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  • Benefits of Startup India Initiative and How Businesses Can Avail Them?

    Every entrepreneur feels like working with a small kid while working on their dream project i.e. their startup idea. They want to get all the facilities in order to grow their startup from a grounded level to a full-fledged company. During this period of growing a startup to a company, every government provides all the needed facilities to a startup required by them.

    Likewise, the Government of India has also started the ‘Startup India Initiative’ on 16th January 2016. Entrepreneurs can avail the benefits of startup India Initiative for starting and growing their businesses.

    About Startup India Initiative by Government of India
    How to Register Under Startup India Initiative
    Benefits of Startup India Initiative by Government of India
    1. Self-certification
    2. Startup India Hub
    3. Simple Process
    4. Patent Protection
    5. Rs.10,000 Crore Startup Fund
    6. National Credit Guarantee Trust Company
    7. No Capital Gains Tax
    8. No Income Tax For Three Years
    9. Tax Exemption for the Investment of Higher Value
    10. Organizing Startup Fests
    11. Innovation Focused Programs for Students
    12. Setting up Incubators
    13. Research Parks
    14. Entrepreneurship in Biotechnology
    15. Dedicated Programmes in Schools
    16. Legal Support
    17. Rebate
    18. Easy Rules
    19. Faster Exits

    FAQs

    All about Startup India Scheme and Registration Benefits

    About Startup India Initiative by Government of India

    Startup India logo
    Startup India logo

    Likewise, the Government of India has also started the ‘Startup India Initiative’ on 16th January 2016, a pioneering initiative intended to support startups and budding entrepreneurs by providing them with the benefits of Startup India. The program primarily focuses on three major areas:

    • Simplification and Handholding.
    • Funding Support and Incentives.
    • Industry-Academia Partnership and Incubation.

    The scheme facilitates the startup to be able to get recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) in order to avail the abundant benefits to start their own business in India.

    How to Register Under Startup India Initiative

    There are three types of companies in India under which various startups get themselves registered:

    • Partnership Firm
    • Limited Liability Partnership Firm (LLP)
    • Private Limited Company

    The firm must fulfil the following eligibility criteria for Registration under Startup India:

    • A company must be registered as a Partnership Firm, Limited Liability Partnership Firm (LLP) or Private Limited Company.
    • The existence period of the company must not be more than 10 years from the date of incorporation.
    • The annual turnover of the company must not exceed Rs.100 crore for any financial year since its incorporation.
    • The entity should not have been formed by splitting up or reconstructing an already existing business.
    • The startup must work towards innovation, development, or improvement of products or processes or services and have an extensible business model with a high potential of wealth creation and employment opportunity.

    Once the startup fulfils the above-mentioned criteria, they are eligible to avail the following Startup India Scheme Benefits by the Government of India.

    Benefits of Startup India Initiative by Government of India

    1. Self-certification

    The startups shall be allowed to self-certify and comply through the Startup mobile app with 9 Labour Laws and 3 Environment Laws to avoid inspection concerning the registration of the firm, building and construction workers, employees’ provident funds, insurance cover and more.

    2. Startup India Hub

    By creating a virtual platform, the government facilitates the entire startup ecosystem to connect and engage with each other, enable knowledge exchange and access to funding.

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    3. Simple Process

    The process of startup registration has become simple with the launch of a mobile app and website. Any firm interested to get registered under Startup India may simply fill the form available at the website and upload the necessary documents. The entire process has become online.

    4. Patent Protection

    Several measures are taken under this scheme to promote awareness and adoption of the Intellectual Property Right (IPR) by the startup offices to aspiring entrepreneurs. This helps in giving protection or security to the entrepreneur as the dream project is now registered in the name of a single entity.

    5. Rs.10,000 Crore Startup Fund

    The Life Insurance Corporation of India plays a major role in developing this corpus to give them great startup India benefits. This helps in giving a cover to the startup and to the entrepreneur by giving the benefit of Rs.10,000 crore fund, depending upon the category and the future growth of a startup.

    6. National Credit Guarantee Trust Company

    The credit guarantees via National Credit Guarantee Trust Company have been planned with a budget of Rs.500 crore per year for the next four years to provide financial support to benefit entrepreneurs.

    7. No Capital Gains Tax

    The exemption shall be given on capital gains if that amount is invested in the Fund of Funds recognized by the Government. This gives an edge to a startup over getting the maximum amount of fundings from their investors, without paying a single penny in the form of tax due to value addition to the startup.

    8. No Income Tax For Three Years

    The entrepreneurs are exempted from paying income tax for the initial three years, as it will help the startups to grow in the future. Hence, the startup would be able to minimize the capital flow towards the government till significant growth is achieved.

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    9. Tax Exemption for the Investment of Higher Value

    Investment of higher value than the market price should be exempted from paying tax. This helps startups to get a funding of bigger amount and that too without any problem as they don’t have to pay tax for it.

    10. Organizing Startup Fests

    Startup fests would be organized at national as well as international stages to provide exposure to budding entrepreneurs. This is just helping in increasing the number of entrepreneurs and successful startups and their businesses in the country.

    11. Innovation Focused Programs for Students

    It is launched to boost innovation and encourage talented youth. This innovation will help in creating new ideas and jobs along with other beneficial services for the citizens of the country.

    12. Setting up Incubators

    Various incubation centers have been build at the National Institute of Technology (NITs) to provide startups with necessary guidance, skill development tips, mentoring sessions, tech support, networking, infrastructure, coworking space and more.

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    13. Research Parks

    The government has set up Research Parks in various Indian institutes of Technology (IITs) with an investment of Rs.100 crore each. The startups can do their research and development work in these research parks.

    14. Entrepreneurship in Biotechnology

    The government will establish various biotechnology offices across the country in order to promote startups in the biotechnology sector.

    15. Dedicated Programmes in Schools

    The government will introduce innovation-related programs for students in school. For this, the government is introducing the subject related to startup and business. This will help in growing the mindset of the students towards the startup that will bring innovative ideas into existence.

    Through Startup India Initiative, Legal Support will be provided for new startup facilities and other official documents will be given. This could be very beneficial for a startup in its initial stages.

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    17. Rebate

    When the startup has to pay too much for tax, rent, or utility then the Startup India scheme provides relaxation by giving a rebate of 80%.

    18. Easy Rules

    Public procurement and rules of trading have been simplified for the startups in the Startup India Programs. The government has simplified all the rules and regulations of any startup which would further ease the movement of the business.

    19. Faster Exits

    If the startup fails again, the government will provide an easy way out. This will help the entrepreneur to get an easy exit without any problem. Hence, makes an easy entry and exit for an entrepreneur for his or her startup.

    FAQs

    What is Startup India?

    Startup India is a pioneering initiative of the Government of India intended to support startups and budding entrepreneurs by focusing on three major areas:

    • Simplification and Handholding.
    • Funding Support and Incentives.
    • Industry-Academia Partnership and Incubation.

    Who is eligible for Startup India Benefits?

    Any company having an annual turnover not exceeding Rs.100 crore for any of the financial years since incorporation/registration.

    Why do startups fail in India?

    The reasons that are responsible for the failure of a startup:

    • Lack of innovation.
    • Lack of funds.
    • Lack of mentor.
    • Lack of focus and legal disputes.
    • Poor customer service and low-quality products.
    • Highly anticipated model against the nature and lifestyle of the target audience.

    What is the best startup business in India?

    Best Startup Businesses in India to start with:

    • Virtual Assistance
    • Freelancing
    • Reviewing Products
    • Affiliate Marketing
    • Graphic Designing
    • Podcast
    • Blog Monetization
    • Online Course Creation
    • Selling Products Online
    • Printing On Demand

    How can I start a startup in India?

    Steps to start a startup in India:

    • Check the feasibility of your idea in the market.
    • Do market research.
    • Keep an eye on your competitors.
    • Have a business plan ready.
    • Look for funds.
    • Register in Startup India Program.

    Do startup companies offer benefits?

    Yes, they do provide benefits like work from home, letters of recommendation, incentives and other perks like free meals and lunch.

    What are the main benefits of working in a startup?

    The main benefits of working in a startup over a corporate job are:

    • Your work will be acknowledged.
    • You’ll be given more responsibilities.
    • You’ll be learning a lot.
    • You’ll have a great experience working with true innovators.
    • You’ll get exposure.
    • Skill development.
    • Perks.

    What are the benefits of Startup India?

