN also offers software for streaming devices such as Android TV. It supports several VPN protocols and offers users servers across 139 countries with a live chat support system. It provides High-end security on public WiFi, at hotels, airports and coffee shops etc.
From big companies to small startups, team management is a very important task to do. Taking care of your employee’s payroll and performing all the cumbersome and time-consuming HR activities is very hectic without any proper software solution. Here is the list of tools to handle all your HR-related work seamlessly.
HR Partner
Rating: 4.8 / 5 Pricing: Pricing depends on the number of employees
HR Partner is an advanced, interactive, and easy-to-operate management software for HR to carry out their task efficiently. The list of features provided by this software is massive, in short, it caters to every aspect of the work of HR. Employee record management, leave requests and approval, recruitment, and application tracking are some basic services provided by this software. In addition to that, it also provides an employee portal that empowers employees to manage their own records and view other details. Employees can also apply for leave through this portal and see the status of their leave.
Deal: Black Friday deal 50%OFF for life on all the plans
Gusto
Rating: 4.2 / 5 Pricing: Starts from $40/month
Ease down the cumbersome process of business management by leveraging the benefits of Gusto. This HR platform offers services from hiring and onboarding to managing payroll and attendance to everything you need to manage your employees. It automatically syncs data to payroll and calculates team hours, holidays, PTO, etc. Integration of popular apps with gusto is easy peasy, so there is no need to fetch data manually.
Plans:
Plans
Pricing
Simple
$40/month
Plus
$60/month
Premium
$135/month
Deal: Black Friday deal 25% OFF on Plus plan
Apploye
Rating: 4.5 / 5 Pricing: Starts from $4/user/month
Apploye is the time-tracking software that your business needs to track the working hour accurately. This software helps to calculate the working hour of the employee working in the office or remotely. It provides a desktop app, web app, mobile app, and even a browser extension and third-party integration to manage and track the time anywhere, anytime. So be updated with the time consumed on the specific project with this powerful software Apploye. Grab the Black Friday deal on Apploye before it ends.
Plans:
Plans
Pricing
Monthly
Standard ($5/user/month), Elite ($7/user/month)
Yearly
Standard ($2.5/user/month), Elite ($3.5/user/month)
Deal: Black Friday deal 15% OFF Coupon code apploye-15
Smart Life Products
Convert your traditional office into a Smart office using the Smart lOT products. Enhance your security by monitoring and tracking anytime and anywhere. This product provides better accessibility and control to entrepreneurs in their offices. Everything is connected to the internet. Grab the Black Friday deal on popular IOT products and make your office smart without giving extra stress on your budget.
Wireless video doorbell
Pricing: $74.99
This is a rechargeable video doorbell that gives a battery backup of months and can monitor your door smartly day and night. Connected with wi-fi, this wireless video doorbell let you know who is behind your door, no matter where you are. It gives a 160-degree view with full-colour night vision to capture everything even in the darkness. It works perfectly fine with Alexa and google assistant, and can record video automatically when it detects any motion outside.
This is the bundle of IoT products for businesses, and this bundle is a security bundle and an IOTA bundle. The security bundle includes one security hub, one keypad, 1 adobe cam 2, and two mini door sensors. On the other hand, The IOTA Bundle includes one IOTA, 5 mini door sensors, 1 keyFob Wi-Fi, 4G, and Z-Wave. Both bundles are packed with all the useful products that an office owner needs. Avail of huge Black Friday discounts on these bundles and can also consider purchasing them separately.
Deal: Black Friday deal 50% OFF on security and IOTA Bundle plus 1-month free professional monitoring
Electronics products
There is no need to mention the advantages and necessity of electronic products in offices. Nowadays every piece of information related to the business is stored on electronic devices. Printers, monitors, CPUs, routers, and most importantly laptops are widely used in every business to function with their true potential. Grab the deal on electronic products from the top brands below.
Apple
Apple needs no introduction because every business enthusiast is very well aware of this brand. This premium brand offers a variety of products over varieties of categories. The electronic products of this brand are widely used in offices to complete day-to-day office tasks. This brand is also providing a Black Friday offer on its products, so go and grab the deal before it ends.
Deal: Black Friday deal get an Apple Gift Card up to $200 when you buy an eligible product.* Only at Apple — online, in-store, and in the Apple Store app.
Dell
Dell is a technology company that sells electronic products that cater to mid-range customers. It offers products like monitors, CPUs, mouse, laptops, smart locks, data storage devices, and many more. In this Black Friday season sale, Dell has brought huge discounts on laptops, monitors, CPUs, and Mouse. Quickly check out and avail huge Black Friday discounts on Dell’s products because quantity is limited.
Deal: Save up to $800 with limited-time deals on PCs, monitors & more. Plus, Dell Rewards members receive 2x rewards.
HP
HP is a well-known technology company that offers its products at affordable rates and has a huge collection of electronic products. Most businesses trust HP because of its quality products and reasonable prices to attract customers and supply happiness to their life in this Thanksgiving season of Black Friday. HP is giving huge discounts on a massive number of its products. Check out your favourite one before it gets out of stock.
Deal: Save up to 75% on select DOORBUSTERS.24 months special financing on purchases of $1,500 or more with the HP Credit Account.
Black Friday is on 25th November. Don’t think that it’s a one-day sale, it’s more like a season and begins on November 25. Just a few days are left, so start aiming at the merchandise you want to barter this year. You will discover a bunch of markdowns and deals for all commodities.
From hardware to software, even portable appliances, everything you prefer will be handy here. The celebration will be continued until a week after Cyber Monday. Check to find the deals available for the products, you can also compare it with other online outlets and choose what you think is best for you. Don’t miss this great opportunity.
FAQ
What is Black Friday?
Black Friday is celebrated after thanksgiving when many shop owners give steep discounts on their products.
What are some of the products entrepreneurs should buy on black Friday?
CRM products, Smart Life Products, VPN and Antivirus Software and SaaS Products are some of the products that every entrepreneur should look out for during black Friday.
What are the best deals for SaaS Products?
The best SaaS products are as follows
Zoho
Hostinger
Appsumo
Purevpn
Adspyder
Simvoly
nTask
LeadFuze
Document360
When do Black Friday deals start?
Black Friday Deals start on November 25.
Where to find all the exclusive Deals?
Almost all saas companies provide saas deals around Black Friday. You can go to the website of the required tool and check out their deal. Companies also send their customers emails regarding Black Friday deals. Moreover, you can check out our article where we have covered all Black Friday deals an entrepreneur would need including Exclusive deals from the companies
If are planning to start your startup business then definitely you will need to describe what your company does when you want to raise capital from investors. You need to speak their language too, it is also called startup lingo. It is wise to know the vocabulary that is common in the circuit to showcase your business plan effectively. These words are also called jargon words.
Following is the list of startup jargon that every aspiring entrepreneur should know about. According to the dictionary, jargon words mean special words or expressions used by a professional or group that are difficult for others to understand.
In this article, we’ve shared some commonly used startup terms from Bootstrapping to Market penetration which you may not have heard yet if you already know these new business terms then also you can learn more about them to enhance your knowledge about startup and entrepreneurship.
Before diving into these startup terms let’s first find out What a startupis?
A startup is any company that is in its infant stage and founded by one or more entrepreneurs to launch a unique product or service. Well everyone having a different perspective suggests a variety of definitions, but the popular one given by Wikipedia is as – “A startup or start-up is a company started by an entrepreneur to seek, develop, and validate a scalable economic model.”
