Monthly Archives: March 2019

How to incorporate a private limited company in India

How to incorporate a private limited company in India

how-to-incorporate-a-private-limited-company

 

Several entrepreneurs from outside India wish to incorporate a private limited company in India. But they are often unaware of the procedures. In this blog, we will help you know what it takes to start a company in India. But before we take a deep dive into how to start a company, let’s get to the basics first. There are some basic points you should be well aware of before you lay the foundation of your business.

Introduction to Foreign Direct Investment(FDI)?

According to Wikipedia, A foreign direct investment is an investment in the form of controlling ownership in business in one country by an entity based in another country.

To put in simple words, the capital to be invested in a company by the foreign nationals is termed as or classified under Foreign Direct Investment.

We can classify the entry of Foreign Direct Investment by Foreign Nationals into two parts:

1.Automatic Route

2.Approval Route.

The former is put in place for the sectors that have fewer restrictions concerning foreign investment, while the latter requires the scrutinized investment that is approved by the government.

In both cases, as soon as the FDI is received and accepted by the recipient company, the Reserve Bank Of India(RBI) should be notified using form FC-GPR within 30 days from allocating shares to foreign shareholders.

So the first thing anyone interested to invest in a company in a different country should look for is the FDI policy.

Now that we know how to invest, let’s dive into the opportunities where you can make the investments:

Foreign Direct Investment

 

1.Liaison Office

A Liaison office, otherwise termed as a Representative office, needs the approval of the government of India for an establishment. There’s not much you can do commercially through a Liaison office; the tasks are limited to collecting information, promotion of export/import, and facilitation of technical/financial collaboration.

Liaison-Office

 

2.Branch Office

The government of India allows foreign companies to set up branch offices in India which have manufacturing and trading activities out of India. You can establish a branch office in India if you are:

 

    • Acting as a buying or selling agent to represent the parent company in India.
    • Providing services in Information Technology and Software Development in India.
    • Providing a parent company with the technical support required for the products.
    • Exporting and Importing goods.
    • Conducting research
    • Facilitating financial/technical collaboration between the parent company and companies in India.
Branch-Office

 

3.Project Office

The project office is one of the best setups for a foreign company looking for a temporary project/site to execute a specific project in India. A project office is under the obligation of performing only the tasks related to the scheme specified during the establishment of the company; any unrelated task is prohibited.

 

Project-Office

4.Private Limited Company

Private Limited Company is the most popular type of business among Foreign Investors to build a  subsidiary, joint venture or a solely owned company.

Here are the primary features of a Private Limited Company:

 

    • There is a restriction on the shareholders right to transfer the shares.
    • The number of shareholders is limited to 200.
    • There is no privilege for inviting the public to subscribe to shares or debentures.
Private-Limited-Company

5.Limited Liability Partnership (LLP):

Introduced through the Limited Liability Partnership Act 2008, LLP is an alternative corporate business entity widely used because of 100% FDI and its less compliant nature as compared to a Private Limited Company. It is equivalent to an LLC.

Just like a partnership firm, LLP lets the members organize their internal management as per a mutually-arrived agreement. The best part about establishing an LLP is that it is considered a completely separate legal entity from its partners. So as an LLP is fully liable for its assets, the partners would only be responsible for their contribution in the LLP. Further, no partner can be held accountable for the misconduct of another partner.

 

LLP

 

The process to incorporate a private limited company and LLP is somewhat similar, which is as follows:

1.Management and Shareholders:

A private limited company can have a minimum of 2 shareholders and maximum of 200, which can either be a person or a corporate entity and a minimum of 2 directors up to a maximum of 15 directors. The directors need to be 18 years of age and can’t be a corporate entity. One of the directors should have stayed in India continuously for 186 days during the financial year, i.e., 1st April to 31st March.

The Board of Directors of an Indian Private Limited Company must have a director who is both a citizen and a resident of India. However, it is not mandatory for the board of directors to be a shareholder of the company.

Management-and-Shareholders

2.Obtaining Digital Signature:

Directors of the company, both Indian and Foreigners require a Digital Signature Certificate(DSC) for filing the incorporation documents and continued compliance documents for a company. A DSC is equivalent to a handwritten signature that verifies the identity of the sender who is submitting reports through the internet.

Following are the documents that you require to submit for getting a DSC:

1.Documents for foreign nationals residing in India:

      • Resident permit certificate issued by the Assistant Foreigner Regional Registration
      • Officer, an officer of the Bureau of Immigration of India
      • Passport
      • Visa
      • An attested application form with a photo

2.Documents for Foreign National:

      •   Passport
      •   Visa
      •   An attested application form with a photo
Obtaining-Digital-Signature

 

3.Obtaining Director Identification Number(DIN) and Approval of Name

As per the Companies Act, 2013, it is mandatory for every individual intending to become a director or a company in India, to obtain a Director Identification Number(DIN).

Once you’ve got your hands on the Digital Signature Certificate(DSC), you can obtain DIN from the Directors by filling form DIR-3 with the registrar of companies.

Name Approval of The Company:

Once you’ve obtained DSC and DIN, you can move forward to getting the name of your company approved. Certain guidelines should be taken into consideration while applying for the Name Approval:

1. Make sure that your company’s name is unique and hasn’t been adopted by any other company, you can check it at mca.gov.in

2. Make sure that there is no registered trademark in the same name, you can check it at ipindia.nic.in

3. Make sure that the first half of the name is unique. It’s best to avoid geographical references, adjectives, abbreviation and generic terms. Also, words such as Bank, Exchange and Stock Exchange needs to be approved by RBI and SEBI.

 

DIN

 

4.Name Approval of The Company:


Once you’ve obtained DSC and DIN, you can move forward to getting the name of your company approved. There are certain guidelines that should be taken into consideration while applying for the Name Approval:
1. Make sure that your company’s name is unique and hasn’t been taken by any other
   company, you can check it at mca.gov.in
2. Make sure that there is no registered trademark in the same name, you can check it at Ipindia.nic.com
3. Make sure that the first half of the name is unique, it’s best to avoid geographically
   references, adjectives, abbreviation, and generic terms. Also, words such as Bank,
   Exchange and Stock Exchange needs to be approved by RBI and SEBI.

Name-Approval-of-The-Company

5.Filing For Incorporation of a Private Limited Company

Once the name is approved, you can file the incorporation documents with the Ministry of Corporate Affairs to incorporate the company. The required documents for incorporation include affidavits and declarations from Directors, Memorandum Of Association, Article of Association, and the registered address proof.

