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The Pandemic Is A Threat
The COVID-19 pandemic and the associated lockdown has become a threat for so many people across the world. No, it is not just the virus that is responsible for the fear and deaths around us.
This situation needs brave people who can think wisely to invest in an enterprise in these unpredictable times. Fear, anxiety, and helplessness have made a niche for themselves in our lives, making it extra tough to smile at the end of the month.
What is The Way Out?
As we discuss this scary and exasperating issue, some of us have adapted to the new normal.
In these moments of intense gloom, people wonder how they can find out a solution to the extreme financial crunch they have to withstand.
Of course, there is no short-cut or known formula for a miraculous change in an already affected business. Neither can someone with huge pay-cuts, think about a new job at the moment. So what silver lining are people looking for in these dark days? Is there still a ray of hope lurking? Let us find out.
Beyond Just Hoping
The shocking numbers of unemployed people, the lacking funds of enterprises, have rendered job losses of millions of people.
Feeling dejected at these trying times is normal. As is hoping for brighter days to turn up.
Now is a time when all individuals have to introspect for the talent within themselves. Larger sectors are indeed firing employees, but that is happening because they are going bankrupt.
The demand for those things is still prevalent. This gap for consumer demand and industry fulfilment can bridge if startups come to swing.
As the number of startups increases, smaller business thrive better. It helps in localized growth of a brand, learning of an individual, and sharing of the talent pool across individuals. It is the first step towards forming a self-reliant, or “Atma Nirbhar”, business for an organization.
India has an abundance of resources. Starting with raw materials, machinery, manpower, brainpower, we have everything needed to start a small business. Yet it is the people who want to rely on foreign brands.
The latest tiffs and misgivings between India and China have spurred the nationalist and patriotic spirits of all Indians. In a day lots of apps and devices which had their allegiance to the Chinese government, became nonexistent in India.
Here again, we can see that banning Chinese products and apps creates a vacuum in the market. But this vacuum is short-lived as startups aim this opportunity to stage their creation for the people.
Startups do not lack anything. But we buyers do not welcome the indigenous products. Neither do we rely hands down on a product that is crafted locally.
This is a major call-to-action for small scale businessmen, entrepreneurs, traders, suppliers, and startup organizations to enkindle a new business from the start. The Indian sector should start to make products in India, and serve Indians first.
The Indian companies would grow and compete with the foreign companies who come to the Indian soil, use the Indian resources to earn millions of dollars. The boost of local startup organizations will empower thousands of Indians to trust in their potential.
They can earn money from their business and experience a sense of pride and freedom. The cumulative impact of startups in India is strong enough to oust these foreign companies who do little for the growth of Indian Nationals.
The Optimistic Approach
As a result of job losses, pay cuts, and business bankruptcies, the Indian government announced economic relief packages for the impoverished. The government gave a nod to new startups and is trying to strengthen business innovation of startups.
There is an immense opportunity for startups to work in the food and agriculture sector of India. The government has sanctioned projects for manufacturing, innovative tools, harvesting technologies, irrigation, food preservation, quality control and packaging, and novel cell battery storage, etc.
The agriculture sector is highlighted because India has rich agricultural resources. Maybe with the initiation of startups, we can witness a Green Revolution 2.0.
Startup opportunities are there in other sectors as well. They are the lead to many technical and industrial sectors such as IT industries, freelance services, solution and consultancy projects etc. Most led by young talents and actively creative minds, these startups are a door to bring innovation in solutions and products.
One great advantage of these startups is that they do not charge exorbitantly for their services. Since they are local brands, their products have local markets. They develop things which consumers would buy on a large scale and result in the overall welfare of society.
Small startups in India should get the boost to capitalize on these improvements. An ingenious mind can lead a startup to change the production, logistics, and supply chain processes.
They can bank on modern technologies like Internet-of-things, robotics, artificial intelligence, machine learning, blockchain, augmented, virtual and mixed reality, etc.
They can adapt the concepts of business 4.0 and streamline their business processes instead of depending on the foreign headquartered corporates.
Opportunity Focus
Here are some key fields where startups can fair well.
Digital Manufacturing
Tech startups have a significant contribution to digital manufacturing and the software world.
Small to medium IT hubs can employ cloud technology, big data and advanced analytics, artificial intelligence, Robotics, Automation testing, virtual and augmented reality, are going to be most sought after for government sectors, private workplaces, and even residencies.
Logistics and supply chain
Digitization of logistics, supply chain management and transportation can be achieved by enabling core technology modifications.
Using a self-developed e-commerce website can make your simple logistics business to a firm establishment.
Food
Starting a food chain to supply favourite meals from the restaurant to homes and offices can be a good business choice. Some of these startups in the food chain have become major names in the Industry. While some others like uber eats are born in a foreign land.
Entrepreneurs can utilize the technical expertise of software developers to create an interactive website. They can engage men from the non-technical field into the delivery of orders from the restaurant right to their doorstep will not be a distant dream.
Startups by students from premier institutes are already earning good revenue in this business. Others should consider it an example and gear up for similar endeavours.
Opportunities Already Present
Industrial magnate Ratan Tata once quoted that – In times of utmost challenges and difficulties, indigenous entrepreneurs showed exemplary intelligence which changed the outlook of the society.
These startups became the flagbearer of self-made and self-reliant companies that are present in the market. The dark times of the pandemic can break us, but it also allows us to use opportunities at hand, and rise from the ashes.