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Crisis should be viewed as an opportunity to scale new heights and self-help is the first step in transforming a crisis into an opportunity. On May 12th, 2020, the prime minister gave a clarion call to “Atma Nirbhar Bharat” (self-reliant India), a step in the direction of prosperity to counter the adverse situation created by the COVID-19 pandemic. Economic self-reliance is necessary not only to bounce back from the crisis but also to propel the nation towards economic supremacy.

India’s GDP Situation

India is currently the 5th largest economy of the world with a nominal GDP of $2.94 trillion and in 5 years, India might surpass both Germany and Japan to become the 3rd largest economy of the world but India’s per capita GDP has an entirely different story to narrate. India currently ranks 139th in the world in per capita GDP. The Atma Nirbhar Bharat Abhiyan is the best tool India possesses to emancipate its per capita GDP situation.

Path Towards Self-Reliance

Atma Nirbhar Bharat Abhiyan ensures that the country becomes economically self-reliant. This campaign consists of a 20 lakh crore stimulus package which is divided into multiple tranches pertaining to various sectors including cottage industries, MSMEs (Ministry of Micro, Small and Medium Industries) etc. to fulfil the proposed mission. This package also included the earlier reforms like “PM Garib Kalyan Yojna,”which was 1.7 lakh crores. These reforms are expected to enhance the supply chain capabilities for agriculture. If a country’s agriculture is self-sufficient, even during a crisis, an issue like food shortage will not be present. The reforms aim to strengthen the “Make in India” initiative by attracting investments and promoting businesses. The measures announced for agriculture and allied sectors aim at one nation, one market , taking a step towards a self sustained rural economy. To strengthen the country’s agriculture, the government aims at creating a unified market for agriculture. This would ease the investments by providing a better price realization for farmers. 

 5 pillars of Atma Nirbhar Bharat Abhiyan  

  1. Economy- India aims to achieve a quantum jump in the economy making an incremental growth a thing of the past.
  2. Infrastructure- To gain supremacy in infrastructure and post COVID, India should be a global model for infrastructure.
  3. System- There will be incorporation of more E-Governance and will include all the 21st century technologically driven arrangements.
  4. Vibrant Demography- The real strength of Atma Nirbhar Abhiyan is the demography of India. People are the energy centers to achieve the dream of self-reliance. The vibrant demography includes all the people who will script India’s future as an economic superpower.
  5. Demand- The strength of demand and supply chain should be utilized to the fullest. This is only possible when production is increased at a large scale.

MSME push

MGNREGA’s (Mahatma Gandhi National Rural Employment Guarantee Act) 40,000 crore infusion also helps to counter the distress faced by migrants. This tranche is essential for providing the digital push and upskilling for the unorganized sector. The biggest push of this scheme is the 3 lakh crore collateral free loan facility for MSMEs. Measures like these reduce the burden on the sector as the pandemic has disrupted the economy to a great extent. Considering the fact that MSMEs provide the second highest amount of employment, this facility is a big boost. 

Healthcare and education sectors

Due to high emphasis of technological advancement in healthcare and education sectors and privatization of certain public sector units, the overall efficiency of multiple sectors increases by multiple times which will strengthen the 5 pillars of the economic self-reliance we aim for. In the healthcare arena, the technological push can be seen by the development of apps like Arogya Sethu which is a great way to track and notify people about the presence of the virus in their vicinity. The e- Sanjeevani tele-consultations is another great step in making healthcare services reach out to more number of people, a step towards solving the perennial problem of lesser number of hospitals in the country. In education, Swayam Prabha DTH channels are able to provide quality education to school children even under lockdown.

Demand based economy

This Abhiyan is the way forward for developing India into a demand based economy that is self-producing and self-consuming. To summarize it all, post COVID, India’s supply chain capabilities should be utilized to the fullest.With the disruption created by the pandemic, the primary objective to recovery should not be limited to undoing the damage caused. But, to become an economic superpower, India needs a huge leap in the coming decade and the best way to achieve this leap is by becoming self-reliant. 

