Recently there was a lot of buzz in media/web related to high failure rate of startups. They shared a list of high-profile exits in recent past. Even i was shocked to know about the failure of some of the most promising businesses a few years back. At that time, the experts tagged them as Future Business Opportunities. Unfortunately, it didn’t turn out to be. Let’s accept the fact that the “Web” or “Media” is unforgiving. It was quite sad to read the ruthless and hard hitting reviews about the blue eyed boys or poster boys of entrepreneurship.
In most of the cases, founders don’t share/accept the reasons for a startup failure. In my post, Startup Failure – Top 5 reasons Founders will not Accept i shared some of the common reasons based on my understanding. As i keep highlighting that “cost” is one of the major reason for failure. At the same time, it is very difficult to keep the cost under control during infancy period.
It is catch 22 situations for entrepreneurs. On the one hand, we expect entrepreneurs to scout for Future Business Opportunities. Whereas on the other hand, there is a severe pressure on them to keep the cost under control. Anyways this debate is never ending.
Read More: Top 5 Recession Free Business for Startup
In my opinion, the Future Business Opportunities lie in the changing socio-economic landscape of the country. The most important ingredient for success is that the product/service should be need based. Based on my assessment, i am sharing a list of 5 Future Business Opportunities.
The 5 Future Business Opportunities for Entrepreneurs to Start
1. Home Automation:
As i shared in my post, Jobs in Danger and Will go Extinct that biggest casualty of automation will be jobs in certain vulnerable sectors. There is a lot of focus on automation in business/commercial space. In my opinion, though Home Automation is lagging behind at this stage but it will outpace others. Recently, one of the Ads that caught my attention was a real estate project. It is being marketed as a project with fully automated homes. Though in the name of automation, the builder is charging a bomb. When i checked in detail, i found that basic technology integration is labeled as automation. Therefore, home automation provides High Profit Margin Business opportunity.
Another big trigger for home automation will be smart city project of Govt of India. There are a lot of companies working in this domain but in isolation. For example, one of the MNC is providing lighting solutions based on your mood. It is the smart lighting solution. Other key domains of home automation are security and electrical appliances. The know-how of IOT (Internet of Things) will be the key to the success of Home Automation.
I did a little bit research on Home Automation but could not find any integrated home automation solution based on customer needs. It is one of the most promising future business opportunities. Initially, the cost will be high but the key to success will be low-cost solutions.
2. Urbanization/Space Utilization:
With the rapid urbanization, the space utilization will gain more and more traction. The best case study is of Hong Kong. You will find all in one home in Hong Kong within a limited area of 350-500 sqft. Already in Mumbai, there is a great demand for 1 BHK’s of 375 to 500 sq ft. Space utilization does not necessarily mean compact but it also means multi-purpose.
The best example, i can quote is of movie “Badshaah”. Wherein a house is converted to a hospital and vice versa. Though it was imaginary those times but will be a reality soon. As per a rough estimate, 2/3rd self-employed people/small entrepreneurs work from home. This class will not mind a solution that can convert living room to the office during the daytime. In the night, it can be converted back to living room through automation/slight modifications. Therefore, it is one of Future Business Opportunities because of urbanization.
3. Online Reputation Management:
Slowly and gradually physical presence will be overtaken by an online presence. I remember days when people used to give a lot of importance to how they carry themselves. In other words their clothing, manners, social behavior, hospitality etc. In short, we used to judge people from their physical appearance and social behavior. Thus reputation was directly linked to physical appearance. Some entrepreneurs sensed it to be one of the Future Business Opportunities. It resulted in mushrooming of grooming schools, cookery classes etc.
With each passing day, people are becoming more virtual i.e. online presence is gaining prominence. It may be due to technology, lack of time and hectic life. We have thousand of friends on Facebook and WhatsApp but we might not have met them from ages. Nowadays, people judge a person from their online presence. Some time back there was an article in one of the leading international business newspapers that organizations abroad are giving high weight to candidate’s online reputation for middle and top management jobs. In my opinion, online reputation management will be one of the most lucrative Future Business Opportunities. The uber rich in India is already availing this kind of service. With the increase in internet penetration, online reputation management will be one of the killer Future Business Opportunities.
4. Eat Natural and Stay Healthy:
Recently, i was surprised when my daughter told me not to eat junk food and avoid soft drinks. These days schools are creating awareness among kids to “eat natural and stay healthy”. Her school does not allow junk food for lunch and has given strict instructions to parents :). It is reflected in the financial results of the soft drink majors and junk food companies. They are witnessing de-growth on a consistent basis.
Though these companies adopted Kids Marketing route but now realizing it will not work. The theme of “eat natural and stay healthy” provide large no of Future Business Opportunities. The unfortunate part is that NO company is able to understand this business. In other words, they are not getting their maths correct. One of the soft drink majors tried a lot of products in this segment but failed miserably every time. Therefore, this segment does provide future business opportunities but how to tap the same is a million dollar question.
5. Mentors/Consultants
I am sorry but somehow the topic of job loss comes in most of my posts in the business section. I am not sounding pessimistic but the fact of the matter is that in coming years millions will lose their job because of automation and economic slowdown. Besides, new technologies will render most of the workforce unemployable.
After a job loss, the first thoughts in the mind is to turn entrepreneur. In my opinion, there will be a huge demand for mentors and consultants for startups. Another reason is that to keep the cost under control, the entrepreneurs will prefer mentors and consultants in a specific domain rather hiring an employee. To be eligible for such Future Business Opportunities, it is important to establish your credentials in the domain.
I know one of the consultant/mentor in technology space who happens to be a blogger. He charges a bomb to provide consultation to corporate/startup. Being a mentor or consultant will help you remain employable for longer period :).
Words of Wisdom:
The list of future business opportunities may differ from person to person. In my opinion, the list should reflect the slow and gradual changes happening around us. The me-too model cannot succeed in startup space. The passion, dream, and conviction to succeed are basic ingredients of success. In other words, you should believe in your idea. Personally, i believe in the ideas shared by me in this post. Through my blog, i am only acting as a channel to share my thoughts with the readers. If you have any queries/feedback/comments on the future business opportunities shared by me then please feel free to post in trailing comments section.
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