So, now let’s move to the Startup terminology every entrepreneur should know if you are planning to get funding.
Startup Terms Every Entrepreneur Should Know
Activation
Activation is a measurement of the conversion rate from when a prospective lead becomes an active user on your website. This is a result of a user downloading or signing up for your app/website.
Acqui-hire
It is a strategy used to acquire talent when one company buys out another company primarily for the skills and expertise of the staff.
Accelerator
An accelerator is a center where startups are “incubated” through mentorship, space and sometimes money. Accelerators help startups in their initial stages and help them grow.
Advertorials
This is a startup lingo commonly used by bloggers. It is a paid form of content that is meant to look and feel like a real story or blog post. In recent times, display ad pricing and effectiveness have decreased so turning to advertorials is a better option for companies to capture ad revenue.
Agile
Agile means flexible and adaptable. Startups use a flexible approach to their project management and product development.
Angel Investor
An angel investor is an individual who provides initial funding to a startup business, believing in the idea, concept, or solution, and offering the necessary capital for the entrepreneurs to kickstart their venture.
Bootstrapping
Bootstrapping is the use of money that is taken from friends and family, existing resources or personal savings as the initial investment to start a business. If a founder chooses to bootstrap their startup they avoid raising funds from investors or VC.
Bootcamps are intensive learning courses designed to provide individuals and offices with the knowledge, know-how, and abilities necessary for success in a particular field.
Bridge Loan
A Bridge Loan is usually a short-term loan taken to meet the temporary financial requirement until a more permanent or long-term financing option can be secured. It is usually for a period of two weeks to three years to bridge the credit gap in between rounds of funding.
Bubble
Bubble or Startup Bubble is a time when investors are willing to invest a high amount of money in startups, which makes their valuation extremely high.
Burn Rate
If you are a startup founder, this is one of the most important startup jargon you need to know. It is also called Run Rate, in simple words, it means how fast you are blowing your cash. Investors try to avoid putting their money where the burn rate is excessive. But it is also not unusual for the startup to lose sums of money for several years before breaking or making a profit.
How to Calculate Burn rate
Churn Rate
It is also called the rate of attrition. Churn Rate is known as the percentage of service subscribers who discontinue their subscriptions within a given period. The growth rate must exceed its churn rate.
How to Calculate Churn Rate
Cliff
Cliffs are a way for an Executive to fire employees or let them leave without giving them stock within a limited period. Cliffs are also used by the investors on CEOs to make sure the CEO sticks around after getting the cash.
Convertible Note
A Convertible Note is also known as a Convertable bond, it means a debt that transforms into equity in the company’s financing round in the future. The investor who invests the money instead of getting their loan back with interest receives the equity of the company in the form Convertible Note.
Coworking Space
This is like a shared office where different people or small companies can work together in a shared environment. This model works well with startups because they pay less rent, and share amenities like meeting rooms and internet access with other offices.
Crowdfunding
A way to raise money for projects or businesses is by getting small contributions from a large number of people, often through online platforms. It’s like a collective effort where many people chip in to support an idea, cause, or concept they believe in.
Customer Acquisition Cost (CAC)
The amount of money a business spends on average to acquire a new customer. It includes expenses like marketing, advertising, and sales activities, and is calculated by dividing the total acquisition expenses by the number of new customers added during a specific period.
Deck
Also called ‘Pitch Deck’, it is a short and limited slide of PPT that covers all the aspects of your aspects. It usually contains ten slides. The deck should be compact, concise and create a maximum impact. One should consider gaining a lot of feedback and hiring a graphic designer to make the final version look spectacular.
Disruptive Technology
The discovery of such technology completely changes the way society does something. For Example, Uber and Ola changed the way Taxis used to operate. Amazon or Flipkart is a virtual store that did not exist about two decades ago, there was physical in-store shopping.
Dragon
They are rare startup companies that were able to raise $1 billion in a single round. For example: Airbnb, Flipkart, and Tumblr.
Early Adopters
It refers to individuals or businesses who are among the first to embrace and use a new product, service, or technology. These individuals are willing to try innovative solutions despite potential risks and uncertainties.
Exit Strategy
It is a plan that is executed by an investor, trader, business owner, or venture capitalist to liquidate a position in a financial asset or dispose of tangible business assets once certain predetermined criteria for either have been met or exceeded. It is a strategy on how you will sell the company and make your investors some financial gain through the same. It includes all the decisions like who is going to buy and why and at which amount.
FMA
FMA is the First Mover Advantage and it means an advantage gained by the initial significant occupant of a market segment. First-mover advantage might be gained by technological leadership, early purchase of resources, or releasing some product/service that is ahead of its time.
Freemium
Freemium is a form of pricing strategy by which a product or service is provided free of charge, but an amount in the form of premium is charged for additional features, services, or virtual. For example, a digital offering or an app such as Netflix charges a premium before you can avail of a free trial.
Gamify
Gamify means adding game-like elements in the marketing of your products so that you can create engagement with your customers and potential customers.
Go Public
Taking the startup public by offering shares on a stock exchange, allows investors and founders to sell shares to the public.
Growth Hacking
Growth Hacking is a startup term that was coined by Sean Ellis and it describes a marketing technique that focuses on quickly finding scalable growth through non-traditional and inexpensive tactics such as the use of the internet or social media. The objective of growth hacking strategies is generally to acquire as many users or customers as possible while spending as little as possible.
Hockey Stick
It refers to a financial or economic trend that matches the shape of a hockey stick. One can say it is like a growth pattern depicted on a graph, where the initial growth is slow or flat (the handle of the hockey stick), followed by a sudden and steep upward trajectory (the blade of the hockey stick).
Incubator
A company or program that provides support, resources, and guidance to early-stage startup business houses. Incubators often have a fixed duration during which startups can benefit from the offered resources and mentorship.
Intellectual Property
An IP can be a patent or a secret sauce or formula like Coca-Cola‘s recipe. It is a creation of such an invention, artistic work, design, symbol, name, and image used in commerce.
Iterate
In simple words iterate means to try something, do it wrong, and then try it again in a slightly different way with the hopes of achieving a better result. This startup jargon is also used when an entrepreneur launches a product or service in the market.
Launch
A commonly used startup lingo is Launch. The launch means to introduce and start something new, for instance, a company, a website, or a product.
Lean
The goal of lean is to use the least amount of resources possible. It emphasizes a systematic approach to building and managing startups. It favors experimentation over elaborate planning and client feedback over intuition.
Leverage
Leverage is an investment strategy that is used while we take into consideration an amount that is borrowed – borrowed capital. It focuses on the use of various financial instruments to increase the potential return on investment. In accounting terms, leverage also means the amount of debt a firm uses to finance assets.
Loss Leader Pricing
The type of pricing where you are selling something at a loss as a form of marketing expense to bring in customers you expect to repeat future purchases from.
Market Penetration is a measure of the number of sales, adoption, and presence of a product or service compared to the total theoretical market for that product or service. The startup phrase also means to include the activities that are used to increase the market share of a product or service.
Monetize
The term means something is converted from a non-revenue generating asset into a source of revenue. In economics, monetizing means converting any object or transaction into a form of currency or something that has transferable value.
MVP
MVP stands for Minimum Viable Product and it means a product with just enough features to satisfy early consumers and to provide feedback for future product development. It is a bare-bones version of a product required to achieve proof of concept and is often used in the creation of new software that will be beta-tested so that later an upgraded version can be released.
