October 2022 - Page 11 of 12

Starting a Startup Business? Choose the Right Business Consulting Firm for Success

Being your own boss is the dream of many and lately, the instinct seems to be taking the world by storm. People are now more inclined to start their own firm, it seems to lure many people and running an own business shows the larger than life picture, however, the reality is a bit different. As an entrepreneur willing to start a new business you need to understand the market, do the need analysis and many researches before executing your plan. You might be budding with business startup ideas but mere planning will not help you succeed, rather you need a right plan of action to succeed.

The upsurge of small business consulting firms has proven to be a panacea for startups. They offer the consultation and startup mentoring services which work as a guide for entrepreneurs to successfully implement and execute their business plan. Not only it supports the Business Startup Ideas but provides feedback to improve the business plan which helps in removing bottlenecks usually faced by startups.

Why do you need startup mentoring?

There is no denial to the fact that many startups fail in their nascent stage, and they may have a number of reasons for the same, the likes include entrepreneurs being naiveté and lack of supportive startup ecosystem, lack of funds, poor market conditions and much more. But, the most important factor that most of the startups miss is a lack of guidance, inspiration, and feedback from small business consulting firms and no startup mentoring. It might sound absurd to a few strong-headed entrepreneurs to take the support of a mentor to execute their business plan but these firms are a must to make your business successful.

Startup Mentoring – your ultimate supporter and motivator

In the lead to succeed, most of the entrepreneurs break rules or make mistakes which they are not even aware of, these mistakes, however, can adversely affect their business. Also, many times as an aspiring business builder you find yourself stuck in a situation where you don’t know how to proceed. Startup Business Consulting firms and mentors work as a savvy guide who constantly provides you feedback.

Initially, you may be having a lack of confidence but with the mentorship of a good startup mentor, you can move ahead with confidence and without hesitation.

How to find the right startup consulting firm or a startup mentor for your company:

You are entrusting your faith and vision on a person who will be your mentor or support or guide, hence, it is very important that you have a strong relationship with them and at the same time, it’s important that your startup mentor’s or consulting firm’s vision should coincide with yours. A good startup has the following qualities:

An expert-level experience
Already a successful entrepreneur
Are patient and action oriented
A harsh critic yet supportive

Before moving ahead and getting associated with any firm or person, as an entrepreneur you should check for the aforementioned qualities.

What does a good startup mentor do?

A good startup consulting firm or a mentor will:

Listen to your concept and give honest feedback
Will give you time and talk through your areas of difficulties. Since they carry with them good amount of experience, they also share their experience which helps you understand your problems and come up with right solution
They are action oriented and hence, always suggest practical ways on how to start a business by making optimum use of available resources

Takeaways-

You must accept the fact that it takes a village to become a successful entrepreneur, of course, your vision and idea is important but what’s paramount is its right and timely execution which only comes with the right support system. The upsurge of companies like Virgin startup is a move to support and guide the newbies in the business world to succeed and survive.

An Overview of Indian Industry of Catering Services

Catering services have been an important sector of the countries like the United States. More than 8,000 catering companies in the USA record the annual revenue of more than $7 billion. The trend has been slowly growing in India, but it has recently adopted a fast-paced growth due to many reasons.

India is a country where numerous festivals and ceremonies are held in the form of important events. So, the scope of the catering industry in such a country is worth taking a note. The catering industry in the country is finally extending its reach beyond marriages and the Indian catering service providers are enjoying the good time. Here is an overview of the catering industry in India.

The catering services industry in India has been consistently growing at the annual growth rate of 15 to 20 percent. In 2009, the industry attained the worth of INR 15,000 crore. The good aspect about the Indian catering industry is that it didn’t bear any major negative effects during the period of recession. So, what are the reasons for the consistent growth rate enjoyed by the Indian catering industry?

Interest in Catering Services

The members of the Indian families usually took care of different arrangements during a social gathering or an event. This trend is fast being replaced by the people’s interest in hiring catering services. This often results in better arrangements and opportunity for everyone in the family to enjoy the function.

Cross-region Specialties

Earlier, an event taking place in a family belonging to a particular region of India used to have cuisines preferred in that region. But, the scene has changed today, all thanks to the popularity of catering service providers. Now, a wedding taking place in Punjab has South Indian dishes in its menu. Cuisines from Gujarat, Bengal and other Indian states are included in the menu cards all over the country. This encourages people to hire the professional catering services.

