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President's Message
"
The Union Ministry of Labour has proposed a Bill for Small Factories which will be applicable for units employing up to 40 employees. While the intention seems noble, the bill contains several perilous provisions. For example, it does away with 10 employee threshold of previous laws so the applicability of law may start even with one employee. Further, it defines ‘manufacturing’ and ‘factory’ in such a way that almost all economic activities get covered. Expecting people like tea seller or a puncture mender or cobbler to comply these laws of Provident Fund and Social Security seems absurd. All MSME association colleagues should come forward to help improve the draft of the Act. "
FISME organised ‘Profit Mantras for Businesses’- yet another programme in a nationwide series of workshops for bringing in practical wisdom to entrepreneurs on 17th October 2014 in Indore in association with AIMP (Indore).
Mr. Hemant Mehtani, President of AIMP, welcomed delegates followed by the opening remarks by Joint Secretary (International Trade), FISME, Mr. Mukesh Kalra.
The star speaker during the event was Mr. David Wittenberg, Chief Executive Officer, The Innovation Workgroup, on Profitability. While Mr. Kartik Taneja, Head Channel Sales – India, Google shared the secrets of smart Marketing through social media, Mr. Ashish Agarwal, Zonal Manager (East), Hewlett-Packard India apprised the entrepreneurs about new ways of leveraging Information Technology and Mr. L.V.R. Prasad, Deputy General Manager, Canara Bank shared best practices as how to effectively use idle cash.
Many people believe that inventing a new product, or starting up a new business as an entrepreneur, will automatically lead them to a fortune. However, in many cases the reverse is true. What sets a successful entrepreneur apart from the hundreds of people who try to make it rich every year?
Successful entrepreneurs will have certain characteristics and skills that set them apart from others. If you want to be successful, you will learn to develop and maintain these skills. These attributes are more important than you might think.
Some estimates have suggested that it takes a Mumbaikar an average of 34 years of income to buy a house. While the situation may be better in other cities, compare this to an average of 3 years in USA and 5 years in UK. While there are...
The government today extended the date of Company Law Settlement Scheme, a scheme which allows the defaulting companies to make their statutory filings without any prosecution, up to November 15.
The scheme began on August 15 this year and was earlier up till October 15.
“All Companies are informed that they may avail the benefit of the scheme by filing their overdue annual documents by the last date and thereby avoid disqualification of directors under the provisions of Sub-section 2 of Section 164 of the Companies Act, 2013,” Ministry of Corporate Affairs today said in a press note.
The linkage between the Indian economy and the global economy, always important for policymakers, has become pronounced recently. As the Modi-led NDA government embarks on some long-pending but overdue reforms in the petroleum and energy sectors, the dynamics of the global environment become particularly evident.
The decontrol of diesel prices, for long thought of but not implemented due mainly to political considerations, could be implemented at last as global oil prices took a tumble. What would normally be a controversial move became palatable as decontrol actually made retail diesel prices in India cheaper by more than Rs. 3 a litre. With petrol prices having already been deregulated, the government has also rationalised the payment of LPG subsidies to the really needy.
India has slipped further on the World Bank's 'Ease of Doing Business' index, at 142 among 189 countries as on June 1 from 134 last year, but the global lender has taken care to distance from this slide the Narendra Modiled NDA government which took charge barely a week earlier and soon set about improving the country's business environment and perception among overseas investors.
"We do not want to send the impression that the drop in India's ranking is connected in any way with the current political situation (government)," Augusto Lopez-Claros, director, Global Indicators Group, Development Economics, World Bank Group said about the latest ranking released on Wednesday. Singapore retained the top spot in the ranking, followed by New Zealand, Hong Kong, Denmark and South Korea.
Indian entities having businesses in the US risk higher penal taxes in the US on any fund transfer to the country if New Delhi fails to endorse a pact for information exchange by December 31 on grounds of confidentiality.
