PROBLEMS OF WOMEN ENTREPRENEUR

1. Fewer sectors are Women friendly

Despite the policies and measures to promote gender equality, men still dominate
India’s entrepreneurial ecosystem. According to a recent report, most women-
owned businesses in the country operate in low-revenue sectors, while men control
the more profitable sectors like manufacturing, construction, and the like.

2. Lack of Social and Institutional Support

Most women business owners don’t get the social support they require to kick start
their business from families, peers, and immediate ecosystems. Lack of mentorship
from the business community is also one of the main challenges faced by women
entrepreneurs in the country.

3. Poor Funding Prospects

As unfair as it might sound, the funding scene in India has massive gender biases.
Women-led businesses in the country lack access to capital due to the prejudices of
investors and other factors. According to a report by Innoven Capital, of all the
companies that received funding in 2019, only 12% had at least one female
founder.

4. Lack of Access to Professional Networks

Limited access to professional networks is another one of the basic problems of

women entrepreneurs in India. According to the Google-Bain survey, female
business owners are less integrated with formal and informal networks. The survey
further indicates that over 45% of urban small business owners suffer due to
insufficient avenues of network development.

5. Pressure to Stick to Traditional Gender Roles

Patriarchy conditions both men and women to play certain defined gender roles.
Women are expected to cook, do domestic chores, raise kids, care for the elderly,
and the like. Juggling familial and professional responsibilities is a challenge in
itself, and even more so when you set out to build a brand.

6. Lack of an Entrepreneurial Environment

Entrepreneurship is a long journey that involves a lot of learning, un-learning, and

upskilling. An environment that exudes a strong entrepreneurial spirit is crucial for
a person to become a successful business owner. However, many women often
suffer from the lack of such a productive environment.

7. Limited Mobility

Limited mobility is one of the basic problems of women entrepreneurs in India.

They cannot travel alone or stay at hotels for business purposes without worrying
about safety. What’s more, many hotels in India still don’t allow women to check-
in unless accompanied by a man!

8. Lack of Education

One of the biggest credentials for a modern entrepreneur is having prior experience
in running a successful business. To supplement the lack of experience in running a
business the entrepreneur should have professional experience of working in the
relevant industry or a business management degree. Unfortunately in India, the
education of women does not get its due importance. This results in many budding
female entrepreneurs lacking the education required for running a successful
business. As women are getting access to higher education, they are leveling the
playing field.

9. Low Risk-Bearing Ability

In order to invest in and run a successful business, the entrepreneur needs to be

able to bear some inherent risk. Women often do not have financial freedom and
do not have practice in making independent decisions. They also lack confidence
in their own decisions, which makes them risk-averse. This is gradually changing
as with each passing generation women are taking charge of their finances and
mitigating the risks.

10. Balancing Responsibilities between Family & Business

Family is often seen as an extension of women. It is expected from married women
to enter motherhood within a certain age and also play a major role in rearing their
children. This also leads to the young mothers having to take a break from their
careers and prioritize their families. Running a business is a demanding task that
often puts women in conflict with their family commitments and even makes them
feel guilty about prioritizing their business.

11. Stiff Competition

The modern economic environment and market conditions have made the
competition between businesses fierce. They face challenges from their
competitors as well as competition within their business for leadership. They need
to prove their worthiness every step of the way to their colleagues and investors to
gain their confidence. They also need to manage a lot of output while using limited
resources for the survival of their business.

12. Limited Industry Knowledge

Many industry sectors such as manufacturing are still seen as men’s forte. Women
do not have access to the industry contacts, mechanisms, and know-how that are
necessary for running the business successfully. Despite the gradual breaking of
stereotypes, there is still a general lack of exposure in these areas. Being educated
in STEM disciplines (science, technology, engineering, and mathematics) can
bridge the gap that woman entrepreneurs currently face. Digital literacy has also
brought the revolution in empowering women to gain the right tools in gaining the
right knowledge.

