Businesses Archives - BOLLYWOOD SURKHIYAN

20 Rainy Season Businesses You Can Start Now

Let’s take advantage of these seasonal needs and offer the appropriate business services. You will find below a list of 20 profitable rainy season business ideas.

Cold Weather Apparels and Accessories: Starting a cold-weather apparel store can be a great option for those looking for a seasonal business. You can buy products in large quantities and start selling to retail fashion shops and corporate offices. You can even hire sales canvassers and pay them on a commission basis.
Lawn care business: Contrary to popular beliefs, the rainy season is a great time to start a lawn care business. Lots of individuals and large companies seek for services of lawn care maintainers to help them take care and beautify their environment. You will need to advertise your services in local newspapers, or write an introductory letter to the ministry of environment either at local or state level. You can also write to property managers. Who says you can’t go out and knock on doors of commercial businesses and property managements? They have a long list of clients that will need the services of lawn care service providers. You can start with two or three staff.
Roadside snacks: In this rainy season, snacks like roasted corn, cooked corn and cooked groundnuts are in demand. Passersby, pedestrians and drivers alike would always want to buy hot snacks to heat up their body and quell their hunger. Your target market should be in densely populated areas of streets with big pot holes that could delay traffic. As drivers slow down, they notice you and buy your snacks. Herbs and Flower Farming/Gardening: Flowers survive better during the rainy season. Plants are the basis for all landscapes, homes, gardens and even for brightening offices. You will pay small amounts for packets of seeds and make way more when selling starter plants. The more space you have, the better you will be at it. If you have the space in your landscape and outdoor garden, you can create gardens where you will grow the plants and dry them out after. This will add much to your inventory and you can make lots of money selling dried flowers to retailers, wholesalers, and even flower shops.
Make Mosquito Nets: Mosquito nets are simple to make and easy to use. They eliminate the need for repeated use of dangerous chemicals. Mosquito nets can be institutional and attractive. By using pretty flowing fabric and a few household objects, it is possible to make a beautiful yet functional mosquito net. Things you will for construction of a mosquito net are; stud finger, 4-inch metal “O” ring, cup hook, 2-feet diameter embroidery hoop, 20 yards of tight weave chiffon fabric, 4 feet of stain cord or ribbon, hot melt glue and clear hot melt glue sticks.
Tea Café: This market is not likely to be saturated if you decide to start this business. What innovations do you need to do this business? Simply make your tea joint look neat and attractive. Guys will park their cars, jeeps; roll up their sleeves and squat for a cup of steaming tea. You can entertain them with music. Your major target will include bachelors and spinsters, and also from the married groups and workers in general. Most of these people leave their homes early enough for work without having breakfast. Make sure your shop is situated where there is high concentration of people. Also make sure your customers have varieties of beverages to choose from e.g. beverages like bournvita, Milo, ovaltine, top tea etc. Other add-on for your tea café can include bread, canned fish, sardine, noodles, soft drinks and water. As a starter you require fire heating gadgets, tables and chairs, cups, plates, spoons, knives, forks and so on. You may require a small accommodation or a table space in a busy area, which wont be difficult to get if you meet the right authorities. You just need to part with a few cash to get this space. As you start operation, set aside some specified amount that the government may require as levies. Never mind the levies because you can record over 40 clients per day especially when you start very early in the morning and evenings. If you are innovative, entrepreneurial and exceptional, you will discover that there is no limit to what you can earn.
Catch and Sell Snail Meat: Snail meat has been severally affirmed as a safe and nutritious delicacy. If you place a blanched piece of romaine lettuce, zucchini or cucumber into a small tank, in no time snails will gather around it. You have to be patient though, because it will take a while to catch a whole bunch of them. The best period to commence snail farming is the raining season. You can start with about 50 – 60 snails to have a good knowledge of how snail breeding works. Snails are sold in bunches of 20 pieces each and the price depends on the size. The bigger sizes are sold between N2, 500 and N3, 000 per bunch. It is better to buy the big ones so you can expect to produce more after about 35 days on location. As a starter, you can start with as low as N10, 000 in this business. You can sell your products to hotels, restaurants, individuals and market women. You can even export them if you have large quantities in stock.
Umbrella Stocks and Sales: Since there is no notable umbrella manufacturer in Nigeria, prospective investors are advised to buy in wholesale and start selling branded umbrellas to corporate organizations. Don’t forget companies will like choose the colors that match their company. Modern rain umbrellas are made with fabrics (commonly nylon) that can withstand a drenching rain and one that can dry quickly and fold easily. They are available in varieties of colors and designs. You can get it in large quantities for retail at Idumota in Lagos and the prices ranges from N150 to N250 depending on the size.
Tarpaulin Hire Business: Many people organizing outdoor parties are most likely to hire tarpaulin to shield them from the rain. You can make money by engaging in the tarpaulin hire business. If you don’t have enough money to buy a brand new one, you can lease it from sellers and hire out to those who need it, taking the commission as your gain.
Pest Control: A pest control home based business can provide you an healthy income. There are various types of pest controls such as insect or rodent control, or the business can specialize in providing all pest control services. There are also various methods now being used to control pests, such as chemical-based sprays and organic-based sprays. This will also have to be a consideration in terms of the types of methods your business will utilize. Overall, a pest control service can be very profitable business venture during the rainy season and can generate profits of N5million per year. You can write a proposal to big corporate organizations stressing the advantage of pest control and healthy living can have for them.
Yam planting and Sales: Turning yam into an exportable product is considered a remarkable achievement in Nigeria. Although the country is rated as the largest producer of yams in the world, it didn’t find the means to take advantage of this huge potential for export until the formal launch of the Nigerian Yam Export to U.K in July 2009. You can take advantage of the rainy season, which is best for yam planting and sales. You can buy yam in large quantities and sell to exporters, and you can also sell to local manufacturers who process yam to pounded yam and flour.
