Getting Finance from Banks for your Startups April 2, 2019 bizadmin Getting Finance from Banks for your Startups To get financing from your banks, you have to have a good score on your CTOS and CCRIS. CTOS is a private company which provides credit reporting and is widely used by financial institutions to determine an applicant’s creditworthiness aside from using CCRIS, an acronym for the Central Credit Reference Information System. You can log in to check via the websites by googling for them and see your own credit scores. If you are in the green region, it means banks are after you to loan you money as it shows you are a good paymaster and pay on time. However, if you are in the red zone, then good luck to you in getting financing from banks for your startups. Many milliennials prefer to be their own boss to escape the drudgery of working for a boss that pays you enough so that you won’t resign with plenty of work and long hours. How do I know? I have been in this line before working from MNCs to banks, schools, etc. Startups need financing to be successful initially with higher chance of making it in the first 5 years of doing business. It can be in the IT line offering web designing or business consultation and even legal firms or medical clinics. You will need ‘bullets’ or cash to run the show and pay for bills, rental, staff salaries, etc. Hence it is pertinent to brainstorm carefully what your strengths are and passion to start a company with loans from the banks for any startups.
The Lean Startup Book from Amazon April 2, 2019 bizadmin Today, I am going to introduce a book from Amazon: The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses in Hardcover. It is authored by Eric Ries and is a bestseller on the e-commerce platform. Most startups fail. But many of those failures are preventable. The Lean Startup is a new approach being adopted across the globe, changing the way companies are built and new products are launched. Eric Ries defines a startup as an organization dedicated to creating something new under conditions of extreme uncertainty. This is just as true for one person in a garage or a group of seasoned professionals in a Fortune 500 boardroom. What they have in common is a mission to penetrate that fog of uncertainty to discover a successful path to a sustainable business. The Lean Startup Startup offers companies that are both more capital efficient and that leverage human creativity more effectively. Inspired by lessons from lean manufacturing, it relies on “validated learning,” rapid successful startups, as well as a number of counter-intuitive practices that shorten product development cycles, measure actual progress without resorting to vanity metrics, and learn what customers really want. It enables a company to shift directions with agility, altering plans inch-by-inch, minute by minute. Rather than wasting time creating elaborate business plans, The Lean Startup offers entrepreneurs – in companies of all sizes – a way to test their vision continuously, to adapt and adjust before it’s too late. Ries provides a scientific approach to creating and managing successful startups in an age when companies need to innovate more than ever. Just click on the image above to direct you to the e-commerce site if you are interested in this book.