13. Missing Role Models

One of the big challenges that budding women entrepreneurs face is that they do
not have enough positive role models. Because of the lack of role models, it is
difficult for them to visualize how would success look like. They also have
difficulty finding women mentors and coaches who can groom them and provide
meaningful feedback. They also struggle to find insightful articles and literature
that can provide insights into their professional and personal challenges.

14. Social Construct

Due to the long-standing patriarchal tradition in the country, gender roles have
been stringently designed. The women have been confined to a supportive role and
it is not expected from them to take a lead in the business and professional world.
Although this view is changing, it still causes frequent conflicts and rifts in the
social life of budding women entrepreneurs. There are still persisting negative
stereotypes that women are not fit for leadership roles, which need to be broken.

15. Safety Concerns

The poor state of law and order has given rise to crime against women. The hostile
and risky environment poses serious challenges for women entrepreneurs who
need mobility to manage their business ventures. This limits the women from
reaching many locations on their own and sometimes necessitates the company of
a man for simply their safety. With important law reforms, vigilant law
enforcement, and an effective judicial system, the situation can be sufficiently
improved to create a safer environment for women attempting to enter
entrepreneurial roles.

CHARACTERISTICS OF AN ENTREPRENER

1. Curiosity

Successful entrepreneurs have a distinct personality trait that sets them apart from
other organizational leaders: a sense of curiosity. An entrepreneur's ability to
remain curious allows them to continuously seek new opportunities. Rather than
settling for what they think they know, entrepreneurs ask challenging questions and
explore different avenues.

2. Structured Experimentation

Along with curiosity, entrepreneurs require an understanding of structured

experimentation. With each new opportunity, an entrepreneur must run tests to
determine if it’s worthwhile to pursue.
3. Adaptability

The nature of business is ever-changing. Entrepreneurship is an iterative process,

and new challenges and opportunities present themselves at every turn. It’s nearly
impossible to be prepared for every scenario, but successful business leaders must
be adaptable. This is especially true for entrepreneurs who need to evaluate
situations and remain flexible to ensure their business keeps moving forward, no
matter what unexpected changes occur.

6. Risk Tolerance

To be successful, an entrepreneur has to make difficult decisions and stand by

them. As a leader, they’re responsible for guiding the trajectory of their business,
including every aspect from funding and strategy to resource allocation.

5. Team Building

A great entrepreneur is aware of their strengths and weaknesses. Rather than

letting shortcomings hold them back, they build well-rounded teams that
complement their abilities.

6. Risk Tolerance

Entrepreneurship is often associated with risk. While it’s true that launching a
venture requires an entrepreneur to take risks, they also need to take steps to
minimize it.

7. Comfortable with Failure

In addition to managing risk and making calculated decisions, entrepreneurship

requires a certain level of comfort with failure.

8. Persistence

While many successful entrepreneurs are comfortable with the possibility of

failing, it doesn’t mean they give up easily. Rather, they see failure as an
opportunity to learn and grow.

9. Innovation

Many ascribe to the idea that innovation goes hand-in-hand with entrepreneurship.
This notion is often true. Some of the most successful startups have taken
existing products or services and drastically improved them to meet the changing
needs of the market.

10. Long-Term Focus

Finally, most people think of entrepreneurship as the process of starting a business.

While the early stages of launching a venture are critical to its success, the process
doesn’t end once the business is operational.

GST RETURN

What is GST return?

GST return is a document that will contain all the details of your sales, purchases,
tax collected on sales (output tax), and tax paid on purchases (input tax). Once you
file GST returns, you will need to pay the resulting tax liability (money that you
owe the government).

Who should file GST return?

All business owners and dealers who have registered under the GST system must
file GST returns according to the nature of their business or transactions.

Types Of GST Returns?

1. GSTR – 1: Return for Outward Supplies

GSTR-1 is a monthly return of outward supplies undertaken by a normal registered

taxpayer under GST. In other words, this monthly return showcases the sales
transactions of a business in a particular month.

