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THE ERP NEXT IS BUSINESS MANAGEMENT SYSTEM FOR ENTREPRENEURS

 
 
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THE ERP NEXT IS BUSINESS MANAGEMENT SYSTEM FOR ENTREPRENEURS
by System Administrator - Sunday, 26 July 2015, 6:29 PM
 

By: M.S.Yatnatti: Editor and Video Journalist Bengaluru: Today everybody is trying to turn into an entrepreneur .ERPNext is a comprehensive and affordable ERP solution containing modules that allow small and medium businesses to manage planning, budgeting, inventory and supply chain management, accounting and human resources. ERPNext is open source software written in Python, JavaScript and MySQL. ERPNext is an interesting ERP web app because it takes the complexity out of ERP and is much more affordable than most of its competitors. The problem facing many companies nowadays is that a proper ERP system is very expensive and difficult to implement.This is where ERPNext is very different from most ERPs. Unlike many ERP systems, ERPNext is open-source and is designed for small to medium-sized businesses. It is based on wnframework, which was built primarily for the system itself but also features plenty of customization options.

Customer Service:In addition to phone and email support, ERPNext offers a collection of tutorials in their Knowledge Base as well as helpful instruction with Guides featuring several helpful articles to get you started and keep your system running smooth.Add-Ons and Integration:ERPNext can be easily integrated with several other tools like Magento Shopping Cart, Quickbooks and Tally, also with marketplaces including Amazon and Ebay.The company claims that even more extensions and applications are on the way to further build on.

In Conclusion:ERPNext is a no-frills powerful system that proves that enterprise-resource planning (ERP) systems don't have to be really complicated and expensive to do what you need them to do.ERPNext gives you the tools you need when you need them at a cost most businesses can afford.The Sales Pitch :Built for small and medium sized businesses across the world.Manufacturing Ideal for discrete manufacturing (Make to Order, Engineer to Order). Manage material planning, shipping, sales and accounting, customer support and more.Retail Multi-store retail business can track inventory, sales, billing, warranties, returns and much more across all their stores.Distribution Keep track of inventory, sales, serial numbers, batches across locations and warehouses. Manage billing, expenses and purchasing.Services Consultancies and service providers (software companies) can manage billing, accounting, projects, support online.Features :Selling: Lead, Opportunity, Quotation, Rates Taxes Terms and Conditions, Sales Order, DiscountsBuying: Purchase Request, Supplier Quotation, Purchase Order.Managing Inventory: Purchase Receipt, Rejections, Quality Inspections, UOM Conversions, Currency Conversions, Delivery Note, Stock Entry, Sub-Contracting, Serial Numbers.

Reportedly success is a subjective notion, if there ever was one. Increase your confidence by taking action. Broaden your definition of authenticity. Improve your social skills. Train yourself to delay gratification. Demonstrate passion and perseverance for long-term goals. Embrace a "growth mindset." Invest in your relationships. These are the scientific seven ways to achieve better success in your life and venture and entrepreneurship. Check out the findings from several studies, which shine a light on what it takes to achieve more in life as cited.

Be your own boss .Create a startup and be your own boss .Let it be small or big be your own boss .A small seed can become big tree .You have to have passion commitment and good idea good networking skills .A start up need to have a well documented business plan investment strategy and including exit options to angel investors in the start itself aslater problem should noy crop up with founders. You should have good product and it should be in need and it should have better feature than other products. what is not working discontinue it .Scale it as demand grows .Do not ignore Marketing .Growth capital is very important but do not over raise the finance and hire good talent as an when it is required .Do not over pay as it will be very difficult to manage the start up.Time is everything .Be different find right investors and venture capitalists and not vulture capitalists. Raise money intelligently find the right people be sure and flexible .Do not ignore open source technology. Well documented code of conduct is very important for every employee.and directors of the startup.Well defined Information technology is one of the biggest mass employers. Be different startup .Find unsolved problems of customers and solve it, everybody has problems. Many have many problems .Few problems are universal. Few problems are local few are national and few are international .Find unsolved problems. Companies succeed because they solve and understand the unsolved problem and come up with solutions that are very different from what others do. Put yourself in the customer's position; perhaps you would have experienced a pain point yourself. You may not fully understand the difficulty unless you experience it yourself .Develop deep customer insights. Secret of your success is in Passion, determination, vision, agility, team play, fund-raising skills.What exactly defines the DNA of a booming startup? What do some of the biggest names in the investment community look for in startups and entrepreneurs Clarity of vision Domain expertise? What key factors do successful entrepreneurs attribute to their triumph? Need to be understood diligently. IT major Infosys has reportedly increased the salary of its top executives but the base scale for entry-level software engineers has not changed for more than five years.The company started its higher salaries' package to newly-appointed CEO Vishal Sikka who will get Rs 30 crore ($5.08 mn) annual pay package when compared to $23,000 (Rs 14 lakh) taken by his predecessor S D Shibulal.Infosys pays around Rs 23-27,000 for entry-level software engineers with BE and Rs 12-15,000 for entry-level BSc freshers, according to sources. According to experts, starting salaries offered by other IT companies are in the same range. Information technology is one of the most important mass employer in the country today providing significant valueaddition and employment creation.

