A: In today’s digital age, starting an online store has become a viable option for entrepreneurs and MSMEs (Micro, Small, and Medium Enterprises) looking to expand their reach and tap into a broader customer base. With the right approach and some basic know-how, setting up an online store can be a smooth and rewarding process. Here’s a step-by-step guide on how to begin your online retail journey:

Step 1: Do Your Market Research

Before diving into the world of e-commerce, it’s essential to conduct thorough market research. Identify your target audience, understand their preferences, and research the demand for products in your niche. Analyze your competitors and identify gaps in the market that you can fill. By understanding your market and potential customers, you can make informed decisions about what products to sell online in India.

Step 2: Choose the Right Products

Selecting the right products to sell online is crucial for the success of your store. Consider offering unique and high-demand products that align with your target audience’s interests. Look for suppliers and wholesalers who can provide you with quality products at competitive prices. It’s also essential to consider the logistics of handling and shipping the products to your customers efficiently.

Step 3: Build Your Online Store

Thanks to various e-commerce platforms, building an online store has never been easier. Choose a user-friendly platform that suits your needs and budget. Popular options include Shopify, WooCommerce, and BigCommerce. These platforms offer customizable templates, secure payment gateways, and inventory management features. Ensure your online store design is visually appealing, mobile-friendly, and easy to navigate.

Step 4: Set up Secure Payment Gateways

Offering secure and convenient payment options is crucial to gaining your customers’ trust. Integrate reliable payment gateways that can process various payment methods, including credit cards, debit cards, and digital wallets. Implement SSL certificates to encrypt sensitive data and protect your customers’ transactions.

Step 5: Market Your Online Store

Once your online store is up and running, it’s time to market it effectively. Utilize social media platforms, email marketing, and search engine optimization (SEO) techniques to drive traffic to your store. Engage with your target audience through compelling content, promotions, and discounts. Collaborate with influencers or bloggers in your niche to expand your store’s visibility.

Online MSME Training

For MSMEs that are new to the world of e-commerce, consider enrolling in online MSME training programs focused on e-commerce and online retail. These training sessions can provide valuable insights into market trends, digital marketing strategies, and practical tips to grow your online store. Learning from experts in the field will help you make informed decisions and avoid common pitfalls.

Starting an online store can be a game-changer for your business, opening doors to a vast customer base and increasing sales. With the right products, a well-designed store, and effective marketing strategies, your online venture can thrive in the competitive landscape of e-commerce. Embrace the digital age, and take the leap into online retail to unlock a world of opportunities for your MSME. Some of the benefits of online MSME training are as follows:

• Digital Skills and Knowledge Enhancement: Online MSME training can provide comprehensive learning opportunities in various aspects such as digital marketing, e-commerce, website development, online payment systems, social media management, and more. This enhanced understanding equips MSMEs to make informed decisions and leverage digital tools effectively.
• Cost-Effectiveness: Traditional training programs can be expensive, particularly for small businesses with limited budgets. Online MSME training typically offers cost-effective alternatives as they eliminate the need for physical infrastructure, printed materials, and travel expenses. This makes training accessible to a broader range of MSMEs, regardless of their financial constraints.
• Adapting to Market Trends: The digital landscape is constantly evolving. Staying up-to-date with the latest trends, technologies, and best practices is essential for MSMEs to remain competitive. Online training programs often incorporate the most recent developments, ensuring that businesses learn cutting-edge tactics to expand their online presence.
• Improved Customer Engagement: With online training, MSMEs can learn how to engage customers better through various digital channels. This includes learning how to create compelling content, implement social media strategies, manage customer relationships, and use data analytics to understand customer preferences and behaviour.
• Increased Sales and Revenue: Ultimately, the integration of online training enables MSMEs to harness the power of digital marketing and e-commerce platforms more effectively. By learning to optimize their online presence, they can attract a broader audience, generate leads, and convert prospects into paying customers. This increased online visibility can lead to higher sales and revenue figures.

The Indian government has taken several initiatives to support MSMEs in their transition to the online domain. Some notable efforts include:

• Digital MSME Scheme: The government launched the Digital MSME scheme to encourage MSMEs to adopt digital technologies and online platforms. Under this scheme, financial support and subsidies are provided to help MSMEs invest in digital tools, software, and e-commerce infrastructure.
• Udyog Aadhaar Registration: The Udyog Aadhaar registration process makes it easier for MSMEs to obtain a unique identification number online. This simplifies the registration process and enables them to access various government schemes, benefits, and incentives easily.
• Financial Support for E-commerce Export: To promote online exports, the government offers financial support through various schemes like the Market Access Initiative (MAI) and Market Development Assistance (MDA) Scheme. These initiatives assist MSMEs in reaching global markets through e-commerce platforms.
• Credit Guarantee Fund Scheme: The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) provides collateral-free credit facilities to MSMEs. The online portal of CGTMSE enables a smooth application process, making it easier for MSMEs to access credit.
• Technology Upgradation Support: Various schemes, such as the Credit Linked Capital Subsidy Scheme (CLCSS), provide financial assistance for technology upgradation. This helps MSMEs to adopt modern and efficient digital technologies to enhance their competitiveness.

Any business owner would like his or her customers to believe that he or she is dedicated to quality. If this were true, no product or service would ever be criticized. So, how can you improve quality in your company?

Based on the observations, classifications, and descriptions supplied by the world’s top-quality experts, we may divide the concept of quality into two categories.

One, meeting a predefined set of requirements is connected with quality. According to this notion, businesses or service providers achieve quality by producing items whose attributes match a set of statistically determined parameters.

Two, quality might be defined as the ability to satisfy customers. Improving client happiness involves the utilisation of a predefined set of characteristics. The value of a good is determined by whether it fits the needs of customers in terms of goods and services as well as ease of use.

Focusing on integrating these two factors is ideal for businesses. You will be able to validate that your things match the standards while also addressing the needs of your customers. For instance, the implementation of a successful “MSME growth program” can contribute to improving both the adherence to quality standards and guaranteeing customer satisfaction.

Establish product strategy:

To stand out in a sea of new products, you must have a good product strategy. It’s difficult to create a new product if you don’t have any ideas. And, because there are so many pre-existing responses, you’ll have to come up with something new. To generate ideas, listen to your consumers and potential customers.