Maize Cultivation and Processing: Investors have the opportunity to capitalize on the current high demand for staple foods by investing in the cultivation and processing of maize and corn. Maize is commonly grown in the middle and southern part of the country where heavier rainfall permits two corn crop seasons per year. A well drained loamy soil can be used for maize plantation.
Gutter Cleaning: A lot of gutters are blocked during the rainy season preventing the free flow of water. You can start making money by offering the service of Cleaning Gutters. Don’t shy away from this business because it’s a money earner in the rainy season. You can employ two to three people to leverage on. You will need to assemble items such as large wooden spoon, a simple garden trowel, and a sturdy pair of garden gloves. You can find work with landlords or landlords associations. Some will prefer you clear it for them weekly while some will want their gutters to be cleared once or twice in a month. You can charge between N5, 000 to N20, 000 depending on the clients and the intensity of the work to be done.
Hire Water Pumping Machines: A lot of houses will get flooded during the rainy season. This will create a business opportunity for you to own a water pumping machine and hire out to these houses to clear the flooded area and pour the water to the gutters. Some water pumping machine owners charge as much as N5, 000 per day. During emergencies when there is no entrance to a whole street a water pumping machine owner can charge more. All you need to do is to identify such flooded areas, move in with your pumping machines and charge appropriately.
Sell Rain Coats: Modern raincoats are often constructed of breathable, waterproof fabrics such as gore-tex and coated nylons. These fabrics allow some air to pass through, thereby allowing the garment to “breathe” so that sweat vapor can escape. You can commission a tailor to sew in different sizes and designs to meet the demand of different customers; you can also buy in some retail stores and sell directly to individual and corporate organizations. Or you can recruit sales canvassers who can help you get it to the markets, especially when it rains.
Start a Car Wash Business: A lot of cars will get dirty in the rainy season because of splashes by mud. You are going to make cool money in the rainy season with this business. There is some equipment you need to start this business. Most importantly you need a pressure washer, if you want a proper washing to make your customer appreciate your service and always come back. The pressure washer brings out the water with pressure. It removes all the dirt and makes the cars to glitter. The pressure washer is also used to wash the car radiators, no matter the amount of dirt that blocks the vent of your radiator, the pressure washer removes all and opens up the vent again. The pressure washer consumes less water. The amount you can charge to wash cars and trucks will vary with location and to how dirty the car or truck is. Normal car wash costs N300, but for interior wash, it can cost up to N800. Washing of engines cost up to N1, 000 which is also the cost for normal washing of Jeep. The cost for washing a truck can be around N3, 000 and a very dirty trucked can be charged N5, 000. If the engine is extremely dirty, you will have to apply chemicals which are a mixture of diesel, detergent, kerosene, petrol and acid, which should be mixed very well. Sprinkle on the engine and leave for about five minutes. Now when you use a pressure washer to rinse, the engine would look as clean as new. You can get to major car parks, negotiate with car owners and get their cars washed before they get back to the car park
Repair Pot-holes: You can start a mini-road-construction business repairing pot holes. A lot of pot holes will continue to increase in size during the rainy season. Some products make potholes repair easier than others. Asphalt makes the process significantly easier. No special equipment is needed with asphalt. You can start making money with the local government area in your locality. You can even negotiate with the unit or National Union of Road Transport Workers (NURTW) in your area or discuss with the landlords association or the local government chairman. You can charge as much as N20, 000 to N100, 000 or more, depending on the intensity of the project.
Own a Warehouse: A lot of retailers have been keeping goods in shops before now but during the rainy season, most of them will be forced to take their goods to warehouses to protect their goods from unexpected rainfall. Prior to opening a warehouse business in your area, it is paramount to find out how many competitors you have. Gain knowledge of how existing firms have positioned themselves in the market place and then design your business in a way that sets you apart from others. You can charge daily, weekly or monthly. However, make sure you inform your retailers in your areas that don’t have a shop before now that you can provide them a secured place for their goods in your warehouse. They would be ready to pay for your services
Produce Shower Caps for Women: This business can be started with very low capital. Purchase some yards of plastic materials which are clear, opaque or semi-transparent or can have pretty designs on them. Measure the distance around the head where the shower cap is expected to end. Add one inch to this figure for overlapping purposes. This will be the shower cap circumference. Purchase elastic, less than one inch wide, and cut to the shower cap circumference. The elastic can be sewn on the outside or inside of the shower cap edge, or the elastic can be pinned down, sewn, and then one or two folds (or rolls) made, then sewn again to “case in” the elastic inside the edge of the plastic cap. You can sell for N50 or more depending on the quality of the nylon you are using.
Set Up an NGO for Climate Change Disaster and Relief Services: This type of NGO is going to be busy in the rainy season, providing supportive services for Nigerians who live in flood prone areas. The NGOs in this sector will be responsible for educating Nigerians in these areas on how to avoid flood disasters and also provide weather report and analysis so that they will prevent flood occurrences in their regions. Such an NGO will receive regular funds from foreign donors. You can make money from this by affiliating with already existing NGOs abroad. They have regular source of funding and they will be happy to have an affiliate agency here in Nigeria or Africa.
Make Mosquito Repellant Lotions: Earlier on we talked about Making Mosquito nets for sale. But you can also produce mosquito repellant lotions so repell mosquitoes which are in abundance in the rainy season. There a couple of different formulations you can make for your natural mosquito repellant. In general, what you are doing is diluting an essential oil that the mosquitoes find distasteful or which confuses them so they can’t bite you. The oil doesn’t mix with water, so you need to add them to other oils or to alcohol. It is important to use an oil or alcohol that is safe for your skin. You can sell in a small bottle after production for N100 to N300 depending on the size.
Produce Agro Products for Local and Foreign Consumption: Local products like cocoa, kola nut, banana, chili pepper, shea nut, okro, melon are products that you can start selling during this rainy season. All you need to do is to locate the exporters and start earning finders fee. If you have a small farmland, you can sell to retailers and start making money that exceeds your imagination.

