Category: Entrepreneurship

WHAT IS THE NEED OF PROTECTING INTELLECTUAL PROPERTY RIGHTS

Protecting intellectual property is essential to remain profitable because intellectual property of a company prevent others from infringement of their own products and innovations. Particularly, protecting IP’s are relevant in today’s competitive market. Intellectual properties can cover a wide range of topics such as brand name, logos, services, processes etc.. of a company. An organisation is bound to face losses when these concepts are used without their permission. Let me explain you about the importance of protecting intellectual property with a case study.

CASE STUDY:

YOU ARE NOT BAJAJ:

A Hyderabad food retain chain, Urban Food Mart, India pvt.ltd has told by the Bombay high court to stop using the name ” BAJAJ SUPER MARKET ” for its business. The justice has passed an interim order on Feb 5th, 2021. Retaining urban food mart using the name of Bajaj and has directed into remove all signatures i.e use of marks on shopping bags, cartons, parking material etc… with in 3 weeks.

Bajaj electricals sued urban food mart saying that it had been using the name Bajaj continuously and extensively since 1961.

In the above case study we can clearly identify that Hyderabad related food retain chain has violated the term Trademark in IPR by copying the name of Bajaj electronics with out it’s permission. As I mentioned in previous articles also, Intellectual property highlights the important assets of an entrepreneur, Intellectual property rights is the collective term for creations of the mind which can be used for the commercial good will.

Almost every company in this technical world has undeniably benefited from the internet, which allows goods, services, and marketing messages to reach a large audience at a low cost – but it has also raised the risk of intellectual property infringements. This ultimately makes the protection of Intellectual Property as one of the most important things in today’s business world.

Most of the entrepreneurs because of having lack of knowledge in intellectual properties ignore important steps that they have to take for protecting their IP assets later which results into loss for their company. So a proper attention should be given for protecting IPR of a company by both management and employees. It will be good for the company, if it nominate a manager who takes the responsibility for understanding and protecting IP rights.

LIFE CYCLE OF INTELLECTUAL PROPERTY(IP):

Protecting IP assets at the right time will always maximize the value of business. Now let us see the life cycle of intellectual properties in the following picture.

IP CREATION: Creation of IP enables innovators and inventors to identify and develop the potential research works in various fields.

IP PROTECTION: It enables in getting ownership rights and overall control on IP of a firm.

IP ASSETIZATION: Facilitates the development of IP based products of a company.

IP COMMERCIALIZATION: It enables business to make revenue and helps in expanding the market of the company.

HOW TO PROTECT INTELLECTUAL PROPERTIES:

The following are the five tips that every entrepreneur or owner of a firm must keep in mind for protecting IPR are as follows:

1 APPLY FOR PATENTS, COPY RIGHTS, TRADEMARKS:

Companies can protect their core management and their research & development activities through intellectual property rights and registrations. They also have a better bargaining position for cross-licensing and counterclaims. Intellectual property rights and registrations also allow a corporation to obstruct competing goods, determine new entrants, and pave the way for future market share via technological advancements. Intellectual property rights come in a variety of forms, such as Patents (used to protect technical information), Copyrights ( used to protect original artistic expressions of text, drawings etc..) and Trademarks (used to protect logos, brand names etc..). Each one of these must be applied in prior to protect the companies rights in order to sue if a third party infringes. 

2 SECURE YOUR INTELLECTUAL PROPERTY BOTH PHYSICALLY & DIGITALLY :

Companies must protect their IP in both Physical and digital protection and should maintain high security where sensitive data is stored, whether it is in the server farm or it is in the paper form. Keep track on the person who has the keys. Use passwords and limit employee access to important databases.

3 AVOID JOINT OWNERSHIP FOR INTELLECTUAL PROPERTY RIGHTS:

Make an effort to escape joint intellectual property rights. It is always beneficial for you to have control of your rights. In the long run, joint ownership of such rights can cause confusion and legal issues threatening the security of these assets, causing harm to all parties involved.

4 GET EXACTLY-MATCHING DOMAIN NAMES:

An exact-match domain name is one of the best intellectual property protection strategies for trademarks and copyrights (that you already own). Though it can be a bit expensive but it will help you in the long-term benefits.

5 KEEP YOUR IDEA A SECRET UNTIL YOU HAVE FILED A PATENT APPLICATION:

Make sure that you never share your idea with anyone before you have protected the same. This is because the other person might file for a patent before you and gain ownership rights over it. There is an old maxim that says “a secret shared is not a secret anymore”. So, don’t share the total information about the idea or invention with anyone and keep it as a confidential matter.

ECONOMICS BEHIND INTELLECTUAL PROPERTY RIGHTS

In todays world several companies use the Intellectual Property Rights (IPR) to protect their new inventions and company secrets. IPR are the legal rights granted by government to encourage innovation and creative output by ensuring that creators reap the benefits for their inventions or works. Intellectual property rights include several forms such as patents, trade secrets, copyrights, trademarks, or geographical indications (GIs).

World intellectual property organization(WIPO) defines IPR as a creation of mind inventions, literacy, artistic works and symbols, names, images and designs used in commerce. When a company hold its physical properties with out any IPR then those properties are considered as tangible where as IPR possessed properties are considered as Intangible. Intellectual property is essentially needed for a private nature belong to either through a natured person or legal person( Companies, Institutions). IPR can be own, bought and sold, rented , protected and infringed upon by others.

EVALUTION OF IPR IN INDIA:

Intellectual Property Rights (IPR) in India was imported from the west through the Indian Trade and Merchandise Marks Act 1884 which was considered as the first Indian Law on IPR. The first Indian Patent Law was enacted in 1856 followed by a series of Acts being passed. There is an Indian Patents and Designs Act in 1911 and Indian Copyright Act in 1914 is the first enacted copy write act in India. Later after getting independence the Comprehensive Copyright Act was enacted in the year of 1957 to consolidate the laws related to copyrights in India.

