Urgent need to increase sales, marketing channels for women entrepreneurs in Bengaluru to scale up their businesses: Study

News Network
August 22, 2020

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Bengaluru, Aug 22: There is an urgent need "to increase sales and marketing channels" for women entrepreneurs in Bengaluru to run and scale up their businesses, and make them finance ready so that they can access capital, according to a study.

The study report released by Global Alliance for Mass Entrepreneurship (GAME) and consulting firm Sattva also noted that there has been a sharp decline in their revenues due to COVID-19.

"The study finds that for women entrepreneurs in Bengaluru, to run and scale their businesses, there is an urgent need "to increase sales & marketing channels and make them finance ready" so that they can access capital. While women entrepreneurs in the region face formidable challenges, the combination of new market platforms, peer-support networks, capital will make women entrepreneurs a force to reckon with before the end of the decade," read the release by GAME.

The majority of the research participants were middle-aged, educated women entrepreneurs from lower-to-middle income households.

The purpose of the study across priority sectors like food, apparel, health and wellness and education in Bengaluru is to build a nuanced understanding of women-owned small businesses and to ensure that efforts made to enable growth are mapped to the differing needs of the segment.

At a time when COVID-19 has disrupted businesses across the world, women entrepreneurs in Bengaluru bear the brunt too as their revenues dipped by 60-80 per cent due to the pandemic, the study pointed out.

For all entrepreneurs, COVID has reduced their revenues by 60-80 per cent, the report highlighted. The study identified them into Solopreneurs (64 per cent) and Nanopreneurs (36 per cent). Solopreneurs are entrepreneurs who run their businesses on their own i.e. they do not hire paid employees or workers while Nanopreneurs employed at least 1 worker apart from themselves.

Of the interviewed entrepreneur pool, Strivers (Nanopreneurs earning less than Rs 60,000 a month and having grown their teams for business expansion) had an 80 per cent decline in revenue due to reduced customer footfall, the report underlined.

As per the study, 53 per cent of the participants had their monthly household income below Rs 50,000, 84 per cent women entrepreneurs use personal savings for capital needs and also tend to rely on friends and family, 97 per cent of the women entrepreneurs hired less than 5 paid employees/workers and 67 per cent entrepreneurs had been running their businesses for under 5 years.

Formalization is higher among nanopreneurs with 78 per cent of them having registered businesses versus 27 per cent solopreneurs.

The study pointed out that with limited financial literacy, 80 per cent of Seekers either maintain rough books of accounts or do not maintain any books while 46 per cent of Aspirants were able to make pivots in their business post-COVID by working on strengthening their online presence during this time.

"Nanopreneurs sub-segments - Strivers who employ between 1-5 people with business monthly revenue of less than Rs 60000 and Achievers with business monthly revenue between than Rs 60,000 and Rs 2,00,000. Nanopreneurs sub-segments - Strivers who employ between 1-5 people with business monthly revenue of less than Rs 60000 and Achievers with business monthly revenue between than Rs 60,000 and Rs 2,00,000," read the release.

A few findings of the Study have helped understand that there is a need to immediately help women entrepreneurs transition from building businesses using personal savings/borrowings to small sized affordable finance to expand the reach of their business, read the release.

Talking about the study, M Srinivas Rao, CEO, GAME said, "GAME's mission is to catalyse 10 million mass entrepreneurs in India by 2030, half of whom will be women. Our study in Bengaluru focused on the four sectors of Food, Apparel, Healthcare and Education that typically have more women entrepreneurs compared to other sectors."

"Noticeably, even across these four sectors, only 15% are women-owned and of these only, 4% employ greater than 5 people. This shows that we have a long way to go. The Study reinforces the sentiment that while women in Bengaluru have many opportunities to build entrepreneurial ventures, the ecosystem lacks in supplementing them with the adequate resources, infrastructure and freedom," he said.

Dr Rajeswari Ranganathan, President, Association of Women Entrepreneurs of Karnataka (AWAKE) said that Financial Literacy and Awareness, Technology and Digital Literacy and Nurturing of an entrepreneurial mindset are key areas of support for all categories of women entrepreneurs.

Aarti Mohan, Co-founder and Partner at Sattva Consulting said that COVID's impact has made lack of access to affordable credit, more so for women entrepreneurs, a central issue.

"Gendered factors in access impede these women entrepreneurs from applying to formal credit. The need of the hour is to bring them under a formal and affordable credit system to help them scale their business," she said.

"With COVID severely affecting businesses, women entrepreneurs need to relook at their business models. As an immediate recourse keeping in line with the new normal, they should be looking at online channels like social media and eCommerce platforms to sustain business. In the mid-to longer term, women need to access more government schemes and stimulus including financial assistance to recover from their negative cash flow," she added.

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News Network
September 18,2024

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The founder of Taiwan's Gold Apollo, Hsu Ching-Kuang denied that his company manufactured the pagers used in the explosions that occurred in Lebanon on Tuesday, resulting in at least nine fatalities and nearly 3,000 injuries.

The detonations were triggered simultaneously by pagers used by militant-group Hezbollah members across the country.

News agency Reuters reported that images of the destroyed pagers revealed a format and stickers on the back that were consistent with those produced by Gold Apollo.

A high-ranking Lebanese security official said that Hezbollah had placed an order for 5,000 pagers from the Taiwanese company.

Earlier, a New York Times (NYT) report said that pagers used by Hezbollah members that simultaneously exploded on Tuesday came from Taiwan, with Lebanon claiming that explosives packed in sometime before they arrived in Lebanon.