New Delhi will find it difficult to sign the US proposed Foreign Account Tax Compliance Act, or FATCA, in the wake of Supreme Court's insistence for disclosure of information on foreign accounts even as government pleaded doing so would violate bilateral tax treaties. The FATCA , which is due to come into force from January 1 , proposes a 30% withholding tax on any payment made to a foreign financial institution by a US firm if the remittance is to a country that has not signed the agreement. Tax experts warn of serious consequences for Indian entities in the US.
Unhappy with your online purchase and want to take legal action against the seller? You will soon be able to do it from your home city, rather than go where the seller is based.
To help customers, the government is planning to revamp the Consumer Protection Act in the forthcoming winter session of Parliament to allow 'territoryfree' legal action against any goods or service provider.
Under the current rules, a consumer can initiate legal action against a seller only in the place where transaction takes place.
India's Free Trade Agreements (FTAs) with major partners such as Japan, Malaysia, South Korea and the Asean bloc have not widened trade deficit or increased export of raw materials from the country, according to initial findings of a Government study.
However, Indian exporters, too, have not been able to use the trade pacts to their full potential because of low awareness. The Government is now making efforts to disseminate information more widely.
“Though preferential imports have been increasing from the period 2009-2010 to 2013-14, they are still not significant, ranging from 3.4 per cent of total imports under FTA with Malaysia to 22.4 per cent of total imports under India-Japan FTA,” according to an official release by the Commerce Ministry.
Keeping in mind lower revenue realisation till date, the Finance Ministry has issued new austerity measures, including 10 per cent cut in non-Plan expenditure and ban on creation of new posts.
“For the year 2014-15, every Ministry/Department shall effect a mandatory 10 per cent cut in non-Plan expenditure excluding interest payment, repayment of debt, Defence capital, salaries, pension and Finance Commission grants to the States, ” an office memorandum issued by the Expenditure Department of the Finance Ministry said.
Even in the last few years, such measures were announced. However, it has never specified the amount of saving through such measures.
The Ministry of Micro, Small and Medium Enterprises has clinched the coveted ISO 9001:2008 certification (International Organization for Standardization), demonstrating the Ministry’s mission of promoting growth and development of MSME units with dedication and commitment.
“Implementation of ISO 9001: 2008 standards will help the Ministry to identify areas for improving functioning and also bring in transparency and accountability in the operations of government machinery,” an official release said.
Speaking on the occasion Union Minister for Micro, Small and Medium Enterprises, Kalraj Mishra, expressed happiness over this accomplishment and stated it is a matter of pride that the Ministry is one of the first in the Government of India to be awarded such a certification.
With a view to recognizing the efforts and contribution of MSMEs, the Ministry of Micro, Small and Medium Enterprises honours outstanding entrepreneurs in various categories each year under the scheme of national award. In this regard, it has called for entries.
Categories for which awards will be given to micro, small and medium enterprises for 2013 are – outstanding efforts in entrepreneurship in manufacturing; outstanding efforts in entrepreneurship in services; quality products; products/process innovation; and lean manufacturing techniques, said an official letter.
The first, second and third National Awards carry cash prizes of Rs 1 lakh, Rs 75,000 and Rs 50,000, respectively, besides a certificate and trophy. In addition, there are special national awards - for women, SC/ST entrepreneur, NER entrepreneur and special recognition award to MSMEs scoring marks above 80 per cent and 50 per cent in case of NER.
The Prime Minister, Narendra Modi has met various groups of flood-affected people in Srinagar to understand their problems first-hand, and listen to their suggestions on the rehabilitation process following the recent floods.
On Diwali, the Prime Minister interacted with flood-affected people of Srinagar, an official release said.
These included delegations from Chambers of Commerce and Industry, Social Organizations and NGOs, Civil Society Organizations, Transport Operators, Tour and travel operators, fruit growers, dealers and horticulture institutions, educational institutions, youth organizations, religious communities and political groups.