Non-disclosure Agreement
A Non-disclosure agreement is a legal contract between two or more parties that has information that will stay confidential for a certain period.
Pivot
Pivot in commerce language would mean changing directions as a company and is usually used to describe going after a different market segment or using an established technology for an entirely new purpose.
Run Rate
The run rate is a projection of a business’s future performance based on its current revenue data through mathematical calculations.
Runway
Time until a startup exhausts financial resources based on the current burn rate.
ROI
A term used by many startup founders is ROI, ROI stands for Return on Investment. It can be described as the performance measure used to evaluate the efficiency of an investment or compare the efficiency of several different investments. ROI is a financial metric of profitability that is used to measure the return or gain from an investment made by an investor or businessman.
Scalability
A startup’s ability to handle growth efficiently without proportionally increasing resources.
Scale Up
Process of expanding a startup’s operations, customer base, and revenue.
Seed Round
The initial stage of fundraising is where a startup seeks investment from external means to support the product’s research and development, market research, and operations.
A serial entrepreneur is a word that is used for people who take up different creative ideas and convert them into business strategies that are ought to be successful.
Series A, B, C, etc.
Funding stages with increasing capital for startup expansion.
Solopreneur
An individual who runs and operates a business on their own, fulfilling both roles as an entrepreneur and sole employee. They are self-reliant individuals.
Sweat Equity
These are the shares of a company given in exchange for work done by its employees. Sweat Equity is a good recruiting technique that helps a company attract passionate talent that can be paid in non-monetary investments that the owners or employees contribute to a business venture.
These are emerging enterprises that are small in scale, demonstrate rapid growth, possess agility, and are frequently distinguished by their innovative approaches.
Term Sheet
A Term Sheet is a document that outlines what an investor has agreed to on the terms and conditions under which the investment will be made. It serves as a template that can be used to develop more detailed legally binding documents.
Traction
The term means proof that people are buying and using your product or services. You can calculate traction by using metrics like daily signups, monthly visits, and active users.
Unicorn
In the business world, it refers to a startup company that is valued at over $1 billion. The term is used to highlight the high growth, high valuation, and market potential of such firms, similar to the mythical creature, the unicorn, which is known for being rare and magical.
Valuation
Planning to approach investors, make sure you know this startup term. Valuation means what your company is being valued at. Pre-money valuation is the value before your startup takes investors’ money and Post-money valuation is that amount plus the investment put in.
Value Proposition
The term describes what is the most unique or attractive feature of your product or service. It is a statement that describes why customers should choose or buy your product or service.
Venture Capital (VC)
You might have come across this startup term when raising funds. VC stands for Venture Capitalist and it is a person that provides capital to firms exhibiting high growth potential in exchange for an equity stake. The objective could be to fund startup ventures or support small companies that wish to expand but do not have access to the equities market at present.
Vesting
The process by which an employee earns the right to own or ‘vest’ in shares or stock options over time. It is often used as a strategy to incentivize employees to stay with the company for a certain period, encouraging loyalty and aligning their interests with the long-term success of the startup.
Conclusion
Whether you are planning to launch your startup or you already have an established startup business you need to know all the startup funding terms and keep yourself updated. These are some of the commonly used startup terms to know. We will try our best to keep this list of startup jargon words updated.
FAQs
What are some of the business terms to know?
Assets, Liabilities, Expenses, Net Profit, Net Loss, ROI, and Cash flow are some of the common business terms.
What are some of the common startup-related words?
Accelerator, Churn Rate, Launch, Intellectual property, Growth hacking, Exit strategy, and Pitch deck are some of the common startup-related words.
What are some financial terms for startups?
Acqui-hired, Angel investor, Burn rate, Convertible note, and Valuation are some of the financial terms you need to know before you get funding.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved byPrayag Hospitals Group.
The healthcare industry in India is a complex and diverse sector that plays a vital role in the country’s economy and society. India has a large and growing population, and the demand for healthcare services is high. The healthcare industry in India consists of both public and private sector organizations, with the public sector providing a significant portion of healthcare services. The Indian government has made efforts to improve the healthcare system and increase access to healthcare for all citizens, including initiatives such as the National Health Policy and the National Rural Health Mission.
There are total almost 30,000 hospitals in India. Thats 1 hospital for almost 47,000 people. Hence, the need for better hospital facilities and management is the biggest concern of Indians. One hospital that takes care of its patients in the best way possible is Prayag Hospitals Group.
Prayag Hospitals Group is providing exceptional healthcare without exceptions and the CEO Pritika Singh has been a game-changer in healthcare.
StartupTalky interviewed the CEO of Prayag Hospitals Group, Pritika Singh to know more about their vision, mission, Inspiration, business strategies and more.
Prayag Hospitals Group is focused on creating a chain of hospitals providing all treatments at the most affordable price for middle-class customers. Their short-term goal is to provide more jobs, which is also a part of their long-term goal.
My long-term goal will be to create a chain or group of hospitals where poor and middle-class customers can walk in without any fear or burden of payment. We want to create such a noble image in the market, through a chain of hospitals where finance is not a concern when you are entering the hospital for any treatment. – Pritika Singh
Prayag Hospitals Group – Inspiration
Pritika was inspired from her parents. Her father is a renowned ENT and orthopedic surgeon, and her mother has always looked after the management and administration parts, so she got inspiration from them.
When she was a child and her father used to do his OPD, Pritika used to look with curiosity at what he was doing. Her father used to sit with each patient for about half or one hour and explain to them every detail of the treatment or the disease. While she was growing up, she felt that the hospital and healthcare industry need to have such a system where one can give a lot of awareness to the customer which is lacking in the industry.
I know a lot of people surf the internet nowadays before entering a hospital. By the time they see a doctor, they know a few terms, but they need proper guidance which only a specialist can give. – Pritika Singh
The other side of the coin is people from underprivileged or poor socio-economic backgrounds, who are eligible for free health treatment but don’t know about the privileges or benefits they have got from the government. There are very few organizations that are spreading such awareness and theirs is one of them.
Pritika’s parents are the first people with whom she shared her vision.
Prayag Hospitals Group – Key strategies for successful business
After joining the business, Pritika transformed the logo, tagline, and all other things that needed a rework because she wanted the brand to connect with her vision. The only strategy that they follow and are following till now is creating a one-to-one customer experience, giving a personal touch, and taking care that their service delivery or care includes Indian tradition and culture in doing business.
To have a successful business, you also need to have a good working environment in your organization, and I make sure we specifically take care of the mental health of our employees. We try to create a personal repo with the employees so that they work in a comfortable and encouraging environment and perform better – Pritika Singh
Prayag Hospitals Group – Social work
At Prayag Hospitals Group, they have a special ward where they treat patients who are not very critical. They don’t charge doctor fees, nursing fees, or bed fees; only food and medicine costs are there. So, it becomes very affordable for somebody who comes from a poor socio-economic background and doesn’t have any benefit or support from the Government, or any medical insurance.
Prayag Hospitals Group – Challenges
At the beginning of her journey, she faced a challenge within the organization as the employees or staff were already working as per the vision of her parents, and then she entered with a different vision. A lot of people were not comfortable and had little belief in her. They thought that her vision is not complete or feasible or that what she is talking about is not practical. However, when you have belief in yourself, you can make others believe in you too.