    The benefits of Startup India are as follows:

    • Self-certification.
    • Startup India Hub.
    • Simple Process.
    • Patent Protection.
    • Rs.10,000 Crore Startup Fund.
    • National Credit Guarantee Trust Company.
    • No Capital Gains Tax.
    • No Income Tax For Three Years.
    • Tax Exemption for the Investment of Higher Value.
    • Organizing Startup Fests.
    • Innovation Focused Programs for Students.
    • Setting up Incubators.
    • Research Parks.
    • Entrepreneurship in Biotechnology.
    • Dedicated Programmes in Schools.
    • Legal Support.
    • Rebate.
    • Easy Rules.
    • Faster Exits.

  • Milestones Every Entrepreneur Should be Thriving for Success of Their Startups

    Milestones are a great way to keep track of what you’ve accomplished in your life. And, when it comes to your startup, you should be aware of the milestones that are required and those that have the most impact on your company. Achieving a goal is always a great feeling, and it’s especially crucial for startups since it propels the company to the next level of success.

    Milestones are like stepping stones to a successful business, and it’s critical to create proper milestones to keep track of your startup’s progress and keep it on the correct track. Following are some meaningful milestones you should be focusing on hitting if you want to have a successful startup.

    Milestones for a Successful Startups
    1. Creating a Proper Business Model
    2. Set up a Business Bank Account
    3. Launching a Website
    4. Hiring Important People For Your Business
    5. Make a Functioning Prototype
    6. Collecting and Reviewing Feedback
    7. Official Product Launch
    8. Signing Up of New Paying Customers
    9. Have An Excellent Customer Service
    10. Growth Of The Customer Base
    Conclusion
    FAQs

    Secrets for Startup Success

    Milestones for a Successful Startups

    1. Creating a Proper Business Model

    Proper Business Model - Startup Milestones
    Proper Business Model – Startup Milestones

    It is one of the most important objectives that a startup should strive for. The model should be simple to comprehend, but it must also grow through time and include all of the aspects that changing time necessitates. The business model should tell everything about the project and explain to the investor about the working of the business.

    2. Set up a Business Bank Account

    One should always separate their personal and business accounts. It is usually the most intimidating thing in the world when you are starting a new business. And you’ll need two separate accounts for your personal and business assets to keep everything in order.

    3. Launching a Website

    When you build a business website, it becomes official, and the majority of people will learn about it. If your company does not have an online presence in current times, it will most likely suffer. Launching a website for your company will boost its legitimacy and make it more accessible to customers.

    4. Hiring Important People For Your Business

    Bringing the proper people on board assures that they will grow with you, boosting your company’s overall success and decreasing the need to hire for any new leadership role that arises down the road. When the right people are doing the right jobs, the efficiency sky rockets and is ultimately good for the company.

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    5. Make a Functioning Prototype

    The creation of the first ever working prototype is the next milestone. This is how companies begin by developing their initial product. The prototype leads to the finished product, and the finished product leads to customers, which leads to profit.

    6. Collecting and Reviewing Feedback

    Collecting feedback throughout the introduction of prototypes and minimum viable products will save you time and money in the long run by revealing the product’s market position and future possibilities. Take your time collecting data and reviewing feedback, since this will assist you in creating the ideal product to meet demand.

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    7. Official Product Launch

    For a startup, nothing is more stressful than the first product launch. The first ever launch decides the new reputation of the company amongst the customers and whether it will be valued in the market or not.

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    8. Signing Up of New Paying Customers

    Your company will begin to receive paying customers after formally introducing the new product, and this is the best moment for the startup to keep the customers hooked and keep them coming back. Once the product is published, a small number of new consumers will try it out, and if they enjoy it, they will recommend it to others, resulting in a pool of devoted customers.

    9. Have An Excellent Customer Service

    If the product is good but the customer service is poor, the total quality of the experience will suffer, the product’s market value will fall, and customers may begin to migrate to a company with superior customer service. Invest in it and hire people who are qualified for the job. A company’s image, especially that of a startup, can be made or broken by its customer service.

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    10. Growth Of The Customer Base

    Keep track of customer growth and the amount of new customers you obtain daily and monthly once the business is up and running and the initial product sales are happening. This will aid in the general expansion of the company and its consumer base. A large customer base equals more earnings and more individuals using and promoting your product. Make a daily and monthly goal for yourself so that you always have something to strive for. This will aid in the improvement of profit strategies and the efficiency of work.

    Conclusion

    You achieve a new milestone with every new sale or product you create. However, there are some milestones that are far too essential to overlook, and you should keep track of them to ensure that you are running your business correctly. Milestones keep you on track for your goals, and striving for them will make your work more efficient, and when you achieve them, you’ll feel more productive and optimistic about your business.

    Different business milestones have different effects on the company but the ultimate goal is to earn money and expand the business. Keeping track of records and recruiting the correct personnel for the job will aid in growth and help you reach your milestones faster. However, the most important thing is to not only maintain track of the business, but also to look after yourself and the people who are helping you reach your goals.

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    FAQs

    What makes a startup successful?

    The characteristics that propel a startup to success are proper workplace culture, vision, and teamwork.

    What is the most important thing an entrepreneur should do before starting a business?

    According to experts, analyzing rivals, examining the legal elements of your sector, evaluating your income and expenses, being practical about the risk involved, understanding timing, and hiring aid are all good first steps in beginning a business.

    What is a milestone in entrepreneurship?

    Milestones are business goals that include dates and the individual or team accountable.

  • 7 Best Ways to Avoid Burnout When Starting a New Business

    Burnout has become so frequent in our society that it is sometimes regarded as a sign of success. We value productivity and hustle but often neglect our mental and emotional health as a culture.

    Burnout, often known as “high achiever disease,” is a type of persistent stress that produces psychological, physical, and emotional pain, rendering many people unable of continuing. Burnout is becoming a major problem, particularly among young hustlers.

    Running a business is stressful whether your company is in its fledgling stages or beyond. Many entrepreneurs experience burnout and lose their entrepreneurial enthusiasm as a result of their exhaustion. Not everybody deals with stress well, and not everyone has someone to talk to. Here are some of the best ways to avoid burnout when starting a new business and reduce stress level to a great extent.

    7 Ways to Avoid Burnout When Starting a New Business

    1. Get Organised and Set Goals
    2. Exercise
    3. Caffeine Intake Management
    4. Give Yourself a Break
    5. Meditate
    6. Socialise
    7. Proper REM Sleep and Nutrition

    Conclusion
    FAQs

    How to avoid Burnout?

    Get Organised and Set Goals

    It can be a significant source of worry if you don’t control your day-to-day company administration tasks, files, revenue and other data. Disorganisation is nothing more than a distraction while you’re working hard and focused on your job. Taking the effort to arrange your computer, files, workstation, and routines might help you avoid stress-related burnout.

    Avoiding unneeded stress is a big part of preventing burnout. Setting goals and objectives by generating a to-do list the night before or first thing in the morning when you have your breakfast before starting your day is one approach to achieve this. This can help you stay focused and relieve stress by allowing you to see where you are on your to-do list.

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    Exercise

    Exercise to avoid Burnout
    Exercise to avoid Burnout

    Getting active is one of the most effective methods to combat burnout. Exercise has been scientifically proved to increase mood, reduce general tension levels, improve sleep, and boost self-esteem.

    You don’t have to begin your training as a wrestler or an athlete. However, dedicating 30-40 minutes to exercising each day might help you prevent burnout. Yoga, spinning, jogging, kickboxing, or simply a brisk 20-minute stroll around the neighbourhood can regularly improve your attitude and energy levels.

    If you don’t have time, walk to your office if it’s not too far away, or walk to the grocery store when you purchase your groceries. It is also possible to walk while conversing on the phone.

    If you work from home, take a stroll around the house; grab a wired or wireless headphone and take a walk around the building if you work in an office. If you exercise in this way, it will not feel like exercise since it will blend in with the work you’re doing, and you will have completed the appropriate amount of activity while completing your tasks before you even realise it.

    Caffeine Intake Management

    Never forget that coffee is a narcotic and a stimulant, not a healthy beverage. Caffeine withdrawal causes headaches in many people who drink coffee, even decaf. The objective is to consume coffee or caffeine-based items at a pace that is no higher than before the startup.

    Misuse or overuse may lead to issues such as consuming too much or too late before night, preventing you from falling asleep and leading to destructive sleep patterns and feeling weary and drained in the morning, resulting in zero productivity at work. You can also get so reliant on it that if you don’t have it, you’ll feel sluggish and in desperate need of a pick-me-up.

    Having to be boosted by coffee rather than your thinking is a crutch; instead, drink some water, eat some fruit, or eat anything wholesome that will provide natural and good energy. Eat an apple if you want to stay up for a long. It has a decent dose of caffeine.

