Today’s most successful entrepreneurs like Mark Zuckerberg, Elon Musk and Bill Gates did not start their journey by being rich and famous. Most of them started from the very first step of the ladder. Facebook was created by its founders in a Harvard dorm room at a minimal cost. And most interestingly, Microsoft was formed two years after Gates decided to drop out of college.
As a budding entrepreneur, it is not mandatory to open a rich business first. One can also start with small ones too with a limited budget source. Here, we give you some smart business startups you can get started with your limited budget.
1) Breakfast Joint
The first thing that shutters our brains as soon as we get up early in the morning is what to have for today’s breakfast. Well, encash this and start a simple breakfast joint. This is because food as a commodity will always do well in the competitive market. All you need to do is get licensed from the respective authorities and rent a space. Remaining amount can be spent for buying groceries, raw materials as well as second-hand tables and chairs.
2) Tuition Centre
This is definitely one of the cost effective businesses to launch. You need zero starting investment. Most of the tuition teachers who are knowledgeable take classes in their own homes, thus eliminate any expenditure on rents. All you need to do is put in yourself as a tuition teacher and advertise yourselves on social media.
3) Mobile recharge shop
Even there are many online recharge platforms emerging now, there are still many who use the traditional way of visiting shops and getting their recharges done. So, you can start this business by renting a small shop and form ties with the network service providers like Airtel, Idea, Vodafone and note down their commission rates. Your overall cost will surely be lesser than 10 K.
4) Travel Agency
The travel industry is one of those businesses which witnessed a boom in the past few years. The cost-effective plan is to open a home based travel agency in a small part of your house by tying up with a host agency. You will certainly receive your benefits from the host. They can also help you earn higher commissions by keeping your costs low.
5) Fruit Juice Centre
Summer is on its way. Who would not like to relish with a glass of natural fruit juice? All you need to do initially is gain permission to open a kiosk near your place. Your costs include those of your raw materials, machines to make the juice and salaries of the employee(s) for preparing juices.
Well, get started with any of these simple ideas and do let us know in the comments section below if you have any other ideas of yours.
How To Talk To People You Cannot Avoid
There is always that one person with whom you do not know how to break the ice. Even the most out going person could find it difficult to speak to strangers. However, every workplace has different people and sometimes, it just comes to a point where you have no choice but to initiate conversation; also known as small talk!
1. Begin with an anchor
An anchor is essentially the starting point of every random conversation. It helps to set the tone and gives you an idea of what the other person is thinking. I usually start off with something like, “Oh, the weather is so nice today, I do not feel like working!” The best part about these openers is both you and the person to whom you are talking to know the statement is for the purpose of small talk and the awkward ice can be finally broken!
2. Reveal something about you
The best way to fill the gap in those minutes where the conversation becomes awkward is to say something like, “this job is quite exciting. I have not done such a challenging role before!” When your colleague knows the struggle is real, the conversation flows easily and quickly.
Listen, because it is important. When you say some of those superficial line fillers, you never know what kind of a conversation it may trigger. For instance, I had a bad day at work and a colleague happened to ask me how I was. In all fairness, the question was just a simple opener. I took it to be a real opener and offloaded onto a stranger. What makes listening work is you can always learn something about the other person! On a side note, this person and I are really close friends now!
4. Know when not to talk
Okay so there are times when you are engaging in random conversations, you hear things you do not entirely agree with. If these conversations are with people you do not know, then it is best to really keep quiet and not say things you regret later.
Small talk is quite a task and usually, in an informal setting, the ice can be broken over shared interests. At work, that is a little harder, even for an extrovert like me! I have used these tips in the past so I truly hope they help you too!
How To Deal With Credit Stealers At Work
At every work place, there are several dynamics. However, to narrow down the topic here, there are two types of people to pay attention. The first are the kind who make sure they get the credit for their work. The second is the kind who pretend to be your best friend at work and end up shoving the knife deep down your back when you turn around. When people come and try to burst your bubble about the work, you feel betrayed. Why not? You put in the hard work and there is no credit coming your way. A certain Mr. X has this problem and he wonders how to deal with such a situation. If you face issues like the unassuming Mr. X, then these tips could work for you!
