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Vijay Shekhar Sharma: The Hindi-Medium Boy Who Made India Digital

Vijay Shekhar Sharma is the founder of Paytm and the face of India’s digital revolution. His journey is not just about building a company, but about breaking all limits—of language, money, and fear—to teach India how to pay through mobile.

Early Life and Education

Vijay Shekhar Sharma was born on July 8, 1978, in a small village in Aligarh, Uttar Pradesh. His father was a school teacher and his mother a homemaker. He studied in a Hindi-medium government school, where even understanding English was difficult. But inside him, there was a fire to do something big.

When he joined Delhi College of Engineering (now DTU) for higher studies, English became his biggest challenge. He couldn’t understand lectures or textbooks properly. But instead of giving up, he started learning English by himself—reading newspapers, listening to songs, and practicing every day until he gained confidence.

First Startup and Early Struggles

During college, Vijay fell in love with technology. In 1997, he launched a company called XS Corps that built websites. Along with a few friends, he also created a content management system similar to what WordPress is today.

He didn’t have a laptop or money. He worked from cyber cafes, coding late into the night. There were times when he didn’t even have enough money for food, but he never complained. He had a dream and believed in it with all his heart.

Start of Paytm

In 2000, Vijay started One97 Communications, which later became the parent company of Paytm. It offered value-added mobile services like caller tunes and alerts. But the real revolution came in 2010 when he launched Paytm—short for “Pay Through Mobile.”

At first, Paytm was only for mobile recharges and bill payments. But Vijay had a bigger dream—he wanted people to use mobile for everything, from buying tea to booking flight tickets. So he launched the Paytm Wallet, and soon, shops, autos, and businesses across India started accepting Paytm.

The Rise to Success

Paytm’s biggest growth came in 2016 during demonetization. With cash suddenly out of reach, India turned to digital payments—and Paytm was ready. In that one year, millions of new users joined Paytm and the company’s value grew rapidly.

In 2017, Paytm launched its own bank—Paytm Payments Bank. It then added services like Paytm Mall and Paytm Money. In 2021, the company went public with India’s largest IPO.

Challenges and Criticism

As the company grew, so did the problems. The IPO did not perform well in the stock market, and the company had to face financial losses and declining user trust.

Vijay also faced personal attacks and was even seen crying during a press conference. But he didn’t give up. He revised his strategies, strengthened his team, and worked hard to keep Paytmon top.

Paytm’s Present and Future

Today, Paytm is not just a wallet. It is a full digital ecosystem that offers payments, banking, investment, shopping, and more—all on one app. Vijay’s dream is to make India truly cashless, and Paytm is playing a big part in that journey.

                             Paytm’s Growth (2010–2024)

This graph clearly shows how Paytm’s user base grew rapidly between 2010 and 2024. From just 50 lakh users in 2010 to over 10 crore in 2024, the growth is nothing short of incredible. Demonetization acted as a major turning point, pushing the platform into every corner of the country.

Vijay Shekhar Sharma’s story is proof that dreams don’t need perfect English or a rich background—just courage and belief. He broke through language barriers, survived financial struggles, and built one of India’s most trusted tech brands. Today, he represents the face of India’s digital future.

At Bada Business, we believe in such stories of courage and transformation. We proudly support small businesses and new entrepreneurs, because together, we can make the Indian economy stronger.

 

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business Business Case Studies Business Courses Business Startup Ideas Education IPO Motivation & Mind Control MSME Powerful Personalities Process & Business Expansion Sales share market Startup Strategy

From a Small Town Boy to the Billionaire Founder of OYO Rooms

Ritesh Agarwal is one of the youngest and most successful entrepreneurs in India. He is the founder of OYO Rooms, a global hospitality company that changed the way people stay while traveling. He started his business journey at the age of 19 and built a billion-dollar company. His story is full of passion, hard work, and belief in his dream.