However, Hsu clarified that the pagers involved in the incident were manufactured by a European company called BAC, which had the right to use Gold Apollo's brand. "The product was not ours. It was only that it had our brand on it," he said, without disclosing the name of the European manufacturer. Hsu further said that Gold Apollo was also a victim in this situation.

"We are a responsible company. This is very embarrassing," Hsu said.

According to media reports, Hezbollah's fighters started using pagers believing they could avoid Israeli tracking of their locations.

Hezbollah blames Israel, vows 'punishment'

Hezbollah vowed revenge against Israel following accusations that the latter was responsible for detonating pagers throughout Lebanon.

Ziad Makary, the Lebanese information minister, denounced the detonation of the pagers, which are commonly used by Hezbollah and other groups in Lebanon for communication purposes. He labeled the incident as an "Israeli aggression". Meanwhile, Hezbollah declared that Israel would face "its fair punishment" for the explosions.

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News Network
September 24,2024

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Mangaluru, Sept 24: A blanket of gloom descended over Dakshina Kannada and Udupi as heavy rains battered the coastal Karnataka districts on Tuesday. Substantial rainfall has been drenching the region since Monday, intensifying as the day progressed.

In Dakshina Kannada, torrential downpours began early Tuesday, followed by overcast skies and humid conditions. 

The showers persisted intermittently through the afternoon, with areas like Beltangady experiencing moderate rainfall, while Puttur and Bellare bore the brunt of heavier storms. 

Overnight showers were reported in Bantwal, and Mangaluru city, along with its surrounding rural areas, witnessed a steady increase in rainfall, peaking by the evening.

After a brief respite, the return of intense rainfall has brought a welcome drop in temperatures. In Udupi, Karkala, Udupi city, Kundapur, and Hebri taluks all faced substantial rains throughout the day, continuing from late Sunday night.

The Indian Meteorological Department (IMD) has issued a red alert for the coastal districts, predicting more heavy rainfall in the coming hours. 

A yellow alert has been placed for Wednesday, signaling the likelihood of additional downpours. Fishermen have been cautioned to remain vigilant, as the possibility of strong winds looms over the coastal waters.

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Source: Arab News
September 15,2024

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London: There will be no normalization of ties between Saudi Arabia and Israel until an independent Palestinian state is established, Prince Turki Al-Faisal, the former head of the Kingdom’s intelligence services, has warned. 

During a talk at London-based think tank Chatham House, the former Saudi ambassador to the US also discussed Washington’s role in the peace process as the Gaza war approaches its first anniversary, and how talks before the outbreak of hostilities had been broadly positive.

He said the US is keen on the resumption of talks between Israel and Saudi Arabia to strengthen regional security and to forge economic ties, but Riyadh’s position is that “if there’s a Palestinian state that Israel accepts to come (into) existence, then we can talk about normalization with Israel.”

The prince added: “Before Oct. 7 … talks not only progressed along those lines, but also the Kingdom invited a Palestinian delegation to come and talk directly to the Americans about what it is that might bring about a Palestinian state.

“I’m not privy to those talks so I don’t know what happened between the Palestinians and the Americans, but the Kingdom’s position has always been we won’t speak for the Palestinians. They have to do it for themselves. Unfortunately, of course, the Oct. 7 (Hamas attack against Israel) put an end to those talks.”

Prince Turki said the establishment of a Palestinian state is not only crucial for Israeli ties with Saudi Arabia but with the rest of the Muslim world as well.

“A Palestinian state is a primary condition for Saudi Arabia to have normalization with Israel, but … on the Israeli side, the whole government is saying no Palestinian state,” he added.

Prince Turki said for Saudi Arabia, an independent Palestine would encapsulate the 1967 borders, including East Jerusalem.

He added that the Kingdom has led the way in trying to achieve a peaceful resolution to the conflict, citing the 1981 King Fahd Peace Plan and the 2002 Arab Peace Initiative proposed by King Abdullah.

During the current Gaza war, “the Kingdom led the Muslim world, and not only summits with the Arabs but with the (rest of the) Muslim world, and also … the diplomatic missions that have been taking place to convince the world that there must be an end to the fighting, led by the Saudi foreign minister,” Prince Turki said.

“The Kingdom has been in the forefront of condemning the Israeli onslaught on the Palestinians, not just in Gaza but equally in the West Bank.”

He criticized the US and other Western nations for not applying more pressure on Israel to end the war, citing how the UK had only recently begun to suspend certain arms export licenses to Israel following the election of a new government in July.

“I’d like to see more done by the UK,” he said. “I think, for example, the UK … should recognize the state of Palestine. It’s long overdue.”

Prince Turki said the US could apply direct pressure on Israeli Prime Minister Benjamin Netanyahu over the actions of his government and military, and should address funding and lobbying by groups and individuals sympathetic to Israel.

“I think the US has enormous tools to affect Israel which it isn’t using, not just simply … denial of supply of weapons and material to the Israelis,” the prince added.

“A lot of financial help goes to Israel from the US. If some of the privileges that (the) Israeli lobby, for example, in America, enjoys — of tax-free contributions to Israel — can be withdrawn from those Israeli lobbyists, that will (put) great pressure on Israel.”

In the US, “you have to register as a lobbyist for a specific country, or be prosecuted, if you want to talk for that country, but a lot of organizations in America do that for Israel and still enjoy a tax-free status because they’re considered not representing Israel per se, but simply as philanthropic or humanitarian groupings,” he said.

“There are many tools that are available to the US, not simply harsh talk, which seems to have gotten us nowhere. But is America ready to do that? As I said, I’m not too optimistic about that.”

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