The state’s micro, small and medium scale enterprises (MSME) will experience a spurt in their growth from the slew of incentives and concessions contained in the New Industrial Policy 2014-19, said Karnataka industry body.
Complimenting Chief Minister Siddaramaiah on a growth-oriented budget, Karnataka Small Scale Industries Association (KASSIA) President Chidananda M Rajamane said the doubling of fiscal incentives from the previous policy, net VAT and CST based interest free loans for longer duration, was a Deepawali gift to MSME entrepreneurs, KASSIA said in a press release today.
The proposal to form five industrial areas every year over an area of 5000-8000 acres of land is an adequate response to meeting the concerns of scarcity of industrial land, he noted, while welcoming the decision to develop two exclusive industrial estates for women entrepreneurs in Hubli/Dharwad and Harohalli, in addition to 5 per cent reservation for women entrepreneurs in all industrial areas.
West Bengal is number one in skill development and small scale industries, the state chief minister Mamata Banerjee said after mentioning that the state government inherited a huge debt and yet the Centre took away the revenues.
While addressing a programme here, a pilgrim spot in South 24-Parganas district, Banerjee yesterday said that the state government inherited a huge debt and yet the Centre took away the revenues.
"We are not even getting money for the 100 days work scheme but still we are number one in that. We are proud of it. We are number one in skill development and small scale industries," she said.
Finland, known for its knowledge- based society, is keen to team up with India in range of areas like cleantech, ICT, education, environment and energy, as the two nations have agreed to double the trade volume over the next three years, top Finnish officials said.
The huge Indian market offers Finnish companies a range of business opportunities in sectors such as infrastructure construction, energy production, forestry, Information and Communications Technology, environmental and food technology, health care and education, they said.
Trade volume between Finland and India is currently $ 1.5 billion.
India aims to boost investment in industrial, economic and social sectors of Africa as the 54-nation continent tries to ramp up development to alleviate poverty, the UN General Assembly was told Friday.
"Scaled-up investments in infrastructure, both economic and social, as well as in productive capacity for industrial development are needed," Amit Narang, a Counsellor at India's UN Mission, said. "This is an area of priority for India's partnership with Africa as well." "Sustained and robust inclusive economic growth is indispensable for eradicating poverty and therefore also a central policy objective," he said speaking at the UNGA session on New Partnership for Africa's Development (NEPAD). India attaches high importance to the programme's goal of "broad-based and equitable economic growth that allows Africa to reduce poverty and better integrate into the global economy," he added.
India has sought permission from Pakistan to export over a million tonnes of wheat through its territory to Afghanistan, a move opposed by the local milling industry which fears losing vast Afghan market due to cheap Indian supplies.
The Indians have sought permission to export over a million tonnes of wheat to Afghanistan through Pakistan's land route but the flour milling industry here is exerting pressure on the government to deny the permission, the Dawn reported.
The local industry has threatened to launch protests if the PML-N government grants the permsisison to India, it said.
"The industry thinks that subsidised Indian wheat would drive it out of the Afghan market, which it takes more of an extension of its business for two reasons: proximity and high profits," said the paper.
India has been offered two additional offshore oil exploration blocks in Vietnam. In addition, Vietnam has agreed to extend by another two years the opportunity for Indian oil companies to consider the option of exploring another offshore oil field, which was offered to it earlier.
The offers were made at the official level talks between the visiting Vietnam Prime Minister Nguyen Tan Dung and Narendra Modi here on Tuesday. This is the second two-year extension that India has got for the oil block. It was first extended in 2012 for two years, which expired earlier this year. Official sources emphasised that the oil blocks offered were in Vietnam waters and were part of the original lot of five blocks which it had offered India some years back.
Do you think internet based labour inspection system would reduce harassment of MSMEs?
According to the FISME Factor, 80 percent of Micro, Small and Medium Enterprises (MSMEs) agree think that internet based labour inspection system would reduce harassment of MSMEs while 20 % disagree.