Filing-For-Incorporation

 

6.Memorandum of Association(MOA) and Article of Association(AOA)

MOA and AOA are essential documents which show the intention of foreign nationals or Indian nationals of becoming shareholders in a company. MOA is considered as the charter of a company; it includes all the objectives, rights, liabilities with regards to the constitution of the company and is recognized by law as valid.

MOA-&-AOA

 

Now, this is the procedure that is needed for incorporation of a Private Limited Company in India, but there are still certain questions that remain unanswered which we’ll get into right away.

1. How much does it cost to register a company?

For a private limited company in India, a minimum paid up capital of INR 1,00,000 (approximately $2000) is required. There is no upper limit on paid-up capital and authorized capital.

2. What’s the difference between paid-up capital and authorized capital?

The authorized capital is a limit that has been approved by the Registrar of the companies up to which you can issue shares to the public or members.

Paid up capital is the paid portion of the capital that is subscribed by the shareholders.

3. Do I have to be an Indian Citizen or need a local partner to register?

For starting a company in India, it is mandatory to have a minimum of two individuals and an address is required in India. One of the directors needs to be both a citizen and a resident of India. One of the directors should have stayed in India continuously for 186 days during the financial year, i.e. 1st April to 31st March.

4. Do I have to pay Income Tax?

Any income earned in India is subjected to Income Tax. The required TDS is deducted from their remuneration or commission as per the provisions of the Income Tax Act.

5. Do I Need a Visa to Set up a Company?

Yes, a foreign national is required to be present for the signing of Affidavit during the later stages of incorporation, and his/her arrival should be in Business Visa.

6. Are there any Incubators/Accelerators in India?

India ranks third globally, with the most number of Incubators/Accelerators after China and USA.

 

Conclusion:

While the above points help register your business and get you set to expand, there is never an ideal plan. Just make sure you’re thoroughly prepared for incorporating your company. Sometimes, things may not go as planned, but to become successful, you have to adapt to shifting situations.

Are we missing out some important points?

Drop your suggestions below, and we would love to implement those.
And if a comment isn’t enough for you, we can connect through contact@remotepanda.com

How To Effectively Manage A Remote Team

How To Effectively Manage A Remote Team

how-to-effectively-manage-a-remote-team

 

Remote work isn’t a trend that has surfaced recently, although it has picked up pace now, it has been going around for quite some time. Everyone has at least once in the professional life worked from the comfort of their homes or have hit that ON SWITCH on their laptops, surrounded by the surreal beauty of nature. With the rise of millennials, there has been a rise in flexible work policies. We live in an era where we can’t bind talent to a chair and a desk from 9 to 5, millennials wish to work from wherever they want and whenever they want. And if you look at some of the studies conducted by renowned institutions, you will realize that remote workers are more productive than their in-house counterparts.

It’s no surprise that every company wants such talent to be a part of their team, but it’s not entirely easy to find such talent. Even if you do build a remote team successfully, the other part of the equation which is hard to solve is, managing that team effectively.

Now don’t let this get your hopes down, managing a remote team is a bit tedious than leading an in-house team, but, if you do things right, there is no other bliss like working with a remote unit, and it’s sure that all your efforts will pay off and you’ll rise victorious.

As people have a tough time managing a remote team, why don’t we take a more in-depth look at the things you should do to make your management effective. I’ve got some handy tips and tricks you can implement in your routine and see the magic happen.

 

1.Communication:

This is the point I like to emphasize a lot every time I write a blog related to remote work and the remote team because we often overlook effective communication in a remote team. Communicating as much as you can is necessary. You’ve got to take into consideration the fact that you don’t have the privilege of bumping into your coworkers as you do in your office, so there is less chance of hitting up a conversation, be it about work or after work plans. There are certain things you can do to ensure that your team is communicating freely and effectively.

  • Have an open chat room:

Keep a chat room open for each team where they can freely leave messages for their team members, it’s essential to make people feel connected as a team, but make sure that people don’t go overboard and start distracting one another.

You can also keep a chat room open for chats which aren’t related to the business, kind of like a water cooler talk session.

  • Choose the right medium for communication:

The channel you use for communication is as important as the message itself. Hence it’s inexorable to select the channel wisely. For instance, if you want to have a quick conversation with your colleague about a project you are working on, it’s best to use email. It’s a win-win situation, you have a discussion and the log of it. So you’ve got proof if things go south.

For real-time interaction there are so many chats and video conference applications, use one that suits you the best.


 

communication between remote teams

 

2. Encourage Transparency:

Encourage Transparency between remote teams

Now, this is like killing two birds with one stone kind of a situation. You are managing a remote team, your team looks up to you, so it’s your responsibility to bring that leadership quality in action and lead by example. The most important factor behind any successful team is trust; your squad won’t interact with each other, discuss topics and opinions unless you do it. It’s your responsibility to show them the ropes and harbor a culture of trust and transparency.

Get your team involved in the decisions you’re making, share the company’s vision, mission, and objectives. Let your squad align their goals with the company’s goal, set clear and feasible goals for them, also spare some time to talk about things other than work.

 

3.Meetings:

Meetings between remote teams

This one is quite tricky as every member of your team might be in a different time zone. But it’s possible, and a lot of companies have been doing it for a long time now.

Meetings are the best practices to understand your team members, what they are working on, are they facing any difficulties and how they can be solved. We at RemotePanda usually conduct daily stand-ups with our remote teams to stay on the same page, to know and plan out schedule and tasks for the day, and to solve the challenges faced by our development and marketing teams.

The best part about these virtual meetings is that you don’t have to worry if one of the team members won’t be able to make it to the meeting. As everyone is working from the comfort of their zone, some might join from home, some from a coffee shop, but one thing is for sure, it’s always going to be a fun and collaborative meeting.

 

4.Productivity:

Productivity of remote teams

This one tops the list of analyzing all the employees. Well, that’s fair, you’re only as worthy as your productivity. But again some things hinder you from achieving your real potential and goals. The worst part is that when you’re working remotely, there is nobody to nudge you in the right direction or send that jolt of energy when you’re feeling lethargic, so, here’s what you can do to ensure your team stays productive all the time.

 

  • Establish a process:

Establish-a-Process

Business tends to fall apart when it doesn’t have specific methods or systems in place. Your team is your biggest asset, so it’s imperative to set proper processes for the team to follow. The co-located team members can work with minimum procedures in place, as they have the liberty to talk to their peers whenever they face an obstacle or are just bored staring at the computer screen, but when it comes to a remote team, each member is working from their comfort zone and might set processes which are suitable to them. It becomes tough to collaborate when everyone is working according to their methods and when those processes don’t mesh well with each other.

So it’s better to document or standardized specific processes that your team can follow to achieve most of their goals efficiently.