2. GSTR – 2: Return for Inward Supplies

GSTR-2 is a monthly return of inward supply of goods and services as agreed by

the recipient of the goods and services. In other words, GSTR-2 contains details
with regards to the purchases made by the recipient in a particular month. The
information contained in GSTR-2 is auto-populated with the details contained in
GSTR-2A.

3. GSTR – 2A: Read Only Document

GSTR-2A is a read only document. This document gets auto-populated once the
supplier uploads the details in GSTR-1. In other words, GSTR-2A enables the
recipient to verify the details uploaded by the supplier in GSTR 1. Also the
recipient could accept, reject, modify or keep the invoices pending using the said
details. However, such changes are made by the recipient in GSTR 2.

4. GSTR – 3B: Summary of Inward and Outward Supplies

GSTR 3B is a simplified monthly summary return of inward and outward supplies.

It is a self declaration showcasing the summary of GST liabilities of the taxpayer
for the tax period in question. Moreover, it helps the taxpayer to discharge the tax
liabilities in a timely manner.

5. GSTR – 4: Return For Composition Dealers

GSTR-4 is a quarterly return that needs to be filed by a registered taxpayer who

has signed up for the Composition Scheme. Under this scheme, small taxpayers
having a turnover of upto Rs 1.5 Crores need to pay tax at a fixed rate and file
quarterly return. This is unlike the normal registered dealer who files three returns
every month including GSTR-1, GSTR-2 and GSTR-3B.

6. GSTR – 5: Return For Non-Resident Taxable Persons

GSTR-5 is a monthly return filed by every non-resident taxable person. This return
includes details pertaining to:

inward supplies

outward supplies

any interest, penalty, fees

tax payable or tax paid or

any other amount payable under the act

Furthermore, this is the only return to be filed by a non-resident taxable person.
This means, a non-resident taxable person is not required to file any annual return.

7. GSTR – 6: Return For Input Service Distributors

GSTR 6 is a monthly return that an Input Service Distributor files every calendar
month. This return provides information of all the invoices on which credit has
been received and are issued by an ISD. This means that it gives a summary of the
total input tax credit available for distribution during a particular month. Thus, the
details of the invoices that an ISD furnishes in form GSTR 6 are made available to
every recipient of the credit. These details are visible to the recipient in part B of
form GSTR 2A.

8. GSTR – 7: Return For Taxpayers Deducting TDS

GSTR 7 is a monthly return that is required to be filed by the deductors who are
required to deduct TDS under GST. Such a return consists of the details regarding:

tax deducted at source,

the liability towards TDS,

TDS Refund claimed if any

Interest, late fees etc. paid or payable

9. GSTR – 8: Return For E-Commerce Operators Collecting TCS

GSTR 8 is a monthly return furnished by every electronic commerce operator who

is required to deduct Tax Collected at Source under GST. This return reflects
details of the supplies made through e-commerce portal and the amount of tax
collected from suppliers of goods and services. Furthermore, the operator can also
make changes to the details of supplies furnished in any of the earlier period
statements.

10. GSTR – 9: Annual Return For Normal Registered Taxpayer Under GST

Section 44(1) requires that:

Every registered person shall furnish electronically an annual return for every
financial year in the prescribed form, except the following:
 Input Service Distributor

Person paying tax under section 51 or section 52,

Casual taxable person

Non-resident taxable person

Furthermore, persons registered under GST but having no transactions during the
year are still required to file a Nil Annual Return.

11. GSTR – 9A: Annual Return For Composition Dealers

GSTR 9A is the annual return that every registered person opting for composition
levy needs to file every financial year. This return is in addition to the quarterly
returns filed by a composition dealer during a financial year. Thus, GSTR 9A is an
annual return filed by a composition dealer containing details that relate to the
quarterly returns filed by him during the year.

12. GSTR – 9B: Annual Return For E-Commerce Operators Collecting TCS

Every electronic commerce operator required to collect tax at source under section
52 shall furnish annual statement in FORM GSTR -9B. This return includes all the
information furnished by the e-commerce operators in the monthly returns filed
during the financial year.