Catering Institutes

It is indeed surprising to watch the growing number of hotel management and catering institutes in all parts of the country. Above all, the students are taking interest in joining the professional courses to make a career in the industry. So, the future of catering industry in India is going to be even better than the present situation.

Corporate Culture

Apart from the social gatherings and festive occasions, the formal events, seminars, conferences and other business related events consider professional catering services to add to the success of these events.

Family Style Restaurant

Restaurant based catering services too have improved in the country in the past few years. People, who are earning well in various fields and who have started living higher standards of life, prefer to choose dining venues with professional catering services.

The festival season of October and November in India is among the best times for the catering companies. Though, the industry doesn’t rest for the remaining part of the year as well. Going further, the presentation and decoration used by the professional caterers further make them popular for various types of events. All of the aforesaid reasons justify the consistency in the Indian catering industry growth rate.

Know About Screen Led in India

In 1977, First TV screen was passed on by James. P, Mitchell. Planned light transmitting diodes are used as pixels to demonstrate a whole video on screen. Semiconductor chips with urge cases are used to pass on drove handles. Semiconductor material used as a touch of diode is in charge of flooding certain shades. In the season of forefront India, LED show screens have gotten a striking change advance and Community information Broadcasting Industry. These sheets are used for indoor, outside, Rental, business and event reason. Earlier, people used to push their business through all around asked for papers and flyers. This would combine more discernible theory of money and work. Nowadays Big LED screens are shown at open spots for publicizing your business, City Guide, Information Broadcasting. Starting late these screens are used to demonstrate course unnoticeable parts and timings out in the open transport likewise.

Set of LED sheets are accumulated to graph tremendous size LED screen. These sheets are isolated by its size and pixel pitch. Sorts of drove sheets, for instance, P10, P8, P6, P5, P4 et cetera are used to shape a division. Connection are then connected with each other to shape an aggregate Big size screen. The surge of structure starts by sending data from Sending card to LED screen through LAN, Wi-Fi, pen drive, flexible application and so on. Every division wires one getting card related with each line of sheets. To keep up the required power supply, a stabilizer is showed up against the central power supply line. On the off chance that there should rise an event of inducing show stacks up, clock or scheduler can be used to affect it to work for a specific period, which will see diminishing human undertakings.

Screens are everything seen as requested indoor and outside utilize. In Outdoor screens have LED survey is mammoth, more ponder degree, and IP65 waterproof cautious audit, which gives mind blowing undeniable quality and water safe quality. It requires more power use when showed up contrastingly in association with indoor screens. Shimmer degree is kept up truly to get perfect undeniable quality in remarkable light too. Its titanic use ought to be workable for enhancements of business; brands at a robotized main impetus. Moved developments can see plausibly at open place. Event collusion and wedding limits are in addition gathering gets pulled in towards this robotized screens for demonstrating live degree. Plane terminals and metro stations use such loads up to demonstrate region and flight purposes behind imperativeness as it has long bundle undeniable quality.

Indoor screens have facilitators with tumble absurdly hurling aluminum material. Sheets have LED measure is nothing and low shimmer degree which evidently sees low power use and inspecting rates. This sort of screens can be used as a dash of schools/colleges, workplaces, gathering way and so forth to indicate see, bits of finding a few solutions concerning patients, and video’s.

Sai toll and import surrenders end at ground zero responses for indoor and outside drove indicate screens. We ensure mind blowing nature of age with extraordinary ‘ol shaped upkeep affiliations

Business Plans – Your Roadway To Success

Experts say that a strong business plan is one sure step in the direction of success. So, what is a business plan in the first place? It is defined as a document that outlines the functional and financial objectives of a business. It also contains details of the budget involved and the goals to be achieved.

Everything on earth is tending to become compact. Gone are those days when a sea beach was described in a thousand words. Today, a similar description is possible with a powerful visual and a string of strong adjectives in only a few words. A mobile phone today is slightly bigger than your thumb. Similarly, a business plan is no longer a document of a hundred pages. Nobody wants to know your business. They want to know your views, your goals, your objectives and your plan of action.

How Well Can A Business Plan Be Implemented?

o Simplicity of a business plan – is it understood by one and all? Are its views and objectives clear?

o Specificity of a business plan – are the contents measurable? Are all the activities dated (initiation to completion)? Are all the actions distributed among personnel clearly?

o Real nature of a business plan – are the objectives and targets real? Are the goals set within a specified time achievable?

o Totality of a business plan – is the plan complete? Does it have all the necessary elements to outline your business goals?