Early Life and Family

Ritesh Agarwal was born on 16th November 1993 in a small town called Bissamcuttack in Odisha. He belonged to a middle-class family and grew up in a simple environment. From a young age, he was very interested in technology and business. He loved to explore, read books, and understand how things work. After finishing school, he moved to Delhi for college. He got admission into the Indian School of Business and Finance, but he soon realized that he wanted to start something on his own. So, he dropped out and decided to follow his dream of building a business.

Early Struggles

Ritesh always wanted to do something different. When he was just 18 years old, he started traveling across India on a very small budget. He stayed in many cheap hotels and faced many problems like dirty rooms, poor service, and no proper facilities. These problems gave him an idea. He thought—why not create a company that helps people find better budget hotels?

With this idea, he launched a startup called Oravel Stays. It was similar to Airbnb and helped people book affordable homestays online. But after some time, he realized that just listing hotels online was not enough. The real problem was the bad quality of hotels. So, he changed his business model and started working on something bigger.

Start of OYO

In 2013, Ritesh launched OYO Rooms, which means “On Your Own.” His goal was to help budget hotels improve their quality and service. He partnered with small hotel owners, trained their staff, improved their rooms, and gave them technology and branding support. In return, these hotels became part of the OYO network, and customers could book them online easily.

The special thing about OYO was that it offered clean and reliable rooms at low prices. Customers started trusting the brand. Slowly, more hotel owners joined OYO, and the company began to grow.

First Big Success

OYO received its first investment from VentureNursery and later from Lightspeed Venture Partners. But the biggest success came when SoftBank invested in OYO. After that, OYO started growing very fast. In 2015, OYO had more than 10,000 rooms in over 100 cities in India.

Then, the company started expanding into other countries like China, Malaysia, and Nepal. By 2018, OYO’s value became more than 1 billion dollars, and it became one of the fastest-growing startups in India. In 2019, OYO entered the US and Europe and added thousands of new hotels around the world.

Challenges and Failures

Like every successful entrepreneur, Ritesh also faced many challenges. In 2020, during the COVID-19 pandemic, the hotel industry was badly affected. Travel stopped and bookings were cancelled. OYO faced big financial losses and had to lay off many employees. People started questioning the company’s future.

There were also legal problems in some countries because of different business rules. As the company grew fast, managing everything became difficult. But Ritesh never gave up. He kept working hard and made changes in the company to bring it back on track.

OYO’s Present and Future

Today, OYO is running in more than 80 countries with over 100,000 hotels and homestays on its platform. The company is using new technologies and business ideas to give better service to its customers.

Some of the latest innovations by OYO include OYO Wizard, which is a loyalty program that gives special deals to repeat customers. OYO has also started OYO Workspaces for office needs and OYO Townhouse for premium budget stays.

                        OYO’s Growth (2015–2024) 

This graph clearly shows how OYO Rooms grew rapidly from 2015 to 2024. From just 1,000 hotels in 2015, OYO expanded to over 100,000 hotels worldwide by 2024. It’s a strong example of what consistent vision and hard work can achieve.

The story of Ritesh Agarwal proves that anyone can achieve big dreams with passion, courage, and never giving up. He started from a small town with limited resources, but he believed in his idea and worked day and night to build it. Even during hard times like the pandemic, he stayed strong and continued improving his company.

At Bada Business, we also believe in supporting such hardworking entrepreneurs. We proudly support small companies and new startups, because we believe they are the future of India. Our goal is to make the Indian economy stronger by helping more people like Ritesh succeed.

 

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Business Startup Ideas E-Commerce Startup

Toys Manufacturing Business in India in 5 Steps How to Start

According to National Investment Promotion & Facilitation Agency, ‘the toy industry in India is estimated to be $1.5 billion, which is around 0.5% global market share. The Indian toys industry is also estimated to grow to $2-3 billion by 2024’.

The report also stated, ‘the demand for the toys will increase by 1.2 times in Tier II and Tier III cities by 2025’.

The toy manufacturers in India are mainly located in Karnataka, Maharashtra, Tamil Nadu, NCR, and across central Indian states. The sector has 4,000 toy industry units from the MSME sector.

