Category: Finance


Durga Method of Creating Business Ideas

I have always felt that our culture, belief and practices have a strong connection with current business scenario. Durga is the most widely worshiped Hindu goddess. Durga puja is one of the big festival in India and is celebrated with great joy . There is an old age tradition of making clay idols of Durga during this festival. I can feel a strong connectivity between creating a good Durga idol and creating a good business idea. Let us discuss the Durga method of business idea creation.images[7]
1. Making of Durga idols is a lengthy and a back breaking process. Months before the festival clay artisans starts to breath in life in the images of Durga. A good idea takes time to shape up. The whole process from idea creation to implementation is tedious and requires lots of focus. It is good to have new ideas. But it requires commitment to shape those ideas.
2. The beautiful idol of Durga cannot be made in one day. It starts from scratch. The artisans first creates a rough sketch of Durga . An idea is just a thought e.g Edison first thought of creating a bulb….he never knew how to make it. You cannot think of creating a perfect plan in the very first day. Draw a rough sketch of your idea.
3. Bamboo sticks cut in various shapes and sizes are required to make the basic structure of the idols of Goddess Durga and the platform on which the colossal statue stands. Put the basic infrastructure in place. Unless you have a strong platform, you cannot build your ideas.
4. Durga’s figure is then imparted shape with straw tied with jute strings. Shape your ideas. Design the processes, tasks and subtasks.
5. Then comes clay mixing and application of clay. The final process , proposals, financials of the ideas are drafted. At this stage you are clear, exactly how you would like to proceed with the new project (Idea)
6. Then the artisan creates the head of the goddess with fine clay creating each feature with great care. Work on details……………………..
7. The idol is then decorated with jewels, clothes and accessories. Make your idea presentable so that it appeals the end user.
Sooohhh this way you make a good business idea. Always remember that after the puja the idol is immersed in the sea. Still every year the artisans make Durga with the same enthusiasm ,new design and better than the old one. A good business idea is made, implemented, appreciated and then left. Leave your old ideas………do not carry it forever……..keep on creating new ideas.

My Discovery of Entrepreneurship

My journey towards the discovery of entrepreneurship started when one fine day my senior came to me and asked “Nishu…..suppose I give u a fresh graduate………how will you develop him/her to be an entrepreneur. I want you to design a unique and effective training program”
In my short three years of HR career , I never thought an organization would ever invest in training their employees in entrepreneurship. Moreover , this topic was completely an alien to me as it never crossed my mind. My exposure in HR only taught me how to make good managers, leaders but not an entrepreneur. So here starts my journey…………….
As usual, I went to my seat and googled “ENTERPRENURSHIP”. Immediately the computer asked “Did you mean entrepreneurship?”. Yeah!!!! Let me confess…..there was a spelling mistake. After coming across lots of web definitions and meanings, I concluded:
Entrepreneurship is not a discipline; it is a state of mind.
If a person can take initiative, risk and is innovative, then we can say that the person is entrepreneurial.
Soooohhh…..my challenge was to develop a platform to build that capacity in an individual so that he/she becomes entrepreneurial. One cannot create entrepreneurs. We can only facilitate the person to understand and actualize his/her inner potential. The idea of the whole training program was to create the spark and make an individual think differently. For this you must not promise a support system to the learner. One should only facilitate learning and let the learner find their own way.
In retail, every store head is an entrepreneur in their store. They have to think differently to increase sales, increase conversion ratio, bill value, footfall, reduce the leakage of loyal customers, compete with the local retailers etc..etc..etc..The Store Heads should have vision, problem solving skills and risk taking abilities……………………..This answered my question why my company wanted to train the employees in entrepreneurship.
An entrepreneur should have Sarpa Drishti (snakes eye view) i.e. micro vision and Garudra Drishti (Bird’s eye view) i.e. macro vision. Micro vision is necessary to have hold over every function, finding details etc. and macro vision is necessary to know direction, growth and impact.
Incidentally, this project came to me at a time when my friend, Abhishek, was aspiring to be an entrepreneur. This added interest and created more enthusiasm within me to explore and understand the topic. I did a lot of R&D to understand the ongoing training process, methodology and subject matter in entrepreneurship. While there are many institutes in India that provides diploma and Masters degree in entrepreneurship, I failed to see the expected/ desired outcome. There was a huge knowledge and skill gap. To reduce this gap was a major challenge.
I applied transdisciplinary approach to put the entire structure in place. The first step was to identify the objective. No training program can succeed, unless you are clear about the outcome. So the monalisa portrait of a perfect entrepreneur was identified. Remember that conceptual base and soft skills is the fundamental for all entrepreneurial skills. You cannot compromise on that. The next step was to identify tasks and then put what kind of knowledge, skills and attitude are required to execute those tasks. The identification of subjects, on-the job training, projects, workshop, activities, case study, design, execution etc…etc.. followed next. And thus a robust framework for making an individual entrepreneurial was designed. I can confidently say that the framework is unique and has the capability to achieve it’s objective. Unfortunately due to organizational intellectual property issue, I cannot share it with everybody.
This is not the end………….the journey towards the discovery of entrepreneurship begins here. I will keep on sharing my learning, knowledge and views on this topic.

