Business Opportunities Identification: Entrepreneurs and Opportunities

"The entrepreneur always searches for change, responds to it and exploits it as an opportunity. "

Peter Drucker 

The ability to identify business opportunities is an essential characteristic of an entrepreneur. 

What is an Opportunity?

The word opportunity suggests a good chance or a favourable situation to do something offered by circumstances.

Common Questions Faced by Entrepreneurs 

A critical question that all entrepreneurs face is how to go about finding the business opportunity that is right for them. 

• Some common questions that entrepreneurs constantly think about are:
• Should the new enterprise introduce a new product or service based on an unmet need? 
• Should the new enterprise reflect and existing product or service from one market and offer it in another where it may not be available?
• Should the enterprise be based on  triad and tested formula that has worked elsewhere? 

It is therefore extremely important that entrepreneurs must learn how to identify new and existing business opportunities and evaluate their chances of success. 

When is an Identity and Opportunity?

An idea is an opportunity when:

• It creates or adds value to a customer 
• It solves a significant problem, removes a pain point or meets a demand 
• Has a robust merely and profit margin 
• Is a good fit with the founder and management team at the right time and place 

Factors to Consider When Looking for Opportunities

Consider the following when looking for business opportunities:

• Economic trends 
• Marked trends 
• Changes in funding 
• Changes in political support 
• Changing relationships between vendors, partners and suppliers 
• Shift in target audience 

Ways to Identify New Business Opportunities 

1. Identify Market Inefficiencies

When looking at a market, consider what inefficiencies are present in the market. Thick about ways to correct these inefficiencies. 

2. Remove Key Hassles

Rather than create a new product or service, you can innovatively improve a product, service or process. 

3. Create Something New

Thick about how you can create a new experience for customers, based on existing business models.

4. Pick a Growing Sector/Industry 

Research and find out which sectors or industries are growing and think about what opportunities you can tap in the same. 

5. Think About Product Differentiation

If you already have a product in mind, think about to set it apart from the existing ones. 

Ways to Identify Business Opportunities within Your Business 

1. SWOT Analysis 

An excellent way to identify opportunities inside your business is by creating a SWOT analysis. The acronym SWOT stands for strengths, weaknesses, opportunities, and threats. SWOT analysis frameworks:

Consider the following when looking for business opportunities:

By looking at yourself and your competitors using the SWOT framework, you can uncover opportunities that you can exploit, as well as manage and eliminate threats that could derail your success. 

2. Establishing Your USP

Establish your USP and position yourself as different from your competitors.  Identify why customers should buy from you and promote that reason. 

Opportunity Analysis 

Once you have identified an opportunity, you need to analyse it. 

To analyse an opportunity, you must:

• Remember, opportunities are situational. 
• Avoid the latest craze. 
• Look for a proven track record. 
• Live your idea. 

Interview Preparation: How to Prepare for an Interview?

The success of your getting the job that want depends largely on how well your interview for that job goes.  Therefore, before you go in for your interview, it is important that you prepare for it with a fair a amount of research and planning. Take a look at the steps to follow in order to be well prepared for an interview:

1. Research the organization that you are having the interview with. 

• Studying the company beforehand will help you be more prepared at the time of the interview. Your knowledge of the organization will help you answer questions at the time of the interview, and will leave you looking and feeling more confident. This is sure to make you stand out from other, not as well informed, candidates. 
• Look for background information on the company. Ty and find an overview of the company and it's industry profile.
• Visit the company website to get a good idea of what the company does.  A company website offers a wealth of important information. Read and understand the company's mission statement. Pay attention to the company's products/services and client lost. Read through any press releases to get an idea of the company's projected growth and stability. 
• Note down any questions that you have after your research has been completed. 

2. Think about whether your skills and qualifications match the job requirements. 

• Carefully read through and analyse the job description. 
• Make a note of the knowledge, skills and abilities required to fulfil the job requirements. 
• Take a look at the organization hierarchy. Figure out where the position you are applying for fits into this hierarchy. 

3. Go through the most typical interview questions asked, and prepare your responses. 

• Remember, in most interview a mix of resume - based, behavioural and case study questions are asked. 
• Think about the kind of answers you would like to provide to typical questions asked in these three areas. 
• Practice these answers until you can express them confidently and clearly. 

4. Plan your attire for the interview. 

• It is always safest to opt for formal business attire, unless expressly informed to dress in business casual (in which case you should use your bluest judgement)
• Ensure that your clothes are clean and well-ironed. Pick neutral colours - nothing too bright or flashy. 
• The shoes you wear should match your clothes, and should be clean and suitable for an interview. 
• Remember, your aim is to leave everyone you meet with the impression that you are a professional and highly efficient person. 

5. Ensure that you have packed everything that you may require during the interview. 

• Carry a few copies of your resume. Use a good quality paper for your resume print outs. 
• Always take along a notepad and a pen. 
• Take along any information you may need to refer to, in order to fill out an application form. 
• Carry a few samples of your work, if relevant 

6. Remember the importance of non-verbal communication. 

• Practice projecting confidence. Remind yourself to smile and make eye contact. Practice giving a firm handshake. 
• Keep in mind the importance of posture. Practice setting up straight. Train yourse6to stop nervous gestures like fidgeting and foot -tapping. 
• Practice keeping your reactions in check. Remember, your facial expressions provide a good insight into your true feelings. Practice projecting a positive image. 

7. Make a list of questions to end the interview with. 

• Most interviews will end with the interviewer(s) asking if you have any questions. This is your chance to show that you have done your research and are interested in learning more about the company. 
• If the interviewer does not ask you this question, you can inform him/her that you have some queries that you would like to discuss. This is the time for you to refer to the notes you made while studying the company. 
• Some good questions to ask at this point are. 