A business plan has multiple uses. It can be used to start a new business enterprise, take a loan or to find good investors. There are many other reasons for which you need a business plan. You should first find out why you need a business plan.

Why Do You Need A Business Plan?

o Outline objectives and set goals to achieve them

o Prepare regular business review outlines

o Start a new business enterprise

o Decide on a value on a business for sale and legal issues

o Outline agreements between business partners

If business plans are conceived for different purposes, there must be different business plans for different kinds of ventures. Business plans are also known as growth plans, internal plans, investment plans and so on and so forth.

If your business plan is for internal study and revision, there is no need of background details of your organization because you are already aware of them. You need to add that only if your business plans are meant for banks and other institutions.

What Are The Different Types Of Business Plans?

– The most basic of business plans are the start-up plans that clearly outline the steps for a new business venture. They include details of service provided or product offered, market value of the same, implementation strategies, market and financial analysis. The basic structure consists of a summary of the company, ending with details of financial transactions and expectations for the first year.

– An operational business plan contains details of dates, deadlines and milestones. It is often referred to as an internal business plan.

– A strategic business plan aims at higher levels of target and does not deal much with dates and deadlines. This business plan is more of future and growth oriented and focuses less on facts of the company.

– A growth or expansion business plan focuses more on one or more subset of the business. There are variations of this kind of business plan. If it is meant for a new investment, it will obviously include the background of the company.

– A feasibility business plan is your entire business in bulleted form. It includes the summary, the mission and the vision of the company, the USP of the business enterprise, expected financial outcomes etc. The main purpose of this business plan is to test whether this business is worth a venture at all.

The Seven Points Of Business Plans

Business plans usually cover the following 7 points. Of course, they will vary in detail, depending on the purpose of the business plan.

– Mission Statement – your business plan must explain clearly why you want to start a particular kind of business in the first place. It doesn’t have to be long, but it needs to convey the message clearly.

– Business Description – this is the place where you talk about your business. What is it that you are trying to sell or provide? What is the USP of your business?

– Goals in view – here, you describe both your short term and long term goals. Short term goals may include your plan to acquire office space, provide a proper business name, apply for a business license etc. Long term goals include answers to where you see your business ten years down the line, opening new stores etc.

– Prospective Customers – who is your target audience? Why will they need your service or product? How well do you understand their needs?

– Competition Analysis – this helps you rank your business venture in the market. Who are your competitors? If their focus area is too competitive, try for a niche market that is comparatively less competitive.

– Financial Considerations – be realistic and optimistic about your finances. Make sure to spend only that much with which you are sure to receive returns. Or else, go in for a small business loan till your business can take care of its own expenses.

– Marketing – sell your ideas before you sell your products. Advertise your products everywhere you can think of. Don’t miss out on both offline and online publicity. If you get a chance, exhibit your product or service at local communities and organizations.

Do’s And Don’ts Of Business Plans

Your business plan should:

a) Set concrete goals and deadlines

b) Distribute work among people and departments and set deadlines to achieve the goals

c) Maintain a steady ratio of implementation to strategy to 10:1

d) Provide a platform for regular review and discussion

Your business plan should not:

a) Display your knowledge about your field of expertise

b) Be too lengthy – people lose interest easily

Not all businessmen and women are good planners. It has often been seen that a business fails because of the lack of a good business plan. That is one of the cardinal mistakes for an entrepreneur.

Business Plan Mistakes

Experts have identified some common mistakes regarding business plans. They are:

– No business plan – many business ventures begin without any plan. Plans are written out in a rush only if the clients or banks or investors ask for the same. It is often seen as unnecessary because the business is more important. Imagine the condition of a house without a plan. You will get lost midway in heaps of concrete and steel. Similarly, you will get lost in ideas and desire to implement them.

– Cash is more important than profits – business is not the same as profits. Cash is the main player. Only if you have cash to spend in the beginning, will you get profits at the end of the day.

– Ideas don’t sell – your business sells because of hard work, perseverance, cash and a lot of common sense. Your idea does not have to brand new. Old wine is better than new ones. Why? People trust age and experience.

– Fear factor – a business plan is as necessary and as routine as making a travel plan. You don’t need to be Einstein to chalk out a business plan. You just need to think straight and pen your thoughts.

