A Sole Proprietorship also referred to as a Sole Trader, is an unincorporated business that has just one owner who pays Personal Income Tax on profits earned from the business
It is the easiest type of business to establish or take apart, due to less restrictions. As such, these types of businesses are very popular among Sole Owners of Businesses, Self-Contractors and Consultants.
Partnership
A Partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities.
There may be tax benefits to a partnership compared to a corporation. Usually, Professionals like doctors and lawyers form a limited liability Partnership
Multi National Corporation (MNC)
A Multi National Corporation (MNC) is usually a large corporation incorporated in one country which produces or sells goods or services in various countries. These corporations are large in size and all their worldwide activities are centrally controlled by the parent companies
Major Tasks performed by an MNC
i) Importing and exporting goods and services
ii) Making significant investments in a foreign country
iii) Buying and selling licenses in foreign markets
iv) Engaging in contract manufacturing that is permitting a local manufacturer in a foreign country to produce its products
v) Opening manufacturing facilities or assembly operations in foreign countries
RTGS stands for Real Time Gross Settlement, which can be defined as the continuous (Real Time) settlement of funds individually or by order. Real Time means the processing of instructions at the time they are received rather than at some later time. “Gross Settlement” means the settlement of fund transfer instruction occurs individually.
RTGS system is generally meant for large value transactions as the minimum amount to be transfer through RTGS is Rs. 2,00,000. The maximum limit vary from bank to bank as there is no maximum limit specified by Reserve Bank Of India.
NEFT
NEFT stands for National Electronic Fund Transfer. NEFT is maintained by RBI and was started in November 2005. It is a national wide payment facility under which an individual can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country. There is no minimum limit that can be transferred using NEFT. It is done through electronic means and can be availed through online banking or through ATM’s in some banks.
Advantages of NEFT
• The sender need not send the physical cheque or Demand Draft to the Beneficiary.
• The Beneficiary need not visit his his/her bank for depositing the paper instrument.
• Credit confirmation is send by message or E-mail
•A customer can use this facility from his home place by using the internet.
Centennial Light is the longest-running electric light bulb on record. It has been running continuously since 1901 and it has never been switched off. It is located in Fire Station 6 in Livermore, California. The ordinary dim light bulb looks like any other bulb and there is also a camera that live-streams the light bulb onto the internet.
Link for the official website and live webcam of the light bulb.
It was manufactured in the late 1890s by the Shelby Electric Company, of Ohio, using a design by the French-American inventor Adolphe Chaillet. It has operated for over 100 years with very few interruptions. In 2011, it passed a milestone: One million hours of near-continuous operation. In 2015 it was recognized by Guinness World Records as the world’s longest-burning bulb.
The 60-watt bulb uses a carbon filament. One of the reasons for its longevity is that it seems to have an incredibly durable vacuum seal. There have been some researches done on bulbs manufactured by Shelby Electric Company of that era. But no one really exactly knows how these eternal bulbs were made as they were experimenting with various but the company was experimenting with a variety of designs at the time.
The electric model was quite different when first homes in The U.S had electricity. The servicing was the responsibility of the electric companies and customers would purchase entire electrical systems manufactured by a regional electricity supplier. The companies would also take care of the installation and servicing of any burned out electric bulbs would be replaced for free.
It made more logic for the suppliers to manufacture bulbs that would last longer and would burn out as least as possible. But this business model was later replaced and homeowners were responsible to change the light bulbs. It was soon realized that it would be more profitable to make cheaper bulbs that burned out faster. Since the mid-1900s goods were manufactured with a pre-determined expiry date aimed at forcing consumers into repeat purchases. This phenomenon has only been exacerbated in recent years. This can also be called planned obsolescence.
In 1924, the life span of the light bulbs was at least 2,500 hours. Phoebus cartel was formed in 1925 in Geneva. It comprised of the major incandescent light bulbs manufacturers at that time: Osram, General Electric, Associated Electrical Industries, and Philips. The cartel had directed their engineers to cut the life of the bulbs to 1,000 hours, which the engineers did by adjusting voltage and current. The cartel was intended to operate for 30 years but it was starting to fall apart in the early 1930s after General Electric patents expired and as the cartel faced competition from non-member manufactures from other regions. The cartel ceased its operations after the outbreak of World War II in 1939.
Planned obsolescence is a very critical area it does not only decrease the lifespan of the good but as a consequence, it is also wasteful. It is not sustainable for the environment and the main focus of this practice is to maximize profits. It also reminds us that technological innovations are often not accessible in favor of corporate greed.
“Your smile is your logo. Your personality is your business card. How you leave others feeling after an experience with you is your trademark.”