➡️What do you consider the most important criteria for success in this job? 

➡️How will my performance be evaluated?

➡️What are the opportunities for advancement?

➡️What are the next steps in the hiring process? 

• Remember, never ask for information that is easily available on the company website. 

Problem Solving & Negotiation Skills: What is a Problem?

As per The Concise Oxford Dictionary (1995), a problem is, "A doubtful or difficult matter requiring a solution"

All problems contain two elements:

1. Goals 
2. Obstacles 

The aim of problem solving is to recognize the obstacles and remove them in order to achieve the goals. 

How to Solve Problems? 

Solving a problem requires a level of rational thinking. Here are some logical step to follow when faced with an issue:

Step 1: Identify the problem 

Step 2:Study the problem in detail

Step 3: List all possible solutions

Step 4: Select the best solution

Step 5: Implement the chosen solution 

Step 6: Check that the problem has really been solved 

Important Trait for Problem Solving

Highly developed problem-aolving skills are critical for both, business owners and their employees. The following personality traits play a big role in how effectively problems are solved:

Being open minded

Asking the right questions 

Not panicking 

Having a positive attitude 

Being proactive 

Focusing on the right problem

How to Assess for Problem Solving Skills? 

As an entrepreneur, it would be a good idea to assess the level of problem solving skills of potential candidates before hiring them.  Some ways to assess this skill are through:

1. Application forms: Ask for proof of the candidate's problem solving skills in the application form. 
2. Psychometric tests: Give potential candidates logical reasoning and critical thinking tests and see how they fare. 
3. Interview: Create hypothetical problematic situations or raise ethical questions and see how the candidates respond. 
4. Technical questions: Give candidates examples of real life problems and evaluate their thought process. 

What is Negotiate?

Negotiation is a method used to settle differences. The aim of negotiation is to resolve differences through a compromise or agreement while avoiding disputes. Without negotiation, conflicts are likely to lead to resentment between people. Good negotiation sk8lls help satisfy both parties and go a long way towards developing strong relationship. 

Why Negotiate? 

Starting a business requires many, many negotiations. Some negotiations are small while others are critical enough to make or break a start -up.  Negotiation also plays a big role inside the workplace. As an entrepreneur, you need to know not only know how to negotiate yourself, but also how to turn employees in the art of negotiation. 

How to Negotiate? 

Take a look at some steps to help you negotiate:

Communication Skills: Listening & Speaking the Importance of Listening Effectively

Listening is the ability to correctly receive and understand messages during the process of communication. Listening is critical for effective communication. Without effective listening skills, messages can easily be misunderstood. This results in a communication breakdown and can lead to the sender and the receiver of the message becoming frustrated or irritated. It's very important to note that listening is not the same as hearing. Hearing just refers to sounds that only hear. Listening is a whole lot more than that. To listen, one requires focus. It means not only paying attention to the story, but also focusing on how the story is related, the way language and voice is used, and even how the speaker uses their body language. The ability to listen depends on how effectively one can perceive and understand both, verbal and non-varbal cues. 

How to Listen Effectively? 

To listen effectively you should:

• Stop talking 
• Pay attention to the tone that is being used
• Stop interrupting 
• Pay attention to the speaker's gestures, facial expressions and eye movements
• Focus completely on what is being said 
• Not try and rush the person
• Nod and use encouraging words and gestures 
• Not let the speaker's mannerisms or habits irritate or distract you 
• Be open-minded 
• Think about the speaker's perspective 
• Be very, very patient 

The Importance of Speaking Effectively 

How successfully a message gets conveyed depends entirely on how effectively you are able to get through. An effective speaker is one who enunciated properly, pronounces words correctly, chooses the right words and speaks at a pace that is easily understandable. Besides this, the words spoken out loud need to match the gestures, tone and body language used. What you say, and the tone in which you say it, results in numerous low self-esteem or lacking in knowledge of the discussed topic. Those with a quiet voice may very well be labelled as shy. And those who speak in commanding tones with high levels of clarity, are usually considered to be extremely confident. This makes speaking a very critical communication skill. 

How to Speak Effectively?

To speak effectively you should:

• Incorporate body language in your speech like eye contact, smiling, nodding, gesturing etc. 
• Build a draft of your speech before actually making speech. 
• Ensure that all your emotions and feeling are under control. 
• Pronounce your words distinctly with the correct pitch and intensity. Your speech should be crystal clear at all times. Use a pleasant and natural tone when speaking. Your audience should not feel like you are putting on an accent or being unnatural in any way. 
• Use precise and specific words to drive your message home.  Ambiguity should be avoided at all costs. 
• Ensure that your speech has logical flow. 
• Be brief.  Don't add any unnecessary information. 
• Make a conscious effort to avoid irritating mannerisms like fidgeting, twitching etc. 
• Choose your word carefully and use simple words that the majority of the audience will have no difficilulty understanding.
• Use visual aids like slides or a whiteboard. 
• Speak slowly so that your audience can easily understand what you're saying. However, be careful not to speak too slowly because this can come across as stiff, unprepared or even condescending. 

Remember to pause at the right moments. 

Leadership & Teamwork: Leadership and Leaders

Leadership means setting an example for others to follow. Setting a good example means not asking someone to do something that you wouldn't willingly want to do yourself. Leadership is about figuring out what to do in order to win as a team, and as a company. 

Leaders believe in doing the right things. They also believe in helping others to do the right things. An effective leader is someone who. 

• Creates an inspiring vision of the future. 
• Motivates and inspires his team to pursue that vision. 