Regards- Nishu

Direct tax code – the path breaking legislation

The Union government proposed a draft code that aims at reforming the four decades old IT act. This is the best news for me since the new Congress government formation in India this year. rupees

Three things i liked most:

1. No more securities transaction tax

2. The savings slab has been increased from one lakh to 3 lakhs.

3. The tax percentage has been restructured

No tax till 1.6 lakh for men and 1.9 lakh for women.

Old: 1.6 lakh – 3 lakh 10%  , 3lakh – 5 lakh 20% , 5 lakh– 10 lakh 30%

New 1.6 lakh – 10 lakh 10%, 10lakh – 25 lakh 20%, greater than 25 lakh  30%

But there will be some “catches” as well. The long term investments realized will be fully taxable now. This might remove the special home principal and home interest waivers enjoyed by home loan takers. All in all, its great to see it implemented and become a law. We will wait and see how much time it takes!

Why do i blog in MindSwap?

Blogging is a fantastic concept – one through which people can express their opinion, let others know what they stand for, and allow for
connections to be made in the virtual blogosphere. In short, I am both a fan and an advocate of blogging. So I am kicking myself asking “why
didn’t I get started earlier?” Time is always scarce. But to me, this is a hobby I’ve been dying to initiate for a few years now. I have done
some internal blogging at Nurture and can see the power in the form of discussions, agreements, disagreements, and what that means for
learning. Since this is an external blog, I am sure my own personal learning will get amplified as I invite all on the web to read and partake in
these conversations. So, in short, I will make no pretense about it – this blog is for my own personal sake. While many people think that
blogging could be about an ego trip or for self-promotion, to me it is fundamentally about learning. I will learn when others comment, ask
questions, criticize, or debate whatever I have written. I will learn simply from the clarity I get when I try to pen my own thoughts, when I am
able to express my views, feelings, and beliefs. I will learn when I navigate the blogosphere through the trackbacks and links that are bound
to appear over time.What I hope to cover in this blog is about my area of work, which is Entrepreneurship and Finance. The scope of this, in
my current job at Nurture, is defined as Management, Entrepreneurship, Innovation, Knowledge Sharing, Collaboration, and Reuse. I hope to
cover different angles of these areas over time and you will see me blogging about the following:
- social networks, communities, collaboration,
- interplay of creativity, invention, innovation,
- cultural issues,
- technology and web ,
- organization design and human factors,
- strategy-setting in the knowledge economy,
- intellectual capital,
- psychological and philosophical concerns in knowledge management.
- corporate governance
Knowledge management is a huge area covering a wide gamut of issues and touchpoints and so provides really rich fertile ground for plenty of
opinions, self-expression, and controversy. Given the nascent nature of this area, it is receiving lots of treatment and mistreatment in the
literature and blogosphere. I will want to add my two cents on it as well.
I have to thank 2 individuals from whom I have received lots of encouragement to blog. Turbo has been on my case for a long time to blog. He even created a prototype i.e. Mindswap for me to get started. But alas, I didn’t get around to it due to paucity of time. Recently, my fiance Sucharita approached me on the same thing and
through some arm-twisting, got my commitment. So here I am. My next blog entry will be on creating an inbuilt mechanism for knowledge
creation and innovation. Look forward to conversing with you then.
I am happily joining the Cartesian camp of the 21st century – I blog therefore I am!

Co-relationship of Entrepreneurship and Finance…

Mindswap will act as an interface and mouthpiece of our ambitious entrepreneur venture i.e Nurture Consultancy Pvt Ltd.. We will be regularly updating about our activities particularly in the finance domain here in mindswap which will prove beneficial and act as a catalyst for all those professional who wanna make a mark in the world of entrepreneurship.

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