– Specificity wins – focus on tangible results, instead of trying to be the best. Results matter and they tell you everything.

– Fit all business plans – your business plan should work for bankers and investors as well as internal review and corrections. Don’t make individual business plans for individual purposes. Rather, concentrate on your business.

– Everything cannot be important – you can have only a few priorities. 20 priorities are vague and they clearly show lack of strategy and of goals.

A business plan is the first step of starting a business. It is neither easy nor difficult. What is a business plan about? How do you implement a business plan? What do you include in a business plan? What are the ‘must have’s’ and ‘have not’s’ of business plans?

Whether it is travel, study, cooking or any other activity involving a process, planning is usually the first step. The same holds true for business. Business plans are probably more important than the business itself. For example, the plan for a house is more important than the house itself, though it is the house that people remember and not the plan. But the house wouldn’t stand without the plan, would it?

Features of a Limited Liability Partnership

A foreign investor looking to set up business in India must consider multiple factors before deciding on what type of business entity to choose. Limited Liability Partnership (LLP) is gaining popularity with its numerous benefits it gives to the entrepreneur. LLP is a business entity which combines the limited liability of a company and the flexibility of a partnership.

LLP Registration in India requires that the LLP should operate in an industry where 100% FDI is allowed

We have listed down the features on a LLP which should help you make informed decision.

Partner’s Liability is Limited

One of the main reasons to register an LLP is limited liability. Limited liability means limited exposure to financial risk by investors of a company. Limited liability ensures the partner’s liability in the LLP is limited to the capital amount invested in the LLP.

For example, if Sam invested Rs 50,000 to start a LLP in India. The maximum liability he can have is Rs 50,000. In other words, his can potential loss cannot be beyond Rs 50,000. He won’t be liable for any liability beyond this initial Rs 50,000.

Another important feature of an LLP is that the act of one partner does not affect the other partner. For example of one partner borrowed some money in the name of the LLP without the knowledge of the other partner, the other partners cannot be held liable.

Transfer and Exits

LLP has perpetual succession meaning, the LLP can continue its existence irrespective of changes in partners. Partners may come and go but the LLP continues to be in existence. A partner of an LLP can resign and assign his profit sharing to another person and exit the LLP. Exit formalities can be completed by way of executing a simple supplementary agreement.

Legal Compliance

Limited companies need to hold board meeting 4 times a year, at least once in every quarter. It also needs to hold annual general meeting and maintain minutes for such meetings. LLPs do not have to adhere to such compliance unless and otherwise specified in the LLP Agreement.

LLP need not get its accounts audited unless its turnover exceeds Rs. 40 Lacs or the capital contribution is more than Rs 25 Lacs any financial year.

Income Tax

LLPs do not have Dividend Distribution Tax (DDT) whereas private limited companies in India are liable to pay DDT @ 16.609 % (inclusive of surcharge and education cess) on dividends paid to the shareholders.

The income tax rate for LLP is 30%. The profits shared by the partners after paying taxes is exempt from tax.

Let’s look at an example

Jack and Jill start a LLP with 50% profit sharing between them. In a financial year, the LLP had profit of Rs 10,00,000. The corporate tax is Rs 3,00,000 (30% of profit). The balance Rs 7,00,000 was shared between Jack (Rs 3,50,000) and Jill (Rs 3,50,000). Jack and Jill do not have to pay tax on their income.

Body Corporate

LLP and Private Limited companies are body corporate and a legal entity separate from its partners and shareholders. Limited Liability Partnership, similar to a private Limited company, is capable of entering into contracts and holding property in its own name.

LLP Agreement

LLP is organized and operates on the basis of an agreement. The LLP agreement will have the mutual rights, duties and obligations of the partner in relation to each other and other legally binding provisions.

Remuneration and Interest on capital

Partners are allowed to take remuneration as a working partner, provided the LLP agreement permits.

The partners of the LLP are also eligible to charge interest on the capital invested up to 12% p.a. The partners also can take interest on loan given to the LLP, provided the interest rates are within the limits specified in the income tax act.

Why India Needs Culture of Entrepreneurship in Classrooms

While there are successful examples of young innovators like PC Musthafa (iD Fresh), Sampriti Bhattacharyya (Hydroswarm) and Vijay Sharma (One97), the harsh reality is that an inordinately large number of start-ups fail. That’s the reason why academic institutions and organisations must assist and support the development of entrepreneurs in order to ensure high survival rate.