Leadership Qualities That All Entrepreneurs Need 

Building a successful enterprise is only possible if the entrepreneur in charge possesses excellent leadership qualities. Some critical leadership skills that every entrepreneur must have are:

1. Progmatism: This means having the ability to highlight all obstacles and challenges, In order to resolve issues and reduce risks. 
2. Humility: This means admitting to mistakes often and early, and being quick to take responsibility for your actions. Mistakes should be viewed as challenges to overcome, not opportunities to point blame. 
3. Flexibility: It is critical for a good leader to be very flexible and quickly adapt to change. 
4. Authenyicity: This means showing both, your strengths and your weaknesses. It means being human and showing others that you are human. 
5. Reinvention: This means refreshing or changing your leadership style when necessary.  To do this, it's important to learn where your leadership gaps lie and find out what resources are required to close them. 
6. Awareness: This means taking the time to recognize how others view you. It means understanding how your presence affects those around you. 

Benefits of Effective Leadership 

Effective leadership results in numerous benefits. Great leadership leads to the leader successfully:

• Gaining the loyalty and commitment of the team members 
• Motivating the team to work towards achieving the company's goals and objectives 
• Building morale and instilling confidence in the team members 
• Fostering mutual understanding and team-spirit among team members
• Convincing team members about the need to change when a situation requires adaptability 

Teamwork and Teams 

Teamwork occurs when the people in a workplace combine their individual skills to pursue a common goal. Effective teams are made up of individuals who work together to achieve this common goal. A great team is one who holds themselves accountable for the end result. 

1. Unity of purpose :All the team members should clearly understand and be equally commuted to purpose, vision and goals of the team. 
2. Great communication skills:Team members should have the ability to express their concerns ,ask questions and use diagrams, and charts to convey complex information. 
3. 
   

Concept introduction (characteristic of entrepreneurs, types of firms /types of enterprises

Entrepreneurs and entrepreurship

Anyone who is determined to start a business, no matter what the risk, is an entrepreneur. Entrepreneur run their own start-up ,take responsibility for the financial risks and use creativity, innovation and vast reserves of self-motivation to achieve success. They dream big and are determined to do whatever it takes to turn their idea into a viable offering. The aim of an entrepreneur is to create an enterprise. The process of creating this enterprise is know as enterpreneuship.

Importance of enterpreneuship

1. Enterpreneuship is very important for the following reasons:
2. It results in the creation of new organizations
3. It brings creativity into the marketplace 
4. It leads to improved standards of living 
5. It helps develop the economy of a country 

Characteristics of Enterpreneus

All successful enterpreneus have certain characteristics in common. 

They are all:

• Extremely passionate about their work  

•  Confident in themselves 
• Disciplined and dedicated
• Motivated and driven
• Highly creative 
• Visionaries 
• Open -minded
• Desisive

 Enterpreneurs also have a tendency to:

• Have a high -risk tolerance 
• Thoroughly plan everything
• Manage their money wisely 
• Make their customers their priority 
• Understand their offering and their market in detail
• Ask for advice from experts when required
• Know when to cut their losses 

Examples of Famous Entrepreneurs

Some famous entrepreneurs are:

• Dhirubhai Ambani (reliance) 
• Dr. Karsanbhai Patel (normal) 
• Aziz premji (wiper) 
• Anil agrawal (Vedanta resources) 

Types of Enterprises

Asan entrepreneurs in india, you can own and run any of the following types of enterprises:

Sole proprietorship
In a sole proprietorship, a single individual owns, managed and controls the enterprise. This types of business is the easiest to from with respect to legal  formalities. The business and the owner have no separate legal existence. All profit belongs to the propietor, as do all the losses the liability of the entrepreneurs is unlimited.

Partnership

A partnership firm is formed by two are more people. The owner of the enterprise are called partner. A partnership deed must be signed by all the partners. The firm and it's partners have no separate legal existence. The profits are shared are by the partners. With respect to losses, the liability of the partner is unlimited. A firm has a limited life span and must be dissolved when any one of the partners dies, retires claims bankruptcy or goes insane.

Limited liability partnership (LLP)

In a limited liability partnership or LLP, the partner of the firm enjoy perpetual existence as well as the advantage of limited l8ability. Each partners liability us limited to their agreed contribution to the LLP
The partnership and it's partners have a separate legal existence.

Understanding Entrepreurship / Unit Objective

At the end of this unit, you will be able to:

1. Discuss the concept of entrepreneurship 
2. Discuss the importance of entrepreurship 
3. Describe the characteristics of an entrepreneur 
4. Describe the different types of enterprises
5. List the qualities of an effective leader
6. Discuss the benefits of effective leadership 
7. List the traits of an effective team 
8. Discuss the importance of listening effectively
9. Discuss how to listen effectively 
10. Discuss the importance of speaking effectively 
11. Discuss how to speak effectively
12. Discuss how to solve effectively 
13. List important problem solving traits
14. Discuss ways to assess problem solving sk8lls 
15. Discuss the importance of negotiation 
16. Discuss how to negotiate 
17. Discuss how to identify new business opportunities 
18. Discuss how to identify business opportunities within your business 
19. Explain the meaning of entrepreneur 
20. Describe the different types of entrepreneurs 
21. List the characteristic of entrepreneurs 
22. Excellent entrepreneur success stories
23. Discuss the entrepreneurial process 
24. Describe the entrepreneurship ecosystem 
25. Discuss the purpose of the Make in India campaign 
26. Discuss key schemes to promote entrepreneurs 
27. Discuss the relationship between entrepreneurship and risk appetite 
28. Discuss the relationship between entrepreneurship and resilience 
29. Describe the characteristics of a resilient entrepreneur 
30. Discuss how to deal with failure 

Work readiness - Terms and terminologies :basic workplace terminology

Every employee should be well versed in the following terms :