    Give Yourself a Break

    The difficulty with being exhausted and anxious is that it’s difficult to see things. By overworking yourself, you’re trapping yourself in a vicious cycle of completing short-term goals one after another, giving yourself a sense of accomplishment but never allowing yourself the space, tranquilly, or time to elevate your vision and move the business ahead.

    The burning need to show others how hard you’re working, as well as the concern that if you slow down, they’ll claim you can’t keep up, is another significant difficulty for many business owners. The critical thing to remember is that you are the only owner of the company. Thus it would be best if you thought more competent rather than faster.

    Changing your attitude about rest is the most effective strategy to avoid burnout. Rather than thinking of it as lazy and unproductive, think of it as working and preserving your energy for later tasks. If you want to develop a long-term profitable business, you need to take time off. To be fully productive at work, your brain must focus on things other than work. At the absolute least, take a 20-minute break every couple of hours. Also, don’t forget about weekends and vacations. Taking longer breaks might help you make better decisions.

    Meditate

    Mediation to avoid burnout
    Mediation to avoid burnout

    Meditating is a highly effective method to avoid burnout. According to many highly successful entrepreneurs, meditation may help you prevent burnout and help you feel peaceful and enhance your productivity. Meditation has several advantages, including reduced heart rate, blood pressure, anxiety, and stress, among others.

    Meditation is an excellent approach to prevent burnout since it can be done anywhere and at any time. Take a seat, straighten your back, and focus on each deep inhalation and exhalation.

    If you have trouble concentrating on anything, you may use several applications and online videos to take you through meditation.

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    Socialise

    Humans are social creatures, and for most people, socialising is practically like brain fuel. If you are a lone entrepreneur, this is especially true if you operate in an atmosphere where socialising in a professional setting is not considered socialising at all. So go out and mingle, whether it’s at a family gathering, a relaxing cafe, a cosy bookstore, or even a modest diner. Make time for your friends and family since spending time with them might help you feel less stressed and calmer.

    Proper REM Sleep and Nutrition

    Food and sleep are almost equally crucial for your overall health. You can stay up late to finish your work or anything else you want to do in that time, but you can’t expect your body or mind to operate correctly if you don’t get appropriate enough (REM) sleep. The same applies to all of your favourite fatty and tasty foods, eating them in an unhealthy amount daily will have a negative impact on your productivity. So make a conscious effort to eat healthily.

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    Conclusion

    It doesn’t matter if your company is doing well, is still in its beginner phase or if it’s not going well. Your mental and physical health must always come first since you won’t be able to do anything if you’re sick or completely burnt out. So don’t be too hard on yourself and never compare your productiveness to someone else’s.

    FAQs

    What is burnout?

    Burnout is a psychological term that relate to feelings of energy depletion. It is a state of emotional, physical, and mental exhaustion caused by excessive and prolonged stress.

    How can entrepreneurs prevent burnout?

    Entrepreneur can prevent burnout by following simple ways:

    • Get Organised and Set Goals
    • Exercise
    • Caffeine Intake Management
    • Give Yourself a Break
    • Meditate
    • Socialise
    • Proper REM Sleep and Nutrition

    Can meditation restore energy?

    Yes, meditation significantly improves brain function and energy levels and helps you out in reducing stress level.

  • Goa Startup Policy: Here’s What You Don’t Know About It

    ‌Goa is considered a very famous tourist attraction. But Goa has been in everyone’s focus recently and that is not because of its tourist point. According to the recent reports and the updated startup policy of Goa, it is looked up to be considered as a top 25 place for startups in Asia by the year 2025. To accomplish these goals, a few guidelines along with a policy was introduced in the year 2017 by the Goa Government.

    Reasons To Select Goa As A Startup Place
    Updated Goa Startup Policy 2021
    Effects Of Goa Startup Policy
    FAQs

    Reasons To Select Goa As A Startup Place

    Before going up to the exact topic, we should first consider our option of selecting Goa as a destination for Startup.

    Goa is considered a beautiful place to spend your vacation over there. But along with that, it is also considered a good option to build up your business in Goa. This place has good Infrastructure to look up as our first option in the favour of selecting Goa as a place of Startup. It has a good setup of water connection and electricity supply.

    Another reason to select Goa as a place for Startup is the reason behind it being less expensive than the cities like Mumbai, Delhi, etc. The accommodation and renting services are less expensive than some other popular places.

    The living standards of Goan people are quite impressive. They are almost perfect to serve or help you in your startup by giving up their precious time in your startup. The lifestyle lived by the people of Goa is considered to be capable of maintaining a proper work-life balance.

    The other reason to consider Goa can be because of its growing technical aspects and many technology hubs taking up their bases in Goa. As it is very much involved with tourists, your startup can have a chance of getting in touch with different people depending upon your business field.

    If you are looking to start a startup in the management field, you can get many opportunities there. Another great point to note is that it is well connected and quite easy to travel up to Goa from anywhere in India.

    With these many reasons to consider, we can say with confidence that Goa is a good place for Startup.

    Updated Goa Startup Policy 2021

    The Vision for the updated Goa Startup Policy is to make it one of the most preferred Startup Destinations in India. And to also make Goa count up in the top 25 Startup destinations of Asia by the year 2025.

    The updated version of the Goa Startup Policy was concerned with adding up a few changes in the old policy all depending upon the required alterations.

    The vision was the same for earlier as well as the updated Startup Policy provided by the government of Goa.

    The objectives of the updated version of Startup Policy with their simple meanings are explained below:

    1. The updated version of the policy is to make Goa a good place for high-value startups by availing the facility of good geographical features as well human resources.
    2. The process of building a robust startup place by inviting the best business-minded people to set up their base in Goa.
    3. To assist and appreciate local businesses that are Goan startups and Goan enterprises.
    4. To provide approx 6000 job opportunities to Goan people. The process is to convert approx 500 innovative and technology-enabled startups and build sustainable startups in Goa by fulfilling their necessary demands and presenting them with the facility of support for the next 3 years.
    5. To provide the essential support to different field firms such as developing technology and innovation hubs, centers of excellence, R&D labs, Incubation centers for the next 3 years.
    6. The involvement of technology-based studies in the curriculum of students. This can be done by including the collaboration of industry and academics and by introducing DIY modules in the curriculum of students in the Goan Education System. Along with these, there can be a few online courses for students that can be included in the University curriculum.
    7. To create a stable environment and prepare Goan students to be able to work for high-level startups while achieving a great result in their professional growth.
    8. To keep a track of the progress related to policy and evaluate its pros and cons. This is to make the best policy that can increase the growth rate of startups and allow frontiers to set up their business over her as for technology enablement as per ongoing situations.
    9. To provide and arrange the funds for their support by different means to motivate the startups:
    • The idea to P-o-C (Proof of Concept) Fund
    • Seed Loan Fund
    • Working Capital Fund
    • Women Entrepreneurs Development Fund.
    • Research & Development Fund
    • Student Innovation Fund
    • Skill Development Fund
    • Incubation Support Fund

    The major difference or adaptation of objectives is done based on two factors only:

    The first is to create an opportunity for at least 6000 employment for this to be achieved, 500 innovative startups were required and the support given to them is for 3 years only. Whereas in the earlier policy, there was just the need of creating 100 successful startups to provide 5000 job employment with the support being given up for 5 years.

    Another major difference is in the funds provided to startups. The updated startup policy has also given special attention to women, as it has provided the facility of funds for women entrepreneurs. This facility was missing in the earlier policy.

    We can say after the updated policy came, it is easier for women also to start their startups in Goa.

    This term of policy will be active for three years from the date of notification.

    Effects Of Goa Startup Policy

    From the time it was implemented in the year 2017, it has been proved to be a success for some people. According to the current status, there are approx. 111 startups being successfully introduced and are seen stepping the ladder of success.

    The funds given to those startups have a total count of approx. 1.1 crores. And they are provided with the facilities promised by the goa government.

    In the year 2021, there has been a new policy, or can be said as the updated version of the old policy was introduced. The main aim was to employ approx. 6000 people. The other thing that it focuses on is local firms. The updated policy is to provide them with funds for their development. It also focuses on the promotion of employing local people for their benefit. And the most important focus is to educate their students with some particular knowledge right from the start of their education system.

    Earlier, when this policy was introduced, there was the main focus of only one field and that is the IT sector. However, this time it has been kept open for all sectors.

    When there are innovations taking place in a world, women are also a strong part of them. Similarly, in the earlier policy, there were no specific funds kept for women which sometimes used to make them hesitate. However, the updated policy will allow them to start their startup with proper funds being provided to them through the government of Goa and funds collected for them.