Many venture capitalist look for startups addressing larger customer base scaling up large, interesting markets. It's important not only that startups succeed, but that the the co sequences of that success are large. Startup investment is based on the premise that you the premise that you can make hundred times your money, and that's not possible if the markets are small. Venture funds look for really good entrepreneurs, those who can be agile. Since venture fundsfocus on startups doing things that have generally not been done before, it's really important that entrepreneurs are agile; they can change plans rapidly, come up with new ideas, zig and zag wherever the road leads to. Some people are too traditional and they only do what they have done before, and those don't make good. venture fundslook for really good technologists and at technical breakthroughs.( venture fundslook at) those that cause disruption and give the startup an advantage. I see too many people in the investment world chase what is successful. If Amazon is successful, you will have a lot of people trying to chase ecommerce. I found not enough people were doing startups for the bottom 3 billion people on the planet. I understand why people don't do it; it's because the bottom 3 billion people don't have much money.But I thought that was an opportunity because there is not much competition there, and it also makes venture fundsfeel better. It's a personal indulgence. When you look at the bottom 3 billion people, almost everything is a problem.Determination and Perseverance: That's the main trait of top founders of successful ventures have in common. Airbnb launched something like five times before taking off, and at one point, the founders had maxed out at leastcredit cards and were selling collectible cereal boxes to stay afloat. Adora Cheung, founder of Homejoy , pivoted through 13 ideas before hitting the right one; she even slept in her car for a while. Just last year Homejoy raised over $38 million. Their key is to be a cockroach ­to keep going no matter what. Keep your burn low, talk to users, and just keep building. Intelligence Leadership

Listening skills: Of all the skills, listeningand collecting data might be the most important. Study the failures and success of all ventures and adopt the best to succed. You need sharp antenna to maneuver fast-changing markets. Every business continues to pivot. Data is not a big secret and you need to do research. How you synthesize data drives the decision. Listening doesn't mean you do what someone tells you to. It means that you are a good collector of data from many sources and you use this to arrive at a decision quickly. It's like solving a jigsaw puzzle. Commitment: It is a long road. How likely are you to stick with ups and downs! Leadership: Can you create and inspire a team that wants to follow you and accept your lead. Integrity: Cutting corners cannot offer a long-term value creation. Reportedly the venture capitalist who funded Snap Deal had said that "When Kunal and Rohit (founders of Snapdeal) reached out to me, it was one of many such emails. Usually emails offer no reason why I should make time for them. But , such their email had insight. It made me think about the opportunity in India to help small businesses create and manage demand. So I was enthusiastic about meeting them. When I meet, I want to understand the value proposition and insights fast.How the entrepreneurs answer and keep up with the pace matters to pursuing further conversations. Their knowledge, confidence, attention to detail, and vision are all on test for rapid fire conversation. In this case, I thought they were fantastic. In 2009, while I saw close to 100 business plans, Snapdeal was the only investment I made.

Exceptional entrepreneurs are great salesmen, without appearing to be salesmen. Does a hoodie-wearing Harvard drop-out, a computer science PhD working on probabilistic algorithms, or a nerdy guy with thick glasses evoke the picture of a classical salesman? These entrepreneurs reframe their pitch on the fly depending on the audience. If you reminisce about the elevator pitch, you are surely a dinosaur. Exceptional entrepreneurs have a sense of urgency and expect everyone around them to have a sense of urgency . They respond and decide expeditiously, don't indulge in long rambling meetings, and even hurry to the bathroom. Exceptional entrepreneurs focus on serving an unmet or emerging need, not on technology proc ess. Note the use of the singular "need". When an entrepreneur pitches how the solution will serve 5 or 10 needs, we tend to run away.

Fail fast as Resources and time are at a premium and go in for next venture, so entrepreneurs must focus on what gets them the best returns on investment and let go of everything else. Get the right investors. If you get investors, make sure they understand your vision and give you the freedom to chalk out your own path. Find the right team. Keep thebar for talent is extremely high. If entrepreneurs learnt early on that it's better not to hire at all than to settle for people who do not fit into your vision.

