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In John Lennon’s “Imagine,” he sang: “Imagine there’s no countries / It isn’t hard to do.” While that Utopian vision isn’t expected anytime soon, there is one area in which the borders between countries are starting to dissolve: offshoring technology projects.
In the popular perception, technology jobs are either shipped off to India (where labor is cheap), or kept here in the U.S. (which helps maintain American jobs). It’s a staunchly “Us vs. Them” outlook.
But the reality isn’t that simple. As American tech companies set up shop in India, and as India IT firms open American offices – staffed by Americans – the line between what’s “American” and what’s “Indian” is starting to blur. Mike Ford-Taggart, a Morningstar analyst who covers the IT sector, sums it up: “I think five years from now we’re not going to talking about Indian IT services companies, we’re going to be talking about global IT services companies.”
No matter what country an IT services firm is originally from, he says, “If they’re not global firms, they’re not going to be around.”
In this regard the tech industry bears something in common with the auto industry. In America, Toyota is considered a foreign brand. But what’s more American, a Toyota built in a Kentucky plant, or a Ford built in a Mexican plant?
IBM – very much an American company – employs 53,000 staffers in India. (The company has 127,000 U.S.-based workers.) And a recent IBM project for Texas-based CenterPoint Energy Project included six software developers based in India combined with dozens of staffers from across the U.S.
Accenture presents a similar international picture. “We think of them as an American firm, but it’s not, it’s based in Bermuda,” Ford-Taggart says. “The CFO is out of Frankfurt, and the marketing guy is in San Francisco. There’s no place where these guys sit together and share ideas.”
Indian Beachhead
As American firms hire more Indian workers, Indian companies are hiring more Americans. Indian IT giant Wipro (which is listed on the New York Stock Exchange), in August announced it would acquire Infocrossing, a U.S. infrastructure management firm with 900 employees. (The deal is scheduled to close in Q4.)
“More and more, Infosys and Wipro are moving people to on-site [in the U.S.],” Ford-Taggart says. “Because they have H-1B visa problems, they’re hiring Americans. They send them to Bangalore for six months to be trained, then they’ll send them back to the U.S.”
Wipro just announced plans to open a development center in Atlanta, with three more in the works. The new hires will be Americans. “They’re going to hire people who have associate’s degrees, or people out of the military,” Ford-Taggart says. In other words, lower cost U.S. workers. “And as they go along, they’ll separate the wheat from the chaff, and pay for the wheat to go get the bachelor’s degree – and not ship them to India.”
It is, to be sure, an idea that sounds strange to American ears: the Indian IT firm not as “job stealer,” but as “job provider.”
However, while this is not yet a common practice, it’s becoming common. “They started doing this about two years ago. Now they’re really starting to ramp it up,” he says. In the future, as IT outfits from each region take root in their competitors’ area, the tech industry can expect far more of this.
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Galaxy Note 9 Vs Galaxy S9: Beyond The Screen Size
Galaxy Note 9 vs Galaxy S9: beyond the screen size
Samsung is reportedly planning to launch the Galaxy Note 9 this year a bit earlier than its 2023 predecessor. The primary reason, the reports claim, was to offset the rather disappointing but not terrible sales of the Galaxy S9. But if people felt that Samsung didn’t give consumers enough reasons to upgrade to a Galaxy S9, then the Galaxy Note 9 might give them yet another reason to skip this year’s S series. Because, in a nutshell, the Galaxy Note 9 might be a better Galaxy S9 than the Galaxy S9 itself.
There has traditionally been a few features that separated the Galaxy S and the Galaxy Note series but it could all be boiled down to just two: screen size and the S Pen. These days, however, one of those has become pretty moot. And no, it’s not the S Pen.
Thanks to bezel-less screens, screen sizes have become less reliable metrics of actual phone size. And if the Galaxy Note 9 is to be practically the same as last year’s Galaxy Note 8, as most leaks seem to imply, it will have very little difference against the Galaxy S9+ in terms of size.
