Entrepreneurs are “idea people.” Usually, there isn’t just one business idea rattling around inside their mind, but rather several ideas. The difficulty is not just picking the idea that has the best chances of success. Entrepreneurs must also pick the idea that fits them best. And the next thing is that,we hear their business is trending.
On that note, Prominent Business Strategist Hirav Shah lists down the major business trends in India in 2021.
Table of Contents
Business Trends In India In 2021
1. Local Is The New Global
In 2020 there were a lot of reasons to begin to think more locally rather than globally—COVID-10 disrupted international supply chains, there were increasing tensions between the U.S. and China, and Brexit was delivered. Companies began to rethink where they were sourcing and selling their goods because international turmoil could disrupt business. The changing geopolitical situation, with China losing favour as the hub of manufacturing, has provided impetus to Indian entrepreneurs to grab the opportunity.
Indian brands have shown immense strength and resilience over the years and are quite competitive when compared to their MNC counterparts. Good Indian companies are investing in the MNCs’ stronghold like R&D, marketing, manufacturing, to name a few. and have bridged the gap immensely.
Over the last few years, many Indian brands have been actively investing in R&D and advanced manufacturing to establish a stronghold in the Indian market and export to global markets.
The government’s vision of making ‘Atma Nirbhar Bharat’ is to reduce dependency on foreign products and focus on making local the new global, thereby, carving opportunities this year. However, the initiative doesn’t mean that India will cut itself off from global development. It is promoting local manufacturing, local markets, local supply chain as the way ahead lies in local. More localized manufacturing and selling are also appealing,for environmental awareness. All in all, Local will become the “New Global”.
2.Business Model Innovation
In 2021, every business leader in India needs to reflect on what they’re offering customers and how they operate as a business. There were lots of industries that were completely transformed in 2020, such as the hospitality and events industry. The businesses that are currently thriving even during a pandemic are those that reacted quickly to the changes. For example, restaurants pivoted to enable expanded take-out abilities etc… Although businesses have always had to think about how the market is shifting and what transformations that means for business, it has become more important in 2021 to innovate the business model.
3.Sustainability
Sustainability has been a concern for some time, but during the pandemic, things shifted in emphasis. As disruptive as the coronavirus was to business, companies are recognizing the environmental crisis could be much more damaging to the world as well as the bottom line than the pandemic. Therefore, every company needs to rethink operations, environmental impact, and their products and how they are being used. This trend of sustainability links closely to the previous trend of a meaningful purpose as companies work to reduce their carbon and water footprint.
4. Calculated, Deliberate, Determined & Meaningful
An important thing, not just an idea, is to have more purpose and meaning in the jobs. Younger generations that are entering the workforce want to connect with a purpose or work for a company that has real meaning. Companies that don’t have a clear or meaningful purpose will struggle to attract talent and customers.
5.Automation
Another top business trend in 2021 will be automation. Businesses will evaluate their business processes to see where they can take people out of the process when they aren’t adding any true value. There have already been quite a few shifts in this direction from warehouses, supply chains, autonomous vehicles, trucks, and ships, as well as chat-bots that automatically take over customer service inquiries. In 2021, Hirav Shah expects that, white-collar automation will be a trend, as we consider what bits of a lawyer, doctor, or other white-collar professional’s jobs can be given over to computers and smart robots and delivered through automated interfaces.
6.Virtual Interfaces
As companies raced to find new ways of delivering service to customers that were not walking into stores, they began to consider how to deliver some of the services in digital forms using technology such as augmented reality, virtual reality, and mixed reality. To comply with stay-at-home orders, people would use virtual avatars to “try” on make-up, eyewear, and clothes. Ultimately, this “try before you buy” with virtual interfaces will transform how businesses offer their services.
Next, Noted Business Adviser Hirav Shah Lists Down Business Ideas For 2021.
1.Using Your Assets Well
Causal thinking is when you follow the pattern of cause and effect in devising a business idea. You think of the problem and you decide how to solve it, regardless of who you are to tackle the challenge. Effectual thinking is where you look at your existing assets and work out what you are uniquely placed to do.
Your assets include your knowledge, qualifications, networks and exceptional strengths. Use your assets well, Suggests Hirav Shah.
Somewhere within them lies huge value. It might be found in something that’s insanely obvious to you but ground-breaking to others.
