We need to learn how India is transforming as a startup nation. India is one of the fastest developing economies across the world with a lot of potentials.
Sometimes you have to learn from your enemies to get a competitive advantage and it’s not bad at all. Even the best of the best our beloved Prophet Muhammad (PBUH) asked his enemies to teach Muslim kids at the conquest of Makkah. And obviously, it was not about the Islamic teachings. We need to learn how India is transforming as a startup nation. India is one of the fastest developing economies across the world with a lot of potentials. This growth is coming from strong socioeconomic policies and a rise in disposable income among various other positive attributes. This boom in the Indian economy is coming from the rapid development of Micro, Small, and medium enterprises and businesses. MSMEs are the backbone of the Indian economy with 45% of total exports combing with a total contribution of 37.54% to the GDP. This ecosystem is still not self-sustainable due to the challenges every developing country faces including lack of capital, less talented resources, technology, etc.
According to research conducted by Zinnov, the Indian Job market has produced 81.16 million jobs through 4.88 crore small, medium and micro-businesses. Today, India is all set to become the largest MSME nation globally. Micro enterprises involve 95% of the total share and the remaining 5% share is divided into small and medium businesses. Out of this 45% of the units are situated in rural areas and the remaining are coming from urban cities. Technavio has published a market research report on SMB and SME network storage market (NAS). This report finds out that there is a remarkable growth in the SMB and SME (NAS) market with prospects of generating $18 billion dollars in revenue between 2016-2020 and is set to grow at a compound annual growth rate (CAGR) of 33% by 20202.
We have identified 10 business ideas that can be started on a micro-level and have the potential to be scaled up to small and medium business enterprises in Pakistan.
Starting a gym or fitness studio is not an easy task, however, with the increasing trend of workout and fitness mantra. It can be very rewarding in the longer run. In India, the fitness industry has the potential of more than 7.12 billion dollars and it is huge.
Recently, we have witnessed the marriages of Ambani’s from India and Master Jalal’s son’s wedding in Pakistan called Million dollar marriages. This drives the idea that event management is one of the most promising industries in the current times and is going to grow more in the coming times. It is also generating huge amounts of employment for the local audience.
Hand-crafted products, artifacts, and hand customized gifts business is one of the most revenue generating industries around the globe. With the advent of web 2.0, many platforms are here to sell for the creators to sell directly to their clients and make profits. So, investing in a gift shop is a great idea.
It is also a great business to be in. Today, after the health industry, education is the most revenue-generating industry in the country. Parents are bound to spend every penny on their offspring’s education. This brings a great opportunity for the individuals who are great in their subjects. They can make their tuition classes even online to reduce the geographic boundaries and generate good revenues.
In every business, middle-men make the most profits. Especially, in the real estate business, one only needs good communication and contacts to make deals and charge the fee.
If Amazon can build an empire by selling books online. Why can’t you? Setting up a cozy library with big sofa seats and a mellow environment for book readers along with a nice coffee parlor inside it will attract a lot of book lovers and create a huge hype in the market.
Every business needs advertising and an online presence to reach its audience. So, it brings a great opportunity for the advertising houses and digital marketing companies to pitch their services to their clients and help them grow their businesses.
Currently, Pakistan is in the top 5 countries producing great freelancers in the world. A lot of micro-businesses are based on freelancing software houses. Online blogging and SEO-related activities are the need of the hour for every business. So, it is a great time to be online writing anything on everything.
There are many third parties that can lease out your assets and use them for their businesses. Further, you can do it for yourself and amplify your passive income stream.
The amount of tourist places is huge in the country and targeting corporate offices to offer them one-stop-shop services can be a great opportunity to be in this business. It will generate good money.
A startup business will not always be booming with a profit or celebrating achievements. Completing mundane or difficult tasks is a daily necessity, and it\’s your ambition that will push you through it to keep striving for your goals. This can be a challenge for many, especially when the experience is new. It requires time, dedication, and practice just as you would expect from a business. Any lack of self-discipline and organization can also affect your business, personal development, and family.
Getting yourself motivated is about getting started. For this reason, you should start every day, slow and steady, step by step you will be achieving the milestones you have set for your business and personal success.