– Jay Danzie
Salut! Let us first discuss the evolution of a perfect company. It starts with the owner’s hard earned money (through different sources of course 😉 ) singlehandedly. With growth in sales, the owner feels the need to have assistants to help him out which encourages him to hire a few eligible ones. They are so eligible and proficient that the company keeps experiencing surplus which fetches high amount of customers until it becomes a reputed brand to generate regular customers. However, the owner realizes that apart from his regular customers, the new ones weren’t bothering to choose his brand. Then, he shapes his services in a way that distinguished his company from the competitors. What do you think did he do?
He used ‘Creativity’ which is so essential in business if you wish have an edge over the others. He creatively increased the convenience in his services thereby attracting larger audience.
KFC or Kentucky Fried Chicken for instance, originally dealt with the sale of chicken and now surprisingly includes burgers, softies, cold drinks, and other finger licking attractions. Why do you think did they need to evolve? KFC originally was started by Colonel Harland Sanders on a small scale but as his popularity increased, he transformed to a brand which is so high in demand today. Customers make a brand. However, to get a variety of customers apart from the regular chicken friendly ones, they decided to assign variations into their services which includes burgers, soft drinks, softies, mousses and what not!
Creativity in business demands cooking up interesting services from the existing ones. In short, coming up with variety from a single theme! For instance, the above example where an eatery for chicken evolved into multiple scrummylicious items!
Convenient services avail more benefits for customers. That is where creativity comes into the picture. How well can you craft convenience in your services without imitating your competitor? How well can you observe the convenience policy and services of your competitors and frame an entirely unique service which could fetch great surplus? Which services would have a greater demand and how will it be unique from the competition? If you master the above questions by coming up with a suitable answer, then your business is fully secured and benefits are awaiting you!
Why do you need to be unique though when people are more attracted to the common services? People normally think that common services send Express posts to customers thereby inviting them faster than usual but they fail to contemplate over the fact that they aren’t alone in the market and that their competitors are like sharks who won’t let them survive!
That’s exactly why, we yearn for creativity. Everybody wants to go for a unique idea that would have no competitors because attacking or imitating the services of your competitors will only damage relations and may make matters worse! In a fit of rage, your competitors may not allow customers to reach out to you and may act as hitchhikers in the way by showing your customers directions towards their company instead of yours! They may badmouth your services and show your weak side to the mob. The extent of enmity can’t be predicted because nobody likes a “Copy Cat”.
Thus, one can conclude stating that Creativity is all about understanding the changing desires of the mob or the market trends and to subtly begin including a variety in your services or fine tune the existing ones with amazing facilities that offer whole lot of conveniences!
ELON MUSK, the famous and most successful person in the tech world, who played many roles and faced many struggles to become what he is today. Elon Musk was born and raised in South Africa.
We all know him as an entrepreneur, businessman, CEO of Tesla and spacex, but he is also a skilled investor, software developer, designer, inventor, rocket scientist, actor, film producer, one of the richest man in the world.
During his school days, he was a victim of severe bullying. At the age of 12, he created a video game(blaster) and sold it to a computer magazine. Elon Musk is the founder of X.com (later it became paypal), spacex, Tesla motors.
Recently Elon Musk turned 50, over the past decades Musk managed to become CEO of Tesla and spacex, founder of the boring company, co-founder of OpenAI, Neuralink. He also played a vital role in space rockets, electric cars, solar batteries.
“”Failure is a option here, if things are not failing then you are not innovative enough.””. – Elon Musk
“” I think it’s possible for ordinary people to choose to be extraordinary.”” –Elon Musk
“Competition is a good thing; it forces us to do our best.”
Nancy Pearcey
Since every aspect in life has two angles, competition too can be considered in the positive as well as the negative sense. Mostly, competition is used in the negative sense which is the reason most of the businesses end on a short note. Thus, we will be learning a positive sense of this word in today’s article.
The term becomes negative when you resolve to imitating the procedures followed by your competition. As discussed in earlier articles, a business needs to stand out for which uniqueness is quintessential. Thus, blindly following the footsteps of your competition isn’t going to help. Also, focussing merely on your competition and their profits isn’t the right move because that diverts your attention from the possible surplus you could generate. In short, avoid opening up an encyclopaedia of services offered by your competition just so as to match their ability because that isn’t possible. All have different capabilities and varied ways of thinking. Perhaps you could do better than the competition and in order to believe yourself, lay aside continuous inspection of the competition. Let us understand this better.
For instance, a company selling electrical appliances and will of course have competition because one can’t possibly come up with a business extremely alien to all, owing to the desires of the mob. Thus, competition persists because we need to consider the needs of the population on this planet and arrange for such services that would benefit. Uniqueness must come in the way we exhibit or present those services.
Getting back to the story, you are receiving good deal traffic but are occupied in considering the competition. You’re trying to get into their good books so as to know more about their ways of introducing and presenting the services. However, while you are busy understanding your competition, you failed to comprehend over the fact that you could understand the psychology of the customers and list their desires thereby coming up with a unique form of exhibition of your services. In short, you lose access to creativity when you are busy imitating which certain businessmen term as ‘taking inspiration’. A point to be noted is, that inspiration means simply learning from the competition and coming up with your own unique form of services while imitation is looking up services provided by the competition that seem to best appeal to the mob and trying out the same! Most businessmen resort to the latter but coin their efforts as former!