In 1948, the Indian Government appointed the committee to review the prevailing Patents and Designs legislation. In 1957, Government appointed to revise the Patent Law in order to balance the constitutional guarantee of economic and social justice enshrined in the preamble of the constitution. The report submitted by the committee outlined the policy behind the Indian Patent system. After the revision of previous acts on patents, a new patent act was released in the year of 1970 which process the patents only for food, agrochemicals, alloys, drugs and fixed 7 years term for food, drug and 14 years for others with having compulsory license provisions.

IPR LAWS ADMINISTERED BY OFFICE CGPDTM

EVALUTION OF INTERNATIONAL PERSPECTIVE OF IPR:

Every country has some relationship with other foreign countries in the form of trading, such as imports and exports. The foundation of International Intellectual Property Protection was created in the 19th century in the view of protection of Industrial Property which was created at Paris Convention in the year of 1883 regarding the terms of Patents, Trade Marks and Industrial designs that were granted protection at that convention. In 1998, India also became a member of the Paris Convention. In 1886, International Copyright Act was passed.

The Paris Convention marked the beginning of the International Trade Marks Protection laws and introduced the concept of a well known mark. In 1960 the World Intellectual Property Organization was created which governs the Paris and Berne Convention. In 1977 World Trade Organization (WTO) was created and become an important international organization for the development and understanding the IPR. This WTO was the successor to the General Agreement on Tariffs and Trade(GATT).

The importance of intellectual property in India is well established under statutory, administrative and judicial levels with an agreement made with World Trade Organization (WTO). This Agreement concentrates on Trade Related Aspects of Intellectual Property Rights (TRIPS) which came into force from 1st January 1995. It lays down the minimum standards for protection and enforcement of intellectual property rights in member countries which are required to promote effective and adequate protection of intellectual property rights with a view to reducing distortions and impediments to international trade.

The IPR scene in India has undergone a dramatical change since 1995 with the creation of various tools of Intellectual Property which shows compatibility with TRIPS.

ECONOMICAL PERSPECTIVE OF IPR IN DEVELOPING COUNTRIES :

Intellectual property rights have a great importance in the growth of a country. Intellectual property law differs from county to country. In many developed countries, the strict enforcement of the IPR has a huge contribution to economic growth. IPR promotes innovation which leads to the economic growth. Nowadays every business in the world is looking for the creation of Innovations.

So, protecting those new innovations has become necessary for companies these days. Not only protecting the new inventions of the company but also established companies should also protect their company names also in order to avoid duplicates in the market. Some big companies sell their names in exchange of huge amount in exchange of huge amount of money. Intellectual property rights have a great influence on the financial improvement of a nation. Different country governments face a complex choices on how to design an IP system in the best way to serve their policy objectives.

As India is one of the fastest growing countries, innovation became the first priority to most of the startup companies and as well as established firms including Government firms. Significance of IPR gives a competitive edge in the market for a company and also protects from hackers and pirates. Developing countries went along with the TRIPS agreement for a variety of reasons, ranging from the hope of additional access to agricultural and apparel markets in rich nations, to an expectation that stronger IPR would encourage additional technology transfer and innovation.

From business perspective IPR helps to create a strong brand identity and obtain valuable competitive intelligence. Along with these they help in making revenue through licenses. The main flexibility that is obtained through IPR is freedom of operating. After the introduction of TRIPS the market in India started changing vastly and the act started to provide space for operation and opportunities to companies and innovations. The private sector has started investing in research and development. Finally, The intellectual property right development plays a crucial role on economy for the development of business in a country.

TERMS OF INTELLECTUAL PROPERTY RIGHTS

INTELLECTUAL PROPERTY RIGHTS:

Intellectual Property is an intangible property, which is a product of human intellect, capital, labour, etc. such as artistic creations, literary works, inventions and so forth. It is intangible because it cannot be identified with the help of its physical characteristics.

Intellectual property is an asset by which one can own their business identity, technology, works of authorship, logo, slogans and many other practical expression of the ideas that drives the business forward. Intellectual property plays a vital role at all levels of your business.

To safeguard the interest of the creators, intellectual property rights are introduced which give them the right over their property and prevents others from using it in an illegal way. There are several terms in intellectual property rights, they are described clearly in the following paras:

TERMS OF INTELLECTUAL PROPERTY RIGHTS:

COPYRIGHT:

Copyright is a legal IPR term used to describe the rights that creators have over their literary and artistic works. Works covered by copyright range from books, music, paintings, sculpture, and films, to computer programs, databases, advertisements, maps, and technical drawings. Copyright provides the owner with exclusive rights to use, display, copy, exhibit, modify and distribute the work.

PATENT:

A patent is an intellectual property right which is exclusively related for an invention and grant rights on that invention. The invention may be a product or a process that provides in general for a new way of doing something, or offers a new technical solution to a problem. To get a patent, technical information about the invention must be disclosed to the public in a patent application. There are different types of patents are existed they are:

  • Utility patents: These are the most common form of patents to protect physical inventions, chemicals and processes.
  • Design patents: These patents protect the unique form, appearance or design of an item.
  • Plant patents: These patents protect the development of a new variety of plant through an asexual reproduction in a controlled setting.

TRADEMARK:

A trademark is a sign capable of distinguishing the goods or services of one enterprise from those of other enterprises. Trademarks are protected by intellectual property rights. In simple words trademarks are those things that make up your brand with having certain phrases, logos, unique words, and graphic design elements can be trademarked. Trademarks defend against confusion or dilution of the brand in the marketplace. Trademarks have to be distinctive in order to gain protection. The mark’s that are associated with business denotes its strength, which plays a vital role for defending the piracies.

GEOGRAPHICAL INDICATIONS:

A geographical indication (GI) is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin. In order to function as a GI, a sign must identify a product as originating in a given place. A geographical indication is often related to industrial property, which adverts referring to a country or to a place, situated for the origin of that product. This geographical indication not only refers to where the product was made, but more importantly, it identifies the product’s special characteristics which are the result of the products origin. Using the place name where the product was made.