• Annual leave :paid vacation leave given by employer to employees. 
• Background check :A method used by employees to verify the accuracy of the information provided by potential candidates. 
• Benefits :A part of an employees compensation package. 
• Breaks :short periods of rest taken by employees during working hours. 
• Compensation package :the combination of salary and benefits that and employees provided to his /her employees. 
• Compensatory time (comp time) : Time off in lieu of pay. 
• Contact employee :An employee who works for one organization that Selle said employees service to another company, either on a project and time basis.
• Contract of employment :When an employee is offered work in exchange for wages or salary, and accepts the the offer made by the employer, the contract of employment exists. 
• Corporate culture : the benefits and values shared by all the members of the company, and imparted from one generation of employees to another. 
• Counter offer /counter proposal:A negotiation techniques used by potential candidates to increase the amount of salary offered by a company. 
• Cover letter:A letter that accompanies a candidate's resume. It imfasizes the important point in the candidates resume and provides real example that prove the candidates ability to perform the expected job role. 
• Curriculum vitae (CV) /Resume :A summary of a candidates achievement, educational work experience, skills and strengths. 
• Declining letter :Aletter send by an employee to an employer, turning down the job offer employer to the employee. 
• Deductions :Amount subtracted from an employee's pay and listed on the employee's pay slip. 
• Discrimination :the act of treating one person not as favourable as another person. 
• Employee:Aperson who works for another person in exchange for payment. 
• Employee treaning:A workshop or in _house training that an employee is asked to attend by his or her superior, for the benefits of the employer. 
• Employment gaps :periods of unemployed time between jobs. 
• Fixed -up :The contract of employment which gets terminated on an agreed -upon date. 
• Follow -up :The act of contacting a potential employer after a candidate has submitted his or her resume. 
• Freelancer /consultant/independent contractor :A person who works for him or herself for temporary jobs and projects with different employers. 
• Holiday:paid time -off from work. 
• Hourly rate:The amount of salary or wages paid for 60 minutes of work.
• Internship :A job opportunity offerd by an employer to a potential employee ,called an at the employer company for a fixed, limited time period. 
• Interview:A conversation between a potential employer and a representative of an order to determine if the potential employee should be hired. 
• Job application:Aform which asked for a candidates information like the candidates name details and work experience. The purpose of a candidates submitting a job application ,is to show that candidate interest the working for a particular company. 
• Job offer:An offer of employment made by an employer to a potential employee. 
• Job search agent:A program that enables candidates to search for employment opportunities by selecting criteria listed in the program, for job vacancies, background, made by the and pitches intern, to work employer, in address contact. 
• Lay off:Alay off occurs when an employee is temporary let go from his or her job, due to the employee not having any work for that employee.
• Leave : Formal permissions given to an employee, but his or her employer, to take a leave of absence from work. 
• Letter of Agreement: A letter given by an employer to an employee, confirming the offer of employment made by the employer, as well as the conditions of the offer. 
• Letter of Agreement: A letter that outlines the terms of employment. 
• Letter of Recommendation: A letter written for the purpose of validating the work skills of a person. 
• Maternity Leave: Leave taken from work by women who are pregnant, or who have just given birth. 
• Mentor: A person who is employed at a higher level than you, who offers you advice and guides you in your career. 
• Notice: An announcement made by an employee or an employer ,stating that the employment contract will end on a particular data. 
• Offer of Employment: An offer made by an employer to a prospective employee that contains important information pertaining to the job being offered, like the starting date, salary, working conditions etc. 
• Open'Ended Contract: A contract of employment that continues till the employer or terminates it. 
• Overqualified: A person who is not suited for a particular job because he or she has too many years of work experience, or a level of education that is much higher than required for the job, or is currently or was previously too highly paid. 
• Part-Time Worker: An employee who works for fewer hours than the standard number of hours normally worked. 
• Paternity Leave: Leave granted to a man who has recently become a father. 
• Recruiters/Head-hunaters/Executive Search Firms: Professionals who are paid by employers to search for people to fill particular positions. 
• Resigning/Resignations: When an employee formally informs his or her employers that he or she is quitting his or her job. 
• Self-Employed: A person who has or her own business and does not work in the capacity of an employee. 
• Time Sheet: A form that is submitted to an employer, by an employee, that contains the number of hours worked every day by the employee.

Interview FAQs

Take a look at some of the most frequently asked interview questions, and some helpful tips on how to answer them.

Q1.  Can you tell me a little about yourself? 
Tips to answer:

• Don't provide your full employment or personal history. 
• Offer 2-3 specific experiences that you feel are most valuable and relevant.
• Conclude with how those experience have made you perfect for this specific role. 

Q2.  How did you hear about the position? 

Tips to answer:

• Tell the interviewer how you heard about the job - whether it was through a friend (name the friend), event or article (name them) or a job portal (say which one). 
• Explain what excites you about the position and what in particular caught your eye about this role. 

Q3.  What do you know about the company? 

Tips to answer:

• Don't recite the company's About Us page. 
• Show that you understand and care about the company's goals. 
• Explain why you believe in the company's mission and values. 

Q4.  Why do you want this job? 

Tips to answer:

• Show that you are passionate about the job. 
• Identify why the role is a great fit for you. 
• Explain why you love the company. 

Q5.  Why should we hire you? 

Tips to answer:

• Prove through your words that you can not only do the work, but can definitely deliver excellent results. 
• Explain why you would be a great fit with the team and work culture. 
• Explain why you should be chosen over any other candidate. 

Q6.  What are your greatest professional strengths? 

Tips to answer:

• Be honest - share some of your real strengths, rather than give answers that you think sound good. 
• Offer examples of specific strengths that are relevant to the position you are applying for. 
• Provide examples of how you've demonstrated these strengths. 