 

  • Make room for consistency along with the freedom of flexible working:

 

The privilege to work from anywhere and anytime, of course, that’s what remote work is all about, but it’s necessary to have a degree of consistency along with it. Can you imagine how hard it would be if you set up a conference call and only half the team shows up while the other half is doing laundry or feeding their cats? Thus, the point of consistency, with great freedom comes great responsibility.

 

  • Tracking work output:

Tracking-work-output

One of the most critical aspects of measuring an employee’s productivity, OUTPUT!

Whether your team is co-located or virtual, measuring your employees’ productivity is a must. You need to be clear about the goals and tasks of your employees and set some Key Performance Indicators(KPI) to measure their performance. It helps in gauging if your employees are really being productive or just pretending to be.

 

 

Conclusion:

I hope all the above points gave you a deeper insight into the ways of maintaining effective management between remote team members. If you have questions related to managing a remote team, let us know in the comments section below.

 

About RemotePanda

RemotePanda is a personalized platform for companies to hire remote talent and get the quality work delivered from the city Pune. The resources in our talent pool are our close network connections. While connecting them with you, we make sure to manage the quality, growth, legalities, and the delivery of their work. The idea is to make remote work successful for you. Get in touch with us to learn why RemotePanda is the best fit solution for your business requirements.

Building Managed Remote Teams

Building Managed Remote Teams

building-managed-remote-teams-banner

 

I am sure that you must have observed the recent shift in the workforce perspective when it comes to working in a cubicle. A workplace is no different; it’s also evolving and adapting to the needs of employees.

By leveraging technology and collaborative tools, companies are shifting from traditional 9-5 job to a remote working setup. And it seems like a good option too. This option makes it simpler for employees to maintain a healthy balance between their work and personal life, thus reducing all the trouble and mental stress.

In today’s world, people value flexibility in work, and working remotely is the best option for that. And for employers, it provides a broader talent pool at a more affordable cost, also evading complexities associated with keeping everyone on-site.

But is this transition that simple? Is it just like you wake up one day and decide that you are going to turn the rock and go full remote with your company? It’s not that easy; Remote teams have blockades different from those observed in traditional on-site teams.

Read here – Remote Team vs. In-house Team

For starters, radical trust and good communication are crucial between employees and employers who don’t see each other regularly. Now, this might not sound like a big problem; all you need to do is communicate, right? Well, this might come as a surprise to say that not everyone is capable of having effective communication with one another, and this is also one of the primary reasons why remote teams fail.

Now, this is perplexing; you must be thinking that in the beginning we talked about how many companies are transitioning from 9-5 job to a more remote setting, and now we are talking about the issues working with a remote team…

Well, I am sure that you want to grow as a company and ride the remote work train but worried about the complexities that it proposes. What to do now? The answer is simple – build a Managed remote team.

 

Remote Team vs. Managed Remote Team

Remote-Team-vs.-Managed-Remote-Team

 

What does it mean to have a managed remote team?

Well, there isn’t much difference between a remote team and a managed remote team. In both the cases team members share information, collaborate, and offer assistance to each other – the job is the same. But the reason that makes a managed remote team one up the traditional remote team is an additional layer of management.

Remote work does pose some challenges in unexpected ways; however, having someone to ensure that you set KPIs for the work and build accountability within the process can be helpful.

Significant areas where a managed remote team outshines the traditional remote team –

1.Effective Leadership

Leadership is one of the critical areas to determine the success of a remote team. Appointing a team leader who is responsible for managing and ensuring that they meet their performance objectives without affecting the timeline and quality of the deliverables.

In case of a traditional remote team where there is no additional management layer, all the heavy lifting has to be done by the startup owner. As a startup owner, you already have so much on your plate that you don’t have time to babysit a remote team which ultimately lags behind.

2.Set Clear Goals or Priorities Among Team Members

With a managed remote team, you can set clear goals and priorities for the team members. With each and everyone in a different timezone working on a flexible schedule, things can get confusing and two people might start working on the same thing. Setting tasks and goals for each team member with individual priorities helps them understand what tasks they need to complete.

 

3.Initiating Engagement and Cooperation

If you have ever talked to a remote worker, you must have heard them saying that they can’t engage with other members of the team. By placing a Success Manager as a middle layer, the engagement between team members and the employer can be made simpler.

Success Manager should regularly assess the team by asking the following questions:

– Are all the members contributing to conversations and projects?

– Are they attending and actively participating in team meetings?

– Are the team members motivated to take on new work or are they feeling overwhelmed?

– Are people working well together or is there any constant and unproductive team conflict?

Organizations that work with a managed remote team have substantially better odds for success than those who start their team on a whim.

 

The Process to Build a Managed Remote Team

The-Process-to-Build-a-Managed-Remote-Team

 

Now that you are aware of the benefits of having a managed remote team over the traditional remote team. The next question that must have popped up in your mind would be how to build a managed remote team and What’s the process?

Going Remote? Is it the best option for your company?

How many times have you heard companies saying that you need to get in a room and sit face-to-face and brainstorm ideas to be successful?

Well, I think that it’s not true at all, ask Buffer, GitLab, Zapier, and Basecamp. These are some fully remote companies that let you work from anywhere.

Setting up and running a remote team requires some serious planning and commitment. Especially if you are transitioning from the traditional way to a remote setting, it will completely reshape your organization’s culture.

Before you jump the gun and decide to go completely remote, here are a few things you should ask yourself –

1. Is there a compelling reason why your team needs to be in the same cubicle every day?

2. How to bifurcate tasks that you can work on from home and for that you need to be on site?

3. Which tools and services will you require if you decide to go remote?

4. How to use your team’s varying schedules and locations to offer better services and solutions?

Working with a remote team is not for everyone, but under the right conditions and an additional management layer, a virtual team can be capable of running itself.

Developing Your Personal A-Team

Developing-Your-Personal-A-Team

 

Now that you are determined to go with a remote team, it’s time to start focusing on some specifics regarding your hiring processes. When building your A-Team, you need to consider the skills and abilities you require in your remote employees. It’s crucial to test out a potential employee before getting them too involved in your business. The best way to do so is by assigning a test task and observing their progress as they complete it.

The process of developing a competent team starts with finding qualified remote employees (obviously). So start looking for those remote workers who will make your organization shine like a halo. According to a survey, most people prefer working with remote employees who are referred to them. If you don’t know anyone who can refer to you a few remote workers or you don’t like the ones referred for some reason, the next place to look for would be the freelance platforms. Trust me and you will find some experienced and skilled professionals, for sure. There are several freelancing platforms available that it’s almost difficult to choose from. Every freelancing platform offers a unique feature of its own such as Secure Money Protection, Pre-defined Job Posting Template, etc. Here is a list of the top unconventional freelance platforms that bring something unique to the market.