The rainy season is an all year round event, so if you have the time and some money to invest in a business idea then check above the one that best describes your dream business or starting point. Discover the money making possibilities of each one and use them as your keys to success.

Work From Home Jobs – Internet Businesses

Until just recently not too many people thought that they could make an earnest living with work from home jobs. However, with the struggling economy and the power of the Internet, it really is possible. There are so many people making not just a good living, but a great living with work from home jobs.

Think about it for just a few minutes, with the Internet also known as the World Wide Web you will have customers from all over the globe. Plus, they will be visiting your website 24/7 (even on weekends and holidays)! This is why the Internet is so much more powerful than any other business opportunity. If you have the desire and are passionate about the business opportunity that you are promoting, then you will soar in this type of business.

Now since we are talking about work from home jobs. What is the best Internet business opportunity? Well, that is a loaded question, since there are so many different business models out there when it comes to the home based business arena. I will tell you one thing though, that is you need to make sure that you join a business that is built on training and support. Remember earlier when I mentioned that you will have customers 24/7 visiting your website. This is true, but you need to learn how to advertise your business opportunity. The sponsor that you join will need to show you how to do this. This is not hard; in fact it’s quite simple. However, if you are a newbie to Internet marketing then you will need a leader/mentor as your sponsor.

Work from home jobs are hitting the ground running over the past few years, and have really become even more popular over the last few months. Just make sure that you join a business that provides the training and support that you will need in order to have success. Research the business, and make sure that it has everything that you are looking for. Then have at it, and start to run the business by playing full on. If you do this then you are bound to succeed. I wish you the best, and hope that you find the work from home job that is right for you.

3 Of The Top Internet Businesses You Can Start Today

If you are looking for top internet businesses that you can consider starting online, then you should do some prior research before taking the plunge. Some businesses require you to do very little work but make a decent income, and others require more work but reap a greater return in the long run. There are many top internet businesses out there that you can start, so you ought to make your decision only after some careful thought. This article will give you a starting point to begin with.

Here are, in my view, 3 of the top internet businesses you can begin:

Business #1: Information Products

Selling information products online has become the hot trend in the last couple of years. Many people have caught on to the ease and benefits of selling their own information products on the Internet. These products are generally digital in nature, such as e-books, video courses, podcasts and a combination of two or three of those types. They are easy and low-cost to produce, but produce amazing profit returns. Moreover, you can sell them over and over again without producing new copies and there are no shipping hassles to deal with.

Business #2: Physical Products

Selling physical products used to be more popular before the rise of information products online. It still is very profitable to sell physical products though, as these products can be more well-known to the public. Because they tend to be more mainstream, it is easier to sell these products without much pre-selling. Selling your own products on eBay or on your own online store are options you can consider.

Business #3: Affiliate Marketing

By far, the easiest internet business to start online is affiliate marketing. In a nutshell, you promote someone else’s product for a commission. Whenever you make sales or refer a lead, you get paid, depending on the structure of the affiliate program. With this business model, you don’t need to spend enormous amounts of time creating a product, writing sales copy or providing customer service. You just need to promote your affiliate link.

Which Internet business would I recommend for a rank newbie? Well, I would recommend affiliate marketing as it requires the least investment and it has the shortest learning curve. It is where many successful online business owners (including myself) cut their teeth. However, if you are more ambitious, you can start off with one of the other top internet businesses that have been proven to bring in the big bucks when done right.

10 Good Reasons Why Small Enterprises (Small Businesses) Fail

You’ll agree with me that there are so many small businesses which have contributed a lot to the growth of economy. They have created employment opportunities for many families although some remain to be small throughout their operational life.

It is obvious that those who are starting new ventures have objectives to achieve. And to mention each business has got its own objectives to achieve such as maximization of profits and sales, minimize costs, maintain a certain level of production and labor force etc.

Failing of a business opportunity is what an entrepreneur won’t want to happen. Inasmuch as we agree with the fact that there are firms which have succeeded, we should also accept the fact that a good number of them have failed even before two years lapse after they commence business.

If aspiring entrepreneurs addressed the reasons why small businesses fail, then they will not fall to be victims of the same causes of failure. This is because they’ll be in a position to identify these causes and fix them before it’s too late.

Now you may be asking yourself as to why some businesses remain to be small throughout their operational life despite some of them making profits or are capable of growing.

4 Reasons Why Small Business Remain to be Small

1.) The owners of these businesses prefer not to expand their businesses. Some sole proprietors do not want to be bothered with the challenges of managing a big business. They don’t want to employ people to assist them in running their businesses but instead they prefer to be assisted by their family members.

2.) The nature of the product/service the business is involved in doesn’t allow expansion. There are people offering products/services which make it difficult for their business to grow.

3.) Lack of capital for expansion. There are small businesses which are viable and have the potential of growing but they lack enough capital. Such businesses have the challenge of securing funds from financial institutions. Lack of capital plays a negative role in hindering the growth of small businesses.

4.) Very low demand. If the business has a very low demand for its product or service, then at the end of the fiscal financial year/trading period the business won’t realize profits, and if it does, it’s very low, therefore the chances of it expanding are very minimal. Just to mention, realization of inadequate profits as a result of very low demand hinders the growth of small businesses.

However, there must be a starting point and as such, every business starts as a small entity and it gradually grows to a medium entity and eventually it becomes a big business entity which is either a private limited company or a public limited company. Note that a partnership business can also grow to become a big business.

Reasons Why Small Businesses Fail

1.) Wrong Reasons For Commencing Business: People who start a business for wrong reasons haven’t succeeded. Just because another person is making high profits in a certain line of business doesn’t mean that you will also make the same amounts of profits as him/her if you start the same business.

2.) Poor Business Management: When there is poor management of the business it becomes difficult for such a business to succeed in its operations. Finance, marketing, purchasing and selling, planning, hiring and managing employees is what most new business owners fail to execute effectively thus making their small businesses to fail.

3.) Lack of Commitment: Starting a business requires someone who is committed in ensuring that it succeeds. Neglecting the business will cause the business to fail. Many small businesses have failed because the owners didn’t take their time in monitoring performance and in marketing them. Some business owners leave their businesses to be managed on their behalf by incompetent people who lack book keeping knowledge and the knowledge of managing a business.

4.) Lack of Finances: Small businesses have failed because of lack of adequate finances. Some of the owners underestimated the amount of capital required and as a result of this underestimation some ended up running out of operating capital thus ending the operation of their businesses.

