Entrepreneurs
Five Challenges Startups Always Confront with
Startups Business always encounters the challenges. They need to concentrate both on Service quality as well sales in order to survive in this competitive world where every company has been over taking others to make their position and label on the market . The bigger companies always charge as per their demand since they hold the strong grip on the market and give no room to new entrants . Therefore , new companies use the tactic of selling the at cheaper prices to increase their demands . The following 5 Challenges which really challenge the nerves of the Startups are given below :
The First and foremost thing is the Business Plan since this will the master plan to run your business on the track suggested by the consultants. A good business plan always takes you to fly in very short time where as unplanned or self made business plan may lead you to complete distress . Therefore always involve a professional firm of consultants to get your Business plan drafted . You must share with them the nature of business and business idea rest will be done by them .
Secondly, when your business has been successfully built , now it comes for proper operation phase where your dream is going to be come true in real sense and you are undoubtedly going to be an entrepreneur .The Business plan is meaningless unless you put some funding resources . The financing could be self, loan or venture capital. Be sure , you have the required funds available before starting your business since lack funding may cause great challenge for your and most of the startups are closed in mid term or even earlier due to severe lack of financing. Since financing is said to be the oxygen and works like water to trees. The more financing resources you have, the stronger base of your business will be. Engage some operational Management Consultants to help you at this stage to escape any challenge you fight confront at early stage.
Thirdly the Human Resource Management is considered key for the development and growth of any startups . To avoid the challenges of Professional staff always engage a HR Consulting Firm or Outsourcing Firm to fulfill the needs of skilled and Professional trained staff to run your business in professional way . If you cannot afford permanent or full time employees in the beginning , you can go for outsourcing option since its cheaper and much convenient way to Hiring since you pay the Outsourcing Firm for the employees working in your Company . You get complete freedom from this challenge.
Fourthly, Marketing, Advertising and Sales are the biggest challenge for the startups. Since in today’s world of Globalization , you cannot sell even a needle without proper marketing and advertising . The more marketing you do , the more sales you get and you require more logistics and sales force to cope with rising demand of your goods or services you offer . As your company sales are directly proportional to marketing. The targeted and customer centered marketing may yield more sales and increase the chances of your stability . Engage a professional marketing and Sales Consultants to face this challenge easily to survive in this marketing hungry word as every person rushes to market after watching an Ad on TV or in Newspaper.
Finally, the fifth challenge is said to be the Strategy management and Technology integration which is considered the backbone in today’s age . The more sophisticated and modern technology you use , the brand life will increase at manifold .Thus , you should automate your services with computers and save huge expenditure of engaging workforce since customized Software programmes will help reduce excessive costs of additional workforce engagement when the technology can rescue you from this challenge and your chances for survival will increase at massive level .
Islamabad: The Cognitive API architecture for Ehsaas’ National Socio-Economic Registry 2021 is one of the six main pillars of ‘One Window Ehsaas’. With the survey, which is building the registry currently 90.5% complete nationwide, Ehsaas is firming up its plans to open data sharing and data access services for all executing agencies under Poverty Alleviation and Social Safety Division (PASSD).
Data sharing will be done through the Cognitive API Architecture approach. The deployment of Ehsaas API architecture for data sharing will allow executing agencies to access data from the unified registry in real-time to validate beneficiary information. This will empower them to ascertain eligibility of potential beneficiaries. The benefits which each family and individual is receiving from each organization will be visible to all agencies across all Ehsaas programs.
There will be two-way data sharing; agencies with whom data will be shared will also be required to update the registry with their own information, hence the registry will become more robust over time. A final presentation was made to Dr. Sania Nishtar who closely oversaw this process. She praised the technical team working on Ehsaas Cognitive API Architecture approach and congratulated them. Later, this service will be extended to provinces and other government agencies implementing Ehsaas programs as well.
The API architecture for data sharing will facilitate adoption of the Ehsaas One Window targeting Policy. The objective of this policy is to make targeting predictable, evidence based, transparent and effective in the Ehsaas ecosystem. Under the same architecture, the Utility Stores Corporation has also been linked with the Ehsaas database, which will underpin execution of a commodity subsidies program. This approach is being adopted for the first time and will usher in transparency. Previously, there was no way of one government agency knowing what support an individual or a family was getting from another government agency.
Some families with connections and influence were getting multiple benefits and other more deserving ones were getting none. Now, with the data integration, Ehsaas agencies will be able to see what benefits an individual or the households is getting. But more importantly, it will also reflect their entitlement in terms of various Ehsaas programmes and initiatives, because the data sharing is pegged with the Ehsaas One Window targeting Policy.
