Assignment 3 Startup
Assignment 3 Startup
Submitted by:
Sanskriti
170109059
Chinmay
WORLD OF
170109005
Vasu
170109013
Simran
GAMERS
170109008
Jyoti
170109029
Kunal
170109024
Vidushi
170109012
Sakshi
170109032
Riddhi
170109038
1. How much you have achieved according to your flowchart defined in assignment-2?
IDEA
Well according to the flowchart of our startup idea we have reached the next phase of it. We have Successfully identified the
challenges that present themselves in front of us. One of the biggest challenge is to compete against the established companies like
LOGITECH etc. Other biggest challenge is the lack of awareness for the gaming tools which could be cured by the mass level
advertising.
In the next phase we'll be looking into the potential market and ways to conquer it, such as:-
Advertising
Being a small company, we could look into the customer problem more efficiently.
2. What is your financial strategy to achieve your goals?
Balance Sheet- shows the financial conditions of our business at a point in time
Statement of Operations (Profit and Loss Statement)- shows whether we made a profit during a specific period of time
Cash Flow Statement- shows what happened to our cash position during a specific period of time.
Keeping these three crucial documents up to date will drastically reduce risk.
3-way forecasting combines all three to show the most accurate financial projection we can get.
We should have a basic understanding of each of these statements. When compared with statements from prior periods, we can
determine whether something is happening in your business that needs your special attention.
Our accountant can prepare these statements for us from the business data that we supply. There are also a number of computer
software programs that will help us to generate these statements from our input of regular transactions—such as sales, collections,
A SCORE counselor can help us to understand these statements and may be able to direct us to a workshop on this subject. In
addition, most community and business colleges teach courses in financial statement analysis.
3. What kind of helps you can take from Government agencies and policies?
As the increase in tax on import and export of goods could be a threat while starting our venture. we can apply for different
schemes launched by government of india under Startup india and Make in India initiative. These schemes can be of great help
industry consortiums
these figures would
years.
Electronic Development Department IT Services, analytics, Companies will get
(DeitY) (EDF).
Modified Special Incentive Department Technology hardware, Majorly provides
green technology,and
nanotechnology
Department of Electronics and Information Technology (DeitY) is implementing Multiplier Grants Scheme (MGS). MGS aims
to encourage collaborative R&D between industry and academics/ R&D institutions for development of products and
packages. Under the scheme, if industry supports R&D for development of products that can be commercialized at institution
level, then government will also provide financial support that is up to twice the amount provided by industry. The proposals
for getting financial support under the scheme are to be submitted jointly by the industry and institutions.
The Scheme is extended upto 31st March 2020 with a total outlay of Rs. 36 Crores and DeitY contribution of Rs. 24 Crore. The
Technology Development Council (TDC) budget head will be used for implementation of this scheme. Based on this pilot
1. Establish, nurture and strengthen the linkages between the Industry and Institutes;
Fiscal Incentives: The Government grants for individual industry would be limited to a maximum of INR 2 Cr per project and
the duration of each project should, preferably, be less than two years. For industry consortiums, these figures would be INR
Eligible For: Startups pursuing innovation in technology sectors like electronics, IT, and nanoelectronics.
Overview: The agenda was envisaged to develop the Electronics System Design and Manufacturing (ESDM) sector to achieve “Net
Zero Imports” by 2020. The EDF will help attract venture funds, angel funds and seed funds towards R&D and innovation in the
specified areas. It will help create a cell of Daughter funds and Fund Managers who will be seeking good startups (potential winners)
Fiscal Incentives: The Electronic Development Fund (EDF) is set up as a “Fund of Funds” to participate in professionally-
managed “Daughter Funds” which, in turn, will provide risk capital to companies developing new technologies. CANBANK
Venture Capital Funds Ltd. (CVCFL) is the Fund Manager for EDF.
Overview: The scheme aims to support IPR awareness workshops/seminars for sensitising and disseminating awareness
about Intellectual Property Rights among various stakeholders especially in the E&IT sector.
Fiscal Incentives: This startup scheme by Indian government provides a capital subsidy of 20% in SEZ (25% in non-SEZ) for
units engaged in electronics manufacturing. It also provides for reimbursements of CVD/ excise for capital equipment for the
non-SEZ units. For some of the high capital investment projects like the scheme provides for Central Taxes and Duties
taxes. Business taxes are not just about the income tax filing. Every business entity has to pay different kinds of taxes along
Business taxes also rely on the business activities. If we are running a business, then we must know that what taxes associated
Depending on our business structure, we are responsible for incurring some of the taxes:
(ii)Corporate tax
(iii)Self-employment tax
(iv)Sales tax
(v)Property tax
(vi)Payroll tax
Written Agreements:
Startups often face the problems when they do not have an adequate written agreement. To bloom our business in the world,
we should formalize the agreements with everyone who engages in the business.
It’s important to regulate the relationships inside the company to clarify the rights and obligations of the engaged persons in
Make sure we clearly define the ownership, duration, rights and liabilities to avoid an unnecessary headache, time and money
wastage in the long run. Without the proper legal agreement, we will surely face some legal issues in future.