INDUSTRIAL DESIGN:

Industrial design is also a term in intellectual property. It is a process of design applied to products that are to be manufactured by mass production. It can be applied to a wide variety of factors like, materials, production processes, business strategy and prevailing social research activities, commercial or aesthetic attitudes.

As per the Indian law, under the design act 2000, Industrial design protection is a type of intellectual property right that gives the exclusive right to make, sell and use articles that embody the protected design to the selected people only.

TRADE SECRETS:

Trade secrets are intellectual property (IP) rights on confidential information which may be sold or licensed. In general, to qualify as a trade secret, the information must lie in commercially valuable because it is secret and should be known only to a limited group of persons and also it should be subjected to a reasonable steps taken by the rightful holder of the information to keep it secret, including the use of confidentiality agreements for business partners and employees.

The unauthorized acquisition or use or disclosure of such secret information is referred as an unfair practice and considered as violation of the trade secret protection.

So, These are some of the terms that are related to Intellectual property rights. Which are useful and necessary for any type of organization or firm to protect their new inventions, logos, artistic works etc… from their competitors.

INNOVATION MANAGEMENT: TYPES OF INNOVATION

In today’s constantly changing business environment, new opportunities and challenges arise every day which are often driven through digitalization. As a result various market forces like knowledge as business capital, the Information and Communication technologies, Internet of things and of course due to digitalization every organization seeks a competitive advantage. To master over the resulting challenges and get benefited from the opportunities, we must have a systematic and well managed Innovation. That is why now a days innovation has become a core focus area for high performing organizations to ensure long-term survival by making the desired revenue and goals.

WHAT IS AN INNOVATION?

According to Peter Drucker innovation the specific function for entrepreneurship whether in an existing business or a public service institution or a new venture started by a lone individual in family kitchen. Innovation is the means by which the entrepreneur either creates new wealth producing resources or endows existing resources with enhanced potential for creating wealth.

WHAT IS INNOVATION MANAGEMENT ?

Innovation management involves the process of managing an organization’s innovation procedure, starting from the initial stage of ideation to its final stage of successful implementation. It encompasses the decisions, activities and practices of devising and implementing an innovation strategy. These decisions, practices and actions are aimed at achieving a certain target – to generate an idea, product or a service that is of sizeable business value.

According to Gartner, innovation management is a structured process of generating, capturing, discussing and improving, organizing, evaluating and prioritizing valuable insight or alternative thinking that would otherwise not have emerged through normal processes.

The innovation management process necessitates the use of certain management tools that assist in bringing both managers and other entities on a common platform and get them to move towards a common goal. These innovation management tools can look simple but are most effective in reality. Such management tools are considered as brainstorming sessions, planning and finally prototyping. Let’s discuss about various types of innovation which helps in the growth of business.

TYPES OF INNOVATION:

INCREMENTAL INNOVATION: The overwhelming majority of innovations are incremental in nature. Incremental innovation is nothing but improvement or adding new features or characteristics to already existed product which brings a large-scale organisational change. Incremental innovation is arguably the most accessible form of innovation, as it can often be performed without requiring huge budgets, a large team or a reorientation of the business’s strategy.

LED LIGHTBULB (Example of Incremental Innovation)

Incremental innovation doesn’t change it’s original dominant design. Incremental innovation will have less financial risks because this innovation doesn’t bring a new product or services into market rather it just modifies already existed product. This innovation can build a strong customer relationships and improves the product longevity in the market and most importantly incremental innovation is the best strategy to get a quick win in the competitive market.

The best example of incremental innovation is, The most famous E-commerce site COCO COLA, CADBURY etc…

DISRUPTIVE INNOVATION: Disruptive innovation is a theory that refers to a concept, product, or a service that creates a new value of network either by entering an existing market or by creating a completely new market. Moreover disruptive innovation refers to innovations by using new technologies that make expensive or sophisticated products and services accessible and more affordable to a broader market.

Disruptive innovation requires enabling technology with an innovative business model for building a coherent network value. One of the key features of disruptive innovation is that it modifies the process of evaluating the company and helps in the provision of better services with its new modification brought in the industry. It improves and modernize a lot of processes of a company, which further benefits the company a lot.

Examples of disruptive innovation are TESLA MOTORS, YOU TUBE, SKYPE etc…

SUSTAINING INNOVATION: Sustaining innovation is the opposite of disruptive innovation as it exists in the current market and instead of creating new value networks, it improves and grows the existing ones by satisfying the needs of a customer. Just like incremental innovation, the products that perform sustaining innovation is slightly made better with every iteration by reducing defects.

A sustaining innovation targets the high-end customers with its better performance than previously available one. The established competitors always win the battles when they operate sustaining technology efficiently. This strategy entails making a better product that can sell for higher profit margins to their best customers.

Examples of sustaining innovation are, IBM, TOYOTA etc..

RADICAL INNOVATIONS: Radical innovation is rare. It has similar characteristics to disruptive innovation but it is different in a way that it simultaneously uses revolutionary technology and a new business model.  Radical innovation solves global problems and addresses needs completely in a new way. This type of innovation completely transforms the market, or even the entire economy .

Technological innovations, such as personal computer and the internet are examples of radical innovations that have transformed the way the entire world functions and communicates. These disruptive innovations provide our society with a platform to build on top of which leads to highly accelerated economic growth where as radical innovation destroys or supplants an existing business model and blows up with something that is entirely new to the market. This types of innovation typically require a lot of time and technological development before they’re ready for the mainstream markets.

Examples of Radical innovation are, I PHONE, NETFLIX, INTERNET etc..

Universal Design

Universal design is the approach of designing products and environment so that it can be used by broad number people irrespective of age, disability, ability, status in life and various other factors.

Usually, products are designed to be suitable for average users whereas products designed under the principle of universal design try to be suitable for the maximum number of users. The purpose of universal design is not to create a design that can work for 100 percent of the people because it is almost impossible to have a ‘One size fits all’ design. The purpose is to create a design that can serve solutions that are more inclusive. Designers have to look at those designs that push the boundaries as far out as possible without compromising the quality and integrity of the product.