Last year in August 2020, Prime Minister Narendra Modi also urged the young entrepreneurs to focus on bringing innovation in the toy sector as the Indian toy market has huge potential.

The Prime Minister also suggested that the start-ups should come up with creative designs and innovative toys that can instill a sense of pride and can help our domestic toy makers.

Apart from the domestic market, the toy manufacturing business also has potential in foreign trade.

Recently, the Swedish furniture maker IKEA announced to upscale the sourcing of toys from India on March 1, 2021. IKEA has a range of over 1,000 products as part of its kid`s range and is planning to expand its operations by sourcing toys in New Delhi.

Starting a toy manufacturing business is a brilliant low investment business idea. Here are 5 steps in which you can kick start toys manufacturing business startup in India:

1. Research your market

Whether you are planning to start a café or toys manufacturing business, it is essential to do market research. Having adequate and well-researched information will help you to create a business model. You will not only learn about your competitors but also about your target audience.

Hence, before starting a toy manufacturing business in India spend months researching to gather as much information as you can about this business.

2. Bring Innovation!

The toy manufacturing business does not need a huge investment to start it. However, there is one thing that you should have to succeed in the market- creativity!

Try to design unique toys and their exceptional designs will make you stand out from the rest of the toys manufacturer. Toy businesses in India are fast-paced, which means that the market will keep evolving. Your customers will want different things in a very short time. So, it is very important to be creative to meet the demands of your customers.

3. Find your Niche

The toy manufacturing business in India is booming with plenty of opportunities and competition at the same time. If you want to start a toy manufacturing business, you need to know what it takes to succeed in your niche market. Whether you want to manufacture soft toys or you would also like to venture into the market of electronic toys, you must make a decision.

Finding a niche market not only allows you to find your target customers but also gives in-depth knowledge to cater to their needs and preferences.

4. Raw Materials

The process of manufacturing toys is easy and simple. You will need basic raw materials that include pattern, fabric cutting, mold making, fiber for stuffing, sewing machine, eyes, and nose pinching.

However, if you want to venture into the manufacturing of electronic toys then you will need a toy manufacturing machine and raw material. Along with it, you will also need to hire a staff.

5. Toys manufacturing machine

If you only want to manufacture stuff toys, you will need raw materials of premium quality and a sewing machine. But, if you want to set up a manufacturing unit, you will need to secure a space first. Finally, you will need to install the toys making machinery. Some of the most vital machines and equipment are:

  • Digital Multimeter
  • Temp controlled
  • Drilling machine
  • LCR meter
  • Analog meter
  • Tool kit
  • Electronic screwdriver
  • Combined soldering desoldering station
  • High-speed mini drill set
  • Digital storage Oscilloscope
  • Tools, equipment, and dies, etc.

You will also have to obtain a fire protection system to protect your unit from fire. The initial investment might take around INR 2,00,000 to 5,00,000 if you want to start a toy store in India.

The toy manufacturing business in India has potential in the domestic as well as the international market. The main driving factor behind its growing popularity is the increased demand for quality and luxury goods.

Are you thinking about setting up your own toy manufacturing business in India? With our ‘Everything about Entrepreneurship’ course you will not only learn how to start a startup but also how to make it successful.

 

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Strategy

5 Powerful Strategies For Trading In Stock Market

5 Powerful Strategies For Trading In Stock Market
5 Powerful Strategies For Trading In Stock Market

Financial markets are prone to fluctuation. Here, various risk factors are involved along with multiple strategies that you will encounter from time to time. Seasoned traders make various strategies that are parallel to the competitive market situation.

In this article, we will explain trading techniques that will help you to make better investment decisions.

Here is the list of five trading techniques that every trader must consider before investing:

1. Growth Investing

Growth investing is a trading strategy applied when a company continues to grow profits. The focus is entirely on the growth of the capital. Instead of improving operations, companies reinvest the profits to entice investors with dividends. You can attend our free Masterclass to understand many other vital strategies on our Bada Business community app.

