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Financial Tips For Entrepreneurs Who Are Just Starting Out

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Entrepreneur Startup Funding, Entrepreneurs Stories 2018, Financial Planning for Businesses, Financial Planning Tips, Financial Tips For Entrepreneurs, Financial Tips for Startups, Latest Business News 2018, Startup Entrepreneurs Financial Tips, Startup News India, startup stories


Building a company from the ground up is a scary business. While some would think it all starts with the name, there is a lot more to do to establish a successful first venture. It takes courage, willpower and the ability to know that failure is part of the process. As an entrepreneur, one of the most important things is to manage finances effectively. For those of you reading this, here are a few tips on how you could get your finances in order for the long run.

1. Track your spending

When you first start your business, there is a lot going on with the startup. From the employees to the different amenities in the office, everything needs to be paid and looked after. The first cheque you write is always exciting. However, unless you keep track of your spending, there is no looking at where the money is going. Like the wind, money comes and goes, without a filter. So do not forget to track your spending. There are plenty of accounting softwares available out there or you could opt for Google Docs as well to keep an eye on all your finances!

2. Don’t rely your business on credit card debt

For every story of a successful entrepreneur, there are a handful of unsuccessful attempts that don’t make for interesting stories. Credit cards are not the only way to finance a new company, they’re a very short term liability. They should be used as a tool to manage cash flow, not create cash flow. So, it is better not to rely your business entirely on credit card debt.

3. Set goals

Setting goals are very important and following them is even more important. This will allow you to keep an objective view of your business. Where you stand and what changes you may have to make along the way. So, be clear with your goals and follow them religiously. What to buy, why to buy and how to buy. Keep this in mind!

4. Seek out professional advice

As an individual, you can seek out mentors that can help you with personal finances. As an entrepreneur, you can continue to work with these people or seek out more established financial consultants that provide you with the guidance you need to run your business. Do not shy away from seeking out an advice from a professional.

5. Stick to a budget

For those who are in the early stages of their company, you need to know your personal financial needs to map out how much money you will need to survive and how long your current savings will last. This needs to be prioritized accordingly! Plan a budget and categorize the finances depending on your cash flow process. 

The bottom line is entrepreneurship is not an easy task and getting your finances right plays a key role in any business! So, as a beginner, you need to spend your money wisely on anything and everything!

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How To

How To Master Your Craft

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How To Master Your Craft,Startup Stories,2019 Best Motivational Stories,Master of Your Craft,How to Perfect Your Craft,Craft Master,Benefits of Master Your Craft,5 Steps to Master Your Craft,Ultimate Guide to Master Your Craft

It is no secret it is a lot of fun to watch people do what they love. Painters, chess players, pianists and dancers, all these people perform exceptionally well and when you watch them, you realise this is not just a statement. How does this happen? How do people reach a point of success where they love their craft so much, it becomes a part of who they are? It is by following the below suggestions about how to perfect your craft!

1. Find what drives you toward your passion

Picture credits: precisionsourcing.com

Everyone has the power to master certain skills in life. There are so many things one dreams of doing when they were younger, wild and free. The first step of rediscovering what your passion is, is by rediscovering the instinct which drove you toward your passion in the first place. In the process of growing up, you forget what you loved doing, either because of boredom or because of how things pan out. Connect the dots from your childhood, draw a map of what you love, start doing what you loved as a child and slowly, everything starts falling in place. Reconnect to your past and let go of things which are holding you back. Only then can you truly start working toward your passion again.

To sum this up, as Chris Bailey says, “People become experts on a particular subject by accumulating and connecting enough dots related to them, in the form of experiences, knowledge, and best practices. Our brains are naturally programmed to cluster related dots.”

2. Have multiple test runs

Picture credits: youthkiaavaz.com

Mastering a craft is not an overnight process. It takes a lot of time, effort and continuous practice to make sure you know what you have set out to do. Once you have chosen your path, you should start reading and learning about different ways to master your skill. This can be done through a number of ways ranging from classes, books, forums, blogs or guides. At the end of the day, do everything possible to sharpen your skill and craft. Test the things you learn in different formats. Make mistakes and learn from them. If all the artists we love didn’t work and rework on their arts constantly, they wouldn’t be who they are today.

