Expanding Entrepreneurship and Start Ups in the Automotive Industry 90

Expanding Entrepreneurship and Start Ups in the Automotive Industry

The following article is a guest post.

The automotive industry is often heralded as being ripe for innovation and opportunity. After all, throughout the years cars have evolved and upgraded enormously, often found to be exemplary of mankind’s most successful strides in engineering and technology.

It’s only natural that the sector attracts the sharpest entrepreneurial minds, convinced they are the next stride in the long and lucrative journey of the automotive industry. Bigger entrepreneurs will pump ideas out there, but likely not stick around to execute them from conception to completion. In this sense, there’s a benefit. They can explore other opportunities without being buried under the relentless responsibilities of running a business – leaving such tasks to others in their party.

However, the UK the automotive industry has taken a sizeable hit, owing to the political and economic shift inspired by Brexit.

Subsequently, automotive start ups take the brunt of these crippling effects, due to not being as financially ambitious as a tried and tested entrepreneur. Their founders are more concerned with their single company. which they actively work within. Consequently, they will likely be the most affected in this scenario, due to only having an income from one smaller business.

Ultimately, a balanced ego must be found when progressing from a start up to a fully-fledged entrepreneurship. In this industry, expansion is often a matter of survival than just a charge of ambition alone.

Branching Out in an Unpredictable Industry

No matter how successful the enterprise or start up, expansion should never be taken lightly. It is vital that resources are never wasted, and contribute to the bigger picture in every instance.

Automotive companies must ensure that the cars they bring in are valued on par with the rest of the industry. Obviously, pricing too high will steer many away from such deals, finding cost appropriate options with other providers and businesses. Consequently, it’s essential to discover important valuation checks for start ups, using research to inform the pricing in a way that’s fit for both the customer and business alike.

It can be tempting to break away from competitors, which is more an entrepreneurial frame of mind. Standing out and showing off can be a lucrative risk, but the start up’s small stature can’t afford such high stakes gambling.

By pricing right and assimilating into that market, they stand shoulder to shoulder on a level playing field where they can at least survive.

An Incentive to Drive

It used to be that teenagers would learn to drive as soon as they were old enough, soaring away in search of independence and freedom.

However, there is a record dive in UK teenagers learning to drive, as they favour other means of transport. As this gap in the market widens, it’s the responsibility of both the entrepreneur and start up to spark interest in driving once again. Of course, start ups will not have the means to sell expensive sports cars. So it’s vital that they market their modest and cheaper vehicles to a younger demographic.

Driving is an expensive long-term investment. Those starting out in the automotive industry should actively acknowledge this to their younger customers if they want to succeed. Pawning cars off to get rid of them isn’t the way forward. But showcasing them as a compact tool for the teenager can turn heads and rejuvenate that market.

Exploring Green Cars

The automotive industry is experiencing a stark shake up, with a declining usage in diesel and petrol cars.

While more ambitious entrepreneurs are probably more interested in building empires and accumulating mass wealth, those getting started can approach things differently. By following the trends and investing in green cars, the start up will be showing that they are both environmentally friendly and aware of how much cheaper such cars are to run, creating a nice personal touch to the customer.

After all, if nothing else this builds a better brand, displaying an acute care for something other than making endless profit. All of which serves the ethos of the start up well.

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One Guy’s Journey from a Work-at-Home Transcriptionist to Starting an Educational Institute 7

One Guy's Journey from a Work-at-Home Transcriptionist to Starting an Educational Institute

This is an interview-style post with Mahesh Kumar.

Hey Mahesh. What do you do?

I’m the Spokesperson of the Transcription Certification Institute, an Ellensburg-WA based educational institution that provides an in-depth online transcription training and certification course.

The online course, which is created by industry leaders, enables transcriptionists to gain a well-rounded understanding of the field and become a professional transcriptionist for better job prospects and higher wages.

How did you start your career?

I’ve started my career as a home-based transcriptionist and have experience of 8+ years in transcription industry. I’m currently on a mission to help work from home moms and make them aware of one of the straightforward and lucrative way of earning money from home, i.e., transcription.

I love writing and so I regularly share my words through my blog. At present, I am working as the spokesperson of Transcription Certification Institute.

What inspired your journey?

I was not cut out for regular jobs because of health and family issues. But, I wanted to earn decent money.

Most work from jobs required me to be online during fixed hours. That did not work for me.

A friend referred me to a copywriter who needed transcription services in an extended time frame. This was my first assignment and exposure to the industry. I had issues with grammar and lots of difficulty in understanding accents. My transcriptionist friend gave me the very first lesson in punctuation. It was a great lesson.

That was the aha moment!

I wanted to share it online with all other new transcriptionists. My expertise in transcription was still limited but my interaction with other transcriptionists. And other work from home professionals found that there was no organized information in this industry.

That’s when with the help of the team we created an ebook as would serve as a handbook to transcriptionists. It was called Everything You Need To Know About Work From Home: General Transcription Business Opportunities.’ It’s available on our website for free.

What is the transcription business about?

It’s a dream that allows parents, caregivers and those with disabilities to stay at home and earn.

We call ourselves Team TCI. None of us has complete skills but together we have made a dream into a business that is sustainable, profitable and manages to help others earn more.

We like to think of ourselves as not just one single successful business owner but a team of accomplished transcriptionists and hedonists who have come together to share their expertise on a platform that is globally accessible to all.

Our objective is to make you a better transcriber so that you can earn more at the same time. 

Through our internship program, we ensure that new wannabe transcribers get a foothold in the industry. Our job board aims to bring transcribers and employers together on one platform to make hiring and finding jobs easier.

We are 9+ years old but the journey has only just begun.

What were your biggest challenges when setting up the institute?

How to Write a Successful Business Plan

Together, we had 2,459 dollars to spare!  This was just enough to put up a website and host it for a year.

We had no budget, no marketing plan and no strategy.

More than money we invested our skills, time and above all intent. When we launched, making money was not the objective. The objective was to share information, educate and in the process recover the costs.

We were totally bootstrapped. In fact, we all transcribed extra hours to generate money.

Each year we invested the money earned in the course, it’s upgrade, website upgrade and more. All exams are manually graded and that is expensive.

What do you offer on the website and who can benefit from it?

We offer a course in general transcription.

Our course is for anyone who wants to work from the comfort of their home, enjoy flexible timings and the ability to choose workload. The course is very popular with parents of young children who want to be around when they grow up, ex-serviceman with disabilities, single moms and others who want to work from home.

Some would say that there is nothing to be learned in general transcription but that would not be true. I did start out without training and if it not had been for the help I received my career would not have been successful.

In fact, as the popularity of transcription as a career option grows getting a foothold in the industry is becoming tough. That is why we came up with an internship program that gives hand on experience to new transcriptionists and exposure to the industry.

The job board benefits them by bringing employers and transcriptionists on the same platform.

What’s one thing you do to unwind?

We were introduced to meditation a few years back and to unwind we like to meditate.

What’s your favorite book?

It keeps on changing but time and again for inspiration, I find myself reaching out to The Alchemist by Paul Coelho. Never stop dreaming! Give context to your dreams!

Check out the story of how one guy went from a work at home transcriptionist to setting up a transcription institute and help others start working from home.