Another biggest challenge that I faced was in the form of typical stereotypical thinking that if your parents are doctors running a hospital, you also need to be a doctor to run the business. So, my parents took some time to gain that level of trust in me as I was from a management background. Despite a lot of rejection of my vision and ideas, in the beginning, I was able to build that trust with my employees as well as my parents. Another challenge that you face being a newcomer in the industry, and being ayoung woman is that people in the industry look at you with doubt. They havetheir own assumptions, but if you are confident about your capabilities, you canovercome every obstacle, and stereotypes and bust myths. – Pritika Singh
Prayag Hospitals Group – Operating locations
The hospital’s operating location is in Noida and Greater Noida, and they are also planning to come up with a hospital in West UP and Uttarakhand. They are also planning to expand their operations in Middle Eastern countries for their specialized branch – the department of holistic healing — where they talk about mental health. They work on mental health because India is a hub for the same.
India’s healthcare industry in the next 5-10 years
Pritika believes that the healthcare system is already in place, and it has seen a dynamic transformation in the COVID-19 pandemic recently. Digitization in healthcare has taken hospitals, even in tier 2 or 3 cities, to another level. However, there is a need to create more beds and encourage youths to enroll themselves in studying or choosing a career in the healthcare industry. The reason is that when thinking of increasing the beds, there is also a need for manpower to attend to more patients in the form of paramedical staff, support staff, doctors, and nurses. In addition, she thinks more hospitals should be introduced in smaller towns and cities so that people from these underserved areas can also get quality treatment.
The healthcare sector is set for robust growth in the next 5-10 years, with the industry expected to reach a size of $50 billion in the country by 2025.
The Government is working on all strategies to revolutionize the sector in the next few years by focusing more on innovation, technology, and R&D. She thinks this will help all those involved in the hospital industry by being able to offer more advanced forms of treatment and medication at an affordable cost. At the same time, the technological disruption in the industry cannot be ignored, considering the dramatic rise of telemedicine during the pandemic and the introduction of new-age technologies like AI and virtual/augmented reality.
Advice to the new Industry Leaders
The advice that I would like to give to newcomers is that healthcare is a noble industry where you can earn money and give back to society. Do not consider this industry only for making profits as we are engaged here 24X7 with the customers’ emotions along with the emotions of the staff, doctors, and all those who are involved in the business. We must have that noble vision when we are entering this industry. In the end, I would like to say that for an entrepreneur, your energy also counts. You have to match a high-vibration frequency environment, so you have to have that dynamic character with very high energy in order to sustain the business. If you can leave your comfort zone and are ready to work in a dynamic, fast-paced environment, then you can consider this field as an entrepreneur. – Pritika Singh
Conclusion
For an entrepreneur, energy also counts. You have to match a high-vibration frequency environment, so you have to have that dynamic character with very high energy in order to sustain the business. If you can leave your comfort zone and are ready to work in a dynamic, fast-paced environment, then you can consider any field as an entrepreneur.
FAQs
Who is the CEO of Prayag Hospitals Group?
Pritika Singh is the CEO of Prayag Hospitals Group and she has been a game-changer in healthcare.
When was Prayag Hospitals Group founded?
Prayag Hospitals Group was incorporated on June 20, 1996.
Where is Prayag Hospital located?
Prayag Hospital is located in Sector 41, Noida, Uttar Pradesh 201301, India.
The saying “Winners never quit, and quitters never win” is true, but it seems ironic in the case of entrepreneurs who have quit their academics to pursue their goals instead. Guess what, though? They have accomplished much more than getting good grades from school or university.
People continue to question the decisions that were made by dropouts, asking, “Will they thrive as successful contributors to society?” But trust me when I say that going from being a dropout student with nothing in their pocket to becoming one of the most successful millionaire entrepreneurs in the world has greatly increased respect for determination and commitment to one’s aims.
Dropping out of school or college is considered one of the biggest mistakes in one’s life. However, there are certain people who have proved this notion wrong by turning this mistake into huge achievements. The following is a list of the biggest entrepreneurs in the world, who dropped out of their education in the middle.
Bill Gates
Name
Bill Gates
Net Worth
$114 Billion (2022)
Source
Microsoft Corporation
Dropout From
Harvard University
Bill Gates
Bill Gates is known to be the inventor of the college-dropout billionaire trope in 1975 when he left Harvard to start his career in establishing Microsoft. At the age of 13, he wrote his first software program to get admission to a private Lakeside school, which revealed his affinity for programming.
Whilst at Lakeside school, Gates earned the title of National Merit Scholar, in which he scored 1590 out of 1600 on the SAT. To support his father’s dream of making him becoming a lawyer, he enrolled at Harvard as a pre-law student in 1973, and aced mathematics and computer science courses.
After dropping out of Harvard, in 1975 Gates founded ‘Microsoft’ with his friend Paul, and produced the first-of-its-kind programming language BASIC for the MITS Altair 8800 ‘Microcomputer,’ an early personal computer. He had chosen the path, which he is good at, not the path his parents wanted him to choose.
Mark Zuckerberg
Name
Mark Zuckerberg
Net Worth
$70 Billion (2022)
Source
Meta (formerly Facebook)
Dropout From
Harvard University
Mark Zuckerberg
One of the famous media magnates is the CEO of Meta Platforms- Mark Zuckerberg. He attended his schooling at Ardsley High school before transferring to Phillips Exeter Academy. He started using computer and software programming in middle school, where he built a program that connected wireless communication between his and his father’s dental office.
In 2002, Mark got into Harvard to study Psychology and Computer Science and was already known as a ‘programming prodigy’. At that time, Mark came up with a new code for his new website- Facebook, however, faced a lot of problems in establishing it, so he decided to quit Harvard in 2005 to focus on building his dream, Facebook.
Henry Ford
Name
Henry Ford
Net Worth
$190 billion, (1947, adjusted for inflation)
Source
Ford Motor Company
Dropout From
High School
Henry Ford
The automobile ruler created a revolutionary movement in transportation and the automobile industry. Ford completed his eighth grade at a one-room school and instead of attending sophomore, he enrolled in a bookkeeping course at a commercial school.
Contradictory, Ford was much more interested in building something big than sitting at a desk & bookkeeping. When he was 12 years old, that was the first time he found a purpose in his life when he witnessed the operation of a Nichols and Shepard road engine from a watch gifted by his father. In 1882 Ford returned to his family farm after working as an apprentice machinist in Detroit.
While he was working on the family farm, he became adept at operating the Westinghouse portable steam engine, whereby he completed his first gasoline car powered by a two-cylinder, four-horsepower engine and eventually built three cars in his home workshops, which was a stepping stone to the development of the renowned brand ‘Ford’.
Steve Jobs, the innovation king, was also once a problematic child during his school times, where he played a lot of pranks on teachers and never showed a slight interest in studies.
He even skipped 5th Grade and transferred straight into 6th grade at Crittenden Middle school, where he became a victim of the bully. In fact, his family moved to Los Altos and joined Homestead High school for a better life, which was surrounded by an environment of engineering families.
In 1971, Steve Jobs decided to join the electronics club with his best friend Wozniak, who got into the University of California, Berkeley. At that time, Wozniak designed a low-cost digital ‘blue box’ to manipulate the telephone network, by allowing free long-distance calls.
In 1971, Steve Jobs dropped out of Reed College after the very first semester, because he didn’t want to waste his parent’s money on an education that seemed meaningless to him and worked as a technician at Atari, Inc. in 1972. In 1976, Jobs, and fellow college dropout Steve Wozniak, built the Apple I in his parent’s garage.