2. Income Investing

In this strategy, any good stock is taken by collecting assets. Investors are paid a big part of the income for daily use, specifically when the situation for trading in the stock market is uncertain.

3. News trading

As per its name, this technique is based on news and market expectations before and following news releases. However, it requires a skilled mindset to do the fundamental analysis as news travel rather like a wildfire on digital media. The market needs the energy to move, which comes from information flow such as news releases. Traders will need to assess the news immediately after it is released and quickly judge how to trade it. To know everything about Share Market from the scratch, watch here:

4. End-of-day trading

The end-of-day trading strategy involves trading near the close of markets. End-of-day traders become active when it becomes clear that the price will ‘settle’ or close.

This strategy requires the studying of price action in comparison to the previous day’s price movements. End-of-day traders can then speculate how the price could move based on the price action and decide on any indicators used in their system.

Traders should create a set of risk management orders, including a limit order, a stop-loss order, and a take-profit order to reduce any overnight risk. Download our Bada Business community app to attend our Free Masterclass on trading in the stock market. 

5. Intraday trading

Day trading or intraday trading is suitable for traders that would like to actively trade in the daytime, generally as a full-time profession. Day traders take advantage of price fluctuations in-between the market open and close hours. Day traders often hold multiple positions open in a day but do not leave jobs open overnight to minimize the risk of overnight market volatility.

Trading is purchasing and selling shares and the stocks of companies listed on the Bombay Stock Exchange (BSE) & SENSEX that are prone to fluctuation. One can invest and make a lot of profits by knowing the five strategies we have mentioned above. To learn more about these strategies, download our Bada Business community app. You can also attend our Free Masterclass on trading in the stock market.

Download the app now: https://tinyurl.com/nhav2kp6

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Finance

How to Do Cost and Benefit Analysis in Business

  • Are you facing difficulty in taking a decision?
  • Do you know the importance of Cost Benefit Analysis?

In any business or in your personal life, decision making plays a very important role. A decision can lead you to prosperity or failure.

Often, you would have come across questions like whether to change the house or not; whether to change the job or not; etc.

But the question is ’How to take a decision’?

Herein comes the concept of Cost and Benefit Analysis, which is essentially a great decision-making tool. It includes the analysis of Cost (the amount of money, effort, and time spend to perform an activity) and Benefit (the Outcome associated with that activity).

Cost and Benefit Analysis Definition

Cost and benefit analysis is an economic evaluation in which the non-financial cost should be considered as a financial cost and non-financial benefits should be considered as financial benefits.

For Example:
?

Many BPO, IT and Non-IT companies give an increment of only 5% in salary but add other small benefits like- Pick & Drop facilities, Snacks during break time or in the evening, etc.

Actually, many big companies try to touch their employees’ nerves or play with their mindset through cost and benefit analysis by giving a high level of comfort so that they cannot think about switching anywhere else.

In other words, the employees in these companies are not able to do the Cost and Benefit Analysis and hence, not able to take a decision to give a boost to their career growth.

’It is better to join a small startup, where you’ll get the high opportunity of Learning, Leadership, Salary, and Growth.’

– Jack Ma (CEO, Alibaba)

Evaluate the Economic and Non-economic Cost

Brainstorm all the costs and all the benefits-

First, add cost and then measure benefits

COSTS
–   Add value of (Direct Cost + Indirect Cost + Opportunity Cost + Tangible Cost + Intangible Cost)

Vs.

BENEFITS
– Add value either in monetary terms or in terms of increased or decreased efficiency (Production + Employee Safety + Team Unity + Sales + Customer Goodwill + Brand Equity + Environment Protection + Turn over + Efficiency + Errors + Client Satisfaction + Enthusiasm + Global Expansion + New Markets + New Partners + Enjoyment)

  • Now check which one is more
  • If Cost is more than Benefits- Don’t take the decision.
  • If Benefits are more than Cost- Take the decision.

Example

Suppose you need to purchase machinery-

Add the following costs-

Costs
– (Price of Equipment + Transportation Cost + Manpower Training Cost + Electricity Cost)

Vs.