In fact, there might very well be very little difference even internally. If the launch rumors are correct, Samsung won’t have enough time to iterate over its smartphone specs and design to give the Galaxy Note 9 a huge lead. There might be no new Exynos chip and definitely no new Snapdragon. Samsung is terribly slow to change its RAM configurations, so we’ll still be looking at 6 GB of memory. Battery is also going to be a pain point, since Samsung won’t try to take big risks there given the 2023 fiasco.
The biggest change, at least from the Galaxy Note 8 perspective, will be the cameras. Yes, the Galaxy Note 8 is actually Samsung’s first dual camera flagships, which the Galaxy S9+ followed. What was missing from last year, however, was the variable aperture and, not so insignificantly, the vertical layout with the fingerprint sensor in the middle. And then there’s AR Emojis which, if Samsung was really serious about it, should even work on the Galaxy Note 8.
Presuming in-display fingerprint scanning still won’t make it this year, the only thing that will really differentiate the Galaxy Note 9 from the Galaxy S9+ will be the S Pen, something that, admittedly, not all users will find use for. But if the price difference between a Galaxy S9+ and a Galaxy Note 9 is just as small, there might be fewer reasons to opt for a slightly cheaper one when you can get S Pen functionality that you might just end up enjoying.
Of course, all of these hinge on what we’ve heard so far about the Galaxy Note 9 which, all things considering, might end up on the same boat as the Galaxy S9 and S9+. If you’re coming from last year’s models, this is probably the year to skip. But if you were eying a Galaxy S9+ anyway, might as well wait two months for the Galaxy Note 9 to see if the price is right.
Is The Answer To Offshoring… Insourcing?
As the flood of U.S. IT work continues to flow toward foreign shores,
some analysts are watching a trickle of jobs starting to move back in
this direction.
And they’re starting to speculate if these incoming jobs actually could
help compensate for the high-paying, high-tech jobs that are being
offshored, leaving behind a troubled IT workforce and a dampened
industry.
”Outsourcing has crowded out the globalization topic,” says Matthew
Slaughter, associate professor of business at Dartmouth College’s Tuck
School of Business. ”It is important to understand the contribution of
these [foreign] companies to the U.S. economy.”
Slaughter recently released a study, Insourcing Jobs: Making the
Global Economy Work for America, which describes the impact of
foreign companies hiring workers here in the U.S. — in all industries,
including IT. It also states that these companies employ nearly five
percent of those working in the private sector and have paid American
workers $307 billion.
While a lot of attention is being paid to the American jobs that are
being offshored, largely to countries like India, China and The
Philippines, Slaughter says the number of insourced jobs is growing
rapidly here in the U.S.
But that insourcing movement is greatly overshadowed by the offshoring
trend, which has garnered national debate and has raised considerable
ire inside and outside of the IT industry. At first, only base-level
jobs, like call center positions and programming, were being offshored.
Now mid-level jobs seem to be finding the same path out of the country.
Only top-tier jobs, like CIOs and team and administrative leaders, seem
to be swimming against the current.
And it’s not a current that is showing any signs of slowing.
Six years from now, one quarter of traditional U.S. IT jobs will be done
offshore, according to new predictions from researchers at Gartner,
Inc., one of the top industry analyst firms. Today, an estimated 5
percent or fewer of U.S. IT jobs have been offshored. By 2010, 25
percent will be situated in emerging countries.
With these kind of numbers behind the offshoring trend, few have paid
any attention to the much smaller number of jobs being insourced. But
regardless of the numbers, it’s a trend that is gaining a toehold in the
industry.
U.S. subsidiaries of foreign companies setting up camp in the U.S. is a
trend that many analysts are calling a vital aspect of globalization, or
the increasing interdependence of the world’s markets and economies.
Many of the foreign IT companies hiring U.S. workers are based in India,
the frequent destination for so many U.S. IT jobs.
U.S. subsidiaries of foreign-based companies employ 5.4 million
Americans and pay these workers 31 percent more than all other U.S.
companies, according to Slaughter’s survey.
Slaughter says insourcing and outsourcing are two vital aspects of the
global economy, adding that while both processes have been going on for
up to 30 years, insourcing is picking up speed here in the U.S. — maybe
just not at the same rate as that of offshoring.