    The earlier policy had a great effect on Goa and was proved to be successful till the termination. But the proper result for the new policy is still awaited and can be fully appreciated only after it starts showing its effects.

    The overall condition of goa startups is quite good and is attracting the attention of many big companies.

    Conclusion

    Startups are considered as the revolutionary practices of the market. The destination of startups is one of the most important factors to worry about.

    Goa is considered within the best destination places for startups. With its updated version of startups terms and policy, it is a much better option to build up the base of your startup in Goa.

    FAQs

    Is Goa good for startups?

    Yes, with the new Goa Startup Policy. Goa is good for startups. Because of its great infrastructure and affordable real estate. It becomes a feasible environment for a startup.

    What is the main business in Goa?

    The main business of goa includes Tourism, Agriculture, and Mining. But with the need of other businesses. A startup idea that can work well can be also a business in Goa.

    How can I start a business in Goa?

    You can start with Photography, Fish Farming, Travel agencies, Rental agency, Guesthouses, Spa and wellness, Commercial transportation, Restaurants/beach shack, etc.

  • Ajay Banga: At The Fore Of Mastercard

    Technology, without any doubt, has undergone unfathomable advancement. The Banking segment forms the bloodline for economies. The role of credit and debit cards in this regard is paramount. While brands like Diners Club, Visa are popular, one cannot discard Mastercard. It is one of the biggest vendors of its segment. Ajaypal Singh Banga leads Mastercard from the front.

    Ajay Banga is an India-American business executive who is currently serving as the executive chairman of Mastercard. Previously, he was the President and Chief Executing Officer (CEO) of Mastercard until Michael Miebach took over from Jan 2021. Earlier, he was the President and Chief Operating Officer in the same organization.

    Ajaypal Singh Banga – Highlights
    Ajay Banga – Latest News
    Ajay Banga – Education
    Ajay Banga – Net Worth
    Ajay Banga – Professional Career
    Ajay Banga – Biography
    Ajay Banga – Mastercard
    Ajay Banga – Other Associations
    Management Style of Ajay Banga
    Ajay Banga – A Natural Leader
    FAQs

    Ajaypal Singh Banga – Highlights

    Name Ajaypal Singh Banga
    Born November 10, 1959
    Age 61
    Citizenship United States
    Education University of Delhi (BA), Indian Institute of Management, Ahmedabad (MBA)
    Occupation Executive Chairman, Mastercard
    Salary Total compensation at Mastercard is $23,250,000
    Net worth At least $208 Million dollars as of 14 July 2021

    Ajay Banga – Latest News

    22nd September 2021 – Mastercard announced that Ajay Banga, the executive chairman will retire on December 31, 2021, with current Lead Independent Director Merit Janow filling in as non-executive independent chair of the board, effective January 1, 2022.

    Ajay Banga – Education

    Ajay Banga, executive chairman of Mastercard, was born in Khadki, Pune, Maharashtra where his father was posted as an Army officer. His family hails from Jalandhar in the Indian state of Punjab. He did his schooling across India consecutively in Secunderabad, Jalandhar, Delhi and Hyderabad.

    Later, he went on to pursue graduation with a Bachelor of Arts (Honours) degree in Economics from the prestigious St. Stephen’s College, Delhi University followed by an MBA from the top B-School of the country, i.e. the Indian Institute of Management, Ahmedabad.

    In conversation with Ajay Banga, executive chairman of Mastercard.

    Ajay Banga – Net Worth

    The estimated net worth of Ajay Banga is at least $208 Million dollars as of 14 July 2021. Mr Banga owns over 60,000 units of Mastercard stock worth over $114,456,560 and over the last 12 years, he sold MA stock worth over $69,986,261. In addition, he made $23,250,000 as Chief Executive Officer at Mastercard.

    Ajay Banga – Professional Career

    Ajaypal Singh Banga served as the executive chairman of the Mastercard. Executive positions at Citigroup (1996-2009), including CEO, Asia Pacific region; Chairman and CEO, International Global Consumer Group; Executive Vice President, Global Consumer Group; President, Retail Banking, North America; and business head for CitiFinancial and the U.S. Consumer Assets Division Previous experience at Nestlé India and PepsiCo totalling 15 years, in roles of increasing responsibility.

    Ajay Banga – Biography

    Ajay started his career with Nestle India as a management trainee in 1981. In the next 13 years of his stay at Nestle, he leads a variety of assignments spanning sales, marketing, and general management. After his tenure at Nestle, he joined PepsiCo’s Restaurants Division and was instrumental in the launch of Pizza Hut and KFC in India.

    He joined Citigroup in 1996 as the head of marketing in India for its consumer business and served in multiple positions of increasing responsibility. The most iconic of them was the chairman and Chief Executing Officer of International Global Consumer Group, President of Retail Banking, North America and the business head for CitiFinancial and the U.S. Consumer Assets Division. He was the division executive for the bank in Central/Eastern Europe, Middle East, Africa, and India too.

    Ajay Banga has received several accolades, including the Indian civilian honour Padma Shri, which the Government of India conferred on him in 2016.

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    Ajay Banga – Mastercard

    Mastercard logo
    Mastercard logo

    During his tenure with Citibank, he moved to Hong Kong in 2008 to oversee the bank’s business in Asia—credit cards and consumer banking, wealth management, and alternative investments. In 2009, he returned to the United States to join Mastercard. After joining Mastercard, his task was clear—compete against a giant named ‘Visa’.

    While working with Mastercard, he worked with one of his best clients and identified a way to attract the youth. He redesigned the debit card product with its package of features, connecting to music, and the creation of a whole new marketing approach with the Commonwealth Bank of Australia. This proved to be the masterstroke.

    An area of development Mastercard chose to transform was e-commerce and transit fares. Mastercard also targeted the group which included young, trendy, and innovative people developing new ideas. The company also built for multiple banks and merchants new, innovative ways to pay for goods and services; one being the ability to scan bar codes from phones and converting the code into a purchase.

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    Ajay Banga – Other Associations

    Ajay Banga is a member of the Council on Foreign Relations and the Economic Club of New York. He is a member of the Foreign Policy Association and the Financial Services Roundtable. He chaired the Information and Technology Initiative.

    Banga is on the boards of trustees of Enterprise Communtiy Partners, Inc., the National Urban League, and the New York Hall of Science. Mr Banga was the director of the Council of Economic education too. He has a keen interest in social development issues and was named the 4th “Most Powerful Indian” in the world.

    He now serves as the executive chairman of Mastercard after stepping down from being the CEO in 2021.

    Management Style of Ajay Banga

    Since Ajay Banga has achieved almost everything a budding entrepreneur dreams of, his story has several takeaways. He describes himself as a passionate man who makes time to work on his endeavours.

    Although he leads a company that is synonymous with plastic, he always encourages his staff to use cash and keeps the workplace less intense.

    According to the man, the highest form of leadership is being well and performing well. The principle of being and doing good holds true for anyone and every organization. This is a powerful principle in business and the private sector. Banga says both the private and public sectors play a big role in bringing more people into the financial mainstream. This in turn consolidates the economy.

    Ajay Banga – A Natural Leader

    Ajaypal Singh Banga is endearing to many in the startup circuit. His ideas and strategies have been instrumental in the development of many Indian food chain industries. His tenure with multiple companies has enabled rapid growth for those organizations. In 50 years, he helped the economy sail through tough times. Ajay, the top gun at Mastercard is seen as a representative for India on the global platform, a visionary who motivates millions across the globe to emulate successful leadership.

    FAQs

    Who is Ajay Banga?

    Ajay Banga is an India-American business executive who was the President and CEO of Mastercard from July 2010 until December 31, 2020. He now serves as the executive chairman of the company.

    Who is the new CEO of Mastercard?

    Michael Miebach is the new CEO of Mastercard from January 1, 2021. He was previously the Chief Product Officer of the fintech.

    Is Mastercard an Indian company?

    No, Mastercard is an American multinational financial services corporation headquartered in New York, United States.

    What is Ajay Banga’s net worth?

    The estimated net worth of Ajay Banga is at least $208 Million dollars as of 14 July 2021. In addition, he made $23,250,000 as Chief Executive Officer at Mastercard.

    What is Ajay Banga’s education?

    Ajay Banga pursued his graduation with a Bachelor of Arts (Honours) degree in Economics from the prestigious St. Stephen’s College, Delhi University followed by an MBA from the Indian Institute of Management, Ahmedabad.

  • TikTok – The Most Valuable Startup in the World

    In India, it is almost impossible to find a person who does not have any idea about video creating app TikTok. On its website, TikTok describes itself as “a destination for short-form mobile videos.”