There are many instances where a designer will have to choose between different designs and determine the more suitable design according to UD principles. For instance, if there is a choice to choose between a lever-design handle and a knob-design handle. It is preferable to choose the former rather than the latter as the lever design can accommodate more people’s daily usage. The lever design feature will be a more inclusive element compared to the latter. It can accommodate various usages like opening the door with closed fists or the elbow or so that a person can easily access the door while carrying something as well as people with finite strength.

There are briefly 7 Principles of Universal Design. These were developed in 1997 by a team of architects, designers, engineers, and environmental design researchers.  The team was led by the late Ronald Mace who was an internationally recognized American Architect and designer in North Carolina State University.

The seven principles are:

  • Equitable use

While designing, the product should be kept in mind that it should be accessible by every person including disabled people.  

  • Flexibility in use

The design needs to be configurable to accommodate everyone’s preferences, needs, and abilities.

  • Simple and intuitive

This means that the design should be easy to understand for everybody. The person can easily figure out a well-designed product or an environment without thinking too much about it.

  • Perceptible information

The design can communicate all of its necessary information to everybody irrespective of the environmental conditions or the user’s sensory abilities.

  • Tolerance for error

It refers to safety so that the design minimizes hazards, accidents or unintended actions.

  • Low physical effort

The design in use needs to be comfortable and efficient rather than being exhausting and fatiguing to use.

  • Size and space for approach and use

The design irrespective of user’s body size, posture, or mobility should not restrict anybody by its size or space.

Universal design can really make the lives of people much more comfortable, safer, and efficient in the long run. There are still many areas that are not designed well and poorly designed products, buildings or the environment can be a safety hazard as well. It is usually the job of a universal designer to design new products from the ground up and many also renovate existing designs to make them more accommodative and accessible.

References:

http://universaldesign.ie/What-is-Universal-Design/The-7-Principles/

https://www.washington.edu/doit/what-universal-design-0

Amazon CEO and other returns from their space voyage

Amazon CEO Jeff Bezos returned to earth after his maiden space voyage. Mark Bezos, Wally Funk and Oliver Daemen were his other co-passengers in this journey. He spent total of 10 minutes in space. He went there on Blue Origin’s New Shepard spacecraft from its Launch Site One located in the West Texas desert (United States).

Jeff Bezos and his other co-passengers ( via Reuters)

Happy, happy, happy!,You have a very happy crew up here!

Jeff Bezos said in space

For the first time in the history a commercial company launched a privately funded and built spacecraft from a private launch range with astronauts on board.

Congratulations to all of Team Blue past and present on reaching this historic moment in spaceflight history. This first astronaut crew wrote themselves into the history books of space, opening the door through which many after will pass

Blue origin released this statement after safely return of the passengers on earth.

Private companies are competing in space travels and explorations, let’s hope this competition may result in affordable space travel ,well within reach of common man. Space travel is still dream of many people.

Which Trading is Better?

Want to trade? Stuck choosing between online and offline? You have come the right way. We are here to help you through your decision for trading online or offline. First, you should know the basics of trading. Then we will guide you through some points stating differences between online and offline trading. 

Before the age of the internet, trading was carried out by stockbrokers. They dealt with the work of buying and selling equities on behalf of their clients. But the internet made this process a lot easier and faster. Today, both online and offline share trading is prevalent around the world. 

To understand more clearly, let us tell you something about Forex trading. 

What is Forex Trading? 

Forex trading or better known as foreign exchange trading is multipurpose trading carried out around the world. It can be explained as a network of various types of buyers and sellers willing to transfer currency between each other at an agreed price. 

Forex trading or any other type of trading can be carried out by individuals, organizations, companies, and central banks. They convert currency into one another and transfer the same. The amount of currency they convert daily causes price movements across many countries around the globe. 

Now let’s see some differences between online and offline trading. 

Differences between online and offline trading

  1. Ease of trade

Online trading is usually done individually and the person makes all the transactions for himself without any guidance. Also, online trading can be done with any device provided by the internet. Here all you need is the internet so it is less expensive. 

Whereas in offline trading all the transactions are carried out by the broker. And the individual has to approach the broker and contact him by going to his office. This also makes offline trading more expensive. 

  1. Convenience

Convenience is the most important factor to be considered when doing absolutely anything. Similarly, online or offline trading services should be selected based on the convenience of the individual. 

Lack of the internet can be a problem for those who prefer online trading. But if you have a mobile and full-time internet then your best option is online trading. But for people who prefer regular guidance, should go for offline trading. 

Photo by Karolina Grabowska on Pexels.com
  1. Security

In terms of security, online trading is much more secure than offline trading as in online mode, the individual has complete control over the transactions to be made. 

In offline trading, the transactions are in the hands of the broker. They carry out the transactions on behalf of the client without any knowledge. 

Another advantage of online trading is that the traders can check their tax, brokerage, and other statements. But in offline trading, the broker can easily manipulate the trader. 

  1. Real-time information

While trading, the trader needs to keep track of the real-time information. So again online trading has the ball in its court. It is a huge benefit of online trading that all the real-time information is displayed on the trader’s screen. He can have access to updates on any crashes in the stock market. 

Whereas in the case of offline trading, the trader can’t keep track regularly as the market keeps updating every second. 

  1. Trading fees

In online trading, the client executes the trade themselves so there is no need for middlemen. This reduces the trading fees to almost negligible in online mode. 

Whereas in offline trading there is more than one person involved in the process which increases the trading fees significantly. 

  1. Guidance

Guidance is necessary during trading. So in online trading, the trader can surf the internet for various expert comments and suggestions. 

Whereas in the side of offline trading, the trader has no other option but to depend on the broker’s word for everything. 

  1. Platform

It is a huge advantage of online trading that it has all the things under one umbrella. The trader can find everything on a single platform. No need to search here and there. Plus, the broker houses make sure they upload all the necessary things on their site. 