Following the discovery of your prospects’ needs, it is necessary to develop a high-level product plan. As a result, you and your team will be able to approach design more strategically.

As a result, developing a thorough product vision enables you to think about product targets. The objectives will serve as key performance indicators (KPIs), and by prioritising them, you will be able to develop a strategy for product functionality, innovation, and so on.

After you’ve determined your goals, you’ll need to convert them into specifics so you can prioritise your product vision. You may compare the initial product concept to your strategic approach and rational product roadmap if you have a coherent strategy and logical production plan. Modify the product plan after analysing your vision, and do it on a frequent basis.

Quality management system:

Since pre-industrial times, numerous systems of quality management have existed. Throughout the twentieth century, attitudes about quality management shifted dramatically.

In today’s competitive market, quality management is inextricably linked to online skills and data-driven solutions. In the last decade alone, cloud-based software has aided in the acceleration of every aspect of quality management by accelerating data storage, evaluation, and interaction across distribution networks of all sizes and durations.

Modern quality management software takes it a step further by allowing you to target specific stages of the manufacturing process. This includes platforms designed specifically for the administration of Testing, Inspection, and Certification (TIC), which might be a quality management system.

Why is updating QMS critical?

The notion of a quality management system, with its numerous concepts and requirements, may appear intimidating at first. You may even begin to doubt if your company requires a formal QMS, especially if it operates on a small scale.

A quality management system is useful for the following purposes:

Consistently delivering suitable quality goods and services while continually enhancing the customer experience — and so, a QMS is required for any firm that promotes products or services, regardless of size, sector, or speciality.

A quality management system is not a one-time solution that is established and then forgotten about. To achieve its primary purpose of ensuring continued client pleasure, a QMS must always evolve to keep up with your company’s expanding demands and changing working conditions.

Any changes made to keep the quality management system current must be centered on making timely and well-informed decisions. In turn, actions must be based on reliable and exact data obtained at every point of your distribution chain, potentially in real-time, and made available to all critical stakeholders. As a result, forward-thinking firms have begun to rely on digital technologies and integrated platforms to help with QMS improvement.

Companies with efficient and adaptable QMSs are ideally positioned to assure satisfaction level by producing goods that are consistently of high quality, safe, and long-lasting:

Consistent Quality is attained by confirming that raw materials, equipment, and finished products meet the standards, that production processes are continually checked and enhanced, and that any production difficulties are addressed.

Security and compliance with regulations may be achieved by remaining on top of your manufacturing standards to ensure they are in line with the most recent safety regulations, establishing a safety testing programme, and tracking any concerns back to the source in the event of a product recall.

Sustainability and Ethical Sourcing – QMS processes may also be used successfully to plan and execute ethical and environmental criteria, assess adherence, take corrective measures, and track improvement.

Steps to be taken:

Standardize the work: A solid working environment with consistent day-to-day manufacturing and commercial operations is necessary to ensure product quality. Standardization of operations is the most critical aspect of a tight production process. Standardization is the practice of repeating particular tasks in the same way throughout time in order to accomplish specific objectives. In addition to standardising work methods, you should have a robust response strategy in place to cope with unforeseen disruptions that may have a detrimental impact on product quality.

Update the machinery: The machinery used in their production determines the quality of the items. As a result, you’ll need to update or improve your tools and machinery on a frequent basis. After you’ve upgraded the equipment, you’ll need to train your employees on how to use it. Updating the machinery contributes to the enhancement of product quality.

Track the steps: Tracking is the process of tracing each stage of a product’s life cycle, from raw material to final shipment. Tracking makes it easier to spot flaws in items as well as the sources of those flaws, making correction easier by investigating the cause. It helps to keep production running after a disruption while preserving product quality.

Entrepreneurship is one word that belongs to men as much as it does to women. Especially when you live in a world where more than 1/3rd of the entrepreneurial ventures are established, run, and managed well by women.

Statistically speaking, there has been a rise in Women Entrepreneurship and the trend is bound to continue, owing to the massive digital revolution in the last decade, economic progress, better access to education, urbanization and recognition from the society. As per a survey and the EdelGive Foundation Report, Businesses owned by women entrepreneurs in India are likely to witness a 90 per cent growth in the coming five years, compared to the US (50 per cent) and UK (24 per cent).

Speaking of Women Entrepreneurship, here are some Indian names who have made it to the list of top Entrepreneurship – women who did not hesitate to take the plunge, irrespective of the challenges and uncertainties, and yet prove their mettle.

Zivame – Richa Kar

A fashion brand started way back in 2011 by Richa Kar, Zivame primarily focussed on Lingerie with the USP of featuring a plethora of styles for Indian Women – something they arrived at after understanding that Lingerie is quite an under-served category in India. Later on, the brand forayed into Activewear, Sleepwear and Shapewear which soon began to witness almost 2X growth. Zivame, the brain-child of Richa Kar, is today one of the largest Lingerie EBO networks in India with an unbelievable 30 retail stores network.

Limeroad – Suchi Mukherjee

Founded by Suchi Mukherjee about a decade ago, Limeroad is a Gurugram based company, that has over the last 10 years, built a reputation of being among the best. Reason why it is backed by investors like Tiger Global Management, Lightspeed India Partners, Matrix Partners India and Lightspeed Venture Partners, to name a few. As India’s first boutique fashion marketplace for Women, Men and Kids, LimeRoad has raised over $50 million in funding to date.

Nykaa – Falguni Nayar

A brand that needs no introduction, Nykaa.com is one of the biggest destinations for products on beauty & wellness. With over 2500+ brands, 5 lakh+ products and delivery all across India, it is today a one-stop solution that offers affordable cosmetic brands along with apparel. Founded by Falguni Nayar in 2012, it expanded in 2015 only to diversify and sell Fashion products through Nykaa Fashion in 2018.Today, the company has multiple eCommerce platforms across websites along with mobile apps and has 76 offline stores as well. A unicorn start-up, Nykaa is the story of a woman entrepreneur whose brand was valued at ₹85 billion (US$1.2 billion) in 2020.

Cashkaro – Swati Bhargav

Swati Bhargav co-founded CashKaro, India’s largest Cashback and coupon Site in 2013 along with her husband, Rohan Bhargav. Known to be a one-stop destination for shopping lovers, it enables its members to compare prices, earn extra cashback and get free coupons across 1000+ e-commerce sites. The fact that  CashKaro is backed by Ratan Tata says a lot about the brand and the woman behind it!