1 Take it as flattery
The saying, “imitation is the best form of flattery,” did not come from thin air. When working, it is quite easy to take credit from other people. However, when people chose to take credit for X’s work, it clearly meant he was brilliant at his job. Take it as praise for your ability, despite there being no quantifiable praise directed toward you.
2. Outdo Yourself
Every time someone takes credit for your work, it makes you want to push yourself harder and outdo yourself every day. Mr. X learned this the hard way and this made him so much better at his job than earlier! Think of Apple in this scenario. Samsung is always trying to be on par with Apple and seems to do a good job with the imitation. However, Apple remains undeterred and works at making sure it gives its fan base something new to look forward to with every phone!
3. Take a look at your insecurities
One of the main reasons credit stealing happened to Mr. X was because of how insecure he is with his work. Are you fuming that someone took your credit for something? Why? Is there an insecurity that has been unveiled, which led you to be so infuriated? Have you been looking for praise as a validation of your ability in something? Realise the “Shakti” in you and take let the world know you are not to be taken lightly!
Everyone has a point of view. Everyone puts in the same (some more) effort into their work. Give credit where credit is due and only take credit when you know your work is flawless and perfect!
Why Is Competitive Advantage Important For Your Start up?
The very first thing a start up does before flourishing in the marketplace is, develop a market plan! The market plan comprises of many factors, however, the most important is competitive advantage. So, what is a competitive advantage? It is basically anything that sets your business apart from another. Any firm requires a competitive advantage to make its presence felt in the business marketplace. Only then, can you differentiate your start up from other existing firms!
The significance of competitive advantage!
The start up world has been evolving with each passing day! The competition is getting intense like never before. So, how do you create superiority when compared to your rivals in the business market? Develop a brand recognition that a company either delivers quality products at a lower cost than the competitors or, offers various services at a greater value when compared to the competitors! Ensure that your products or services are better and best in terms of quality! This could create popularity among the consumers and they would spread a word which in turns makes your brand recognizable. Consumers could recognize your brand easily and prefer choosing you over others! When you establish an effective brand name, customer base becomes extremely powerful resulting, in customer loyalty. Isn’t that pretty much any firm would love to have? Having your customer come back to you over and over! Apart from this, when you establish an effective competitive advantage, you could develop the reputation of offering the best service or support in the industry which allows your company to charge more for your offering! This makes your investments in the firm all worth it, right?
Listed below are the parameters that you should consider while developing a competitive advantage for your start up!
- Quality of the product/service
For example, the famous fast food chain McDonald’s competitive advantage relies on a cost leadership strategy! Likewise, the technology giant Apple, is quite famous for its innovative products! This is how you differentiate your company from others! You discover and develop a unique strategy for your firm! However, at the end of the day, it is exceptionally important to keep a track of your firm’s growth in the marketplace! Find out what is working and what is not! With time, if something doesn’t click then work on it along with your marketing team and implement the change!
So, if you develop a great competitive advantage in the market, you could survive in the long run and become a market leader! A competitive advantage could make you or break you! In today’s competitive world, standing out from the crowd is essential! The best strategy for your company is to focus on improving the quality of your product or service so that it is universally recognized as being superior to anything else available! So, choose the path wisely in order to create a better competitive advantage for your start up!
- Nokia: Interesting Facts
- Inshorts: From A Facebook Page To A Rs.600 Crores Company!
- The Importance Of SWOT Analysis For A Business
- Alibaba Cloud To Set Up Special Teams For Startups
- India Gives Green Signal To Net Neutrality!
- Twitter: Everything You Need To Know About This Platform
- Facebook To Be Fined A Fortune Over Cambridge Analytica Scandal!
- OYO Acquires Mumbai Based Tech Firm AblePlus
- Binny Bansal Breaks The Ice On Sachin Bansal’s Exit From Flipkart
- Instagram Unknown Facts
- Life Lessons From Jack Ma
- How To Talk To People You Cannot Avoid
- Alibaba’s AI can write 20,000 lines of copy in a second!
- Playboy: The Success Story Of Hefner’s Empire
- 5 Things Entrepreneurs Can Learn From Suits!
- Walmart To Get Funds For Flipkart Deal By Next Year!
- The Inception Of Tumblr
- Financial Tips For Entrepreneurs Who Are Just Starting Out
- Google Launches Indie Game Accelerator For Gaming Startups In Asia
- Life Lessons From The Tech Geek, Evan Spiegel!