Shark Tank’s Jugaadu Kamlesh, Sole Proprietorship Firm can help you

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Shark Tank’s Jugaadu Kamlesh, Sole Proprietorship Firm can help you

The whole of India cheered with teary eyes when Kamlesh, inventor and a son of a farmer, presented his absolutely amazing invention to the sharks in the not popular TV show, “Shark Tank”. It gave every entrepreneur who gained not much attention than 15 minutes of Facebook to opt to do something more daring. And when Lenskart’s Peyush Bansal understood the power of that invention and invested in Kamlesh’s dreams, we all cheered alongside him.

There are inventors like Kamlesh who are still forging ahead but are now experiencing the right exposure. Thankfully, the government of India has established several ways that these hidden entrepreneurs can come into the light, and a Sole Proprietorship firm can help.

What is a Sole Proprietorship Firm?

A Sole Proprietorship Firm is India’s simplest business entity. It doesn’t require any authorized registration certificate and doesn't have any authority that monitors. What it does have is the passion of a single entrepreneur to run a business on his or her own terms.

In simple words, it is a business entity with one owner but is powerful nonetheless.

For entrepreneurs like Kamlesh, who seek to get approval in local regions first and then go ubiquitous throughout the nation, it is the business entity that can help.

Here is how.

How can a sole proprietorship firm help solo innovators reach their potential?

One of the biggest aspects of Sole Proprietorship is freedom. You are free to conduct your business as you please and you have the freedom to keep all the money to yourself.

But that’s not what the point of a section is. There is another factor that makes starting a proprietorship the best form of business entity for entrepreneurs like Kamlesh – self-sufficiency.

Most solo entrepreneurs exist within their domains. The innovation that lies in their mind is sometimes too difficult for others to be confident. To reach out to people, they need the simplest solutions.

And starting a one-person firm can do it for that.

It has all the right tools that one needs to become a self-sufficient entrepreneur. And because internet accessibility exists even in the villages, funding has become easier.

Here are some of the most recent ways that have emerged to fund a proprietorship firm.

1. Crowdfunding: P2P Lending is now getting hold in India. While they have to perform within RBI norms, there are those who allow you to borrow without pondering over your credit history. Kickstarter for instance. It is a platform that has taken India by storm. It is one that is accessible in regions that range from metropolitan to rural. And, you don’t even need to care much about it.
2. Targeted marketing on social media: Most investors are active on social media. It is because unlike before, when social media was considered nothing more than a waste of time, now most use social media as a tool to reach out to customers. You can leverage its power to create a foundation for your product. The more exposure you gain, the more people will be interested in it. Who knows, one day probably someone will come along to help you get established as a limited company as well.

We are sure that there are more ways for you to achieve your dreams using nothing more than a sole proprietorship, but first, let us briefly look into the procedure to establish it.

What do you need to start a sole proprietorship firm in India?

To start a proprietorship firm, all you need are two things:

1. A Bank account,
2. A PAN Card,
3. And, a Shop and Establishment Act License if you want to run a shop to sell your innovation.

As a starter, you can reach out to any government office and get these documents. The government of India is now inclined to help entrepreneurs like you, they wish to live by “Vocal for Local”, and it is your time to back upon it.

So, what have we learned here?

There are many hidden gems like Jugaadu Kamlesh hidden in the woodwork. But they neither have time, nor resources to get a certificate of incorporation. Therefore, to be truly self-sufficient, and gain success at their business, they should take their chances with a sole proprietorship firm.

Yes, this business entity is eerily simple and yes, it will force you to rely on yourself to move forward. However, with all the resilience you have built when you came up with your invention, you will have no issue grinding ahead. Except for this time, your hard work will lead to the results you seek.

And if nothing works out, you can take a chance upon Shark Tank yourself.

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