Fresh Menu – Rashmi Daga

Rashmi Daga is the founder & CEO of Fresh Menu – a Bangalore-based online food delivery service platform. Started in 2014, it delivers freshly prepared food. Her Online Delivery platform today serves 12,000 orders a day. FreshMenu has multiple satellite kitchens with each kitchen serving within a five kilometres radius. It operates 22 kitchens in Bangalore. It has to date raised $25.8 million in funding. Speaking of her other achievements, Rashmi was on the list of Fortune’s 40 under 40 and has also been awarded ET Prime Women Entrepreneur Award in 2019.

Sheroes – Sairee Chahal

SHEROES is a women-only social community platform founded by Sairee Chahal that helps women find work from home and other resources and mentors to help them start or boost their careers. SHEORES offer a range of products like Brand Solutions, Managed Remote Solutions Program and SHE – prevention of sexual harassment at work platform.

Mad Street Den – Ashwani Ashokan 

Mad Street Den, founded by Ashwani Ashokan along with her husband Anand Chandrasekaran in 2013, is a computer vision and artificial intelligence company where they build models of generalizable intelligence and create actionable ways to contextualize AI on the scale, helping millions of people and providing customised solutions. A Chennai based start-up, it has over 220+ employees in the US, Japan, and India. Global Brain Corporation, Sequoia Capital, Falcon Edge Capital, KDDI, Array Ventures are some of the many big names that have invested in Mad Street Den which today boasts of $30M in funding

Wed Me Good – Mehak Sagar

WedMeGood was co-founded by Mehak Sagar Shahani eight years ago in 2014. Apt for the Indian market, this Wedding Planning Website and app helps in finding the best wedding vendors, with prices and reviews at the click of a button. A single-stop solution for all queries and requirements related to Wedding, WedMeGood is the go-to app and website for people (or their families) who are getting hooked. A Gurgaon-based start-up, WedMeGood has investors with the likes of Orchid Asia Group Management, Indian Angel Network, Alok Mittal
and Hemant Kanakia.

Some Interesting Statistics on Women Entrepreneurs in India

1. About 58% of the female entrepreneurs were in the age range of 20-30 when they started out.
2. Nearly 73% of them report a revenue of approximately Rs 10 lakhs in a financial year.
3. Almost 57% of these women started out solo, i.e., without any other member.
4. About 35% of the women had a co-founder.
5. Roughly 71% of  the Indian female entrepreneurs employ five people or less.

The rise of Women Entrepreneurs is proof that we are moving ahead in the right direction, as an economy and as a society. Backed by the digital revolution that has empowered millions of people, some of who are sitting at home and bringing a change, today we as a Nation, have all that is required to ensure Women Entrepreneurs are able to dream, live their dream and bring a change.

While managing a business it’s important to manage the flow of cash. If the cash flow is irregular it can adversely affect the company’s growth. By generating enough cash, a business can meet its everyday business needs and avoid taking on debt. That way, the business has more control over its activities. In a situation in which a business has to take on debt to meet its expenses, its debtors will likely have a say in how the business is run. If they have contrary opinions to the management’s, that could be an impediment to the way management executes its vision for the business.

What is cash flow management?

Cash flow is basically the movement of cash in and out of the business. There are two types of cash flows:

• Negative cash flow is when the number of funds going out of the company exceeds their incoming funds.
• Positive cash flow is when the incoming cash exceeds the outgoing funds. This is what companies strive to achieve for a smooth flow of the company.

You can’t get a handle on your cash flow by simply looking at your profit and loss statement (P&L). Many other financial variables, including accounts receivable, inventory, accounts payable, capital expenditures, and taxation, play a role in factoring in your cash flow.

Effective cash-flow management necessitates laser-like attention on each of these cash-flow factors, in addition to your profit or loss. Profit is defined by accounting rules as revenue fewer costs. A wise company owner, on the other hand, understands that knowing whether or not you made a profit is not the same as understanding what happened to your money.

Striking the right balance:

It’s important to have a balance between having too much cash on hand and having inadequate supply. Having an inadequate amount of cash is essentially a threat to the company, but having too much in hand just means that the company is not focusing on many investment opportunities.

If the company expects to earn a higher return on its investments than it pays in interest on its borrowings, it may choose to invest its excess cash and borrow any extra funds needed for its operations. Some ratios, such as a firm’s acid-test ratio or the proportion of its most liquid current assets to its current liabilities, give insight into a company’s cash management when reviewing its balance sheet. While a ratio larger than one indicates a solid current assets condition, a very high ratio may signal that the business has an excessive amount of cash or other liquid assets.

Tips to manage cash flow:

• It is also important to understand the break-even point in cash flow. Calculate the amount of profit required to break even. If the amount goes above the break-even point then it means that you are doing something right. Calculate the time period by which the company can get into profit. It’s not like the profit will help the cash flow, but ending up with a negative cash flow and no profit is a difficult situation to be in.
• Always maintain an emergency cash reserve. This will help you when things go down with the business or if there are some economic downturns.
• Always make sure that any conversation on funds, be it with an existing client or with a new client, put it down in writing. Establish clear timelines and payment terms in writing so there is no confusion on the same as you go forward.
• Encouraging the clients to pay early will help to maintain the cash flow. Offer special discounts or deals if they pay ahead of time.
• To track your financial flow, you had to physically record every transaction beofre. You have the benefit of technology nowadays, so take advantage of it! Spreadsheets should be stored in the cloud for simple access, or better yet, accounting software could be used.
• Promotions are an excellent approach to increase sales quickly and efficiently. You may hold a contest, launch a customer loyalty and referral program, or get exposure through judicious social media posting.

To manage the flood of work, use incentives. If you have more consumers than you can manage, don’t turn them down; instead, give a discount if the client is ready to postpone the service. This not only allows you to handle several projects without depleting your resources but also ensures that you’ll have a consistent flow of income in the future months.

• If you have a payment due soon, consider if you can negotiate an extension. Delay as long as possible, but even a few weeks or days can have a huge influence on your cash flow. If you can’t afford full-time personnel, consider hiring part-time workers to fill in the gaps. If you have unneeded equipment, renting or leasing it out might help you save money on storage. Find additional strategies to boost your profit margins—lower-cost suppliers and higher prices are both smart places to start.

