Management Gyan for the Entrepreneurs
Plan some ‘thinking time’ into every day. If you pack your diary with back-to-back activities, your business will never grow.
Always have a standby investor.
No matter how strong relationship you possess with the investors by providing regular paperwork and other stats, large financial partnerships can - and often do - fall apart last minute.
Create a business plan that's a selling tool.
Be honest in all your dealings.
Founders should be honest in their dealings and in their assessments. Always look at facts, because facts don't lie.
Start with what you have.
Make your employees shareholders.
What doesn't work, throw away, and what does work, run with it. Knowing what's going right the class.
Be willing to tweak your plan.
Benefits of Practicing Business Ethics
Be Trustful
Keep An Open Mind For continuous improvement of a company, the leader of an organization must be open to new plans.
Ask for opinions and feedback from both customers and team members and your company will continue to grow.
Meet Obligations
Have Clear Documents:
Become Community Involved
Remain involved in community-related issues and activities, thereby demonstrating that your business is a responsible community contributor
Maintain Accounting Control
Take a hands-on approach to accounting and record keeping, not only as a means of gaining a better feel for the progress of your company, but as a resource for any "questionable” activities. Gaining control of accounting and record keeping allows you to end any dubious activities promptly.
Treat others with the utmost of respect. Regardless of differences, positions, titles, ages, or other types of distinctions, always treat others with professional respect and courtesy.
In the early stages of your business, you may find there is a lot of crossover between your personal belongings and business property.
In that case you should make sure your personal auto coverage is sufficient.
After all, if you get in an accident, you’ll need a replacement car to continue running the business.
Consider Liability Insurance
Even if you are incorporated, there are still instances where you can be held personally liable for the actions of your business.
No matter how safe you keep your office, there is always a risk of being sued, and general liability insurance is crucial to all businesses.
Depending on the nature of your business, you may need more coverage.
There are various forms of professional liability coverage, depending on your field of work, as well as policies that cover unique circumstances.
Product liability offers coverage to companies that make or sell a product whose use results in a consumer being injured. The amount of coverage you seek here should be proportionate to the potential risk of your product.
If you’re hiring employees, then you are likely to have to cover workers’ compensation coverage and possibly even a health insurance plan.
Some agents will offer you a discount on multiple policies, but it is fine to use several agents if the numbers make more sense.
A strong professional association will have the buying power to offer you better insurance rates and options in the form of group coverage than you would get with an individual policy.
Ready to leave your job behind and become your own boss? It takes a certain kind of person to make it through the first few years
Don't work for less than you can afford to, but do offer a discount to customers or clients who sign contracts with you.
Find people who will refer jobs to you. If they send you nightmare jobs, make sure they're balanced out with rewarding ones.
Surround yourself with supportive people and don't be discouraged by anyone. If your plan is good and you're determined to stick with it through the first few difficult years, your chances of success are great.
Be flexible in your thinking.
Develop a good relationship with your bank manager and creditors. Show a genuine interest in solving problems. Pay as much as you can afford to, to everyone to whom you owe money.
Spending a lot of time doing things that have nothing to do with your area of expertise, like bookkeeping, marketing, and IT support
Avoid isolation. Even if you work closely with your clients, you won't be part of a gang anymore.
Develop your own network of entrepreneurs that you see regularly and bounce plans off. Plainly they’ll allow you to vent your anger and share your successes.
Separate your work and personal life. Set your working hours and stick to a strict timetable.
When you're not available to clients, leave a message on your answer machine letting them know when they can expect a reply from you.
Following is the list of some of the Indian Entrepreneurs from whom inspiration regarding the conduct of business & entrepreneurial activities can be conducted.
Ramoji , founder of Eenadu group/Ramoji Group.