There are those who have no reserves which has led them not to be able to take care of loses and disasters when they occur thus making them to quit business.

5.) Over-Expansion of the Business: This has led to failure of many small businesses. This happens when there is borrowing of too much money beyond what the business requires so as to expand the business. Moving to markets that are not profitable is also over expansion of the small businesses.

An ideal expansion is the one that is driven by customers due to their high demand for the products and services which leads to high sales thus the business experiences good cash flow.

6.) Location: The place where the business is located is critical in determining its success. Small businesses have failed because of them being located in areas that are not ideal for business. They should be located in areas that are accessible, populated with people and has demand for their products and services.

7.) Personal Use of Business Money: This is the biggest challenge facing many small business owners. They withdraw money meant to operate their businesses to meet their personal wants and needs. If they continue to withdraw money from their businesses without returning it, their businesses will eventually run out of finances therefore forcing them to end the operations of their businesses.

8.) Lack of Delegation: Small enterprises have failed due to owners not delegating some of the duties to their employees. They think that if they delegate them, then their employees will not perform these duties as they would personally perform them. When such owners fall sick or are away from their businesses, then the operations of some tasks will be paralyzed till they resume to work.

9.) Not Diversifying: Small enterprises which have only one product/service to offer are prone to fail easily compared to those that have a variety of products/services.

10.) Procrastination and Poor Time Management: Postponements of tasks which the small business owners feel to be unpleasant to perform has made the small businesses to fail. An example of such tasks include following debtors to pay their debts (debt collection).

Time management remains to be a challenge for many people who own small businesses. If important tasks like delivering products to customers, purchasing stock etc are not handled in the appropriate time, then the business will lose its customers.

The above are not all the reasons why small businesses fail, there are more reasons.

An Insight Into the Emergence of Women-Owned Businesses As an Economic Force in India

1. Introduction

During the last two decades, Indian women have entered the field of entrepreneurship in greatly increasing numbers. With the emergence and growth of their businesses, they have contributed to the global economy and to their surrounding communities. The routes women have followed to take leadership roles in business are varied. Yet, most women business owners have overcome or worked to avoid obstacles and challenges in creating their businesses. The presence of women in the workplace driving small and entrepreneurial organizations creates a tremendous impact on employment and business environments.

Indian women business owners are changing the face of businesses of today, both literally and figuratively. The dynamic growth and expansion of women-owned businesses is one of the defining trends of the past decade, and all indications are that it will continue unabated. For more than a decade, the number of women-owned businesses have grown at one-and-a-half to two times the rate of all businesses. Even more important, the expansion in revenues and employment has far exceeded the growth in numbers.

The result of these trends is that women-owned businesses span the entire range of business life cycle and business success, whether the measuring stick is revenue, employment or longevity. This strengthens the view that all governmental programs and policies should target at strengthening women’s entrepreneurship in their native lands.

Although, many of the earlier obstacles to women’s business success have been removed, yet some still remain. This has initiated the scholars of entrepreneurship and small businesses to study the influences of and the impact on business ownership by women. The number of these research studies are growing steadily.

2. What Are The Characteristics Of Women Entrepreneurs In India?

Indian women of today have taken many strides towards business ownership. The broad classification of women business owners include women who establish, inherit, or acquire a business; women who start businesses with spouses or business partners but are either at the forefront or behind the scenes; and finally, women who start fast-growing or part-time or slow-growing firms. Although earlier researches on women entrepreneurs have suggested that significant differences existed between female and male entrepreneurs. However, more recent studies have shown that there are far more similarities than differences between women and men entrepreneurs in terms of psychological and demographic characteristics. The dominant predictors of success in case of women entrepreneurs are work experience and years of self-employment.

Generally, women view their businesses as a cooperative network of relationships rather than as a distinct profit-generating entity. This network extends beyond the business into the entrepreneur’s relationships with her family and the community. Certain cross-cultural studies on women entrepreneurs have reported that their management styles emphasizes open communication and participative decision-making, and their business goals reflect a concern for the community in which the business operates.

The majority of women business owners operate enterprises in the service sectors, whereas the majority of male business owners operate enterprises in non service sectors, particularly manufacturing. Women are not only achieving economic independence and wealth creation for themselves, but through job creation, they are also providing opportunities for others, particularly for other women.

A series of researches have shown that the workforce of women-owned businesses tend to be more gender balanced than the workforce of men-owned businesses, although women business owners are more likely to hire women. Put simply, an investment in women’s entrepreneurship is an investment in the economic independence and well-being of all women.

In comparison to their women counterparts who established their businesses two decades earlier, women who have started their businesses sometime during the past decade are more likely to have the following:

o a higher level of education, previous professional and managerial experience, as well as executive level experience

o a greater appetite for capital, both credit and equity

o a strong motivation for autonomy and achievement

o a dynamic personality

o a passion for what they do

o creativity to innovate and implement

o independence and self reliance

o high self confidence

o willingness & ability to take risks

o alertness to opportunities

o ability to marshal resources

o ability to respond to market & environment signals

Thus, from the above discussion, we can conclude the following traits of personality of women entrepreneurs:

Risk taker Proactive Opportunist Visionary Inventor Tolerance of ambiguity Commercialiser Desire for independence Trader High energy Innovator Ability to bounce back Flexible Results oriented Need for achievement All rounder Internal control Decisive Self confident Self Motivated Pragmatic Flair

3. Why Do Indian Women Undertake Entrepreneurship?

In spite of the growing number of female entrepreneurs, the share of female entrepreneurs is still significantly low when compared to their participation rate. However, there are several factors responsible for increasing the level of female entrepreneurship in India:

1. Nature of Entrepreneurship: Women enter into entrepreneurial activity because regular employment does not provide them with the flexibility, control or challenge offered by business ownership.

2. Motivation : Several evidences suggest that women do not lack the motivation to enter into business ownership. They are often highly motivated than their male counterparts to overcome the barriers to business start-up.

3. Empowerment : Indian women are becoming more empowered now-a-days. Legislation is being progressively drafted to offer them more opportunities at various levels.

