Types of business organization
Are you searching on the internet for which types of business forms are suitable for you, and make it big internationally in the future? Well, you're in the right spot! Today, I'll help you understand all you need to know about setting up a new business. There are some important things to keep in mind when registering your business, and I'll break them down for you. Let's make this journey simple and exciting!
In India, businesses can be of different types, each with its own good and not-so-good parts. There's the simplest one called sole proprietorship, great for small businesses. Then there are partnerships where a bunch of people share the good and bad stuff together.
LLPs are cool because they give some protection to the partners, and private limited companies also do that for the people who own shares, but there are some rules. Public limited companies can get money from the public through the stock market. Each type has rules you need to follow, and these rules affect how businesses work and make decisions.
If you feel stuck in life and find it hard to stay self-disciplined in reaching your goals, whether you're working, managing a household, studying, or aspiring to be an entrepreneur, you're not alone. This article aims to uncover the reasons behind our struggles with self-discipline.
Whether it's cracking exams, balancing work and life, or achieving personal aspirations, we'll delve into why it's challenging. Stick around, and let's explore the expectations and reasons behind our lack of self-discipline in various aspects of life.
This helpful guide encourages people to overcome challenges, reach their goals, and develop a disciplined mindset. It provides practical advice and motivational stories, acting as a roadmap to success and stressing the significance of taking personal responsibility.
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This is the only way to unlock their full potential. It encourages readers to let go of excuses and start a journey towards a more disciplined and satisfying life.
The Self-Made Millionaire: A Journey Dropout to Millionaire Without Degrees
Are you feeling frustrated, struggling in life, and dreaming of a luxurious lifestyle with fancy homes, expensive cars, gadgets, and even your dream partner? Good news! You can achieve all this in just five years without needing high qualifications or degrees.
In this article, I'll share 10 secrets that don't require formal education but will help you on your journey from zero to millionaire. By developing specific qualities, mindset, and approaches, you can overcome financial struggles and pave your way to becoming a multi-millionaire. Stick around to the end for a plan that can change your financial life in five years.
Having a millionaire mindset means thinking in ways that lead to financial success. Millionaires are good at spotting opportunities when others see problems, like investing early in new technologies. They take smart risks, such as starting a business with careful planning to gain significant financial rewards. Adapting to changes in the market is key for them, adjusting strategies to stay successful.
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The Dark Side of Our Colleges, Schools, and Education Systems
In our society, there’s a common belief that if you go to a top college, get high degrees, and qualify from prestigious schools, you’ll secure a well-paying job, find your dream partner, and have a settled life. However, this notion is not entirely accurate. Our education system is outdated and needs to keep up with the rapidly changing world, especially in technology.
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Instead of teaching us how to become employers, it often prepares us to be employees. Unlike in the USA, where leading companies like Google and Microsoft thrive due to their advanced and practical education systems, India lacks this forward-thinking approach.
Academic Qualifications vs Personal Education
In India, academic qualifications and personal education represent two distinct aspects of learning, each with its significance. Academic qualifications refer to formal degrees, diplomas, or certificates from educational institutions, such as schools, colleges, and universities. Authorities and employers typically recognize these credentials and are often considered a standard measure of one’s educational attainment.
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Love, relationship, and situationship
On the other hand, personal education goes beyond formal degrees and encompasses the knowledge and skills acquired through self-learning, experiences, and practical exposure. It includes the continuous process of learning and adapting to real-life situations. An individual’s education is shaped by their curiosity, hobbies, and willingness to explore beyond the confines of a traditional classroom.
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Example: Consider someone with a master’s degree in computer science (academic qualification) but who lacks hands-on experience with the latest programming languages. While their academic qualifications are impressive, their education in the rapidly evolving technology field may be lacking. In contrast, another individual may have a bachelor’s degree in business (academic qualification) but has gained practical insights and entrepreneurial skills by running a small business (personal education).
In the job market, employers increasingly value a combination of academic qualifications and personal education. A candidate with a strong academic background coupled with practical skills acquired through personal education is often seen as more versatile and adaptable. Striking a balance between formal education and continuous personal learning is crucial in a dynamic and competitive environment like India’s evolving professional landscape.
What Aims of Our Education Systems
Just be an employee
Not being an employer
The primary aims of education systems in India often seem directed towards producing competent employees rather than fostering a culture of entrepreneurship and innovation. Traditional education tends to focus on imparting specific skills and knowledge, preparing individuals for roles as employees within established sectors.
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For example, a student pursues engineering education with the goal of landing a job in a reputed company. The emphasis is often on academic achievements and specialization in a particular field. However, the system may not encourage the development of entrepreneurial skills or a mindset to create job opportunities.
Where individuals excel academically and secure coveted positions in established companies, but may not have the tools or encouragement to start their ventures. The education system’s focus on conformity and standardized testing may inadvertently discourage risk-taking and the pursuit of unconventional career paths.
