Mentors, Startups and Incubators

Starting your own business is one of the bravest decision that a person makes in his/her life. The whole process of getting to the decision of starting a business involves the person to go through a lot of different stages. The first thing is the idea generation. A lot of ideas pass through a person’s mind but very few of them are worth the trouble. And even when a person identifies those few special ideas that are worthwhile, it takes a lot of effort to make the idea commercial. Getting an idea is only 20 % of the work. The real hustle is in making the idea commercial. But the hustle gets a tad bit easy if there’s someone to guide you along the journey. The startup culture in India has taken a really huge boom over the last decade, but when even with all the noise around that and the government’s proactiveness in inducing the startup culture in India with movements like Make In India, a very high percentage of startups have failed over the last decade. India has provided for a...

Best Site Step 1: Incorporation of the business Incorporating your business in Limited Liability Partnership or a Private Limited company or a Firm. You must follow the ordinary procedures as a certificate of incorporation, Pan card and other compliance related to the particular type of business. Registration must be after or in 1st April 2016. Step 2: Registering business with the startup India scheme Registering for a startup is a very easy process. All you need to do is upload a form online with all requisite forms startup India website. The entire process is simplified and made online by the government. Step 3: Documents required to be upload online (upload only .pdf format) Recommendation letter from the following: Any patent filed and published in patent journals available online or offline. Incubators who are established in post graduation colleges in India. Support letter from one of the startups who is funded through central or state Government authoritie...

MENTORBOX Things to keep in mind while starting your own business. ISF Analytica & Informatica Jun 21 Develop Vision & Mission What customer problem are you solving that potential customers are willing to pay for? This is often called the value proposition. Regardless of whether you’re running a small one-person operation or a large corporation, having a company mission and vision help to provide employees with a purpose. The mission and vision of an organization are integral to the company’s strategy because they are used to define future goals and operational tactics. While mission and vision are terms that are often interchanged, they actually refer to two separate aspects of the company. 2)   Know your Customers Almost everything you read about marketing and social media advises you to “know your customer” — or prospective customer. And, that’s sound advice. But, how many of you REALLY take the time to get to know your customer? a)Surveys ...

These problems hold you back Let Let’s face it. Starting your own business is by no means an easy feat. Here, we list the most common difficulties by startups in today’s world. Funds - The first and foremost challenge for startups is money. Unless they get the cash inflow from investors or from sales or from some other source they miss out on many opportunities like hiring key staff, new product roll or even fitting out of new offices. You will need money to fund software or product development, office space, marketing, and all the things that help you sustain the business. But getting a good inflow of money early on is a major concern for startups. Hiring the right people - Startups are like freshers, the way big companies hesitate in hiring fresh college graduates, graduates from reputed colleges also hesitate in joining the startups early on. Also, the funds' problem comes here as well because if there is a lack of funds then it will be hard to pay the hefty...

The relationship between a mentor and a mentee can be the strongest relationship in their business lives, as an experienced and trusted adviser who knows the in and outs of the business world and guides his/her mentee through the obstacles in their business journeys. Many of the world’s most powerful business leaders have gone on records saying how their mentors have helped them become what they are today. Some instances: “I went and I met with Steve [Jobs], and he said that to reconnect with what I believed was the mission of the company, I should go visit this temple in India that he had gone to early in the evolution of Apple, when he was thinking about what he wanted his vision of the future to be.” -Mark Zuckerberg “Larry and I searched for over a year and managed to alienate 50 of the top executives in Silicon Valley. Eric was experienced and the only one who went to Burning Man. Which we thought was an important criterion. He’s a great cultural fit. We hang out t...

A startup, in its embryonic stage needs a sufficient amount of resources in order to give their business a kick-start, and know if they are going in the right direction. In initial stages of a startup there are many vital things which are needed, which include resources like -Capital, working space, guidance from an experienced person who can tell the founders about the difficulties they might face in the future and how to handle those difficulties, give tips for handling situations like those etc. This is where the incubators come into picture, they provide you with some of the vital resources that your business needs for example a working space, guidance for growing your business etc. Incubators arrange mentoring programs for the startups where their mentor network come and help the startups. The mentoring program lasts for around 10 -15 weeks. These programs are helpful to the startups for avoiding difficulties in the future or to deal with inevitable situations. The mentori...

MentorBox Startups and entrepreneurs are young in nature and as we all know that young ones tend to mistakes due to their inexperience. So to have a successful business, there is a need for someone to be on your side that can tell you what is wrong and what is right for your business and that someone is a mentor or coach or an advisor, whatever you call him/her. Here are some of the reasons to have a mentor by your side in your startup journey- 1. Gain experience above bookish knowledge Experience is a very expensive asset — yet it’s crucial to business success. There’s only so much about a person’s experience you can gain from books. It’s an unstated truth that most authors do not feel comfortable revealing everything about themselves in books. 2.High chance of success with mentors Research and surveys prove that having a mentor is important to success. In a  2013 executive coaching survey , more than 75 percent of CEOs said they received some form of mentors...