It is important to learn the solutions to cash flow problems.

• Short-term financing: A line of credit, for example, can be used for emergency expenditures or to close the gap between payables. Many banks provide business credit cards that may be used to pay vendors.
• Long-Term Capitalization: Large asset purchases, such as equipment and real estate, should often be financed using long-term loans rather than working capital. This allows you to stretch the payments across the asset’s typical life. You will pay interest, but you will have kept your operating cash for business operations.
• Speed up the recovery of receivables.
• Liquidate cash tied up with assets: Do you have outmoded merchandise or equipment that you no longer use? Consider selling it to get quick money. Idle, old, and non-operational equipment eats up space and ties up cash that may be put to better use. Equipment that has been held for a longer period of time will often have a book value equal to or less than its salvage value, therefore a sale may result in a taxable gain. This profit should be recorded on your tax returns. If you must sell below the book value, you will incur a tax loss that may be used to offset other business gains.

As client situations change and new materials are released, excess inventory can soon become obsolete and useless. Consider selling any inventory that is anticipated to be used in the next 12 months unless the expenses of keeping it are small and the revenues from a sale are insignificant.

An organisation exists solely as a result of the efforts of an individual who is willing to take on the burden of running the company with him. To do so, the individual must possess a specific trait called entrepreneurship.

Entrepreneurship arises and works as an economic activity in a sociological and cultural context. It might be thought of as an individual’s free choice activity or as the occupation or profession of a social group. Entrepreneurs play an important role in a country’s economic growth. They have been described as the human actors required to raise money, utilise natural resources, develop creative goods or concepts, establish marketplaces, and conduct business.

A successful entrepreneur is always familiar with relevant advancements and changes that occur in society around him and is equipped to keep up with the changing requirements of society. They are the focal point around which all other production variables, productive resources, and procedures must revolve. They combine skills, talents, and motivation to turn resources into successful companies. Personality and cultural or societal characteristics have been linked to entrepreneurial behaviour in studies of entrepreneurs. The entrepreneurial person possesses characteristics such as self-confidence, persistence, measured risk-taking capacity, determination, a need for accomplishment, optimism, and a like for challenges. What distinguishes an entrepreneur from a successful entrepreneur are his accomplishments in his sector of business.

1. AJAY PIRAMAL -PIRAMAL ENTERPRISES LIMITED

Piramal Enterprises Limited, India’s Chairman, is Ajay Piramal. Piramal went from owning an almost-defunct textile firm to being the Chairman of an Rs.4,000 crore conglomerate that includes Nicholas Piramal, India’s fourth-largest pharmaceutical company, Morarjee Weaving and Spinning, and Gujarat Glass.

In 1988, he learned via a friend that Nicholas Laboratories, an Australian multinational corporation departing India, was for sale. There were many huge suitors, but Piramal chose to meet with Mike Barker, the guy in charge of selling the firm, and informed him that he had no record, was only 33 years old, but was certain of putting Nicholas among the top five pharma companies in India (from 48th at that time).

Through a series of international acquisitions, including the Indian operations of Roche, Boehringer Mannheim, Rhone Poulenc, ICI, and Hoechst Research Centre, he propelled the firm into the top five pharmaceutical corporations in India. Piramal is delighted to announce that a decade later, armed with Nicholas’ annual report, he went to meet Barker in retirement in Kenya, where the firm was ranked among the top five pharma companies in India.

2. AMAR BOSE – BOSE CORPORATION

Amar Gopal Bose, who was born in 1929, is the founder and chairman of the Bose Corporation. He was a $1.8 billion net worth American electrical engineer of Bengali heritage who was included on the Forbes 400 in 2007.

He concentrated his study on acoustics, which led him to design a stereo loudspeaker capable of reproducing, in a household setting, the predominately reflected sound field that defines the audience’s listening space in a concert hall. Bose was given substantial patents in two categories that are still vital to the Bose Corporation today. These patents included loudspeaker design as well as non-linear, two-state modulated, Class-D power processing.

In 1964, he founded his firm with the help of angel investors, including his MIT thesis adviser and Professor, Dr Y. W. Lee (who invested his life savings in the effort). Today, the Bose Corporation is a diverse organisation with over 12,000 workers worldwide that manufactures products for home, vehicle, and professional audio as well as doing basic research in acoustics, automotive systems, and other domains.

3. SHAHNAZ HUSAIN

Shahnaz Husain is a successful female businesswoman in India. Her firm, Shahnaz Husain Herbals, is one of the world’s leading makers of herbal goods. It develops and markets approximately 400 products for diverse aesthetic and health requirements, and it has a global presence ranging from the United States to Asia.

The Shahnaz Husain Group, situated in New Delhi, was valued at $100 million in 2002. It employed around 4200 workers across 104 countries in 650 salons. In the 25 years that the Group has been in operation, it has experienced rapid growth. In the early years, the average growth rate was 15-20%. The average growth rate in the 1990s was 19.4 percent.

She has conquered marketplaces all around the world, and now she wants to conquer space. Shahnaz Husain has begun work on formulations that astronauts may bring with them on their intergalactic journeys to preserve their skin from the rigours of space flight and halt the ageing process. She has offered NASA complimentary samples of her moisturisers in the hopes that they would be utilised on future space missions. Shahnaz Husain is a successful female businesswoman in India. Her firm, Shahnaz Husain Herbals, is one of the world’s leading makers of herbal goods. It develops and markets approximately 400 products for diverse aesthetic and health requirements, and it has a global presence ranging from the United States to Asia.

4. SAMEER NIGAM

In today’s India, PhonePe is analogous to digital payments. Sameer Nigam and his co-founders, Rahul Chari and Burzin Engineer, developed this industry leader of a UPI-based digital payments platform in December 2015.

Sameer Nigam graduated from The Wharton School with an MBA in Entrepreneurship. Following his education at DPS Noida, Sameer went on to pursue Computer Engineering at the University of Mumbai, followed by a Masters of Science in Computer Engineering from the University of Arizona, and ultimately an MBA in 2009.

