Currently Browsing: Entrepreneurship
Posted by Managementguru in Business Management, Entrepreneurship, Financial Management, Project Management, Startups
on Feb 1st, 2023 | 0 comments
Business loan becomes necessary when you plan to start up your own venture. Many of us are unaware of the loan schemes our government has been offering for small businesses to assist them in jump starting their plan of action. Given the importance of the MSME sector in India, the government provides numerous credit schemes to help both organised and unorganised businesses in the economy. These programmes provide much-needed financial assistance to small and medium-sized businesses, assisting with operations and driving growth at low Business Loan interest rates. These are critical for easy access to capital, assisting in the conversion of profitable business ideas into profitable ventures. Coaching Workbook – Build Your Self Confidence to Reach Your Goals | Best Seller Business Loans and Their Uses Purchase of raw material Upgrade machinery or equipment Build working capital Pay salaries and other financial obligations Expand the workplace Invest in marketing Entering new market Launch new products or services Hire or train employees Social Media Holiday Calendar – The Complete List of Social Media Holidays | Best Seller Popular Business Loan Schemes by the Indian Government It is estimated that there are 633.9 lakh MSMEs in India. The Micro sector includes 630.5 lakh enterprises, accounting for over 99% of the country’s total number of MSMEs. Source – India’s MSME Sector – IBEF 1. MSME Loan Scheme in India In India, the MSME loan scheme is a government initiative that provides financial assistance to small and medium-sized businesses. This loan programme is intended to provide businesses with access to capital so that they can expand their operations and increase their productivity. All registered MSMEs, including sole proprietorships, partnerships, and companies with an annual turnover of up to Rs. 2 crore, are eligible for the scheme. Depending on the eligibility criteria, the loan amount can range from Rs. 10 lakhs to Rs. 1 crore. Loan rates are typically very competitive, and repayment terms can range from one to seven years. The MSME loan scheme is an excellent way for businesses to obtain the capital they require to expand and develop their operations. 2. MUDRA Loan Scheme The Indian Government launched the MUDRA (Micro Units Development and Refinance Agency) Loan Scheme in 2015. This programme gives small and micro businesses access to financing to help them grow and become profitable. Shishu (up to Rs. 50,000), Kishore (up to Rs. 5 lakhs), and Tarun loans are available (up to Rs. 10 lakhs). Public and private sector banks, regional rural banks, and microfinance institutions all offer MUDRA loans. Loan terms differ from one institution to the next, but they may include flexible repayment options, collateral-free loans, and low interest rates. MUDRA loans have assisted millions of Indian entrepreneurs and small businesses in starting and growing their businesses. 3. Credit-Linked Capital Subsidy Scheme The Credit-Linked Capital Subsidy Scheme (CLCSS) is a scheme launched by the Government of India in 2000 to make capital more accessible to small and medium-sized businesses (SMEs). The scheme’s goal is to provide capital subsidies to these businesses in order for them to modernise their manufacturing processes, resulting in increased productivity and competitiveness. The Ministry of Micro, Small, and Medium Enterprises oversees the scheme (MSME). The CLCSS provides SMEs with a 15% capital subsidy when they purchase new machinery and equipment to modernise their production processes. The subsidy is provided to eligible SMEs in the form of a one-time credit-linked subsidy at the time of purchase of new machinery and equipment. The scheme has aided SMEs in modernising their production processes, resulting in increased productivity and competitiveness. 4. Support Schemes from the National Small Industries Corporation (NSIC) The National Small Industries Corporation (NSIC)...
