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Three Mistakes the Entrepreneurs should avoid to be Failures

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Entrepreneurs are always influenced by their Ideas and live in the dream world even make castles in the air but economically and in business terms  , such startups always end with their logical end  . Startup owners always think that their idea will work and  open the money Streams fro them which is really unpractical approach . To have crystal and clear vision and logical framework coupled with Professional and Technical input ,will always lead to Success .
Entrepreneurs mostly young do not have the experience to run such Ideal or Idea based Businesses ,they are just fueled and Thrilled to start their own business and Become the  Chief Executive Officer of the Same  unlike other Startups who soon transformed into Enterprise or Corporate Entities and opening Money streams for their founders or  co-founders and these Young Entrepreneurs are featured by the world’s best business Magazine such as Inc.com . Forbes.com , Entrepreneur.com and Time.com .  
Here are the three Common Mistakes which should be  avoided  to escape heavy financial losses or even failure of Startup Company .
1. Ambiguity or Lack of Clear Idea
Startup owners always fumble with Idea and they do not have the clear Idea or dual ideas which really make them confuse to choose  which will work and which will not . Entrepreneurs ambitious regarding Startup Ideas Often go with both which becomes  the main cause of their failures since their Idea was not filtered ambiguous and the end results was very terrible . Your Investment ,energy and budget ends in smoke . To be successful  with your Ideas ,You need to be clear with Idea and Research the Market for its viability whether the Idea you have pinpointed is sustainable ,innovative and beneficial to the massive people .
2. Lack of Business Planning during Beginning 
Planning leads to success  with lots of opportunities favoring your Startup and contributing  in the success and Development of your Ideas  . Planning is the integral part of  Business and Business planning or development business plan is the key which gives you clear road map to Development ,Growth and in the end ,the Success which is the dream all the entrepreneurs . We have seen several Startups failing soon after their launch despite investment of Millions . The Question always pops up in your minds that why this happens ???  . The answer is very simple “lack of Planning ” Without planning ,No business or Project can be completed with the targeted results or estimated profit limits .
3. Ignoring the Target Customers , Markets and Competitors 
Keeping the target customers in view is the most strategy which will really test your nerves when you will be competing with already established business with similar Products . Study of Market , Customer trends , Market Research analysis , Competitors base  and their influence  is necessary in order to produce any products or offer any innovative service . Young Entrepreneurs are usually in hurry to launch their Startups which costs them lot since they enter the markets without any Market Study , Market Research , Estimate Target Customers .
To avoid these mistakes ,It is necessary that Entrepreneurs should have Market Overview , Estimate of Competitors and their Customer base and Analysis that why the customer should buy your service or Products since similar products are already available in the market . You must specify the features of your products or services which are different from your competitors .
ALSO READ :  Five Reasons Why Startups Must have the Customer Service to Address the Queries
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Economy

Sania Approves Cognitive API Architecture For Ehsaas’ One Window Socioeconomic Registry

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 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.

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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.

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Digital

Karachi-based digital bookkeeping startup, CreditBook raises $1.5 million in seed funding

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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

ALSO READ :  Companies should avail SBP's new refinance scheme to avoid layoff of workers and crisis due to covid-19
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Digital

Pakistan Moves Closer to Train One Million Youth with Digital Skills

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Enabling people to bring at least an additional US$1 billion each year into the Pakistani economy through E-Commerce skills by 2025.

Pakistan Moves Closer to Train One Million Youth with 100+ eCommerce and Digital Skills

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.

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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.

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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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