Benefits
– (Efficiency of Manpower+ Utilization of Time + Increase in Production + Morale of Employees)

If Cost is more than Benefits- Don’t Purchase that Machine.

If Benefits are more than Cost- Purchase that Machine.

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HR & People Management

Salary Negotiation Tips to Help You Reach Your Goals

Negotiation Tips
Salary Negotiation Tips to Help You Reach Your Goals.

“Salary negotiation is the process of discussing and reaching an agreement on the compensation you will receive for your work.“

You can learn some key elements of negotiation by watching this video by Dr. Vivek Bindra:

Why Salary Negotiation is Important?

Salary negotiation is important for several reasons:

  1. Fair compensation:Negotiating your salary allows you to ensure that you are being fairly compensated for the work that you are doing. It can help you avoid being underpaid and ensure that you are earning what you deserve.
  2. Career growth:Negotiating your salary can also have a positive impact on your long-term career growth. By earning a higher salary, you can save more money, invest in yourself through education or training, and even take on more responsibility at work.
  3. Confidence building:Salary negotiation can help you build confidence in your abilities and value as an employee. It can also help you develop your communication skills, which are essential for career advancement.
  4. Setting a benchmark:Negotiating your salary can also help set a benchmark for future negotiations. If you accept a low salary now, it may be more difficult to negotiate for a higher salary in the future.

Overall, salary negotiation is an important part of career development and can have a significant impact on your financial and professional well-being.

Here are 5 Tips that will help you in negotiating well and reaching to the point of your desired salary:

  1. Research and prepare:Before negotiating your salary, it’s important to do your research and gather information about the industry, job market, and the specific company you work for or are interviewing with. This will help you understand what the typical salary range is for your position and give you a better idea of what to ask for.
  2. Know your value:It’s essential to know your worth and the value you bring to the company. Make a list of your skills, accomplishments, and contributions to the organization. Highlight how your skills and experience have helped the company grow or succeed. This will give you the confidence to negotiate a higher salary.
  3. Practice your pitch:It’s important to practice your pitch and have a clear idea of what you want to say during the negotiation. Be assertive but respectful, and make sure to emphasize the value you bring to the company. Consider rehearsing with a friend or family member to get feedback and build confidence.
  4. Be flexible:While it’s important to have a specific salary range in mind, it’s also important to be flexible during the negotiation process. Consider other forms of compensation, such as stock options or bonuses, that may be beneficial to you. Be open to compromise and finding a solution that works for both you and the company.
  5. Don’t be afraid to walk away:If the negotiation doesn’t result in a salary increase that you find acceptable, it’s okay to walk away. Remember that you have value and other job opportunities available to you. Don’t be afraid to advocate for yourself and your worth.

Remember that negotiating your salary is an expected part of the job search and hiring process. By preparing beforehand and advocating for your worth, you can increase your chances of receiving fair and equitable compensation.

You can tell us your thoughts and suggestions about this article by commenting below. If you are looking for ways to start earning money or want to multiply your current income, you should register for the ANYBODY CAN DEFINITELY EARN Webinar by Dr. Vivek Bindra right now.

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business Business Case Studies Business Startup Ideas Leadership Building Motivation & Mind Control Startup Strategy Technology

AI-Powered Growth: How Small Indian Businesses Are Winning Big in 2025

AI-Powered Growth: How Small Indian Businesses Are Winning Big in 2025

AI: The Ultimate Game Changer for Small Businesses in India

Artificial Intelligence (AI) is no longer just a buzzword—it has become a powerful tool for small and growing businesses in India. In 2025, with the small business sector contributing over 30% to India’s GDP and employing millions, AI is revolutionizing the way entrepreneurs operate by providing affordable, scalable, and practical solutions. Let’s explore how AI is helping small businesses achieve success.

Automation for Efficiency

Repetitive tasks like inventory management, customer support, and accounting can be time-consuming and tedious. AI simplifies these processes, allowing business owners to focus on growth. Imagine an AI chatbot handling customer inquiries 24/7 for a small retailer in Mumbai or a handicraft seller in Jaipur. With AI, businesses no longer miss out on sales, even when they’re offline. These tools are cost-effective, easy to integrate, and ideal for businesses with limited resources.