Once you are registered to a freelance platform, you are all set to begin your search for those dark horses. The first step is to post a job where remote workers can apply. It seems like a straightforward job, but there are specific rules which you should stick to. Don’t post the specs of your entire project because there are people who scan sites daily looking for projects to steal. Instead, focus on publishing a general description of what you want to build using the required coding languages.

Check out the best ways to write a job advertisement

After you have posted a job requirement, you are destined to receive the spam requests. The real challenge begins now; you have to weed through all the requests you receive. Naturally, you will receive a lot of useless applications as well, to analyze those and select a few worthy candidates.

You can create a list of basic skills that are required in remote workers to work efficiently. These skills could include things such as –

1.Communication Skills

2.Proactiveness

3.Flexible Management Style

4.Trustworthiness

5.Self Management

 

Interview

Interview

 

You should build comprehensive interview points to test out the skills, experience, and expertise of an individual. You can include questions that help you better learn the perspective of the interviewee and understand the motivations for getting a remote job.

 

Best Remote Work Interview Questions

1. Why do you want to work remotely? – It can give you some insights into what the person is looking to gain by not having a traditional office job. This can be helpful to bring out the inner thoughts of an individual and understand them better.

 

2. Can you self-manage yourself? – Now, most of the times individuals choose to work remotely because it provides them with the flexibility that can’t be achieved in the traditional 9-5 job. There might be a situation where the employee has to work on the edge, so it is vital to know whether a remote worker is capable of managing it or not.

 

3. How would you rate yourself when it comes to communication? – The whole team’s efficiency depends on proactive communication. And since everyone in the team will be working from different locations and using technology to rely on all sorts of conversation, it is imperative to have excellent communication skills.

 

4. Why do you want to work with our company? – This is the most common question in an interview. This helps the interviewer grasp how much an individual is invested in your company.

 

Since hiring remote employees is different from hiring traditional employees, you need to tweak your approach a little. Here are some tips to help you through the process.

1.Conduct a live discussion

No matter if you are interviewing a traditional employee or a remote employee, it’s in your best interest to have a live discussion. The body language of the interviewee can answer some basic questions like is that person really interested in the job? You can also get an idea of how an individual will behave and act in a stressful situation.

2.Have a trial by combat (Test their expertise)

Most of the time interviewees tend to hide things during the interview about their specific skills that turn out to be different later on. This might affect your entire project. It’s good to assign a test and ask them to complete it in a given timeline.

 

Also, there might be the case where you are confused between two individuals and can’t decide who to choose. You can assign the same task to both and then compare who did a better job at completing it.

 

How to Successfully Manage Remote Team

How-to-Successfully-Manage-Remote-Team

 

Now that you have assembled your A-Team I am sure you are eager to start working with them. As a leader in your organization, you need to be willing, able and excited to take the responsibility of moving projects and tasks forward to meet deadlines. This is a massive part of virtual team management, and it’s what separates you from the rest of the organization.

 

Few tips that can make it easy for you to manage your virtual team –

 1.Managing Tasks and Setting Priorities

When assigning tasks to the team members to make sure you keep the number of tasks limited. An ideal number of the task would be around 2-3 at a time. If you assign too many tasks, it will create confusion and room for error.

Defining clear priorities is essential. You should be able to pinpoint important projects to work on and the most important tasks

within a project.

2. Embrace Technology

Remote work revolves around using technology. Technology is the glue that holds remote workers and the organization together. Technology plays a vital role in setting up your remote team correctly. Key areas where you can leverage technology to make sure that you succeed are Communication and Monitoring.

There are multiple tools available that can help you set up an effective communication and monitoring system.

3. Build a culture

Building a culture is really important. Since everyone in your team is miles apart from each other, you need to find ways to compensate for the fact that you are not bumping into each other.

Making your remote team feel a part of something big is really important. You can arrange yearly trips where all of the team members come together. On birthdays and special occasions, you can gift your team members. This will help you solidify the bond between team members as well as with you.

4.Create Documentation and Processes

Blueprinting the task really helps. You can create templates, plans and process to streamline everything. With a proper process in place, in case of emergencies, anyone can take a look at the process and come up with solutions.

Also, when you set a process, it tells your employees the “Why” behind any task. It is going to be a tough task at the beginning but as time passes and once a repetitive task is blueprinted, it’s done forever. It’s an effective way of scaling your business.

 

How RemotePanda Operates

 

What makes Remotepanda different

RemotePanda is a marketplace to hire remote workers. What really sets RemotePanda apart from the other platform is that RemotePanda offers that additional layer of management which is required to ensure the success of any project.

RemotePanda exists because of the rise of CXO’s who want the benefits of working with the remote team but also don’t want to waste their valuable time and energy into managing them.

RemotePanda has developed a marketplace with unique features that are like a concierge service to outsourcing, and where a successful manager is assigned that helps throughout the journey from matchmaking, setting of the process, building the KPIs and reporting.

 

RemotePanda’s Process

 

RemotePanda follows a very streamlined process. As soon as a client shoots an inquiry regarding a project, the team at RemotePanda go through all the resources and select the top 4-5 profiles of the people that fit the client’s requirements. The client can also go through all the resources on the website and pick the one which suits him. The team at RemotePanda is determined to make the process of finding the right remote resource as simple as possible. After the remote resources are shortlisted, interviews are scheduled a successful manager is assigned to the client. The success manager acts as a medium between the client and the remote employee. Success manager aids and function as your personal assistant that is invented to assist you in achieving the specific goal which involves your hired resource. This assistance will entail; help from the time of hire all the way through receiving your deliverables. In essence, it functions as your team member.

 

Conclusion

Building a managed remote team is not an easy task. There are multiple pieces of the puzzle which need to be collected and assembled in order to see a bigger picture. You need to focus on things that seem like some small stones on the side of the road and if overlooked, these small stones can turn into a big rock blocking your road to success.

Eager to give remote work a try?

We’re always happy to spill “insider” secrets on what makes for a happy, effective telecommuting team. Drop us a line anytime and let us know what questions you have about the wonderful world of remote work!

How to Validate Your MVP Through Videos

How to Validate Your MVP Through Videos

how-to-validate-your-mvp-through-videos

 

 

We at RemotePanda have been celebrating March as the “Month of MVP.” During this past half month, we have been promoting and dedicating content towards MVP, creating awareness and promoting how MVPs can be a way to mitigate risk and verify any product before investing too much time and money.

We recently organized a webinar on how to validate your MVP by leveraging videos. Now, you might be wondering what the hell is this, like MVP, is already something that we develop to validate an idea and test the waters, now we are talking about validating the MVP itself. Well, that’s exactly what made this webinar so exciting and informative.