Larry Ellison
Name
Larry Ellison
Net Worth
$91 Billion (2022)
Source
Oracle Corporation
Dropout From
University of Chicago
Larry Ellison
Larry Ellison was once a dropout student, but now he was listed as one of the wealthiest people on the planet by Bloomberg Billionaires Index in July 2022. Larry Ellison attended South Shore High school and later enrolled as a pre-med student at the University of Illinois in Urbana-Champaign.
At the University, he was rewarded and named ‘Science student of the year. Unexpectedly, he hadn’t appeared for his final exams as his adoptive mother passed away. In 1966, he attended the University of Chicago for one term, where he learned computer design and technology, and later dropped out of it.
Larry Page, the co-founder of Google, found himself attracted to computers when he was 6 years old and even became the first kid in the rudimentary school to turn in an assignment from a word processor.
At the age of 12, he wanted to start a company by inventing new things and eventually developed an interest in technology and business. Larry Page was a radiant student in schooling as well as an undergrad. He did his schooling at Montessori Radmoor and East Lansing High School.
Page received a Bachelor of Science from the University of Michigan and a Master of Science from Stanford both in the field of computer science. After joining his: Ph.D. and he started his research in Computer Science at Stanford University and pursued his full-time interest in building the World Wide Web. However, in 1999 Larry couldn’t complete his Ph.D. degree and dropped out of college to focus more on his main aim.
Jan Koum
Name
Jan Koum
Net Worth
$13.3 Billion (2022)
Source
WhatsApp
Dropout From
San Jose University
Jan Koum
The co-founder of Whatsapp Jan Koum enrolled at San Jose State University because he was interested to learn to program. At the same time, he worked at Ernst & Young as a security tester. In 1997, He left his studies mid-way, because he was hired by Yahoo as an infrastructure engineer.
Evan Williams
Name
Evan Williams
Net Worth
$1.8 Billion (2022)
Source
Twitter
Dropout From
University of Nebraska
Evan Williams
In Clarks, Nebraska, Evan Williams was raised on family property. Before quitting, he spent three semesters enrolled at the University of Nebraska at Lincoln.
Williams worked as a contractor writing software for Hewlett-Packard and Intel and then also secured a position at Google. Later, he left his position at Google to start his entrepreneurial journey of establishing Twitter.
Jack Dorsey
Name
Jack Dorsey
Net Worth
$4.2 Billion (2022)
Source
Twitter
Dropout From
New York University
Jack Dorsey
A 1999 New York University dropout is the co-founder of Twitter and Square, two of the most talked-about firms in recent memory. Jack founded Twitter along with Ev Williams, Biz Stone, and Noah Glass after briefly working as a masseur and a fashion designer. At this time, Dorsey is valued around $5.6 billion.
The above graph shows the percentage of Forbes Billionaires by their educational institute type. The graph is made as per the data shared by entrepreneur.com and the study conducted by Wai & Rindermann.
Amancio Ortega
Name
Amancio Ortega
Net Worth
$61.6 Billion (2022)
Source
Inditex
Dropout From
School
Amancio Ortega
Amancio Ortega, dropped out of school at the age of 14, because his father was a railway worker and couldn’t afford much to pay. So, Amancio Ortega joined a local shirtmaker named ‘Gala’, which actually taught him how to make clothes by hand and inspired him to build one of the largest clothing retailer companies, Inditex, known for its chain of Zara and Bershka.
Orji Uzor Kalu was 19 years old when he was dismissed from the Nigerian university after being found instigating a series of student riots. In order to start trading goods like rice, sugar, and palm oil, he requested $35 from his mother.
By diversifying his investments, he became a millionaire by the age of 20. He was ranked by Forbes as the 49th richest person in Africa in 2015. He originally established SLOK Holding, a West African company with profit shareholding in shipping, banking, manufacturing, etc.
Michael Dell
Name
Michael Dell
Net Worth
$56.1 Billion (2022)
Source
Dell Technologies
Dropout From
University of Texas
Michael Dell
In 1983, Michael Dell was a student at the University of Texas, although he occupied much of his energy in his college dorm room updating and hawking devices. Dell founded PCs Ltd. at the age of 19, which eventually grew into Dell Computer Corporation in 1987.
He then obtained a license from the State of Texas to submit bids for big contracts after starting to sell upgrade modules for personal computers from his hostel. At the age of 27, Michael Dell was the youngest CEO on the Fortune 500 list. He currently has a net worth of almost $20 billion.
John Mackey
Name
John Mackey
Net Worth
$85 Million (2022)
Source
Whole Foods Market
Dropout From
Texas University
John Mackey
John Mackey studied Philosophy and Theology at Texas University, Austin in 1978. Renee Lawson Hardy and he first met when he enrolled in a vegetarian co-op at the university.
The couple dropped out of school and founded SaferWay, the first vegetarian supermarket in Austin. It ultimately paved the way for Whole Foods, the 30th leading retailer in the United States measured by revenues in 2014.
Azim Premji is another biggest entrepreneurs on the list of dropout entrepreneurs. is the son of a very famous businessman, who is also known as the Rice king of Burma, Mohamed Hashem Premji. Azim had to drop out of his education at Stanford because he had to take care of his family’s oil business after his father’s sudden demise.
Subsequently, Azim Premji became solely responsible to look after his father’s business in India. He completed his studies to get a Bachelor of science in electronic engineering degree from Stanford University after 30 years.
Kunal Shah
Name
Kunal Shah
Source
CRED
Net Worth
$809 Million (2022)
Dropout From
Narsee Monjee Institute of Management Studies
Kunal Shah
Kunal Shah graduated from Wilson College with a Bachelor of Arts in Philosophy. He then enrolled at the Narsee Monjee Institute of Management Studies for an MBA degree, which he ultimately left. His initial business was PaisaBack, which provided kickbacks from merchants. Among many of the top college dropout Indian entrepreneurs, Kunal Shah is one of the most well-known names.
He is a founding member of FreeCharge, a reputable internet recharge service. 2012 saw the launch of the business, which Snapdeal soon bought. With its first three recharges and matching-value incentives, FreeCharge completely changed the way that internet recharges work. He is currently known best for being the founder of one of India’s unicorn startups CRED.
Ritesh Agarwal
Name
Ritesh Agarwal
Net Worth
$1.1 Billion (2020)
Source
OYO Rooms
Dropout From
Indian School of Business & Finance, New Delhi
Ritesh Agarwal
One of the youngest Indian Billionaires, Ritesh Agarwal, the founder of OYO Rooms. He was from a middle-class family. He completed his higher schooling at St. John’s Senior Secondary School and moved to New Delhi for college in 2011.
But, shortly, he quit as his project idea of Oravel stays Pvt Ltd was selected by the Thiel Fellowship program in 2013, which granted 100,000 USD, with which he launched OYO rooms.
These are some of the most successful entrepreneurs who have found greatness despite not having the appropriate education. They serve as the best illustration that what you study doesn’t define you. It is your hard work and determination and passion that speaks for you.
FAQs
Who is the most successful dropout?
Bill Gates is the most successful dropout in terms of net worth. He possesses a net worth of $110.5 billion as of July 2022.
How many billionaires have no college degree?
As per the billionaire census by Wealth X (2015), about 3 out of the 10 billionaires have no proper college degree. Some of the most popular names who became successful without a proper college degree include Bill Gates, Mark Zuckerberg, Steve Jobs, Amancio Ortega, and more.
In 2021, the global revenue of the market research industry exceeded $76.4 billion, a growth of more than twofold since 2008. The annual growth of global market research revenue is 0.3%. It is great to have an idea that expects to capture the hearts and minds of consumers everywhere. Perhaps stumbling upon a service not offered by anyone else, hopefully, a service or product that is desperately needed might be the opportunity to start a successful business.
