Entrepreneurial opportunities are available in all the fields related to business, service or product. Business is all about exploring options with personal abilities, skills, market knowledge and business acumen. In today’s world, it is crucial to expand the business based on sustainability. Hence, based on their ingenuity an entrepreneur can think differently, find opportunities and add value to the existing product.
Successful Entrepreneurial ideas
Bhavesh Manglani, Kapil Bharati, Mohit Tandon, Sahil Barua, and Suraj Saharan of Delhivery, started a small business in 2011, which is now valued at $4.7 billion. This is because they foresaw the opportunity in providing door-to-door delivery. They weren’t deterred by the fact that there were large players like FedEx, Blue Dart and DHL in the delivery sector. They saw that with e-commerce on the rise, door-to-door delivery was going to be a service that would be in demand.
Expansion of logistics sector
Transport and Logistics Services contribute to 14% of India’s GDP annually. There exists 18,00,000 km of road that helps us in getting 4000 million metric tons of material transported within the country. Apart from this, Railways, Shipping and aeroplanes also serve as means of cargo transportation. Letters, Livestock, Cold chain deliveries and other urgent deliveries have to be made for which trucks, rail coaches, ships and planes need to be maintained. There is space for small to mega enterprises and possibilities of products, services and process innovation-based entrepreneurship to exist. There are a lot of opportunities for tech-based solutions to be built and there are opportunities for training and managing personnel.
Healthcare is one such sector which has wide openings and entrepreneurial opportunities. Pandemic has made it amply clear that healthcare services, products and processes are central to our foundational well-being. Governments all over the world, have increased their spending on healthcare and hygiene. Youth who are thinking of setting up businesses in the healthcare sector can explore the field. From setting up collection agent services to testing labs to an ambulance service aggregator to creating continuous learning opportunities for paramedics and other medical staff and creating AI/ML learning solutions for interpreting reports, there are opportunities for all in the healthcare sector. Youth can take inspiration from the founders of Lenskart who realised that there was a severe shortage of Ophthalmology services in India and many other parts of the developing world. Lenskart has been able to serve 7 million customers in India and create a business which is valued at close to $4 billion within 14 years.
In both these sectors, opportunities exist for B2B, B2C segments and opportunities for setting up micro to large businesses. There exist opportunities to be a service or product provider to bring a technology disruption or solution. The sky is truly the limit for opportunities in both the sectors.
(The author is vice chancellor, Delhi Skill andEntrepreneurship University)