Smart Decision-Making with Data

Market research can be expensive, but AI helps small businesses analyze customer preferences, buying patterns, and local trends using data from social media or sales records. For example, a Delhi street food vendor could predict the most popular items for weekends, reducing waste and maximizing profits. AI eliminates guesswork and enables businesses to make data-driven decisions with confidence.

Affordable and Targeted Marketing

Effective marketing is crucial for growth, but not all businesses can afford large campaigns. AI-driven advertising platforms allow small businesses to target the right audience at a lower cost. A rural artisan, for instance, can sell handmade products on Instagram or Amazon and reach customers across India or even globally—without needing a professional marketing team. AI-powered marketing tools help businesses expand their reach and visibility effortlessly.

Enhancing Customer Experience

AI also plays a key role in improving the customer experience. Personalized recommendations based on previous purchases can significantly boost customer satisfaction and loyalty. Imagine a clothing store in Bangalore suggesting outfits to customers based on their shopping history. By offering a tailored shopping experience, businesses can build strong relationships with their customers and encourage repeat purchases.

The Future of Small Businesses

From automation to smart insights, AI is transforming how small businesses operate. It is not just a technological advancement—it is the future of business growth. By embracing AI, small businesses in India can enhance efficiency, increase profits, and stay ahead in an increasingly competitive market.

Book your free business consulting

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Profitable Opportunities for 2025

🔥 Top Business Ideas for 2025

1. E-Commerce Business

With the rise of online shopping, starting an e-commerce store is one of the most profitable business ideas today. You can sell fashion, electronics, home décor, or handmade products through platforms like Shopify, Amazon, and Etsy.
Key Benefits:

  • Low operational costs
  • Global customer reach
  • Potential for passive income

2. Dropshipping Business

Dropshipping allows you to sell products without holding inventory. Your supplier directly ships products to customers, reducing your risk and overhead.
Why It’s Profitable:

  • No need for storage space
  • Minimal investment required
  • Easy to scale globally

3. Digital Marketing Services

Every business today needs digital visibility. Offering services like SEO, social media marketing, PPC advertising, and content marketing can be highly rewarding.
How to Succeed:

  • Build expertise in digital tools
  • Create a strong portfolio
  • Use social media to attract clients

4. Freelance Services

If you’re skilled in writing, graphic design, programming, or consulting, freelancing is a great option. Platforms like Fiverr, Upwork, and Freelancer connect you with global clients.
Popular Niches:

  • Content writing
  • Web development
  • Online tutoring

5. Subscription Box Service

Subscription boxes are gaining popularity. Create a niche box for beauty products, fitness gear, snacks, or books.
Steps to Start:

  • Choose a niche
  • Source quality products
  • Offer flexible subscription plans

6. Affiliate Marketing

Earn commissions by promoting products through your blog, YouTube channel, or social media pages.
Top Affiliate Platforms:

  • Amazon Associates
  • ClickBank
  • ShareASale

7. Online Course Creation

Have expertise in a subject? Sell courses on platforms like Udemy, Teachable, and Coursera.
Why It’s Profitable:

  • Low investment
  • High scalability
  • Passive income potential

8. Print-on-Demand Business

Sell custom-designed products like t-shirts, mugs, or phone cases without inventory.
Why It’s Trending:

  • No upfront stock needed
  • High-profit margins
  • Easy integration with e-commerce platforms

9. Virtual Assistant Services

Help entrepreneurs and small businesses manage tasks like email, scheduling, or customer support.
Getting Started:

  • Build communication & time management skills
  • Register on Fiverr or Upwork
  • Build long-term client relationships

10. Fitness & Wellness Coaching

Start a business in personal training, yoga, or diet coaching — either online or offline.
Business Opportunities:

  • Online fitness sessions
  • Meal planning services
  • Virtual wellness workshops