However, before venturing into something, determine whether there is a need in the market for the product or service. Ascertain the needs and demands of the consumer by conducting market research and finding out if your business would be successful.
Spending on Market Research Services Worldwide as of 2020
Market research, a crucial step, is neglected by many business owners in product development. The sole reason to do so is to avoid any negative feedback regarding their business idea. Other entrepreneurs skip this process because they foresee it to be too expensive and time-consuming. However, you shouldn’t skip market research as it is an integral part of starting a business. To make it easier for all the entrepreneurs out there, here is a list of processes for doing market research.
In Primary research, we gather information directly from the source i.e. the potential customers. Secondary research is the gathering of statistics regarding things related to the business or reports, studies and other data from organizations such as government agencies, trade associations and the local chamber of commerce.
Secondary Research
The vast majority of research that is conducted is secondary research and the best way to look for that would be the following.
A local library or the Internet
Reference libraries at public disposal or university libraries
Industry trade Associations
New magazines and newsletters
Government Guidance
Maps
Community Organizations
Apart from this, an in-depth understanding is required of what’s essential to any business plan along with appropriate points for the venture to ensure the success of the startup.
Market research aims to understand the reasons how and why consumers will buy a given product. It studies such things as consumer behaviour and consumer’s decision-making process, including how cultural, societal and personal factors influence that behaviour while buying a product.
4 Questions to Ask For
Questions to Ask For While Conducting Market Research
The basic questions we would try to answer while conducting market research are:
Who are the customers of the business?
What do they generally prefer?
Why do they prefer a certain product instead of the new product or services being offered?
What will make them consider the product being offered?
Try to search for the closest match to the business for comparative analysis and consider these points:
Companies of relative size and budget
Companies serving the same geographic area as the proposed startup, which could be global if it’s a web-based business
Compare with the companies with a similar ownership structure. If your business has two partners, look for businesses run and managed by a couple of partners rather than an advisory board.
Companies which are relatively new and have started functioning recently because long-standing businesses are successful because of their 25-year business history and reputation.
How to Spend Your Money on Market Research?
Follow these steps to know how to spend your money on market research wisely:
Determine what is required in the target market before starting up. The more focused the research, the more valuable it will be for the business.
Prioritize the results carefully and closely for accurate data. It is obvious, you can’t research everything, so concentrate on the information that will give the best or quickest outcome for the business or startup.
Review less-expensive research alternatives to save money. Small Business Development Centers and the Small Business Administration can help develop customer surveys in a better way. The trade association will have good secondary research and try to be creative as well as innovative.
Estimate the cost of performing the research yourself to ensure accuracy and prevent overspending. Keep in mind that, while using the internet, spending a lot of money would not be necessary. Don’t pay for what you don’t need at all in the business.
You need to consider your target audience and figure out your marketing platforms. Also, you should be aware of the latest trends and updates in your industry. Keeping these points in mind will ensure thorough market research for starting a successful business. Share this post with your friends and drop comments.
FAQs
How to Do Market Research for a Startup?
Look at the Entire Industry and Potential Market.
Analyze the Market Audience.
Gain Insight into Top Companies’ Product and Digital Marketing Strategies and Tactics.
A wise man once said – ‘Good Marketing makes the company look smart, whereas Great Marketing makes the customers feel smart’.
Yes, the customers are definitely going smarter by the day, and all of this is not just led by the technological advancements and innovations that we are seeing globally, today’s industries, entrepreneurs and marketers also play a significant hand in it.
One of the best examples is India itself, which is the next big thing in terms of startups and entrepreneurs, who are growing each day, and that too with the aim of gearing the country ahead in the global canvas.
Entrepreneurship in India today is no longer a myth. According to the Global Entrepreneurship Monitor (GEM) India Report (21-22) entrepreneurship in India has noticeably expanded in the past few years. The Total Entrepreneurial Activity rate, which is the percentage of the adults who are starting up with or running a new business has increased from 5.3% in 2020 to 14.4% in 2021.
The Growing Penetration in Tier 2 and Tier 3 Markets!
Though the Tier 1 cities of India have always been the regions to pilot for the entrepreneurs and startup founders from across the world, the entrepreneurs of India are not simply satisfied with the penetration in the first-class cities of the country. They are focusing largely on Tier 2, Tier 3 cities, and beyond.
As per the recent census, India has registered a total of 4000+ towns, and only 8 cities among them are classified as Tier 1. So, it can easily be realised that a considerable section of the Indian population resides in Tier 2, Tier 3 cities and more.
The IT industry was one of the first to realise the potential of Tier 2 and Tier 3 cities in India. This happened when they found that the Tier 1 cities have reached a saturation point. The startups of India have largely caught up with the changing trends. Besides, being geared up with the new-age Government of India schemes like Digital India, Startup India initiatives, and more, the Indian government has also joined forces with the status and entrepreneurs of today to gift India a golden future that the whole of India can enjoy!
20% of Indian startups belonged to Tier 2 and Tier 3 cities of India in 2017
Only 20% of the startups came from the tier 2 and tier 3 cities of India when reported in 2017. This was a growth from 16% of the startups of India, which came from the tier 2 and tier 3 cities of India. These numbers rapidly rose up to become 50%, as per April 2022 reports.
The penetration of the Tier 2 and Tier 3 markets today is on a rise holding the hands of the unicorn startups of India and all other budding startups and promising ideators of the country.
Research conducted in 2019 pointed out that out of over 16,000 startups registered in India then, nearly half of them have their business centres in smaller Indian cities.
Why are the Startups and Entrepreneurs choosing Tier 2 and Tier 3 Markets of India?
Numerous industries and startup founders are looking to penetrate the Tier 2 and Tier 3 markets of India because of more than one reason. Some prominent ones are:
Growing competition in the Tier 1 cities
Lack of employment in Tier 2 and Tier 3 cities
Gaining more audiences/customers in these cities
Improving the Tier 2 and Tier 3 cities
Expand their businesses
Affordability in Tier 2 and Tier 3 cities
Support of the Indian government to start up in these cities
The growth of startups and startup initiatives in these smaller towns in India are not only proving to be effective for the startup founders and entrepreneurs. The Tier 2 and Tier 3 cities are also reaping significant benefits due to the advancements taking place there.
Advantages of Tier 2 and Tier 3 Cities with Growing Startups and Entrepreneurs’ Focus on Them:
Some of the major benefits that the Tier 2 and Tier cities of India are enjoying with the improvement of industries and markets for startups and other companies in India are:
Upliftment of the standards of living in Tier 2 and Tier 3 cities
More income to the people living there
Access to quality goods and services
Improvement of facilities
A reduced movement to the Tier 1 cities
A reduced dependency on imports
It ultimately boils down to the marketers and entrepreneurs of the country, who would actually be there and advance the growth of the industries in Tier 2 and Tier 3 markets of India.
Here are some of the glimpses of some major companies that includes the Indian unicorns, who have actually proved that the Tier 2, Tier 3 and Tier 4 cities are marketable enough in these modern times:
DailyHunt
The business model of DailyHunt largely banks on the sharing of vernacular language content, a majority of which is spoken in tier 2, tier 3 cities, and beyond in India. So, though Dailyhunt is headquartered in a Tier 1 city, Bengaluru, the company focused on the other cities right from the start. Besides, its acquisition of companies like LocalPlay, a hyperlocal platform for video and news content, is also in line with its objective of boosting its hyperlocal presence in Tier 2, Tier 3 and Tier 4 geographies of India along with cementing its present position as a leading local language content discovery platform.
