Ideas for Entrepreneurship in India
India's educated workforce, low taxes and rapid growth rate make it an attractive destination for entrepreneurs. The International Monetary Fund expects the Indian economy to grow 7.7% in 2010, reaching 7.8% in 2011. Opportunities for entrepreneurs exist in technology, software, e-business, customer support and social entrepreneurship.
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Customer Support
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India has become famous for its network of call centers that serve customers in North America and Europe. Well-educated workers are abundant; highly competent customer service reps can be hired for $200 or less a month. However, these workers may need additional training in colloquial English and Western culture to be more effective. Another option is online customer support, in which customer services reps solve customer problems through instant message and email.
Data Outsourcing Service
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One of the newest business opportunities in India is data outsourcing. Start a business in India that receives and processes data from banks, hospitals, marketing and accounting firms, and other business. The time difference in India works to an American firm's advantage: raw data sent to an Indian data service company at 6 p.m. New York time will be received at 6 a.m. Indian time, and can be processed and sent back electronically by the next morning. Transcribing medical data could be especially lucrative, as hospitals are increasingly expected to maintain electronic health records.
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Software Company
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Eager to promote foreign investment, the Indian government provides tax incentives for entrepreneurs in the fast-growing software industry. Expect to face heavy competition from already-established firms, however. Entrepreneurs must weigh drawbacks like power glitches and poor infrastructure against the relatively low cost of wages: well-trained Indian engineers are typically hired for half the wages of Western workers.
E-commerce
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India has an exotic reputation, and there is high demand for Indian products like fine furniture, spices, teas, carpets, and traditional clothing. An e-commerce business could take advantage of this niche demand by building a flexible structure tied to existing warehouses and suppliers. There is also potential to build a more domestically-oriented e-commerce enterprise, as demand for Western goods is high within the country. However, according to the Indax website, only two million Indians currently have access to the Internet. Expect this number to grow rapidly, but the country will modernize unevenly.
Social Entrepreneurship
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For the community-minded entrepreneur, India's high poverty levels coupled with its modernizing cities make it an excellent location for a social entrepreneurship business. These types of firms attempt to alleviate poverty by training and empowering impoverished individuals and providing them with micro-loans and support. For example, a business could bring many small clothing boutiques into a cooperative to buy supplies in bulk and make a larger profit.
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- Photo Credit taj mahal palace in delhi,india image by Galyna Andrushko from Fotolia.com
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I want some ideas to start a new bussiness in india,
