A Big Business Starts Small

………….lets walk that first Small Step

Entrepreneurships and Startups are becoming very popular in India. Startup India initiative intends to build a strong ecosystem that is conducive for the growth of startups. It aims to empower startups to achieve growth

through innovation and technology.

To promote growth and help Indian economy, many benefits are being given to entrepreneurs establishing startups. The startups recognised through the Startup India initiative are provided ample benefits for starting their own business in India.

There are various forms of start ups as Lifestyle Startups: Self-employed folks, Small Business Startups: Feeding the Family, Scalable Startups: Born to Be Big, Buyable Startups: Born to be bought, Large Company Startups: Innovate or die, Social Startups: Mission – Difference.

Tradition and Technology together are disrupting the entrepreneurial environment, Indian Culture and Crafts are picking up markets and attracting investors to leverage their scale. One such form ‘Amod’a Startup of Handmade Paintings (Ideation Stage) is canvased by a Management Student Ms.Bhagyashree Vyawahare, who wishes to convert her passion into profession is exhibited through this Blog.

“AMOD”….. Startup of Handmade Paintings (Ideation Stage)

Introduction:

“Amod” a startup business initiative in niche segment of art which focuses on preserving art culture specially in the paintings on canvas. Here specific type of handmade paintings to be created and sold viz; landscapes, portraits, abstract art, or any other style to be exceled in. Pre-study and analysis for such business is done in following areas.

Product Specifications:

Product Specifications:

a)      Art forms involved: 1)      Landscapes 2)      Portraits 3)      Abstract art 4)      Geometrical Paintings. 5)      Coffee Paintings.

Product Levels:   Level 1: Artworks This represents the overall category of the product line, which is hand-painted canvas paintings.   Level 2: Painting Styles Subcategory 1: Abstract Paintings Subcategory 2: Landscape Paintings Subcategory 3: Portrait Paintings Subcategory 4: Still Life Paintings Subcategory 5: Contemporary Paintings   Level 3: Painting Sizes Subcategory 1: Small-Sized Paintings Subcategory 2: Medium-Sized Paintings Subcategory 3: Large-Sized Paintings Subcategory 4: Custom-Sized Paintings   Level 4: Painting Themes Subcategory 1: Nature and Wildlife Paintings Subcategory 2: Cityscape Paintings Subcategory 3: Floral Paintings Subcategory 4: Seascape Paintings Subcategory 5: Abstract Expressionism Paintings   Level 5: Painting Techniques Subcategory 1: Oil Paintings Subcategory 2: Acrylic Paintings Subcategory 3: Watercolor Paintings Subcategory 4: Mixed Media Paintings   Level 6: Special Collections Subcategory 1: Seasonal Paintings Subcategory 2: Limited Edition Paintings Subcategory 3: Collaborative Artist Series.

Identified steps to start business in this sector are:

 Artists: It is one of the key resource in this form of startups. availability, their competencies, skills, creativity, flexibility, agility, technical skill, right environment to capture their creativity, is the essential part here.

 

Marketing and promotion: Create a marketing strategy to promote the handmade paintings. Utilize online advertising, content marketing, email marketing, and social media to showcase the artwork and build a loyal customer base. Consider collaborating with influencers, bloggers, or art critics to gain exposure.

Customer experience and after-sales: Provide excellent customer service to ensure customer satisfaction. Safely package and ship the paintings to prevent damage. Offer a return policy, and consider providing certificates of authenticity or limited editions for higher-value pieces.

 

Expand the offerings: Once the business gains traction, consider expanding the offerings. You could introduce prints or merchandise featuring your artwork, offer commissioned paintings, or collaborate with other artists for joint projects.

 

Continuous learning and improvement: Stay updated with the latest trends and techniques in the art industry. Attend workshops, exhibitions, and art events to enhance the skills and network with fellow artists. Adapt the business strategy based on customer feedback and market trends.

 

Marketing Techniques:

·         Strong online presence (Digital Marketing)

·         Participate in art exhibitions and fairs

·         Email marketing

·         Online advertising

·         Collaboration with charities or non-profit organizations.