Ashutosh Sheshabalaya, author of Rising Elephant: The Growing Clash
with India Over White Collar Jobs, says the large-scale shift of
U.S. IT jobs overseas is an enormous problem for American IT workers, as
well as for the American economy. However, he adds that many of the
foreign-based firms that are setting up camp in the U.S. could help curb
this trend by creating mid- and high-level management IT positions.
Stan Lepeak, vice president of the META Group, an industry analyst firm
based in Stamford, Conn., says numerous foreign companies, particularly
Indian firms, are not only creating IT jobs, but are altering the impact
outsourcing has on globalization.
”Insourcing is not going to balance outsourcing,” Lepeak says. ”IT
jobs are becoming globalized, and the result is a lot of jobs are going
to be moved. Some jobs will be created here, and overtime there will be
a balance.”
Andy Efstathion, program manager at The Yankee Group, a Boston-based
analyst firm, agrees with Sheshabalaya that the rapid growth of Indian
IT firms moving to the U.S. is creating numerous new high-tech jobs. He
says, though, that many of the new jobs are not on the same level as the
ones that moved overseas.
”Most functions that are offshored tend to be simpler,” Efstathion
says, referring to the early stages of outsourcing, when mainly
Indian firms that are opening up shop in the U.S. must now hire
higher-level managers and sales executives.”
Is it Enough?
However, some industry analysts are unconvinced that foreign companies
are creating enough IT jobs or opportunities to counteract the numerous
high-tech positions lost to offshoring.
President and co-founder of the Organization for The Rights of American
Workers (TORAW), John Bauman says he doesn’t think insourcing is
at keeping American jobs inside U.S. borders.
Bauman says 90 percent of TORAW’s members are IT workers, and 70 percent
of those members lost their high-tech jobs over the past few years. He
adds that many of those workers now are working in other industries —
selling cars or insurance — making 50 percent less than they used to.
”When there is a high-tech worker who used to make six figures working
for Fed-Ex last Christmas for $10 an hour, you know there’s a problem,”
Bauman says.
Lepeak disagrees with Bauman’s assertion that foreign companies are not
creating American IT jobs. However, he says while jobs created by
insourced companies are at higher levels and higher pay, there just
aren’t as many insourced jobs as offshored jobs.
Sheshabalaya encourages IT workers to ride the insourcing wave.
”If you don’t accept this as inevitable, and try to resist it, you are
fighting against a historical tide,” Sheshabalaya says.
Sheshabalaya also says the U.S. government should try to attract foreign
companies to the U.S. by doing things like creating tax breaks and other
benefits, similar to the tax breaks awarded to U.S. companies that send
jobs out of the country.
Terms like insourcing and outsourcing will not be used as much in the
future, Efstathion says, adding that the entire process will be referred
to as ”global sourcing.”
Meditation In The Indian Context
In the Indian culture, meditation is used to assist people in developing a state of inner calm and tranquility as well as a deeper awareness of who they are and the world around them. Meditation is considered a potent spiritual and human development technique in Indian religions.
What is Meditation?The word “meditation” is derived from the Latin meditatum, which means “to ponder.” It denotes the act of reflecting or contemplating. It can be characterized as a simultaneous state of silent thought and thoughtful awareness. The practice of meditation helps the mind achieve equilibrium and peace. It can be interpreted as a technique for managing the mind and refocusing it on the transcendental plane of existence. Meditation helps to relieve tension and anxiety by calming the mind. Higher states of consciousness may be experienced as a result of meditation practice. The meditative state known as pure awareness or Samadhi aims to achieve this
In addition to calming down and reducing cerebral activity, it also significantly influences the physical metabolism, causing it to enter a profoundly relaxed state of awareness. The body “settles” into profound relaxation at that point. After the body’s stress is relieved, after some time to relax, the mind returns to the body. The “outward stroke” of meditation is what is meant by this. The “inward stroke” resumes after this stroke of stress release.
Background of MeditationYoga and meditation are two of the most well-known Indian traditions. The Indus Valley civilization flourished around 3000 BCE and is considered the ancestor of this ancient and authentic culture. The underlying presumptions of this tradition are fundamental to Indian civilization, both Vedic and Non-Vedic (such as Buddhism), and they include a belief that the human state is characterized by misery and that there is a gradual ladder-like path that is intended to elevate the practitioner into a completely different, liberated state.
