Social entrepreneurship on collaborative model is the only way to have sustainable inclusive business model linking profit with volumes and maximum impact on the lives of the people.
Prof. Bholanath Dutta
Founder & President: MTC Global
Global Advisory Body in Management Education
+91 96323 1817
president@mtcglobal.org
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Startup eSeries
Entrepreneurship Trends for 2016By Ritika Bajaj
'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...Trends to looks out for in 2016!
Source: Shutter_M / Shutterstock
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!
The views expressed are individual and not necessarily MTC Global also share the same views.
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