“Business owners spend a significant amount of time and resource protecting their business from a variety of risks, whether it’s liability for their products or services or severe weather,” said Helen R. Savaiano, president of management liability at The Hanover Insurance Group, Inc. “But what can sometimes be overlooked are the risks presented by unscrupulous employees, and unfortunately those types of losses happen more often than business owners think.”
Managing Finance is an important pre-requisite for the success of any business. An in-depth understanding of Financials not only keeps an entrepreneur/manager on the top of his/her game, but also helps him/her interpret financial accounts and reports more appropriately. It further helps him in budgeting and forecasting, managing and monitoring finances and to make the right financial decisions.
There are many things changing in small business marketing today: new partnerships between larger and smaller businesses and new marketing mediums like text messaging with which to contend. Here are some links on the latest to point the way.
Meditations for Startups
Big firms can point the way. If branding and marketing aren’t your company’s strong point, perhaps a mentor from big business can help.
Usually, when we talk about the SME sector of the Indian economy, we observe that the sector is being deprived of the benefits that either the government or lending institutions are providing. SMEs keep on playing the blame game to attract the attention of the authority. This is what exactly SMEs are doing when it comes to get capital access from the banks and then forget to repay it all together to lending institutions, making the financial institutions face a crisis.
In August this year, Bangalore-based startup Unocoin made news internationally when Bitcoin investor Barry Silbert infused $250,000 in the company. With this, Unocoin became the first Bitcoin exchange and merchant processor in India to have raised international funding.
Listen up! A start-up that doubles revenue, every year
If you think hearing impairment treatment is too small to be considered an earning opportunity, listen up. One in every 10 persons has some hearing problem and nearly half of the sexagenarian population suffers from it. Here's a venture exploring this fact, doing sound business, growing cent per cent, each year.
Buy our one-of-a-kind guide to all industrial testing laboratories in India. Find the one most convenient for getting your products tested and certified. An invaluable compendium for all industrial units and exporters.
PP: 894, Hard Cover.
Price: Rs 900.
50% discount for members.
FISME regularly receives monthly reports on the economies of various countries from their missions in India. These reports provide information on key economic parameters, trade related information and all news relevant for importers and exporters. In this edition you can take a look at reports on:
Write your comments on the FISME Factor. Share your views and suggestions on MSME issues. Win prize! The best mail will get a special book every fortnight.
send mail to: newsletter@fisme.org.in
You are receiving this Newsletter because you are included in our mailing list of recipients who are involved or interested in FISME or Indian MSMEs. You are welcome to partly or fully reproduce and disseminate the contents of this publication provided that you acknowledge the source.
This Newsletter is edited by the FISME Secretariat. We welcome contributions as well as comments and suggestions. Please write to newsletter@fisme.org.in
"
The Union Ministry of Labour has proposed a Bill for Small Factories which will be applicable for units employing up to 40 employees. While the intention seems noble, the bill contains several perilous provisions. For example, it does away with 10 employee threshold of previous laws so the applicability of law may start even with one employee. Further, it defines ‘manufacturing’ and ‘factory’ in such a way that almost all economic activities get covered. Expecting people like tea seller or a puncture mender or cobbler to comply these laws of Provident Fund and Social Security seems absurd. All MSME association colleagues should come forward to help improve the draft of the Act. "
FISME organised ‘Profit Mantras for Businesses’- yet another programme in a nationwide series of workshops for bringing in practical wisdom to entrepreneurs on 17th October 2014 in Indore in association with AIMP (Indore).
Mr. Hemant Mehtani, President of AIMP, welcomed delegates followed by the opening remarks by Joint Secretary (International Trade), FISME, Mr. Mukesh Kalra.