The integrated registry and the cognitive API Architecture for the registry is one pillar of the One Window Ehsaas, which will be launched this week. It has six main components: one-stop-shop centers; an integrated digital interface facing the office; a digital information and services platform; a mobile app; an integrated database comprising of cognitive API architecture; and the standardized beneficiary targeting policy.
The Karachi-based digital bookkeeping startup CreditBook, which is trying to ensure that tracking of transactions goes digital, has announced that it has raised US$1.5 million in seed funding from international and local investors.
Key investors included Pakistan’s BitRate Venture Capital, VentureSouq from the United Arab Emirates, US-based Better Tomorrow Ventures, Ratio Ventures, Quiet Capital, Toy Ventures, and i2i Ventures.
Established in June 2020 by Hasib Malik, Iman Jamall, and Hisham Adamjee, CreditBook strives to help microentrepreneurs digitalize and track their transactions.
CreditBook aims to utilize the funding to scale its user base and diversify its product offerings. As indicated by the startup, its registered client base grew 5x in the last six months to reach 500,000.
“Before the launch in June 2020, we had planned to use a mix of digital marketing and offline acquisition. But with lockdown restrictions, we pivoted to a purely digital strategy. We were surprised when we saw thousands of users come onto the platform in the first month with less than $1,000 in total spend,” Malik told Tech in Asia. Via TechinAsia
Karachi, Pakistan, February 05, 2021 ………Pakistan has a large labour force that stands among the top 10 largest labour forces in the world, and it’s growing day by day. To create adequate employment opportunities for them is a huge challenge. On the other hand, employers frequently keep saying that they are unable to find workers with the appropriate skills necessary for their businesses. This obviously shows that there is a mismatch between the demand and supply of skills.
The International Labor Organization (ILO) has shown that skills development can play a major role in the alleviation of poverty, when carefully planned and implemented in the context of the available and emerging employment and income-generation opportunities. This multiplies many folds when the skills are acquired in the digital spheres. It not only widens the work opportunities but also opens up avenues for entrepreneurial ventures as well.
Extreme Commerce, Pakistan’s largest and renowned E-Commerce capacity building platform has excelled in its mission of making Pakistan a hub of entrepreneurial opportunities. Under the guidance of Sunny Ali, thousands of aspiring individuals from Pakistan have successfully initiated global e-commerce businesses.
Extreme Commerce, Pakistan’s largest e-commerce skill development and the entrepreneurial platform has achieved yet another milestone with the expansion of 100+ skills training courses through the “Video Boot Camp (VBC).” The Video Boot Camp includes virtual sessions and videos encompassing around 100 essential e-commerce and digital skills required to excel in the spheres of online businesses. The Video Boot Camp training program is specifically tailored to facilitate the budding entrepreneurs and businessmen and freelancers.
According to Ali, “E-commerce has skyrocketed after the pandemic and is estimated to grow to a whopping $4.3 trillion within this year.” He further adds, “There is a huge potential for growth in eCommerce both domestic and international, and that is why Extreme Commerce has pledged to enable people to bring at least an additional $1 billion each year into the Pakistani economy through E-Commerce skills by 2025.”
The Video Boot Camp includes over a 100 plus income generating E-Commerce skills (income streams) which an entrepreneur needs to skyrocket their businesses. Some skills offered through the VBC include: Selling through Fulfillment by Amazon (FBA) model, Virtual Assistant and FBA Freelancing, online store management of international and local E-Commerce marketplaces, bookkeeping account management services, digital and social media marketing, content writing and graphic designing, 3D designing & modelling, data science and analytics and more.
This initiative of Extreme Commerce will be immensely fruitful in helping their trainees become leading entrepreneurs of the country. Ali, contented with his vision states, “At Extreme Commerce, we offer a multitude of digital skills that are categorized into 100+ courses/income streams under the umbrella of Video Boot Camp (VBC 2021). These skills are pivotal to reducing unemployment and enhancing the capital of our country.” Sharing his focus and goals, he adds, “Skills that actually help you succeed as an online freelancer and even in the real-life environment plus increase your income thereby, are our prime focus right now.”
Earlier, Extreme Commerce and Mishal Pakistan, the Country Partner Institute of the World Economic Forum had signed a partnership to mainstream e-commerce in Pakistan, this includes capacity building initiatives for the media and industry players, including trainings, seminars and workshops.
The government of Pakistan has estimated digital skills global industry, often referred to as online outsourcing, is expected to generate gross service revenue between $15 billion and $25 billion in 2021.
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