(Full interview: https://youtu.be/diji62zPWiI)
“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
Hardly few countries have more entrepreneurial potential than India. It’s home not just to the wave of IT offshoring firms of the 1990s and early 2000s, but also to some of the most interesting unicorn tech start-ups in the world, including Freshworks, Paytm and Oyo. Flipkart, which sold to Walmart last year for $16 billion, is also a product of Indian entrepreneurs Sachin Bansal and Binny Bansal.
In the eighth episode of TuriyaTalks Season 1, we had an opportunity to discuss the theme “New Business Opportunities in Current Global Scenario” with our Guest of Honour Mr. Robin Banerjee, Managing Director of Caprihans India Ltd. He is a senior professional executive with over 35 years of experience in several large multinational corporations in more than 20 countries. The interview, hosted by Sandhya Sutodia, encompassed the discussion regarding the existing position of entrepreneurship in India in context to the global scenario and the consequences of the COVID-19 pandemic on enterprises accompanied by prospective business opportunities.
Some insights incorporated from the interview are as follows:
With COVID-19 pandemic hitting every corner of the globe, every major economic activity has been halted as a result of rising infections. The current situation has extended the scope for entrepreneurs to culminate new ideas in accordance with the problems faced by the masses in the midst of lockdown and turn it into a business opportunity.
The onset of COVID-19 pandemic has brought in a shift from traditional necessities to modern substitutes. Venture Capitalists are looking out for such businesses and start-ups for investment that are embracing the current situation with solutions that are able to address the shortcomings the masses are facing due to the pandemic.
Medical sector is expected to enhance itself as the pandemic manifested the inability of the hospitals and health centres to withstand such situations. Medical researchers will receive more support and there will immense entrepreneurial innovations in the medical field.
Most of the start-ups fail because the entrepreneurs lack the vision of a holistic business model, especially a profitable long-term financial model.
The perpetual deficiency of transparency for Chinese businesses would eventually divert foreign investments to the other countries, especially India. India being a substantial market for every business, many foreign companies in due course will begin their production in India, giving rise to enormous job opportunities.
Social distancing will compel the businesses to go digital and demand for digital marketing and IT services in all forms of businesses will increase as digitalization is the only way out during this pandemic.
He concluded with the view that reskilling is the key for tackling the problem of unemployment that have aroused during the pandemic. He advised the local population to reskill themselves and fulfil the employee shortage left behind by the migrant workers.