Indian Meditation TechniquesFollowing are the major techniques of Indian meditation
Transcendental MeditationThe Transcendental Meditation (TM) approach differs from other types of meditation in terms of where it came from, how it is used, and how much research has been done. Maharishi Mahesh Yogi, a scholar of the ancient Vedic culture of India, brought the TM technique to the West. It is a straightforward psychophysiological technique done twice daily for 20 minutes. Although it might lead to altered lifestyle preferences, no special adjustments or beliefs are necessary. It can be used with most traditional medical treatments and is instructed by instructors who have undergone particular training.
Sahaja Yoga MeditationIn Sahaja yoga meditation, basic breathing exercises and applications of silent affirmations help a person reach a mental silence in which all of their focus is on the present now, and they are free from unnecessary mental activity. Practitioners frequently describe the experience as calming, pleasurable, and relaxing.
VipassanaGautam Buddha discovered the meditation technique known as Vipassana approximately twenty-five centuries ago. In the historic Indian language of Pali, which Buddha spoke, the word vipassana is translated as “insight.” It teaches how to accept reality as it is. Although the basis of what is now known as Buddhism may be found in Vipassana, this discipline is open to students of all faiths, nationalities, colors, and backgrounds and does not require conversion. The ethical and social route results from a nature-centered investigation of one’s body and intellect. Liberation from pain and spiritual transcendence are the objectives of Vipassana. According to Hart, the goal of Vipassana is healing—not the curing of disease, but the fundamental healing of human suffering.
Zen MeditationZazen (Zen meditation) refers to seated meditation, a religious practice in Zen Buddhism. Zen sitting has two main meditation postures: a full cross-legged sitting and a half-cross-legged sitting. The disciple’s hands usually join during the Zen sitting, and their eyes must be open and pointed downward approximately one meter ahead. The disciple meditates for roughly 30 minutes while sitting on a spherical cushion in a quiet space. In certain cases, the rigorous Zen training is done 8–10 times daily for roughly a week. Zen Buddhism refers to this as Sesshin. The disciples follow a rigid “schedule,” abstaining from regular activities in favor of leading a monastic life.
Mindfulness MeditationThe origins of mindfulness meditation may be traced back to Buddhist meditation practices. Since the 1990s, mindfulness meditation has been used to treat various physical and mental health issues and has drawn significant interest in psychological research. Currently, mindfulness meditation is characterized as nonjudgmental attention to experiences in the present moment in clinical and research contexts. This definition includes the Buddhist ideas of mindfulness and composure. It describes practices that call for the control of attention (to keep the attention on present-moment experiences like thoughts, feelings, body posture, and sensations) and the capacity to approach one’s experiences with acceptance and openness.
Effects of Meditation on Indian psychologyIndian psychology emphasizes meditation, which has been used for thousands of years. It is thought to provide various benefits, such as lowering stress and anxiety, enhancing attention and concentration, and elevating sensations of well-being. Additionally, it is believed that meditation improves cardiovascular health and lowers blood pressure. Additionally, it has been discovered that meditation helps treat various ailments, such as chronic pain, depression, and insomnia. It has been discovered successful in PTSD symptom reduction and addiction treatment. It is also said to aid in self-discovery and spiritual development.
ConclusionDifference Between Western And Indian Psychology
It takes more than a simple comparison of how Indians and Westerners behave differently to distinguish the two psychologies. It is unnecessary to categorize Indians as introverts or collectivists, as having a strong need for dependency and a low desire for success, etc. Cross-cultural research has been primarily focused on identifying the such source and surface characteristic differences for many years. Such distinctions exist among people from various civilizations, not only in Indian culture
Western and Indian PsychologyIndian and Western psychology are distinct approaches to understanding the human mind and behavior. While they share some similarities, they also have significant differences stemming from their cultural, philosophical, and historical backgrounds. The key differences between the approaches are in the view of the self and how it is connected to the rest of the world. Western culture has been called individualistic, while Indian culture is holistic. Individualistic culture views the self, or “I,” as the center of the universe and everything else as an extension of this entity. Holistic cultures view the self as part of a collective where it has a distinctive role.
