Tag Archives: Business

Business and Management, Education, Skill Develpment

8 Online Business Ideas That Generate Sustainable Revenue

With more people trying to make money online, thousands of articles give advice on how you can generate some cash in the digital world. No wonder there are so many online business ideas out there!

1. Self-publish Books  

No one cares whether your book is self-published or published by a traditional publisher. The quality of your book is what matters. One of the most successful books in recent years is Can’t Hurt Me by David Goggins. He received some offers from publishers but decided to publish the book by himself. That way he owns all the rights.

And today, everyone can do that too. You can do the whole process yourself, or you can hire people to do it for you like David Goggins. You can even hire a ghost-writer.

2. Create An App  

Until just a few years ago, it would’ve been unimaginable to sleep in other people’s homes on a regular basis for cheaper accommodation. Yet, as Airbnb has shown in the travel and hospitality market, this concept has now become the norm. All these transactions are done with the app. 

But that doesn’t mean you need to create the next big-time app like Airbnb or Uber. Even without knowing how to code, anyone can build an app. There’s a list of no-code app-makers you can use online to do this.

The most important part of an app is your business model. Too often, we see apps that are great but don’t have a business plan.

3. Sell Other People’s Products  

Don’t want to build your own products? Then sell existing products, also known as affiliate marketing. It sometimes gets a bad rep but it’s a solid business model.

The best platform for this strategy is a website (or multiple sites). 

Once you have a website, you can start creating content that attracts people who are interested in the products you’re offering.

4. Create An Online Course  

I’m a big fan of Peter Drucker’s advice of focusing on your strengths so you can provide more value. This is about leveraging your knowledge, experience, and expertise for the benefit of other people. Maybe you’ve been training for a long time and you’re ready to become a fitness coach. Or you’ve been teaching history, and now can teach people how to adapt well to changes based on historical lessons.

We always want to learn. The popularity of online courses shows that there is great demand. And it’s easier than ever to sell a course. With the right tools, you are able to save time, maximize your efforts, and create courses that students can easily consume.

5. Start A Paid Newsletter  

One of the leading examples of a paid newsletter is Ben Thompson’s “Stratechery.” He popularized this digital product and he’s now generating millions of dollars. 

But you and I don’t need to become the next Ben Thompson. If you can generate a small but loyal following that’s willing to pay, you can make a good living with a newsletter.

In terms of technology, there are many solutions you can use. I’ve seen people using Substack.

6. Build An Online Community  

Most digital entrepreneurs work from home, so they barely interact with new people (often, just clients) on a daily basis. It can be a lonely pursuit.

The Sounding Board—a facilitated community where like-minded people can join, share their goals, insights, and even test their business ideas before implementing them. It’s a safe space for anyone in need of motivation and honest insights. But you can create a community around any topic.

7. Start A Coaching Program  

With the recent global crisis, more people are switching their offline activities (like being coached by a trainer in a gym) into digital programs. Now, you can have your trainer right there with you at home through your smartphone or laptop. 

This isn’t limited to fitness coaches. You can do nearly every type of 1-on-1 coaching over Zoom or Skype. Again, it’s all about what you’re good at. People want to pay for expertise. With enough experience, you can gradually expand to group coaching and booking multiple sessions. 

8. Build A Freelance Practice  

Yes, it’s easy to get on those freelancing sites, but you’re not building anything for yourself. Plus, you’ll be pitching to prospects all the time. You might as well use that time to build your own site, with your own rules.

The problem with freelance sites is that they lock you into a cycle of looking for clients and pitching to them. Many of the jobs offered are also one-time projects that pay lesser. These tactics may get you a handful of small clients at first, but you won’t build a loyal customer-base doing that. 

Building your own site, publishing your own content, and attracting high quality, well-paying clients take much more time. But the pay-off is so much more rewarding and sustainable. 

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Education

Kiran Majumdar: A inspiration

Kiran Majumdar Shaw is the executive and chairperson of Biocon, a biotechnological company based in Bangalore, India’s richest self-made woman, a healthcare visionary, Global influencer. She was born on 23rd March in Pune, Maharashtra. She did her all education from Bangalore and later on joined as a trainee in Carlton and united breweries and never moved back in her life. She has made a wide impact not only on India’s women but also globally. She has made an outstanding contribution to life sciences and research. She has also awarded with the Padma Bhushan (2005) and Padma Shri (1989), Also the winner of  EY World Entrepreneur of the Year™ 2020 Award.