In order to bolster the mission of self-reliance, Indians must become vocal for local commodities. The use of indigenous products is a prime component of self-reliance. With such great measures taken, it is in our hands to whole-heatedly contribute to this Abhiyan. As mentioned earlier, the first step in making the dream of self-reliance a reality, self-help is very essential. Progress of India contributes greatly to the world’s progress. Hence, get vocal for local to develop global.

 

 

 

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From time immemorial, people have been talking about how failures are the stepping-stones for success. In order to make this statement true, the first step is to realize what went wrong. Most of the time, young entrepreneurs fall into the never-ending loop of ‘blunder to calamity’. The inability of entrepreneurs to identify their mistakes toggles them from one mistake to another which ends up being fatal to their businesses. 

There is no golden rule for success  but entrepreneurs must be able to identify the blunders they are committing so that their errors do not tamper with their success. Entrepreneurs should never forget that failing to plan is planning to fail.  

It is good to have a head start to put a check on blunders committed. The points below are some of the nuances that should not be overlooked by young entrepreneurs :

1. Absence of proper vision:

The absence of a well-structured vision is like playing football without goalposts. All the hard work of winning the ball and having good possession is taken for a toss when there is no goal to score. Similarly not having a vision will lead to an effort-drain as there will be no checklist to identify whether the business is heading on the right path or not. When vision is well structured, it is easy to bounce back during setbacks. Only clarity on where the business must be taken can provide appropriate insights on finding the right solution. 


2. Failure to understand the market:

Even thorough market research cannot fill certain voids. Young entrepreneurs usually lack practical exposure needed to be successful in the market. To take the business in the right direction, knowledge about the market should be at its epitome. The development of such insights about the market is only possible with a decent experience associated with that market. Hence, the best solution to eliminate this problem is having a mentor who can advise in taking the right decisions. Failure to understand the markets always keeps the business in a reactive mode. Due to this, decisions are taken to mitigate the problems that occur. Only a good market research can allow the entrepreneurs to foresee the changes and take measures proactively. Being reactive is never a solution. It is not a sustainable way to do things.

3. Financial Blunders:

Financial blunders lead to long-term consequences. At the offset, most young businesspersons end up having no money to invest in their businesses. Hence, a proper capital structure consisting of an appropriate mix of retained capital, debt financing and equity financing is essential to maximize the firm’s value. Many young entrepreneurs do not understand how to maximize returns on investment. People should not hanker after branding and spending hoards of money without developing the requisite competence. When such a situation arises, the firm ends up being an average player in the market failing to deliver up to the expectations. Financial decisions are often paradoxical. The previous point talks about not spending unnecessarily but at times small business owners make the mistake of being too frugal. Investments must be made to simplify business processes and money should be spent if and when necessary.


4. Resistance to change:

Changes in trends and processes are inevitable. Hence, it is the duty of the entrepreneurs to embrace changes and harness the new to transcend to greater heights. Resistance to change is in short, the inability to capitalize on an opportunity to grow. Changes can come in many forms and technological changes are the most predominant. Young businesspersons should understand that changes happen for the good and they must embrace them to reach newer heights. No matter in what form the change may come, if it is a catalyst for developing the business, it should be incorporated. 

One such catalyst to develop your business online is the OneDigiFlow app which takes care of everything associated with your business from start to the end of your business. From the establishment of the contact initially to the final invoice. Apps like these are some subtle changes that can take your business to greater heights. Click here to know more.


5. People first and product next:

New-age entrepreneurs fail to understand that it is always people first. Many of them make the mistake of thinking that a good product is enough to get a large customer base. Customer-first mentality is essential to mold the products and services in accordance with the needs of the customers and only when they are satisfied, they will be loyal. A good product is definitely necessary but not sufficient. The key for people to use a product is the awareness about the product. People must be aware about how the product can solve their problem and that is when they will spend on it.

These are the main mistakes that can hinder any business’ progress, when a similar situation is encountered again, entrepreneurs please watch out. 


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