Before developing Mime360, an online social media distribution network, Sameer worked as the Director of Search Product Development at Shopzilla for a little over 6 years. Mime360 was eventually acquired by Flipkart, where he returned as Senior Vice President, Engineering, but departed after a year and a half to build his firm, PhonePe.

4. RICHA KAR

Richa Kar is the face of Zivame, one of India’s top online lingerie businesses. Richa was born in Jamshedpur to a traditional family. Kar was an engineering student who graduated from BITS Pilani and afterwards took a corporate job in Bangalore. Richa subsequently quit her employment to acquire an MBA, and after that, she worked for Spencers Retail and later SAP Retail.

Her experience in the retail sector aided her in developing knowledge and practical skills that are useful in the retail industry. Richa was captivated by Victoria’s Secret, America’s largest retail firm for women’s lingerie, and its success while working with SAP. As a result, she had little support from her family, but with her strong will and desire to create a business, she eventually founded Zivame with Kapil Karekar in 2011.

Innovations serve as a driving factor in the economy. Technology, as well as its rapid spread and adoption, has become a critical force affecting practically all industries, including agriculture, industry, and services. Innovations and technical breakthroughs have a huge impact on how enterprises and initiatives contribute to the nation’s economic growth as well as their global expansion.

At the moment, the world is changing quickly, and organisations’ competitiveness must be maintained by continual innovation by bringing in new technology to improve quality standards, as well as establishing necessary infrastructural support. In recent years, there has been tremendous growth in the realm of science and technology, allowing for a wide range of technological advancements in many fields. Efforts have been made to build adequate laboratories, technological centres, and incubation units to assist the improvement of equipment and machinery for all industries.

Technology and its fast expansion have an impact on how organisations and enterprises operate. It also helps Micro, Small, and Medium-Sized Enterprises (MSMEs) adapt to the global market. In such a circumstance, the necessity for Business Incubators (BI) to encourage and support individual inventors’ inventiveness and to aid them in becoming technology-based entrepreneurs arises. BIs are critical for accelerating technological progress, transforming new ideas into practical industrial upgrades that result in profitable enterprises.

What is advanced manufacturing?

The adoption of innovative technologies and practises to boost corporate competitiveness is referred to as advanced manufacturing. Production industries employ innovative technologies to stay up with improvements in digital data, computer technology, equipment, materials, and technology-enabled management in order to enhance manufacturing efficiency and process.

These technical breakthroughs might be relevant to any stage of the design and production process, including concept generation, development, online testing, marketing needs, and overall management. The goal is to build a high-quality, efficient model with minimal consumption and a clean, scalable manufacturing method. In a nutshell, advanced manufacturing encompasses all elements of production, from idea to market-shelf and, in certain circumstances, beyond. It largely relies on information and communication technology (ICT) to ensure seamless integration across an organisation’s industrial and business sectors.

Types of Advanced technologies:

Efficient production:

The technologies used are design-related, followed by simulation. It covers physical and computer modelling, all sophisticated manufacturing technologies, and related control approaches that a manufacturing unit may need to implement. The emphasis is on concurrent engineering rather than sequence-based engineering. Rapid prototyping and near-net form manufacturing, as well as precision moulding, machining, and joining, are examples of production technology.

Intelligent production:

Intelligent manufacturing makes use of information and communication technologies in manufacturing and logistical processes. This method focuses on designing and managing systems to optimise manufacturing facilities through efficient evaluation and service and maintenance plans that are routinely updated.

Effective organisation:

The implementation of suitable production and execution of industrial resources is related to a successful organisation. It consists of tangible resources as well as associated knowledge and works in areas where the technology may be utilised to improve the involvement and capacities of a small or medium-sized business or even a big corporation. An effective organisation considers manufacturing-related issues such as virtual bidding, facility and resource sharing, incubation units for emerging ideas and technologies, information sharing, and all elements of e-commerce.

Additive manufacturing:

To generate complicated models from a single component, manufacturers utilise processes such as 3-D printing, fused deposition modelling, or powder-bed laser printing systems. This allows manufacturers to identify potential flaws in their solutions without expending materials or money. Among the various industries that employ additive manufacturing are aerospace, medical, prototype, automotive, and consumer products. These technologies proceed to be less expensive to adopt.

Advanced and Composite Materials:

Advanced materials offer exceedingly accurate hybrid blends for specific purposes, such as metal, plastic, glass, and ceramic blends. Materials with precise physicochemical properties are modified to allow performance advancements while decreasing material trade-offs. Recyclable plastics, high-strength metals, and sophisticated ceramics are common composite materials.

Robotics and automation:

Robotics is a natural match among sophisticated manufacturing techniques, and it is meant to automate procedures involving precise motions, heavy item lifting, and element combining that is uniform throughout production units. Furthermore, robotics decreases the danger associated with hazardous tasks such as those in the automobile and aircraft industries.

Nanotechnology:

Devices are shrinking, and as a result, the need for compact parts and components is increasing. Nanotechnology is gaining popularity among designers who want to boost functionality while reducing gadget size. Nanotechnology has assisted sophisticated manufacturing systems in reducing their total footprint while increasing performance across production lines.

Network and IT integration :

The internet provides unequalled connectedness, and advances in internet technology have permitted connectivity to and from systems and equipment as well. Interaction between sectors can be done electronically rather than manually. With internet connection to all areas of production, any difficulties that may emerge are immediately notified, allowing for preventive repairs and reducing cost.

Laser machining and welding:

Precision machining and welding are made possible by the laser process. Laser technology prepares high precision components quickly since the component’s integrity is preserved with low and consistent levels of heat. Pressure vessels and motion detector welding are examples of such techniques. It’s also used in battery welding and delicate electronics.

Technological challenges that companies face:

• Advanced manufacturing technologies, by definition, need significant investments in research and development. There is also a very high-risk aspect that organisations accept, which can influence decision-making and, ultimately, innovation.
• In some situations, firms may find it difficult to gain access to specific materials or to comprehend the material’s properties. Evaluation methodologies and design processes can also be difficult to develop and implement.
• Often, an organisation’s simulation capabilities do not keep up with technical advancement, resulting in delays.
• More cybersecurity efforts are required to stay up with technological advancements.

Improving productivity in small enterprises does not need fundamental shifts in the way you do business, nor does it necessitate the injection of a significant pool of capital to increase production outputs. Rather, productivity is accomplished by using continual improvement strategies that gradually increase the effectiveness of your current systems and personnel.