4. Social Conditions : Population growth results in a strong positive relationship on entrepreneurial activity. Across genders, the increase in demand and competition for jobs pushes more people into necessary entrepreneurship. For women, in particular, the relatively high involvement in necessary entrepreneurship indicates that self-employment is used as a way to circumvent institutional and cultural constraints with respect to female employment, as well as a way to provide supplemental family income.

5. Economic Conditions : Auspicious economic conditions favour the participation of women in entrepreneurial activity. The smaller amount of financial capital requirement and higher proportion of available bank loans positively correlates the level of female entrepreneurship to economic conditions. In fact, in a country like India, the relationship between the size of unofficial economy and entrepreneurial activity is positive.

6. Literacy & Education: Increased levels of education has played a crucial role in initiating the process of entrepreneurship. It is not only the illiterate that are starting the businesses but those with education & skills are also exploiting profit opportunities.

4. What Are The Needs Of Women Entrepreneurs In India?

1) More and better access to finance/credit is mentioned very frequently. Give a woman 1000 rupees and she can start a business. Give her another 1000 rupees and she will be able to feed not only for her family, but for her employees as well.

2) Access to business support and information, including better integration of business services.

3) Training on business issues and related issues

4) Better access to local and foreign markets.

5) Day care centres & nurseries for children, and also for the elderly;

6) Positive image-building and change in mentality amongst women, whereby women see themselves as capable achievers and build up confidence.

7) Breaking through traditional patrons and structures that inhibit women’s advancement.

8) Role modelling of women in non-traditional business sectors to break through traditional views on men’s and women’s sectors.

9) More involvement and participation in legislation and decision-making processes.

10) Removing of any legislation which impedes women’s free engagement.

11) Awareness-raising at the governmental as well as private level to truly and really create entrepreneurial opportunities and not just programs that stay on paper.

5. Which Important Problems Are Faced By Women Entrepreneurs In India?

1. Women hardly interact with other women who are successful entrepreneurs. This results in a negative impact on their networking skills.

2. The areas, where one can see women acting as entrepreneurs, is in the very typical women’s sectors of 3Ps. This is also the area, where women are accepted in society to be experts in and thus have the capacity for entrepreneurial activities.

3. It is clear, that women have the responsibility of getting children and taking care of them. Very few societies accept fathers taking over the role of staying home and taking care of the children. Once these children are old enough to take care for themselves, they have to bear an additional responsibility of taking care of elder parents. If they want to become entrepreneurs, the society expects them to be able to do both: take care of family and home and do business.

4. Women are very critical when it comes to themselves – can I really do this, am I good enough, maybe I have to learn more, others can do it better. It is quite interesting that many successful women have been educated in only girls colleges and schools, which often deliver a safe environment to try out ones personal strengths, learn to overcome weaknesses and be proud of oneself.

5. Discrimination – it is hard to believe but women are still treated differently in our society. Women do get lower salaries compared to men doing the same job, women do not have access to men dominated networks who take their decisions about successors in the company during golf plays or sauna meetings….

6. Missing networks – through centuries business men have build up their networks but women still have to learn to catch up.

7. A lot of women tell stories about not being taken serious by bankers, when they wanted to get a loan for their business. Often enough, they have to bring their husbands or fathers to be able to be heard and receive financing. So, the domination of men in the banking world is a problem.

6. What Are The Challenges Faced By Women Entrepreneurs In India?

One of the major obstacles faced by women entrepreneurs has been that they are not taken seriously. Even though women have achieved credibility as competent entrepreneurs in areas such as retail, personal services and business services, perceptions that women-owned businesses are less successful, credit worthy & innovative continues to be a barrier.

Besides this, there are several other challenges being faced by Women Entrepreneurs:

1. Lack of Visibility as Strategic Leaders: Changing the perceptions about the likely success of women-owned businesses depends on increasing women’s visibility in leadership positions within the greater business community. In an assessment of women’s presence as CEOs or Directors of large business enterprises, it has been anticipated that the exodus of women to entrepreneurial growth firms might be because women believe that have greater representation in strategic leadership positions in privately-held or family-owned firms as they provide better opportunities for leadership than available to women in publicly-traded companies.

2. Differential Information and Assistance Needs: Another significant need of many women business owners is obtaining the appropriate assistance and information needed to take the business to the next level of growth. In a study conducted to gather information needs of women entrepreneurs, those who were just starting their ventures, requested assistance and training in implementing the business idea, identifying initial sources of financing, and advertising/promotion. The entrepreneurs who were already established, had a somewhat different set of needs including financing for expansion and increasing sales. Another conducted study had identified ten most desired needs of fast growth entrepreneurs:

(a) using cash flow to make operational decisions

(b) financing growth

(c) increasing the value of the business

(d) compensation for self and associates

(e) hiring, training and motivating for growth

(f) succeeding in a rapidly changing world

(g) successful selling

(h) sales force management

(i) management success

(j) problems and pitfalls of growth.

Unfortunately, this differences in information and assistance needs can be found across cultures as well.

3. Family Influences on Women Entrepreneurs : The overlapping of the family and the firm is not significant for women business owners. Unfortunately, little research has been conducted on the dynamics of family-owned firms headed by women. As the boundaries between the firm and the family tend to be indistinct, women operating family businesses face a unique set of issues related to personal identity, role conflict, loyalties, family relationships, and attitudes towards authority. Additionally, family businesses owned by women are at a disadvantage financially and are forced to rely on internal resources of funding rather than outside sources. The critical role of family in business, also emerges in cross-cultural studies which show a women relying heavily on the family for start-up capital.

7. What Steps Need To Be Initiated For Women Entrepreneurial Development In India?

A possible set of three inter-linked and inter-dependent clusters of recommendations can be aimed at “pushing” a larger number of women entrepreneurs towards growth opportunities, unlocking their potential as creators of wealth and jobs, and providing a more conducive legal and regulatory framework. These recommendations can also ensure the proper positioning of “pull mechanisms” to enable the growth-oriented women entrepreneurs to expand and grow in terms of investments, markets and profits.