Posted by Managementguru in Project Management
on Oct 11th, 2022 | 0 comments
The truth is that there is no magic technique that will enable you to carry out tasks flawlessly each and every time; rather, you will almost certainly run across a number of difficulties before you complete a project, and hopefully it will be a success. A successful project manager is one who can overcome these unforeseen difficulties and barriers and handle them on the spot without losing their composure. No matter how long you’ve been managing projects professionally, there’s always more to learn and methods to do better. When you have some free time, as well as even when you don’t, it is always a good idea to get better. After all, improving your knowledge and skills is the best gift you can offer yourself. Additionally, your team and future self will appreciate it. How to be the Best Project Manager You Can be By focusing on these important areas, you’ll not only improve your work life by removing unneeded stress but also your working relationships by ensuring that projects are carried out as seamlessly as possible. Set Goals and Priorities for Each Project Right from the Beginning Never undervalue the power of achieving a shared objective. Knowing your goals enables you to carry out projects effectively and track your development both during and after a project. This will help you and your team stay on track and make it simpler to understand what project success looks like. Make sure everyone is aware of the project process and that nothing falls through the gaps by defining and measuring the goals you’re working toward. If it’s a big project, you might even want to set project checkpoints. Use a Project Timeline Consider using a more effective planning method if you feel like you have an endless list of tasks to perform. Whether you’re a seasoned project manager or a new employee taking on a project for the first time, using a project timeline will be successful. Making a project schedule for you and your team can be scary at first, but after you have the basics down, it will be simple to create other timelines. Additionally, you can use a timeline builder that is online rather than starting from scratch. The necessity to produce labor-intensive designs will vanish thanks to these technologies. Invest in Project Management tools Numerous areas of any project can benefit from improved team collaboration and communication thanks to tools like Monday.com, Trello, Slack, Jira, Atlassian, and InVision. Delegate Efficiently Nothing is worse than a project manager who fails to assign tasks effectively. Trust your team and give them the right tasks. Use your team as they are designed to be used since you are not alone. Be Realistic and Honest Many project managers make the mistake of making unfulfilled promises to their clients. Always do your homework and, if necessary, include your team in determining the actual scope of work before agreeing to any timetables with the client. In order to minimise future dissatisfaction and tension that could have been averted if you had been honest and realistic from the start, it is crucial to be realistic when defining timeframes and making estimates. Be as Detailed and Organised as Possible Everyone participating in the project is counting on you to keep things moving forward despite any unforeseen circumstances, and in order to do this, you must have a well-thought-out and well-documented plan. Hold Regularly Scheduled Meetings To make sure everyone is headed in the correct direction and to swiftly make adjustments if necessary before it is too late, it is a good idea to schedule meetings around particular delivery points in your project. Have a Backup Plan If you have a backup...
Posted by Managementguru in How To, Project Management, Supply Chain Management
on Jun 8th, 2022 | 0 comments
Managing a construction business is no easy task. The sector is capital intensive and demands consistent financing to maintain a steady supply of construction materials and keep operations going. A huge part of becoming a successful construction business owner depends on efficient management. If you’re looking to break into the industry or you’re a current manager after some guidance, these below tips will help you effectively manage a construction business. Use the Right Tools and Products Construction tools and products evolve with the industry. As a construction business owner, you need to be equipped with current tools and resources fueling the industry, leveraging them for effective outputs. Investing in construction tools can be a dicey situation and purchasing isn’t always the best way to invest in tools. You can purchase drills, hammers, trowels, and other essential tools for your site workers. However, heavy-duty equipment like excavators and backhoe loaders can be rented rather than bought. Buying ties you to storage and maintenance costs which might be financially draining. Both options, however, have their pros and cons. Therefore, assessing them before making your investment decision can never go amiss. For construction supplies, it’s important to deal with the right retail partners. They can afford you comfortable payment and usage terms for all materials, including those needed for modular building products. Make Safety a Priority The construction industry is a hotspot for work-related accidents. The U.S. Occupational Safety and Health Administration says that fall hazards are the leading cause of accident injuries on construction sites nationwide. The U.S. Bureau of Labor Statistics also revealed that over 150,000 fall accidents occur yearly. As a business, these accidents can dampen employees’ morale and cost your business a lot of medical, severance, and relief expenses. In critical conditions, an accident on your site can cost you your operating license and affect your operational relationships with partners and financiers. Therefore, it’s crucial to prioritize safety on your construction site. Ensure all workers have their safety apparel on before visiting the worksite. Maintain ladders and operational tools to avoid failure while on the job. Developing a periodic program to sensitize employees on the best safety practices can also help a great deal. Leverage Data and Technology The construction industry is no exception to the continuous transformation of how we work through technology. Modern construction tools have become smarter, demanding site workers to be more tech-savvy. Many construction businesses have also grown more resilient by using data to mitigate risks and manage predictability. They deploy big data systems like Artificial Intelligence (AI) and Machine learning (ML) to harness effective insights even before the project stages. These systems help model structures and determine structural defects at the project blueprinting stage. Tech systems also help contractors reduce uncertainties like the impact of changing weather conditions on construction progress. Avoid Wasteful Preparations Research shows that 98 percent of megaprojects suffer cost overruns, and about 77 percent do not meet their construction deadlines. Wasteful operations are a travesty of efficiency. So, construction managers need strict levels of accountability to manage waste, from materials to financing. Increase Your Cash Flow Construction employees typically receive payments on a bi-weekly basis, so you’ll need more money to manage running costs and fuel the progress of your construction business. Spreading out your costs, early invoice communication, and avoiding underbilling are a few best practices to help you increase your cash flow. All in all, the construction industry is booming and new companies have a significant potential to attain profitability – the industry has a current valuation beyond a trillion dollars. Getting a piece of this cake requires a lot of discipline and consistent efforts, and...