In general, productivity relates to how quickly you can generate a given result. It is sometimes paired with another element, such as efficiency, to assess how many resources were used to produce that result. High productivity may be accomplished by either lowering the number of raw materials, labour, and time used in the manufacturing process or producing more with the same number of production factors or resources.

1) Employee productivity

Your staff is one of the most important factors in increasing productivity and the economic success of your firm. That is why understanding the primary elements influencing staff productivity may be a game-changer for your company.

Employee engagement is a vital productivity metric for increasing the performance of your company. Investing in your staff is a smart method to enhance production, labour efficiency, and employee engagement. Create a nice working atmosphere, promote feedback, and always set attainable goals – and you’ll see a huge increase in productivity.

Setting ambiguous and unreachable objectives, on the other hand, frequently results in low productivity and lack of motivation since it causes employees to feel confused and unsure of how to progress with their job. However, when you create clear and attainable goals, your staff will feel more involved and motivated to enhance their performance.

Employee satisfaction: Another helpful productivity metric that is strongly tied to employee engagement is job satisfaction. Employees that are dissatisfied with their jobs are less engaged at work, which leads to lower labour input and productivity.

Many factors might influence job happiness, so make sure you collect enough input from your staff. Based on what they tell you, you can optimise their work environment and workload. This can boost their happiness since they perceive that you care about more than just the financial line of your company, but also about the well-being of your employees.

Employee training: Your production will suffer as a result of unskilled staff. They wind up wasting hours attempting to figure out the fundamentals of the job rather than conducting genuine productive work.

However, simply having an employee training programme is insufficient. Training is an important aspect of productivity that should be complete and thorough. Take your time, talk to your staff, and explain how their function influences the operations of the firm so they can grasp the larger picture.

By doing so, you boost their capacity to handle broad situations on their own, rather than simply providing them with role-specific knowledge and restricting their learning.

Employee health: Ensuring that your employees do not overwork and that they take care of their physical and emotional health is critical for labour productivity. Remember that a healthy employee has more mental and physical energy to deal with daily activities and reach higher levels of productivity and efficiency.

A sick or burned-out employee, on the other hand, will take far longer to finish the same work because they lack energy. To keep your staff in excellent shape, implement various wellness programmes and encourage them to participate. You may also sell healthier food in your office cafeteria and provide gym memberships to your staff.

2) Workplace environment

Productivity is a critical component that must be regularly monitored to ensure that it meets your organisation’s goals and expectations. Another important factor of employee productivity is the work environment. When the climate is hostile or stressful, engagement and productivity levels plummet, hurting the whole organisation.

Workplace settings can be influenced by a variety of things. According to the CIPD, following last year’s Brexit referendum, there was a 20% fall in morale among colleagues, a 17% rise in stress, and a 9% increase in incidents of experienced, observed or heard race-related harassment or bullying at work.

These figures illustrate that something that had nothing to do with an organisation’s internal issues had a detrimental impact not just on their employees’ performance and interactions with one another, but also on the work environment. When you combine this information with the fact that 31% of employees seeking new employment desire the new position to alleviate stress, it is evident that outside forces may and will damage your business, therefore you must take precautions to ensure that casualties are kept to a minimum.

These methods must include fostering a pleasant environment by promoting positive and honest comments as well as timely praise. To keep your staff engaged, let them know when they are doing a good job. It is also critical to demonstrate to them that while there are places for improvement, it is not the end of the world. Collaborate with them to confirm that these areas are always evolving, and maintain an open conversation to avoid any unexpected shocks later on.

3) Updating technology

When we think about technology, we often assume that it only pertains to the most recent and expensive items released by firms such as Apple and Microsoft. However, when we say technology, we mean everything your employees have available to them to accomplish their tasks. This implies that office equipment, personal devices, and the applications they utilise are all considered technology. It is crucial to highlight, however, that modern office technology extends beyond this. This is because technology in our life has progressed beyond mere devices and equipment.

Social networks are just another piece of technology that has been condemned because they are deemed unnecessary in the workplace. However, because phones and social media are such an integral part of our lives, dismissing them as unnecessary or irrelevant in the workplace is a fatal error that many managers make.

How to overcome these barriers?

• The first step is to overcome your fear of technology; you should regard it as a friend and handle it as such. Instead of prohibiting the use of particular types of technology, accept it to the point that it is as crucial in the workplace as it is in many other parts of your workers’ life.
• Next, you must learn to stay up with what’s going on and ensure that your organisation’s goals and general work-life are adjusted as technology grows and progresses.

Finally, remind your staff that even if you don’t have the most cutting-edge technology available, they can and will have to execute their tasks with what they have. Encourage them to use everything at their reach and maintain an open mind to any recommendations they may have on how to employ anything you currently have.

Thirty years ago or even earlier, your family ventured into a business with great passion and fervour. There was a rock-solid plan that was devised after much deliberation, the finances arranged, the connections made, and the effort put in. Cut to today, when the business is still doing well and why wouldn’t it? The business is well-established in the market area, there has been word of mouth advertising over the years, the quality of products has been consistent, and the service is a talking-point in the whole of town.

While, establishing and running a business consistently for years can be termed as a successful venture, it’s important to understand there is no limit to success. Therefore, it is only right that any businessman of the next generation thinks ahead and grows the family business to the next level, in their own way.

And what better way than going digital. Today, the world is harnessing the power of digital and businesses too are tapping the full potential of this medium to make the most of the opportunity. From expansion to creating a brand, from reaching out to a wider audience to offering innovative business services, brand have a lot more to explore with, thanks to the digital platform.

Here’s why digital is the best medium to take your family business ahead why and many, many business owners have switched to the medium despite having well-established businesses:

Financially workable:

The space, the time, the energy and the investment required in expanding your business on the digital medium is far lesser than what it could be if you went offline. Point being, going digital means you will not have to worry about physical stores or expenses that come with it, there will be no requirement of salesman or staff who’d otherwise need to be available all the time or the headache of incurring general expenses like electricity, rent, furniture, etc.

