Are you toying around with the idea of starting a new company of your own? If yes, here is what you need to know. Following are a few tips as to what all is necessary for a successful start-up.

1. Start with an aim

Nothing can be done in life till the time a person has an aim. If you are planning to start a new company, have in mind what is your aim. Build a company that is on a mission, not just a company that sells some product to generate revenue.

2. Carve a niche

Don’t just think about surviving in a competitive market, but create your own identity. Make such strategies so that people recognize you/your company by your/your company’s name. This step would require a lot of hard work, not only on the grounds of product/service quality, but also in terms of reaching the masses.

3. Have some finance ready in hand

No new venture can be started till the time you have some finance ready in your hand. You will need it definitely, as you need to make investment in fixed assets. Also you need to pay the supporting hands which help you make your dream come true. So, it is important to have a reasonable amount of money handy.

4. Open up to changes and modifications

When people in general, or your customers in particular advise you to make some kind of changes in the products/services that you offer, don’t be resenting. Instead, be open to them, as they may reflect as to what people expect from you. This will help you create a popularity among masses as a company that keeps in view the customers’ requirements.

5. Don’t fear failure

Any new venture cannot be successful at the click of your finger. Hence, don’t be afraid of failing. Do what you feel is the best, and HARD WORK WILL PAY OFF.

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All goods in India that are packaged, ranging from beverages to electronics, are marked with a price that is the maximum limit at which the product can be sold. This is known as MRP, or Maximum Retail Price. It is the maximum allowable cost to consumers. Nowadays we can see that prices of various goods are sometimes set by the manufacturers arbitrarily. This is where the MRP comes useful, as the consumers then know if the seller is charging the correct amount of taxes and not exploiting the consumers on the basis of unreasonable prices, and the seller cannot charge an amount from them which is greater than the MRP.

As per the Consumer Goods Act 2006, so that consumers cannot be asked for a price greater than the MRP. Those guidelines are as follows:

1.       Consumer goods are those goods which are meant for resale, and for consumption and use by consumers.

2.       Cost of production refers to that cost which is incurred by the manufacturer directly or indirectly on the production of goods.

3.       Printing refers to printing the cost of production and the Maximum Retail Price on the product at a visible area, either in English, Hindi or the local language of the area where the product is sold.

4.       Maximum Retail Price is the maximum price which the seller/manufacturer can command from the customer. It includes all the taxes that are to be paid to the government, and no consumer can be forced to pay an amount greater than the MRP. The legislation has made it compulsory for the producers to mention the cost of production and MRP on the package of the product, so that agents/dealers don’t overcharge the buyers on any grounds.

As of 2003, hotels are not subject to the MRP act. Packed goods at a hotel can be sold at the property’s discretion.

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What is plastic money? Plastic money is generally used to refer to the hard plastic cards that we use nowadays a lot of times in place of banknotes for conducting various transactions. They are available these days in different forms, like credit cards, debit cards, store cards, add on cards, charge cards, etc.

Following is the information about the most popular types of plastic cards used nowadays:

Credit Cards: Credit cards are the cards that are used to make payments without the use of cash, with a set spending limit. The payment is made after the purchase. These cards offer a great deal of flexibility, thanks to the installment repayment option. These cards charge a high rate of interest if the repayment is not done in the set time limit.

Debit Cards: Debit cards are the cards used much in a same way as credit cards, to make payments in place of cash or cheque. But the difference is that a debit card is issued by a bank to its holder only if he/she holds an account in the respective bank. As soon as a payment is made using a debit card, the amount is deducted from the holder’s bank account. There is no official credit facility in this case.

Charge Cards: A charge card is one that carries all the features of a credit card. The holder has to repay the amount lent after a fixed period of time, or before the due date. However the difference is that in case of a charge card, if the repayment is not made in time, the holder is declared as a defaulter, which is not the same in the case of a credit card. The holder isn’t declared a defaulter if he fails to pay before the due date while using his credit card.

Cash Cards: Cash cards are those which allow its user/holder to withdraw money directly from his bank account using an ATM machine. But such a card cannot be used to make direct payments in any case.

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A subsidy is the benefit given out to a beneficiary in the form of cash usually, or a reduction in taxes by the government or a group of individuals. It is usually in the interest of public, and given to reduce some kind of burden from them.

The government of India has subsidized many products since the country achieved its independence. Economists might not agree among themselves on the definition of subsidies, but yes, they do agree on the first order effects of subsidies. The positive point of subsidies is that the beneficiaries become entrapped in a social sense.

India has the world’s largest food subsidy program. But this has attracted significant criticisms from around the globe due to the various arguments thrown. It is said that it poses a huge burden on the country’s budget, and often leads it to deficit in place of surplus. The Food Corporation of India is always under attack from all the dimensions. The reason behind it is that if the FCI doesn’t give subsidies, it is accused of not considering the interests if the people who are below poverty line, and if it gives subsidies, everyone complains about the fact that the Indian budget is pushed into deficit.

India, which has been asserting that the nation has a right to retain higher stock holding of food grains, demanded more freedom to subsidize and stockpile food grains than is allowed by the rules of WTO. India is hence now proposing to the WTO that it should reverse position and endorse an increase in the subsidies. This has been done keeping in mind the fact that India is not a small player. It has not only a great population, but also the second largest area of agricultural land in the world. Hence steps are being taken by the Government of India to not only reduce the cost of subsidies, but also to distribute the benefits to a large crowd of  people.

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What is the use of ration card? The Indian ration card is mainly used by its holders to draw subsidized food and non-food items from the ration shops. It is an important document for the people not only to get items necessary for life subsistence at a low price, but also as a proof of their identity. The entire PDS works on ration cards. There are three types of ration cards: Extreme Poverty Level (Antyodaya), Below Poverty Line (BPL) and Above Poverty Line (APL). These poverty levels are defined by the Planning Commission of India, every few years.

Looking at the importance aspect of the ration card, we would say that life becomes easy once a person possesses it. Even if the holder does not use it to get the ration, it can be used by him/her for identity purposes, at the passport office, the RTO etc. The ration card is a document of a person’s identity. Even if he/she is not using it, the owner cannot allow anybody else to make use of it.

For getting a fresh ration card, the following steps have to be followed by the applicant. Fill in an application form available at Food and Civil Supplies Department. The person’s voter ID card is also necessary. A proof of residence has to be attached. It could be either a copy of passport, electricity bill, water bill, gas bill, bank pass book or any other proof. These are to be submitted at the Jurisdictional Range Office, and get an acknowledgement. Then an officer from the department will visit the applicant’s residence to verify if he/she actually resides there. Then the officer submits the report to the department after being satisfied. Within a month, the ration card will be ready for collection by the applicant. On the day of receiving, the person has to pay a fee for computerized card, and completes it by affixing his/her photograph.

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