#risingconsumerism

[sunjaykapurofficial]

A colossus in the making, from thriving licensee entrepreneurships family-run businesses and social media start-up’s in today’s digital age, India has proved her entrepreneurial resilience. The discussion this week is Entrepreneurship and The India Focus.

With the millennial workforce and new business opportunities, India fully recognizes value-creation of SMEs. The Global Entrepreneurship Monitor (GEM) Report 2016-17 puts the increase in the rate of entrepreneurial intention to 14.9% compared to 9% in 2015-16. In comparison with its peers in BRICS economies, India ranks highest in perceived opportunity, and second in perceived capability.

How is India different? 

India’s potency lies in its small enterprises and “frugal innovation.” Indian entrepreneurship has evolved to offer products of acceptable performance standards. However it is primarily targeted at the bottom of the pyramid of consumers. In this market, it is identified that the crucial pillars defining success, are the price points and basic utility features.

What is the key challenge? 

India holds enormous heterogeneity in entrepreneurship. The pace of entrepreneurship growth has been stilted with remunerations largely restricted to a beneficiary base within a regional purview. Impact can be scalable if training, innovation, and technology absorption are skilfully addressed.

What are the windows of opportunity? 

• Intelligent harnessing of the nation’s extensive labour market and rising consumerism.

• Innovation cannot be far behind when the country’s potential is already at commendable levels to generate new products or adopt existing products. The 2018 Global Entrepreneurship Index ranks India at a very strong position in product innovation. Our skills just need to be channelized in the correct manner with precision in direction.

• Women-headed entrepreneurships a key driver of job growth. Empowerment and economic upliftment will naturally follow.

• Encouraging an economic spurt driven by aspiring entrepreneurs has propelled growth for the formal sector as well.

Economic reforms and a stable business ecosystem are criteria for nurturing entrepreneurial spirit. The foundations are already laid. What remains to be seen is how we capitalize and develop on it.

On that note, I wish you luck in earning your success!