A. M. Murugappa Chettiar, founder of the Murugappa Group
Anant Koppar, founder, and former president, of Kshema Technologies
Brijmohan Lall Munjal (1923- ), founder of The Hero Group, which owns Hero Motors
Dhirubhai Ambani (1933–2002), founder of Reliance Industries
Ghanshyam Das Birla (1894–1983), prominent member of the Birla family
G. Kuppuswamy Naidu, founder of Lakshmi Mills
Capt. G. R. Gopinath, founder of Air Deccan, vice-chairman of Kingfisher Red
Jamsetji Tata (1839–1904), pioneering Indian industrialist, founder of the Tata Group of companies
J. C. Mahindra, co-founder of the Mahindra Group
Karsanbhai Patel (1945- ), founder of the Nirma Group
Kasturbhai Lalbhai (1894–1980), textile baron, founder of Arvind Mills
K. C. Mahindra, co-founder of the Mahindra Group
Kiran Mazumdar-Shaw (1953- ), founder of Biocon, the first biotechnology company in India
N. R. Narayana Murthy (1946- ), co-founder of Infosys Technologies
Raj Anand (1982-), founder of the Kwiqq and winner of Business Week Europe's Young Entrepreneur 2007
Ramji Raghavan (1958- ), Social Entrepreneur, founder of Agastya International Foundation
Sabeer Bhatia (1968- ), co-founder of Hotmail
Sam Pitroda (1942- ), inventor, entrepreneur, policymaker
Shruti Kohli (1982- ), Founder/Editor, MoneyQuin(an online finance magazine focused on women & kids)
Subhash Chandra (1950- ), chairman of the Essel Group, launched Zee TV, the first Hindi satellite television channel
Suhas Gopinath (1986- ), notable for founding Globals Inc., an Information Technology (IT) company, at age 14
Sunil Mittal (1957- ), chairman and managing director of Bharti Enterprises
Venkat Rangan, Founder of Yodlee.com and Vice Chancellor of Amrita University
T. V. Sundaram Iyengar (1877–1955), founder of the TVS Group
Vijay Mallya (1955- ), chairman of the United Breweries Group and Kingfisher Airlines, member of the upper house of the Indian Parliament, and owner of several sports franchises and teams {Bangalore Royal Challengers}
Vishal Gondal (b. 1976), founder of Indiagames
Aditya Jha, Canadian entrepreneur, philanthropist and philosopher; Active in Canadian public affairs
Purnima Varadrajan, founder and CEO of iPOTT group of companies. Google for general search iPOTT for software search.
Ujwal Makhija, founder and CEO of Phonon, an Indian pioneer in hosted telephony services such as click-to-call.
P. Ponnudurai, Managing Director of Lion Dates Imnex Private Ltd, market leader in packaged Dates (dry fruit).
Shruti Kohli
Sumit Gupta, founder BitRhymes.
Plan some ‘thinking time’ into every day. If you pack your diary with back-to-back activities, your business will never grow.
Always have a standby investor.
No matter how strong relationship you possess with the investors by providing regular paperwork and other stats, large financial partnerships can - and often do - fall apart last minute.
Create a business plan that's a selling tool.
Be honest in all your dealings.
Founders should be honest in their dealings and in their assessments. Always look at facts, because facts don't lie.
Start with what you have.
Make your employees shareholders.
What doesn't work, throw away, and what does work, run with it. Knowing what's going right the class.
Be willing to tweak your plan.
Benefits of Practicing Business Ethics
Be Trustful
Keep An Open Mind For continuous improvement of a company, the leader of an organization must be open to new plans.
Ask for opinions and feedback from both customers and team members and your company will continue to grow.
Meet Obligations
Have Clear Documents:
Become Community Involved
Remain involved in community-related issues and activities, thereby demonstrating that your business is a responsible community contributor
Maintain Accounting Control
Take a hands-on approach to accounting and record keeping, not only as a means of gaining a better feel for the progress of your company, but as a resource for any "questionable” activities. Gaining control of accounting and record keeping allows you to end any dubious activities promptly.
Treat others with the utmost of respect. Regardless of differences, positions, titles, ages, or other types of distinctions, always treat others with professional respect and courtesy.
In the early stages of your business, you may find there is a lot of crossover between your personal belongings and business property.
In that case you should make sure your personal auto coverage is sufficient.
After all, if you get in an accident, you’ll need a replacement car to continue running the business.
Consider Liability Insurance
Even if you are incorporated, there are still instances where you can be held personally liable for the actions of your business.
No matter how safe you keep your office, there is always a risk of being sued, and general liability insurance is crucial to all businesses.
Depending on the nature of your business, you may need more coverage.
There are various forms of professional liability coverage, depending on your field of work, as well as policies that cover unique circumstances.
Product liability offers coverage to companies that make or sell a product whose use results in a consumer being injured. The amount of coverage you seek here should be proportionate to the potential risk of your product.
If you’re hiring employees, then you are likely to have to cover workers’ compensation coverage and possibly even a health insurance plan.