13. GSTR – 9C: Return For Registered Persons Getting Accounts

Audited From CA

Every registered person having an aggregate turnover of more than Rs. 2 crores
during a financial year must get his accounts audited by a CA or cost account.
Furthermore, he needs to submit the annual return, a copy of the audited accounts
and a reconciliation statement. This reconciliation statement is in Form GSTR 9C.
So basically, GSTR 9C is a reconciliation statement reconciling value of supplies
declared in annual return with the audited annual accounts.

14. GSTR – 10: Return For Registered Person Whose GST Registration
Gets Cancelled

GSTR-10 is a final return required to be filed by a registered person whose GST

Registration gets cancelled. Such a registered person does not include:

Input Service Distributor

Person paying tax under composition scheme

Non-resident taxable person

Person collecting TDS or TCS

15. GSTR – 11: Return For UIN (Unique Identification Number) Holders

GSTR-11 is a return to be furnished by a person who has been allotted a Unique

Identification Number (UIN). UIN is issued so that the registered person obtaining
the same can claim refunds for GST paid on goods and services purchased by them
in India.

BREAK-EVEN ANALYSIS

What Is Break-Even Analysis?

A break-even analysis is a financial calculation that weighs the costs of a new

business, service or product against the unit sell price to determine the point at
which you will break even. In other words, it reveals the point at which you will
have sold enough units to cover all of your costs. At that point, you will have
neither lost money nor made a profit.

Key Takeaways

1. A break-even analysis reveals when your investment is returned dollar

for dollar, no more and no less, so that you have neither gained nor lost
money on the venture.

2. A break-even analysis is a financial calculation used to determine a

company’s break-even point (BEP). In general, lower fixed costs lead to
a lower break-even point.
 3. A business will want to use a break-even analysis anytime it
considers adding costs—remember that a break-even analysis does not
consider market demand.

4. There are two basic ways to lower your break-even point: lower costs
and raise prices.

PROJECT LIFE CYCLE

The Project Life Cycle (Phases)

The project manager and project team have one shared goal: to carry out the work
of the project for the purpose of meeting the project’s objectives. Every project has
a beginning, a middle period during which activities move the project toward
completion, and an ending (either successful or unsuccessful). A standard project
typically has the following four major phases (each with its own agenda of tasks
and issues): initiation, planning, implementation, and closure. Taken together, these
phases represent the path a project takes from the beginning to its end and are
generally referred to as the project “life cycle.”

Initiation Phase

During the first of these phases, the initiation phase, the project objective or need is
identified; this can be a business problem or opportunity. An appropriate response
to the need is documented in a business case with recommended solution options.
A feasibility study is conducted to investigate whether each option addresses the
project objective and a final recommended solution is determined. Issues of
feasibility (“can we do the project?”) and justification (“should we do the
project?”) are addressed.

Once the recommended solution is approved, a project is initiated to deliver the

approved solution and a project manager is appointed. The major deliverables and
the participating work groups are identified, and the project team begins to take
shape. Approval is then sought by the project manager to move onto the detailed
planning phase.

Planning Phase

The next phase, the planning phase, is where the project solution is further
developed in as much detail as possible and the steps necessary to meet the
project’s objective are planned. In this step, the team identifies all of the work to be
done. The project’s tasks and resource requirements are identified, along with the
strategy for producing them. This is also referred to as “scope management.” A
project plan is created outlining the activities, tasks, dependencies, and timeframes.
The project manager coordinates the preparation of a project budget by providing
cost estimates for the labour, equipment, and materials costs. The budget is used to
monitor and control cost expenditures during project implementation.

Once the project team has identified the work, prepared the schedule, and
estimated the costs, the three fundamental components of the planning process are
complete. This is an excellent time to identify and try to deal with anything that
might pose a threat to the successful completion of the project. This is called risk
management. In risk management, “high-threat” potential problems are identified
along with the action that is to be taken on each high-threat potential problem,
either to reduce the probability that the problem will occur or to reduce the impact
on the project if it does occur. This is also a good time to identify all project
stakeholders and establish a communication plan describing the information
needed and the delivery method to be used to keep the stakeholders informed.