Whereas in offline trading, the trader needs to do independent research about everything, before asking the broker to trade. 

  1. Quality of service

In online trading, the trader can access detailed reports of trends in the market and can have all information regarding stocks and orders. 

Whereas in offline trading, the trader should trust the broker for all information. 

  1. Flexibility

With online trading, getting the order at the right time has become easier. All broker houses provide a trading platform like their website or app. There the trader can execute buying and selling of orders and make transactions. 

Whereas in offline trading, the trader needs to go to the broker’s office or carry out the trade on call. This is tiresome and inconvenient to almost everyone nowadays because of the busy schedule. 

  1. Fraud

Online trading provides the trader with full control over their trades and transactions. 

But in offline trading, clients have to take the broker on his word. This sometimes leads to mistakes and cases of fraud. 

Now you can easily start trading without depending on anyone for information and all the necessary transactions. Clearly, online trading won the battle online Vs offline. Hope you make the right choice. Happy trading! 

Advantages of Online Business

With the development and growth of technology in today’s world, people go for much easier and faster ways to do absolutely anything. Nowadays everything can be easily done with just some clicks here and there. From paying your bills to shopping for your birthday, from wanting to eat a small burger to planning a huge party, almost every single thing is possible online. 

Do you want an Android mobile phone, or do you want a flight ticket to go meet your family? Name it and you got it. Are you still stuck in your mind thinking “Should I start a business online?” If yes, then go nowhere else. We are here to clear your doubts about it and persuade you to just go for it. So yes, you should do business online. Now let’s see why. 

Why Should You Do Business Online? 

We will tell you all about why to start a business online. We are going to shoot you some persuasive points to start a business online. 

  1. Extremely inexpensive

When starting it will be a little expensive but just to fuel the process. Once you have started an online store or maybe an online blog, then you just need a website with a domain name and your business will take off in no time.

  1. Flexibility of time

Depending on the type of online business you wish to start, you will have the flexibility of time and work. You can choose what time of the day you want to work. But this does not mean you relax all the time thinking it is going well. You need to work according to what your business requires. But you can do that at your own convenient time.

  1. Choose your location

In an online business, you are not forced to sit at a desk all the time. You can work from the comfort of your home. You don’t need to spend hours daily stuck in traffic to reach your office or you don’t need to ask for a weekend off to go for a trip with your family. You have the freedom to choose from where you want to work.

  1. Huge income and growth potential

Before starting an online business you should know that your income won’t be defined by the number of hours you work. It solely depends on the amount of progress and productivity of your work. Try to work on the important parts and reduce your time of work. The main focus should be on consistency. Unlike those 9 to 5 office jobs, online business runs even when you relax for some time.

Photo by Michael Burrows on Pexels.com
  1. In action all the time

Online businesses can run all 24 hours a day, 7 days a week. It does not require you always hovering over your screen to work all the time. Keep track of what important is going on and relax for a bit. It provides the owner, flexibility in how they want to work.

  1. Outsourcing your work

As you grow in your online business, begin to earn some money you can start to outsource your work to other contractors or hire them. You can also hire some employees to help you ahead in your journey. Outsourcing work does not cost a lot of money instead it helps you grow your business more and at significantly higher levels.

  1. Focus on important things

One of the most useful perks of starting a business online is that it allows you to focus on the most important aspects of your life rather than just working 24/7. You can build a platform for yourself by sharing your information and ideas with like-minded people. You can spend quality time with your friends and family. You can also guide other individuals thinking of starting an online business too.

  1. Creates long term financial security

An online business that you started just as an experiment of a new thing, can be grown to become a stable, well-established business in the market. It can become your main source of revenue as well. It will provide you with financial security for a longer period than you expected. And not just one, you can add more businesses along the way.

  1. Less overhead and financial commitment

To start a business, people usually take loans, property leases are signed, and what not is done to start the business. But the advantage of online business is that it requires a less overhead and financial commitment. This is also a great path for young entrepreneurs to chase their passion and find stability at a young age.

  1.  Easy to excel

 It has become much easier to be successful in online businesses than it is in others. There is much scope in many different types of businesses around the world. 

There, you have it. You have now got all the motivation you need to start an online business. Make sure to keep these points in mind whenever you have doubts about starting an online business. Hope we threw away the question from your mind. Now, what do you say? Should you start a business online? We hope you got the correct answer. Yes, go for it!

What is Affiliate Marketing ?

Affiliate marketing is the process of earning money (commissions) every time you promote a company’s products or services and drive a sale. You only get paid every time you drive a sale, just like a commission-only sales representati

How Does Affiliate Marketing Work?

Because affiliate marketing works by spreading the responsibilities of product marketing and creation across parties, it manages to leverage the abilities of a variety of individuals for a more effective marketing strategy while providing contributors with a share of the profit. To make this work, three different parties must be involved:

  1. Seller and product creators.
  2. The affiliate or advertiser.
  3. The consumer.

Let’s delve into the complex relationship these three parties share to ensure affiliate marketing is a success.

1. Seller and product creators.

The seller, whether a solo entrepreneur or large enterprise, is a vendor, merchant, product creator, or retailer with a product to market. The product can be a physical object, like household goods, or a service, like makeup tutorials.

2. The affiliate or publisher.

Also known as a publisher, the affiliate can be either an individual or a company that markets the seller’s product in an appealing way to potential consumers. In other words, the affiliate promotes the product to persuade consumers that it is valuable or beneficial to them and convince them to purchase the product. If the consumer does end up buying the product, the affiliate receives a portion of the revenue made.

3. The consumer.

Whether the consumer knows it or not, they (and their purchases) are the drivers of affiliate marketing. Affiliates share these products with them on social media, blogs, and websites.

How Do Affiliate Marketers Get Paid?

A quick and inexpensive method of making money without the hassle of actually selling a product, affiliate marketing has an undeniable draw for those looking to increase their income online. But how does an affiliate get paid after linking the seller to the consumer?

The answer can get complicated.