Yes, there is a possibility of better inclining towards the latter because we feel that more customers would be attracted to us as well, as they do to the competition. But a point that we miss out on is, that if the customers have already tried that way out, why would they be interested in yet another company offering the same format with no particular speciality or uniqueness in its services? Also, customers remain glued to the same company for ages owing to the trust and genuineness they feel towards that brand which is the reason, they wouldn’t actually be interested in trying out a new brand with the same level of services. Why take the risk and opt for a new brand with same manner of exhibition of services when the old one does the trick? That is when uniqueness comes into the picture because your aim shouldn’t be to snatch the customers of your competition which is a tedious task and may gain no possible results. Instead, your aim should be to gain a new set of enthusiastic customers for yourself. Don’t go for Renaissance in business that is rebirth or revival of your competition. Go for something unique that people would be excited enough to try out owing to the way it functions.
Thus, competition should be taken in a positive sense. Take inspiration from them. Capture some of their bonus points that help them and develop your business with creativity on the basis of that structure. In short, use your competition as stepping stones to success! Also, competition can help you grow vividly because it helps understand updates of market trends which keep changing and are visible in your competition. By closely observing the same, you could flourish your business and step by step, move further than your competition not by imitating them but by personal creativity. The competition would neither blame you for stealing their ideas nor would you feel guilty of being a copy cat! So, be yourself and unique in business to ensure additional bonuses in the future!
Dhirajlal Hirachand Ambani, popularly known as Dhirubhai Ambani. He is the father of Mukesh Ambani and Anil Ambani
Dhirubhai Ambani was a successful Indian business tycoon who founded Reliance Industries.
Dhirubhai Ambani,Indian industrialist,the founder of Reliance Industries, a giant petrochemicals, communications, power, and textiles.
Reliance is the biggest exporter in India and the first privately owned Indian company.
Dhirubhai Ambani passed away in 2002, before his death itself in 1980’s he handover the reliance corporation to his sons Mukesh Ambani and Anil Ambani.
Reliance Power Limited (R-power), formerly known as Reliance Energy Generation Limited (REGL) is a part of the reliance Anil Ambani Group. It was established to develop, construct, operate and maintain power projects in the Indian and international markets.
Mukesh Ambani runs Reliance industries which has interests in petrochemicals, oil and gas, telecom and retail.
Reliance industries limited, diverse businesses include petrochemicals, natural gas,retail, telecommunications,mass media and textiles. Reliance is one of the most profitable companies in India.
Reliance’s Mukesh Ambani and Nita Ambani are the owners of the second most expensive home in the World, ANTILIA, Mumbai.
As per the Public Procurement Policy for Micro and Small Enterprises, it is mandatory to procure a minimum of 25% of the total annual value of goods and services from the Micro and Small Enterprises, in which 4% of goods and services should be procured from SC / ST owned Micro and Small Enterprises and 3% of goods and services should be procured from Micro and Small Enterprises owned by women, for the Central Government Ministries, Departments, and Public – Sector Undertakings. Tenders are published by Central Public Service Enterprises (CPSEs), Public Sector Units (PSUs), and Government Organizations. These tenders are then bid upon and after the order is won, a Performance Bank Guarantee (PBG) is mandatorily required to be submitted for the CPSEs or large firm tenders, against the total value of the tender. This PBG agreement acts as a guarantee that the bank would pay the specified amount in case the Micro & Small Enterprises which is the applicant, fails to meet the ‘financial’ and ‘performance’ obligations. The bank charges an annual fee against its guarantee which generally ranges from 0.5 – 3% per annum. This application fee is paid one time, at the time of issue of the PBG. However, this charge varies based on the ‘risk profile’ of the applicant and various other aspects. Although, these charges are of small amount but somehow add a little burden on the part of entrepreneurs. To lower this burden on the Scheduled Cast / Scheduled Tribes Micro & Small Enterprises (SC / ST MSEs) the government has set the National SC-ST Hub (NSSH). This committee is chaired by Shri Milind Kamble the chairman of the Dalit Indian Chamber of Commerce and Industry (DICCI). It provides financial assistance to the SC / T MSEs by reimbursing the bank charges that any SC / ST MSE has paid for issuing PBG for government tenders. For the SC-ST Hub the Ministry of Micro, Small and Medium Enterprises, from 2016 to 2020, made an initial fund allocation of Rs 490 crore.