Moj
Owned by Mohall Tech and headquartered in Bengaluru, Moj is an Indian video-sharing social networking platform that supports 15+ languages. Much like Dailyhunt, Moj’s business model also revolved around video content sharing in vernacular languages, which itself targetted the cities beyond the Tier 1 cities of India. Furthermore, the banning of the viral Chinese video sharing platform TikTok on June 29, 2020, also played an angel’s hand is lifting the platform up to help India emerge as an Aatmanirbhar country.
Did you know the downloads of the Moj app crossed 50K in Google Play Store in just 2 days?
Paytm
The Vijay Shekhar Sharma-founded fintech company that focuses on UPI payments and other services including banking, eCommerce services and more, is not only known to the Tier 1 cities but is famous beyond them as well.
Speaking on its penetration in tier 2 and 3 cities of India, Paytm revealed that around 50% of its userbase is from the smaller cities of India – Panipat, Rohtak, Pondicherry, Surat, Ranchi and more. This remarkable feedback that Paytm has pulled up is largely attributable to its multilingual app and the growing demand for easy UPI transactions, which are conveniently done via our phones, irrespective of their types.
Flipkart
Walmart-backed Flipkart is a leading ecommerce company, which not only cares for their customers in the Tier 1 cities of India. When last reported on June 17, 2021, Flipkart revealed that over 52% of its customers come from the tier II and beyond cities. This increase in penetration in Tier II, Tier III cities, and beyond has been a combined result of the promising opportunities that these cities have and the zeal to expand the reach of the company.
Cosmetics and Beauty Products Companies like Sugar Cosmetics, Nykaa and more
Gone are the days when cosmetics and beauty products and services were restricted to the Tier 1 cities of India. Beauty regimes are now a significant part of the daily routine and vocabulary of millennial women, regardless of where they hail from. With the rapid penetration of smartphones in the smaller cities today, the women in tier 2, tier 3, tier 4 cities, and beyond are not behind even by a step from their Tier 1 counterparts.
Reports revealed that over 15% of the occasional cosmetic users who belong to the secondary and tertiary cities have tried their first face primers, foundations, BB creams, and more in the past 2-3 years. The online beauty marketplaces like Sugar Cosmetics, Nykaa, and more have a large hand in it though, who have actually made shopping for cosmetics and beauty products, availing of beauty services, and more, easier by bringing them online. The Covid-19 pandemic breakout, along with bringing the great resignation, major recessions, economic breakdowns, layoffs, and more such calamities, has also helped industries and individuals grow in many ways. One of such benevolent effects of the coronavirus pandemic is that it ushered in a new period of work from home where the countries and the working professionals living in them learned about the potential of the internet and were more close to the things happening online. An inclination to purchase cosmetic products also increased this way.
To know how businesses market to their audience in Tier 2 and Tier 3 cities, StartupTalky reached out to entrepreneurs from diverse fields. Here’s what we got to know about how they market to people in Tier 2 and Tier 3 cities:
Amit Nigam – COO & Executive Director, BANKIT
Amit Nigam – COO & Executive Director, BANKIT
BANKIT tries to reach the tier 2 and tier 3 segment of the audience through retailers who are already familiar with the customer and can reach them more effectively. This helps in overcoming the most common challenge that companies face while reaching consumers in Tier 2/3 areas: Gaining their trust.
Shalabh Upadhyay – Founder & CEO, NEWJ (New Emerging World of Journalism)
Shalabh Upadhyay – Founder & CEO, NEWJ
The future of online media will be defined by those who create content, produce stories in the language which the masses understand. And that’s what we precisely do at NEWJ. Within a short period of two years since inception, we have grown our regional network base to 12 languages (including English and Hindi). Our in-house data capabilities help us build predictive models on the content consumption patterns across social media. Our state-of-the-art tech architecture collates user consumption & computer vision data to derive insights and patterns on how a content piece will perform. This enables us to connect with and market our content effectively.
These cities are seeing increasing attention and fast infrastructural growth. You now have state-of-the-art warehouses coming up on what used to be farmland. When we create content for these audiences, we use our expertise to explain the process, i.e., what has to be done, along with why it has to be done-why keeping something chilled matters or why a bar code matters, why it’s important to be able to trace something. So you have to explain much more of the context.
Then there is language to consider that requires a constant feedback loop and intelligent design to ensure that the platform’s UI is flawless and simple without being simplistic.
Building presence in these markets requires a different approach as growth in awareness may be slow. As mentioned above we’re doing that via distribution partners which may include certain tech companies soon. CSR initiatives on behalf of certain trusted names in the logistics space have also allowed for our outreach to increase in these locations.
Sudha Anand – Founder, Swaas
Sudha Anand – Founder, Swaas
Social media like Facebook and Instagram are the best modes to reach to tier 2 & 3 customers, said Sudha Anand, Founder of Swaas.
Here are some of the points highlighted by the Founder of Teach My Lesson:
Clearly articulate the value offered in plain terms
Price solutions aptly. Price is often the proxy for quality, and solutions priced considerably lower than the benchmark are seen as not trust worthy
Leverage locally accomplished individuals to endorse the brand and build credibility. Related to this, use local micro-influencers and not mega influencers.
Make customer ratings and review visible and vocal; everyone relies on reviews
Deliver on the promise – the customer journey need an enjoyable yet straightforward. Under promising and overdelivering is better than vice versa
India is progressing, and customer expectations are high across tiers, ‘Chalta hai’ ab nahi ‘Chalta hai’
Thankfully, with the advancement of technology, Tier 2 and Tier 3 cities have proper access to the Internet today. With the campaigns that we run and the marketing we perform, it is easier to spread the word to our target audience regardless of their City-tiers.
Amit Agarwal – Founder & CEO, OckyPocky
Amit Agarwal – Founder & CEO, OckyPocky
With regards to the marketing approach in Tier 2 and Tier 3 cities, building local partnerships helps majorly to gain trust but we also focus on digital marketing and content marketing with a vernacular approach to find paying audience.
Raj N – Founder, Zaggle
Raj N – Founder, Zaggle
Brands need to innovate exclusively for rural consumers because the values and sensitivities of the rural audiences are a stark contrast to that of their urban counterparts.
Tanul Mishra – CEO, Afthonia Lab
Tanul Mishra – CEO, Afthonia Lab
The pandemic has resulted in a lot of changes on the ground. One of the most prominent of these is reverse migration and increased online buying in Tier 2 and 3 cities. On one hand, several kirana stores across cities and towns pivoted online, while on the other, many young professionals and graduates moved back to their towns driving rural consumption and demand. Established players like Flipkart and Amazon, through Samarth and Flipkart Wholesale and Prione respectively, are betting heavily on the rural entrepreneurship story.
The tier III environment is immensely different from tier I and II and therefore, communication to potential customers requires a specialized and integrated approach. Indian market is very diverse and demands regional connectivity. OTT (Over the top) players like Netflix, Amazon Prime Video, ZEE5, etc., are expected to spend Rs. 150 crore this year. We can see the push that is given by global companies towards local languages to enter the market of Bharat. Similarly, fintech industry is also expected to provide local language support and focus on user interface which is seamless and intuitive to expand its user base.