Some agents will offer you a discount on multiple policies, but it is fine to use several agents if the numbers make more sense.
A strong professional association will have the buying power to offer you better insurance rates and options in the form of group coverage than you would get with an individual policy.
Ready to leave your job behind and become your own boss? It takes a certain kind of person to make it through the first few years
Don't work for less than you can afford to, but do offer a discount to customers or clients who sign contracts with you.
Find people who will refer jobs to you. If they send you nightmare jobs, make sure they're balanced out with rewarding ones.
Surround yourself with supportive people and don't be discouraged by anyone. If your plan is good and you're determined to stick with it through the first few difficult years, your chances of success are great.
Be flexible in your thinking.
Develop a good relationship with your bank manager and creditors. Show a genuine interest in solving problems. Pay as much as you can afford to, to everyone to whom you owe money.
Spending a lot of time doing things that have nothing to do with your area of expertise, like bookkeeping, marketing, and IT support
Avoid isolation. Even if you work closely with your clients, you won't be part of a gang anymore.
Develop your own network of entrepreneurs that you see regularly and bounce plans off. Plainly they’ll allow you to vent your anger and share your successes.
Separate your work and personal life. Set your working hours and stick to a strict timetable.
When you're not available to clients, leave a message on your answer machine letting them know when they can expect a reply from you.
Following is the list of some of the Indian Entrepreneurs from whom inspiration regarding the conduct of business & entrepreneurial activities can be conducted.
Ramoji , founder of Eenadu group/Ramoji Group.
A. M. Murugappa Chettiar, founder of the Murugappa Group
Anant Koppar, founder, and former president, of Kshema Technologies
Brijmohan Lall Munjal (1923- ), founder of The Hero Group, which owns Hero Motors
Dhirubhai Ambani (1933–2002), founder of Reliance Industries
Ghanshyam Das Birla (1894–1983), prominent member of the Birla family
G. Kuppuswamy Naidu, founder of Lakshmi Mills
Capt. G. R. Gopinath, founder of Air Deccan, vice-chairman of Kingfisher Red
Jamsetji Tata (1839–1904), pioneering Indian industrialist, founder of the Tata Group of companies
J. C. Mahindra, co-founder of the Mahindra Group
Karsanbhai Patel (1945- ), founder of the Nirma Group
Kasturbhai Lalbhai (1894–1980), textile baron, founder of Arvind Mills
K. C. Mahindra, co-founder of the Mahindra Group
Kiran Mazumdar-Shaw (1953- ), founder of Biocon, the first biotechnology company in India
N. R. Narayana Murthy (1946- ), co-founder of Infosys Technologies
Raj Anand (1982-), founder of the Kwiqq and winner of Business Week Europe's Young Entrepreneur 2007
Ramji Raghavan (1958- ), Social Entrepreneur, founder of Agastya International Foundation
Sabeer Bhatia (1968- ), co-founder of Hotmail
Sam Pitroda (1942- ), inventor, entrepreneur, policymaker
Shruti Kohli (1982- ), Founder/Editor, MoneyQuin(an online finance magazine focused on women & kids)
Subhash Chandra (1950- ), chairman of the Essel Group, launched Zee TV, the first Hindi satellite television channel
Suhas Gopinath (1986- ), notable for founding Globals Inc., an Information Technology (IT) company, at age 14
Sunil Mittal (1957- ), chairman and managing director of Bharti Enterprises
Venkat Rangan, Founder of Yodlee.com and Vice Chancellor of Amrita University
T. V. Sundaram Iyengar (1877–1955), founder of the TVS Group
Vijay Mallya (1955- ), chairman of the United Breweries Group and Kingfisher Airlines, member of the upper house of the Indian Parliament, and owner of several sports franchises and teams {Bangalore Royal Challengers}
Vishal Gondal (b. 1976), founder of Indiagames
Aditya Jha, Canadian entrepreneur, philanthropist and philosopher; Active in Canadian public affairs
Purnima Varadrajan, founder and CEO of iPOTT group of companies. Google for general search iPOTT for software search.
Ujwal Makhija, founder and CEO of Phonon, an Indian pioneer in hosted telephony services such as click-to-call.
P. Ponnudurai, Managing Director of Lion Dates Imnex Private Ltd, market leader in packaged Dates (dry fruit).
Shruti Kohli
Sumit Gupta, founder BitRhymes.