The consumer doesn’t always need to buy the product for the affiliate to get a kickback. Depending on the program, the affiliate’s contribution to the seller’s sales will be measured differently.

The affiliate may get paid in various ways:

1. Pay per sale.

This is the standard affiliate marketing structure. In this program, the merchant pays the affiliate a percentage of the sale price of the product after the consumer purchases the product as a result of the affiliate’s marketing strategies. In other words, the affiliate must actually get the investor to invest in the product before they are compensated.

2. Pay per lead.

A more complex system, pay per lead affiliate programs compensates the affiliate based on the conversion of leads. The affiliate must persuade the consumer to visit the merchant’s website and complete the desired action — whether it’s filling out a contact form, signing up for a trial of a product, subscribing to a newsletter, or downloading software or files.

3. Pay per click.

This program focuses on incentivizing the affiliate to redirect consumers from their marketing platform to the merchant’s website. This means the affiliate must engage the consumer to the extent that they will move from the affiliate’s site to the merchant’s site. The affiliate is paid based on the increase in web traffic.

Gig Economy

What Is the Gig Economy?

In a gig economy, temporary, flexible jobs are commonplace and companies tend to hire independent contractors and freelancers  instead of full-time employees. A gig economy undermines the traditional economy of full-time workers who often focus on their career development.

Understanding the Gig Economy

In a gig economy, large numbers of people work in part-time or temporary positions or as independent contractors. The result of a gig economy is cheaper, more efficient services, such as Uber or Airbnb, for those willing to use them. People who don’t use technological services such as the Internet may be left behind by the benefits of the gig economy. Cities tend to have the most highly developed services and are the most entrenched in the gig economy. A wide variety of positions fall into the category of a gig. The work can range from driving for Lyft or delivering food to writing code or freelance articles. Adjunct and part-time professors, for example, are contracted employees as opposed to tenure-track or tenured professors. Colleges and universities can cut costs and match professors to their academic needs by hiring more adjunct and part-time professors.

The Factors Behind a Gig Economy

America is well on its way to establishing a gig economy, and estimates show as much as a third of the working population is already in some gig capacity. Experts expect this working number to rise, as these types of positions facilitate independent contracting work, with many of them not requiring a freelancer to come into an office. Gig workers are much more likely to be part-time workers and to work from home. Employers also have a wider range of applicants to choose from because they don’t have to hire someone based on their proximity. Additionally, computers have developed to the point that they can either take the place of the jobs people previously had or allow people to work just as efficiently from home as they could in person.

Economic reasons also factor into the development of a gig economy. Employers who cannot afford to hire full-time employees to do all the work that needs to be done will often hire part-time or temporary employees to take care of busier times or specific projects. On the employee’s side of the equation, people often find they need to move or take multiple positions to afford the lifestyle they want. It’s also common to change careers many times throughout a lifetime, so the gig economy can be viewed as a reflection of this occurring on a large scale.

During the coronavirus pandemic of 2020, the gig economy has experienced significant increases as gig workers have delivered necessities to home-bound consumers, and those whose jobs have been eliminated have turned to part-time and contract work for income. Employers will need to plan for changes to the world of work, including the gig economy, when the pandemic has ended.

Criticisms of the Gig Economy

Despite its benefits, there are some downsides to the gig economy. While not all employers are inclined to hire contracted employees, the gig economy trend can make it harder for full-time employees to develop in their careers since temporary employees are often cheaper to hire and more flexible in their availability. Workers who prefer a traditional career path and the stability and security that come with it are being crowded out in some industries.

For some workers, the flexibility of working gigs can actually disrupt the work-life balance, sleep patterns, and activities of daily life. Flexibility in a gig economy often means that workers have to make themselves available any time gigs come up, regardless of their other needs, and must always be on the hunt for the next gig. Competition for gigs has increased during the pandemic, too. And unemployment insurance usually doesn’t cover gig workers who can’t find employment.

In effect, workers in a gig economy are more like entrepreneurs than traditional workers. While this may mean greater freedom of choice for the individual worker, it also means that the security of a steady job with regular pay, benefits—including a retirement account—and a daily routine that has characterized work for generations are rapidly becoming a thing of the past.

Lastly, because of the fluid nature of gig economy transactions and relationships, long-term relationships between workers, employers, clients, and vendors can erode. This can eliminate the benefits that flow from building long-term trust, customary practice, and familiarity with clients and employers. It could also discourage investment in relationship-specific assets that would otherwise be profitable to pursue since no party has an incentive to invest significantly in a relationship that only lasts until the next gig comes along.

ARE WE REALLY ENJOYING OUR WORK?

Work is worship for those who take work seriously and it should be so because your work reflects your personality to some extent and how we do it is also part and parcel of our identity. Here in, comes the real trouble because when you do the work you enjoy, you try to put in your heart and mind into it but, if you are unfortunate enough to be doing the kind of work that you are not proud of, then surely enough it shows in your outcome.

Money, being the prime factor in today’s world and so, when your sole priority is to mint money, then it hardly matters whether you are an engineer or an interior designer. You would try to impress upon the authorities in your field with the sole objective of prosperity in your field. For this, you may go to any extent of unethical attempts, without even thinking about its aftermath.

Mental tension and stress and the related health hazards are all part and parcel of today’ s changing world. Today’s young generation is the first generation of professionals who are earning, four times more than what their parents have earned and so they have a lot of money at their disposal, which is making them spend more All this was possible only because of India’s changing economic condition and the advent of multinational companies with huge capital investment and infrastructure.

In fact, the call centre culture has also changed our lives for the worst, since lifestyle patterns are changing drastically. Initially, youngsters seem to be enjoying the western influence of working like asses on five days and reserving the weekends for parties and celebrations. And to get those two days of relief, they are ready to slog whether they like their job or not. It henceforth, becomes a mechanical slogging where, you are not concerned, whether your mind is at work but it’s just about the finished product that they look forward to. On the whole, we cannot rule out the fact that there are people, who are fortunate enough to bag the job they desire or those who have ultimately landed in those fields, where they have wanted to be. Such people are really lucky in the sense that they do their work with the utmost dedication and they have a fulfilment in life, even if they are not taking home fat salaries like their counter-parts, but don’t have any satisfaction to boost of.