    TikTok is owned by ByteDance, a Chinese company, which has been around since 2012 and is valued at $425 billion, as of July 2021. According to the latest news dated September 28, 2021, TikTok is currently used by around 1 billion users every month. In fact, it’s generating so much attention that TikTok parent, ByteDance was recently crowned the world’s most valuable startup.

    History

    TikTok (formerly known as musical.ly) is a free social media platform that lets you watch, create, and share, discover short music videos — often to a soundtrack of the top hits in music, usually of 15 seconds. The app musical.ly was used by young people as a platform to express themselves and showcase their talents through singing, dancing, comedy, lip-syncing, and other activities.

    Though TikTok was originally available as musical.ly in the U.S. but was rebranded when Musical.ly merged with TikTok on 2 August 2018, to create a ‘bigger and better short-video community’ when the two apps merged in August 2018. The app is now called TikTok, complete with a new logo. The app has all of the same features as musical.ly and allows users to create videos recorded in 15 seconds or less and share them across a community.

    TikTok incorporates the most popular elements of both apps with a feed that highlights the users’ community. In addition to this, a “For You” feed uniquely recommends the relevant videos based on the users’ interest and viewing preferences. The video clips on the platform may only be 15 seconds long but they are having a big impact on the audience.

    With more than 1 billion users, TikTok is incredibly popular, owing in part to its slick mashup of features from other kid favorites. As with the lip-synching app Dubsmash, users can watch and record videos of themselves lip-syncing to popular music and soundtracks. And just like YouTube, TikTok is an interactive world of videos that lets you connect with friends and admirers through likes, comments, and even duets.

    About CEO of TikTok

    ByteDance’s CEO and founder is Zhang Yiming, a 35-year-old entrepreneur. Information about Zhang is scarce as he doesn’t give many interviews but he has even created a real estate search engine. He has studied at Nankai University.

    CEO of Tiktok
    Zhang Yiming – CEO of TikTok | CEO & Founder of ByteDance 

    In a 2015 speech at his alma mater, Zhang revealed a few other details about himself. He is a big fan of biographies and spent a lot of time in college reading. He said he is socially awkward, precisely a “science man” who introduces himself at school reunions with “Hi, I installed your computer.” During college, he used to build websites and did tech troubleshooting for extra money. As an added bonus, it helped him meet his wife.

    ByteDance is the Chinese version of Facebook. It was launched in 2012 in Beijing. It has chat apps and news apps. After acquiring an AI company, it jumped onto the video-sharing bandwagon. In 2015, it launched a Chinese video app called ‘Douyin’, which was a great hit.

    In 2017, the concept of Douyin was taken further in the form of TikTok, when there was already a lot of competition from Musical.ly, a video sharing app, which was already there at that time in the market. However, ByteDance soon acquired it and merged Musical,ly’s userbase with TikTok. In December 2017, the deal was closed at $1 billion dollars.

    In 2018, Softbank had invested $3 billion dollars, which raised TikTok’s worth to $75 billion dollars. There’s something special about TikTok, looking at the firms that are placing such trust in it!

    TikTok has offices in many countries, including India. Surprisingly (or not), TikTok has several million users in India.

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    How TikTok works?

    TikTok uses AI at its core. The algorithm it adopts is rumoured to be more powerful than the ones used in other social media platforms. It uses your video viewing history to populate relevant videos feed in “For You”. In this app, personalization is at its peak. If you watch these 15-sec videos completely, then its AI feature will serve you with more associated content.

    The more you converse with it, the more it gets trained to provide your personalized feed. It is different from other platforms because it just shows you recommended videos or posts based on your recent activity. What’s interesting is that ByteDance has a different version of TikTok for Chinese users whereas a different version for the rest of the world, Douyin. It generates revenue in a pattern similar to that of other social media apps.

    According to some reports, an average user spends nearly 52 minutes on TikTok. With over a billion users and reportedly available in 150 countries and counting, the platform for short-form mobile videos has left other social media platforms way behind. It has 1.5 billion registered users with the maximum users lying in the 15-25 age group.

    The gigantic userbase has an almost equal sex ratio. 54 % of TikTok users are males and 46% are female. The visionary Softbank fund has always invested in startups that have worn the crown of most valuable entrepreneurial ventures.

    TikTok is used by many Asian countries like Cambodia, Japan, Indonesia, Malaysia, Thailand, and Vietnam, etc. TikTok strongly influences the lower and middle classes of China and India. TikTok has recorded that around 43% of the new users of the app are from India. The app amassed a whopping 200 million+ users from India before being banned. Besides, it has also been seen that the Indian users spent over 5.5 billion hours on TikTok in 2019, according to the available data. A major credit surely goes to Jio internet services, which gave Indians instant access to these 15-sec videos with the ability to upload similar videos. The growing segment of influencers grew has a lot to do with TikTok.

    How does TikTok Make Money?

    ByteDance does a lot more than just run TikTok. It also owns Toutiao, a massively popular news platform with 240 million downloads, as well as products like Xigua Video, TopBuzz, and BuzzVideo.

    TikTok is available in 155 countries. It’s also available in 75 languages, which helps to attract these many users. TikTok is the most downloaded app on the Apple App Store, with 33 million downloads in a single quarter of 2019. The app strongly beats out all other social media giants like YouTube, Instagram, WhatsApp, and Facebook Messenger, which round out the top five. These numbers of downloads help earn the revenue.

    TikTok offers in-app purchases of coins, starting from 100 for $0.99 and leveling up to 10,000 for $99.99. Users can give coins to their favorite creators, who can in turn exchange them for digital gifts. Mobile intelligence firm Sensor Tower reported that TikTok users worldwide spent $3.5 million on in-app purchases during the month of October 2018, which is nearly four times what they did in October 2017.

    Digiday reported that agencies also may start advertising on TikTok going forward given its explosive popularity. According to the Nanjing Marketing Group, the Chinese version of TikTok, Douyin, offers splash ads that can cost about $150,000 for one day and newsfeed ads for about $4 per click. Thus, many celebrities, and brands like Pizza Hut pay to run such campaigns or the promotion and endorsements.

    TikTok now enjoys a monopoly in the micro video-sharing market. It’s also expanding to the news industry. It recently bought a French news company and has a stake in US-based news agencies. The use of AI is extremely high in TikTok’s initiatives. It uses an AI tool that collects various news clips and prepares articles in a few seconds.

    Challenges Faced by TikTok

    Though TikTok has a monopoly, the journey to date hasn’t been smooth for TikTok. It had to pay $5.7 billion dollars for violating children’s privacy in the US. India also banned this app for a few days. Mark Zuckerberg spoke about TikTok and its dominancy in US and other countries. He expressed concerns about the privacy of users of TikTok.

    Yet many reports credit Zuckerberg’s reaction to fears of Facebook, Instagram and WhatsApp losing their grip over social media to TikTok. Recent reports suggest TikTok has already positioned itself as the topmost social media app in the market. The US government has been critical of TikTok over concerns on the national security.

    When it comes to value addition, the 15-sec videos on TikTok don’t do anything big. However, they provide entertainment and comical content, a stress buster for billions across the globe. Underneath all of this, ByteDance is building an empire using millennials and having greater influence over them.

    Many feel that millennials are now morally and ethically more vulnerable than ever, with attraction towards silly content in the name of entertainment as one such reason. In February, the FTC in the U.S. fined TikTok $5.7 million for violating the children’s privacy law (COPPA) and required the app to implement an age gate.

    Moreover, some Indian politicians and parents also believe that the app’s content is inappropriate, particularly with regard to its use by minors. Thus, the Tamil Nadu court ruled against TikTok and banned it, saying the app could expose children to sexual predators as well.

    But after all these hurdles, TikTok managed to persuade the governments by implementing some policies by restricting the app for users above 13 years. Now, parents can help children manage their screen time by selecting how much time they would like their child to spend on TikTok like 40, 60, 90, and 120 minutes per day. This feature is password-protected; when users reach their limit they have to enter a password to continue. Parents can set the password to be in total control of the screen time.

    Also Read: ScoopWhoop – Ruling the Internet With the Most Entertaining and Creative Content!

    Conclusion

    Even after facing all these hurdles, TikTok has successfully circumvented them to become the World’s Most Valuable Startup beating all other social media giants. It has set an example of how by using the power of the youth, which is revered for possessing the highest potential, a startup can excel in the market by using appropriate strategies.