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Contrastingly, in countries with a more entrepreneurial education approach, like the United States, students are often encouraged to think creatively and develop skills that can lead to innovation and entrepreneurship. Tech giants like Bill Gates and Mark Zuckerberg are famous examples of college dropouts who went on to create successful companies, showcasing the impact of fostering an entrepreneurial mindset.
In India, a shift towards a more balanced education system that not only prepares individuals for employment but also nurtures entrepreneurship and critical thinking could contribute to a more dynamic and self-reliant society. Encouraging creativity, problem-solving, and risk-taking would empower individuals to not only seek employment but also create job opportunities, fostering a more vibrant and innovative economy.
Indian Culture of Entrepreneurship
According to the 66th Micro, Small, and Medium Enterprises (MSME) Development Report, there were approximately 6.33 crore registered MSMEs in India as of 2020-21. Among these, a significant portion is considered to be micro-enterprises, which are typically owned and operated by a single individual or a small group of individuals. Based on this data, it can be inferred that India produces a substantial number of entrepreneurs each year, primarily in the micro-enterprise sector.
Moreover, the Global Entrepreneurship Monitor (GEM) report for India 2022-23 estimated that the total entrepreneurial activity rate (TEA) in India was 26.9% in 2022. This means that nearly 27 out of every 100 Indians were involved in some form of entrepreneurial activity, indicating a strong entrepreneurial spirit and potential for future growth.
American Culture of Entrepreneurship
The Kauffman Foundation estimates that there were 43.6 million adult-aged Americans (18 and older) engaged in entrepreneurial activity in 2022. This represents 27.3% of the adult population. Of these entrepreneurs, 23.3 million were classified as “start-up entrepreneurs,” meaning they were involved in the early stages of starting a new business.
It is important to note that the data on entrepreneurs is based on estimates, it is clear that entrepreneurship is a significant and growing force in the United States economy.
Trap of Degrees Systems in Our Society
Many people believe that having higher degrees guarantees success, but in today’s rapidly changing world, that’s not the whole story. Success requires more than just degrees; practical experience in a specific field is crucial. It’s not solely about having degrees from top colleges. The real world demands practical knowledge and hands-on experience to truly succeed. Falling into the trap of thinking that degrees alone will lead to success can limit opportunities and overlook the importance of practical skills in navigating the challenges of the modern, fast-paced world.
Don’t forget, what really counts is your own learning, not just formal degrees. Studies reveal that success in life goes beyond having degrees. It’s essential to develop skills like a positive attitude towards growth, thinking critically, staying determined, and disciplined, and being consistent in your efforts. Long-term planning is key to achieving success in life. So, focus on learning and honing these skills – they’re the real game-changers that lead to a more successful and fulfilling life.
Example: Breaking the traditional path and achieving immense success in India is the story of Bhavish Aggarwal, the co-founder and CEO of Ola, the popular ride-hailing platform. Bhavish pursued engineering at the Indian Institute of Technology (IIT) in Bombay, following the conventional route to a successful corporate career.
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However, he diverged from the typical trajectory by venturing into entrepreneurship. In 2010, he founded Ola Cabs, challenging established norms and transforming the transportation industry in India. Bhavish’s journey exemplifies how unconventional choices and entrepreneurial spirit can lead to remarkable success in a country where traditional career paths often dominate.
The Significance of Personal Education Beyond Academic Credentials
Personal education holds immense significance beyond academic credentials, encompassing the continuous process of self-learning and skill development. While academic qualifications provide a foundation, personal education involves gaining practical knowledge, adaptability, and a holistic understanding of various aspects of life.
For example, consider the success story of Ritesh Agarwal, the founder of OYO Rooms. His journey underscores the importance of personal education. Ritesh’s success isn’t solely attributed to formal education but to his ability to learn from experiences, navigate challenges, and adapt to the dynamic business landscape. His personal education, honed through hands-on experiences and perseverance, played a pivotal role in OYO becoming a global hospitality giant.
Moreover, personal education fosters essential life skills such as critical thinking, creativity, and effective communication, which are often not adequately emphasized in traditional academic settings. These skills are exemplified by individuals like Kiran Bedi, who, beyond her academic achievements, became the first woman Indian Police Service officer and later served as the Lieutenant Governor of Puducherry, showcasing the impact of holistic personal education.
In today’s fast-paced world, where careers and industries evolve rapidly, personal education becomes a lifelong asset. It empowers individuals to adapt, innovate, and thrive beyond the confines of formal education. The ability to leverage personal education alongside academic credentials enhances one’s competitiveness and opens doors to diverse opportunities, ensuring a well-rounded and fulfilling journey through life.
Conclusion
In this article, we’ve discovered key ways to succeed. We’ve seen that the education system in the US is more effective than India’s outdated one. It’s important to realize that having academic qualifications is crucial, but we shouldn’t forget about self-learning, which helps us adapt to new technologies. Building skills in entrepreneurship is also essential.
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