Young Indian entrepreneurs are making headlines with regularity. After an entire generation of cautious Indians who viewed entrepreneurship with suspicion-preferring stable and predictable careers in government service, banks, as doctors, lawyers and engineers-the tide is turning. There is optimism in the air as young entrepreneurs are daring to go global, drive innovation and experiment with unique business models.

The latest Global Entrepreneurship Monitor (GEM) report reflects this important cultural shift. The report noted that 58% of Indian adults (18-64 years old) consider entrepreneurship a desirable career choice and 66% think that entrepreneurs receive a high level of status and respect. And this is not just because Indian tech entrepreneurs are becoming global rock-stars. It is because young entrepreneurs from every sector-from agriculture to manufacturing-are putting India on a new path of growth and development.

Take the story of 42-year-old PC Musthafa, who quit a well-paying bank job in Dubai to return to India because he wanted to create job opportunities for the rural youth. He started iD Fresh Food, a dosa batter company, with his cousins, 550 square feet of space, two grinders, a mixer and a sealing machine. They began by selling 10 packets of batter a day. Today, iD Fresh Food sells 50,000 packets a day, has expanded its product range to ready-to-eat foods, and is a R100 crore company employing 1,100 people. Musthafa’s goal is to become a R1,000 crore company employing 5,000 people in the next five years.

Among the more innovative ideas his company is exploring is that of a Trust Shop-in apartment complexes and corporate offices-where you can pick up idli-dosa batter, ready-to-eat wheat parathas and chapatis, and drop the money in a box at the store. The store has no salesmen and is not monitored by cameras to keep an eye on shoppers who don’t pay. The stores are proving to be a success. Shoppers who don’t have money on them are coming back the next day to drop the cash. It is a unique low-cost model that can be scaled, ensuring that prices are kept low and stores are conveniently accessible 24×7.

Now let’s take the case of 28-year-old Sampriti Bhattacharyya, whose company Hydroswarm designs and manufactures autonomous drones that can scan ocean floors, look for lost aircraft, identify oil spills, and spot radiation under the sea.

Entrepreneurs and innovators like these are playing a major role in bringing unique ideas, offerings and business models to market-ideas that large companies don’t want to explore because they don’t have a clear and well-charted future and could pose a risk to their growth plans.

One recent study by a leading analyst has suggested that the micro, small and medium enterprise (MSME) sector-which includes such entrepreneurs-will increase its contribution to India’s GDP from the 8% share in 2011-12 to 15% by 2020.

The growth is not just because young Indian entrepreneurs are daring to dream up great new ideas, but also because they understand the value of hiring the best talent in the country. Take Vijay Sharma’s One97 Communication, the digital goods arm of Paytm. Sharma’s company announced its expansion into Europe and the US this July, using some of the best business talent in the country to enable the growth. In other words, Indian entrepreneurs are aware of what it takes to be globally competitive.

Going global should not be difficult for Indian entrepreneurs. Today, the best minds in the country are dreaming of entrepreneurship. This year’s IIT-JEE topper, Deepanshu Jindal, says that after graduation he wants to become an entrepreneur. Youngsters from prestigious educational institutions all over the country such as the IITs and IIMs are showing similar inclinations.

All this makes great news. But the harsh reality is that an inordinately large number of start-ups fail. Studies have shown that 47% of the jobs created by start-ups are eliminated because the business folds up in the first five years. This emphasises the importance of having academic institutions and organisations to assist and support the development of entrepreneurs in order to ensure a higher survival rate.

If India is to continue on its growth path, the contribution of entrepreneurs to wealth creation will play a pivotal role. This is why the importance of including entrepreneurship as part of standard curricula cannot be undermined. We must begin by creating a formal culture of entrepreneurship starting in classrooms where young minds and the nation’s future are shaped.

What is Import-Export Business?

Import-export are important areas of business. When a person or a company buys goods like groceries, farm produce, textiles, machine parts or even crude oil from its own country and dispatches them to other countries for sale at a higher price, it is called export. When goods and raw material are brought from other countries to sell in one’s own country keeping a profit margin, it is called import.

Both kinds of trade depend on the internal productions of a country whose surplus is sold in the foreign market. A share of the profit coming from the sale of a country’s products also goes to the national treasury of the country. So both import export are important for a nation’s economy.