Posted by Managementguru in Business Management, Financial Management, How To, How to make money online, Personal Finance, Real Estate Investment
on May 29th, 2022 | 0 comments
Commodity trading is a term used frequently in the investment world. Aside from equities, markets also trade a variety of commodities, which can help you diversify your portfolio and increase profits. Commodities, due to their fluctuating prices over time, can produce good long-term returns if invested wisely. What are Commodities? Commodities are the primary raw materials used to make everyday goods. Commodities, which include products like oil, sugar, metals, and so on, are the foundation of a global economy. There are four basic categories of commodities traded in India (see table below). Commodity Category Energy – Oil and Natural GasBase Metals – Copper Aluminium, Zinc, LeadBullion – Gold and SilverAgriculture – Cotton, Black Pepper, Rubber, Cardamom and Oil. Gold, corn, crude oil, coffee, wheat, and other commodities are among the most widely traded worldwide. The change of one commodity’s price has an impact all across the world. When crude oil prices rise, for example, the effect is felt all around the world. How To Start Trading in Commodities? To begin with commodity trading, the first step is to know about the types of commodities that exist (mentioned above). Then you need to: Open a Demat Account with a Reputed Stockbroker You’ll need a demat account to trade commodities, just like you’ll need one to trade stocks. While there are numerous brokerage houses where you may register an account, it is critical to choose a reputable organisation that can provide you with important trade suggestions. To navigate the commodity market maze, you’ll need the right information and advice. It’s also critical to choose a brokerage with competitive prices. Selecting a broker with a high brokerage fee can reduce your profits. Examine the services provided by the broker through its platform. A full-service broker is best for you because they have a team of professionals who provide in-depth research and recommendations on a regular basis. Deposit an Initial Amount You must make an initial deposit after you have opened an account. The deposit amount varies depending on the commodity you are trading and ranges from 5% to 10% of the contract value. This information can be found on the brokerage firm’s official website. You must keep a sufficient cushion to cover any potential losses. Commodity trading plans that help you better understand markets and your risk appetite are also vital. In terms of risk preferences and cash flow, each trader is unique. You make a decision based on your financial situation. Different Ways to Trade in Commodities Direct Investment It is the most prevalent method of commodity investment. You can, for example, acquire gold and silver coins and jewellery immediately. Direct investing in these things, on the other hand, has a significant transaction cost. There are also concerns about storage and purity. Purchase Stocks This is another method of commodity trading. You can acquire stocks in an energy company, for example, if you want to trade energy. The price of energy will be clearly indicated by the stock price. If you invest in commodities through direct stocks, you can make money even if the commodity isn’t performing well. For example, if you buy shares in a well-established energy company, even if energy prices fall, you can still profit due to the company’s strong fundamentals. Loading… Commodity ETFs and Mutual Funds Commodity-based ETFs and mutual funds are many. If you wish to invest in gold or silver, for example, you can buy gold or silver ETFs. Because ETFs are maintained electronically in your demat account, there are no purity or storage difficulties. Bottom Line Commodity trading can be profitable provided you understand the fundamentals and appropriately determine your risk tolerance. To get...
Posted by Managementguru in Architecture and Interior Design, Business Management, Financial Management, Project Management, Real Estate Investment
on Mar 25th, 2022 | 0 comments
Getting onto the property ladder is a life goal for many people, particularly those who want to own their homes and have the freedom to create the perfect living space for themselves. However, while becoming a homeowner is great in its own right, real estate is possibly one of the best options available if you are looking for general investment opportunities. If this sounds interesting to you, here are a few benefits of investing in real estate that you might want to know. A Great Source of Income If you own multiple properties, this could be an excellent opportunity to make some additional income. You could either choose to lease your vacant property to tenants and make a profit from the rent charges, but if you do choose to become a landlord, be aware that there are certain legal obligations and regulations that you will need to follow. Alternatively, if you are not looking for full-time tenants to manage, you could lease the second property as a vacation rental or do some renovations to it to boost its value and sell it for a profit. If you want help with the legal side of purchasing and selling properties, search for specialist attorneys such as the Avenue Law Firm. Tax Breaks While there are expenses to consider if you are going to invest in real estate, you might also find that you are eligible for certain perks when it comes to tax deductions. If you are using the property as a source of income, you could deduct the cost of owning and managing the building within reason from your taxed income. Demand Whether you are looking to lease commercial property or residential, there will always be a demand for it. While there are still risks involved in investing in real estate, generally speaking, it is one of the more stable areas to invest in due to this high demand. As this demand increases, you can raise your rents to match these prices, particularly if the area surrounding your properties is becoming more desirable and make larger profits as a result. Building Equity If you want to improve your overall net worth, building equity is a good way to do this and real estate investment, in particular. As you pay off the mortgage on a property, your equity increases, and this can give you more leverage should you want to invest in other properties or make other investments. Back-Up Residence Another perk of owning more than one property is that it can provide a back-up home to stay in should your main residence need renovations, is damaged, or some other circumstance has resulted in you having to move out temporarily or permanently, provided it was vacant at the time, and you weren’t leasing it out to anyone. This would mean a more comfortable living environment for you should you ever have to leave your usual home. If you have been thinking about making some investments and have been wondering about real estate as an option, consider these benefits and see if they would work well for...