11. Mobile Car Wash & Detailing

A mobile car cleaning service offers convenience to customers at home or office.
Why It’s a Good Idea:

  • Low startup cost
  • Steady income from repeat clients
  • High scalability

12. Pet Care Business

Pet owners need grooming, boarding, and organic food services.
Best Services to Offer:

  • Mobile grooming
  • Pet daycare
  • Homemade pet food

13. Sustainable & Eco-Friendly Products

Start a business selling eco-friendly products like reusable bags, bamboo items, or organic skincare.
Why It’s Profitable:

  • Rising eco-conscious consumers
  • Government support
  • Great for brand image

14. Social Media Consulting

Help businesses build their social media presence and run effective ad campaigns.
Services You Can Offer:

  • Content strategy
  • Influencer marketing
  • Social media ads

15. Home-Based Bakery

If you love baking, start a custom cake or pastry business from home.
How to Start:

  • Get required licenses
  • Promote on Instagram/Facebook
  • Offer online ordering & delivery

✅ How to Choose the Right Business Idea?

  • Assess Market Demand – Use tools like Google Trends, Statista, and industry insights
  • Start Small – Test your business idea with low investment
  • Focus on Digital Marketing – Use SEO, content, and ads to acquire customers
  • Build a Unique Brand Identity – Stand out with your value proposition

🚀 Ready to Start Your Entrepreneurial Journey in 2025?

Book Now – Free Business Consulting

Categories
Process & Business Expansion Strategy

2020 Entrepreneur Trends For Business Expansion

As an entrepreneur, one has to be ready to adapt to the changes happening in the business world. The faster you adopt the change, you will able to establish your brand. As per your thought process, the idea you had must be great only due to the rapid changes the idea can get submerged or can come out as flying colours.

These changes can be bases on the political landscape, economy, technology, and social changes that can boost or kill your idea. As an entrepreneur, one needs know-how competitive the business industry is. In this case, to stay ahead, one needs to be updated with the latest trends. These trends can be in terms of technology, work culture, or operations.

Therefore, by keeping this in mind, mentioning a few trends that as an entrepreneur can help you to grow. These trends will help you, team, or business in the coming years and beyond.

Build Your Business as Part of The Economy

As a business owner, you should always remember how you are giving inputs in the country’s economy. You must understand the circular economy, a business model in which you benefit the business society and the environment.

When you are the owner of a new start-up, it will be easy for you to follow this model as in the later phase, it can be difficult to incorporate the model. Once you follow this model, then it can help you to achieve a great advantage over the competition.

Work on Global Path

When you plan your business, always plan to work on a global basis. Once you start thinking about the global growth, don’t think only about your product or services, but also when you create a team, make sure it has diversification in terms of education, nationality, gender, and experience. It will help you to become innovative and built a strong foundation for growth.

For reaching your destination, you need to start taking steps towards it. So, if you dream of catering to a global market, then, you need to plan this from day one, and it should reflect on your action and planning.

Innovation Is The Secret to Growth

As a business owner, one needs to keep working on a new opportunity for growth and expansion. Innovation is your best friend in this case as it will help you to create a better product or service but also help you tell to sell it to the right target market.

To have an advantage over the competition, you need to make innovation a priority, as it is the best chance to remain in the industry and help you to have the business grow.

Use Of Technology For Operations

You can play safe and smart by using the right technology. Tools that save time helps you to accomplish the goals with fewer resources only. These technologies will help you to streamline work, correct use of resources, and have better results.

These steps help you to grow your business and bring more focus to the team working better in the right direction.

As an entrepreneur, we understand you have many tasks to finish, but keeping yourself updated with these trends is important for you and your business plus your team. To expand your business and stay in the competition, you need to focus on the right things and at the right time

Categories
Finance

How to pay loan faster in 8 Easy Ways

कोरोना काल में बदला उपभोक्ताओं का व्यवहार
कोरोना काल में बदला उपभोक्ताओं का व्यवहार

Introduction

  • Are you facing problems in paying off loans?
  • Are your loans taking away all your savings?
  • Do you want to know how to pay loan faster?

