The relationships between innovation entrepreneurship and opportunity

Thoughts that Can Inspire you on this "HOLI"

Holi is the time to develop understanding and love for each other.

Here, is a platform for you all to renew your friendship and to express heartiest love.

Inspiring Colors

Colors Spread Happiness

DIFFERENCE BETWEEN A BUSINESSMAN AND AN ENTREPRENEUR

A businessman is generally a person involved in a business trying to generate cash flow or sales or revenue via various combinations of human, financial and intellectual capital.

She/he may/may not be the founder or owner of the business She/he is involved with.

On the other hand, an entrepreneur is the one who is at the epicenter of the things right from the start i.e. he is the one trying to assemble all the resources as well as formulate the business plan for a successful startup.

She/he is mostly the owner or co-owner of the business she/he is involved with.

All in all, an entrepreneur is usually the person with an out of the box idea and a will to implement it, practically. Whereas the businessman has that experience and skill-set to execute a given idea, in the best money minded way.

 

WHY COLLAGE LIFE IS THE BEST TIME TO START YOUR BUSINESS

Super Young Entrepreneur: Starting a Buisness when you are Under 18

IMPORTANCE TOOL FOR HR PROFESSIONALS & MANAGEMENT STUDENTS: HRM SOFTWARE

The HRMS Software market is ever evolving and growing fast. To put up with the varying needs of the businesses, HRMS software are now available both customized as well as company designed helping businesses, especially; SMEs in India.

Most small business owners or startup founders can check on employees by looking across at them from their desks or walking down one short hallway a small office space to pass their desks. But no. of employees & office space also grow as organizational grows. Than the simple task of keeping a check on employees become complicated.

That's where human resources (HR) software and management systems come in to picture. These HRM software help HR executives, HR information systems (HRIS) departments, and company owners track employee, where they're based, what they're doing, and & there performance.

What is HR Management Software?

HR software solutions are all about Recruitment management, Employee management, Shift management, Attendance management, leave management & payroll management.

 

HRM software HR professional or HR Students Should know:

As a Postgraduate in Management studies I have seen that 90% of Institutions do not provide any practice exposure of the related technology of the domains (like training for Various ERP software which are an integrated part of the respective domain). These software is not just about leaning course related things but if a student have working knowledge of these software it will directly helps them to get a Job (because you have a edge our the competition ).

There are many vendors who provide free trial version of software which an HR professionals or student can download to get practicle exposure of this HRMS software. Eg. BambooHR ,Zenefits Z2,SAP SuccessFactors, Perform and Reward, Namely, APS Online, OnDemand ,Deputy.

These software helps in :

Applicant Tracking

This category is about making sure company don't let their best candidates slip through their fingers because of mismanaged on boarding. The best AT tools let you follow your candidates from the first interaction until the day they leave your company.

Performance Management

Performance management is the one feature that is most associated with HR management systems. But, because there are several popular methodologies for measuring employee performance, software makers have devoted entire packages specific to this process.

Eg. SAP Success Factors Perform and Reward

HRMS Systems

Beyond all these different disciplines, HR software vendors add their own product mix Different module by different vendor offers modules for posting job openings and tracking applicants, running payroll, managing time-off requests, scheduling shifts, administering benefits, and setting performance goals and reviews.

Under HRMS category Payroll is altogether is a separate module. It is proved as an important tool for SMEs in India.Webtel Electrosoft Pvt.Ltd is a leading organization provides payroll software to thousand of clients Ranges from small to large Enterprise across the India.  

As per as SMEs is concern this software covers all the major aspects of HRM software’s like

•        Employee Management

•        Asset Management

•        Performance Analysis

•        Employee FnF Records

•        Leave Adjustments

•        Salary Calculator

•        Salary Breakup and Slip Generation

•        Appraisal Implementation

•        Taxation Management

•        Employee Arrear Management

•        Attendance

•        Employee Appraisal & Promotion

•        Relieving Process

Super Young Entrepreneur: Starting a Buisness when you are Under 18

Recently while reading an article about Suhas Gopinath (CEO and Chairman of Globals Inc, an IT MNC & once awarded youngest Entrepreneur at the age of 17), I come across the various challenges he has faced & how he our come the challenges at that time. Today, Global is a multi-million dollar company with offices in the United States, India, Canada, Germany, Italy, the United Kingdom, Spain, Australia, Singapore and the Middle East and has 100 employees in India and 56 abroad.

"Research showing that the average age of entrepreneurs is declining"

Some of the specific issues and challenges faced by entrepreneurs aged under 18

Entrepreneurs who are aged fewer than 18 faces some additional challenge as compare to those who are above 18 like: 

CHALLENGES :

• Barriers to setting up a business bank account, accessing credit and raising business finance.

• Legal status as a minor and the type of work that you can do

• Balancing business with your education

• The usual business headaches of registering your company, understanding tax etc

But all this issues stands nowhere if you have solid idea & burning desire to start your entrepreneurial journey.

SOLUTIONS :

Bank accounts and raising finance

People aged under 18 are legally considered to be a minor.

You can’t open a business bank account because for that you need PAN card & in India 18 years is the minimum age for person to Get a PAN card.

Unable to borrow money or have a credit card.

So if required then you need to raise finance from alternative source. This could be:

• Getting a loan from a family member to fund your venture

• Going into business jointly with an adult who is legally able to access finance

• Get finance from enterprise funds, trusts or agencies

Now a day’s there are many business you can set up with very little finance. If you already have a computer and an internet connection in your house it’s possible to start up an online business with a little investment. A lack of finance doesn’t have to be a barrier to business success.

Balancing your business, education and social time

It is essential that you find a good balance between your business, your education and things such as seeing your friends and relaxing with your family.

 

A young age and a lack of experience:

Some time you might feel that your age could be a barrier & people you meet would not take you seriously. But the good news is that many people are impressed by young entrepreneurs and see it as a good thing; so as long as you manage yourself in most professional manner, other business people will take you professionally & seriously.

 

 

Ask for Help:

 
There are so many organizations that can provide you with practical business advice and even funding. There are huge information available about starting a business on internet. You can join communities & Forums from where you can get the answer of all your queries.

                                                                     

How Universities & Institutes can contribute:

Universities/Institutions can play a vital role to ensure a dynamic entrepreneurial economy in the near future - when our youth reach adulthood. Young generation aspire to be millionaires or billionaires but are unaware of the social responsibilities that can come with this too.

Getting these aspiring entrepreneurs to understand entrepreneurship as a means to social change and innovation rather than personal economic gains is important task , which can be taken care by a collective effort from media, education institutions and successful entrepreneurs."