Business licensing:
Don’t get confused the business license with the business registration. Both the terms are different altogether. Startups need to
register with the authority as well as take the license to get the right to operate the business in the particular city.
The type of business license we need to depends on the activity of our business performing.
IPR:
The imitation is the sincerest form of flattery, whoever said that surely didn’t have a startup. The reality is when you have a
good idea the copycats will come out of the woodwork to steal it.
If our startup is having something new and innovative, to keep the copycats on their toes and for protecting fostering innovation, there
accessories which we will manufacture or deliver to our consumers will ensure gamers having a comfortable experience
while gaming. The accessories will include eye-glasses, hand gloves and many more such viable tools to provide a comforting
experience at gaming. but as we all know there are certain harm by endless gaming. we will suggest all our users to do not
make a gaming life risking endeavour. With certain ill-effects there are many positive effects of gaming if it is taken as a
enjoyable activity or a thrilling challenge. We will try to point out some of the pros and cons of gaming without showing any
According to Psychology Today, playing video games has been shown to increase players’ ability to distinguish subtle
differences in shades of gray, a phenomenon known as “visual contrast sensitivity.” They may also improve the eyesight of
the visually impaired and help players increase their ability to visually detect the direction of movement.
Video games can enhance executive functioning
“Executive functioning” is the term used for a person’s ability to rapidly and efficiently solve problems. Video games can help
improve multitasking, increase mental flexibility and even reverse the mental decline that occurs as people age.
Playing video games has been found to enhance hand-eye coordination, lengthen attention spans and improve both working
Both anecdotally and scientifically, video games have been shown to reduce symptoms of anxiety and depression. For
example, Scientific American reported that the game Tetris may actually ease the symptoms of post-traumatic stress
disorder. In forums such as Geek and Sundry, authors describe how video games may help those who have social anxiety
disorder learn how to initiate relationships and learn about social cues.
Negative Effects of Video Games:
While video games have been touted for their advantages, evidence also suggests that playing them may be detrimental.
According to The Telegraph, researchers have found a direct link between violent video games and an increase in aggressive
A study published in Psychology of Popular Media Culture found a correlation between the length of time individuals play
video games and their ability to remain focused. The study also suggested that playing video games may exacerbate the
A university study found that one in 10 youth gamers is “addicted;” their playing habits cause family, social, school or
psychological damage. Treatment programs combating video game addiction have cropped up across the world, including in
While it’s true that video games can help combat anxiety and depression, other studies have shown that they might cause or
exacerbate these conditions instead. A study in Cyberpsychology, Behavior and Social Networking, for example, found that
fifth-graders who play video games two or more hours a day are more likely to have symptoms of depression than those who
play less.
While the arguments on both sides of this debate continue, conclusions as to whether video games are ultimately “good” or
“bad” lie with the reader. The truth is most likely somewhere in between, with allowances made for personal circumstances
and preferences.
Video games are just a small part of the fascinating and developing world of modern digital culture. For those who want to
increase their understanding of 21st-century technology, the online computer science degree from Concordia University
Texas can provide an educational foundation for success. The program equips students with the skills they need to master
will continuously promote a healthy way of gaming through our websites/blogs/magazines etc.
6. How you manage your resources?
Managing Resources is yet another one of the main task in developing a starup. Different resources are managed differently.
The most important element in starting a business is funding. Even the most basic home business incurs a multitude of
startup costs, including registering a business name, obtaining a business telephone line and printing business cards.
Financial resources can be obtained from a variety of sources, the easiest being from the personal accounts of the company’s
founder. Alternatively, loans and lines of credit may be granted from financial institutions, friends and relatives, private
investors and even the United States government. In addition, many grants are offered from private and public sources to
The success of an organization is heavily reliant on the talent and strength of its employees. The hiring of experienced
professionals with track records of excellence within their area of expertise ensures that the mission and goals of the
company will be carried out efficiently and with competence. Strong team members can be recruited using a variety of
methods. Staffing agencies and executive search firms specialize in placing talent of all levels within every industry. An
alternative is to find employees through referrals from individuals whose judgment is trusted.
Perhaps the greatest thing an entrepreneur can do when establishing a new business is to gain as much education possible.
By understanding her competition and gaining an in-depth knowledge of her industry, she will be better prepared to make
smarter decisions regarding the direction of her firm. Educational resources can be found through professional trade
associations that are geared toward her industry, her local chamber of commerce as well as the Small Business
Administration.
Physical Resources: Premises and Equipment
Whether a small home business or a retail operation with multiple locations, every organization must have the appropriate
physical resources to survive. This includes a proper work space, working telephone line, adequate information systems and
effective marketing materials. This aspect of business planning can be one of the costliest. As such, it is important for an
Starting a business can be an extremely stressful endeavor for an entrepreneur to undertake. To maintain her sanity as well
as stay motivated, it is important she have a support team that can give her inspirations and guidance as needed. This team
Sanskriti:
The idea behind our start up was introduced by her. So the introduction part in our report is written by her.