For this webinar, we hosted Rajan Soni, Founder of Infinity Creative. Rajan specializes in creating marketing centric videos and help businesses build brands around video and marketing content.

 

“Videos are one of the most impactful media to send across a message and to leave an impression. And something which is as important as an MVP, which you use to validate your business and to research into the market, videos are the best way to reach out to the audience and take inputs from them on your MVP.” – Rajan Soni.

 

During the webinar, Rajan covered the various aspects of MVPs and videos and how the two together form a formidable test that can help entrepreneurs and startups build a better product and cater to the needs of their target audience.

The webinar began with the introduction of Why you need to validate an MVP.  After that, the webinar touched upon the points like how do you validate an MVP, the importance of creating an excellent story for the video, followed by an exercise on how to create videos using online software.

 

In the startup world time is everything. You might have heard of cases where a company suffered a loss in capturing the market share just because they were late in releasing their product. The only way to efficiently capture a larger market share is to stay ahead of competitors.

 

Why do you need to validate your MVP?

 

The word minimum itself in Minimum Viable Product denotes that your product has fewer features as possible; however, there are three particular things that your MVP needs to do –

1. It needs to have enough value that people are willing to use it. Your MVP should cater to the needs of your target audience; it should provide a solution for their problems.

2. It should have growth potential. You should showcase your MVP, that it reflects and resonates within the minds of the masses depicting potential growth in the future.

3. It needs to facilitate feedback. The most important job of an MVP is to facilitate feedback.

 

Coming back to the main question of why you should validate your, there are multiple reasons why you should validate your MVP.

 

 

Why validate

 

Reason #1 – Cost

 

It costs a lot in developing an MVP. A lot of people think that building an MVP is the most cost-effective way, but still, around $10000-$15000 is required to build an MVP. To be honest it is a lot of money for a CEO who is bootstrapping his way out. This additional cost of $10-$15K can be used in marketing or hiring additional remote help.

 

Reason #2 – Time

 

In the startup world time is everything. You might have heard of cases where a company suffered a loss in capturing the market share just because they were late in releasing their product. The only way to efficiently capture a larger market share is to stay ahead of competitors.

 

Instead of investing so much money and time to get the feedback, instead validate your MVP first.

 

You must have heard of companies like Airbnb, Uber, Dropbox, and Twitter. All these tech titans have one thing in common they all started their journey by developing an MVP. Among these the most interesting one is Dropbox. That is because Dropbox began their journey by developing a simple explainer video. The video was an animation based video where the features and benefits of the Dropbox were showcased. A simple explainer video that went viral and gained a lot of eyeballs. The noticeable thing here is that Dropbox was able to get hundreds of early adopter who was ready to try Dropbox even before they launched their MVP. And all of this was possible just because of a simple explainer video.

Now just take a second and compare the two scenarios – one where you spend 2-3 months and thousands of dollars on an MVP and second where you spend 3-4 days on an explainer video and still get early adopters for the product along with the valuable feedback from the customers, which one of those two scenarios is more efficient and productive.

Let me know what you think in the comment section down below.

 

 

How to Validate?

 

How to validate

 

Well, there are multiple ways to validate your MVP. Like conducting a survey and asking people their opinion or you can create a blog and ask for the feedback on it, or you can create a dedicated landing page for it and then create a video.

“What I find the best way is to create a video and put it on a landing page – Rajan Soni.” That way you have a call-to-action on your landing page where users can subscribe and become a part of your pre-launch customers.

Videos are perfect for pitching to investors as well. Creating a short 2-minute video and using it to send across an idea and all of its features is just fantastic.

Still not convinced that videos are the perfect gateway for you to validate your MVP and build a superior product for your customers?

Take a look at the mindblowing stats about the videos and embrace their glory.

 

video stats

 

How to tell an Amazing Story?

 

Tell an awesome story

 

Before you get into creating the video the prerequisite required is a story,  a story that resonates and moves you. Today, everyone is creating content. In order to move ahead of your competition, you have to create content which stands out. For this to happen, you need a fantastic story.

 

But how do you create a fantastic story? Well, any story has three main division – Start, Middle, and End.

It all starts with the protagonist, the hero of the story who aspires to achieve some goal in his life. This goal could be anything like climbing Mount Everest or driving a Formula One car etc. And just like in the movies, the protagonist comes to a halt as he/she is matched up against an obstruction. After the obstruction phase comes to the conflict phase, where the main character of the story works really hard toward achieving his/her goal. After that begins the resolution phase where all the hard work and dedication pay off for our main character.

This concept is applicable even in business. Suppose our protagonist is a customer, now the customer wants to connect with his friends, but his friend lives overseas, you have a product called Facebook that might help the protagonist, boom problem solved. Your customer is happy with the product that solves his problem of connecting with his friend.

 

Pro tip – What really binds everything together in any story is emotions. Emotions are something that everyone empathizes with. In order to create a mindblowing story, you need to add emotions in your story.

 

 

Story Board

How to make a Video?

 

How to Create video

 

Before we start making a video the first step is to decide what type of video do you want to use. In the broadest sense, there are two kinds of videos – Animated and Produced.

 

Animated videos are perfect for explaining things. So if you want to describe your product or about its features, animated videos works wonders. The goal of an explainer video is to showcase your product or services in an engaging way. So you take one or two features, you show what the existing problem is, how your product can solve the problem and how amazing their life will be after that. On the other hand, if you want to tell a story or you want to reach out to investors or talk about the entrepreneurial journey, produced videos are best. If you are telling a story it’s significant that people see your face, they understand your emotions, and they empathize with you.

 

Coming back to the original question of How to create a video, Rajan gave a demo of software called VideoScribe. With just a few clicks you can create an astounding animated explainer video.

 

What to do after you have created the video?

 

 

 

What next

 

Now that you have created an excellent video what should be the next best thing to do? Remember our goal behind creating a video prior to MVP is to get feedback from the target audience. And the best possible option to get people invested in your video and provide feedback is by leveraging social media. Put your video on social media and genuinely listen to what others have to say about your product. Make the alterations and repeat the cycle, after 2-3 alterations you would be left with a perfect idea for your MVP. The MVP you built will be a lot better and would be very close to the product that people actually want.

Like what you’ve read so far? Watch the complete webinar here to learn more tips and tricks on how to validate your MVP. Watch here –

 

Why Do Millennials Prefer Remote Work?

Why Do Millennials Prefer Remote Work?

According to a survey by Deloitte, more than half the millennials reported that remote work made them more productive. Three-quarters of the respondents also said that they would appreciate if more such opportunities were presented. Here are a few reasons why the millennial workforce vouches for remote work.

