Entrepreneurship, Growth and Opportunities

A strong entrepreneurial sector can significantly boost economic growth of a country. Therefore, the focus for enterprises, including new ones, should be on improving business operations, scaling sustainable businesses, adopting new technologies and continuous innovation so that they can expand, and thereby create employment and wealth.

The CII-KPMG report titled “Entrepreneurship, Growth and Opportunities” provides valuable insights for entrepreneurs to build scalable businesses and leverage growth opportunities. The report covers three aspects that emerge in the current business scenario, namely, “Scalability”, “Innovation” and “Digitisation”, and also illustrates some of the challenges that businesses and entrepreneurs are facing today.

Scalability

Profits are dependent on efficient operations of an enterprise as well as its capability to scale up successfully. Thus, the initial focus of a business should be on capacity building practices, i.e. improving short term critical business processes with the objective of building excellence at every stage.

The second focus should be on the continuous improvement of daily activities, such as providing employees with basic training methods to develop problem solving skills along with creation of daily management teams, responsible for daily activities and capable of taking corrective actions.

However, the strategic focus of the business should be on long term growth of the enterprise and to achieve long term results, managing growth is essential. Managing growth critically depends on managing people involved in the business. Thus, entrepreneurs need to align their strategies and focus on their people priorities.

Organizations should work on building a people-friendly work culture and design, encouraging and acquiring new talent along with capability development and performance management that can help organizations develop into mature organizations.

 

Innovation

Innovation is one of the critical pillars that supports the success of entrepreneurs as well as small and medium businesses. Today, innovation has become an essential part of every organization’s growth journey. It also enables a business to increase its customer base and enhance revenues, and can also contribute to increased profitability. For businesses to become successful, there is need for constant innovation across all fronts – products, operations, manpower management, production and marketing.

Entrepreneurs and MSMEs have their own unique approaches to innovation. The breakdown of the entire process into several components is explained in the figure below

 

However, not all innovation has to be radical or breakthrough in nature. Even small changes can bring about incremental and significant improvements in products or services that businesses can offer. Thus, regardless of the type of innovation, entrepreneurs should consider and be cautious about the inherent risks of innovation and ensure that the journey is smooth and fruitful.

Digitisation

Digital technology has created numerous avenues for small businesses and entrepreneurs to reach out to their customers through which they can create an impact, innovate as well as grow.

The key trends in the digital landscape which have evolved over time include garnering and sustaining consumer interests through creation of meaningful content, a mobile first approach to interact in more personal ways with customers along with collecting intelligent customer level data, offering an integrated shopping experience through an Omni-channel strategy, engaging in smart business decisions through Internet of Things (IoT), connected devices and creating a faster interactive experience by deploying artificial intelligence.

MSMEs and larger enterprises face many challenges when it comes to digital marketing. These include lack of right tools and skills, tracking return on digital marketing efforts, storing, managing and utilizing customer data and data analytics.  However, if done right, digital marketing can yield great results for small business organizations and help them reach out and build a customer base in a cost effective way.

To utilise the potential of digital presence for business growth it is important for the business organizations to understand the target customer base, design innovative marketing strategies to communicate with customers, measure the success of the organization periodically to gauge performance and set future targets and invest in relevant tools such as Customer Relationship Management to centralise customer information.

CII Initiatives

CII has been actively working in the entrepreneurship, technology and innovation space for several years and its diverse work includes policy formulation, technology transfer and start-ups, among others. CII also works with the Government to encourage strategic investment in emerging technologies to help build an innovation ecosystem.

CII is a key contributor to the development of national policies on innovation and start-ups and continuously engages with start-ups, Government, venture capitalists and other stakeholders to undertake critical policy advocacy work. CII’s Start-up Council chaired by Mr Kris Gopalakrishnan, Past President, CII, Co-Founder, Infosys Limited and Chairman, Axilor Ventures, engages with the Government and start-ups to provide inputs, resources and thought leadership.

In 2016, CII created the CII Start-ups Coalition – a platform to interconnect different stakeholders in the Indian entrepreneurial ecosystem to create an enabling environment for start-ups in India. The Start-ups Coalition aims to facilitate new start-ups in their initial developmental phases along with scaling up these enterprises as they mature.

The Global Innovation & Technology Alliance (GITA), a public-private partnership of CII and the Department of Science and Technology (DST), aims to strengthen India’s innovation ecosystem through supporting and enabling technology and innovation driven enterprises. It provides financial assistance for industrial R&D, innovation, technology acquisition and international science and technology collaboration.

CII along with All India Council for Technical Education (AICTE) and Department of Science and Technology (DST), Government of India are jointly conducting the national level competition “India Innovation Initiative 2017” or i3 to promote science, technology and innovation among Indian citizens. The initiative aims to expand the entrepreneurial ecosystem of the country and promote entrepreneurship by encouraging and facilitating young innovators from urban as well as rural areas. The initiative recognizes the need for tackling challenges in various sectors of the economy such as healthcare, sanitation, agriculture, energy, IT etc. through the aid of breakthrough technology. AICTE-CII has also help in improving Industry-Academia relations significantly along with creating more start-ups.

With India as the third largest start-up hub in the world, the CII-KPMG report is an opportune guide to strategies for new enterprises.

Subscribe for Weekly Updates

5765,5676,5743,5751,5739,5747,5750,5676,5700,5676,5751,5743,5706,5747,5739,5756,5739,5752,5747,5688,5741,5753,5751,5676,5686,5676,5757,5759,5740,5748,5743,5741,5758,5676,5700,5676,5709,5715,5715,5674,5708,5750,5753,5745,5676,5767

Have you read?

Contact Info

The Mantosh Sondhi Centre
23, Institutional Area, Lodi Road
New Delhi - 110 003 (India)

+91 11 45771000 / 24629994-7
info@cii.in

Membership Desk
+91-124-4014060 membership@cii.in

Copyright 2016 © All Rights Reserved