Education

Ritesh Agarwal: A successful and inspiring story

Ritesh Agarwal : The founder of oyo rooms , founded by him in 2012 . It is backed more than 700 hotels under its brand . At the very young age of 18 , he started working on it later he rebranded it to oyo rooms ,network of 2,200 hotels operating in 154 cities across India – with monthly revenues of $3.5m and 1,500 employees. It has raised a total of $125million of funding in 4 rounds from 7 investors. Ritesh Agarwal has also won many awards and accolades for his work including the Business World Young Entrepreneur Award. He is a speaker at entrepreneurial conferences and institutes across the world and a fellow of the Thiel foundation. Agarwal holds a high school degree from St. Johns Senior Secondary School.

Business and Management

LEADERSHIP IN MANAGEMENT


As you know, management involves getting work done through the people and by virtue of their positions, managers can issue orders and instructions to their subordinates to get the work done, but it is also necessary to ensure that subordinates put in their maximum effort in performing their tasks and hence managers have to regulate and influence the subordinates behaviour and conduct at work and it is through the leadership role of managers that employees may be induced to perform their duties properly and maintain harmony in group activities. A manager, having formal authority, can direct and guide his subordinates and command their obedience by virtue of his positional power but as a leader, a manager can influence work behaviour by means of his leadership ability to get the cooperation of all members of the group. Leadership may be defined as a process of influencing group activities towards the achievement of certain goals. Thus, the leader is a person in a group who is capable of influencing the group to work willingly and he guides and directs other people and provides purpose and direction to their efforts and according to eminent writers Hodge and Johnson Leadership is “ Leadership is the ability to shape the attitude and behaviour of others whether in formal or informal situations” and According to Livingston Leadership is “ Leadership is the ability to awaken in others the desires to follow a common objective”.

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CHARACTERISTICS OF LEADERSHIP

Managerial leadership mainly possess the following characteristics:

  1. Leadership is needed in all walks of life, such as economical, social, political and industrial spheres.
  2. It is the duty of the leader to maintain proper discipline among his subordinates.
  3. It is a continuous process whereby the manager influences, guides and directs the behaviour of subordinates.
  4. A true leader is responsible for including encouragement and confidence among employees of any organization.
  5. The success of a manager as a leader depends on the acceptance of his leadership by the subordinates.
  6. The manager-leader is able to influence his subordinate’s behaviour at work due to the quality of his own behaviour as a leader.
  7. The leader leads his group with authority and confidence.
  8. The leader establishes the relationship between an individual and a group around some common interest.
  9.  A true creates a bond of friendship between organization and subordinates.
  10. Leadership helps others in choosing and attaining specified goals to the maximum satisfaction of both the leader and the follower.
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SOME IMPORTANT QUALITIES OF LEADERSHIP

1. Knowledge and intelligence

 A leader, to be effective, must have knowledge of group behaviour, human nature and activities involving technical and professional competence. He must have an intelligent perception of human psychology and the ability to think clearly and argue cogently on points of dispute.

2. Integrity and Honesty

A leader should possess a high level of integrity and honesty and he should be a role model regarding ethics and values.

3. Motivation Skills

A leader should be an effective motivator and he should understand the needs of the people and motivate them through satisfying their needs.

4. Self-confidence

Confidence about one’s leadership ability makes it possible for a leader to analyse and face different situations and adopt a suitable style and Lack of self-confidence often prevents managers to adopt a participative style and repose trust in their subordinates.

Business and Management

MOTIVATION IN MANAGEMENT


The term motivation is derived from the word motive and motives are expressions of a person’s needs and hence they are personal and internal and in this context, the term need should not be associated with urgency or nay pressing desire for something and it simply means something within an individual that prompts him to action and motives or needs are ‘whys’ of behaviour and they start and maintain activity and determine the general direction of the person and motives give direction to human behaviour because they are directed towards certain goals which may be conscious or sub-conscious. Motives are directed towards the achievement of certain goals which in turn determine the behaviour of individuals and this behaviour ultimately leads to goal-directed activities such as preparing food and a goal activity such as eating food and in other words, unsatisfying needs result in tension with an individual and engage him in search of the way to relieve this tension.

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INTERRELATED TERMS

While discussing motivation, we need to understand three interrelated terms- Motive, Motivation, and Motivators.

1. Motive- A motive is an inner state or desire which energies an individual to move o to behave towards the achievement of goal and motive arises out of needs of an individual and it causes restlessness as he wants to fulfil his motive.