  • Better work-life balance:

Millennials prioritize work-life balance apart from financial benefits while evaluating a job opportunity. The mere hallmark of achievement no longer appeals to them and they instead look for meaningful work. With the help of modern technology, it has become possible for millennials to get fulfilling work while giving ample time to their families and personal goals.

 

Better-work-life-balance
  • Avoiding burnout: 

Providing a flexible work culture is a great way of gaining employee loyalty. Millennials are looking for remote jobs that enable them to work from anywhere and anytime. They wish to define their own hours and make the most of their productive hours. It is absurd for them to simply conform to a regular 9 to 5 work culture. They truly value productivity even if it is beyond the defined working hours.

 

Avoiding-burnout
  • Remote work is practical:

 Millennials understand that remote work is not only a trend but a necessity! While the staff gets flexibility, employers get better productivity. Isn’t it better to reap the benefits of technology than to enforce unrealistic expectations on the employees?

 

Remote-work-is-practical

 

Conclusion:

So according to surveyors positive & beneficial responses, millennials prefer remote work due to flexibility in work culture, good work life balance, and many more benefits.

 

RemotePanda at Techday

RemotePanda at Techday

remotepanda-at-techday-Banner-Images

 

While RemotePanda had a gala-time at TechDay here are the 10 really great businesses the Panda could spot on

1) Jade Insights

 

Jade Insights strives to facilitate the revolutionary growth of the US Cannabis business and to spread that growth and wealth to those who historically have not had access to it. The aim is to create groundbreaking data tools for the cannabis industry that will allow business owners to run their business smooth and successfully.
Jade Insights provides a comprehensive view of all major departments of a cannabis company. With easy-to-use dashboards, users can understand their Key Performance Indicators (KPIs), then compare their operations to industry benchmarks. Users are also able to set up regularly scheduled alerts, emails, and reports to manage by exception.

2) Hotels By Day

 

HotelsByDay is a startup based in New York City and made up of a team of hospitality industry veterans, technology experts and entrepreneurs who decided that there should be a better way for hotels to leverage their unused inventory during the day and for guests to be granted flexibility of check-in & check-out of a hotel room outside the conventional hours. It is observed that travelers need more dynamic options when they shop for hotel rooms. Hotelsbyday provides intra-day hotel spaces: offering travelers flexibility, comfort, and a space of their own.

3) Maz

 

MAZ products empower leaders in media industries to become pioneers in OTT and mobile technology. MAZ aims to provide tools that aid in building and maintaining apps across all platforms without any technical expertise. By using these tools and services, one can eliminate additional hiring of editorial, marketing, and design teams.MAZ was named one of Entrepreneur’s “Best Entrepreneurial Companies in America” as well as one of Inc.’s “30 Under 30 World’s Coolest Entrepreneurs”.

 

4) Bestest

 

Bestest brings “polling to the people” through a dedicated mobile app that gives everyone the power to collect usable insights, answers and feedback on the issues of the day through real-time opinion research. Bestest assists users in making better decisions. Using the dedicated application users can ask friends, teammates, classmates, co-workers or constituents to weigh in on picture and text polls that they create.

 

5) Inventaprint

 

Inventaprint’s goal is simple: help ideas come to life. Inventaprint is working diligently to connect inventors and businesses with vetted local or large manufacturers to simplify the creative process and achieve lower manufacturing costs. Inventaprint believes that the process of creating products should be smooth and accessible for everyone, Inventaprint cuts out the hassle of vetting manufacturers. To ensure that the businesses get top of the line manufacturers, Inventaprints carry out multiple assessments and screening processes. This approach aids in making smarter decisions.

 

6) Fixional

 

Fixional began as a publisher trying to organize the world of online fiction onto one site. In the process, they came to an understanding that they could best serve the world of writing by offering software to other authors, editors, agents, and publishers. Fixional provides state of the art software that reviews writing and offers advanced manuscript editing. The software helps authors edit and think about their work; it allows editors to find the manuscripts that best match their publication. Additionally, it acts as a recruitment platform for agents to find authors to represent. Fixional helps review and explore thousands of manuscripts within moments, providing new insights and possibilities which assists in maintaining high standards.

 

7) Vacayo

 

Vacayo leverages technology to help people obtain financial freedom through real estate. Vacayo is a platform which allows individuals to rent their home for a year or more. Vacayo provides high monthly rent and management of cleaning, maintenance, and insurance. Vacayo aims at revolutionizing vacation rental management by offering homeowners high profits, total coverage, and better options.

8) Swoogo

 

Swoogo created an event management software that helps a planner execute an event with minimum hassle. Swoogo believes that event planners are always juggling multiple tasks, in order to provide them the element of relaxation the tool was developed. Swoogo combines heavy-weight event creation, management, and marketing features with easy-to-use, easy-to-understand reporting. To conclude it is safe to say that Swoogo is the best choice that anyone can have when concerning event management.

9) Spectronn

 

Spectronn is an innovative and creative company focused on providing WiFi for transportation. The company is driven to provide transformatively, AI-driven, cloud managed cognitive radio networking and mobile edge computing technologies.Spectronn’s SiFi — an AI-driven cognitive wireless technology that provides resilient and high-speed WiFi in buses, cars, trains, trucks and other forms of transportation by dynamically connecting to multiple wireless networks (3G, 4G/LTE, satellite, etc.) simultaneously. Smart mobile edge computing supports video streaming, gaming, and other applications even if no mobile Internet.

10) Airport Sherpa

 

Airport Sherpa was founded by two frequent travelers ready to transform the airport experience. Airport Sherpa enables travelers to discover new and existing retail and dining options across all airports. Airport Sherpa is focused on delivering an improved traveling experience. Airport Sherpa allows travelers to grab orders as they walk through the airport. Travelers can check real-time updates for the orders and flight status.

 

Conclusion:

 

The time spent by RemotePanda at TechDay was phenomenal. RemotePanda experienced a truly blissful day full of opportunities to gain and absorb knowledge and information. The whole environment was encompassed with entrepreneurial excellence. To sum it up in a few words it was just a truly amazing experience.

Event Gallery

Event Gallery

10 Mind-Blowing Squads/Startups Spotted at StartupFest, Montreal

10 Mind-Blowing Squads/Startups Spotted at StartupFest, Montreal

Intro

RemotePanda had an amazing time engaging and interacting with entrepreneurs at StartupFest, here are ten great squads spotted at the fest.

 

Atek Monitoring and Control Solutions

Atek is a Canadian company highly specialized in Remote Monitoring & Control Solutions. Atek brings forth complete, integrated and turn-key solutions for a critical business process. Atek provides everything from the sensors to the online management platform including, installation and after-sales services. Atek has deployed thousands of sensors in Canada, which records millions of data points each day. Every day, thousands of users log in to the platform online to monitor their equipment and products.