Q7.  What do you consider to be your weaknesses? 

Tips to answer:

• The purpose of this question is to gauge your self - awareness and honesty. 
• Give an example of a trait that you struggle with, but that you're working on to improve. 

Q8.  What are your salary requirements? 

Tips to answer:

• Do your research before hand and find out the typical salary range for the job you are applying for. 
• Figure out where you lie on the pay scale based on your experience, education, and skills. 
• Be flexible. Tell the interviewer that you know your skills are valuable, but that you want the job and ar3 willing to negotiate. 

Q9.  What do you like to do outside of work?

Tips to answer:

• The purpose of this question is to see if you will fit in with the company culture. 
• Be honest - open up and shere activities and hobbies that interest and excite you. 

Q10.  If you were an animal, which one would you want to be? 

Tips to answer:

• The purpose of this question is to see if you are able to think on your feet. 
• There's no wrong answer - but to make a great impression try to bring out your strengths or personality traits through your answer. 

Q12.  Do you have any questions for us? 

Tips to answer :

• Do not ask questions to which the answers can be easily found on the company website or through a quick online search. 
• Ask intelligent questions that show your ability to think critically. 

Preparing an Effective Resume: How to Create an Effective Resume?

A resume is a formal document that lists a candidate's work experience, education and skills.  A good resume give a potential employer enough information to believe the applicant is worth interviewing. That's why it is so important to create a resume that is effective. Take a look at the steps to create an effective resume:

Step 1: Write the Address Section 

The Address section occupies the top of your resume. It includes information like your name, address, phone number and e-mail address. Insert a bold line under the section to separate it from rest of your resume.

Example:

Kristi Mentally
Breach Candy, Mumbai - India
Contact No: +91 2223678270
Email: jasmine.watts@gmail.com 

Step 2: Add the profile Summary Section

This part of your resume should list your overall experiences,achievements ,awards,  certifications and strength. You can make your summary as short as 2-3 bullet points or as long as 8-10 bullet points.

Example:

Profile Summary 

• A Floor Supervisor graduated from University of Delhi having 6 years of experience in managing a retail outlet. 
• Core expertise lies in managing retail staff, including cashiers and people working on the floor. 

Step 3: Include Your Educational Qualifications

When listing your academic records, first list your highest degree. Then add the second highest qualification under the highest one and so on. To provide a clear and accurate picture of your educational background, it is critical that include information on your position, rank, percentage or CPL for every degree or certification that you have listed. If you have done any certifications and training, you can add a Trainings & Certifications section under your Educational Qualifications section. 

Example:

Educatinlonal Qualifications

<Enter qualification><enter date of qualification>from<enter name of institute>with<entet lercentage or any other relevant scoring system>.

Step 4: List Your Technical Skills 

When listing your technical skills, start with the skills that you are most confident about. Them add the skills that you do not have as good a command over. It is lerfectly acceptable to include just one skill, if you feel that particular skill adds tremendous value to your resume. If you do not have any technical sk8lls, you can omit this step. 

Example:

Technical Skills

• <Enter your technical skills here, if applicable>

Step 5 Insert Your Academic Project Experience 

List down all the important projects that you have worked on. Include the following ifotmationnin this section:

• Project title 
• Contribution 
• Organization 
• Description 
• Platform used 

Example:

Academic Projects 

Projects Title: <Insert project title>

Organization: <Insert the name of the organization for whom you did the project>

Platform used: Insert the platform used, if any>

Contribution: <Insert your contribution towards this project>

Description: <Insert a description of the project in one line>

Step 6: List Your Strengths 

This is where you list all your major strengths. This sections should be in the form of a billeted list.

Example:

Strengths 

• Excellent oral, written and presentation skills
• Action-oriented and result -focused
• Great time management skills 

Step 7: List Your Extracurricular  Activities 

It is very important to show that you have diverse interests and that your life consists of more than Casanova. Including your extracurricular activities can give to you an added edge over other candidates who have similar academic scores and lroject experience  This section should be in the form of a billeted list. 

Example:

<Insert your extracurricular activity here. E. g. : Member of, _______________ played (name of sport)  at_______________level, won (name of prize/award) for _____________>

Step 8: Write Your Personal Details 

The last section of your resume must include the following personal information tion:

• Date of birth 
• Gender & marital status 
• Nationality 
• Languages know 

Example:

Personal Details 

• Date of birth:   25th May, 1981
• Gender & marital status:  Female, single 
• Nationality:  Indian 
• Languages known:  English, Hindi,  Tamil,  French 

Interview Preparation: How to prepare for an Interview?

The success of your getting the job that you want depends largely on how well your interview for that job goes. Therefore, before you go in for your interview, it is important that you prepare for it with a fair amount of research and planning. Take a look at the steps to follow in order to be well prepared for an interview:

1. Research the organization that you are having the interview with. 

• Studying the company beforehand will help you be more keepers at the time of the interview. Your knowledge of the organization will help you answer questions at the time of the interview, and will leave you looking and feeling more confident. This is sure to make you stand out from other, not as well informed, candidates. 
• Look for background information on the company. Try and find an overview of the company and it's industry profile. 
• Visit the company website to get a good idea of what the company does. A company website offers a wealth of important information. Read and understand the company's mission statement. Pay attention to these company's products/services and client list. Read through any press releases to get an idea of the company's projected growth and stability. 
• Note down any questions that you have after your research has been completed. 

2. Think about whether your skills and qualifications match the job requirements.

• Carefully read through and analyse the job description. 
• Make a note of the knowledge, skills and abilities required to fulfil the job requirements.
• Take a look at the organization hierarchy. Figure out where the position you are applying for fits into this hierarchy. 