SelfWestern psychology views the self as separate from the external world. In contrast, Indian psychology views the self as interconnected with the universe and, ultimately, one with the divine. Western psychology has traditionally focused on the individual self and its relationship to the external world. The self is seen as a separate entity, with a clear boundary between the self and the external world. Individual characteristics, such as personality traits, beliefs, and emotions, define the self. Western psychology has also focused on the cognitive processes that underlie the self, such as perception, memory, and reasoning. On the other hand, Indian psychology views the self as interconnected with the universe and, ultimately, one with the divine. The self is not seen as a separate entity but as an integral part of the universe. Indian psychology emphasizes the interconnectedness of all things and the idea that the self is a part of a larger whole. The self is not defined by its characteristics but by its connection to the divine.
Western Psychology Indian Psychology
Self separate from the universe Self as interconnected with the universe
Consciousness as a sense of awareness of surrounding Consciousness as the ultimate reality and goal of self
Self-actualisation as fulfilling one’s potential Self-actualization as the process of realising one’s true nature and ultimate reality
ConsciousnessThe concept of consciousness is a fundamental aspect of psychology, and it is approached differently in Western and Indian psychology. Western psychology focuses on the conscious mind and its functions, while Indian psychology emphasizes the unconscious mind and ultimate reality. In Western psychology, consciousness is generally defined as awareness of one’s surroundings, thoughts, and feelings.
Conceptualization of Mental DisordersThe understanding of mental disorders differs significantly between Western and Indian psychology. Western psychology tends to focus on mental disorders’ biological and psychological causes, and treatment is often based on medication and therapy. Indian psychology, on the other hand, places greater emphasis on the spiritual and cultural factors that contribute to mental disorders, and treatment often includes spiritual practices such as yoga and meditation.
Western psychology views mental disorders as a combination of biological, psychological, and environmental factors. According to this perspective, mental disorders are caused by genetic, neurobiological, and psychological factors, such as childhood experiences, trauma, and stress. Western psychology has developed various diagnostic categories and treatments for mental disorders, such as cognitive-behavioral therapy, psychoanalytic therapy, and medication.
On the other hand, Indian psychology views mental disorders as imbalances in the individual’s spiritual and cultural factors. According to this perspective, mental disorders are caused by a lack of connection to the divine and an imbalance in the individual’s spiritual and cultural factors. Indian psychology emphasizes the importance of spiritual practices such as yoga and meditation, which aim to connect the individual self with the divine in treating mental disorders. Indian psychology also emphasizes the importance of cultural and spiritual factors, such as family, community, and tradition, in the understanding and treatment of mental disorders.
Self-Actualization and DifferencesThe concept of self-actualization is a fundamental aspect of psychology, and the understanding of self-actualization differs significantly between Indian and Western psychology. Western psychology views self-actualization as fulfilling one’s potential and becoming the best version of oneself, while Indian psychology views self-actualization as realizing one’s true nature and ultimate reality. In Western psychology, self-actualization is often associated with the works of Abraham Maslow, who proposed the theory of self-actualization as the highest level of human motivation.
Human NatureThe traditions concur that, like other animals, humans have certain biological or innate requirements for food, security, sexuality, and sleep. However, people may conquer or sublimate their fundamental wants, emotions, passions, and desires. S/he can actualize and develop amazing abilities that turn her/him into a superhuman person who may be referred to as Divine or God.
These people can transcend space-time boundaries and feel a connection to the cosmos. That gives them access to knowledge about their fellow humans, animals, and what occurs in distant locations on the planet and even parallel universities (loka). As a result, they are omnipotent, omnipresent, and omniscient.
Life and DeathThe cycle of life and death is an ongoing process. Every living thing goes through this cycle. Humans go through these cycles again, and physical death is not the end of life energy (jiva). It may continue on its voyage and eventually make its way back to earth in a brand-new body immediately or after a short or long period. Karma is the accumulation of the effects of one’s acts throughout a lifetime, which results in specific inclinations, impressions, and habit patterns.