The star speaker during the event was Mr. David Wittenberg, Chief Executive Officer, The Innovation Workgroup, on Profitability. While Mr. Kartik Taneja, Head Channel Sales – India, Google shared the secrets of smart Marketing through social media, Mr. Ashish Agarwal, Zonal Manager (East), Hewlett-Packard India apprised the entrepreneurs about new ways of leveraging Information Technology and Mr. L.V.R. Prasad, Deputy General Manager, Canara Bank shared best practices as how to effectively use idle cash.
Many people believe that inventing a new product, or starting up a new business as an entrepreneur, will automatically lead them to a fortune. However, in many cases the reverse is true. What sets a successful entrepreneur apart from the hundreds of people who try to make it rich every year?
Successful entrepreneurs will have certain characteristics and skills that set them apart from others. If you want to be successful, you will learn to develop and maintain these skills. These attributes are more important than you might think.
The government today extended the date of Company Law Settlement Scheme, a scheme which allows the defaulting companies to make their statutory filings without any prosecution, up to November 15.
The scheme began on August 15 this year and was earlier up till October 15.
“All Companies are informed that they may avail the benefit of the scheme by filing their overdue annual documents by the last date and thereby avoid disqualification of directors under the provisions of Sub-section 2 of Section 164 of the Companies Act, 2013,” Ministry of Corporate Affairs today said in a press note.
India has slipped further on the World Bank's 'Ease of Doing Business' index, at 142 among 189 countries as on June 1 from 134 last year, but the global lender has taken care to distance from this slide the Narendra Modiled NDA government which took charge barely a week earlier and soon set about improving the country's business environment and perception among overseas investors.
"We do not want to send the impression that the drop in India's ranking is connected in any way with the current political situation (government)," Augusto Lopez-Claros, director, Global Indicators Group, Development Economics, World Bank Group said about the latest ranking released on Wednesday. Singapore retained the top spot in the ranking, followed by New Zealand, Hong Kong, Denmark and South Korea.
Indian entities having businesses in the US risk higher penal taxes in the US on any fund transfer to the country if New Delhi fails to endorse a pact for information exchange by December 31 on grounds of confidentiality.
New Delhi will find it difficult to sign the US proposed Foreign Account Tax Compliance Act, or FATCA, in the wake of Supreme Court's insistence for disclosure of information on foreign accounts even as government pleaded doing so would violate bilateral tax treaties. The FATCA , which is due to come into force from January 1 , proposes a 30% withholding tax on any payment made to a foreign financial institution by a US firm if the remittance is to a country that has not signed the agreement. Tax experts warn of serious consequences for Indian entities in the US.
Unhappy with your online purchase and want to take legal action against the seller? You will soon be able to do it from your home city, rather than go where the seller is based.
To help customers, the government is planning to revamp the Consumer Protection Act in the forthcoming winter session of Parliament to allow 'territoryfree' legal action against any goods or service provider.
Under the current rules, a consumer can initiate legal action against a seller only in the place where transaction takes place.
India's Free Trade Agreements (FTAs) with major partners such as Japan, Malaysia, South Korea and the Asean bloc have not widened trade deficit or increased export of raw materials from the country, according to initial findings of a Government study.
However, Indian exporters, too, have not been able to use the trade pacts to their full potential because of low awareness. The Government is now making efforts to disseminate information more widely.
“Though preferential imports have been increasing from the period 2009-2010 to 2013-14, they are still not significant, ranging from 3.4 per cent of total imports under FTA with Malaysia to 22.4 per cent of total imports under India-Japan FTA,” according to an official release by the Commerce Ministry.
Keeping in mind lower revenue realisation till date, the Finance Ministry has issued new austerity measures, including 10 per cent cut in non-Plan expenditure and ban on creation of new posts.
“For the year 2014-15, every Ministry/Department shall effect a mandatory 10 per cent cut in non-Plan expenditure excluding interest payment, repayment of debt, Defence capital, salaries, pension and Finance Commission grants to the States, ” an office memorandum issued by the Expenditure Department of the Finance Ministry said.