Because of the lack of enough knowledge on how to pay off a loan early, many businessmen in India plunge into long-term debt due to lack of calculation and financial planning.  And due to debts, businessmen develop various health issues like hypertension, anxiety, blood pressure, stress, and depression.

To be happy, you don’t need a piece of finance, you need financial peace.

You just need to know how to pay loan faster without disrupting your day-to-day functions.

In this article, we are discussing 8 effective ways of how to clear loans faster that will help you to get rid of life’s tension.

1. List your Debt by Interest Rate

Following significant steps will help you know how to pay loan faster than usual time span:

? List all your loans along with their interest rates either in ascending or descending order.

? Do not give equal EMI in all the loans.

? Complete the loan first that has the maximum interest and pay minimum EMI of other loans.

For Example

The interest rates of different loans are: Home loan – 8.3%; Car loan – 9%; Education loan – 10%; Personal loan – 12%; Unsecured loan – 20%; Credit card loan – 32%.

As the interest rates of credit card and unsecured loans are higher than the other loans, so, first complete these two loans. Keep the payment of other loans at a minimum.

2. Pay Incremental Gain Exponential

Let us know how to pay loan faster by paying more or double EMIs on the loans whose interest rate is high and get exponential gain.

Take the following example to understand how to pay off a loan early.

Parameters
 Scenario 1
 Scenario 2
 Scenario 3
EMI 5,000 10,000 20,000
Time Taken for Closure 41 Months 13 Months 6 Months
Payment – 2 times 4 times
Benefit Nill 3 times 7 times
Total Amount Paid 2,05,000 1,30,000 1,20,000

In the above table, you can observe that if we increase the amount of EMI, then the total amount to be paid decreases. In this way, you get the exponential benefit through incremental payment.

3. Sell Unnecessary Items for at least 2 to 4 EMIs

Selling unnecessary items is another way to how to clear loans faster.

If you buy a product but not use it from last one year, then it is possible that it is your depreciating asset and useless for you.

For example, unnecessary furniture, old mobile phones, bags, books, and apparel.

You can sell the unnecessary items on OLX and Quikr. You can take out 4-5 EMIs of your loan by selling these things.

4. Temporary Downsizing

Temporary downsizing is one of the ways to how to pay off a loan early.

An intelligent person will buy an appreciating asset while a low IQ person will buy depreciating assets or liability or unnecessary objects.

  • Identify your unnecessary monthly subscription services, depreciating assets, and non-value adding objects.
  • Control these unnecessary expenses so that you can make some extra saving, for say 30%. You can use this saving to pay your EMIs.

5. Pay Loans with the Second Income

To know how to pay off a loan early, you need to analyze the total amount of income you have.

? If you have two earning members in your family, then use the income of one member to meet the family expenses and use the income of the other member to pay off your loans.

? If you are the only earning member in your family, then you should plan additional income through part-time jobs like freelance photography, content writing, LIC agent, catering, etc.

  • Identify your passion that will help you to get an extra income.
  • Use the additional income to pay off your loans.

6. Have an Emergency Savings Fund

You should consider the following pointers to understand how to pay loan faster:

? Maintain some emergency savings fund so that you need not take loans.

? Invest in equity and liquid debt funds that will help you to takeout funds easily.

7. Habit of Budgeting is an Extra Blessing

You need to adopt the following points to understand how to clear loans faster:

? Have a data-driven approach to your spending.

? Keep your intelligence above your emotions while spending.

? Make a budget to control your emotional spending.

Those who don’t manage their money will always work for those who do!

8. Throw any excess cash on your debt

Spend the extra money obtained from any source like tax refunds, bonuses, incentives, etc. to pay your debts.

Do not take loans in a hurry. Maintain your CIBIL score. Spend only when it is necessary.

At last, even if you know the strategy of how to pay loan faster, but you are not implementing then you are deliberately letting your loans eat all your savings and financial growth.

Hence, implementation is the key to pay your loans off swiftly.