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Fears Holding You From Becoming an Entrepreneur

I was in the mid-20s when I started my first venture. The fear of being an Entrepreneur who is starting something new without a lot of experience was a major challenge. The comfortable job. The stable future. The decent salary. I was to leave everything for pursuing a journey which was unpredictable. I was to leave everything for pursuing a journey which was unpredictable. Was I scared? Yes. I was. Especially, when we had a bad start to our journey. Had it not been for some backing from my father in initial years of my business, I would have...

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How Banks can help your Startup grow

The Banks are an indispensable part of startups and small businesses. When we started our venture, banks for me was a place to do our transactions and get our salaries disbursed. As our business grew, I realized the constructive role a bank can play in our company’s growth. They definitely have a bigger role than you and I can think of in helping our startups/business grow. I know the first thought to cross the mind of an Entrepreneurs when we think of a bank is “How do we get an unsecured business loan in India for our startup”. I am writing unsecured because most of us rarely have a property to speak of. The ones with Dad are strictly out of limits for startups.All we have is “faith” and faith barely helps in meeting salary expenses. All we have is “faith” and faith barely helps in meeting salary expenses. Hence, we look for loans for business without security. A good exchange rate from a foreign client can increase your earnings. On the other hand, undue charges from banks can affect the earning adversely. Banks can also help you raise a decent amount of money as an unsecured business loan. Loan for a start up or a small business is essential to keep the ship afloat. As your relationship grows with the bank, you can definitely leverage your good relationship to get...

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The Dark side of Entrepreneurship

One of my close friends convinced me to start my first venture. I was so intrigued by what is Entrepreneurship that I left a decent paying cushiony job as a programmer to test the waters of Entrepreneurship. Trust me. All the fuss about Entrepreneurs makes starting your own venture so tempting. Those were the days when leaving a job was the biggest crime that can be committed by a middle-class family person. The marriage stocks would plummet. Family standing would go down. Everyone would talk behind your back on your foolishness. How naïve could you be to leave a job in an IT Company? We...

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How do Entrepreneurs handle Failure?

Success has many fathers but Failure is an Orphan. And in the mean world of business, failures are not rewarded. They are looked down and Frowned upon. “The National Venture Capital Association estimates that 25% to 30% of venture-backed businesses fail.” “according to U.S. Census data, only 48.8 percent of the new establishments started between 1977 and 2000 were alive at age five.” This is for small businesses. The failure rate is much worse than for “startups”. The irony in the above statement is. They do not even have a number for failures in startups. They have left us to our imagination.  We have to figure out the failure rate in “startups”. Entrepreneurs and Failures: Failures are quite common in startups. An entrepreneur might fail in raising funds. Delivering work. Making sales. Keeping employees happy. Managing a work – social balance. Returning money to investors. Worse. Fail the startup. I know all the above sound very common to all the businesses or any salaried person. So why am I focussing only on entrepreneurs in startups? Entrepreneurs in startups are always hanging by a thin wire. They are low on funds (bootstrapped startups). Are trying something new and are under tremendous pressure to succeed and are always trying to win a losing battle. The “pressure” is nothing in comparison to what a normal business owner or a salaried person might feel. I recently...

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How 3 Outsourcing mistakes led to Closure of my Startup

Rank My leader was my dream startup. The single platform to allow all political leaders to be evaluated real-time based on news. The web portal failed because of some blunders I did while outsourcing almost all work of the portal. There are books written on how to outsource smartly. Benefits of Outsourcing. Tips to outsource, etc, etc but when outsourcing goes bad, the business built with the help of outsourcing is bound to go south. The pros and cons of IT outsourcing are widely debated. I outsourced most of my work via upwork. The cons outnumber pros of Outsourcing. The...

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