Acquisition of new customers:

One of the key aspects to grow in a business is to acquire new customers. While delighting the existing
customer is of great importance and should never be undermined, it will only result in survival of the business with the same kind of growth. To take a plunge into the next level and re-define the growth of your business, it is important to acquire more and more customers. Going digital ensures you reach out to a wider audience as opposed to a store where there is a limit to footfalls, and offers an opportunity to build on your customer base every single day!

Geographically limitless:

Digital, as a medium, is infinite and the reach is incredible. Sitting in a quaint town, you can sell a product to someone far away. By far away, we don’t just mean someone in the neighbouring district but someone who lives in another city or even another country. Fact that, it is equally easy for the customer who’s sitting hundreds of kilometres away, to choose, pick, buy and receive the product with the click of a single button makes it a win-win for everyone involved in the business – be it the manufacturer, supplier or the customer.

Wider audience:

There are niche products and then there are household products. Being on digital, especially for the latter, can work wonders as the business will be able to reach out to a far wider audience than a store can ever. Consider this; a store selling water bottles in a market area may be able to bring in 50 customers a day as the upper limit considering it has been around for a while, is easily accessible and has a reputation of good service and quality. But when thigs move to digital the game changes beyond belief. The same store owner can now have thousands of customers looking at the bottle on their screens, many of which will convert. Statistically speaking, a store can bring you about 50 customers a day, but your digital store can bring you 500, 5000 or who knows even more, in a single day!

Round-the-clock offerings:

A typical store opens at 9am and shuts down at 9 pm, making it an open invitation of customers to visit anytime during the12- hour slot. But what if someone wanted to make a purchase early in the morning, or maybe late
in the night, considering that’s when most people are done with their business and have some time to indulge? Here’s where going digital is a great idea because as a business you’ll never have to shut shop. And being available 24 hours a day, 7 days a week and 365 days a year is a good enough way to ensure more sales and eventually better profits!

Innovative services:

Going digital with your business, especially with e-commence giants gives your business an edge that an
offline store will never be able to. Right from no questions asked exchange offers to irresistible discounts,
from same day delivery to acquiring points that will help you in your next purchase, doing business on the digital platform offers much more than what can average customer expects. Resulting in customer delight, and eventually better sales and higher profits!

When it comes to business – offline and online are both important and each one of them has its own charm. However, considering the way the world is progressing through digital transformation and the dependency of the consumer on the digital medium for almost everything, it is but obvious that businesses need to take the digital path quickly to stay ahead and grow. Today, digital is no more a ‘nice to have’ concept but a ‘need to have’ concept for MSMEs looking to step out of their comfort zones and embrace exponential growth and expansion.

Networking is a personal talent that is critical for business professionals, especially startups and entrepreneurs. When you are a good communicator and well-known in the business community, you may establish long-term partnerships. These characteristics will assist you in meeting entrepreneurs from various corners of the world and industries. As a result, business networking is critical for both new and established businesses.

You may be asking how you may go about business networking at this point. Every year, firms from all around the world convene in various forums. A group of highly talented entrepreneurs with a shared idea is among those who attend these gatherings. They intend to produce, share, and develop ideas while also meeting possible investors and industry professionals.

People network every day, even if they are unaware of it. Business networking is distinct in that its purpose is to connect with people who share similar interests. Entrepreneurs and startups, on the other hand, may broaden their network by integrating organisations with other areas of business and remaining in communication with them. The methods listed below can be used to build useful networks.

Benefits of networking

• Networking allows you to hone your communication and sales abilities, which are essential for any new business owner. Learning to introduce yourself and chat to individuals you don’t know, even if you’re timid, will enhance your confidence and your business.
• Networking introduces you to other small company owners who can act as mentors and moral support during the starting phase. Starting a business may be isolating, even if you have workers or supportive family members on your side. Meeting other entrepreneurs who have been “in the trenches” and understanding what you’re going through can help you get through the difficult times.
• Networking gets you active in your neighbourhood and industry, which enhances your profile and draws attention to your business. Consumers like to do business with the company, and becoming recognised through networking increases the likelihood that people will want to do business with you.
• Networking is a wonderful method to locate new consumers. You could meet individuals who want to purchase what you’re selling — or, more likely, people who know others who want to buy what you’re selling. Referrals are one of the most important discoveries of novel business, and by socialising, you’ll automatically get more of them.

How to network:

Social media:

You can quickly develop a strong network on social media because most individuals are on these social media platforms promoting or seeking their products and services. Entrepreneurs frequently use networks such as LinkedIn, Twitter, Facebook, Google Plus, and Instagram. WhatsApp is a personal messaging app that allows you to join corporate groups. Because these networks are not geographically restricted, you may communicate with fellow entrepreneurs or clients from all around the world.

Business events:

Entrepreneurship workshops, conventions, and award ceremonies are among them. These conferences are intended to bring entrepreneurs together to help them acquire new skills, stay current with trends, build a strong network, and become thought leaders.

Entrepreneurs and professionals from all backgrounds and degrees of expertise are brought together at business events and gatherings. Participants are looking for motivation, contacts, guidance, mentors, and opportunities. The following are some things to keep in mind before attending these forums.

Develop an effort to make new contacts every time you attend a business event; nevertheless, don’t disregard your local ties as a result of your new acquaintances. Treat both local and worldwide business contacts with the same respect.

• When meeting new individuals in forums, be yourself and be genuine. This will assist you in developing more real relationships and attracting more individuals. Present the firm in the manner in which you want others to perceive it, as this will assist you in establishing honest basics for the commercial partnership.
• Discuss typical issues that all entrepreneurs face across the world. These issues will help individuals feel more at ease if you demonstrate that you understand their situation.
• Provide value to other businesses in order to entice them to approach you. Being active can help you attain this.
• Maintaining contact is the cornerstone of a healthy network and connection. As a result, follow up with the new connections after the event.

Attending a variety of meetings and events without a strategy is a waste of time. First, identify what you want to accomplish. For example, you could wish to network to meet potential clients or to identify new investors. These two objectives will necessitate distinct sorts of networking and organisations. Select networking groups to join based on your objectives. Look for events that will attract the individuals you want to meet or where you can gain the skills you’ll need to establish your company.

Attending a networking event in person requires you to be well-dressed, have business cards, and maintain a cheerful attitude. If you’re afraid, approach one individual who is also there alone – chances are, they’ll be ready to chat with you. Focus on listening more than talking, and consider how you can benefit the other person rather than what you can obtain from them. Don’t take up other people’s time, and always get contact details from those you want to follow up with.