International relations too have a great impact on import export. If a country is not on good terms with another which is a prospective buyer of the former’s products, there evidently can be no business. After the 9/11 carnage the US had put embargo on trade with some Islamic nations that had been allegedly involved in planning the terror.

Import export data in this system of international trade show there is also competition among all importers. So the quality of the products is never compromised. If the quality of the item for export is poor it turns suicidal for the exporting country’s economy as it may permanently lose its market by damaging its reputation in the international trade circuit. Import export shows India’s jute usually has a tough competition with Bangladeshi jute, which is usually superior in quality to the former. Previously, there had been cases of the sale of inferior quality Indian jute in the international market. Consequently, India’s sale of jute suffered a drought for several years.

When starting an import export business it is most important to first collect statistics and buyers suppliers data to help you decide the product and the country you will be dealing with. The first step is an in depth research in all areas of business and customs shipment data will be of great help. Identifying the market and the product are the two most basic decisions to be made at the beginning. Research and planning with the available customs data confirms a successful business venture internationally or domestically.

Register Your Company With the Help of INC-29

On the juncture of World Labor Day, 2015, The Ministry of corporate Affairs (MCA) introduced a major reform for the budding entrepreneurs in India.

India has the ranking of 158th on the list of Ease of Starting a Business, and no other person can understand the agony and vexation better than Indian entrepreneurs.

Forming a new company has always been an unattended pain for entrepreneurs in India.

Incorporation of a new business will now be 5 times easier as only one form must get filled as against 5 earlier. The introduction of this new form significantly improved India’s ranking.

The new five-in-one form known as INC-29 replaces the tediousness of incorporating a new business with enthusiasm especially amongst the younger generation.

The INC-29 merges the application for Director’s Identification Number (DIN), Name Registration, Permanent Account Number (PAN), Tax Deduction Account Number (TAN) and of course Incorporation.

This step not only makes the procedure undemanding but also relatively cheaper in monetary terms.

In layman language, incorporation of a company can now be done without succumbing to the length process acceptance of Registrar of Companies (ROC) to authenticate the name application.

The article is intended to show a way for an entrepreneur in registering his startup.

STEPS INVOLVED:

Obtain the Digital Signature Certificate

The Digital Signature Certificate is used to ensure the certainty and the document authenticity filed on the online portal as per the Information Technology Act, 2000.

The DSC can only be furnished by those agencies which are specified and authorized by the Controller of Certification Agency (CCA). It is important for an entrepreneur to note that DSC has the validity period of only one or two years, so one needs to keep a regular check on it to get it renewed when required.

Fill in the INC-29 Form

Before the introduction of INC-29, it was indispensable for an entrepreneur to fill in an exclusive DIN form in order to obtain the Director Identification Number for the organization.

Now, the INC-29 form is inclusive of DIN. If an entrepreneur has already received a DIN number, then all he needs to do is fill in the number in the assigned box in the form.

For the entrepreneurs who are getting it done for the first time can link the following documents with their INC-29 form to attain DIN:

Personal and Occupational Details with Educational Qualifications.

If an Indian resident, Permanent Account Number is required.

If a Foreign National, Passport number is needed.

Electronic mail Address of the Director.

Mail Address of the Director.

Identity Proof by one of these: – Voters Identity Card / Driver’s License / Passport / Aadhar Card.

Address Proof by one of these: – Bank Statement / Electricity Bill / Telephone Bill / Mobile Bill.

Filing the Name of the Company

It is of paramount importance to cohere to the listed Guidelines for Naming a Company, as per the Companies Act of 2013 as INC-29 form allows only one name to be written against the earlier norm of providing six names.

If the proposed name of your company is not welcomed positively then the entire application can be on the verge of getting rejected.

The following points should be kept in mind prior to the company’s name proposal:

If there is any other business registered under the same name with a Proprietorship or Partnership.

If the name adheres to the format stated in the Companies Act of 2013.

If the proposed name is related to any next of kin.

If the company’s name is identical or similar to the trademark of any company.

If the company’s name is similar to any foreign company or Limited Liability Partnership.

Incorporation Documents

Lastly, along with accurately filled INC-29, one needs to attach the following documents with initials of all the directors:

Incorporation Documents:

Articles of Association (AOA)

Memorandum of Association (MOA)

Declaration and Affidavit by the first Subscribers and Directors.

Proof of the Registered Office Address. – Rental Agreement or Sale deed.

Copies of the utility bill of the registered office address that is not more than 2 months old.