There is a third side to all this and that is trying to derive meaning in whatever meaningless things we are doing to make both ends meet. So even if, one is in a job that is detested by him, he can still work towards generating a positive attitude to one’s Work. Try and enjoy, what one is doing and thus try to attain a sense of satisfaction, that he supposes, he could have otherwise got.

Top brands that represent India

Atmanirbhar, A word that entered every Indian’s vocabulary by the end of the year 2020. This gave a hype to use made in India products. people started to check for the made in India label. Now the era is of brands. Everybody wish to wear top brand accessories and cloths and drive a branded car. How can someone fulfil this desire while being Atmanirbhar? There are some brands which represent India and are listed at top. World has many brands, which appear as foreign brand by their names but are Indian.

The golden old times had brands like Parle-G, Vadilal, Godrej etc. The new era is dominated by these brands.

the royal enfield

As the name suggests, the brand is truly royal. It is an Indian multinational company. The headquarters is in Chennai, Tamil nadu. The brand was originally owned by a British company Enfield Cycle and was stared in 1893. In 1994 an Indian company Eicher Motors bought it and renamed it as Royal Enfield India. The brand is special and admired for its retro charm and the thumpy sound. The fuel tank is hand painted. The bike brand is known for its affordability. The bikes price starts at rupees 1.34 lakh and most expensive model is of 3.13 lakh. And it is not complex and easy to repair. Owning a Royal Enfield has been a matter of pride.

a Royal Enfield bike

van heusen india

It is a clothing band. The brand is under PVH corporation which is founded in 1889 and named after a Dutch immigrant john manning van heusen. The Indian section of this brand is owned by Aditya Birla fashion and retail limited. The company calls itself to be a fashion powerhouse. Aditya Birla group has a network of 3,212 stores across the country. Aditya Birla fashion and retail limited is the first billion dollar fashion house of India.

peter england

This brand is also a clothing brand. In 1889 the brand was founded in Londonderry of Ireland. The purpose of establishment was to provide khaki trousers to the British soldiers. The Brand entered India in 1997. In 2000 Aditya Birla group owned this brand. The headquarter is in Bangalore, Karnataka. The brand is the top men’s wear brand and has huge market. The customer base is estimated to be 4 million people. The brands target customers are the corporate employees. The brand offers collection of denims, festive wear, Indian kurtas, accessories etc.

lakme

The brand offers beauty products like cosmetics, skincare products and beauty saloons. It is India’s first cosmetic brand. It is the first to introduce makeup to Indian women and its been more than 50 years for the company for being a beauty brand. The main Idea of establishing a makeup brand of India was of prime minister Jawaharlal Nehru and He asked JRD Tata to execute this. The brand was named after a French opera coincidently which was derived from the name of the goddess Laxmi. Now also the brand tops in the popularity list.

jaguar

This brand is also stared as a British company founded by William Lyons. But now it is owned by Tata motors from 2008. The models are still manufactured in UK and headquarters is in Whitley Coventry, England. The car is one of the luxury vehicle. The cars are very much classy and show a great performance. The car price starts at 46.64 lakh.

these represent some of the success stories of Brands. There are many more brands too in the market who represent India internationally. These are the examples that India can do a great job in establishing brands and can lead the world.

Attending the job interview

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Whenever any job opportunity is provided by the employer there are many people who must have shown interest in it and filled up the forms but may be the positions are less than the number of applicants so interview is the next step in which all the selected candidates are called up for further information. They will be asked about their interest , why they are suitable for that position and many other questions . In the interview the employer can see the applicant and find out their response along with their personality. Suppose if there is any employer looking for a candidate who is having the calm personality but if there is no interview how will the employer can evaluate and choose the most appropriate candidate?

Interview is a conversation that takes place between the job applicant and the employer or may be the representative of an employer. This is done to find out whether the applicant is most capable of getting a job or not.

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Mostly these interviews involves the face-to-face interactions because a person can lie but their body language cannot. It is the most common method used to evaluate the applicants in order to ensure that the best person is recruited. Interview allows the employer to get into more details about the applicant as they can know how the applicants are replying ,how they are sitting ,how confident they are and some psychologist are also present at the time of interview who can easily find out the personality of a person. So the big question arises if this is so difficult and all aspects are checked up by the employer then how to attend the interview to get hired? We will answer this question by mentioning the following points that you must take care while going for a interview.

IMPORTANT POINTS:

  • Be on time is the first thing that plays a very important role in creating the image in front of employer. Many people ignore this but if you want to have the image of a managed and a disciplined person always try to reach the interview location before 10 minutes of stated time.
  • Present yourself smart and dress properly it will not only make you look good but also provide you alot of confidence.
  • Have an eye contact with the employers when answering the questions it will remark you as a confident person but don’t look at them inappropriately otherwise it will be awkward.
  • Greet the employer but don’t try to be over friendly with them and dont dont off just stay honest and answer the questions.
  • Always have a knowledge about the working and history of the company for which you are going for an interview it will show that you have prepared well for it.
  • Body language must be clearly look out to avoid any stupid actions that can lead to your rejection. Don’t shake your legs and rubb your hands basically these small things will present you as a nervous person and no company want under confident people to work with.
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Mental Health

We human beings often tend to pay less attention to our mental health than our physical one, but we all should understand its heavy importance and admit the fact that they can be equally or even more dangerous than the physical issues so one should take immediate help of doctor or councilor in case some abnormalities or issues arises.

Importance of mental health :

Mental and physical health are equally important components of overall health. Mental illness, especially depression, increases the risk for many types of physical health problems, particularly long lasting conditions like stroke, type 2 diabetes and heart disease. Similarly, the presence of chronic conditions can increase the risk for mental illness.

Some mental illnesses :

Mental illnesses are among the most common health conditions in the united states.

* More than 50% will be diagnosed with a mental illness or disorder at some point in their lifetime.