The power that perpetuates the cycle of birth and death is the accumulated karma of many lifetimes. The primary driving force behind our behavior is karma. However, people can actively decide to stop this process in a given life stage. It is referred to as moksha or emancipation. Such liberated humans are revered as Divine Persons and are free to return to this world and aid in the liberation of others. Since humans are treated as superior apes in Western psychology, which is inspired by Darwinian evolutionary theory, the continued evolutionary potential of humans is not taken into account.
The Goals and Values of Life – PurushārthaFour life objectives have been acknowledged since ancient times. The biological demands for food, rest, safety, and sex we have in common with other animals are not these needs. Instead, they are purushrtha, which humans deliberately decided was worthwhile. Dharma, Artha, karma, and moksha are the four. They allude to aspiring to be freed from the cycle of birth and death, living a moral life, accumulating money, and achieving desires. Here, the word “Kama” does not signify “sexual urge” as it is typically understood. Our additional psychological demands are mentioned.
These four objectives should be placed in a certain order. The ultimate, superior, or perfect purpose of human existence is the final and the most significant. As a result, it is known as parama purushrtha. The goal post was for humans to satisfy their need to acquire money and gratifying psychological wants. One should first be directed in seeking these needs by specific rules, ethics, and values, which is dharma. So within the confines of dharma, it was anticipated that one would strive for other objectives. Dharma was thus the primary aim of life. In the path of life, dharma and moksha worked as two opposing forces, one pushing from behind and the other pulling from the front.
We should mention that moksha has only been emphasized as the ultimate life aims in our nation for thousands of years. We see this belief in freedom from the cycles of birth and death so commonly held and also actively supported as a noble life aims in Asian countries that were historically impacted by Indian culture. From ancient times till the present, countless seers, saints, and sages in our nation have emphasized the potential of this happening. We do not find moksha, even if the other three objectives are stated and sought in every nation on earth.
The concepts of life after death, rebirth, and reincarnation are not as prevalent in Western society as in ours. This is the key distinction between Western psychology and what we refer to as Indian psychology. They are still present, nevertheless, from Western civilizations. Such events were experienced and reported, and the first Psychical Research Society was founded in England to look into them. That is why there is still a need for parapsychology as a subfield of psychology.
However, there has been a renaissance of spiritual seeking throughout the Western world for the past 50 years. Many people reported seeing such a thing. The number of studies on “altered states of consciousness” increased quickly. As a result, the study of consciousness is currently a popular study area. Western experts have discovered that many texts and treatises relating to Vaidka and the a-Vaidka darana are filled with arguments on the nature of consciousness and mind. They were referred to as “Consciousness disciplines” by one researcher.
ConclusionIndian and Western psychology are distinct approaches to understanding the human mind and behavior. They differ in their understanding of the nature of the self, the causes and treatment of mental disorders, the concept of consciousness, and their research methods. While Western psychology tends to focus on the individual self and the scientific study of mental processes, Indian psychology emphasizes the interconnectedness of all things and the spiritual aspects of the human experience.
6 Major Struggles Faced By Indian Entrepreneurs
Entrepreneurs serve as a one-man army for their new venture. From juggling between multiple departments to pulling five all-nighters in a row, they go through a bunch of challenges while starting their business. While the career option comes with a truckload of rewards once the enterprise takes off, there are some common struggles that most entrepreneurs face in the initial stages of their endeavors. In this article, we shall look at the 6 major struggles faced by Indian entrepreneurs.
Entrepreneurship in IndiaWith Make in India campaign and Startup India initiatives creating a favorable environment for budding entrepreneurs to unlock their true potential, entrepreneurship has seen drastic growth in recent years in the Indian economy. A few factors that have fueled this growth of Indian entrepreneurship include the growth of the middle-class workforce, easier access to the latest technology, and the rise of digital platforms. Unicorn startups valued at over $1 billion have increased enormously over the last five years. Investments from global giants namely, Google, Facebook, and Amazon have additionally propped the entrepreneurial ecosystem and motivated more entrepreneurs to explore and grow their businesses.