3. Go through the most typical interview questions asked, and prepare your responses. 

• Remember, in most interviews a mic of resume - based, behavioural and case study questions are asked. 
• Think about the kind of answers you would like to provide to typical questions asked in these three areas.
• Practice these answers until you can express them confidently and clearly. 

4. Plan your attire for the interview. 

• It is always safest to opt for formal business attire, unless expressly informed to dress in business casual (in which case you should use your best judgement) 
• Ensure that your clothes are clean and well-ironed. Pick neutral colours - nothing too bright or flashy. 
• The shoes you wear should match your clothes, and should be clean and suitable for an interview. 
• Remember, your aim is to leave everyone you meet with the impression that you are a professional and highly efficient person. 

5. Ensure that have packed everything that you may require during the interview. 

• Carry a few copies of your resume. Use a good quality paper for your resume print outs. 
• Always take along a notepad and pen. 
• Take along any information you may need to refer to, in order to fill out an application form. 
• Carry a few samples of your work, if relevant. 

6. Remember the importance of non-verbal communication. 

• Practice projecting confidence. Remind yourself to smile and make eye contact. Practice giving a firm handshake. 
• Keep in mind the importance of posture. Practice sitting up straight. Train yourself to stop nervous gestures like fidgeting and foot ltapping.
• Practice keeping your reactions in check. Remember, your facial expressions provide a good insight into your true feelings. Practice projecting a positive image. 

7. Make a list of questions to end the interview with. 

• Most interviews will end with the interviewer(s) asking if you have any questions. This is your chance to show that you have done your research and are interested in learning more about the company. 
• If the interviewer does not ask you this question, you can inform him/her that you have some queries that you would like to discuss. This is the time for you to refer to the notes you made while studying the company. 
• Some good questions to ask at this point are:

⭕ What do you consider the most importan6crireria for success in this job? 

⭕How will my performance be evaluated?

⭕What are the opportunities for advancement? 

⭕What are the next steps in the hiring process? 

• Remember, never ask for information that is easily available on the company website. 

Differences between NEFT, RTGS & IMPS

Online Banking, NEFT, RTGS etc.: What is online Banking

Internet or online banking allows account holders to access their account from a laptop at any location. In this way, instructions can be issued. To access an account, account holders simply

Internet banking can be used to:

• Find out an account balance 
• Transfer amounts from one account to another 
• Arrange for the issuance of cheques 
• Instructions payments to be made 
• Request for a cheque book 
• Request for a statement of accounts 
• Make a fixed deposit 

Electronic Funds Transfers 

Electronic funds transfer is a convenient way of transferring money from the comfort of one's own home, using integrated banking tools like internet and mobile banking. 

Transferring funds via an electronic gateway is extremely convenient. With the help of online banking, you can choose to:

• Transfer funds into your own accounts of the same bank. 
• Transfer into other bank accounts using RTGS. 
• Transfer funds into different accounts of the same bank.
• Transfer funds into various accounts using IMPS. 
• Transfer funds into accounts in different bank, using NEFT. 

NEFT 

NEFT stands for National Electronic Funds Transfer. This money transfer system allows you to electronically transfer funds from your respective bank accounts to any other account, either in the same bank or belonging to any other bank. NEFT can be used by individuals, firms and corporate organizations to transfer funds between accounts. 

In order to transfer funds via NEFT, two things are required:

• A transferring bank 
• A destination bank 

Before you can transfer funds through NEFT, you will need to register the beneficiary who will be receiving the funds. In order to complete this registration, you will require the following information:

• Recipient's name 
• Recipient's account number 
• Recipient's bank's name Recipient's bank IFSC code 

RTGS 
RTGS stands forbReal Time Gross Settlement. This is a real-time fund transfer system which enables you to transfer from one bank to another, in real time or on a gross basis. The transferred amount is immediately deducted from the account of one bank, and instantly credited to the other bank's account. The RTGS payment gateway is maintained by the Reserve Bank of India. The transactions between bank's are made electronically. RTGS can be used by individuals, companies and firms to transfer large sums of money. Before remitting funds through RTGS, you will need to add the beneficiary and his bank account details via your online banking account.

In order to complete this registration, you will require the

• Name of the beneficiary 
• Beneficiciary's account number 
• Beneficiary's bank address 
• Beneficiary's bank's IFSC code 

IMPS 

IMPS stands for Immediate Payment Service. This is a real-time, inter - bank, electronic funds transfer system used to transfer money instantly within bank's across India. IMPS enables users to make instant electronic transfer payments using mobile phones through both, Mobile Banking and SMS. It can also be used through ATMs and online banking. IMPS is available 24 hours a day and 7 days a week. The system features a secure transfer gateway and immediately confirms order that have been fulfilled. 

• Register for IMPS with your bank 
• Receive a Mobile Money Identifier (MMID)  from the bank 
• Receive a MPIN from the bank 

To transfer money through IMPS, the you need to:

Once you have both these, you can login or make a request through SMS to transfer a particular amount to a beneficiary. 

For the beneficiary to receive the transferred money, he must:

1. Link his mobile number with his respective account 
2. Receive the MMID from the bank 

In order to initiate a money transfer through IMPS, you will need to enter the following information:

1. The beneficiary's mobile number 
2. The beneficiary's MMID
3. The transfer amount 
4. Your MPIN 

Wanted soon as money has been deducted from your account and credited into the beneficiary's account, you will be sent a confirmation SMS with a transaction reference number, for future reference. 

