We hear about startups and their emerging stories now and then. Quite often, we observe these startups come to light from a number of developed countries like the US, India and China. In order to be a great startup you need a proper action plan that can be implemented cleverly. As far as the developing countries are concerned, there are loads of challenges that one experiences while establishing a business. Nothing is quite impossible but keeping in mind the challenges one is going to face and acting accordingly, could make it easier to set up a startup. Apart from challenges in terms of technology and infrastructure systems, one major challenge startups face in developing countries is with funding. Finding investors plays a key role in expanding your business. It has a major impact on your startup as nothing can be taken forward to without funding. Over the years, the investments in developing countries have been made in matured industries such as oil, gas, real estate and finance.
The times have changed now!
Brazil improved its rank over the last few years. The Country faces several challenges to entrepreneurship including economic downturn, investor confidence and high costs. However, of late the entrepreneurial ecosystem of Brazil is on the rise. São Paulo is by far the most mature startup scene in Brazil. It is also referred to as the Financial Capital of Brazil. Majority of the startups commence from this City in Brazil. The Country’s startups are also receiving funding from investors like Tiger Global Management and Kaszek Ventures.
South Africa’s startup ecosystem is also seeing a growth however, challenges still remain. African startups overall, saw $167.7 million in capital being infused in to 201 startups in 2017. With the startup ecosystem changing the whole scenario, South Africa is expected to notice more inceptions in the coming years. To succeed as an entrepreneur in a developing country, you could look for partners to invest in your business and expand your footprint. South Africa also received the funding amount of $ 39.60 million infused into its startups followed by Kenya that attracted an investment of $ 31.4 million and Nigeria which secured $ 24.2 million. Startups actually make the world a better place. You put your ideas into implementation and make things easier for the people around you, with your brilliance.
With the use of cutting edge technology and innovations, many global startups are changing the face of the developing countries!
Sanskriitii – A Saviour For Indian Artisans?
Founded by Mr. Anil Tripati and Ms. Latha Pathak in 2017, Sanskriitii is a startup that deals with arts and crafts and hence works with a vision to empower Indian handicrafts which do not generally get the appreciation they deserve. A team of engineers, management professionals and philosophers have joined hands at Sanskriitii to make handicrafts and home decor more interesting by incorporating contemporary design into artefacts.
What Sanskriitii does
Sanskriitii brings a whole variety of Indian handicrafts under one roof. These varieties include Dhokra art, Meenakari art, Kundan art, Zari art, Bidri art, Stone Jali and many more. Their products are mostly offered to large chains of restaurants for the interiors of their rooms and lobbies.
The main challenges faced by craftsmen these days are creating new designs suitable to the present day lifestyle, market demand
and financial limitations to pull off bulk orders. Due to these reasons,
most of the craftsmen give up on handicrafts and move out of their village to other nearby towns to find some other random jobs to earn a living for themselves and their families. Sanskriitii plays a vital role in helping craftsmen overcome these challenges. It not only provides craftsmen with capital and raw material, but also builds an environment which enables them to deliver the finished products to their customers.
Due to the changing lifestyles of the consumers and their lack of appreciation for traditional goods, a startup like Sanskriitii is still struggling to find a large number of consumers.
Challenges faced by Sanskriitii
With readymade, easily available and branded products ruling the market, handcrafted products can easily be left behind because their gestation time is comparatively larger and clients generally do not prefer waiting for such long periods to get their products delivered. In addition, the industry as a whole is yet to accept and understand handmade products. Lack of awareness among people about handicrafts is yet another challenge Sanskriitii is trying to overcome.
At Sanskriitii, a wide range of handcrafted products are made,which suit the present day lifestyle and yet have a traditional touch. The added advantage with handmade products is, no two products are exactly the same. These products are also environment friendly. By shopping at Sanskriitii, one can also contribute to their vision of empowering Indian handicrafts and small scale entrepreneurs. Although the delivery time is much longer than that of regular products, these handicrafts are worth the wait.
Conrad Hilton’s Lessons For A Successful Life
When Conrad Hilton passed away at the grand old age of 91 in 1979, he left behind him a legacy built over six decades. When he started his own business in the year 1919, little did he know that he was going to be known as the Best Innkeeper in the World. With more than 500 hotels spread across 6 continents in the world, Conrad proved that no matter how many lemons life throws at you, you can always make lemonade. From fighting in the First World War, to coming to terms with the loss of his father and family business at the same time, Conrad Hilton has taught us how to live the successful life by following these principles:
1. Find and own your talent
According to Conrad Hilton, everyone is good at one particular thing. He was good at making money and making things look better than they were. While he may not have had a successful stint at becoming a banker (his life long ambition,) he definitely had a fruitful career when it came to being a hotelier. His talent lay in identifying things which weren’t working and in turning them into gold. Despite facing challenges in terms of financing the deals, he realised his talent and made sure he used it to the best of his abilities! The lesson here? Find what you are good at and no matter what, you will always succeed.