1. Prioritizing and Pushing at the micro-level : There is a large and seemingly ever-increasing number of women entrepreneurs operating in micro-enterprises and in the informal economy. They can be facilitated to grow into sustainable, formally registered & large enterprises with the help of following actions:-

o Conducting gender analysis for all entrepreneurial support programmes

o Gathering data on women and men entrepreneurs

o Applying “target group segmentation” to women entrepreneurs

o Using targeted approaches for priority categories in order to provide additional “push” to women entrepreneurs to the next level of growth

o Promoting mobilization and organization of representative associations

o Examining differential impacts of governmental policies, programmes and actions

o Promoting development of demand-led supports for women entrepreneurs

o Promoting more flexible and innovative financial products by banks

2. Unlocking and Unfettering Institutional Framework: Policies, laws and overall regulatory environment are frequently seen as barriers and disincentives to expansion and growth. However, they need to be promoted in such a way that women entrepreneurs see the advantages of and benefits that come with compliance.

o Reviewing impact of existing and new instruments on women entrepreneurs

o Identifying those instruments that act as barriers to expansion and growth

o Modifying or dismantling these instruments

o Taking account of the social and cultural contexts affecting policy implementation and redress inequalities and abnormalities

o Making use of IT and associations so as to minimize the administrative burdens on women entrepreneurs

o Holding regular consultations with key factors like women entrepreneurs, women entrepreneurs’ associations, financial institutions, etc, to review progress and identify new bottlenecks.

3. Projecting and Pulling to Grow and Support the Winners : The first two sets of recommendations are aimed at trying to “push” more women entrepreneurs into growth situations as well as ensuring that laws & regulations do not stand in their way. The third possible recommendation relates to facilitating and “pulling” the women entrepreneurs into situations where they can actively pursue growth strategies.

o Providing incentives for expansion and growth after removing barriers and disincentives

o Encouraging and rewarding dynamic representative associations of women entrepreneurs

o Promoting strong links and synergies with existing major economic players

o Profiling the economic and social contributors among women entrepreneurs to the national economy

o Promoting and rewarding programmes that serve women entrepreneurs

o Making full use of data gathered to inform new policies, programmes and supportive actions

o Ensuring synergies between (a) women related ministry (b) economic ministry (c) welfare & social development ministry in the government.

8. Conclusion

With relevant education, work experience, improving economic conditions and financial opportunities, more women around the world are creating and sustaining successful business ventures. This will not only have an impact on the economies of the countries in which women own their businesses but also will change the status of women in those societies. It is likely that, as we begin this millennium, this will be the century of the entrepreneur in general and of the women entrepreneur in particular.

Best Business Loan Options Guide: Learn About Several Funding Options for Businesses and Pros & Cons

Considering that there are so many funding options for businesses – including start-ups – these days, you really don’t have to settle with trying to get a bank loan in the traditional way. However, since every business is unique, the best business loan options for you might not be the same as those for your competitors or other businesses in your industry. It depends on your needs, goals, size of business, specific requirements, what kind of business you’re running, credit rating, location, your risk level, and so forth.

One type of financial option to look into is a term loan. This is a common form of financing with which you get a lump sum of money upfront, which you will be required to pay back with interest over a predetermined period. You don’t have to apply through a traditional bank, as there are plenty of small to medium sized online lenders in the 21st century. A great thing about this option is that if you qualify, you’ll get the cash upfront to invest in your business. The downside is you will likely have to put up collateral, and if you are a new business and lack a good credit rating, the interest rate will likely be higher.

SBA loans have always been popular with smaller companies, as they offer some of the lowest rates and long repayment terms. The repayment period depends on how exactly you plan to use the money. If it’s for real estate purchases, you’ll have a longer period of time to pay the loan back. If you need money as soon as possible, then you probably won’t consider SBA to be the best business loan options, since the application process can be long and rigorous and there is no guarantee your application will even be approved.

Don’t forget about lines of credit for business purposes. A business credit card can come with some great rewards as long as you make payments on time. They are usually unsecured as well so you won’t have to put collateral up. Of course, you’ll need to already have a good credit score in order to qualify for good terms. Otherwise, you might end up with additional costs such as draw fees and maintenance fees.

What Are the Best Business Loan Options to Consider

A few other business funding options to consider include:

• Angel investors

• Crowd-funding

• Factoring

• Purchase order funding

• Equipment loans

• Venture capital

Take the time to research everything and consider which options you’ll want to try. Make sure you have all of your financial statements and documents organize and ready to go, as well as a detailed business plan showing what you plan to do with the funds you receive.

You’ll find some of the best business loan options for just about any type of business in all industries with US Business Funding. This organization has helped thousands of businesses nationwide get the funding they need in a fast amount of time.

Business Failure Rate – What is the Real Business Failure Rate and Why Businesses Fail

Ever wondered what the business failure rate is? Between 75% and 90% of all new businesses fail within the first 10 years. If we also take most dotcom startups into consideration, 9 out of 10 new businesses won’t make it to their third year. The actual figures vary according to the source, but it looks like the overwhelming majority of startups end up failing.

In my opinion, in most cases startups don’t fail, they just run out of money. Let me explain.

When they start a business, the first thing that most people do is write a business plan explaining how you are going to promote your business, how you are going to find your customers, and what you are going to offer them. You come up with sales projections and make a lot of assumptions.

If your startup capital is $20,000, maybe you will spend $10,000 to launch the business and promote it. But here is the problem. When you start a new business, no matter how much you think you know about it; you have no clue. Most businesses have to change their business models at least five times during their first year.

Maybe you thought that your target market was stay-at-home moms but they are not buying your products; high school girls are! What are you going to do about it? Are you going to start thinking what is it that you are doing wrong and how to get stay-at-home moms to start buying your stuff? Or you are going to understand that the market defines your business, not the other way around, and change your business model to start selling to high school girls?

Flexibility and observation are two of the most important qualities an entrepreneur should have.

What happened with your target market will happen with almost every aspect of your business. The promotion methods that you thought were going to work actually don’t, you need more employees, and your expenses are higher than you anticipated.