Differences between NEFT, RTGS & IMPS

Investment, Insurance and Taxes: Investment

Investment means that money is spent today with the aim of relaxing financial gains at a future time. The main types of investment options are as follows:

• Bonds: Bonds are instruments used by public and private companies to raise large sums of money - too large to be borrowed from a bank. These bonds are then issued in the public market and are bought by lenders. 
• Stocks: Stocks or equity are shares that are issued by companies and are bought by the general public. 
• Small Savings Schemes: Small Savings Schemes are tools meant to save money in small amounts. Some popular schemes are the Employees Provident Fund, Atlanta Samriddhi Scheme and National Pension Scheme. 
• Mutual Funds: Mutual Funds are professionally managed financial instruments that invest money in different securities on behalf of investors. 
• Fixed Deposits: A fixed amount of money is kept aside with a financial institution for a fixed amount of time in return for interest on the money. 
• Real Estate: Loans are taken from banks to purchase real estate, which is then leased or sold with the aim of making a profit on the appreciated property price. 
• Hedge Funds: Hedge funds invest in both financial derivatives and/or publicly traded securities. 
• Located Equity: Private Equity is trading in the shares of an operating company that is not publicly listed and whose shares are not available on the stock market. 

Insurance 

There are two types of insurance - Life Insurance and Non-Life or General Insurance. 

Life Insurance 

Life Insurance deals with all insurance covering human life. 

Life Insurance Products 

The main life insurance products are:

• Term Insurance: This is the simplest and cheapest from of insurance. It offers financial protection for a specified tenure, say 15 to 20 years. In the case of your death, your family is paid the sun assured. In the case of your surviving the term, the insurer pays nothing. 
• Endowment Policy: This offers the dual benefit of insurance and investment. Part of the premium is allocated towards the sum assured, while the remaining premium gets invested in equity and debt. It pays a lump sum amount after the specified duration or on the death of the policyholder, whichever is earlier  
• Unit-Linked Insurance Plan (ULIP) : Here part of the premium is spent on the like cover, while the raining amount is invested in equity and debt. It helps develop a regular saving habit. 
• Money Bank Like Insurance: While the policyholder is alive, periodic payments of the partial survival benefits are mode during the policy tenure. On the death of the insured, the insurance company pays the full sum assured along with survival benefits. 
• Whole Life Insurance: It offers the dual benefit of insurance and investment. It offers insurance cover for the whole life of the person or up to 100 years whichever is earlier. 

General Insurance 

General Insurance deals with all insurance covering assets like animals, agricultural crops, goods, factories, care and so on.

General Insurance Products 
The main general insurance products are:

• Motor Insurance: This can be divided into Four-wheeler Insurance and Two-Wheeler insurance 
• Health Insurance: The main types of health insurance are individual health insurance, family floater health insurance, comprehensive health insurance and critical illness insurance. 
• Travel Insurance: This can be categorised into Individual Travel Policy, Family Travel Policy, student Travel Insurance and Senior Citizen Health Insut6. 
• Home Insurance: This protects the house and it's contents from risk. 
• Marine Insurance: This insurance covers goods, freight and cargo against loss or damage during transit by rail, road, sea and/or air. 

Taxes 

There are two types of taxes - Direct Taxes and indirect Taxes 

Direct Tax 

Direct taxes are levied directly on at entity or a person and not- transferable. Some example of Direct Taxes are:

• Income Tax: This tax is levied on your earning in a financial year6. It is applicable to both, individuals and companies. 
• Capital Gains Tax: This tax is payable whenever you receive a sizable amount of money. It is usually of two types - short capital gains from investments held for less than 36 months and long term capital gains from investments held for longer than 36 months.
• Securities Transaction Tax: This tax is added to the price of a share. It is levied every time you buy or sell shares. 
• Perquisites Tax: This tax is levied is on perks that have been acquired by a company or used by an employee. 
• Corporate Tax: Corporate tax is paid by companies from the revenue they earn. 

Indirect Tax

Indirect taxes are levied on goods or services. Some examples of indirect Taxes are: 

• Sales Tax: Sales Tax is levied on the sale of a product. 
• Service Tax: Service Tax is added to services provided in India. 
• Value Added Tax: Value Added Tax is levied at the discretion of the state government. The tax is levied on goods sold in the state. The tax amount is decided by the state. 
• Customs Duty & Octroi: Customs Duty is a charge that is applied on purchases that are imported from another country. Octopus is levied on goods that cross state borders within India. 
• Excise Duty: Excise Duty is levied on all goods manufactured or produced in India

Costs: Fixed Vs Variable: What are Fixed and Variable Costs?

Fixed costs and variable costs together make up a company's total cost. These are the two types of costs that companies have to bear when producing goods and services. A fixed cost does not change with the volume of goods or services a company produces. It always remains the same.
A variable cost, on the other hand, increases and decreases depending on the volume of goods and services produced. In other words, it varies with the amount produced.

Differences between Fixed and Variable Costs 

Let's take look at some of the main differences between fixed and variable costs:

Tips 
When trying to determine whether a cost is fixed or variable, simply ask the following question: Will the particular cost change if the company stopped it's production activities? If the answer is no, then it is a fixed cost. If the answer is yes, then it is probably a variable cost. 

Types of Bank Accounts, Opening a Bank Account

Types of Bank Accounts

In India, bank offer four main types of Bank accounts. These are:

• Current Accounts 
• Saving Accounts 
• Recurring Deposit Accounts 
• Fixed Deposit Accounts 

Current Accounts 

Current accounts offer the most liquid deposits and thus, we best suited for businessmen and companies. As these accounts are not meant for investments and savings, there is no imposed limit on the number or amount of transactions that can be made on any given day. Current account holders are not paid any interest on the amounts held in their accounts. They are charged for certain services offered on such accounts. 