Mahadev Srivatsa – VP of Marketing & Brand Strategy, Practically
Mahadev Srivatsa – VP of Marketing & Brand Strategy, Practically
Marketing is always audience-led and the strategy has to involve a mix of the best mediums through which one can reach relevant audiences. Considering the emphasis that Indians place on education, keeping respective market nuances aside, the core TG for Practically i.e parents of kids aged 11 to 17 and the kids themselves, exhibit the same need across markets, and that is ‘a need for innovative learning’. To reach out to them, in the COVID era, the most impactful mediums of marketing have been TV and Digital. In pre covid era, BTL activations in such markets have acted as a crucial support to the main campaign. Radio & Print (regional) can also be looked at to effectively drive awareness among these audiences & build credibility. The key is to understand the touch points of your product, study customer journey and effectively strategize marketing for this segment. The correct choice of medium matters the most.
Conclusion
From leveraging locally accomplished individuals to personalizing linguistic features, entrepreneurs are leaping well above their grounds to rightly market in Tier 2 and Tier 3 cities. Hope their views gave you an insight into how to market in Tier 2 and Tier 3 cities.
FAQs
What are tier 2 and tier 3 cities in India?
The Tier 1, Tier 2, Tier 3 cities and beyond are simply the classifications of the cities of the country on the basis of development. Hence, the most developed cities in India are the Tier 1 cities, then comes the Tier 2 cities, and so on.
What are some of the business ideas in tier 2 and tier 3 cities?
The tier 2 and tier 3 cities are growing with the increased absorption of the internet and the modern initiatives and schemes by the Government of India to improve the cities beyond the first-class cities in India. Here are some of the most promising business ideas for growth in tier 2, tier 3, and more cities of India:
Financial firm
Advertising company
Beauty salon
Grocery store
Consulting company
Real estate business
Food delivery company
Farms
Nurseries
Manufacturing units
Clothes business
Consultation company
Logistics company
What are some of the Indian companies that are focusing on the Tier 2 and Tier 3 cities of India?
Most of the companies today are focusing on the Tier 2, Tier 3 cities and beyond in India. Some of the most prominent companies that are encouraging customers from Tier 2 and tier 3 cities are Paytm, Moj, Flipkart, Dailyhunt, Nykaa, Sugar Cosmetics, and more.
Which industries are foraying into tier 2 and tier 3 cities in India?
There has been an increasing foray into the tier 2 and tier cities in India in the past few years. Some of the major industries that have already entered the tier 2, tier 3, and tier 4 markets in India are:
Gaming
Fintech
Real estate
UPI
Edtech
Entertainment
News
Fashion
Food delivery
Logistics
Crypto
How many startups have their reach to the cities beyond the tier 1 cities of India?
As per the recent survey results, out of all the startups thriving in the country at present, around 50% of them have their reach, their business centres, in the tier 2 cities and beyond in India.
We are living at a time where startups are playing a crucial role in every country, they are turning into industrial giants that are taking the name of their country further and boosting their economy as well. Now, for any business start-up, the most crucial step is to organize funds so that they can take the business forward.
Arranging for funds, however, can become a nightmare for many entrepreneurs. Being an extremely important part of establishing a successful business, even minor mistakes made, while presenting your idea can lead to the loss of prospective investors and hence hinder the path towards the foundation of a successful business.
This list here comes to your rescue, by putting down mistakes to avoid during pitching. In this article, we will explore some vital points that will help you during the pitching of your business to investors.
If you want someone to invest in your startup the first step is to get to know them well. Do your research before approaching the person or organization. Some mistakes to avoid during pitching to investors for your business. There is no need to get personally close all you need is the small official details about their area of work so that you can use it to your advantage while pitching.
Few points to consider while knowing an investor
Make a note of the different ideas that they have invested in earlier to find out what type of work they prefer to invest in. If you ask a person operating food chains to invest in a software business there are huge chances of you being rejected, so knowing your investment is extremely critical.
2. Work on Your Pitch
A chance to pitch can come up anywhere, a party, elevator, or on public transport. However, in these situations, there isn’t enough time at hand so reduce the length of your pitch. Ideally, try keeping it a minute or two long.
Most people start losing interest after a minute, hence, make the pitch small and effectively highlight all the attractive and remarkable points so that the investor is intrigued in doing business.
3. Focus On Your Presentation
Usually, start-up organizations end up putting all their points and ideas into a presentation hoping that the investor will be impressed, but a presentation filled with too many words will cause more harm than good.
When presenting, keep in mind that your slides only have a gist of the plan of action. It should be short, crisp, and to the point like your pitch. Try to wrap up your presentation in 12 to 15 minutes. Generally, you will get only half an hour with the potential investor including the time for Q&A, therefore, use the time wisely.
Main points to remember while preparing for the presentation
4. Present Your Business Plan
The pitch and presentation won’t be of any use if the business plan is not thoroughly laid out. If the business strategy does not highlight the goals of the start-up along with the expected revenue, size of the target market, and description of the start-up management team, the investors will not be convinced. The important point is to make them realize how strong the business is.
5. Increase Your Investor’s Interest
Every person wants to start a new company to provide people with better facilities and give them something but that’s not how an investor would think. An investor will only agree to fund a business if he is sure of gaining a profit; hence, you need to make sure that you mention your expected monetary gains for the next few years.
6. Make Your Proposal Unique
Sending your proposal to every potential investor through email in the hope of getting a response will not yield any results because investors are swarmed with thousands of proposal mails every day, so the chances of getting a call are very slim. You need to find unique ways of making your proposal stand out so that it can invest your potential investors.
7. Be Humble
When you land an interview, with a potential investor, be humble. Let them ask questions. If any flaws are pointed out in your model or plan, accept them and find ways to improve them. The investors have seen their fair share of business proposals and the advice they give will be beneficial.
Do not be stubborn and keep an open mind while answering. The reason an investor ask questions is that they are interested and wants to make sure that they are putting money in the right place.
8. Avoid Exaggerating
Exaggerating financial gains and lying about them is going to get the proposal rejected instantly. The investor will want to know exactly where and how much money is being spent. If you get caught while lying, it could make a big opportunity slip through your fingers.
9. Do Not Show Desperation
The funds are extremely important for the survival of the business. There might be an urgent need for the funds but showing that desperation to the investor would be a wrong call. Confidence is crucial and you must possess that regarding your business idea as it is very crucial.
10. Do Not Be Overconfident
Even though being confident is good, being over-confident and bragging about the growth and profits of the business will drive the investor away. This will give them the impression that you are not realistic and will get you rejected. Try to be subtle while approaching potential investors.
Conclusion
It’s always challenging to pitch your ideas to Investors as an entrepreneur. Focus on numbers while presenting your story in front of investors. Don’t forget to share the marketing plan. Otherwise, practice your pitch and dress well. Prepare yourself for your next pitch, while keeping the above points in mind.
FAQs
How do we find investors for business?
Look for relatives and friends who are interested in your business, private investors are also there to choose from, crowdfunding platforms can also be used to find investors.
Can we pitch an idea to the company?
Yes, an idea can be pitched to the company but with the proper showcase that fulfills the criteria of that exclusive firm.
How can we convince the investor?
Investors can be convinced in many ways, some of the most common techniques to follow are to have a clear business plan with proper knowledge about its type of audiences, market conditions, and competitors. One also goes ahead with the convincing part by asking for the guide from the investor itself.
How to approach an investor?
Approaching an investor seems bigger task than actually dealing with an investor. One can always take the help of any intermediate party available, or the best approach for an investor is to go with the means of asking for a guide rather than directly coming up with the investing part.
Himaya Presthitha
