Basic Facts about Entrepreneurs and Startups ANU LALL

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Basic Facts about Entrepreneurs and Startups ANU LALL

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Basic Facts about Entrepreneurs and Startups ANU LALL 5 Ways FinTech Has Helped Small Scale Entrepreneurs Startups FinTech is a boon to all business ventures who wish to expand their business and increase profits. FinTech turns a device smartphone owned by everyone into a front-end gadget for pitching their companies’ sales. Small scale and new start- up entrepreneurs usually face a lot of challenges in the beginning when they have to compete against their already established rival companies. But with the advent

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of FinTech the playing field becomes a leveled ground for all the competitors despite the fact whether one is established or not. 1. Easier Payment Options - Payments are made easier that making a cup of coffee. With the advent of revolutionary financial technology customers are given the top most priority and hence the start of hassle-free payments. PayPal Apple Pay and Bitcoin are a few examples of the way consumers now pay for their purchases. These startups have totally disrupted the conventional way of payment through banks. 2. Crowd funding - The novel way to raise funds. All you need to have to begin your start-up dream is “an idea”. There are many ways today to raise funds on the internet by pitching your idea. Sites like GoFundMe Kickstarter and Indiegogo act as a meeting ground for people who want to invest in ideas and people who have those ideas. This allows individuals to “crowd fund” their dream projects with investors all over the world. 3. FinTech A big challenge for Banks - A few centuries back - One could not have imagined a life without banks or its equivalent. FinTech companies are taking on the challenge to create a “bank-less” world. Traditional banking systems and big banks have had their share of loss of public’s money fraud insider trading etc. But now with FinTech in the picture people can afford to be independent of Banks. As stated by Nasir Zubairi Venture partner Finleap Berlin “3 billion people 50 of the world do not have access to a banking system and I think that FinTech can help in solving the problem around credit. There’s a huge opportunity for FinTech companies and of course for people who will benefit from their solutions.” 4. Your own bank account - but not controlled by any bank. Apps such as Acorns and LevelMoney provide a budgeting platform that enables you to keep track of your income and expenditure. It also provides a feature that creates a daily allowance limit for you. The new generation is constantly in search of new ways to work their money by investing lending or saving which is what is offered by FinTech companies. With zero dependence on middle men like Banks the individual is totally in control of their own money.

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5. P2P and B2B business models showing huge profit margins - Peer-To-Peer P2P and Business-To-Business B2B models like real estate services home cleaning services and insurance sites see a big boom at the onset of FinTech. For example iZettle identified over 20 million small-scale businesses in Europe that do not have credit/debit card payment processing. Once these businesses are provided the necessary competence on minimal expense they are on par with their giant established rival competitors. 6. Wealth Management done by automated bots - The latest product of FinTech is the “robo-advisor”. Robo-advisors are automated algorithms that offer wealth management services — once engaged they routinely do your dividend reinvesting and asset balancing for you. Youyu is the latest kid on block for FinTech totally changing wealth management completely. FinTech is a great leveler. Today it is relatively easy to kick start your dream entrepreneurial venture in scale that you want to within one-tenth of the budget that you would have actually required years ago. 5 Things It Takes To Be a Entrepreneur In 2017 In this day and age it’s getting harder and harder to maintain success as an entrepreneur. The marketplace is saturated and many business owners struggle to find a solid place under the sun. And it’s even more difficult if you’re just starting out because it’s not easy to get noticed in the digital age. However below are five things you should be aware of in order to make it as an entrepreneur this year — 2017. 1. Be Resilient. This is the foundation of any kind of success in business. If you quit easily the global market probably isn’t the right place for you. Remember some of the strongest players out there have been working hard for decades before they made any significant difference and they’re struggling even as we speak. There is no success if you throw in the towel therefore — make a solemn oath not to quit. And pursue your dreams.

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2. Learn as Much As you can. There is no such thing as a ready-made entrepreneur. You have to grow every day and expand upon your interests. Make sure that you learn something new and useful every day because every lost day is a lost opportunity for getting closer to success. Technology is changing rapidly the marketplace is ebbing and flowing the global economy is fluctuating so be sure to follow all these trends carefully and fine-tune your sense of business. 3. Work Harder. Yep another no-brainer. Working hard on your business comes as a given but it’s especially important that you give 110 of your abilities as you’re starting out. Momentum is best when gained in the beginning because it will enable you to fight the competition and not lose sight of changes in your industry. Success is earned through hard work and dedication. Don’t forget that only by hard work will you be able to truly become a reputable entrepreneur. 4. Generate Energy. As Brendon Burchard says: “You don’t have energy - You generate it.” You won’t be able to work hard and reach success if you’re half- motivated. Motivation energy resilience — those things must come within you otherwise — you’re not being honest with yourself. There are literally tons of books on motivation business psychology and work ethics you don’t have to read them all but be sure to find your picks and go through them thoroughly. Once you learn to generate energy everything will fall into place and you’ll be on your way to success. 5. Stop Revisiting The Past. You failed more than once — so what You never dared to dream big — why not start today You’re afraid you might end up where you started — what’s there to lose By constantly thinking about what happened long ago or what you used to do in the previous year you make it hard on yourself and inhibit any positive flow of energy. The future is now — today and there is no reason to fear or be doubtful. Just start the journey — that’s the hardest part. Everything else is secondary. Focus on the future and you will reach it. Good Luck

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Dear Snapchat Uber: Hell Hath No Fury like an Employee Scorned Snapchat is not the only case or first time a disgruntled employee vented on social media causing a company’s issue or vice to become a spectacle to the World PR

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crisis’s fall in stock prices and damaged company reputation sometimes beyond repair. Dont wait for mayhem to hit this level of madness. Track what employees are saying about you — even if the posts don’t end up going viral and there is no legal risk there is still other risks. To the HR folks reading you ought to track employees this includes bad reviews on glassdoor.com anonymous write ups or observe if an employee is often maligning the company over casual drinks. Below are some other tips you can enforce or be aware of: 1. Track employee NPS as fanatically as customer NPS. If we can fuss about thousands and millions of customers it doesn’t take much to take care of our own employees. Gallup reports that companies in the top quarter of employee engagement have 10 higher customer ratings. Engaged employees lead to — happy customers. 2. Marketing monitors customer feedback in surveys on online forums with near obsession. Several sentiment analysis tools are deployed to hear the “elusive customer voice.” In case of employee voice at times managers deliberately drown it dilute it or pay little heed to it. Takes a lot of managerial strength and maturity to treat your employees like customers. 3. Flip the Employee Survey on its head. Encourage employees to talk more on portals. Seems counter-intuitive why encourage employees to go and talk on a portal outside the companyJust as hair salons can’t afford to ignore Yelp reviews employers can’t afford to ignore online employee reviews. These days the “word of mouth” meets “search” in very efficient ways and technology carries it far. Rather than monitoring online feedback passively flip the employee satisfaction survey on its head. Encourage employees to write their feedback. Since it is anonymous you get the real truth assuming that’s your objective. Analyse trends from that data.

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