Despite the immense support being raised for startups to blossom in India, several challenges still exist on the entrepreneurial road. Some of the commonly faced challenges include the difficulties of obtaining funds, lack of guidance and resources to grow, and complex regulatory environment to operate. These challenges have been faced by most entrepreneurs to date, and they continue to create roadblocks for the upcoming generation as well.
6 Struggles in Indian Entrepreneurship 1. Difficulties in Obtaining FundsOne of the common struggles for Indian entrepreneurs is the scarcity of funds for operations. New businesses struggle in getting a steady flow of cash for their day-to-day operations. Along with their working capital, startup founders also need a portion of buffer cash to support the highs and lows of business.
It is crucial to understand the accurate ways of obtaining funds as per the business goals and managing your finances to sustain the survival of your enterprise. You must formulate a strong business strategy and keep aside a contingency fund at all times for worst-case scenarios. Moreover, you must focus on maintaining and constantly improving your business quality to maintain a steady cash flow.
2. Improper Business PlanningAs it is rightly said, when you fail to plan, you plan to fail. Planning is a crucial element for any startup’s survival in the competitive market. Most Indian startups face an unforeseen death due to improper business planning.
Your business strategy must cover all ends of your enterprise, from obtaining and allocating funds to generating sales, marketing your business, and overcoming market threats. It is also important to create a backup plan for unforeseen circumstances. While strategizing your business, you must read the upcoming business trends and plan for any industrial opportunity or threat that may arise shortly.
3. Finding the Right TalentHiring the right people for the right job is a head-scratcher for all entrepreneurs. It is challenging to align the goals of the startup with the skills of your employees until you have the right set of individuals for handling your operations. Indian startups often face huge fallouts due to wrong hiring and job allocations. In addition to this, recruitment is an expensive affair and often costs the startup founders a fortune to conduct multiple hirings.
You must identify the skills and talent you need to grow your business. It is vital to onboard the employees after careful examination of their skills and experiences. As a startup founder, you must also invest in the training and development of skills for yourself and your employees to polish their experiences and retain them in the long run.
4. Limited Budgets for MarketingA common mistake made by most entrepreneurs is ignorance towards marketing activities. As a new business, you need to invest in visibility campaigns to create awareness for your brand. It becomes difficult to invest in expensive marketing activities when you have a limited set of cash at hand. Losing out on marketing avenues can negatively impact your business and put you behind your competition.
You must identify the optimum avenues where your business can invest for maximum returns based on your availability of funds. You should analyze your marketing activities and optimize your fund allocation based on your results regularly. Moreover, you must have alternative strategies to promote your business via unpaid marketing methods such as word of mouth and personal references.
5. Lack of Business InfrastructureA significant challenge for most Indian entrepreneurs is the lack of proper business infrastructure. Being new in the field of business, it becomes difficult for entrepreneurs to know about the right industrial resources to utilize for their benefit. The lack of funds also adds to the difficulty of obtaining the latest business tools for the everyday operation of businesses.
Finding a group of peers can help you arrange the relevant infrastructure you need for your business. Peers can help you withthe industrial resources and guide you toward their right usage. You must identify cost-cutting methods while obtaining business infrastructures such as business tools, machines, and office space. Joining coworking spaces and renting business machines in the initial days can also help you save your funds while generating sales.
6. Handling Feedback and CriticismStartups are always bombarded with feedback and criticism from all corners. It can be overwhelming for the entrepreneur to handle multiple criticisms about his business, especially when it is in the beginning stages of launch. Not knowing how to deal with criticisms and feedback is burdening for most budding entrepreneurs.
Right mentorship in your course of entrepreneurship can help you understand how to analyze criticisms. You must find a mentor who can foster tier knowledge and expertise in your business to promote its growth. Mentors can help you analyze the feedback and pivot your mind from those that are irrelevant to your business. Moreover, they can help you formulate your next course of improvement based on such criticisms.
ConclusionEntrepreneurship is a challenging race, but the reward of winning this race can bless you with fruitful experiences. Challenges are the part and parcel of every entrepreneurial journey. Knowing how to navigate your business from these challenges can sustain prolonged growth for your business. You must analyze your strengths and weaknesses before starting your endeavor and keep learning along the way to improve your entrepreneurial skills.
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