The objective for providing financial assistance to the ST / ST MSEs under this scheme are as follows: • For achieving the target of 4% procurement of goods and services under the Public Procurement Policy, by the SC / ST MSEs. • To provide exposure to the SC / ST MSEs to the global market. • To provide a competitive platform to the MSEs and help them with their marketing skills. • To provide exposure to large industries and buyers. The nodal agency to look after the implementation of this scheme is the National Small Industries Corporation Ltd. (NSIC). The financial assistance under this scheme is provided from the National SC-ST Hub (NSSH) fund and has a limit of 50% or Rs 1,00,000 whichever among the two is less. This amount is exclusive of GST and other taxes applicable. Although, in a financial year the scheme can be availed multiple times by the SC / ST MSEs the amount remains limited as mentioned above. The reimbursement s done based on valid documents or receipts showing payment details, bank statements showing debit of BG charges, GST invoice generated through the system, and a copy of PBG issued (which should be certified). For availing the benefit under this scheme, the following criteria need to be fulfilled: • If a proprietorship firm wants to be recognized as SC / ST MSE the proprietor should belong to SC / ST category. • If a partnership wants to be recognized as SC / ST MSE then at least 51% of shares should be held by the SC / ST partners. • If a private limited company wants to be recognized as SC / ST MSE then the company should have at least 51% shares held by SC / ST promoters. • The SC / ST MSEs must have their Udyog Aadhaar Memorandum (UAM) number, PAN number and must be registered under the Goods and Service Tax (GST) to avail of the scheme benefit.
After the evaluation and approval of the reimbursement by the NSSHO and NSIC, the reimbursement amount is transferred to the bank account of the applicant from where the PBG charges are debited and this is directly transferred through the Public Financial Management System (PFMS). The claims by the applicant are required to be submitted within 45 days from the time PBG is issued. This scheme can be availed by the PBG issued on or after 14th November 2018 till the NSSH scheme exists or there are any revisions or amendments made to this scheme.
Impact
The SC / ST Hub also provides professional support to the SC / ST MSEs and provides training and skill development programs. In 2016 – 17 it has provided for 3 capacity building training programs (skill entrepreneurship development) to 83 candidates, in 2017 – 18 64 programs with 1,311 candidates, in 2018 – 19 288 programs to 6,514 candidates and for the year 2019 – 20 provided with 513 programs to 13,362 candidates which come to a total of 868 programs to a total of 21,270 candidates. 823 crore procurements have been made from SC / ST owned MSEs by 162 CPEs and a total of 17,537 SC / ST candidates have been assisted as per the reports of the SC-ST Hub under the Ministry of Micro, Small & Medium Enterprises. This scheme is helping nurture the Micro and Small Enterprises through the involvement of the marginalized, that is the Scheduled Tribes and Scheduled Castes, giving them equal opportunities to grow and develop financially as well as socially.
Menstrual Hygiene is the area with the least awareness in India. It is pathetic to know that only 18% of women in India have access to better sanitary hygiene. The rest percentage of the women make use of economic alternatives to pads like cloths unaware of the side effects caused by them. This is primarily due to the fact that despite everyone knows about periods, their frequency they consider it a disgrace when discussed in public. Pads that are primarily composed of synthetic material are constantly in contact with the skin surface causing rashes, infections, etc.
The Launch:
Nua women was launched in the year 2017 in Mumbai by Ravi Ramachandran and Swathi Kulkarni with the goal of making the menstruation cycle to be hassle-free. The market of sanitary pads in India enormous due to the population prevailed in here. But it never remained as an untapped market. Amidst the global competitors like Whisper, Stayfree, Nua Women was launched. Hence it was expected to make a Herculean effect to gain the attention of the audience and capture the market.
Novel Nua Women:
While certain startups were hustling to capture the market with their innovative market, Nua women choose either way. Following are the reasons for their triumph in India:
User experience: They understood their customers clearly at the early stage of its launch. Hence they ensured that they would provide not just a product but an experience. They came up with a plan where their users can choose pads according to their flow. Most of the women would have definitely wished for such a plan as the flow varies between day 1 to day 4.
Marketing: While the primary pad brands were advertising with animations of pads, Nua women started to advertise by forming a community. In the community, women expressed thor period concerns, queries, and pains. The engagement was kept active and all their concerns were addressed. Social media played a vital role in the exposure of their product. This was one of the primary reasons for their initial funding by LIghtBox Ventures.
They also partnered with some women influencers and made promotional videos. The videos clearly explained their product and made very women connect it with their life. Their advertisement in partnership with the Youtube Sensation CheekyDNA won the Best Brand Integration Category Award at StreamCon.
Subscription: In the industrious world, everyone is running to balance their work and life. When the product is proven to reduce their time and efforts then it’s for sure a hit in the market. Women normally forget to refill their pads and in such cases, they use pads from their friends or from the sanitary vending machine at their workplaces. The change in brand may cause them discomfort. Hence Nua women came with a subscription plan where they can pay for a period of 3 months and pads will be automatically refilled every month.