  • How To Sell Your Business? Steps To Follow For Selling Your Business- A Guide

    Inaugurating a business by capitalizing a hefty amount in it, is a tantamount predicament task to auctioning it off to someone you either know or not. Selling a business is not an easy decision made by an entrepreneur, because that business conserved as revenue in his life.

    On the other hand, retailing any ilk of businesses depends on the nature and size of the business, whether it is a small or large corporation. Moreover, people won’t acquire any business without seeing a benefit in it. Everything comes at a price.

    For instance, in a small business, buyers won’t see many benefactors in it as it is small-scale production and won’t exist for long-term growth. Meanwhile, if you peddle a large business, the very first thing a buyer looks for is- Long-term revenue and growth. So, ascertain the value of your business with the help of nature & size.

    You can’t give away your business to someone’s hands without analyzing what comes next, like quotes ‘Think before you Act’; Sketch your future plan with the money you’re gonna get from selling your business.

    Here are the things an entrepreneur or a businessman should definitely know before selling the business.

    Steps To Sell Your Business
    Step 1. Self Evaluate
    Step 2. Know your Value
    Step 3. Know the Opportunity Cost
    Step 4. Strategically Fix the Pricing
    Step 5. Know your Buyers
    Step 6. Target Multiple Buyers bidding
    Step 7. Draft Agreement
    Conclusion
    FAQ

    How to sell your business?

    Steps To Sell Your Business

    Things to know before selling your business
    Things to know before selling your business

    Selling off your business without any second thoughts will drive you to someplace either in a propitious or unpropitious future. Because you have done the diligence in growing your business which made your life better as well as contributed profuse services to people by gaining goodwill from it. But what if you have sold it to any wrong hands, this will bring a bad repute to you shortly.

    So, Think twice before auctioning your business. If you are vacillating about selling your business, then don’t do it. Only if you are uncertain in monetary terms or challenging to manage your business, then you can look to market your business to someone who could do it efficaciously.

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    Step 1. Self Evaluate

    Self evaluate before selling your business
    Self evaluate before selling your business

    Self-evaluation is the first step that must be done when you think about selling your Business. What is the reason behind such a big step? There must be a clear-cut answer, which is acceptable by the buyers. Without a valid and clear reason, nobody is going to buy a business.

    So before selling a business, you must have a well-structured strategy with the help of specialized personnel to avoid any mistakes you may make.

    Why Self Evaluation?

    Self Evaluation must give you the answer for the following:

    • Why am I selling my business?

    You must have a point-by-point reason for this big decision at the starting stage itself, which makes it easy for you to stick to a particular area without getting confused at the later stages while communicating with the buyer. This may create a bad impact on the business. The reason also influences the buyers and their decision on the price.

    • Your decision for selling is solely based on profit value?

    If you are in need of money and that is the reason behind the idea of selling, never make a hurry. That will only cause loss for your business sale. Just look for the perfect time and buyer with whom you feel comfortable selling your business.

    • What is your future plan?

    Are you selling the business completely or do you want to remain as a partner or investor in your business? Think and make a clear decision about your association with the business in the future. Buyers must also be given the perfect answer about your vision on this.

    • Business is free of liabilities?

    Business must be free of any liabilities, having which it will be a black mark, which will make an impact on the sales and price for sure. All existing liabilities, including personal, materialistic, money should be cleared even before making your decision to sell the business to the public.

    • Are all the papers clear?

    Make sure that you have clear, complete, and well-structured documentation about the business. All vital records, including financial, marketing, business, and professional, must be included here. These documents make an impact on the buyer, let it be professional and profit documents.

    What’s your next act?

    It is cited that preparation is the sole key to success, so start prepping in advance in case you don’t want to lose a great opportunity in the near future. Always, compute your next step, because that is gonna manifest your position in the future.

    These questions may pop up in your mind while selling your business: ‘What am gonna do after the business is bought? Will it be good for me and profitable in the future? Get ready to answer all these questions before giving away your only source of revenue. Therefore, plan subsequently to your list and set an alternative solution like- finance in some property and get revenue from it or become a partner in a company.

    Well, the ending is the new beginning, you have to make up your mind in selling your business after analyzing what’s your next step.

    Step 2. Know your Value

    Selling your business is the decision you took that may have a numerous reason behind. But before getting into the sales, after evaluating your business, you have to know your value and you have to be clear about what you are looking into. This includes the following criteria:

    • It is best to evaluate your business first before going to a broker and discussing it because nobody knows your business as you do.
    • Estimate your business, including the incomes, taxes, earnings, profits, etc.
    • Know the market and market price.

    Your assets and your earnings are more known to you. Try to get the best out of it when you decide to sell it.

    Know your Stable status before Selling off

    Check out whether you have sufficient money to pay off the expense or meet any other requirement for the future. Selling off your business may credit a large amount of money in your account, but will it be enough? Will it be adequate to survive till my last days? To sell your business in case you want to earn any profit out of it, start a new business or sell it if you are financially unstable to satisfy obligations.

    Estimate the Value of your Business

    Goodwill is the brand name, which you have earned in the locality of your business. Buyers will definitely pay a tremendous price when your business has a good reputation in the market and automatically accelerates demand. So, fix the purchase price according to the value of your business.

    Step 3. Know the Opportunity Cost

    Before selling your business, estimate the approx opportunity cost you will get in that. Generally, opportunity cost is the best alternative when a thing is foregone. You have to estimate the value you’re gonna get when you market off the business, ask yourself whether the opportunity cost of your business will be profitable or not? If not, what is the intention of selling it? And if yes, then how much are you gonna be helpful and what are you gonna do with it?

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    Step 4. Strategically Fix the Pricing

    You don’t know the other side excepted acquiring price of your business. If you fix a higher price than the expected one, then the buyer won’t be amenable to acquire the business. So, determine the expected price of your buyer, then bargain for the price you want to sell your business.

    Step 5. Know your Buyers

    Being a business person, you may already know the trend and the top people in the industry. Professional reasons may be there behind the acquisition of your business. Always try to get the best buyer who believes in investing the worth you put for your company.

    Instead of offering negotiable amounts to the buyers, wait for the right one when you get an intuition that the person is perfect to run your business after you.

    Step 6. Target Multiple Buyers bidding

    Don’t propose for one particular buyer, target various buyers and see how many of them (potential buyers) are inclined to invest money in the range that you have set for your business. Besides, this will augment your company outlook in terms of profitability as well as increase demand for your business in the market.

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    Step 7. Draft Agreement

    Draft the final agreement properly
    Draft the final agreement properly

    The business, which you have strengthened for years in good terms should be given to the right hands. If you have ceded your business in good hands, then the long-term growth of reputation is guaranteed for you in the near future.

    Unlike, in case the business is rendered to wicked hands, then such a reputation which you have amassed for years before selling it would go trivial. So before trading your business, determine the potential of the buyers in sustaining the business credible.

    While drafting a sale agreement, make sure the presence of a lawyer or someone who has pretty much knowledge about the agreement and drafting. Don’t miss out on anything because you could end up paying later. The agreement must be acceptable to both parties and any disputes must be settled before signing the agreement to avoid further confusion in the future. Some of the must-have agreements are:

    • Asset listings
    • Bill of Sale
    • Security agreement
    • Purchase agreement

    The agreements must have the following details, which must be verified at the earliest.

    • Buyer and Seller Details
    • The detailed specification of the property
    • Terms of Payment
    • Terms and conditions

    So are you ready to sell your business? Just take it as simple as it is. You know your business and its internal and external happenings. Make everything clear to the lawyer and the broker or any mediator if there is any. They will help you in drafting the perfect agreement.

    Finding the potential buyer is the main aim and may take time. Be patient and wait for the one whom you think is eligible to take over your business. Time and price may not be in your hand. You will have to wait until you get satisfied.

    If you find growth in your company after the decision of selling, let it be. Your profit will only increase with a company with great profit. More buyers will get attracted to your business and you will notice a hike in the estimated purchase value.

    When a buyer gets interested in your business, they first send an IOI i.e. Indication of Interest. This is a document with their proposed terms and conditions and other details. This document is the primary thing based on which the owner decides whether to move forward with that particular buyer or not. After the IOI, the LOI or Letter of Intent is given to the buyer which includes the terms and data about the company, to give the buyer a complete picture of the business, which helps them to make a decision i.e. whether to move forward with the purchase of a business or not.  The next document is the purchase agreement that contains detailed data about financial and legal terms and conditions. This is the final document to be presented during the sale.

    Conclusion

    Well, like said above, starting and selling a business requires a lot of time and effort. The thought of selling a business befalls when you face a financial crisis to meet business requirements and when you want to sell the business in order to start something new in the future.

