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Should You Accelerate Your Startup?

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According to the Global Entrepreneurship Monitor, there were more than 400 million entrepreneurs in the world in 2012 and can reach 1 Billion by 2025. But the more entrepreneurs that appear, the more the level of competition for limited resources such as capital, access to networks of mentors, subject matter experts, investors, knowledge, qualified personnel and business supporting environments. While every entrepreneur believes themselves to be the next big thing, their potential is not fully tapped with issues such as financing, uncertainty with the direction the company needs to take, no known networks, contacts, sources, skilled labor and office space, arising on a regular basis.

Startup accelerators and incubators have become the ultimate way to nurture and develop startups in this internet economy. These are organizations that seek to help startups attain success and tend to focus on providing startups with mentorship, advice, and resources to help them succeed. Venture capital funds from abroad and angel investors are proving to be a big boon for Indian start-up story. Indian startups such as Flipkart, Olacabs, Snapdeal, Hike, Shopclues, Freecharge, InMobi etc., are great examples of startups making use of accelerators for mutual benefit. Designed to enhance the success and growth rates of new startups, accelerators and incubators provide startups with developmental work, networking, entrepreneurial synergy, flexible and affordable working space and shared office services, to name a few.

AirBnB, DropBox, and Reddit are success stories of profitable startup – accelerator relationships. YCombinator the accelerator for these startups, based in Silicon Valley has an application acceptance rate of 1% to 3%. 500StartUps, also based in Silicon Valley, is the accelerator behind the successful online platform and social media website, 9GaG.

Startup India is a much appreciated, much needed and an innovative initiative of the Government of India with 1621 active applicants and 592 recognized startups since its launch just a year ago.

Fin Robotics and SYM are startups funded by StartUp Village, a joint venture of the Government of India and Department of Science and Technology. StartUp Village offers long-term support from the initial stages till the startups get funded.

Multiple successful startups like Altizon, BabyChakra, DailyRounds, Healthify, Voonik and Zoom Car were funded by one of the first accelerators set up in Bangalore, called Microsoft Accelerator.

Some of the successful graduates of Venture Nursery are Oyo Rooms, Klip.in, Catapoolt and InvenZone. Backed by Angel Investors, Venture Nursery was established in March 2012 with the base of operations in Mumbai.

Accelerators, in general, have a positive impact on regional entrepreneurial ecosystems, particularly with regard to the financing environment. Metropolitan areas have more seed and early stage entrepreneurial financing activity when an accelerator is established. It takes more than an idea, but a true sense of entrepreneurship to start a business. An accelerator/incubator can help shape that idea into a plan that is viable and profitable.

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How To

How To Set Your Financial Goals For 2019

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The year 2019 is upon us and is moving forward like a house on fire. With so many things happening and the world constantly moving forward, there are a lot of things to look at, especially when it comes to your financial services. As a startup, here’s how you can set your financial goals for 2019:

1. Review your goals

A lot can happen over the span of a year. Priorities can change, mindsets can change and your ideas about where you think your startup should be can change. You may have overshot your budget last year and you may not have properly planned for the year ahead. Take a look at all the things which happened in the past year and review the goals you set for yourself. It is vital to note that in order to stay fully prepared for 2019, you should have financial plans which are in sync with what your goals are going to be!

2. Take stock of the previous investments

When you are working on what to expect from the financial year from 2019, it is important to look at the kind of investments you made in the past. Make a note of the funding you received in the past and where you used the money. If you know you have enough funds to make do for the essentials, don’t go overboard with the frills. Cut back wherever necessary and with the the goal of securing your future investments, make a clear choice about what you want and need for your startup. This not only helps in figuring out your plans, it also helps in giving you a clear direction regarding where you need to go.

3. Manage your debts the right way

One of the best ways to get over your financial crunches is by learning how to manage your debts. It is daunting to look at your debts and see how much you owe people. Take stock of what your outstandings are and then start crossing each debt off one step at a time. The more money you owe, the scarier it is to look at how to grow and as you climb up the ladder, this is never a good idea.

4. Prioritize and get rid of the unnecessary

One of the primary ways to keep a track of your financial status is by looking at what is priority and what isn’t. If you’re paying for three coffee machines when you can actually make do with just one, get rid of the extra. If you need only 5 people in a particular team and have at least ten, then take a look at if you can work better with fewer people on your team. While it may be hard to make these cut throat and to the point decisions, the long term goals are satisfying and worth it at the end of the day.

5. Stick to your plans

Despite working on your goals, it isn’t easy to stick to your goals all the time. No matter what, hold yourself accountable for when things don’t go according to your plan. Stay true to what you want and what you need, so at the end of the day, you know you have done all that you could. Sticking to your plans is important, especially when it comes to achieving success later in life. When it comes to your startup, sticking to your plan needs to be taken care of without the shadow of doubt.