3. Stay consistent with your practice

Picture credits: grammarly.com

Deliberate practice takes a lot of time and effort. However, deliberate practice has certain processes you can follow when it comes to staying consistent. Work with a mentor and tell them what your plans are. When you start working with a mentor, you realise you can do a lot more in life than you thought. Mentors help push your dreams and make them come true. Stay consistent in your practice tips and everything will fall in place. It is not a coincidence that the best pianists, athletes and writers practice over and over till they perfect the art. Keep going at your strengths and everything starts going right.

4. Realise that mastering a craft takes sacrifice

Picture credits: lifehacks.com

People are great at what they do because of the amount of time and effort they put into perfecting their craft. While practice seems like it is enough, the perfection comes because of a great deal of sacrifice as well. What shapes you as a person is your attitude toward your work. If you truly, deeply want to create something extraordinary, the amount of time you put into what you do matters a lot. The amount of time you put into the task is important. If Da Vinci did not sacrifice a life of comfort for a life of hardship, he wouldn’t have been able to create some truly brilliant works of art.  

5. Keep going

Picture credits: ncst.com

While working on your craft, it is important to remember you should keep going, no matter what. Be patient. Van Gogh never sold a noteworthy piece of art his entire life. Jeffrey Archer gained recognition after being arrested for the kind of books he wrote. Different people known for their greatness achieved success because they kept going, no matter what. Stay focused on your goal and work on it, despite all the negativity. Everything you want to do is achievable.

Like Napoleon said, “Nothing is impossible.” There is no wrong time and there is nothing which is truly impossible to achieve. Practicing your trade and perfecting your art is what you need to do in order to stand apart. What are your thoughts about how to perfect your craft? Comment and let us know!

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Tech

Edutech Startups Which Are Changing The Education World

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Edutech Startups,Education World,Startup Stories,2019 Best Motivational Stories,Edtech Startups in World,Education Startups in India 2019,List of Edutech Startups,Biggest EdTech Startups,7 Best Edtech Startups,Top Indian Edtech Startups 2019,Education Tech Startups

Tech startups are the talk of the town today, with a major hand in fields ranging from medicine, to gaming, to healthcare and to education. In the last few years, the edutech area is shaping up to be quite exciting, with new edutech startups booming every few months. Here’s our list of edutech startups which are quite literally changing the education game!

1. Nerdify

Picture credits: Nerdify.com

At its core, Nerdify is basically like your personal assistant which helps college students. Designed to help college students answer any questions they have or order books they had difficulty finding, Nerdify is easy to use. With either a text or a message on the Facebook page, personal assistants, called Nerds, help students with whatever they want. Extremely easy to use and simple to download, the app helps make life easier for college students.

2. Byju’s

Picture credits: Byjus.com

Founded in the year 2015 by Byju Raveendran, Byju’s as an app primarily focuses on children belonging to the primary and secondary fields. By creating interactive studying sessions, the app helps simplify the study material for children going through the toughest years of their schooling life. With more than 3 lakh monthly subscribers, the app has not only helped change the way children learn, but has instilled the love of learning in children.

3. Newsela

Picture credits: newsela.com

Unlike the previous years, it has become imperative for students to not just indulge in rote learning, but also understand, analyse and comprehend what they read. Newsela has been created with exactly this formula in mind. With carefully curated articles on different topics, this app helps students go beyond the basic text. Through grade appropriate content, students can study the material and be assessed on what they have learnt!

4. Edukart

Picture credits: edukart.com

Edukart is changing the education game one day at a time. By helping both students and professionals, the app offers a wide range of services ranging from more than 2,000 plus courses in degree, diploma, certificate, entrance coaching and K12 categories. Founded in 2011, this app has been making great waves in the Indian education system!