* 1 in 5 children,either currently or at some point during their life, have had a seriously debilitating mental illness.

Causes of mental illness :

There is no single cause for mental illness. A number of factors can contribute to risk for mental illness, such as

* Early adverse life experiences such as trauma or a history of abuse.

* Experiences related to other ongoing medical condition, such as cancer or diabetes

* Biological factors, such as genes or chemical imbalances in the brain.

* use of alcohol or recreational drugs.

Types of mental illness :

People can experience different types of mental illnesses or disorder and they can often occur at the same time.Mental illness can occur over a short period of time or be episodic. This means that the mental illness comes and goes with discrete beginnings and ends. Mental illness can also ongoing or long term.

There are more than 200 classified types of mental illness. Some of the main types of mental illness and disorders are listed below; however; this list is not exhaustive.

Anxiety Disorders :

People with anxiety disorders respond to certain objects or situations with fear and dread or terror. Anxiety disorders include generalized anxiety disorder, social anxiety, panic disorders and phobias.

Hyperactivity Disorder :

It is one of the most common childhood mental disorders. It can continue through adolescence and adulthood. People diagnosed with ADHD may have trouble paying attention, controlling impulsive behaviors or be overly active.

Disruptive Behavioral Disorders :

It involves a pattern of disruptive behaviors in children that last for atleast 6 months can cause problems in school, at home and in social sitauations.Behavioral symptoms can also continue into adulthood.

Depression and other mood disorders :

While bad moods are common and usually pass in a short period, people suffering from mood disorders live with more constant and severe symptoms. People living with this mental illness find that their mood impacts both mental and psychological well- being, nearly evry day and often for much of the day.

Eating Disorders :

Eating disorders involve obsessive and sometimes distressing thoughts and behaviors including

* Reduction of food intake

* overeating

* Feelings of depression or distress

* concern about weight, body shape, poor self image

Personality Disorders :

People with personality disorders have extreme and inflexible personality traits that cause problems in work, school or social realtionships. Personality disorders include antisocial personality disorder and borederline personality disorder

Substance use Disorders :

Substance use disorders occur when frequent or repeated use of alochol and or drugs causes significant impairment, such as health problems, disability, and failure to meet major responsibilities at work, school, or home. Substance use problems can be fatal to the user or others. Exsmples include drunk driving fatalities and drug overdoses.

In this busy world our brain gets a lot stressed and its very important that we should take due care of it, some of the practices which will help us to do better with our mental health are:

  1. Yoga plays a great role in keeping our mind calm and also helps us to focus and concentrate on things. It also helps us deal with tough situations and gives us the strength to stay away from negativity.
  2. Exercising regularly is a key to healthy body and we all know that a healthy body and a healthy mind goes hand in hand, so we must ensure that we exercise daily to keep ourselves fit.
  3. The environment that we stay in also the company with which we spend time also plays a major role we should be extremely aware while selecting our company and in case we are not able to adjust we should walk away.
  4. Food is the fuel and is of immense importance we should ensure that we are not nutrient deficient also we should ensure that we intake enough amount of water daily.

Elon Musk

World’s Second Richest Person and an Ideal For Many

Elon Musk

Elon Musk or Elon Reeve Musk is an entrepreneur business magnate in today’s world who has totally evolved the technological terms of today . He is the founder, CEO, and Chief Engineer at SpaceX early stage investor CEO and Product Architect of Tesla, Inc. He was born in Pretoria, South Africa. He got his Bachelor’s degree in physics and economics from  University of Pennsylvania. He started his career by co-founding the web software company Zip2. This startup was acquired by Compaq for $307 million in 1999. After this Musk co-founded online bank X.com that same year, which merged with Confinity in 2000 to form PayPal. The company was bought by eBay in 2002 for $1.5 billion.

SpaceX

Then In 2002, Musk founded SpaceX, an aerospace manufacturer and space transport services company, of which he is CEO and CTO. This rocket firm SpaceX, works on building reusable rockets and aspires to land humans on Mars .

Tesla

Then after this in 2004, he joined electric vehicle manufacturer Tesla Motors, Inc. (now Tesla, Inc.) as a chairman and product architect and became its CEO in 2008. Tesla produces super modern cars that run on lithium batteries and are luxurious and have an auto pilot mode which sounds really impossible to normal ears.

Solar City

In 2006, he helped create SolarCity, a solar energy services company that was later acquired by Tesla and became Tesla Energy. This company Solar City develops solar panels and solar roof tiles and aims at making this world to use the purest and cleanest fuels that are highly renewable so that even their infinite use does not exhaust them.

Neuralink

Neuralink is a startup which develops ultra high bandwidth brain machine interfaces to connect human brains to computers to help cure nervous system problems. The company was launched in 2016 and was first publicly reported in March 2017.

Failure

All this was not always as smooth as it looks. The biggest success of PayPal today was once awarded with “World’s worst business concept of the year”. Elon Musk is a person who has experienced some very adverse situations in terms of his personal life. After all, he went through a very public and long divorce process with his previous wife. He stated that this period was consumed by deep depression. As if that wasn’t enough when the 2008 recession depleted the profitability of Space X and Tesla. Elon was almost broke again and facing a decision to axe one of these two companies. In the end, Elon decided to split any remaining funds between the two companies and later that year. He received word that NASA were committing $6 billion to Space X. Needless to say, both companies survived the storm and Elon even married again just a few years later.

Where most people leave , Elon leaned in and poured is money , sweat, blood, tears in making his companies successful and his passion for design, engineering and the future would have him succeed on both the fronts.

Learning

The main thing to learn is that with the acquisition of PayPal his net-worth rose to 123 Million USD and he could have retired early and rode off into sunset and live happily after ” BUT THAT’S NOT HOW LEGENDS ARE MADE” . Instead he took a gamble and invested his newfound millions into his two separate companies – SpaceX and Tesla .

Source – https://www.instagram.com/p/CJ_V9__gvNI/?utm_medium=copy_link