6. Have goals for the expansion of your business

The start of every financial year looks at how to secure cash for the growth of your startup. While some look at growth on a small scale level, others want to expand with leaps and bounds. Take into account which category you fall under and when you decide that, the financial aspects also fall into place. It is imperative to have goals and decide the kind of sacrifices which need to be made when it comes to turning your dreams to reality. Though the sacrifices may seem a bit much now, the end result is always going to be worth it!

When it comes to financial stability, you need to make sure you have all your eggs in order. What are some of the ways you stay financially stable? Comment and let us know!

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How To

How To Manage A Side Hustle While Working Full Time

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According to a recent study, 25 % to 50 % of the millenials have a side hustle while working a full time job. While your day job may be the one you really need to have, your passion to do something better than what you are doing right now drives you toward doing a side hustle. Balancing your career along with the side hustle can be a tricky task, especially when you don’t have the time to breathe. If you have the fire to achieve something beyond what you are doing, then this is how you could sort out the balance between your day job and side hustle.

1. Create a schedule

Often times, finishing all your tasks during your scheduled work day in itself can be quite a taxing process. If you add your side hustle to the mix, the situation can get all the more complicated. To help make your life easier, start your day by creating a schedule. Be it with a pen or paper or by using Google Calendar, working on your side hustle gets extremely easy when you know what to do through the day.


2. Make the most of the Pomodoro technique
The idea of the Pomodoro technique is, you allocate 25 minutes to every task and between each task, take a break of five minutes. By doing this, not only can you focus on the tasks at hand, but refresh your mind when you feel too overburdened. The Pomodoro technique helps in prioritizing the different tasks at hand and in streamlining your work process.


3. Keep a checklist always in sight!

Checklists are fun. Write down the things you have to do in a day and at the end of every day, start crossing out what you have finished and what is left. This helps in giving clarity of thought on what you have done through the day and the things you have to do for the next day. To help streamline the process, start carrying around slips of paper and have reminders on your phone to keep yourself updated about what is still to be done.


4. Don’t forget yourself

While you may try to stay sane, maintain your work life, manage to have a functional social life and stick to your side hustle at the same time, it is important to remember you have to take care of yourself first. Set limits for yourself in the number of things you can do in a day and the moment you think it becomes too much, take a step back. There’s no point in doing multiple things at the same time if you can’t take care of yourself, right?


Following your passion is important and when you are doing more than one thing at a time in life, maintaining the balance gets tricky. If you think we missed out on any other ways to maintain a side hustle and work on your regular job at the same time, comment and let us know!

 

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How To

How To Be More Productive At Work

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Have you ever thought 24 hours a day is too less to finish all your tasks on time? Have you ever thought there was too much to do and the time was just not sufficient enough to get through the day? If you have ever felt those things, then these tips are just what you need to make your workday better!

1. Stop multitasking

While you may think it’s alright to do more than a few things at the same time, try regulating your workflow to only one task at a time. To avoid spending time on unnecessary things, start focusing on individual things which will not only help in increasing your productivity, but will also help in streamlining your workflow.

2. Listen to music to set your mood

According to several studies, listening to music helps in organising your thoughts and keeping your brain centered. Music isn’t just about listening for entertainment, but for organising the various ideas and thoughts and helping you concentrate on your tasks better. Pick the music which best suits your mood.

3. Take breaks

Taking breaks is never a bad thing. Take regular, short breaks by either going for a short walk for a five minute breather in fresh air. If you’re stuck in a particular sticky situation, step away, regroup and take a moment to assess what’s happening. Breaks help in clearing your mind and in giving you clarity of thought.

4. Make use of the two minute rule

Not every day is going to be a productive day, but to make the most of your time at work, follow the two minute rule to do the most at hand. Whatever takes less than 2 minutes to do, do it now and cross that task off your list. Sticking to the two minute rule, try to make the most of the time by scheduling what you have to finish.

5. Kill the negativity

There’s a term which floats around in the business world called the Monkey Mind, which essentially signifies a mindset wherein you let the negative thoughts take over your mind. When you have too many negative thoughts running around in your head, write down what’s bothering you and think about why it is affecting your work process. Killing the monkey in your mind helps in decluttering so the more thoughts you get rid off, the more you can focus on your work.

6. Learn to say no

Remember, when you say yes to something inconsequential, you are losing out on the important things in life. Saying no to things doesn’t put you in a bad light. In fact, it helps in putting you across as someone who knows their priorities. Distance yourself from things you don’t have time for, thereby reducing the workload at hand.

Being consistent with your productivity isn’t an easy task and when you have your lists in place, it becomes easier to get through the day without trouble. If you have other ways to improve your productivity, comment and let us know!

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