Even in the last few years, such measures were announced. However, it has never specified the amount of saving through such measures.
The Ministry of Micro, Small and Medium Enterprises has clinched the coveted ISO 9001:2008 certification (International Organization for Standardization), demonstrating the Ministry’s mission of promoting growth and development of MSME units with dedication and commitment.
“Implementation of ISO 9001: 2008 standards will help the Ministry to identify areas for improving functioning and also bring in transparency and accountability in the operations of government machinery,” an official release said.
Speaking on the occasion Union Minister for Micro, Small and Medium Enterprises, Kalraj Mishra, expressed happiness over this accomplishment and stated it is a matter of pride that the Ministry is one of the first in the Government of India to be awarded such a certification.
With a view to recognizing the efforts and contribution of MSMEs, the Ministry of Micro, Small and Medium Enterprises honours outstanding entrepreneurs in various categories each year under the scheme of national award. In this regard, it has called for entries.
Categories for which awards will be given to micro, small and medium enterprises for 2013 are – outstanding efforts in entrepreneurship in manufacturing; outstanding efforts in entrepreneurship in services; quality products; products/process innovation; and lean manufacturing techniques, said an official letter.
The first, second and third National Awards carry cash prizes of Rs 1 lakh, Rs 75,000 and Rs 50,000, respectively, besides a certificate and trophy. In addition, there are special national awards - for women, SC/ST entrepreneur, NER entrepreneur and special recognition award to MSMEs scoring marks above 80 per cent and 50 per cent in case of NER.
The Prime Minister, Narendra Modi has met various groups of flood-affected people in Srinagar to understand their problems first-hand, and listen to their suggestions on the rehabilitation process following the recent floods.
On Diwali, the Prime Minister interacted with flood-affected people of Srinagar, an official release said.
These included delegations from Chambers of Commerce and Industry, Social Organizations and NGOs, Civil Society Organizations, Transport Operators, Tour and travel operators, fruit growers, dealers and horticulture institutions, educational institutions, youth organizations, religious communities and political groups.
The state’s micro, small and medium scale enterprises (MSME) will experience a spurt in their growth from the slew of incentives and concessions contained in the New Industrial Policy 2014-19, said Karnataka industry body.
Complimenting Chief Minister Siddaramaiah on a growth-oriented budget, Karnataka Small Scale Industries Association (KASSIA) President Chidananda M Rajamane said the doubling of fiscal incentives from the previous policy, net VAT and CST based interest free loans for longer duration, was a Deepawali gift to MSME entrepreneurs, KASSIA said in a press release today.
The proposal to form five industrial areas every year over an area of 5000-8000 acres of land is an adequate response to meeting the concerns of scarcity of industrial land, he noted, while welcoming the decision to develop two exclusive industrial estates for women entrepreneurs in Hubli/Dharwad and Harohalli, in addition to 5 per cent reservation for women entrepreneurs in all industrial areas.
West Bengal is number one in skill development and small scale industries, the state chief minister Mamata Banerjee said after mentioning that the state government inherited a huge debt and yet the Centre took away the revenues.
While addressing a programme here, a pilgrim spot in South 24-Parganas district, Banerjee yesterday said that the state government inherited a huge debt and yet the Centre took away the revenues.
"We are not even getting money for the 100 days work scheme but still we are number one in that. We are proud of it. We are number one in skill development and small scale industries," she said.
Finland, known for its knowledge- based society, is keen to team up with India in range of areas like cleantech, ICT, education, environment and energy, as the two nations have agreed to double the trade volume over the next three years, top Finnish officials said.
The huge Indian market offers Finnish companies a range of business opportunities in sectors such as infrastructure construction, energy production, forestry, Information and Communications Technology, environmental and food technology, health care and education, they said.
Trade volume between Finland and India is currently $ 1.5 billion.
India aims to boost investment in industrial, economic and social sectors of Africa as the 54-nation continent tries to ramp up development to alleviate poverty, the UN General Assembly was told Friday.