Rash-free pads: Rashes are the most primary concern of women while purchasing a pad. Nua women customers are saying the rashes have considerably reduced after its usage.
Stress-free Disposal: If you are the one who is irritated by the disposal of pads, Nua women has got your back. Every pad comes with a disposable cover and the way of disposal is smooth.
Funding Facts:
Initial Funding: Series A funding of 5.4 Million Dollars by LIghtBox Ventures in 2019.
Latest Funding: Pre Series B funding of 7.4 Milion Dollars by LightBox Ventures and Kae Capital in June 2021.
BYJU’s is an Indian multinational educational company which was founded in 2011 by BYJU Raveendran and Divya Gokulnath. Today, it’s the most valuable unicorn in India and world’s most valuable technological educational company.
History of BYJU’S
In 2011, Mr. Raveendran and Ms. Divya Gokulnath founded an educational company with the help of their students which provided online video based learning programmes for students of kindergarten to Grade 12th.
In 2015, with the help of Think and Learn Ltd., the business firm launched its first ever app named BYJU’s: The learning app. After that, in 2017, BYJU launched its second app for mathematics for kids and subsequently they also launched another app for parents to help them track their child’s learning course.
Rose to fame: BYJU’s
By 2018, BYJU’s had more than 15 million users and 9 hundred thousand paid users. In 2019, BYJU’s won sponsorship rights for Indian Cricket Team jersey. Popular Indian actors Mohanlal and Shah Rukh Khan are the brand ambassadors for Byju.
Major Services provided by BYJU.
Initially, educational content was only made for students from classes kindergarten to 12. But now BYJU also trains students for Indian competitive examinations like IIT-JEE, NEET, CAT, UPSC and it also trains students for international exams like GMAT and GRE.
In 2019, the company announced that it would soon start providing classes to students in their respective regional languages in India. The same year it also announced the commencement of an international app for students living in countries outside of India.
Byju’s also launched its Future School which is a Kids Coding Platform where kids are taught to code online by experts.
The video tutorials in the app are about 12-20 minutes long and they’re digital animation videos for classes 4th to 12th and hence this makes it easy for students to grasp and learn.
Road to most valued start up!
BYJU’s has raised 350 million dollars from UBS, private equity Equity Giant Blackstone and also from Abu Dhabi state fund ADQ, Phoenix Rising and Zoom.
Byju’s has raised over 1.5 billion dollars in last eighteen months because of the increase in online learning and teaching due to the COVID-19 pandemic.
Byju’s has also acquired several other small business in the recent past like White Hat Jr, Scholr, Osmo and Toppr. In fact, it’s latest fundraising comes from popular educational chain, The Akash Educational Services, estimated at about 950 million dollars.
According to Mr. Raveendran, the 21st century illiterates are not those who can’t read and write, but those who can’t learn, unlearn and relearn.
Excel is typically used to organize data and perform financial analysis. It is used across all business functions and at companies from small to large. The main uses of Excel include: Data entry.
Excel is a software program created by Microsoft that uses spreadsheets to organize numbers and data with formulas and functions. Excel analysis is ubiquitous around the world and used by businesses of all sizes to perform financial analysis.
The main uses of Excel include:
1 Data entry 2 Data management 3 Accounting 4 Financial analysis 5 Charting and graphing 6 Programming 7 Time management 8 Task management 9 Financial modeling 10 Customer relationship management (CRM) ** Almost anything that needs to be organized!
Excel is used extensively in finance and accounting functions. In fact, many organizations run their entire budgeting, forecasting, and accounting functions entirely out of Excel spreadsheets.
While Excel is defined as a “data” management tool, the data that is most commonly managed is financial. At CFI, we would define Excel as the ultimate financial software. While there are other pieces of financial software that are tailored toward performing specific tasks, the strongest point about Excel is its robustness and openness. Excel models are as powerful as the analyst wishes them to be.
Accountants, investment bankers, analysts, and people in all types of financial career paths rely on excel to perform their daily job functions.
And one should know how to use MS Excel. Its on of the most important skill in today’s corporate world.
For many the word entrepreneurship sounds like an intricate term, which we think that are associated only with people doing large businesses, world wide. But it is the concept of developing, managing and promoting a business platform which could be relevant to the field of interest that one has in line to gain profit. There is a major misconception that a business investment deals with more money. But the young entrepreneurs come up with impalpable investments which can remarkably attribute to the growth of a business like innovation, skills, creative thinking, time management, energy and of course monetary sources also take an integral part but not a major part. Especially in this pandemic many of the young people have made their venture into businesses through the digital platform which turned into a good of source of income for many. Youth entrepreneurship has a huge impact on the social and economic progress of the society. It is regarded as a promising alternative and help sustain growing economies and lead to a viable development. At one point, every individual after the completion of their studies would be striving hard discovering for opportunities to get a job in the government or a corporate sector thinking that their life would be settled and if they don’t acquire so, they would be distressed about their career. So one of the major challenges faced by most of the countries is unemployment. But now the tables have turned and individuals pursuing their studies on one hand have also started framing opportunities for themselves in accordance with the field that fascinates them, which could be on a small scale. Working towards Youth Entrepreneurship programs can aid solving problems that are currently challenged by the countries and could pave way for a better future.