With so much to do during the launch period of your new firm, networking may easily fall by the wayside. Make it a goal to engage with folks in your social networks every day, and to attend one in-person event every week. Over time, you’ll learn which social networks, networking events, and organisations are genuinely beneficial to you. Then you’ll be able to focus on those and remove those that don’t provide value.

As your company expands, a solid business network will benefit you in more ways than you may think. Begin immediately to create a network that will help and support your company.

Are you considering establishing your own business? It’s a good thing you came across this post since choosing the appropriate business structure is one of the most significant aspects influencing a company’s success and longevity.
The sort of legal structure you choose for your company is perhaps the most critical tax choice you make when starting a business. This selection will affect not just how much you pay in taxes, but also the quantity of paperwork your firm is needed to undertake, your liability, and your capacity to raise money.

Sole proprietorship, partnership, corporation, and joint are the most frequent types of company. The limited liability corporation (LLC) and the limited liability partnership are relatively recent developments in these types of business (LLP). Since each business form has distinct tax implications, you’ll want to choose intelligently and select the format that best suits your company’s needs.

If you establish your firm as a sole proprietorship but later decide to add partners, you can reorganise as a collaboration or other entity. If you do this, make sure to tell both the IRS and your state tax department.

Sole Proprietorship:

The sole proprietorship is the most basic structure, as it generally contains only one person who owns and manages the business. This arrangement may be appropriate if you want to work alone.

The tax benefits of a sole proprietorship are enticing since your business costs and revenue are recorded on your income tax return, Form 1040. Schedule C, which is submitted with your 1040, is where you report your gains and losses. Schedule C’s “bottom-line amount” is subsequently moved to your personal tax return. This is especially appealing since any company losses you incur may counterbalance the revenue you generate from other sources.

The federal government allows you to pay anticipated taxes in four equal instalments throughout the year on April 15th, June 15th, September 15th, and January 15th. Unlike other business models, your earnings from a single proprietorship are only taxed once. Another significant advantage is that you will have total control over your business—you will make all of the choices.

However, there are a few drawbacks to consider. If you choose the sole proprietorship business form, you will be individually liable for your company’s responsibilities. As a result, you are putting your assets in danger of seizure to settle a company obligation or a legal claim made against you.

Partnership:

If your company will be owned and run by numerous people, you should consider organising it as a partnership. Partnerships are classified into two types: general partnerships and restricted partnerships. A general partnership’s partners operate the business and are personally liable for the partnership’s debts and other responsibilities. There are both general and limited partners in a limited partnership. The general partners own and manage the firm and are personally liable for the partnership, whereas the limited partners are just investors with no influence over the company and are not subject to the same obligations as the general partners.

Because of all the needed paperwork and administrative difficulties, limited partnerships are often not the ideal solution for a new firm unless you anticipate a large number of passive investors. A general partnership is significantly easier to create if you have two or more partners who wish to be actively involved.

One of the primary benefits of forming a partnership is the favourable tax status it receives. A partnership does not pay taxes on its income, but any gains or losses are “passed through” to the individual members. At tax time, the partnership must submit a tax return (Form 1065) with the IRS, reporting its income and loss. In addition, on Schedule K-1 of Form 1065, each partner provides his or her portion of revenue and loss.

Personal responsibility is a key risk if you form your organisation as a general partnership. General partners, like sole owners, are individually accountable for the partnership’s duties and debts. Each general partner has the authority to act on account of the partnership, issue loans, and make decisions that impact and bind all of the partners. Remember that partnerships are more expensive to install than sole proprietorships since they necessitate additional legal and accounting services.

Corporation:

The corporate structure is more complicated and costly than most other types of company arrangements. A company is a distinct legal entity from its owners, and as such, it is subject to numerous rules and tax obligations.

The most significant advantage for a business owner who chooses to consolidate is the liability protection it provides. Because a company’s debt is not considered the debt of its owners, organising your firm as a corporation does not put your personal assets in danger. A corporation can also keep some of its earnings without the owner having to pay taxes on them.

Another advantage is a corporation’s capacity to raise funds. To raise cash, a business can sell the stock, either ordinary or preferred. Corporations can also exist eternally even if a shareholder dies, sells their shares, or becomes handicapped. The corporate structure, on the other hand, has several drawbacks. One significant one is increased expenses. Corporations are founded following the laws of each state, each with its unique set of requirements. You will almost certainly want the services of an attorney to advise you. Furthermore, because a corporation is subject to more complicated legislation and rules than a proprietorship or a partnership, it needs additional accounting and tax preparation services.

Limited partnership:

Limited partnerships differ from other types of partnerships in that participants can restrict their liabilities. To form a limited partnership, two or more people must agree to launch a firm in which one or more of the partners is solely accountable for the amount they invested.
In this sort of corporate organisation, limited partners, sometimes known as silent partners, have a stake in the firm but cannot influence management decisions. The remaining partners, still referred to as general partners, are in charge of day-to-day operations as well as any financial responsibilities beyond their initial investment.

Dividends are paid to limited partners based on the amount they have invested in the company. Another distinction between both types of business ownership is that limited partners are not self-employed. Limited partners are exempt from self-employment tax as long as they remain outside of the business’s operations.

Joint venture:

A joint venture is a sort of commercial agreement in which two or more parties (usually existing enterprises) agree to pool their resources to complete a specified project. This differs from a pure partnership in that the original firms continue to exist as independent entities.
When organising a joint venture, the participants should, ideally, create a new entity. This provides participants with a clear understanding of how taxes will be paid. This company organisation arrangement is valid until a project is completed — or until a particular length of time has passed.

For example, Alphabet (Google’s parent company) and Fiat Chrysler Automobiles announced a joint venture in 2016 to work on self-driving car development. While these firms might have operated individually, they determined that teaming together would give them a better chance of success.

In a joint venture, each participant is accountable for the project’s expenditures and will share in any profits or losses. However, while each member is liable for the joint venture’s expenses, these costs are kept distinct from their (and their partner’s) other commercial interests.
A joint venture agreement will define the partnership’s and its members’ rights, duties, and goals. It will also state how much each partner contributed, who is in charge of the day-to-day operations, and how profits and losses would be handled.