Tuesday November 12, 2019
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How did Baniya Billionaires Become Digital Anarchist? (Tech Trend-Part II)

"Unlike entrepreneurs who believe in concentrating on business administration, baniyas are hawk-like people".

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Cell phone without batteries
Life beyond chargers, cords and dying phone- Researchers, including one of the Indian-origin, have invented the cell phone that works without batteries. Pixabay

The great Indian baniya community, single-mindedly focused on business and keeping a close tab on profits, has embarked on a digital journey to understand their customers better and boost growth.

Utilising new technologies like Artificial Intelligence (AI), Machine Learning (ML) and data analytics in their businesses, they know better what the young buyers’ preferences are.

Today, India’s Gen-Y shop using a mix of online and offline modes where they compare prices and refer to reviews online even when they shop in an offline store.

The traditional acumen, mixed with New-Age technologies, have unleashed a new breed of baniyas who are defying old wisdom and charting new courses.

Business
Behind every successful entrepreneur, there’s an army of loved ones having their back.

“Anyone can set up and start a business with a small or a big idea or investment but without having a business sense, the knowledge of trade and the market trends, they can’t survive. Baniyas are ahead in this game with additional support of family culture and community,” says Anoop Mishra, one of the nation’s leading social media experts.

Indian millennials — aged 18-35 and accounting for nearly 34 per cent of the population — have driven e-retail industry’s growth through their increasing Internet usage, says global services firm Deloitte.

“Millennials’ increasing usage of internet for shopping has driven growth of online retail. E-retail is expected to surge from 3 per cent of total Indian retail market in 2017 to 7 per cent by 2021,” said the report.

Convenience of buying anywhere and anytime, discounts and access to products not available offline are some of the key reasons for India’s Gen-Y going online — and Baniyas know this well.

Prasoon Gupta, Co-Founder and Director, Sattviko Foods, says his idea was to offer a snack that finds its origins in traditional Indian recipes but with a modern twist for young consumers.

“Right from coming up with a unique idea to differentiate ourselves from the other players, and what they deliver, Sattviko has overcome many hurdles and has thrived in its journey to where it is today,” Gupta told IANS.

Tips to expand business
Tips to expand business . Today, India’s Gen-Y shop using a mix of online and offline modes where they compare prices and refer to reviews online even when they shop in an offline store.Flickr

He has developed an AI-based technology platform called “JIGSAW” to enhance and scale-up the distribution medium.

Ola is serving over one billion customers annually and is creating employment opportunity for millions through its ride-hailing platform.

Ola Co-founder and CEO Bhavish Aggarwal who set up the firm some eight years ago believes the future of employment is micro-entrepreneurship.

According to Mishra, “Unlike entrepreneurs who believe in concentrating on business administration, baniyas are hawk-like people”.

“This is the secret to their ever-flourishing business,” Mishra noted.

Also Read: World’s First Fully Solar Powered Airport In India

Baniyas are strict with keeping their balance sheets up-to-date. They are also a closely-knit community and adhere to their clan’s unwritten rules very strictly.

The inner community network plays a big role, where they have enough access to trade or business knowledge, availability of funds and other resources. Almost all of them have retained the hard-nosed approach of their forefathers.

“The current army of baniyas knows by heart how their forefathers worked. It is deep down there, even if they live and study abroad and then start their business back home. It is right in their genes,” said Mishra. (IANS)

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Payday Loans: Why They Have a Bad Rep and How You Can Benefit From Them

There are payday loan companies out there that have mistreated their customers in the past that people just assume that all the companies are like that

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Loans
Payday Loans that ask you for money upfront are more than likely going to be scams. You might see them listed online as advance fee loans and these are notorious internet scams that have cost lots of people money that they’ll never get back. Pixabay

Whenever financial emergencies come up, the most reliable and, pretty much guaranteed way of getting money fast, is by way of getting a payday loan. The process to get money in your time of need is so easy… you can apply and qualify in minutes! So, if Payday Loans are so awesome in helping millions of consumers in their time of need, why has it gotten such a bad rep?