If the proposed company’s name is filed or is registered with trademark department, then a No-Objection Certificate from the trademark applicant or owner must be linked with the form.

Above are the steps that must be attended to while filling the INC-29 Form for getting your company registered in the easiest way possible.

Ways to Raise Venture Capital to Start a New Business

Centuries back there was a time when people used to exchange goods for their livelihood and there was no money to buy things, known by the name of, “Barter System”. There was no buying or selling during those days. If you want “Wheat” and you had “Pulses” you could very well exchange the same with the vendor who had “Wheat” by negotiating a deal with him for exchange.

Then came an era when people starting working for others to earn money to run their livelihood. This further developed into Jobs from Government and Private Sector.

Now is the time when everyone enchants to open his own venture owing to establish something of his own and develop an empire which manifolds into a profitable venture as said “The Best income is even when you are sleeping the investment grows”.

An Idea of yours in today’s scenario can create a ripple effect which can change the lives of many. Very live examples are organisation like Facebook, Whatsapp, Google which started with a very small idea and from a room and have created an empire which inspires the Entrepreneur’s to create a Value Addition not only for them through Profit but for the Society too.

Many Starts up have started mushrooming in India now with many business ideas but they lack the rock bottom things and fail even though the business idea is too great. Inspite of the fact that they have best of people, knowledge, resources, ideas available to them but still they have tumbled. Very Live Example is Organisation like Snapdeal etc.

An Idea Flourishes when you have the Business Idea pitched to the Right People with Right Knowledge with effective and strong persuasion skills to invest money with the returns they would be getting. Firstly the Entreprenuer himself needs to be convinced that it is a great and a profitable Venture.

Second Important Thing which Start up lack is Hiring the Right and Suitable Candidates. Branding Institutes like IIM /IITs do bring in good resources but they cost very heavily to the organisation. Its always essential to hire people with experience rather than branding institutes. Experience people turn around organisation as they know how to manage crisis, success of an idea comes with experience and experience comes with learning, you know how to turn failures as these people have already experienced it.

Maintain Low Cost and Invest heavily in your people is the Right Idea for the Start ups.

Wanna Know do get in touch with me at gaggan_sahni@hotmail.com

Starting a Prestigious Career in Aircraft Maintenance Engineering

For anyone who’s fed up with the sheep culture, which is currently widespread across the globe, he or she should really, really look for a career in aviation. Our world, and even more so our country, India, is brimming with engineers and doctors of all sorts. And in such a scenario, an aviation course such as aircraft maintenance course might come across as an exciting option.

Aircraft maintenance engineering sure sounds like just another branch of engineering, but fortunately, it is not.

Now that we have an exciting and prestigious career option ahead of us, let’s see what exactly it involves.

First thing first, it’s pretty important to understand that an aircraft maintenance engineer is not an aircraft engineer. The latter is a branch of engineering which is commonly referred to as aerospace engineering and is a 4-year degree course. AME, on the other hand, is a 3-year course, upon whose completion you don’t get a degree but a license.

An aircraft maintenance engineer assists in the maintenance, repair, rebuilding, and service of aircraft at the technical level. A day-to-day part of an Ames job is to conduct aircraft overhaul programs and assessing the conditions of aircraft and their engines. Only a maintenance engineer can certify whether an aircraft is fit for flying or not. Without the permission and certification of an AME, an aircraft is not permitted to take off.

Let’s now get to the eligibility and requirements:

A 10+2 with Physics, Chemistry, and Maths is a prerequisite for the entrance examination, with at least 50% aggregate.
A diploma course in any engineering branch.
A BSc degree with a 10+2 in Physics, Chemistry, and Maths.

To start a career as an aircraft maintenance engineer, you must obtain an AME license, which requires you to appear in an exam certification conducted by the Aeronautical Society of India. To clear that however, you need to enroll yourself in a DGCA approved aircraft maintenance training institute, for only they can impart you with the necessary knowledge and expertise.

The AME examination consists of 2 parts, which are written examinations and an oral-cum-practical examination.

The written examination consists of 4 papers. These are:

Rules and Regulations
General Engineering and Workshop Practices
General Airframes, Engines and Systems
Specific Airframe/Engine/System as desired by the candidate

The oral-cum-practical test requires the candidates to demonstrate their skills and knowledge in the maintenance of aircraft. This test involves an industry expert and requires a minimum pass percentage of 70%.