Dec 21, If you were an entrepreneur or part of a startup, it was likely a family With 3, startups, India is closely behind UK with 4, startups and. Connect and get real advice from entrepreneurs, start-up founders, and company advisors. FounderDating is the premier network for entrepreneurs and startup. TiE is among the largest entrepreneurs organizations in the getfoundlocally.info goal is TiE Global's All India Road Show on Women's Economic Empowerment through .
India is changing and so are the aspirations of its people. Such progressive insights have positively impacted the minds of aspirational youth of our country. People now aim to start their own ventures. This drive is also fueled by necessity.
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It has been estimated that in order to accommodate the million people who will join India's workforce between andIndia needs to create roughly 10 million jobs a year. Therefore, India must increase employment opportunities by not only forging partnerships with industries overseas, but also supporting and empowering its youth to start businesses. As we have seen in the other countries, small businesses, especially those positioned to grow both locally and globally, drive the economy and employment.
With the spirit of entrepreneurship alight, there are two important factors for success that the Indian governing bodies, founders, and investors should use to ensure sustainable growth: Invest in developing local leaders With Indian-born and educated Indians leading most international industries and with India producing the most number graduates-cum-billionaires than any other country outside the United States, India has proven it has local talent that can be groomed into impactful leaders.
Instead of displacing foreign talent into India, it is imperative that India develops and retains its leaders.
Young and passionate entrepreneurs as well as experienced professionals must be provided opportunities for overseas exposure so they can get hands-on training from successful leaders and businesses. A breach of such duties may result in civil or criminal penalties so it is very important that you understand your duties and liabilities if you are appointed a director of a UK company. Have you established or invested in a business in the UK?
Before you establish or invest in a UK business, there are various matters that you will need to consider.
Have you decided which structure or corporate vehicle is most appropriate for you and for your business? If you wish to set up a small, owner-managed business but want to limit your liability, for example, you might consider incorporating a company limited by shares. If you wish to invest in an existing UK business, you need to ensure your interests are well protected. If you are contemplating lending money to a company, or making an equity investment, you should ensure that you fully understand your rights and that these are documented appropriately.
Have you created employment for two settled workers or more who have been employed for at least 12 months each?
Remember — paying yourself a salary does not count! In many areas English shop owners were not willing to sell to Asians. Finally I bought my present grocery shop from another Asian family. We have to be extra careful about racial feelings, also muggings, robberies and things like that," explained a small grocery owner from Kenya. Racial irritants are common in many big cities. Shop-lifting, for instance, occurs oftener in Asian-owned shops because the owners are, as a rule, not known to fight back.
The Datta shop is a fair example of small Asian traders in Britain. Despite his business background in Kenya, Datta found it difficult in the beginning to understand the cut-and-thrust methods operative in the British grocery business. But the business prospers now. Datta lives with his mother, a brother who has his own shop too and a sister in a nearby house.
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Both his mother and sister help in the shop. Unlike most Asian family concerns, Datta pays his sister "a sort of wage", but not his mother. He also employs a part-time Asian worker. Explaining his success Datta says: Many old people go into small grocery stores rather than supermarkets because they often want a little chat after they have bought their things.
In fact the appearance of Chinese take-away food shops or Indian grocery stores is completely changing the character of London's streets and of many streets in the Midland cities of Birmingham, Wolver hampton, Bradford and others.
In one particular small London street, within the space of four years, seven shops out of 12 changed hands to Asian owners. Indians shopping in Southall: Dominating the High streets In many cases the shops changed their character and became wholly Indian groceries, selling Indian food, Indian vegetables, magazines and concert tickets. But "We are very flexible", says Datta, "we try to keep things our customers ask for, whether it's custard powder or bhindi.
Grocery stores run by immigrants from Greece, Italy, Hong Kong and the Indian subcontinent have revolutionised Britain's shopping style by staying open seven days a week and often 12 hours a day.
Asian entrepreneurial success has recently begun to be noted in British business circles.
Alan Toft, editor of Independent Grocer, a business magazine for the grocery trade, says of the Asian communities' success in this field: They have brought a vitality to the trade that we did not have before.
They are good salesmen and have a keen eye for a bargain. Is there a likelihood of a backlash against Asian businessmen because they have become too successful? Not so, says Toft, although Asian business premises in the Midlands were often the target of mobs during last summer's riots. If the grocery trade is child's play for the shrewd Asian entrepreneurs, other trades are also succumbing to their aggressive push. The East African Patel community, once employed in clerical jobs and post offices in Africa, has made a strong bid with other refugees from Africa to take over London's post offices and newsagents.
There's the added bait of a fixed government salary for post office work, not much competition, and a little English goes a long way here. Other areas where Asians have made a serious takeover bid are chemists shops with a qualified pharmacist in attendance and electrical and radio shops.