Once you hit upon your great idea and work out what you are uniquely placed to do, you’ll be filled with a sense of confidence in your own ability and where it will take you. You don’t need to think up a magical invention or create a new service from scratch, you could take something that already exists and make it better. Or cheaper. Or easier to use. Or more attractive to millennials or baby boomers or whichever audience you choose.
2.Combining niches
Have you ever heard of chess-boxing? It’s a sport that alternates rounds of chess with rounds of boxing, designed to push people to physical and mental limits. It’s the unique combination of two worlds and has developed a following on all five continents.
Great business ideas can be born from combining two or more distinct practices. The result could be a product or service that amasses interest from both sides to create super-fans and customers.
3.Routinely Change Your Routine
A way to do this is, by changing your scenery.
Changing your scenery will change how you think. Your brain is forced to come out of autopilot; it’s a survival tactic. It’s whirring away, processing new information and looking out for dangers. This is prime idea time.
Routinely change your routine, reiterates Shah. Make it normal that you are regularly spontaneous. Refuse to have the same weekend twice. Refuse to do the same walk twice. Stop reading books by the same authors. Widen your sphere of consciousness to become a magnet for inspiration. Spend time with new and entrepreneurial people, so their mindset inspires yours. Always be changing something up to stay alert, hear new perspectives and absorb new influences.
Looking deeper into the ordinary things happening around you can give rise to a great business idea. Something regular delivered in a niche way, or something niche delivered in a common way. A simple message shared in a novel way. A complex solution shared in an accessible way.Great futuristic businesses are just waiting to be found, Opines Shah.
Emerging Business Opportunities In 2021 In India As Outlined By Hirav Shah.
1. Coaching Classes
You might have noticed that education is one of the most profitable small business ideas available right now or you might haven’t. Every exam needs proper guidance in today’s competitive environment and everybody wants to give their best shot at it.
Hence, the popularity of traditional coaching centres. But the last one year has seen an incredible rise in demand for online educational resources too, bringing more and more opportunities in the market. Besides, here, the investment is not so high. You could teach online which would cost you nothing and the entire fees will form your revenue. There are several companies like Unacademy, SimpliLearn, Topper, etc. which give you the platform to teach online and get paid for it. You could join such brands or even start your own.
2.Home Automation IoT
It’s time for Home Automation. All homes will be internet-connected and all home appliances will be operated remotely in the future. It requires the conversion of home appliances with IoT enablement. It also requires the integration & programming of all devices at a single place.
The business features in home automation area are
- Converting traditional equipment in IoT enables devices.
- Selling complete home automation solution.
- Repair maintenance of Home Automation IoT devices
3.Social Impact Investment Funds
Social impact is becoming a priority in India as consumers are intelligent, and know what they consume has an effect on them and the earth. This business opportunity involves fundraising money from various groups of investors to create a fund that will invest socially responsible and positive earth-impacting ventures.
There is a lot of demand in India for social impact, instead of just creating a business that makes money, due to the sophistication of people being quite high.
4. Mobile Wallet Payment Solution
With the sharp headways in technology improvement in the mobile world, individuals currently favor not to manage money exchanges, regardless of whether it is payments, shopping or move of assets. They are searching for a mobile payment solution that is dependable, safe and made sure about. This is not an emerging but can be called an established business opportunity in India now, Opines Hirav Shah.
5.Internet infrastructure Building Company
There is a significant growing demand for stronger and better internet throughout all of India. Although there are currently providers, there is a lack of internet speeds in the rural parts of India, and even some issues with connectivity from the larger corporations. This leaves the business opportunity for starting an internet infrastructure in perfect light to execute and this would have a lot of positive impact on people and the society at large.
6.Creating And Selling Digital Products
This is the place where you make and offer your digital products to a group of people. Generally data products or self-facilitated programming. You essentially make the item and offer it to the client for a one-time charge, typically.
It tends to be an eBook; here you simply need to compose your book and sell it. You could likewise sell online courses, or make and sell versatile games, or even portable applications. There’s no restriction to what you can offer with regards to digital products. Simply pick a region you major in and will work there.
Final Thoughts
Go beyond your assigned roles and responsibilities, moving forward with a sense of urgency. Self-driven, self-motivated people who can function from anywhere, anytime will be the ask, from a people perspective, Opines Shah.
In sum, the emergence of a new order is round the corner which will fundamentally alter the way products and services are delivered to consumers. This is the opportune moment to look beyond the challenges and lunge forward with greater zeal and enthusiasm and create history, Hirav Shah Concludes.