·         Customer engagement and referrals

 

Managing Finances by raising funds from various sources.

 Some of them are:

1.      Pradhan Mantri Mudra Yojana

2.      Credit Guarantee Trust Fund for Micro and Small Enterprise (CGTSME)

3.      Financial Support to MSMEs in ZED Certification.

4.      Credit Linked Capital Subsidy for Technology Upgradation (CLCSS).

5.      Design Clinic for Design Expertise to MSME.

 

Blog by Ms.Bhargavi Vyawahare

Bhargavi.Vyawahare@indiragbs.edu.in

Mentored by Dr,Anuradha Phadnis

Anuradha.Phadnis@indiragbs.edu.in

SCES, Indira Global Business School

Fintech – Revolutionizing the Future of Finance

 

Due to technology breakthroughs and innovation, the Finance or Financial industry is going through a seismic transformation. The future of MBA Finance transform into Fintech in this paradigm shift.  Transitioning from an MBA in Finance to a career in Fintech can be a great move considering the rapid growth and innovation happening in the financial technology industry. The term "Fintech," which stands for "Financial Technology," has become a disruptive force, reshaping conventional Financial systems and creating new opportunities for both people and companies. In this article, we examine how Fintech can change the Finance or Financial landscape and what it means for the Financial management aspirants and the industry.

Fintech is a new technology that aims to automate and enhance the financial services industry in terms of simplicity, speed, reach, and accuracy. Fintech, is being utilized in practically every facet of the financial services industry Businesses revolutionizing customer-facing business processes.

Financial Inclusion Enhanced:

Fintech has the ability to close the financial services gap for underbanked or unbanked people. Fintech solutions give those who were previously excluded access to financial services through mobile banking, digital wallets, and online payment systems and the business endeavors is made possible by this expansion in financial inclusion.

Streamlined Digital Payments:

With their simplicity and speed, contactless payments Digital payment solutions are displacing traditional payment systems as they are more effective and secure. Blockchain technology, which enables secure and transparent transactions, lowers fraud, and eliminates middlemen, has also been implemented by fintech.

Disrupting Traditional Banking:

Fintech has challenged the monopoly of existing financial institutions by upending the traditional banking industry. Customers can now access financial services through neobanks, or digital-only banks without actual branches, using user-friendly smartphone apps. The personalized financial solutions, reduced costs, and improved client experiences provided by these digital banks force traditional banks to change and advance in order to remain competitive.

Empowering Personal Finance:

Fintech is empowering individuals to take control of their personal finances through various tools and applications. Budgeting apps help users track their expenses, set financial goals making wealth management more accessible to the masses.

Data-driven Insights and Risk Assessment:

Robo-advisors use algorithms to offer automated investing advice, making wealth management more accessible to the masses. Additionally, crowdfunding platforms let users raise money for endeavors or projects from the general public directly instead of going through conventional financial institutions.

Fintech Landscape

Fintech startups have received cumulative funding of several billions of dollars. CB Insights estimates that the global valuation of 26 Fintech unicorns is more than $150 billion. North America produces the majority of financial startups, Asia being the second.

Some of the most active Fintech innovation sectors

• The concept of "open banking", which makes use of Blockchain, enables third parties to have access to bank data in order to develop applications that will connect a network. An instance of the same is the "Mint" all-in-one financial management programme.
• Blockchain incorporates the digital currency Ethereum, a type of distributed ledger technology (DLT) that uses no central ledger and keeps records on a computer network.
• Digital funds and crypto currencies,"Robo-advisors" automated investment advice,"Regtech," assisting businesses in offering financial services in order to comply with industry regulations, "Insurtech” simplify and streamline the insurance industry's operations.

Conclusion:

Fintech is transforming the financial industry by providing creative solutions, better access to financial services, and improved client experiences. The users of Fintech are broadly Business to Business for banks, their business clients, Business to Consumers for small business firms, Consumers. Hence Finance Aspirants may build out an exciting and fulfilling career in this rapidly growing industry by fusing their knowledge of finance with the innovation and revolution taking place in the Fintech space.