5. Remind

Picture credits: google.chrome.web

With the education game growing stronger every day, the days of sticking notes and reminders inside backpacks is now a thing of the past. Designed to improve communication and make conversations between students, teachers and parents easier, Remind works because it is smooth, easy to use and works on a real time basis. Without asking either parties for their numbers, the app lets you send messages on the app to remind people about things they have forgotten. From reminding people about assignments, to reminding parents about parent teacher meetings and visits, this app is quite literally a life saver!

6. Class Dojo

Picture review: edtechreview.com

In today’s day and age, maintaining classroom culture is extremely important. The Class Dojo app helps maintain seamless communication between the students, teachers and the parents. Designed to make conversations easy, Class Dojo is changing the way the education system works.

7. Peer Grade

Picture credits: teacherspayteachers.com

While it is important for one to get assessed by those older than you, getting feedback from the people who are your age is equally important. Peer Grade does exactly this. The teachers give the assignments, the students complete and upload it and the teacher assigns other students to grade the projects. Not only does this app help the students understand how their peers are doing, it also helps the instructors get better by looking at the way the students go through the course material.

With so many apps doing so well, it comes as no surprise that the education field is doing better every day! If you think we missed out on any other apps like these, comment and let us know!

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How To

Different Types Of Chatbots And How To Use Them

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Different Types Of Chatbots And How To Use Them,Startup Stories,3 types of business chatbots you can build,What are the different types of chatbots?,Types of Chatbots and How They Help Businesses,The Complete Guide to Chatbots in 2018

If you were under the impression that there is only one kind of chatbot, then think again. Although the basic forms of chatbots are the ones used the most frequently, there are different types used for different scenarios. Chatbots use chat mediums and come in a series of types, each designed to benefit your business in the best possible way. If you are looking at the different types of chatbots best suited for your brand, then here’s our most preferred list!

1. NLP based chatbots 

Picture credits: chatbotsmagazine.com

At its very core, chatbots show how artificial intelligence works. NLP chatbots go a step further from the generic chatbots in the sense that they use a combination of AI technology and Natural Language Processing (NLP.) By using a combination of these two forms, this type of chatbot identifies the intent of the use, classifies the messages and then gives answers depending on the language of the texts. In short, NLP chatbots help in creating a uniform communication between your brand and the customer.

2. Menu based chatbots 

Picture credits: smashingmagazine.uk

Similar to the automated menus on phones, these chatbots increase interaction and ensure that when you are looking for the answer, you dig deeper than you normally do. While they may be among the slower form of the chatbots, they help in answering 80% of the questions people usually ask. From helping you answer the basic form of questions to giving you the option of finding the right answers, these type of chatbots help in finding the exact answer for your question.

3. Keyword based chatbots 

Picture credits: chatbotsmagazine.com

Unlike NLP and Menu based chatbots, Keyword based chatbots are extremely user friendly. By using a combination of customizable keywords and AI technology, these chatbots help determine the response which is best suited for the user. Faster and quicker to use than most chatbots, Keyword based chatbots also help in answering questions that basic chatbots don’t have the ability to.

4. Service/Action chatbots 

Picture credits: chatsbotmagazinecom

The best way to describe service/action chatbots is by looking at how they work. By asking and collating data from the user asking the questions, these chatbots answer questions based on what people ask. These type of chatbots are best used by companies in the airline and clothing industry. Compared to the other type of chatbots, the service chatbots are tailor made to answer the users to the best of its abilities.

5. Context based chatbots 

Picture credits: freerangeic.com

Of all the chatbots mentioned in the list, Context based chatbots are the most advanced. By using a combination of machine learning and artificial intelligence, these chatbots not only have meaningful conversations with users, they also remember previous conversations. For example, if you are trying to order pizza from a place you frequent, the chatbot remembers your address and also remembers the last order you made on the app. Using data and user based information is one of the biggest advantages of context based chatbots, giving users a complete experience of how the app works.

Chatbots are designed to improve the user’s experience with the app and help in making your experience with the store that much easier. If you think we missed out on any other chatbots like these, comment and let us know!

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