Mortgauge

Mortgauge provide users the lowest rate in the market and deliver a seamless online mortgage experience. Mortguage is comprised of a hybrid team having experience in real estate and cutting-edge technology. With expertise in brokering deals, underwriting, finance, strategy and audit Mortguage have sufficient knowledge of the industry to build a rich customer experience. With the vision of being Canada’s most insightful, convenient and economical real estate platform Mortguage provides powerful tools to enhance customer experience.

EZ-Probate

 

EZ Probate helps user probate for a will without needing legal help. Through our easy-to-follow probate process online, a user can accomplish all the necessary paperwork for submission to the court—with minimal costs. EZ Probate provides comprehensive resources to help users achieve success when dealing with asset transfers and legal affairs of the deceased. EZ Probate provides a user with precise information on assets that qualify for probate, the probate process and the costs, and other relevant information. The platform also identifies situations when you’ll need to consult with a lawyer and name which states do require legal representation for probate.

 

MeetScribe

 

MeetScribe revolutionizes the way meeting are conducted in organizations. It is a smart meeting assistant that transcribes and summarizes meeting notes and integrates them in office 365 productivity applications. MeetScribe also automates post-meeting logistics by scheduling meetings, creating smart reminders and follow up tasks for users.

AKA-ETH Innovation

10-Mind-Blowing-Startups-Banner-Image (1)

 

For any entrepreneur finding the right expertise and being able to afford it, is always challenging. For any professional, working for any startup company means they get excitement what they bargained for. The key to a collaboration between the two is trust. Trust can be either build along time between individuals or bought by paying a third party which provides a form of guarantee on the transaction. To allow a much larger number of entrepreneurs and professionals to work together and thus leverage each other’s available resources. AKA ETH Innovation aims to lower the cost of this acquisition of trust.

Greenline POS

Greenline POS is passionate about helping society onboard into a cannabis-friendly environment. This is why they built a web-platform that provides cannabis retailers a way to automate their inventory, sales, employees, and compliance needs so they can focus on educating society on the wonderful solutions that cannabis provides. The process of the building industry is a long one and providing information and secure solutions allow retailers to focus on their customers rather than worrying about convoluted systems. The Greenline group is a team of technologists, cannabis consultants, and marketers who have put their heads together to find the best ways to help cannabis entrepreneurs succeed.

MediSeen

 

MediSeen is reviving the house call as the primary point of care by enabling healthcare providers to deliver care in their community. This is achieved via a secure, cloud-based digital platform, which enables patients to easily access quality health care at their home or office, instead of visiting overwhelmed doctor’s offices, walk-in clinics, or hospital emergency rooms.

Classo

Find the best digital teaching resources in just a few clicks. Classo is developing a platform to help teachers and schools quickly find the best resources for their needs. Classo wants to help the user quickly find the best resources they need. In addition to educational resources, users can also find professional development content to help them make better use of the tools at their disposal and to keep up with new trends in education.

Airbrowz

Airbrowz is a mobile shopping platform and app that engages, acquires, retains your ideal customers. With total design control to targeted push notification, Airbrowz provides the retail, hospitality and event industries the tools to go mobile without the need for any coding. Using airbrowz, business owners can easily, affordably and quickly make a move to an effective state-of-the-art mobile software solution.

UpField

Enter the digital air today with UpField. UpField is a mobile application that allows you to quickly and easily create your job site reports.

Benefits of using UpField:

    • Realize the report from the building site using your mobile
    • Access and collaborate with others on creating a real-time report
    • Improve the quality of your reports

Conclusion

Meeting great entrepreneurs and startups is always amazing, you get to learn a lot. RemotePanda had an opportunity to get exposed to the entrepreneurial excellence at StartupFest, Montreal. Learned a lot, shared a lot – all in all, it was time spent well.

 

About RemotePanda

RemotePanda is a personalized platform for companies to hire remote talent and get the quality work delivered from the city Pune. The resources in our talent pool are our close network connections. While connecting them with you, we make sure to manage the quality, growth, legalities, and the delivery of their work. The idea is to make remote work successful for you. Get in touch with us to learn why RemotePanda is the best fit solution for your business requirements.

The alternative to Upwork with better service do exist!

The alternative to Upwork with better service do exist!

We exist because people look for alternatives to Upwork. A lot of people find us when they are searching for phrases like ‘managed remote workers’, ‘guarantee on remote workers’ or even need help to sue a remote worker’.

That’s how our company came into being. We were ourselves looking to find remote workers who can get our work done and we do not have to manage them. We wanted to make sure that the relationship between us and our remote workers leads to efficiency in our work. What we found though was having to run behind the remote workers, getting half done to code and really no control on the working style of remote workers.

RemotePanda is built for CXOs who want a managed service for their remote workers. CXOs who want to transition to having a remote workforce but do not want the hassles that come with managing a remote team. CXOs who need a helping hand from experts to help set up their remote team with a measurable ROI and clear accountability.

We believe that CXOs are firefighters. Every day is chaos and there is a lot of work to be put at every end to keep things under control. When CXOs take up any initiative, they are looking for lesser work for them and how they can make their time free. CXOs look for efficiency and ways to make things better than they are both in terms of time and money.

RemotePanda is built for those people and companies that want to mitigate their risk and take no chance that comes associated with outsourcing. We have developed a marketplace with unique features that are like a concierge service to outsourcing, and where a successful manager is assigned to you to help you throughout the journey from matchmaking, setting of the process, building the KPIs and reporting.

We continually speak with CXOs on what they need and how we can impact their ideas — while still keeping things simple.

Here are the major things that we have built under RemotePanda

 

Close Network Invite Only

 

Every one of the resources that you’ll see on our platform represents a closed network connection. These resources are composed of both freelancers and agency (service provider) employees. The access to showcasing one’s profile on our platform is by invitation only. Once an invitation has been accepted, that resource will then go through a stringent vetting process in order to determine and verify qualification(s).

 

close network invites only

Success Facilitator

 

We have tweaked and therefore upgraded the traditional hiring process through the addition of a facilitator layer that we term “Success Panda”. The success Panda will function as your personal assistant that is designed to assist you in achieving the specific goal which involves your hired resource. This assistance will entail; help from the time of hire all the way through receiving your deliverables. In essence, it functions as your team member. The best part is that it is a no-charge option that we provide for free!

