Connect with us

Startup Hacks

How To Manage Your Startup Companies During Financial Crisis

Smruthi Kishore

Published

on

Startup, startup companies, How to manage your startup companies during financial crisis, crisis management for startup companies, causes of financial crisis in business, manage your startup companies during financial crisis, steps to manage your startup companies during financial crisis, tips to manage your startup companies during financial crisis

Setting up a startup company isn’t a small issue. Facing ups and downs is the most common thing for an entrepreneur. Risk factors will play an important role in a startup. Amongst these, the financial crisis is a way too obvious for a startup company.
It is just not enough to have an excellent product with ramping sales and pleased customers. It is very important to have your finances under control.

Here, we share with you some steady fast tips on how to manage your startups during a financial crisis.

1) Be prepared for the crises even before they happen

Much financial crisis gives you an early warning signal, all you need to do is identify the early potential crisis that can happen to your startup.
The only objective behind this is to take certain measures to stop it in the early stages of the crisis.
You can also do some research from your past crisis and can learn from other’s past mistakes. Lastly, analyze your startup’s readiness for each potential crisis.

2) Listen to the voices which come from outside your organization

Always keep monitoring the media. Be the first one to know the negative media coverage about your organization so that you can take a quick fix action before it gets out of your control. Do monitor print media as well as online and live media for updates.
Think wisely to respond to the negative reports.

3) Know your bank balance and always have a budget planned ahead

A startup CEO must know what exactly his bank balance is today. Create a new budget at the beginning of each fiscal year. Update it whenever it is necessary. Review your budget whenever you plan a large purchase.

4) Have an emergency cash cushion

Always have an emergency financial cushion. You never know what is planned for you in the next month. Some experts in this area say 10% of your annual budget should be saved for future crisis. Saving this amount in a separate bank account will give you peace of mind.

5) Keep cool

It is quite natural that facing a crisis can be a panic creating the situation. And mind it, this will be all of a sudden. As a CEO of the company, you will discover yourselves in a hot seat, bombarded with questions, doubts, and negativity as you struggle to get through your path.
Keep your nerves steady and don’t surrender yourselves to frustration, panic or anger. Be mindful that your staff is watching you and looking up to you to help find a solution for this crisis.
Lead from the front in order to get the situation into perspective.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Startup Hacks

Here’s Why Hiring Millennials A Good Idea For Your Company!

Published

on

In the upcoming years, millennials will become the largest employee demographic around the world. Millennials are big hustlers who embrace their work with passion and dedication.  They love to explore and opt new adventures. They basically have a sense of fulfillment with regard to everything they desire to achieve. They are highly motivated and have a zeal inside to accomplish their tasks. Their aim is to climb up the ladder of success with immense knowledge and become wiser. However, due to various reasons, millennials find it very difficult to land a good job.

Gone are the days when money was the only motivational factor of a career. Millennials are highly cost effective. They work for lesser pay when compared to the regular workforce. They are pretty much focused towards embracing newer opportunities and progression. Not only that but they are also self driven. Alongside, they are team players! They love to collaborate with people and they get along easily. This work ethic helps all businesses grow as millennials are tolerant as well. Apart from that, they are highly creative with their ideas, generally think out of the box and come up with the best solutions and ideas for the company!

Hiring young minds helps to keep your company up to date with the latest market trends. From marketing to finance, they excel in almost every field with their intelligence and smart work. You could build a relationship and offer millennials an opportunity to grow with your company and in return, they will reward you with hard work and determination.

Listed below are the reason why hiring millennials is a good idea for your company!

  • They are proactive
  • Easy to work with
  • Follows up the latest trends
  • Highly cost effective
  • They are fun to work with
  • They are optimistic
  • They are techno junkies

Today’s competitive market demands the best talent possible! So, in order to grow your workforce and attain maximum productivity, your company should definitely consider hiring millennials!

Continue Reading

Startup Hacks

Here’s Looking At How Technopreneurs Are Emerging!

Published

on

How Technopreneurs Are Emerging,Startup Stories,Startup News India,Startup Technopreneurs,Startup Ecosystem,Technopreneurs Emerging,2018 Technology News,Most Successful Technopreneurs

This is the 21st century and technology is taking over almost every field at a very fast pace.

Every now and then, we see a number of entrepreneurs coming up with spectacular innovations that changes the way the world perceives things! Combining the two, in the recent times, we noticed a lot of technopreneurs emerging to take over the startup ecosystem.

So, who are technopreneurs?

Technopreneurs are technology and entrepreneur wrapped up in one term! They are entrepreneurs with a unique set of tools and a great potential for success. Technopreneurs are basically entrepreneurs who are in general technology savvy. Most successful technopreneurs are not born but they are made!

These brilliant minds combine technology with their creative innovations to introduce a new set of products and services. A common misconception is that they take many risks. However, while they do take risks, they only take calculated ones.

One of the prototypical examples of a technopreneur is Elon Musk. From introducing flying cars to launching advanced rockets, he is redefining the use of technology in daily life with his amazing innovations. “Don’t be afraid of new arenas,” is one of Musk’s most favorite quotes.

Mark Zuckerberg, the brains behind the social media giant, Facebook has emerged as one of the most successful technopreneurs of all time. As a technopreneur, it is significant to be technology oriented. However, you don’t have to be a coding expert, but rather, you have to invest in your technical skills and understand the dynamics of your market like Zuckerberg! According to Zuckerberg, “People think innovation is just having a good idea but a lot of it is just moving quickly and trying a lot of things.”

Alongside, technopreneurs tend to be very persistent in nature. You could take a look at Steve Job’s career path to understand that persistence in technopreneurship means sticking to the mission regardless of how difficult the journey seems. Jobs once said, “I’m convinced that about half of what separates the successful entrepreneurs from the non successful ones is pure perseverance.”The undeniable ability to solve problems in innovative ways enabled many billionaires to build their fortunes in the technology sector. Some of the most famous technopreneurs also include Bill Gates, Travis Kalanick, Sergey Brin and Larry Page.

Needless to say, a good technopreneur uniquely combines technology with innovation to make it big!

Continue Reading

Startup Hacks

You’re Never Too Old To Become An Entrepreneur

Published

on

There is no expiration date on becoming a successful entrepreneur. The idea to bring up a new product or a service has nothing to with your age. Becoming an entrepreneur is not about your age but whether you have the drive and creativity to make it happen.

Ideas always do not have to be about developing something new. It can be an improvement on something which is existing in market as well. Your experiences and dedication gives you an edge over others. You probably have a wide network now than before so use it as an opportunity to spread the word about your business ideas. Today’s entrepreneur opportunities are endless and one can explore and bring their ideas into existence with extreme zeal and courage. There are numerous things that can be learned from work and life experience. You are now financially stable and had a lifetime to build a network of connections. Many older entrepreneurs are experts in their field. Alongside, they’ve built a reputation in their industry which is useful when it comes to opening doors for their new business. These striking experiences can be applied to entrepreneurship.

Don’t look for reasons to limit yourself. Look for reasons to give yourself the freedom to follow your dreams.

In fact, some of the world’s most successful enterprises were started by people who were older than you might expect. Henry Ford was almost 40 when he founded his car business, Charles Ranlett Flint started a computing business that later became IBM at the age of 61. You have every opportunity to be successful in a job that you’re passionate about. All you have to do is take the leap.

Never let age define what you can and can’t do. It may be too late to become a professional skateboarder, but it’s never too late to pursue your dream of becoming an entrepreneur. So remember age is just a number!

Let us know what you think about entrepreneurship in the comments below!

Continue Reading
Advertisement

Recent Posts