Fintech's transformative power resides in its capacity to democratize financing, empowering individuals, educating management scholars, entrepreneurs, and employees by offering useful and efficient tools to manage their financial life without having any psychological prejudices. Huge data availability, powerful analytics tools and approaches, rising interest in mobile banking, and many other supportive variables will lead to increased business opportunities. COVID-19, has already accelerated its reach. As technology develops, Fintech will become crucial lifeline of financial future.

Blog By

Dr. Priya Tiwari

Mail- Priya.Tiwari@indiragbs.edu.in

Indira Global Business School, Pune

 

Gain an Edge while pursuing MBA: Learn a Foreign Language

 

 The world is becoming a smaller place by the day. Since 1991, India made Liberalisation, Privatisation and Globalisation reforms, the Indian economy has transformed, the commerce and trade have opened up in a very big way.   Along with multinational companies, even small and medium-scale enterprises are striving hard to make a global presence. With the government of India’s Ministry of Micro, Small and Medium Enterprises doing its best to put the MSME’s on the global map, being in line with the efforts and advancements is extremely necessary.

 

We all are aspiring employees or entrepreneurs who would want to have their presence felt in the global workspace. What can be done to at least have a shot at actually realising that dream?????

Along with formal education, in our case MBA… we also need to have additional qualifications to gain an edge….

One of the ways to do so is learning a foreign language……..

Now let’s talk of some benefits of learning a foreign language….

         Learning a foreign language is intriguing: With its warmth and voluptuous sounds, hearing someone speaking a foreign language is like the sound of gold coming to embrace you. Speaking a foreign language is incredibly alluring and it can make you more attractive, interesting, and gives you an air of intelligence. A lot of people find a certain language or accent to be really appealing —think Penélope Cruz’s Spanish or Monica Bellucci’s Italian—you get the picture.  Learn a foreign language and you might just have that certain someone hypnotized and drawn to your exotic prowess. The rich textures of almost any foreign language can be incredibly interesting

          Learning a foreign language opens up a world of job opportunities: With globalization in full swing, there’s a good chance you’ll be working with people whose first language isn’t English. Maybe it’s a development team in India, or a manufacturing plant in China, or an alternative energy supplier in Germany. Being able to communicate in other languages makes you much more valuable to an employer and having that competitive edge on your resume is without a doubt an eye-catcher.

·         Studying a foreign language is good for the brain:  Studies have demonstrated the cognitive benefits of learning another language, no matter how old you are. These studies have shown that bilinguals tend to have bigger brains, better memories, are more creative, better problem solvers, etc. Not only do these advantages make it easier to learn yet more languages, they also make it easier to learn, well, anything. The ability to quickly switch between tasks is especially important in today’s busy multitasking world. Bilinguals can switch between tasks much faster than their monolingual counterparts and can handle many more tasks at once.  

 

·     
    Studying a foreign language makes you more open minded: Foreign language study is simply part of a very basic liberal education. To educate is to lead out—to lead out of confinement and narrowness and darkness. Learning a foreign language and getting soaked into an entirely new culture and worldview is the surest way to become an open-minded, understanding, tolerant individual, and that is absolutely priceless. Once you are aware of the fact that we are all cultural beings, products of our own environments, and that you recognize the cultural base for your own attitudes and behaviour, you are ready to consider others in a more favourable light. Seeing the world from a different perspective, and understanding where you and others come from, is a fantastic, eye-opening experience.

          Learning a foreign language is of the utmost importance and the reasons to study a foreign language are innumerable. Studying (and ultimately fluently speaking) a foreign language helps break barriers and connects human beings on a deeper level of mutual understanding. Plus, reaching this mutual understanding will inevitably open a series of doors leading to a more interesting and satisfying personal and professional life!

 Last but not the least… Remember, while learning a foreign language can indeed provide a competitive advantage, it's also important to develop other skills relevant to your desired field or industry. A well-rounded skill set, combined with language proficiency, can greatly enhance your employment prospects.

 

Enjoy !!!!!!!!!!!!

 

Prof.  Girija Shirurkar.

Girija.Shirurkar@indiragbs.edu.in.

Indira Global Business School, Pune.