"Scaled-up investments in infrastructure, both economic and social, as well as in productive capacity for industrial development are needed," Amit Narang, a Counsellor at India's UN Mission, said. "This is an area of priority for India's partnership with Africa as well." "Sustained and robust inclusive economic growth is indispensable for eradicating poverty and therefore also a central policy objective," he said speaking at the UNGA session on New Partnership for Africa's Development (NEPAD). India attaches high importance to the programme's goal of "broad-based and equitable economic growth that allows Africa to reduce poverty and better integrate into the global economy," he added.
India has sought permission from Pakistan to export over a million tonnes of wheat through its territory to Afghanistan, a move opposed by the local milling industry which fears losing vast Afghan market due to cheap Indian supplies.
The Indians have sought permission to export over a million tonnes of wheat to Afghanistan through Pakistan's land route but the flour milling industry here is exerting pressure on the government to deny the permission, the Dawn reported.
The local industry has threatened to launch protests if the PML-N government grants the permsisison to India, it said.
"The industry thinks that subsidised Indian wheat would drive it out of the Afghan market, which it takes more of an extension of its business for two reasons: proximity and high profits," said the paper.
India has been offered two additional offshore oil exploration blocks in Vietnam. In addition, Vietnam has agreed to extend by another two years the opportunity for Indian oil companies to consider the option of exploring another offshore oil field, which was offered to it earlier.
The offers were made at the official level talks between the visiting Vietnam Prime Minister Nguyen Tan Dung and Narendra Modi here on Tuesday. This is the second two-year extension that India has got for the oil block. It was first extended in 2012 for two years, which expired earlier this year. Official sources emphasised that the oil blocks offered were in Vietnam waters and were part of the original lot of five blocks which it had offered India some years back.
According to the FISME Factor, 80 percent of Micro, Small and Medium Enterprises (MSMEs) agree think that internet based labour inspection system would reduce harassment of MSMEs while 20 % disagree.
“Business owners spend a significant amount of time and resource protecting their business from a variety of risks, whether it’s liability for their products or services or severe weather,” said Helen R. Savaiano, president of management liability at The Hanover Insurance Group, Inc. “But what can sometimes be overlooked are the risks presented by unscrupulous employees, and unfortunately those types of losses happen more often than business owners think.”
Managing Finance is an important pre-requisite for the success of any business. An in-depth understanding of Financials not only keeps an entrepreneur/manager on the top of his/her game, but also helps him/her interpret financial accounts and reports more appropriately. It further helps him in budgeting and forecasting, managing and monitoring finances and to make the right financial decisions.
There are many things changing in small business marketing today: new partnerships between larger and smaller businesses and new marketing mediums like text messaging with which to contend. Here are some links on the latest to point the way.
Meditations for Startups
Big firms can point the way. If branding and marketing aren’t your company’s strong point, perhaps a mentor from big business can help.
Usually, when we talk about the SME sector of the Indian economy, we observe that the sector is being deprived of the benefits that either the government or lending institutions are providing. SMEs keep on playing the blame game to attract the attention of the authority. This is what exactly SMEs are doing when it comes to get capital access from the banks and then forget to repay it all together to lending institutions, making the financial institutions face a crisis.
In August this year, Bangalore-based startup Unocoin made news internationally when Bitcoin investor Barry Silbert infused $250,000 in the company. With this, Unocoin became the first Bitcoin exchange and merchant processor in India to have raised international funding.
If you think hearing impairment treatment is too small to be considered an earning opportunity, listen up. One in every 10 persons has some hearing problem and nearly half of the sexagenarian population suffers from it. Here's a venture exploring this fact, doing sound business, growing cent per cent, each year.
Buy our one-of-a-kind guide to all industrial testing laboratories in India. Find the one most convenient for getting your products tested and certified. An invaluable compendium for all industrial units and exporters.
