Entrepreneurship

For New Entrepreneurs

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STARTPRENEUR – fav newsletter

Morning Briefing (9 Min Reading Time)
Top news & stories of the startup ecosystem from India & around the world
After the failed merger of budget hotel aggregator ZO Rooms and the new unicorn in the block, hotel aggregator OYO, the companies continue to be stuck in a legal trouble and the matter has now reached Supreme court. And now, the Supreme Court in its order dated September 19, 2018 has accepted the arbitration petition by ZO Rooms.
Amid discussions on the Supreme Court verdict on the constitutional validity of Aadhaar Act, the real action is happening at the Unique Identification Authority of India (UIDAI) which is now trying to manage several processes which were dependent on Aadhaar as the Supreme Court barred private companies from using Aadhaar to validate the identity of customers.
In another move to encourage adoption of electric vehicles, the Indian government is reportedly planning to introduce tradable auto-emission coupons for automakers. This move is aimed at encouraging the automakers to make electric vehicles and its infrastructure economically viable right from the beginning.
Fact sheet by Inc42 Datalabs.
The reason behind rising cost of advertising on Facebook is that the growth of impressions on the platform hasn’t kept pace with the rise in the number of advertisers that have come onboard Facebook. The cost has been increasing since 2015-2016 and has doubled since last year. Know what could be the other reasons behind it.
In the 22nd episode of Inc42 Ask Me Anything (AMA), we hosted Vishal Gondal, the founder-CEO of GOQii, who spoke to us about gaming, fitness, how GOQii is gamifying fitness, and a lot more. Gondal said 99% people fail at their goals while using fitness and weight loss apps because they lack human motivation.
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In what looks like a European first, the London-based early-stage venture capital firm Balderton Capital is announcing it has closed a new $145 million “secondary” fund dedicated to buying equity stakes from early shareholders in European-founded “high growth, scale-up” technology companies.
Apple CEO Tim Cook revealed a bit more of the behind-the-scenes decision-making that resulted in conspiracy theorist and alt-right figure Alex Jones’ widespread tech platform ban last month in an interview on HBO’s Vice News Tonight this evening. Read what Cook said about the decision to remove podcasts operated by Jones.
Coinbase is finalizing a deal that would value the company at about $8 billion, a transaction that would make Coinbase one of the highest-valued startups in the U.S. and help further legitimize the entire cryptocurrency industry. The company is in talks with Tiger Global and its current shareholders for an investment of up to $500 million.
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Women in Leadership: Finding and Leveraging Allies and Mentors

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Startpreneur’s Fav Newsletter

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OYO Raises $1 Bn At $5 Bn Valuation To Solidify India Position, Expand Global Footprint
Hotel chain OYO has raised a total of $800 Mn in its latest financing round led by SoftBank Investment Advisers (SBIA) through SoftBank Vision Fund, with participation from existing investors Lightspeed India Partners, Sequoia Capital, and Greenoaks Capital. Read more to know about the other investors and commitments.
In a bid to strengthen its presence in India after acquiring Indian ecommerce unicorn Flipkart, global retailer Walmart is now reportedly looking to leverage Flipkart platform to cross-sell private brands. Ahead of the yearly festive season sale, Flipkart is increasing its in-house brands/private labels and business for its flagship Big Billion Days (BBD) sale.
vibrant Gujarat startup summit 2018
United Arab Emirates-based cab hailing firm Careem has announced the acquisition of Hyderabad online minibus shuttle service platform Commut in an undisclosed amount, as the former plans on expanding into mass transport. As part of the acquisition, Careem will take on Commut’s technology, talent and team to roll out its cab service in 100 cities.
Kolkata-based fintech company Kredent InfoEdge has secured $1.1 Mn (INR 8 Cr) in Pre-Series A funding from renowned stock market investor Ramesh Damani and Singapore-based hedge fund manager along with another undisclosed investor. The startup has already received $688.8K (INR 5 Cr) in its kitty, while $413.3K (INR 3 Cr) is still under process.
Following in the footsteps of its parent company Flipkart, Bengaluru-based online fashion retail Myntra has launched a loyalty programme dubbed as Myntra Insider, which is designed to improve engagement with its users to drive stickiness on the platform.
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Kanwaljit Singh, the founder of Fireside Ventures, is strong headed, to say the least. Fireside is an early-stage venture capital (VC) firm that focuses on consumer brands. In March, Fireside closed its first fund of $47.1 Mn (INR 340 Cr), of which it has already spent $13.9 Mn (INR 100 Cr) in over 12 deals. Here are excerpts of this week’s Moneyball with Kanwaljit Singh, the founder of Fireside Ventures.
Even as Indian startups are going the IPO way, Vembu loves his freedom and has no plans to take Zoho public. This, despite the fact that in H1 18, India recorded the highest IPO activity in terms of the number of deals across the globe, accounting for 16% of the total issues.
Read More Top Stories On Inc42
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SME Platform – JetAirways GlobalLInkers

Dhananjay, here is what’s trending this week on Jet Airways GlobalLinker
Trending Articles
RETAIL
Meet the consumer of the future
Posted By Shiv Joshi – 14 min read
BUSINESS DEVELOPMENT
4 fool-proof selling techniques you must implement
Posted By Dhananjay Parkhe – 5 min read
View More
Trending Discussions
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3 Cold Calling Mistakes that Trigger Rejection

 

Word Count:
710

Summary:
In our efforts to HyperScale the business in the formative stage of the business, an Entrepreneur – willy-nilly, beegins Cold Calling upon advice. In the old cold calling mindset, we are taught to focus on the sale and be completely confident that what we are offering is something the other person should/must buy.