Socrates lived a long time ago, but something he said still applies: “all I know is that I know nothing”. Planning is very important. Making assumptions and forecasts are vital. But don’t think for a second that you are going to get it 100% right, especially if this is your first business.

I said earlier that the main reason why businesses fail is because they run out of money. And they run out of money because they expect everything to work as planned and when it doesn’t they have very few resources left to keep the company alive.

I believe that 90% of the companies would become successful if they could make it through the stage when they are trying to figure out their business model. It is just a matter of surviving until you can learn what works for your business and what doesn’t.

Be humble, you don’t have all the answers. The market is going to teach you what works and you have to keep your eyes open and learn. Instead of investing all your marketing money at once in huge newspaper ads targeted to stay -at-home moms, use that money to test 10 different promotion methods and two or three different target markets. Learn from the experiment. Now you have a much better idea of what you need to do more of and what you need to stop doing.

They say that entrepreneurs have to love risk. That’s not true. You have to minimize risk as much as you possibly can. Isn’t testing, learning, and putting your money where it is proven to work a lot smarter than guessing what’s going to work for you and betting all your funds on it?

Remember, one of two things will happen to your business: you can run out of money before succeeding or you can succeed before running out of money. Take care of every dollar as if it was your own life. Test a lot before putting all your eggs in your basket. You will eventually figure out the perfect business model. Just make sure your money lasts long enough.

8 Golden Success Secrets for Small Businesses

Running a small business is as challenging as trekking to Mt. Everest without having oxygen cylinder, prior practice, and a valid map guide. The challenges are only because there are no authentic rules that can lead a small business towards success while other major obstacles comprise: low budget, limited manpower, and lack of efficient resources. But as a small business owner, you must delve into the passcodes that help you decode the secret patterns of operating a successful startup or small business. It not only helps you to sustain your current growth but also excel your business planning’s to achieve higher objectives. There are a few suggestions based on real-world experiences, which can assist you to hit the bull’s eye.

1- Utilize the power of social media:

Nowadays, the entire world revolves around social media and if you are able to use its full potential, it can immediately help you increase your sales and brand reputation with very minimum resource and effort. Social networking sites like Facebook, Twitter, and LinkedIn, help you connect with a large scale of users, where you can directly interact with them, thereby allowing you to convert them into your potential clients. It forms a two-way channel that not only allows you to put your message across but also, listen to what your targeted audience want, which eventually goes a long way in improving and growing your business.

2- Research and analyze your competition:

A business turns to be successful only if it runs on some finely grinned facts and figures. And competition analysis is one of the most important elements of the process. Competition analysis tells you the strength you will require to establish your brand in the market as well as it helps to prepare your business planning adequately so that you could avoid the chances of business failure. An additional benefit of competition research is it allows for designing and developing more feasible and user-oriented products that eventually help you attain a competitive edge over the current market.

3- Work as per your plan but be flexible too:

Efficient planning is a roadmap that drives your business to the top in the long run with predefined routes. It is always advised to stick with our planning even if we face a few hurdles while running our business given that the strategies are designed after in-depth analysis. And day-to-day challenges should not incline you to alter with whatever you planned. The winners always back their business plannings regardless of the stiff challenges, but on the other side, a successful business requires the owner to be flexible enough to embrace new changes. Adapting the new ideas and concepts not only makes a business owner take smart decisions but also, keeps their core planning intact and fresh.

4- Use informative materials to build trust and loyalty:

The Internet is the best medium to reach out to the huge audience with less effort, but you should keep the fact in mind that there is already a heavy flow of advertisements and endorsements all over the web. So, what can be an efficient way to create our presence with a significant impact?

There are definitely some better ways to do it like using informative online materials such as well-written blogs, well-designed infographics, animated videos demonstrating some set of skills, and presentation sheets, etc. Following such practices will attract a huge mass to our platform to learn and engage with us, which gives a sense of trust and ultimately convert them into our long-term clients.

5- Hire your weaknesses:

A small business consists of a team of limited dedicated professionals, having different skill sets of all the corners to tackle most of the business requirements. Small businesses, sometimes, compromise in some crucial areas since they can’t hire specific individuals due to the lack of budget. To get your business positioned to the top, please don’t bear with your inefficient area. Rush into hiring experienced professional(s) so that all parts of your business fire with the same intensity.

6- Be ready for mergers and acquisitions:

Even after working with your full potential, you may not generate enough force to compete with the leading competitors. Other small businesses with the same concept may face the same situations. Just find them and join in the talks to check the possibilities of the merger to form a combined force, which can provide the required pace and power to achieve the common business goals. Mergers have a long, rich history of producing successful businesses, so don’t shy away with it. Similarly, business acquisitions are a noble idea to inject more strength to our business if budget allows us to do so.

7- Keep the quality service always on:

Quality service is the most important source that keeps your client for a longer period of time and it spreads huge positive feedbacks in the mass, driving in a large number of new clients. There have been more than just a few businesses reaching to the top just on the base of excellent service and even without spending a bomb on advertisements and business promotions. While there are other businesses which have failed miserably because of giving no importance to the quality of the services they provided. All in all, having the sound quality of the products/services is the key to succeeding in today’s cut throat competition.

8- Don’t give up:

Running a successful business is not a child’s play since it requires a lot of guts, courage, and risk-taking capabilities. It, sometimes, shakes your ambitions when going through some rough patches, and you need to have the burning desires within you to keep it alive. Keeping patience is also an important character that the small business owner must have, as the formation of a business and climb the ladder of success, demands to wait for long period of time. So, as a business owner, you need to instill never give up attitude to see your dreams come true!!

Summing it up, though the above-mentioned points are not entirely foolproof but yes, following these points will definitely help you to become a smart small business owner who can defy all the challenges and get on the top of the competition. Of Course, the chances of success or failure of your business completely depends on your planning and execution.

The Small Business Administration Can Help Small Businesses

Businesses will find a vast array of services available to help them get their operations up and running, or to help them develop and grow their existing business. No matter how much money is available to spend for consulting; for small businesses, these services are well worth seeking out. Examples of the various types of help available are marketing advice, loans and business plans, as well as help from the Small Business Administration, which is an agency that was developed by the Federal Government to aid and assist small businesses in their day to day operations.

