5:45 PM | 39.1KB/s a GY ‘ral sal € READING MATERIAL Overview In this video, Mr. Deepak Bagla, the Managing Director & CEO of Invest India, explains how a small businessman can take help of Invest India to grow his business. How Invest India helps small businessmen? The main objective of Invest India is to help every businessman India whether small or big. It also helps foreign companies to enter and establish their brand in India. In the last four years, Invest India helped around 2 lakh businesses to grow and flourish. Among them, around 1.5 lakh are startups and small businesses of India. The team of Invest India helps the startups and small businessmen in the following ways: Helps the entrepreneurs in developing the complete business strategy Helps the entrepreneurs in registration of their companies Helps the entrepreneurs by telling them how they should perform the different business processes like product development, marketing, etc. to make their business successful. Helps the entrepreneurs to develop policies and plan their execution e e This team of Invest India is formed with the objective to help a businessman or investor whether: a (C} <45:45 PM | 1.5KB/s (2 iraafll satll € READING MATERIAL e They are of any size ¢ They are from India or a foreign country How a small businessman can approach Invest India to get help in his business? If a businessman is facing problems in starting a project or need incentives for the business, then they should: e First, visit the website of Invest India. The Invest India website is designed in a manner that you get maximum information so that you can save your time. ¢ On the website, you can chat with a team member of Invest India regarding your requirements. e After that, team India will help you throughout your journey of implementing the project. Initiatives taken by Invest India for Startups Invest India is working for startups in the following ways: ¢ Building an ecosystem for startups, wherein people are interested to open their own startups. As a result, nowadays, most of the Indians want to open a startup instead of searching a job. ¢ Helping entrepreneurs to open their startups by mentoring them on different topics like where they can sell their products or services, how they can build their organisation, etc. On the website of Invest India, you can find highly experienced people ready to give free mentorship to grow your business. So, you can directly contact a (C} <45:45 PM | 4.2KB/s (2 iraafll satll € READING MATERIAL grow your business. So, you can directly contact with these people to help and guide you in growing your business. How to tackle the failure rate of Indian startups? The failure rate of startups in India is almost similar to the failure rate worldwide. Invest India is trying to reduce the failure rate. However, failure is also important because every idea cannot be successful. Sometimes, to make a business idea successful, you need to make certain changes or improvements in it. For such changes, you need experienced people help and guidance. Does Invest India help small businessmen in fundraising? Invest India is not a fund; but, it is an institution that helps a startup or small businessman by: ¢ Giving them the right direction to grow their business © Getting government approvals on different aspects of business ¢ Helping in the search of a business partner or investor e Providing guidance related to business Two years ago, the Government of India had established “Fund of Funds for Startups”, which provides funds to different financing bodies. These financing bodies give funds to the startups for running and growing their business.5:45 PM|1.9KB/s 5 ‘ral sal € READING MATERIAL The scheme “Fund of Funds for Startups” has invested around Rs. 2000 crore in startups and small businesses. As a result of this scheme, the number of startups has increased in India. Growth of India in terms of Startups ¢ Startup India movement was launched by the Prime Minister of India in 2016. From then till today, i.e. 2020, in almost four years, the number of startups in India has increased tremendously. Today, India ranks 3rd in terms of Unicorns (i.e. the startups having a valuation of ~Rs. 7000 crores). In the last year, on every 38" day, a new Unicorn is started in India. So, Unicorns are rising in India at a phenomenal speed. India is at No. 2 position in the number of startups. We have around 40,000-50,000 startups. India is No. 1 in the opening of startups all over the world. On the Invest India website, out of 1.5 lakh people who query about startups and business, 70% of them are from small cities like tier 2 and tier 3 cities. So, the growth of India has now started penetrating small cities. This is the biggest change coming in India and the future of India depends on it. The startup solutions that are coming from small cities of India are important for the 7 billion people of the world. The best thing about our startups is that they are making these solutions at the least cost. e a (C} <45:45 PM | 0.0KB/s (2 ‘ral sal € READING MATERIAL ¢ The best thing about our startups is that they are making these solutions at the least cost. What future initiatives will Invest India take to help small businessmen? Mr. Deepak Bagla explains the following steps that Invest India is taking to help businessmen and entrepreneurs: 1. Developing a business plan: e An entrepreneur has a business idea and he wants to convert his/her business idea into business plan. © On the Invest India website, entrepreneurs can get free classes and guidance from the mentors for starting, running and expanding business. ¢ With the help of the free classes and mentorship, the entrepreneurs can make their business plan. 2. Establishing a company: e After creating the business plan, an entrepreneur wants to establish a company for executing the plan and make the product or services. 3. Creating prototype of product: ¢ Before making a product or service, a prototype is made. ¢ Various departments of central and state governments help entrepreneurs in building a (C} <45:47 PM | 0.0KB/s 5 EJ ‘ral sal < READING MATERIAL governments help entrepreneurs in building prototypes. e Even while purchasing, government gives preference to startups. This encourages startups. 4. Expanding the business: ¢ Invest India helps the startups and other small businesses to sell their products or services in foreign countries by providing them the required connections. Similarly, if a foreign company is searching an Indian partner to sell their products and services in India, then Invest India helps them in the same. In this way, Invest India is trying to build a startup bridge among the different countries of the world. For example: Invest India provided good consulting to IKEA and Xiaomi to enter the Indian market. 3 Tips to Become a Successful Entrepreneur 1. Ready for Improvements: « Keep your mind open to take new opinions and suggestions from people on converting your business idea into business plan. e You should be ready to make changes to your business idea so that you can convert it into business. ¢ This is because many entrepreneurs are not able to modify or improve their business idea and commercialise it. a (C} <45:47 PM | 0.0KB/s 5 EJ ‘ral sal € READING MATERIAL 2. Work continuously on your idea and never give up: If you get a business idea and you have decided that you will a start a business on this idea, then you should implement it despite any circumstances you face. An entrepreneur gets successful only: ¢ When he/she is open-minded and ready to alter his/her business model ¢ When he/she never gives up 3. Confidence is the key to success: An entrepreneur should have confidence that he/she can do whatever he/she has decided. If you build a business solution with an objective that it is not only used in India but in the entire world, then you will definitely get success. Outcomes ¢ Get free classes and mentorship related to business on Invest India website ¢ Develop business plan and strategies with the help of Invest India team © Get advantage from government schemes for startups ¢ Ready for improvements in your business idea ¢ Keep working on your business idea and never give up ¢ Have confidence in your business model ¢ Build a business solution that is helpful for the whole world