Successful Business Ideas For Small Business Entrepreneurs in India

A Successful Business Ideas for Small Business Entrepreneurs in India

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A common reason for business failure is under capitalization. This is when the owner has not raised enough money to meet anticipated revenue and start up expenses. One way to avoid this problem is to conduct market research before launching a new business. This can help to produce an appropriate marketing mix and boost sales.

One of the most important is finding a good business idea. This means choosing an idea that fits your skills and interests. It should also be profitable and fill a gap in the market. This will make it easier to attract investors.

Online Business

An online business is an excellent choice for small business entrepreneurs in India because it's relatively inexpensive to start. You don't have to rent an office space, purchase inventory or hire employees. You can also sell digital products, such as software or a service like tutoring or web design.

An ecommerce platform is the technical backbone for selling products online. You'll need one that provides a catalog of your products and allows you to process payments. You can get started with a free trial version of a popular ecommerce platform.

Despite the license raj, Indian big business survived by taking advantage of the large domestic market, freedom from foreign control and market regulations, and the acquisition of retreating foreign companies. These factors contributed to the growth of a vibrant private sector in modern India.

E-commerce

E-commerce, which also is referred to as m-commerce or t-commerce, is the online purchasing and selling of goods or services. It is a growing business sector and offers many opportunities for entrepreneurs.

During the COVID-19 crisis, e-commerce expanded towards new firms, consumers and products (OECD 2020). For individual customers, it enabled physical distancing while maintaining access to the full product variety, whereas for many businesses, it provided a crucial complementary or alternative sales channel in the face of contact restrictions and other confinement measures.

Governments can foster e-commerce through digital connectivity, (international) logistics and trade, and by promoting the adoption of technologies in SMEs. However, they must continue to address the specific needs of SMEs in terms of flexibility and resilience. Moreover, they should promote the development of innovative e-commerce business models.

Internet Marketing

The internet presents plenty of opportunities for entrepreneurs who are looking to expand their online presence. For example, social media marketing can be an effective way to reach new customers and promote your business. In addition, e-commerce is another great way to grow your business.

In an interview, R12 discussed the scope of digital entrepreneurship in "contactless pickups from retail, fulfillment centers and dark stores". This involves customers receiving alerts, messages and pictures and picking up their orders without any interaction with employees.

Mobile App Development

Due to a large smartphone-user population, mobile app development opportunities present themselves in a variety of sectors. This includes e-commerce, m-commerce, recruitment, social networking, and more. The cost of creating a mobile app varies depending on the type of application and its features. For example, complex applications like those that require third-party integrations, access to hardware functions, and robust security criteria are more expensive than simple apps. A great example of a successful mobile app developed by Appinventiv is Edamama, an easy and trustworthy shopping experience for mothers that raised $5 million in funding. The app currently has over 1+ million users.

Digital Marketing

Digital marketing is a great opportunity for entrepreneurs looking to build a profitable business. It can be a low-cost solution to a wide variety of issues and can help businesses recover faster from Covid-19.

To identify potential areas for digital entrepreneurship, interviews were conducted with entrepreneurs inIndia. Respondents were contacted through LinkedIn and asked to schedule an interview at their convenience. 

 

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