The Small Business Administration offers most of these services under one umbrella. The one service that an entrepreneur will probably find the most helpful is the free online training through the Small Business Training Network. Online education is offered in starting a business.

You can find information on business planning and writing a business plan, business management, finance and accounting, advertising and marketing, e-commerce and website building, international trade and retirement planning. Each course generally takes about 30 minutes to complete and is self-paced. For small businesses that are just starting out, the knowledge offered by these courses is a necessity.

Loans and grants are available for small businesses and can be researched on the Small Business Administration website, located at “Sba”. In addition to a knowledge library, users will find a planner that allows them to plan everything from their startup, to their day to day operation, and even to their exit, regardless of whether they are selling out or retiring.

There are also links to sites that can assist the small business owner in selecting software for their new company, information about international trade and government contracts, making healthcare choices, choosing a payroll and tax service, and form development. Networking and advertising advice is also available. There is a link to a chat room, which offers real time advice for those in need of immediate assistance.

Many new business owners, not knowing any better, seek out information from a variety of different places, not realizing that not all advice is good advice. For small businesses that can be a very bad thing. The Small Business Administration is an alternative that is both reliable and trustworthy.

Not all offers of assistance from sources outside of the SBA are legitimate. All advice received outside of known reputable sources should be scrutinized carefully before acting upon it, to avoid possible repercussions for bad decisions.

Why 90 Percent of Entrepreneurs’ Businesses Fail

Entrepreneurship has become the general dream work for both the employed and unemployable. Business opportunities are springing up everywhere, enticing and calling you to make the leap of destiny into the wealth and affluence you’ve often dreamt about. It is also notable that 9 out of every 10 businesses collapse within 2 years of starting. Even the best of well-read gurus collapse in the face of numerous tests that would have heralded the enthronement of a celebrated business idea.

Despite the numerous complaints about the challenges of building businesses in Nigeria, some are still transforming themselves into formidable forces of repute. It is therefore important to know the necessary factors that affect the entrepreneur, his idea, and his growing business.

Not considering pests!

Pests are crazy little creatures that cause immense damage to food and materials in a house, shop or office. Ok, I am not talking about local pests, but in business parlance means Political, Economic, Socio-Cultural and Technological environment; factors which are not necessarily within your control. Some other standard business books give their own academic variations.

PESTLE/PESTEL: Political, Economic, Sociological, Technological, Legal, and Environmental.

PESTLIED: Political, Economic, Social, Technological, Legal, International, Environmental and Demographic.

STEEPLE: Social/Demographic, Technological, Economic, Environmental, Political, Legal, Ethical; and

SLEPT: Social, Legal, Economic, Political, and Technological.

This considers external factors, which if not well considered, can suck life out of any aspiring business. I remember Sokoa Chair Center (Nigeria)’s story for which they explained how the National Government’s ban on importation almost ran them out of business. Her ability to navigate her business out of the murky waters of challenges became the foundation for the world class enterprise she manages today.

Political: political stability, security, freedom of press, regulation and Tax policy, and trade and tariff controls

Economic: Stage of business cycle, economic growth, inflation and interest rates, unemployment and employee turn-over, impact of globalization (Global Financial Crises)

Socio-Cultural: education and social mobility, market demand, public opinion, social attitudes trends,

Technological Environment: Impact of emerging technologies, (automation, internet, e-commerce e.t.c.). Compaq recently launched a 24hr laptop battery, while DELL was busy putting finishing touches to launch their 16hr laptop battery, if DELL were a run off the mill company, they are grounded!

Eating your investment, and not profit

No sooner than a small business begins to level up in terms of income, our wonderful entrepreneur begins to think of changing levels and status. He buys a new car, wardrobe, changes office space, all from the proceeds of the business which is actually the capital and not profits. When spending, it pays to separate personal funds from the business. The business pays you your money, and you must learn to live within that means. Problems occur when initial deposit is given for business only for our aspiring business man goes to celebrate the huge success of his business.

An entrepreneur seeking to build a business must understand the separation and marriage between business and personal life.

Mismanaging reality

When entrepreneurs venture out, they are usually motivated by a deep passion-either for themselves, their idea, getting rich, an opportunity or some other object of enthusiasm. Armed with such passion, they take risks and set sail against unexpected signs of reality.

Yet passion tends to distort reality. The ability to succeed in business depends on the skill of adjusting the plans and dreams to the prevailing conditions. The idea that the challenges will bow to your plans and dreams will burn the drain the entrepreneur’s time, energy, and money pursuing an ill-defined endgame without a realistic path. And when the issues start pouring in… expenses not turning into expected results , potential customers are not that crazy about the product, missed deadlines, shortfalls in sales,- objectivity and reason become even further blurred by the mind-bending distractions of doubt, fear and disappointing replies to investors. Entrepreneurs are found to cave in under these kinds of pressures not knowing it is a bend towards the shining light of achievement.

When personal failures affect business

The personal faults, habits and failures of an entrepreneur are usually obvious especially when he has a lot of people under him. Inability to manage funds, not being detailed and bad people management skills are some indirect factors responsible for the high rate of business failures. Entrepreneurs, like any pioneer, have their own lapses, but must be able to manage them extensively. I know an entrepreneur who does not negotiate price but leaves it to his financial manager because he never succeeds in negotiating a beneficial deal. Many entrepreneurs are successful in spite of themselves. The key is in working well, and enjoying, full understanding of their weaknesses and mitigating the likely risks.

Good at starting business, bad at running them.

This is very true of many entrepreneurs, since most of them are powerful initiators, but terrible managers. Most are more interested in making money than it is to build a business. Most technicians think because they understand their product or skill, they will automatically transform those ideas into business. Most of them have this great obligation to run their businesses and become a great manager. Working on a business and working in a business are two different worlds. While the entrepreneur works on his business, the technician works in the business. He feels if he gave in more, worked harder, profit will come. How untrue!

These are some of the factors I have considered and will love if you ponder on them while thinking, planning, starting and managing your business. Don’t forget also, out of the first 20 richest men in America, only 4 are employees.