In the mean time the hobbies have evolved into professions. For instance if a person is good at artistic works and drawing portraits he gets into the sphere of vending personalized gifts through online platform. The teenage girls who have been doing henna designs for their set of family for various get togethers are now online providing their work for many brides out for marriages. There are many blooming fashion designers who have been just designing costumes for themselves before, but then through the help of digital platforms and social media have started their own clothing line. Blogging, publishing own books, teaching online courses, launching podcasts, handmade goods, thrift stores, freelancing, web development, baking & selling pastry items and we can just bundle up examples about the several establishments of the budding young entrepreneurs.
Inspiration has nothing to do with the age factor. People who do quality and consistent work can inspire many and here are such inspirational young entrepreneurs who have given rise to very successful and engrossing start ups .
Ritesh Agarwal is a smart young man behind the OYO rooms and he is the founder and the CEO of the same. He is the world’s second youngest billionaire in 2021.
Sreelakshmi Suresh is a web designer holding the titles of World’s Youngest CEO and World’s youngest web designer. She started meddling with computers at the age of 3, started designing at 4, and came up with her first website at the age of 6.
Tilak Mehta , a 15 year old boy founder of Paper n Parcel is the World’s Youngest entrepreneur who made Digital Courier company with the help of ‘Mumbai Dabbawala’ and he was awarded Global Child Prodigy 2020.
Trishneet Arora is the founder and CEO of TAC security, a cyber security company. He has written books on cyber security, ethical hacking and web defence. He started his own company at the age of 19.
Akhilendra Sahu is a young serial entrepreneur form India. He is the founder and CEO of ASTNT technologies Pvt Ltd., He was 17 years old when he started his career as a freelancer. He ranked on India’s top 10 young Indian entrepreneur $ top 10 young digital influencers.
Aditi Gupta is an Indian author and co-founder of Menstrupedia Comic. Menstrupedia provides a user-friendly guide to menstruation, hygiene and puberty and break myths associated to them.
Entrepreneurs are the cluster of individuals who are reluctant to be one among all and frames out some innovative roadmaps to stand out form others, who defy to stick to the conservative thinking and wants to be out of the box. The three important keys that a budding entrepreneur should know are, PROMOTE NEW IDEAS, ACCELERATE ENTREPRENEURSHIP AND INVEST IN STARTUPS USING YOUR INGENUITY. Technology has enabled progress in all fields. The digital platform plays a very pivotal role in the upliftment of the young entrepreneurs and boosts the inner entrepreneurship in us. The world is been swamped with countless possibilities and opportunities. When you become certain about what you need you get a step closer to success and cling on to both hard work and smart work. To become a successful entrepreneur be hungry and ambitious on your goals. To persist in the same domain willpower, assertiveness and perseverance are very vital because every field is indulged with risks. Never halt in the career with the same mindset you started with, evolve with time. Aspire to inspire people!!!
“Excellent customer service is the number one job in any company. It is the personality of the company and the reason customers come back. Without customers there is no company.”
Connie Elder
An exciting endeavor is to have your own business and company. At first, you start with its services all alone. When you grow gradually, you employ staff to help you out. A company receives its prestige with the amount of staff in it because people usually estimate a company to be ‘big’ because of the amount of people working in it and also because of its quality services that attract a plethora of customers! The amount of people working in it signifies the economic condition of the company which acts as a step towards effective branding! However, this doesn’t imply employing all types of unskilled labor just for showing off your prosperity! Of course, you require skilled individuals to inflate the balloon of prosperity because they would be representing your company. You don’t want a bad impression of your company and its services because of certain amateur employees who would make you lose even your ‘family customers’. When I refer to family customers, I pinpoint towards the regular ones who never fail to pay us a visit and always prefer our brand over the other!
Creating such regular customers requires a great deal of time and patience because you are expected to reach the core of their hearts and win their trust. How will this happen? Surely, by establishing friendly relations with them, solving their queries patiently, providing them the best quality services, interacting with them, being available at all times, and offering to solve their difficulties while using your product or service.
What if I tell you that these qualities could be assigned in a single person who could take this position and help you set things straight? Yes, you guessed it right. The Customer Service is a great initiative to establish and maintain all of the above qualities of your company. The goal of any company is to create convenience for customers. Customer Service is the greatest convenience you could ever offer because the genuineness of your company isn’t under threat and people feel free to interact in a friendly manner conditioned to the personality and skill of your customer service!
If your company isn’t prospering despite having this service then ask yourself and provide a Yes or No answer to the below questions to arrive upon a conclusion!