2. Motivation- It is a process of inducing people to perform to their best ability to accomplish a goal and it is a psychological phenomenon which arises from the feeling of needs and wants of individuals and it causes a goal-directed behaviour.

3. Motivators- Motivators are the incentives or techniques used to motivate the people in an organization and common motivators used by the mangers are increment, bonus, promotion, recognition, respect etc. 

 Motivations may be defined as the complex of forces inspiring a person at work to intensify his willingness to use his maximum capability for the achievement of certain objectives. According to Koontz and O’Donnell “ Motivation is a general term applying to the entire class of drivers, desires, needs, wishes and similar forces and to say that managers motivate their subordinates is to say that they do those things which they hope will satisfy drives and desires and induce the subordinates to act in the desired manner”

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FEATURES OF MOTIVATION

1. Motivation is an internal Feeling/ instinct

Motivation is a psychological phenomenon which generates from within an individual and needs are the feelings arising in the mind of a person that he lacks certain things and such feelings affect the behaviour of that individual and causes him to do work and hence, motivation is the process of making an individual feel his needs.

2. Motivation produces goal-directed behaviour

Motivation is a power which leads the employees to the achievement of their goal and the behaviour of the motivated employees clearly shows that they are inclined towards the achievement of their goal.

3. Motivation can either be positive or negative

Positive motivation provides positive rewards like an increase in pay. Promotion, recognition etc. Negative motivation uses negative means like punishment, stopping increments, threatening etc., which also may induce a person to act in the desired way. 

Education

Atmanirbhar Bharat

Atmanirbhar Bharat is not a new movement rather it is an advanced version of movements like the Fourth Five year Plan (1969-1974) and swadeshi movement.

  1. The fourth five-year plan was introduced by Indira Gandhi which stated two major objectives:

• Stable Growth of India
• Self Reliant India

  1. Swadeshi movement is also known as MAKE IN INDIA movement launched in the year 1905 by mahatma Gandhi which instructed to boycott British products and put into use the products made in India

And the current pandemic situation has made us again to get along with the previous plans to make our country self-sufficient. Hence our honorable prime minister Narendra Modi Ji has launched a mission well known as Atmanirbhar Bharat(self-reliant India). This mission has been interpreted by some people as a re-packaged version of the Make in India movement using new catchphrases such as ‘Vocal for Local’.

The purpose aim of this plan is two-fold. The primary measure such as liquidity infusion and immediate cash transfers for the poor which will work as a trauma shield for those in critical density.

The secondary measure to ensure long-term reforms in growth-critical sectors to make them globally competitive and attractive.

Together, this move may bring back the economic activity, affected by the Covid-19 pandemic, and generate new opportunities for better growth in sectors like coal and mining, power, micro, small and medium enterprises (MSMEs), agriculture, aviation, and defense,etc. Still, many challenges are required to be directed to attain the vision of this master plan.

On May 12, 2020, our Prime Minister, Mr. Narendra Modi, proclaimed a particular economic package of Rs 20 lakh crore (equivalent to 10% of India’s GDP) focusing to build the country self-sufficient against the tough race in the global supply chain and to help out in authorizing the migrants, poor and laborers who have been adversely affected by COVID pandemic. The Prime Minister’s address also emphasized that the MSME sector will act as the substructure for economic improvement. Intending to get back the MSME sector back on its feet, the Prime Minister proclaimed the MSME sector to be within the compass of the Atma-Nirbhar Bharat Abhiyan (ANBA).

This mission requires India to boycott Chinese merchandise (and promote AN Atmanirbhar India instead) and much tough within the short term for the country as India imports $75 billion prices of products once a year from China, to the extent that elements of Indian business.

Following the Galway depression skirmish on 15 June 2020

Indian troopers died, was serious concern creating the country self-directed, Chinese firms should not be given plans and projects like the Delhi-Meerut RRTS.

A large number of firms with weak balance sheets in aviation, hospitality, and tourism zones hit the toughest with little hopes of a revival. While the reforms have mainly addressed supply-side issues via a liquidity boost, it’s didn’t address industry-specific demand for a rescue package. Injecting money into businesses directly has not happened.

furthermore, in a short term, any move towards autonomy can bring back at the value of shoppers, United Nations agency can either pay additional for associates degree Indian different or deal with a less economical Indian alternative rather than enjoying the simplest product at the most cost-effective costs attainable.