Finally, you will want to document a quality plan, providing quality targets,
assurance, and control measures, along with an acceptance plan, listing the criteria
to be met to gain customer acceptance. At this point, the project would have been
planned in detail and is ready to be executed.

Implementation (Execution) Phase

During the third phase, the implementation phase, the project plan is put into
motion and the work of the project is performed. It is important to maintain control
and communicate as needed during implementation. Progress is continuously
monitored and appropriate adjustments are made and recorded as variances from
the original plan. In any project, a project manager spends most of the time in this
step. During project implementation, people are carrying out the tasks, and
progress information is being reported through regular team meetings. The project
manager uses this information to maintain control over the direction of the project
by comparing the progress reports with the project plan to measure the
performance of the project activities and take corrective action as needed. The first
course of action should always be to bring the project back on course (i.e., to return
it to the original plan). If that cannot happen, the team should record variations
from the original plan and record and publish modifications to the plan.
Throughout this step, project sponsors and other key stakeholders should be kept
informed of the project’s status according to the agreed-on frequency and format of
communication. The plan should be updated and published on a regular basis.

Status reports should always emphasize the anticipated end point in terms of cost,
schedule, and quality of deliverables. Each project deliverable produced should be
reviewed for quality and measured against the acceptance criteria. Once all of the
deliverables have been produced and the customer has accepted the final solution,
the project is ready for closure.

Closing Phase

During the final closure, or completion phase, the emphasis is on releasing the final
deliverables to the customer, handing over project documentation to the business,
terminating supplier contracts, releasing project resources, and communicating the
closure of the project to all stakeholders. The last remaining step is to conduct
lessons-learned studies to examine what went well and what didn’t. Through this
type of analysis, the wisdom of experience is transferred back to the project
organization, which will help future project teams.

Example: Project Phases on a Large Multinational Project

A U.S. construction company won a contract to design and build the first copper
mine in northern Argentina. There was no existing infrastructure for either the
mining industry or large construction projects in this part of South America.
During the initiation phase of the project, the project manager focused on defining
and finding a project leadership team with the knowledge, skills, and experience
to manage a large complex project in a remote area of the globe. The project team
set up three offices. One was in Chile, where large mining construction project
infrastructure existed. The other two were in Argentina. One was in Buenos Aries
to establish relationships and Argentinian expertise, and the second was in
Catamarca—the largest town close to the mine site. With offices in place, the
project start-up team began developing procedures for getting work done,
acquiring the appropriate permits, and developing relationships with Chilean and
Argentine partners.

During the planning phase, the project team developed an integrated project
schedule that coordinated the activities of the design, procurement, and
construction teams. The project controls team also developed a detailed budget that
enabled the project team to track project expenditures against the expected
expenses. The project design team built on the conceptual design and developed
detailed drawings for use by the procurement team. The procurement team used
the drawings to begin ordering equipment and materials for the construction team;
develop labour projections; refine the construction schedule; and set up the
construction site. Although planning is a never-ending process on a project, the
planning phase focused on developing sufficient details to allow various parts of
the project team to coordinate their work and allow the project management team
to make priority decisions.

The implementation phase represents the work done to meet the requirements of
the scope of work and fulfill the charter. During the implementation phase, the
project team accomplished the work defined in the plan and made adjustments
when the project factors changed. Equipment and materials were delivered to the
work site, labour was hired and trained, a construction site was built, and all the
construction activities, from the arrival of the first dozer to the installation of the
final light switch, were accomplished.

The closeout phase included turning over the newly constructed plant to the
operations team of the client. A punch list of a few remaining construction items
was developed and those items completed. The office in Catamarca was closed, the
office in Buenos Aries archived all the project documents, and the Chilean office
was already working on the next project. The accounting books were reconciled
and closed, final reports written and distributed, and the project manager started on
a new project.