2. No empty space is a waste
When Conrad bought the Mobley Hotel (his first ever hotel,) he realised a lot could be done to change the way the downtrodden place looked. A lesson he learnt from his father, Conrad realised that in order to create something beautiful, one had to look beyond what met the eye. The first hotel Hilton owned, fit around 40 rooms and when he had a sudden spurt of inspiration, he converted the dining room and fit in another 20 beds into the space. Talk about a stroke of genius! The lesson here? Always go with your gut.
3. Don’t be obsessed with the material world
Conrad’s family was never a wealthy one. He saw the first signs of wealth when his father sold a gold mine to the tune of $ 110,000 (now worth $ 3 million!) However, saving was not a part of their life formula. This taught him never to be obsessed with the material aspects of life. The lesson here? The more you learn to enjoy the finer moments of life, the more you start letting go and the more you truly start to live.
4. Never cling to the past
One of Conrad Hilton’s major obsession was to become a barrister. However, life had other plans for him. He kept pushing forward through all the adversities. No matter where life takes you, learn from the lessons of the past. Further, if Conrad’s father had kept mulling over how the family lost their fortune, they would have never really gone beyond the fact that they had to start from scratch all over again. The lesson here? Keep looking at how to get better and life will fall into place.
5. Always have an idol
One of the most important lessons Conrad learnt early on in life was to never look down on people. Only look down at people when you have to pick them up. Further, Conrad says to always learn from people, no matter what their position or what they do for a living. If Conrad hadn’t been the person he was, a bellboy wouldn’t have loaned him $ 300 when Conrad was going through a bad time! The lesson here? Everyone is an asset. Everyone has something to offer. Keep learning and growing.
6. Stop the worrying
Nothing good ever comes from worrying. According to Conrad, “Worrying has never solved anything yet. Prayer, thought, action – yes. Just worrying, no!” During the 1930s, when the Great Depression was happening, Conrad thought his business was going to sink. However, it was through sheer grit and determination that the man fought back and hit back hard! The lesson here? Everything happens for a reason. While you may blame the circumstances for your failures, don’t let them affect the rest of your life.
Conrad Hilton lived an inspiring life. Through all the ups and all the downs, the man became famous enough to build an entire industry. Today, the signature white swans on the beds, the mints on the pillows and the bellboys in crisp uniforms are all synonymous with the Hilton Worldwide Holdings Inc. Leaving behind a legacy, Conrad Hilton proved, no matter what, you can do what you truly want.
Books Every Entrepreneur Should Read In 2019
The year is 2019 and if you are an growing entrepreneur, then certain books just have to be on your reading list. With competition being at an all time high this year, here are some books which will help you find the motivation to keep being the best version of yourself as an entrepreneur.
1. The Execution Factor: The One Skill That Drives Success by Kim Perell
Kim Perell, an extremely successful entrepreneur, creator and angel investor, believes, to become successful in life, one doesn’t need a high IQ, but needs to have the ability to differentiate between success and failure. Using this principle, Perell wrote the critically acclaimed book, The Execution Factor: The One Skill That Drives Success, outlining the 5 basic traits successful people have and how they use these traits to turn their dreams into reality.
2. The Innovator’s Dilemma by Clayton Christensen
Perhaps one of the most relevant books for entrepreneurs, The Innovator’s Dilemma by Clayton Christensen talks about how to make the most of any situation at hand. A classic of sorts, this book also talks about how the beginning seeds of innovation are sown and how you can grow to the top from the grassroots. The Innovator’s Dilemma has to be on your reading list for this year!
3. EntreLeadership by Dave Ramsey
Even leaders need guidance from time to time and if you feel stuck in a rut with no proper direction for the people in your company, then the EntreLeadership is the perfect book for you. With a step by step guide on how to help your business progress, while at the same time guiding people about how to lead better, EntreLeadership is every entrepreneur’s comfort book.
4. Setting The Table: The Transforming Power of Hospitality In Business by Danny Meyer
Setting The Table by Danny Meyer is based on the simple theme of being able to serve your customers better if you know them better. While you may not be setting up restaurants like aspiring hoteliers or laying the tables like chefs at a five star, this book has everything entrepreneurs just starting out need to read. From talking about how to partner with like minded people to knowing where to look at for investments, Setting The Table is the one book which just has to be on your list.
5. Good to Great by Jim Collins
You have reached the heights of success with your already blooming business? That is a question Jim Collins answers in his book, Good To Great. Collins not only defines, but also identifies the reasons as to why some companies soar to unparalleled heights of success while others fail to take off despite putting in the required amount of work. Studying all the recent data about how different companies have performed over the years, Good To Great maps the journey of companies which moved from nothing to something.
If you’re looking at understanding what went wrong and need motivation on how to grow to the next level, then you absolutely have to read these books. Comment and let us know if you think we missed out on any other great books like these!
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