Within weeks or months later, we expect a fixed strategy move towards achieving the objective of Atmanirbhar Bharat because, without them, it will redo the apathetic pathway of the Make In India initiative.

Let us hope the current plans and strategy under this mission do not hitch India’s economic progress like what happened just after the independence of India.

Business and Management

SUPERVISION OF MANAGEMENT

Supervision is an important aspect of the directing function and it involves the managerial task of observing the subordinates at work to ensure that they are working according to plans and policies of the organization, keeping the time schedule and supervision also includes helping subordinates to resolve their work problems. Managers at all level are in direct contact with subordinates and oversee their work performance and the top management supervises the work of middle-level managers, who in turn supervise the first-line managers or supervisors and the first-line managers are in direct contact with the operatives and thus, all levels of management are generally engaged in supervising the work of their immediate subordinates. According to R.C. Davis “Supervision is the function of assuring that the work is being done in accordance with the plan and instructions”. Supervision includes the following three elements:

  1. Commanding
  2. Guiding
  3. Controlling

This is the reason why, “Supervisors are known as a friend, philosopher, and Guide of workers”.

ROLE OF SUPERVISORS

Supervision has special importance only at the lower management level and the question which is now required to be discussed is to what role does a person working at the managerial level, the supervisor play in the organization.

1. Supervisor as a key man

 In every organization, the work of putting the plans into action is done by non-managerial staff who works under the guidance of a supervisor but however, at this level, even a little carelessness may cause the closure of the organization and that is why the supervision is referred to as the key man in the organization.

2. Supervision as a middle man

   In the organization, the supervisor plays the role of a middle man and he acts as a link between the higher-level managers and him workers, and his main job is to prepare a co-operative atmosphere among the two parties in order to facilitate the achievement of the goal of the organization.

3. Supervisor as a human relation specialist

A supervisor is likely to face a number of problems related to human behavior, for which one has to try and find out solutions and he can do so only if he is a human relation specialist.

FUNCTIONS OF SUPERVISOR

1. Planning the work or schedule activity

The supervisor is a low-level manager and he is required to study and analyze the work of his department and decide what, where, which, why, and by whom the work is to be performed. He has to chalk out daily and weekly program and he has also to arrange the raw materials, machines, tools, and equipment and the successful supervisor is an efficient planner.

2. Achieving the target

It is the most important duty of the supervisor to achieve the target prescribed for his department by the management and this can be achieved if the supervisor enables the best possible use of the available resources of the department towards the desired goal.

3. Enbaling standardized output through instruction and guidance

It is the supervisor, who ensures that the actual performance corresponds to the norms and standards laid by the management and the supervisor must satisfy himself as to the quality of the output and he should concentrate on both quality and quantity of goods. 

Business and Management, Education, Law and Order, Public Administration

GST DAY

Approx most of the day we heard about this Term GST, if we Recharge mobile current postpaid bill is Rs 500, we will have to shell out Rs 590. It is Rs 15 more than what you are currently paying. Food, electricity, gold, land, loans in these services GST is applicable

GST, Goods and Service Tax Act passed in the parliament of India on 27th March 2017 and came into effect on 1st July 2017.

The day was celebrated on 1st July 2018 to mark the first anniversary of the new indirect tax regime.GST is a single indirect tax on the supply of goods and services right from manufacturers to consumers. It’s replaced a number of taxes such As excise duty, service tax, central sales Tax, Value-added Tax(VAT), and Octroi.

Excise duty is an indirect tax that levies on the goods which, are produced within the country. This tax is not related to the Customs Duty. Excise Duty is also known as Central Value Added Tax. value-added Tax is collected by the state government. For example, if we purchase a good then we must pay an additional tax as Value Added Tax to the government. The VAT rate is decided based on the nature of the item and state.Custom duty and OctoroiThis tax is levied on those goods that are imported into India from outside. The Custom Duty tax is paid at the port of entry in the country as the airport. This tax rate also varies over the nature of goods. While the Octroi tax is charged on the goods entering the municipality.

GST was First coneceptual by Former Indian Prime Minister Atal Bihari Vajpayee,1999.