 

As the Startup business begins to gain scale and there builds a pressure on the SMEs to HyperScale due to pressure on Breakeven, Investor push etc. they begin to use some of the oft-repeated menthods to bring the Sales volumes up. One of them is Cold Calling.
Here are 3 common cold calling techniques that we should avoid:

Mistake #1: Center the conversation around us and what we have to offer

In this old approach, we introduce ourself, explain what we do, and suggest a benefit or feature of our product. And then we close our eyes and pray that the other person will be interested

Unfortunately, the moment you stop talking you usually hear,

“Sorry, I’m busy,” or “Sorry, I’m not interested.”

  • We’ve started your cold call by talking about your world and what you have to offer. But realistically, most people aren’t all that interested in you. When you talk about your company and your product, it’s just another advertisement to them. We haven’t engaged them, so they often just “turn the page.”
  • Prospects are much more interested in themselves and whatís important to them. So if you start the conversation by focusing on their world, theyíre more likely to interact with you.
  • So instead, talk about an issue or problem they may need solving. Focus on them rather than on what you have to offer. And see where it takes you.

Mistake #2: Be confident they should buy your product or service

In the old cold calling mindset, you’re taught to focus on the sale and be completely confident that what youíre offering is something the other person should buy.

  • The problem with this approach is that you havenít asked them to determine this along with you. So think about it ñ in the old mindset, youíre really deciding for someone else whatís good for them. I know this isnít intended, but thatís exactly what comes across to your prospects.
  • So rather than being full of confidence and enthusiasm, stop for a minute and think about the other individual. Relax into a real conversation instead of moving into a persuasive strategy or sales pitch. Put yourself in their shoes and invite them to explore along with you whether what you have to offer is a match for them.
  • Others really can distinguish the difference. Youíre inviting them to see if you might be able to help them solve a problem. This makes for a much better connection right at the beginning, and youíll get that immediate rejection reaction much less.

Mistake #3: When someone brings up an objection, try to overcome it

You know, one of the reasons cold calling is so difficult is that sometimes you may not be very familiar with the other person and their business. When you make that first call, you donít know very much about their issues, problems, budget, and time constraints.

Chances are, not everyone is going to benefit by your product or service.

  • So realistically, your company or product isnít going to be a match for everyone. And yet, when someone brings up an objection (“we donít have the budget for that,” etc.), the old cold calling mindset trains you to “overcome,” “bypass,” or “override.”
  • But when you do that, you put the other person on the defensive. Something theyíve said is being dismissed. And hereís where rejection can happen very suddenly.
  • So it ís much better to listen to their concerns and continue to explore whether what youíre offering makes sense for them. There are some wonderful phrases you can use that validate their viewpoint without closing the conversation.
  • So now youíve discovered the 3 major cold calling mistakes people often make. See if you can shift away from those old self-sabotaging mindsets. When you do, youíll notice that people will engage you much more, and the immediate rejection youíve grown so accustomed to will happen much less.
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Characteristics Of A Successful Entrepreneur

 

Word Count:
427

Summary:
Studies have shown; successful entrepreneurs possess three characteristics:

 

Keywords:
entrepreneur,franchise,jobs,careers,mentoring,coaching,marketing,small business,at home business
Studies have shown that successful entrepreneurs possess three characteristics:

  1. Self-confidence

It is that magical power of having confidence in oneself and in Entrepreneur’s powers and abilities.

  1. Achievement Oriented

Results are gained by focused and sustained effort. Entrepreneurs concentrate on achieving a specific goal, not just accomplishing a string of unrelated tasks.

  1. Risk Taker

Entrepreneurs realize that there is a chance of loss inherent in achieving their goals, yet they have the confidence necessary to take calculated risks to achieve their goals.

Entrepreneurs are people who will make decisions, take action, and think that they can control their own destinies. They are often motivated by a spirit of independence which leads them to believe that their success depends on raw effort and hard work, not luck.

So which of these three main characteristics is the most important? Believe it or not, it has to be self-confidence. Without self-confidence, nothing else is possible. If you don’t believe in your abilities, then the first challenge that arises may knock you off the path to achieving your goals.

Here are a few things to keep in mind for maintaining a higher level of self-confidence.

A. Positive Thinking

It all starts with a positive attitude, doesn’t it? Believing that something good will happen is the first step. Negative thinking simply is not allowed. You must truly believe that there are no circumstances strong enough to deter you from reaching your goals. Remember too, that positive thinking can be contagious. When positive thinking spreads, it can open doors to new ideas, customers, friends, etc.

B. Persistent Action

Now all of the positive thinking and believing in the world is useless if it is not applied towards a goal. You have to take action, no excuses are allowed. This action must also be persistent. Trying once and then giving up is not going to be enough. Keep at it one step at a time. If you can’t get by a certain step, then find a creative way to try again or just go around it.

In the beginning, we identified a few traits which are common among successful entrepreneurs. You should be able to look ahead and see yourself where you want to be. Now just maintain a strong belief in yourself and your skills, stick with it, and don’t give up. If you can do that, you’re already half way there!

 

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Jet Airways GlobalLinker | The Big Business Advantage

via Jet Airways GlobalLinker | The Big Business Advantage