    The amount you receive in selling your business highly depends on the value of your business – Goodwill. On the other hand, finding a potential buyer who is promised to maintain your business on good terms after surrendering it to the buyer. Therefore; Keep in mind, work in progress to result well in a long-term process, if you are planning to sell off your business in the future at a higher price.

    FAQ

    What is the rule of thumb for valuing a business?

    The common rule of thumb for valuing a business is to calculate your percentage of the annual sales, or  the last 12 months of sales/revenues.

    Do I have to pay tax if I sell my business?

    Yes, you may have to pay tax if you sell your business.

    What to do before you sell your business?

    Few things you should know before selling your business is to estimate the value of your business, target multiple buyers bidding and Don’t fix the purchase price too high.

  • Story of David Filo: Co-Founder Of Yahoo!

    If one considers the late nineties and early years of 21st century, one giant ruled the internet segment—Yahoo! Be it search engine, online tabloid, finance reports, or anything else, Yahoo! was the go-to solution for online needs, a powerful mega web service provider. While the brand may not be as powerful as it once was, it still wields influence even in the presence of competitors like Google, Facebook, Twitter, and others. 26 years and still counting!

    Yahoo! was founded in the year 1994 by Jerry Yang and David Filo. An electrical engineer by profession, Filo co-founded Yahoo! at Stanford University. Initially, the duo called their venture, “Jerry and David’s guide to the World Wide Web”.

    David Robert Filo – Biography

    Name David Robert Filo
    Born April 20, 1966 – Wisconsin, U.S.
    Age 55 years (2021)
    Nationality American
    Spouse Angela Buenning Filo
    Education Tulane University, Stanford University
    Occupation Co-founder and Chief Yahoo, Yahoo! Inc.
    Net worth 350 crores USD (Forbes, 2021)

    David Filo – Growth of Yahoo!
    David Filo – Problems With Stanford University
    David Filo’s Marketing Strategy
    David Filo – Simplicity
    Coming Up With The Name Yahoo!
    Yahoo’s Connection With Netscape
    Yahoo!’s Decline
    Why To Follow David Filo?
    David Filo – FAQs

    David Filo – Growth of Yahoo!

    Yahoo Logo
    Yahoo Logo

    After launching Yahoo!, Filo recognized the potential of this website and subsequently launched ‘Yahoo! Inc.’. What started out as a web portal soon turned into something larger. Yahoo! became popular and started acquiring online gaming websites like ClassicGames.com, thereby releasing Yahoo! Games. Due to its partnership with multiple websites, Yahoo! enjoys considerable web traffic. By November 1994, its popularity sky-rocketed and 170,000 unique visitors were accessing the site every day.

    Soon, more than a million web users were visiting Yahoo! daily. While David was operating Yahoo! alongside Jerry for enjoyment, they were revolutionizing the world wide web. Companies like Microsoft and Prodigy approached Jerry-David to buy Yahoo!, but they simply refused.

    David Filo – Problems With Stanford University

    Yahoo Founders- David Filo and Jerry Yang
    Yahoo Founders- David Filo and Jerry Yang

    Success stories and struggles go hand in hand. The story of Yahoo! was no different. While at Stanford, David and Jerry faced infrastructure issues. They were using the servers provided by Stanford and when the company was expanding, the systems regularly crashed. The Stanford University administration asked the duo to take their venture off-campus. However, this move encouraged the team at Yahoo! to take it to the next level, from a college experiment to the full-fledged business unit.

    After funding from known sources was secured, the pair of Filo and Yang took a leave of absence from Stanford. They then hired school friends and interns to work for their company. Tim Koogle, former president of Motorola Inc., was roped in to add experience to the emerging team.

    By 1995, Yahoo! had become a formidable company. An alliance with the famous Reuters boosted its popularity as users could access news headlines with a click.

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    David Filo’s Marketing Strategy

    A great entrepreneur knows how to pump customers with exciting offerings. Filo added new sections such as quotations, weather, and sports scores to the website. Extensions like ‘My Yahoo’ and ‘Yahooligans’, a special version of the website for children in the 8-14 age group, were released. By 1999, the company was making a profit from the advertisements displayed on the website and related pages. Yahoo! Inc. also made special co-op deals with online retailers all over the world.

    David Filo – Simplicity

    Even after achieving success and becoming a sensation, Filo’s lifestyle didn’t see changes. As usual, he went to office in a junk-filled Datsun, and his office desk was still surrounded by litter cans all around.

    Coming Up With The Name Yahoo!

    David Filo- Co-founder of Yahoo

    The name Yahoo! is an urban legend. It stands for ‘Yet Another Hierarchic Officious Oracle’. The name became popular overnight courtesy of Filo and Yang’s brilliance.

    Yahoo’s Connection With Netscape

    Yahoo! and Netscape, two of the most popular websites, have some common elements. In return for a graphical link on Yahoo!’s homepage, Netscape’s founder gave the required equipment to keep the website running. A directory button was later added on the Netscape website which led to Yahoo!’s homepage. However, this didn’t go on for long and Netscape ditched Yahoo! for another website which offered a larger sum. Betrayals are inevitable.

    Yahoo!’s Decline

    According to many sources, Yahoo!’s decline began in 2000 when its search engine was powered by Google. After an all-time low value of the stocks at 4.40 USD, its popularity decreased and Google took over as the dominant player. Yahoo!’s rigidness in keeping up with evolving trends (much like Nokia’s debacle) was the salt rubbed into the wound.

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    Why To Follow David Filo?

    Filo transformed his hobby into profession. His work went on to leave a drastic mark on the World Wide Web. Although it’s Google that is the big shot at present, one cannot overlook Yahoo!’s dominance in the 20thcentury and early 21st century.

    David Filo’s net worth is 350 crores USD as of 2021. Filo is one of the early men to have realized the potential of the world wide web. His initiative came at a time when the internet segment was in its infancy. Innovation drove Yahoo! to prominence. What started with providing weather forecasts, match scores, and quotations is a behemoth today.

    David Filo’s story should compel you to explore those untouched opportunities in the digital world and fill in gaps yet to be identified!

    Also Read: Sheryl Sandberg: The Inspirational Female Entrepreneur

    David Filo – FAQs

    Who is David filo?

    David Robert Filo is an American billionaire businessman and the co-founder of Yahoo! with Jerry Yang.

    What is David Filo famous for?

    David Filo is a tech entrepreneur and businessman who co-founded Yahoo! with Jerry Yang in the year 1994.

    What is Yahoo?

    Yahoo! is one of the Internet’s leading search engines and web portals.

    Who is the founder of yahoo?

    Jerry Yang and David Filo are the founders of Yahoo.

    What is Yahoo used for?

    It is a web portal that provides news, entertainment, and sports information. The portal also gives users access to other Yahoo services including Yahoo! Search, Yahoo! Mail, and Yahoo! Finance.

    What is Yahoo founders’ net worth?

    Jerry Yang’s net worth is $240 crores and David Filo’s net worth $350 crores.

    What is the difference between google and yahoo search engine?

    Google is a company with an array of products that all integrate with search, the search engine being the flagship product. And Yahoo is not a search engine at all, but a web portal with a search engine powered by Bing.

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  • Kavin Mittal: Founder and CEO of Hike Messenger

    Social media is a platform dominated by various countries. The most prominent ones are based out of the United States, with China at second. However, we’ve seen a thing or two from the Indian sub-continent as well. Hike is the most popular one amongst the few Indian startups that have left a dent on the social media circuit. The Hike messaging is an Indian app and was developed by Kavin Bharti Mittal.

    Quick Facts
    Family Background
    Entrepreneurial Ambitions
    Kavin Mittal’s Hike Messenger
    Success Mantras

    Quick Facts

    Name Kavin Bharti Mittal
    Born August 31, 1987
    Age 33
    Education University of York, Imperial College London
    Occupation Founder and CEO of Hike Messenger
    Net Worth $150 Million

    Family Background

    Founder of Hike Messenger
    Kavin Mittal – Founder of Hike Messenger

    Kavin Bharti Mittal is the son of Bharti Mittal, one of the richest Indians. Kavin charted out his own path despite a solid business background. He grew up in a family where business was omnipresent.

    Kavin found it much easier to set foot in the startup circuit when compared to his father due technological advancements. Moreover, entrepreneurship has undergone drastic changes after the nineties.

    Entrepreneurial Ambitions

    Apps, both mobile and web, are the basis for several ventures today. The introduction of the iPhone paved way for development of new segments hitherto unknown. Kavin Mittal picked up the basics of entrepreneurship from his dad. The father-son relationship was also a mentor-mentee relationship that helped groom the lad in various ways.