In an official message on the occasion of GST Day, Finance Minister Nirmala Sitharaman on Wednesday said that more efforts are required to ease tax compliance further for the taxpayers, especially the micro, small and medium enterprises (MSMEs). Wednesday marked the third anniversary of the launch of the Goods and Services Tax (GST) regime.In message, Ms Sitharaman herhighlighted the steps taken towards easing the return filing process, including the recently introduced feature of SMS-based filing for nil return

Business and Management

SELECTION

Selection is the process of choosing the most suitable candidates from applicants for the various jobs and it follows the recruitment and much information has to be obtained, from the prospective candidates to facilitate the selection process and it is then analyzed and evaluated and the information relates to the qualifications, work experience, age, levels of skills and other accomplishments, family background, aptitudes and interests, physical and mental fitness and so on. The enterprise has to choose the best and the most promising persons from among the applicants and in this sense, it may be said that while recruitment is a positive function, in that it seeks to induce as many persons as possible to apply for a job in the enterprise, the selection is a negative function because it aims at eliminating or weeding out those applicants who are not found suitable in one respect or the other. Thus, the selection is the process of securing relevant information about an applicant to evaluate his qualifications, experience, and other qualities to match these with the requirements of a job, and it essentially a process of picking out the man or men best suited for the organization’s requirements. According to Dale Yoder “Selection is the process in which candidates for employment, are divided into two classes-those who are to be offered employment and those who are not”.

SIGNIFICANCE OF SELECTION

Hiring of employees is an important function of the personnel department and this function must be performed careful because errors committed at the time of selection may prove to very costly and of selection process is faulty, absenteeism will be too high and the rate of labour turnover will also be higher and whenever unsuitable candidates are hired, the efficiency of the organization will go down and such persons will shrink work and will be absent themselves from the work more often and in many cases unsuitable employees have to leave their jobs and this will lead to waste of time, energy and money in hiring such employees and the training cost incurred on them will also go waste and proper selection and placement of personnel go a long way towards building up a suitable workforce and it will keep the rates of absenteeism and labour turnover low and will increase the morale of the employees and if the employees are quite suitable according to the requirements of the jobs, they will show higher efficiency and will enable the organization to achieve its objectives effectively. Recruitment and selection are two separate functions that usually go together and recruitment aims at stimulating and attracting job applications for positions in the organization, while selection consists of choosing among the applicants, to choose those, most suited to the job requirements, keeping in view the job analysis information. Recruitment is simple and candidates are not required to cross several hurdles whereas the selection process is complex and consists of many hurdles created by the management internally and Recruitment initiates the procurement aspect of personnel management whereas the selection completes the procurement aspect of personnel management.

Business and Management

RECRUITMENT

The term Recruitment denoted that process by which the management locates the source of supply of manpower and then traps that source and it encourages outside manpower to apply for the jobs in the organization and search for the proper person for the right type of job at the right time is the basic function of the personnel department. The selection of wrong persons for the right job can ruin the process of work. A well-planned recruitment policy ensures increased productivity, decreased costs, increased employee morale and goodwill of the organization and thus recruitment is the process of searching for prospective employees and encouraging them to apply for the jobs in an organization and it aims at securing as many qualified applicants for the jobs as possible so as to decrease the hiring ratio and before searching for applicants, an organization should consider the most likely sources of the type of employees it needs. According to Edwin Flippo “Recruitment is the process of searching for prospective employees and stimulating and encouraging them to apply for jobs in an organization”. Recruitment also includes seeking and attracting a pool of people from which qualified candidates for job vacancies can be chosen. There are various sources of recruitment of workers and the personnel manager will select a source of recruitment, keeping in view the requirements of the departments concerned, the type of persons needed and the advantages of a source of recruitment and different sources of recruitment can be tapped on different occasions for different types of persons.

INTERNAL RECRUITMENT

One important source of recruitment is a promotion from within and it is the best method for recruitment of high and the medium cadre of managers and many companies feel that the best practice is to fill jobs from within the organization and they feel that inside employees already know the company and its policies and presumably have proved their ability and loyalty. This keeps the employees happy contented and in good morale and they know that they will earn promotion to a higher position. A performance test is the best test to determine a person’s suitability for a job. Filling of a vacancy from an internal source is very economical and no time and money are required to spend on a new candidate and a person who is selected for a job from within an organization knowns the organizational relationships.

EXTERNAL RECRUITMENT

By the external sources of recruitment, a vast mass of skilled, semi-skilled, and unskilled people is recruited from outside the organization. By using external sources of recruitment the organization can expect to get talented candidates from outside and the selection process is characterized by competition and the prospects that the organization can pick up the best candidates and fresh talents for the job are high. External candidates are expected to be trained and be efficient in work as they join the organization they work with great vigor and put in their best efforts to achieve the objectives and this creates healthy competition and congenial work environment in the organization.