Saving Accounts 

Savings accounts are meant to promote savings, and are therefore the number one choice for salaried individuals, pensioners and students. While there is no restriction on the number and amount of deposits made, there are usually restrictions on the number and amount of withdrawals. Savings account holders are paid interest on their savings. 

Recurring Deposit Accounts 

Recurring Deposit accounts, also called RD accounts, are the accounts of choice for those who want to save an amount every month, but are unable to invest a large sum at one time. Such account holders deposit a small, fixed amount every month for a pre-determined period (minimum 6 months). Defaulting on a monthly payment results in the account holder being charged a penalty amount. The total amount is repaid with interest at the end of the specified period. 

Fixed Deposit Accounts 

Fixed Deposit accounts, also called FD accounts, are ideal for those who wish to deposit their savings for a long term in return for a high rate of interest. The rate of interest offered depends on the amount deposited and the time period, and also differs from bank to bank.  In the case of an FD, a certain amount of money is deposited by the account holder for a fixed period of time. The money can be withdrawn when the period expires.  If necessary, the depositor can break the fixed deposit prematurely. However, this usually attracts a penalty amount which also differs from bank to bank. 

Opening a Bank Account 

Opening a Bank account is quite a simple process. Take a look at the steps to open an account of your own:

Step 1: Fill in the Account Opening From 

This from requires you to provide the following information:

• Personal details (name, address, phone number, data of birth, gender, occupation, address) 
• Method of receiving your account statement (hard copy/email)
• Details of your initial deposit (cash/cheque) 
• Manner of operation your account (online/mobile banking /traditional via cheque, ship books) 

Ensure that you sign wherever required on the from. 

Step 2: Affix your Photograph 

Stick a recent photograph of yourself in the allotted space on the from. 

Step 3: Provide your Know Your Customer (KYC)  Details 

KYC is process that helps banks verify the identity and address of their customers. To open an account, every individual need to submit certain approved documents with respect to photo identity (ID)  and address proof.  Some Officially Valid Documents (OVDs)  are:

• Passport
• Driving License
• Voters'Identity Card 
• PAN Card 
• UIDAI (Aadhar)  Card 

Step 4: Submit All your Documents 

Submit the completed Account Opening From and KYC documents. Then wait until the forms are processed and your accountvjas been opened! 

Personal finance-why to save? Importance of saving

We all know that the future is unpredictable. You never know what will happen tomorrow, next week or next year. That's why saving money steadily through the year so important. Saving money will help improve your financial situation over time. But more importantly, knowing that you have money stashed away for an emergency will give you peace of mind. Saving money also opens the door to many more options and possibilities.

Benefits of saving

Inculcating the habit of the saving leads to a vast number of benefits. Saving helps you :

• Become financially independant:when you have enough money saved up to feel secure you can start making your choice, from taking a vacation whenever you want, to switching careers or starting your own business. 
• Invest in yourself through education:through saving, you can earn enough to pay up for courses that will add to your professional experience and ultimately results in higher paying jobs. 
• Get out of debt:once you have saved enough as a reserve fund, you can use your savings to pay off debts like loans or bills that have accumulated over time. 
• Be prepared for surprise expences:Having money saved enables you to pay for unforeseen expenses like sudden car or house repairs ,without feeling financially stressed. 
• Pay for emergencies: saving helps you dial with emergencies like sudden heaths issues or emergency trips without feeling financially burdened. 
• Afford large purchases and achieve major goals:saving diligently makes it possible to place down payments towards major purchases and goals, like buying a home or a car. 
• Retire:the money you have saved over the years will keep you comfortable when you on longer have the income you would get from your job. 

E-Commerce: What is E-Commerce

E-commerce is the buying or selling of goods and services, or the transmitting of money or data, electronically on the internet. E-Commerce is the short from for "electronic commerce."

Examples of E-Commerce 

Some examples of e-commerce are:

• Online shopping 
• Online auctions 
• Online ticketing 
• Electronic payments 
• Internet banking 

Types of E-Commerce 

E-commerce can be classified based on the types of participants in the transaction. The main types of e-commerce are:

• Business to Business (B2B) : Both the transacting parties are businesses. 
• Business to Consumer (B2C) : Businesses sell electrically to end-consumers. 
• Consumer to Consumer (C2C) : Consumers came together to buy, sell or trade items to other consumers. 
• Consumer-to-Business (C2B) : Consumers make products or services available for purchas3 to companies looking for exactly those services or products. 
• Business-to-Administration (B2A) : Online transactions conducted between companies and public administration. 
• Consumer-to-Administration (C2A) : Online transactions conducted between individual and public administration. 

Benefits of E-Commerce 

The e-commerce business provides some benefits for retailers and customers. 

Benefits for retailers 

• Establishes and online presence 
• Reduce operational costs by removing overhead costs
• Increases brand awareness through the use of good keywords 
• Increases sales by removing geographical and time constraints 

Benefits for customers 

• Offers wider range of choice than any physical store 
• Enables goods and services robbed purchased from remote locations 
• Enables consumers to perform price comparisons 

Digital India Campaign 

Prime Minister Narendrq Modify launched the Digital India campaign in 2015, with the objective of offering every citizen of India access to country's online infrastructure and increasebinternet connectivity, thus boosting the e-commerce industry. 

Currently, the majority of online transactions come from tier 2 and tier 3  cities. Once the Digital India campaign is in place, the government will deliver services through mobile connectivity, which will help deliver internet to remote corners of the country. This will help the e-commerce market to enter India's tier 4 towns and rural areas. 

E-Commerce Activity 

Choose a product or service that you want to sell online, write a brief note explaining how you will use existing e-commerce platforms, or create a new e-commerce platform, to sell your product or service.