Is your customer service timely?
Is your customer service friendly?
Is your customer service patient when dealing with consumer problems?
Is your customer service an extrovert with bold orating skills?
Is your customer service having a high pitched and audible conversational tone?
Is your customer service fluent in formal talk and good in vocabulary?
If the answer to all of these is a big Yes, then you are currently on the safe side but if, even one of the questions has No as an answer then expectation of heavy gains from the company must be deflated! A customer service needs to have all of the above qualities to ensure success, reputation, brand, and image of your company in the market!
Let’s consider our own experience. Vodafone would be a good example to go on with.
Imagine that company without a customer service. Would you ever go for their services? Whenever we have network issues or balance issues, we instantly phone the customer service for help and they update us regarding their recent development due to which perhaps the issue has occurred. Now, what if there was no customer service? We lose our internet connectivity suddenly for hours together and have nobody to confront to regarding the same! We feel helpless and impatient without internet because the world can’t survive without it today. We have nobody to ask regarding this and after encountering such issues several times and with no possible interaction, we decide to leave the company and its service once and for all!
So, that’s the beauty of Customer Service. They help maintain good interaction with the consumers which is so very essential when handling a company! Customer Service acts as a mediator or a link between the head (CEO) and consumers. They have the authority to speak on behalf of the head or CEO and transfer calls to the CEO for the consumers, if needed!
That eases some of your burden as a boss, doesn’t it? After all, a boss has several other affairs to look after, like trimming and shaping the services of the company in accordance to the desires of consumers through online surveys for which mailing lists are vital. That too comes with its own hefty steps. Creating a website and providing a follow button while allowing people to jot in their addresses or creating surveys with mailing facility at the end while enquiring regarding the problems of consumers. Since, digital marketing is so great in demand today, one can’t possibly ignore these pivotal steps in the process and compromise with the reputation and smooth functioning of one’s company!
That should explain the Importance of Customer Service as a whole. So, if you are the CEO, work on the services that you offer while your Customer Service responsibly blurts those services out to your consumers while maintaining effective interaction! Unity is strength, isn’t it?
However though some of the answers to what customer service means to you are subtly a part of that long paragraph above, let me provide a brief list of answer samples that could help nail your interview!
Amazing Customer Service is like receiving an additional dollar from your parents as a gift or that extra icing on your favourite cake! Good customer service makes the customer enthralled with your honey dipped marketing as they start feeling sweetness being overloaded!
With Impeccable Customer Service, you are one step away from evangelism marketing.
Customer Service is the art of effectively persuading the customer into always preferring you over the others. That’s exactly why, the first impression of your customer service would decide the return of your customers in the future!
Customer Service is like holding a magic wand and pulling the customers in a state of trance so that they are completely convinced of being your regular or family customers!
Great Customer Service is associated with the feelings of gigantic loyalty and ethics inclined towards your job and clients! Thus, customer service is an ethical mannerism of mesmerizing your customers!
Customer Service is considering your clients as guests and paying them hospitality in the most respectful manner as possible.
Customer Service is actually like coining customer rights and accepting fundamental customer service duties oneself wherein customers’ rights and your duties can’t be violated!
Customer Service is like laying out your resume during an interview wherein constant frustration and nervousness prevails pondering over whether or not our work will be approved.
Customer Service is like giving a competitive examination wherein your answers would determine your marks.
Customer Service needs to be relevant and interesting. Thus, it is the medium of customer satisfaction wherein you don’t fail to reveal the additional perks your customers are exposed to!
Ever seen the advertisement of Oreo cookies being dipped in milk? The ancillary concept of a glass of milk is that efficient customer service which compels and tempts the mob to definitely try the cookie out!
It isn’t necessary to appoint extra staff for customer service because the owner is enough to introduce his services or products in a creative manner so as to indirectly highlight the benefits and the reason for customers to always grace his arena of the ‘best available products’.
Customer Service is like getting your customers ride the giant wheel of words so as to help them enjoy the amusement park of your business to their fullest!
Customer Service is gently abutting the customer’s heart through cupid arrows of words thereby making them fall for your services.
A service that shows a complete disclaimer of the quality of your brand or business. It’s the major factor in helping customers decide whether or not, you are worth their expenses!
Customer Service is like that short trailer which effectively covers the interesting parts of your business in order to bond and attract customers towards checking your business out entirely. Of course, if the trailer is amazing one can naturally assume the movie to ace the theatres!
Customer Service is like dropping before the customer, a transparent veil that only allows partial vision with regards to mellow and patient wordings!
Customer Service is making people blindly trust your commodities so that no finger be pointed at the quality or making of your products and services! Humans have a myopic vision with respect to shopping which makes them easily trust the value of a commodity if a dozen sweet words are shot at them which is why, customer service comes in handy, making it simpler to generate a surplus.
Customer Service can be compared to the clouds wherein fluffy and picturesque words float about the vast sky of your business to make it look genuine and impressive.