Well, you know how in certain situations, all it takes is one person to mess things up for everyone else? That’s how the payday loan industry got such a bad reputation. There are payday loan companies out there that have mistreated their customers in the past that people just assume that all the companies are like that… It’s more so the unlawful acts that made people turn away from payday loans.

Unlawful Acts of Payday Loans

Some of the unlawful acts that have been done to customers include:

  • Not fully disclosing all the terms of the agreement
  • Tacking on excessive interest rates
  • Requiring money upfront

Payday loans that ask you for money upfront are more than likely going to be scams. You might see them listed online as advance fee loans and these are notorious internet scams that have cost lots of people money that they’ll never get back. According to fraudguides.com, the way advance fee loans work is the victim will agree to pay a “finder’s fee” before getting the loan. 

In order for the deal to be sealed, the victim will have to sign a contract and within the contract, there is language and lingo that the victim will agree to pay that fee when they know the source of where their funds will be coming from. It’s not until they pay the “finder’s fee” that they learn that they are disqualified to receive the financing they need.

There obviously scams all over the world… there were actually 5 scams that really shook India back in 2015 but the bottom line is that with scams, if something is too good to be true, it probably is. Just pay close attention to what the qualifying requirements are and if they seem suspicious, look for something else… you shouldn’t have to pay money when you need it.

Why Payday Loans Have Gotten Such a Bad Reputation

Customers aren’t fully aware of all the terms of the loan agreement

This area was touched on earlier but to be fair, the reason for this can go both ways. It’s easy to say that the payday loan representative did not disclose all terms of the loan agreement with you but is that really the case? Sometimes the reality of why people find themselves in more debt than they bargained for is because they weren’t fully paying attention to the terms as the payday loan representative was stating them.

It’s very easy to do. The representative could be disclosing everything you need to know but you have this financial burden weighing heavily on your mind that you don’t even hear what the terms of the agreement are… you just simply “sign here” and “initial there” so you can get the money you so desperately need.

Now, it’s very possible that a payday loan company purposely didn’t disclose everything with a borrower simply because they want to get money but lenders are required by law to disclose everything in the loan agreement, including the repayment schedule and interest rate.

Payday Loans
Whenever financial emergencies come up, the most reliable and, pretty much guaranteed way of getting money fast, is by way of getting Payday Loans. Pixabay

The interest rates tend to be higher

Okay, so payday loan interest rates are quite high but you have to look at what you’re paying for in your interest rates… you’re paying for convenience. With payday loans, you’re getting the money you need almost instantly and they don’t do credit checks. So people with bad credit can get approved… if you were to go to a regular loan company, you would immediately be denied due to having bad credit and even if you had good credit, it could take weeks for you to get the money you need, depending on how much you’re asking for. 

So, before you continue on a rant about how bad payday loans are, remember what you’re you’re actually getting; you’re getting the money you need immediately and without a credit check.

Borrowers misuse payday loans

It’s not always the lender’s fault as to why you had a bad experience with payday loans… sometimes you’re to blame because you weren’t a responsible borrower. People don’t fully understand the purpose of payday loans… Payday loans are meant to be used for emergency situations to bring financial relief to those who need it. Instead, people use payday loans to pay for vacations and to buy expensive items. 

When people borrow for those reasons, that’s when you land yourself in financial ruin. What was meant to be “financial relief” has now turned into a financial nightmare… you then find yourself renewing the loan each pay period, not being able to pay it off or pay it down. 

Payday Loans
Payday Loans are meant to be used for emergency situations to bring financial relief to those who need it. Instead, people use payday loans to pay for vacations and to buy expensive items.  Pixabay

Borrow Responsibly

The whole reason people find themselves in more debt than they started out in is because they didn’t borrow responsibly. Of course, there are bad companies out to scam you but the secret to do your part and research reputable companies. If you can do that in conjunction with borrowing responsibly you’ll be able to borrow from anywhere.

ALSO READ: Ram Mandir To Be Built In Ayodhya By 2022

Also, a word of advice… learn to make better financial decisions. If there is something that you don’t necessarily need, you shouldn’t buy it, especially if you’d have to take out a loan to get it; it’s just not that serious. Try to only borrow when you absolutely have to.