When entrepreneurs who lunched Flipkart reportedly had said that in the consumer electronics category they were lookingfor ways to increase sales; Once theymet some of theirolder customers to understand their sentiment. One vocal customer said even if an electronics product was 20% cheaper, he wouldn't buy it online since we didn't provide any post-sales support. That was an eye-opener. And once we dug deeper, we realized there were many who felt the same way.That's when we came up with the 30-day replacement policy. It helped them realize that theirexperience in one category could never be the blueprint for another. Choose a business you love or in which you have interest and passion.. You must have passion and belief in what you are doing. Do not get involved with something just for the sake of jumping onto the bandwagon. When an investment banker decided to venture out on his own, the choices finally narrowed down to online stock-broking and online travel. As hehad been an investment banker but had a real passion for travel. So he knew where his heart was, and that made all the difference while keeping his faith during early struggles and hardships.Focus on customer needs. Research, research, research. Many a great idea has not seen the success it deserved because it was ahead of its time.P atience is a virtue...don't give up at the first downturn or the second or the third... Hire better than yourself. Get the team right ­ it is the single most important determinant for success. Everything else can and will change! Share the wealth with your employees. Lastly, one should be a karmayogi and not focus too much on exit ... rather, enjoy the journey. Following the dot-com meltdown in 2000, our investor eVentures withdrew from all their investments in the country , including MakeMyTrip. Saddled with a young business still in the red, the choice was to either wind down the company and go back to the corporate world or somehow muster further investment behind a potentially viable business. There was virtually no appetite for a B2C internet play .entrepreneurs decided to back theirinstinct and invested all theirpersonal savings in the business. Theyright-sized the business and focused on turning profitable at the soonest. Theyturned profitable in 2003. Innovative disruption is key. Change is integral to evolution and will always be a perpetual phenomenon; the key to survival and success is through disruption. The rule is clear ­disrupt or be disrupted. At Justdial, theyhave a track record of constantly disrupting other business models and, in the same breath, disrupting our own model several times in order to be relevant and ahead of the curve for our users. I think successful companies stick with what they are really good at but also constantly look for points of inflection. And inflection points are those when you notice that technology or consumer habits are changing.Focus on your product. Theyunderstood theirusers expected fast, accurate and relevant results and we concentrated all our energies therein.Apply insights. Observe the world around and you are bound to get many insightful cues.Manage money wisely . That's the only way to ensure cash keeps flowing and bills get paid. Theirconstant advice to a budding entrepreneur: be frugal. Theyhave constantly recognized and capitalized on market transitions before they happen and adapted the business model. Theyrealized that with constant connectivity and major behavioural shifts from voice to computers to laptops and now to smartphones, users would soon want more out of a search engine. So we made search more relevant by making it more accessible and actionable. Now users can order food, book a doctor's appointment, get tickets, discover the best prices and shop online on our portal.

Consumer insights tell you a lot about the areas you need to focus on when you don't know what that unsolved problem is. you don't know what that unsolved problem is.Be an early mover in the space you want to be in. Your chance of success never goes down.Pick the right team. The team should be as motivated and passionate as the founder. Ensure the size of the opportunity is huge. In theircase, they knew the market was big.There were no venture capitalists in India when we started thier business. Those were the days of dial-up internet access with poor connectivity but they could make do with what we had .In those days, we had to manually upload job listings ourselves and I had a back-end team that was engaged in manual operations of uploading a few hundred jobs. Six months after theystarted, theygot my first customer -a mid-sized auto components company . They wanted to advertise with us for six job positions on their site. I got paid Rs 350 for every job listing and got theirfirst payment of Rs 2,100. Theywas elated that they had a revenue model. Focus on what you've set out to do. Make sure it's something that you'll be happy thinking about many years down the line. Fundamentally, building a startup takes time. It has to be something you are really passionate about and are committed to day in, day out. Patience is absolutely paramount. Chalk off what you don't want to do. It's a good thing to do this when you're young so that you have more years to do what you actually want to.F ollow your intuition, take risks. If you make easy and safe choices, very little worth remembering will ever happen.U nderstand what people want. What do they see in your technological innovation and the fundamental problem you are trying to solve?.G et lucky. Even with a great idea, an amazing team and solid execution, a little bit of luck comes in handy .Late last year, they were in the process of launching in three new markets, and also raising a large round of funding. Meanwhile, founder wasin the hospital withhis wife who was expecting theirfirst child. But things needed to keep moving things needed to keep moving, so I had colleagues come to the hospital with the funding papers. Half an hour after theirbeautiful daughter was born, hestepped out, switched on hisphone and got back to completing the funding formalities. In the span of one morning, hebecame a father and Zomato raised $37 million. All of this means having to maintain a solid work-life balance. While He'is extremely passionate about what he do, He also look forward to coming home and putting his baby girl to bed every night.