She made several researches about the gaming industry of what the current scenario is and what better could be done.
Sakshi:
She has done the SWOT analysis of our business plan in order to find out what are the strengths of our project, what could be
the weakness, what could be the threats that could become the barrier in our project and at last the opportunities we can have
in future.
Jyoti:
She did a great job by listing out the operations which are involved in our project.
She also provided different responsibilities to each member of our group like who is the owner, supervisor,
The list of products was given by him. He made a long list of what are the equipments that will be required in order to make our
plan successful. He divided the list into four parts to make it more readable.
Vasu:
He contributed in making the publicity more powerful. He thought of how the growth can be increased and more product could
Simran:
She has given our project a vision of which involves encompassing idea with emotional weight. A vision gives project a reason for
contributing. She managed it by providing the vision of releasing new products every year. This will not only produce better ideas
Legal structure was provided by her. It includes the parties, procurement, contracts, insurance and legislation and regulation. It
helped us by having low financial risk and low investment which further helped us to buy the products required in low price and
Riddhi:
She did splendid job by providing different ideas for marketing. It is beneficial for our project as it provides hike to the gaming
Chinmay:
He provided the opinion of how the product could reach the masses. How we will sell the product directly to the customers. It
will be beneficial to our company as we can have direct feedback from the customers and we can further improve our project for
1. Competition
New businesses are often the small fish in a very large, shark-filled tank. There are already established starups related to the
same field which are doing extremely well. But we are expanding on the ideas and making them better.We are avoiding
potential pitfalls such as choosing an obscure niche just to avoid competition, starting in a bad location or simply copying
2.Lack of Funding
Money is a paradox for small businesses; you started the business to make money, but you can’t make money unless you
have money to fund the business from the beginning. Financial risk is one of the primary disadvantages that we are facing.
Start-ups need substantial amounts of money to cover costs; we may need to delve into our savings account, tap your friends
and family for personal loans or bite the bullet and take out a large commercial loan from a financial institution.
3.Legitimate Mentoring
Having the business sharpness dependably keeps one a stage in front of others. This is, maybe, significantly more serious
issue than the gathering of financing. Cash can’t concede you vision and shrewdness, however, its essential for different
things. A 60-hour workweek is what our starup is expecting from us during starup phase.
9. What changes you need to make in your strategy to achieve your goal?
We all know that we all are going thorugh a pandemic right now. Everyone is suffering from it, in one or the other way.
Now, while millions of people are in quarantine or self-isolation they have more time than usual to watch advertisements,
play games and scroll through social media. To put it simply, the general public sees and reads more. And there have been
different reports which says that people are not just looking for news and updates on coronavirus but instead they are
Keeping all this in mind there are different strategies that we need to change.
1- We can give free left hand mouse, hand sanitizers and masks for the first 50 people who buys our game.
This way more people will be attracted to our game as marketing will be good and we will also be able to ensure there safety.
2- Now, since we all know that the virus came from china. So we can cut on buying the projects as well as the labour force
from china.
Due to the lockdown many companies are in loss and many people will loose their jobs
And we will hire them.
This will also increase the GDP of our country which will eventually benefit the economic state of our country.
10. Justify your progress you made for this startup.
There are different things that we learnt from the startup prjoject.
We learn to multi-task
A perennial manpower crunch in StartUp organizations means you’ll be drowning in work. Apart from handling your own
share of the work you’ll also have to chip in with other tasks and duties. A software developer, for example, could well be asked to
double up as a salesperson pitching the product to potential buyers. And you can’t really complain about the workload because
everyone around is pulling extra weight. Working in a StartUp will teach you some valuable lessons in how to deal with work
StartUps by definition are new entities, so everyone is new to the job. Like you, other employees are also struggling to get a
handle on their professional roles. So don’t expect people to ease you into the job or do any handholding. You’ll have to learn
the ropes yourself figuring out things as you go along. The self-learning skills you develop as a result will prove to be invaluable
Nine out of 10 StartUps fail, according to Fortune magazine. When you join a StartUp, you sign up knowing fully well that there’s
more than an even chance of the venture not succeeding. Being part of a team that walks the thin line between success and
failure gives you the chance to observe failure up close and fear it less. Also, learning on the job primarily occurs through a trial-
and-error method. The two together will teach you to accept failure gracefully and emerge stronger, wiser and more resilient
Taking calculated risks is a skill every professional needs to learn. Consider what Mark Zuckerberg has to say: “In a world that’s
changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” If you’ve chosen to work in a startup,
you’re not afraid of risk-taking. Working for a period of time in a startup will hone that skill.
As you progress in life, there will be instances where you will have to take decisions without all the information necessary at your
command. Trusting your instincts and making a decision based on calculated risk-taking is a skill that will prove valuable at this
time.
We learn to be adaptable
The constant ups and downs and juggling between roles will teach you the virtues of adaptability. This is a core skill that is
increasingly sought after in today’s workplaces where there’s a growing emphasis on flexibility and agility, both for the company
as well as its workers. The experience of working in a startup, where things are changing every day, will teach you to embrace