Customer Service is a term coined for genuine, honest, patient, committed, devoted, and determined approach towards your business and clients. In short, the collection of perfect ethical behavior is a simple way to win your customers’ heart because the quality of your services is solely based on the characteristics and attributes you exhibit.
Every one of us loves a wee bit of flattering and advice. Customer service does this job. However, along with a few flattering remarks customers also require help with selecting the most suitable product or service according to their personality and budget. During times as such, customer service comes to the rescue wherein we, as businessmen patiently advise customers to opt for the right commodity on the basis of their need.
Customer Service is like accepting a little amount of your favourite creamy cake and offering a whole lot to the customer to create a grand impression in their hearts!
Customers are satisfied when you are with your duties. Thus, customer service is understanding that your job is to impress a hell lot of customers through your sweet words no matter how many attempts of profits fail initially!
Customers come out of the blue. Customer Service is like military training wherein one has to constantly remain alerted of the next approaching client as well as prepare oneself for the most satisfactory interaction every single time.
Considering the word Customer Service closely, one can figure that it actually is a service which means treating every customer equally without any bias or enmity and composing truthful and honest words from which you vow to never back off!
Thus, I would conclude stating that customer service is a highly dignified job wherein each and every customer is given careful attention thereby not disappointing them. The better your service, the more customer satisfaction can be guaranteed, and the better surplus can that particular company experience. Customer service thus, is that quintessential morality that you exhibit in order to win the hearts of your clients who would in turn fetch you potential customers with their precious feedback. Of course, one shouldn’t request customers to recommend their business to others. Why not leave a lasting impression with the quality of your services instead so that good feedbacks automatically drop from their mouths? In short, customer service focusses on the quality aspect, the way you interact and not the amount of words you chose to interact. The perfect marketing skills that you used in an ethical manner and not the incessant blabbering simply praising the product. Why not from now on, focus more on the quality aspect of our services rather than trying to thrust our commodities at a rapid pace without even trying to fine tune our services to emanate customer satisfaction? So, let us work with love and show the same to our customers so that they definitely feel the need to revert.
Welcome to the anti-meritocratic world, this world. What are you going to do about it? Will you stand back and watch while cronyism, nepotism, the old school tie, the private club, the right university, the right accent, the right background, the right secret society, the right religion, the right family, destroy merit so that their chosen ones can prosper at your expense. It’s time to smash the conspiracy. Break up all the mechanisms that allow privileged groups within society to rig the system in their favour and penalise anyone who doesn’t belong to their insidious cliques.
Michael Faust, The Meritocracy Party
Well , Its a very complicated questions . In the world, where one’s knowledge didn’t get recognition .
What would you do , when you get acknowledged not on the basis of your knowledge but on the basis of your relation with the owner ?
What would you do , if you don’t get promoted because you are not his /her relative ?
Do you ignore the fact that you are not the one , whom your boss approves?
Well , if you think it’s favouritism than you are absolutely correct . You may also come accross the word NEPOTISM and if you don’t than start reading the passage . (I did as well )
This 8 letter word is destroying everyone in today’s world. And who is responsible for creating such a hypocrite. We the people have to repose this curse and make sure to control it with our coming generations, else it will destroy the whole world. And there’ll be no humanity left in this world” –
Ikramul Hannah.
Introduction
Nepotism is a the practice among those with power or influence of favouring relatives or friends, especially by giving them jobs.
Nepotism is generally defined as “the bestowal of patronage by public officers in appointing others to positions because of blood or marital relationship”.
Nepotism is found in almost all the fields but it is practiced most in business, politics, sports and entertainment sectors. It has been in practice since time immemorial, but some special cases have made it to the limelight in the past few decades.
Nepotism in India :
India has it’s fair share in the field of NEPOTISM . Well , have you ever expected that . I say , YES . Because being one of the largest country , people might become more thirsty for power . “When constantly reaching out for more, you forget what you have” Christine Szymanski.
Nepotism can be characterized as ‘the demonstration of utilizing force or impact to get out of line preferences for individuals from one’s family’.
You must be conflicted , why does nepotism exist even today ? We are living in 21st century , than why we have such orthodox thinking ? Who says no one can define what is going on in one’s mind ( well I say , isn’t is obvious ) .
From the politics to the Entertainment , from the owner to the customer, from the Bollywood to the Judiciary ; Nepotism is everywhere .
Like in OJO -MOJO , After the submission of writing competition , OJO’s class teacher asked him who wrote better . Is it MOJO or OLLY , what do you think whom he would choose . MOJO thinks OJO will choose OLLY because he likes her . But when the result announced MOJO was astounded because OJO choose MOJO’s writing . So , what do you think is it nepotism or not . Think and you will know the answer .
Bias has become the first qualification to join a party, and extreme bias the virtue to become a leader.
Eduindex 
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