business ideas

Entrepreneurship and Business Ideas

Top 10 business ideas for start-ups.

Suggested business sectors:

  1. Food Processing
  2. Textile and ready made garments
  3. Technology [Software Product Development and maintenance, eCommerce, Internet Security, IT literacy, Digital Infrastructure deployment and maintenance]
  4. Social Computing / Social Media
  5. Smart Infrastructure development
  6. Solar Energy and allied infrastructure [MW Solar plants, Rooftop Solar Plants, Trading in PV Panels, Inverters and Batteries, Structural Services to erect Solar Plants, Specialist Electrical Services for Solar Installations]
  7. Automobile Components
  8. Textile & ready made garments
  9. Service Sector [associated with Sea Ports, Airports, Healthcare and Lifestyle segment]
  10. Training [Soft skills, Leadership, Sales and Customer Support Management, Finance Skills, Entrepreneurship Development Skills, Data Analytics, Digital Marketing,

Check this before you go for manufacturing activity.

  1. It would be ideal to take up any manufacturing activity based on product buy-back arrangement [job work] or specific network / market strength in the line of activity considered.  If not we will have to bear credit line to buyers, minimum 6 months working capital (depending on the product cycle), R&D and more.
  2. The other option is going with collaborative model with a foreign company to produce import substitute items in India.
  3. The DMIC corridor, Make in India, and proposed Industrial Estates in Telangana and AP are another opportunity in the coming years.  The focus areas of these projects are many varied items to cut dependency on China made capital equipment and end user products.  These efforts are definitely going to provide opportunities for ancillary industry growth.
  4. The other way to explore manufacturing opportunities is to scout for takeover of sick unit or advertise in local News paper for collaboration / partnership opportunities.  This may reveal some good opportunities.
  5. For manufacturing ventures, it always helps if one of the member promoters come with technical or marketing expertise in the chosen manufacturing activity.
  6. Last but not least one can go for manufacturing activity to produce any innovative product.  Innovation doesn’t mean a totally new product idea.  A small twist and improvisation of any existing product which enhances the utility value at affordable cost can be considered.

Brief on IT sector business ideas:

Software product development is an evergreen sector as long as the product becomes a solution to focused problem and the product is designed with inherent efficiency, security and compatibility to various environments.  Considering the growing patronage to cloud computing technology, smart phone infrastructure, and internet security tools,  there is sufficient scope to devise new products or improvise existing solutions to the newer environments.  The other perpetual avenue is enterprise market constituting ERP and ERP integrated with social computing tools and data analytics.

The other promising business ideas in IT Sector:

Website development:

This is a perennial market.  The challenge, however, remains to be the capability of the organization to develop a professional website [elegant interface, aesthetics, mulsti browser compatibility, efficient loading, nil dead links, user friendly navigation, professional and crisp content compatible to search engines and self declarations for content and design ownership] incorporating digital documents [pdf brochures, e-readers, digital collateral with various presentation options, interactive forms for online interaction by customer for enquiries, feedback, survey, referal, and more].

eCommerce:

Practically many offline business models could be converted to online models.  The approach would be offering of related product group constituting a few items in the initial stage.  The products could be from segments like Lifestyle, Food [especially organic food items], Construction, Infrastructure, Supplementary services to Healthcare, Hospitality and Travel & Tourism.
Success of any online venture depends on right scoping, application efficiency, aggressive and judicious marketing strategy.  Many of the failed online ventures have their root to inappropriate business model, poor infrastructure and/or wrong positioning.  The important advantage with the online business models is that they become attractive for funding institutions or individuals once the initial sustenance is proven with promised future.  Popularity and application efficiency are the foremost attractions for any online business models.

Mobile & Tab Applications:

Again many desktop applications, online applications could be ported to Mobile and Tab platform.  Thus opportunities are immense in this segment.  Any application addressed to customer service, sales, marketing, consumer behavior analysis, analytics has good scope irrespective of any number of competitive products. This market has bright future.

Internet Security.

In the coming one year we are going to witness Digital India through which efficient Internet bandwidth is going to be made available to lakhs of villages.  As the Internet infrastructure grow so the requirement for safe and secure management of such infrastructure. One may think about collaborating with existing security products to be offered in the market with supported maintenance.  This can be combined with Internet literacy offering to the users.

Social Computing and Analytics

The end users for these products are small companies to large corporations whoever have implemented intranet social computing infrastructure and/or Internet presence.

Some of the business ideas in Education & Training Sector:

  1. IT Skill development [Career centric technology training].  Market is inundated with training institutions whose primary focus is volume of business than the quality of content.  Thus if an organization can focus right curriculum with efficient faculty there is enough room for new comers.  Almost 70% of engineering graduates are failing the eligibility criteria in the technical aptitude and professional outlook.  This fact itself vindicates that the existing training and skilling infrastructure lacks right content and approach. This business idea works well in the future as government is looking to collaborate widely with private institutions under PPP model.
  2. Softskill & Leadership development [Govt. of India and Govt. of AP are coming up with special mission to train youth in softskill and leadership development].  This is one of the topmost priorities in India in the path of youth empowerment for employment or self employment.
  3. Multi vocational skill development unit inline with ITIs & Polytechnics. These are going to be in much demand in the coming years.
  4. Education (Professional education / coaching centers / Mentoring hubs )

Few other business ideas:

  1. Stainless Steel Fabrication, Furniture for domestic, commercial and industrial purposes.  Every furniture product should provide the benefits of aesthetics, space optimization, ergonomic advantages, multi-use and must come at affordable cost. Many of the home furniture items can be redesigned using SS, wood, aluminium, plastic or any other composite material.
  2. Trading in Modern Building material
  3. Industry specific help desk solutions
  4. Industry specific Customer Management solutions
The above are just indicative.  However, among other things every business opportunity at the outset has to be analysed considering (i) Promoter’s expertise (ii) Place of business (iii) Product / Service demand in the target areas (iv) Promoter’s equity (v) Government support; and (vi) Competition.
If you need any clarifications may please leave your comments.  I will attempt to answer to the extent possible.  However, if you need personal consulting the consulting fee shall be INR 1000/- [one time].  We don’t charge consulting fee for micro business setup, or students who come from humble background.