 

Success Facilator

 

Quality Watch Panda 

 

We care for both you and your success since your business success represents our success as well. We ensure this by going far beyond just providing an introduction to your new resource. We endeavor to ensure that your high-quality work is successfully delivered to you. This entails that your deliverable is carefully scrutinized by our quality assurance team. There, we check for quality, plagiarism and any other applicable issues. Again, it’s complementary with no hidden fees involved.

 

quality watch panda

Learning and Education 

 

In addition, we increase the value of your hired resource by investing in their skill development. If, after hiring, you feel that your resource would benefit through training in additional skills, then you may request that your resource is enrolled in a relevant online coaching program.

 

learning & education

Team Visit 

 

We understand that stronger bonds are created between hired personnel and employers when a physical meeting is introduced. Therefore, for any engagement that lasts longer than 8 months, we will sponsor a visit between you and your Remote Panda team.

 

team visit

Zero Risk

 

We adhere to an effective escrow billing system. This means that all payments will go through our own platform and released to your resource only upon completion and verification that you have received your expected quality deliverable. If for some reason, you are not satisfied with the work you receive, we will investigate and if verified, we guarantee that you will receive a 100% refund for that month.

 

zero risk

 

RemotePanda understands that outsourcing your product development or any other service as well can only be successful with dedicated efforts required to build it out. Outsourcing requires your own champion running the show on the ground. The way companies like Amazon, Google, Microsoft have been successful with their offshore teams is by owning them- having their own people run the show. For small to medium companies and even for larger companies to an extent that is not possible. We fill this gap. We are your guys to help build your team and help you succeed at it.

To learn more check out our video:

5 Best Strategies to Reduce your AWS billing & Monthly Save Up to $1000 +

5 Best Strategies to Reduce your AWS billing & Monthly Save Up to $1000 +

 

Save 1000$+ monthly on your AWS Bill with these Simple Hacks

 

Recently I did a short video on how to bring your AWS billing down by more than 80%, which went quite viral on the internet achieving thousands of impressions within a day. It made me realize that there are many founders/CXOs who face this issue of the high bill on AWS or any similar cloud platform. This post is a further extension on the points I mentioned in the video and provides additional ways on how you can save money on AWS.

 

1. Selecting the appropriate size for the AWS server –

Selecting-the-appropriate-size-for-the-AWS-server

 

It is crucial for every organization to choose the correct size of the server. At the initial stage of your startup, it is advised to start with a small server. Apart from that setting up auto-scaling really helps. Auto-scaling option continuously scales the servers dynamically based on the traffic. This means that your server will scale up and down automatically based on the traffic on your website, so you don’t need to pay for a big dedicated server.

 

2. Using S3 + CloudFront instead of EC2 –

Using-S3-+-CloudFront-instead-of-EC2

 

Many people use EC2 servers for hosting their website. If you use static or dynamic website go for the S3 + CloudFront option instead of EC2 as it is more scalable and more secure as well as it costs less. Instead of paying for the dedicated EC2 server you can go for the cheaper S3 + CloudFront option.

 

3. Terminate development and QA environment when not required –

Terminate-Development-and-QA-Environment

A simple trick to reduce the cost is to turn-off the development and QA environment on weekends and holidays when no one is using them. You can easily setup Lambda function which triggers the turning on and off of the servers. Just by applying this you can save up to 50% of the cost whenever you are not using it.

We also apply this facility to many of our clients. When our working hours are done, and on weekends when no one is using the service, the servers shut down automatically.

 

4. Use AWS Reserved Instances –

Use-AWS-Reserved-Instances

Another great thing about AWS is that it offers the ability to reserve instances. Suppose you scored a great project whose duration is going to be around one year and you know what all instances you will need from the AWS. In this case, you can reserve the required instances with AWS. All you need to do is tell Amazon that you will require these instances for one year and Amazon brings down the cost for those instances.

 

5. Using the complete AWS features optimally –

Using-the-complete-AWS-features-optimally

Have you heard of SSL certificate? An SSL Certificate is essentially a digital certificate that authenticates the identity of a website and encrypts information sent to the server using SSL technology.

Many of our clients buy SSL certificate from GoDaddy or any other providers, they have to pay a considerable amount for it, but AWS on the other side provides SSL certificate for free if you set it up correctly. So with AWS, you don’t have to worry about buying an SSL certificate, moreover at the time of renewal and again setting it up AWS takes care of it all.

 

Conclusion

 

I am sure that by applying these best practices you can also save a few extra bucks just like we did. Also, feel free to connect with me if you want to discuss or want me to look into your AWS instance, I’d be more than happy to help. I can be reached on pravin@startupgrind.com

When I Felt I Could Die, I Found Out What is Most Important to Succeed

When I Felt I Could Die, I Found Out What is Most Important to Succeed

success

 

I felt a Eureka moment today while doing my morning run. I think I found the secret to success. The answer to the perennial question- “What is one trait you have to build in yourself to be successful?”

It was just another day with me in the middle of a run. Like every day I had set up a targeted distance and was taking circles around the park. Taking a run in circles requires more concentration than running from point A to point B, since running in circles means you have the option to quit after every round

My long runs also provide me the opportunity for introspection. I consider it to be the best part of running- Imaginations run wild at the pace of legs, and I have found myself in middle of varied thoughts from Elon Musk to Scarlett Johansson, from profits to growth and the stock market crash, etc.

So today I started thinking what is that one skill to be built in oneself to be successful. Is it developing a habit of reading or is it about becoming a constant knowledge seeker? Does becoming obsessed with something is important or does building a network of people leads to success. As I started pondering over these thoughts, there was also a constant push from the other part of my brain that was telling me that I am tired and I should take a break. Even if I have not covered the distance I had targeted earlier, it’s ok to rest or else my heart could fail, and I would die soon

And that’s when it hit me. THE POWER OF FINISHING.

I think the most important trait to be successful is about how much obsessed you can be to finish anything at hand. Do you complete every task at hand before you take a break? Do you finish every book that you start? Do you make sure that the one task that could have been done today is not moved to the next day? Our mind is wired into telling us that we are tired and that if we do not sleep on time or do not take enough rest, we may soon find ourselves in the hospital with a breakdown but can you build the willpower to overcome those thoughts and make sure that you don’t settle unless the work is done.

 

Comment

 

The habit of finishing has far-reaching effects on productivity. Extending that last stretch leads to satisfaction which leads to overall happiness levels. Also making sure that there are no tasks left unattended frees your brain from the unnecessary worry of too many things to be done. Additionally, every such stretch makes sure that you are not spending time every time to get started. It’s like if you have a goal of 5 miles either you can do a 3 mile and do not enjoy the happiness that comes from achieving the goal or does 5 and feels satisfied for throughout the day.

What do you guys think about it? What are the factors you believe are most important to succeed in life?