    Kavin witnessed the launch of applications like Facebook, Twitter, and YouTube while in college. These platforms and the digital world in general—inspired Kavin to launch his first venture, Appspark. He saw an iPhone during his internship at Google in New York and was in awe of the device’s potential to change lives of people. Apple’s App Store was still in infancy, and Kavin thought of launching one idea every month, thereby creation and launch of eight apps on the App Store in eight months. This dream remained elusive as Kavin witnessed the hurdles transforming an idea from a figment of imagination to reality. After eight months of struggle, Kavin created his first app, Movies Now. It was the first-ever movie reservation app on the App Store. It allowed users to stream trailers both in HD and SD prints. Since the number of competing apps was negligible, Movies Now never received real competition.

    The introduction of the iPad saw Movies Now improvise and get enhanced. It functioned much better than the earlier versions. While Movies Now was popular, it wasn’t an actual money spinner. Kavin had to think of another way to prove himself as a successful entrepreneur.

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    Kavin Mittal’s Hike Messenger

    Hike Logo
    Hike Logo

    After returning to India, Kavin was living a normal life in New Delhi, the nation’s capital. He saw majority of the people in Delhi own the iconic Nokia 1100, the phone which set the ball rolling for the technology revolution in India. However, the phone had its limitations since it could only send SMS and be used for normal calls. Internet access was impossible. This limitation spurred Kavin’s willingness to bring Indians and internet closer, and inspired him to create a messaging platform—Hike. His team received funds worth $7 million from Bharti SoftBank, a collaboration between Bharti Enterprises and SoftBank, a Japanese telecom company.

    After a series of developments, Hike was officially launched in the year 2012. Within two years, Hike Messenger became the most downloaded application on the App Store (in India) and the Play Store(in India).

    Kavin’s smartness and strategy had a major hand to play in this achievement. After launching the app, he introduced the concept of “stickers”. This concept was recently implemented by WhatsApp—another messaging platform. The stickers in Hike were catchy and innovative, and attracted the youth. Thus, these stickers were imperative for surge in Hike’s popularity. While the platform was gaining prominence throughout India, Hike tied-up with Airtel and launched a policy in which if a user had an Airtel postpaid connection, the service provider gave free mobile data for 3 months to use Hike.

    To keep up with the trend, Hike also launched unique two-way chat themes that were liked by many Hike users and attracted several new customers. This proved to be a master strategy since the company got a solid 15 million users strong base by the end of its first year. Hike gave stiff competition to other messaging apps like WhatsApp.

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    Success Mantras

    • According to Kavin, an entrepreneur must have a clear idea about their field of work. They need to decide between offline and online space. Finalizing the idea of the startup is one of the most important aspects for creating a business, Kavin mentions.
    • Failures and mistakes accompany growth. Learning from mistakes is the most important quality an entrepreneur should possess. As errors are an inevitable part of business, one should be ready to withstand them and grow as a leader.
    • Another important mantra is to strive to achieve one’s goals. Despite failures, an entrepreneur should work on improvement and not stop until the target is achieved.
    • The fourth mantra of success according to Kavin is passion. No one can become successful without having a passion about something. That’s the key to making it big.
    • The fifth of his mantras is patience. Patience has taken successful entrepreneurs to unfathomable levels of prosperity. Success is never achieved overnight; one has to wait for the right moment and work tirelessly to achieve fame.

    FAQs

    Who is Kavin Mittal?

    Kavin Bharti Mittal is an Indian internet entrepreneur. He is known for having founded and led Hike Messenger, a now-defunct platform that was once the world’s sixth-largest mobile messaging application.

    Is Kavin Bharti Mittal Indian?

    Yes, Kavin Mittal is Indian.

    What is the net worth of Kavin Mittal?

    The net worth of Kavin Mittal is $150 Million.

    How old is Kavin Bharti?

    Kavin Bharti is 33 years old.

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  • How to Keep Business and Personal Expenses Separate

    Financial record keeping is absolutely paramount irrespective of the size of the business. Typically, most newer businesses will have trouble keeping and maintaining accurate financial records. Self-employed and freelance work can be even trickier. This can quickly become an issue when it comes time to report taxes for the quarter or year. One major challenge that comes with smaller businesses is the separation of personal and business expenses. Business expenses can oftentimes be written off at tax time, and there are several free tax tools that can help with that. One of the easiest ways to keep expenses separated is to open a bank account separate from your personal account for accurate reporting of business expenses.

    According to a survey, 82% of business fails due to poor cash-flow management. Business can grow well without technical hitches. Are you experiencing challenges in terms of keeping proper financial records? Here are some basic points that you need to consider How to keep Business and Personal Expenses Separate.

    Keep Separate Accounts
    Separate Personal and Business Receipts
    Acquire business credit card
    Establish a Business Budget
    Notify Family on Business Status
    Understand Business Expenses
    Separate Home and Office Matters
    Keep Record of Business Items Usage
    Seek a Professional Financial Advice
    Pay Yourself Worth Salary

    Keep Separate Accounts

    Personal and business accounts are two separate things. Each of them has got its own expenses. Separating accounts means you can measure each one’s independence. Reconciliation is easy by reviewing bank statements. Filing of taxes becomes a simple task.

    Separate Personal and Business Receipts

    It is definite that in both business and personal business, transactions will be made. It is important to sort and keep expenditure receipts separate. Financial accounting becomes very easy. When it is time for auditing your business, auditors will not bother with personal receipts. Priority will be given to business receipts hence saving time.

    Acquire business credit card

    Business Credit Card
    Business Credit Card

    Credit cards are very convenient. They keep you safe from carrying a lot of cash which is a security threat, especially to third world countries. Record keeping becomes efficient. Tracking of expenses is done by use of statements. Some credit cards give a summary of transactions yearly, therefore, saving time when filing returns. Withdrawal is done anytime when you are in need of urgent cash. They offer protection when purchasing. Credit card companies are ready and willing to take up disputes on your behalf. Enjoy low-interest rates and money is controlled effectively.

    Establish a Business Budget

    Always learn to stay within the limit. Never chuck money out of business aimlessly that you are sure you would be able to return. This situation can be avoided.  The shortfall of a business do occur and most of the time you get yourself surfacing using the personal money. Budgets ideally should be developed based on earnings of the current business.

    Notify Family on Business Status

    We stay with people that depend on us in so many ways. Therefore, finances both personal and business involve quite a number of people. Make sure you are at par with family members and speak the same language at all times as far as finance is concerned.

    Understand Business Expenses

    Understand Business Expenses
    Understand Business Expenses

    It is important to understand operating expenses of a business. This includes costs of insurance, business supplies, rates for the taxes, costs for rent, and costs for repairs. It is prohibited to take out money from a business for things like food and family entertainment. It doesn’t matter how you keep good records for this but this doesn’t count at all.

    Separate Home and Office Matters

    Home and office are two separate things. Even if you have created an office in your home, it does not warranty you to use business funds to cater to house utility bills. Costs can be shared between both lines.

    Keep Record of Business Items Usage

    Sometimes due to limited resources, we cannot afford to have separate resources for each. There are times that we are forced to use personal things to run business errands. The Proper log should be kept to track on the expenditure and share the relevant cost.

    Seek a Professional Financial Advice

    Financial Advice - Audit Report
    Financial Advice – Audit Report

    It does not mean we are stupid when we don’t understand some issues around us. Open up to a financial professional the moment you realize some areas are not okay. This is their area of the profession and is assured they will come up with a workable system to fix your issues.

    Pay Yourself Worth Salary

    Demands for life are many but we should not take out of business what we don’t deserve. The business will operate at a loss. It is easy to keep the proper budget for both personal and business expenditure hence proper financial accounting records.

    Conclusion

    Let us remain disciplined when operating a business. Maintaining proper records help business to run smoothly. Cash flow projection and statements are also put in an orderly manner for easy tracking. Hopefully, above ideas will help you to keep your business and personal expenses separate. Share this article with your friends and comment your thoughts.

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    FAQs

    How to Keep Business and Personal Expenses Separate?

    Open a separate bank account and a credit/debit card for that account and it should be solely used for business expenses. Same goes with your personal account and plastic cards, that they should not be used for carrying out business expenses.

    Why is it important to separate personal and business finances?

    A significant reason to keep all personal and business finances and expenses separate are for tax and tax deductions.

    How to separate business and personal expenses?

    • Obtain an EIN
    • Incorporate your business
    • Open a business bank account
    • Apply for a business credit card
    • Pay yourself a salary
    • Separate receipts
    • Understand the difference between personal and business expenses
    • Educate other members of your business

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