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I think every sector in India could do with entrepreneurship,
and a new way of
thinking, right from politics to medicine.'- rightly said
by Jehan Manekshaw, founder Theatre Professionals,
who has successfully
made a business of drama
through his enterprise.
In the last decade in India, we've seen diverse fields represented in the
startup space. In my own
interactions with entrepreneurs over the last
year, I met a whole spectrum - from
'mompreneurs' and social
entrepreneurs to
holistic entrepreneurs and even the 'olderpreneur'
(retirees taking to
entrepreneurship).
When I look back, I notice some of the entrepreneurs featured made
interesting
observations. You'll see how they were not just living the
trends they predicted
but also paving the way for future entrepreneurs.
So coupled with my own understanding of entrepreneurship and after
closely reading their
thoughts, I decided to list some trends that we will
see more of in the
coming year as well...
Innovation will focus
on impact and relevance
'The two criteria of a good idea are impact and relevance. We break
relevance into three
parts - it should be relevant to nation, relevant
to audience and relevant
to current scenario.' –
Yashraj Akashi, Senior Ambassador, TEDx India and
Curator, TEDxGateway
Ultimately, all successful innovations make a positive difference to
the user and enhance his
experience... And this will happen when
businesses focus on
their relevance to the customer's life and keep
in mind their current
challenges and location while building products
and services.
Work, love, life, and spirituality will come together 'It's about working on the path that makes you listen to your heart:
your divine calling. The
realisation that merely existing is not the sole
purpose of life; there
is a bigger meaning to it.'
-Prabhakar Rana founder of Nirvana Yoga
Entrepreneurship will not just impact the consumer's life, but also the entrepreneur's. More and more, the world will see an emergence of
entrepreneurs who will
seamlessly blend their passions and causes
with work and
profitability.
Mobile use will grow and sustain businesses 'Mobile use is increasing exponentially in India. Some industry reports
state that now 50-60% of
ecommerce transactions are mobile. It will
only grow from here.'
- Jitendra Arora, founder of ClickZoot
The app rage will continue. Businesses will want a presence on the
gadget the consumer
always has on him - the mobile phone. While
some apps will just be
me-too aggregators (like home delivery apps),
others will dramatically
change the way we receive and send information
(like news apps).
Entrepreneurship will become more inclusive 'With time, people have started to accept that women are equally
powerful and capable of
doing anything. We cannot avoid the glass
ceiling in corporate
culture... But what we can do is change ourselves
and contribute to a new
India.'
- social entrepreneur Swati Vakharia of Women Planet
Entrepreneurship has impacted women the most. It's given them more opportunities to work flexi hours and combine their hobbies into
businesses (and without
too much capital). Whether they will start
platforms for women's
issues or simply showcase their expertise,
the voices of women in
the startup space will only grow louder.
Profitability will be key to growth 'I think the start-ups that are willing to build their organisations on
the pillars of
profitability and sustainability are here to stay. They
will ride the huge
opportunity wave that India provides.
- Samir Saraiya, Founder-CEO of ThatsPersonal.com
The enterprises that will survive and thrive will be those who are not
just in the green but have enough potential
to sustain themselves
for the next 5-10 years.
Investors will look closely at business models.
And more often than not,
they will back those who are already
profitable and can show
clear projections for the future.
Brands will stay closely connected to customers 'We are our brand's best customer: What we relate to, the customer
will relate to. Sitting
on the other side of the table does not help.'
- Ann D'Silva, Founder & CEO, ADC - Ideas,
Innovations, Intelligence
Businesess that will stand the test of time are those that can get into
the shoes of their
customers: those that understand the customer's
immediate needs and can
even predict their future needs. A lot of
business is demand that
is created, but even this demand comes
from having a pulse on
the customer's life and knowing what he will
or will not pay
for.
Scalability through the franchise model will continue 'Our goal is to provide maximum value and ROI to budding entrepreneurs
with a limited amount of
capital to invest. We recognize that our
success will be through
our franchisee's success.'
- Husband-wife duo Shrey and Alisha of The Belgian
Waffle Co.
A lot of scalability will depend on having robust franchise models in place. Collaborations across districts, cities and countries will allow brands to
spread their reach far
and wide. Technology has helped put more
quality control systems
in place, expediting expansion for many enterprises.
Businesses will become more socially responsible 'Social enterprise is the only way of the future, businesses will be
holistic... It has
already started and is picking up in fashion too.'
- Uma Haimavati, founder Upasana design studio, Auroville
From incorporating ethical practices into manufacturing processes
and ensuring a healthy
work-life balance to becoming more inclusive
and empowering customers
in their choices - entrepreneurship will
become more socially
responsible; the focus will be profit but also
sustainability.
Entrepreneurship will emerge from a 'limitless mindset' 'Young people should ideally develop a limitless mindset. They should
be far more ambitious
and optimistic than they often are about what
they can achieve and the
level of impact they can have on the world...
It's probably never been
easier and cheaper to start a project and get
it out to people.'
-Brothers Ashvir Sangha and Sunny Sangha of 225
Academy
Undoubtedly true... With everything going for startups - technology,
low-cost marketing
strategies, easy access to consumers through
mobiles, and direct
links to investors through websites - the new-age
entrepreneur has very
little to worry about. All he needs is a limitless
mindset, one that isn't
afraid to experiment with ideas and scale
as high as
necessary.
The startup space has never been brighter... For all you budding
entrepreneurs out there,
make it your resolution this year to work
on your ideas and take
them to fruition. With a little help from
these trends, 2016 may
just be your best year yet!
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By
Ritika Bajaj
COMON
SENSE LIVING
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