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Areas Entrepreneurs Can Explore for Opportunities

As described in the earlier article, fortunately the attractions to become an entrepreneur are becoming much easier especially since there is a shift from a predominantly manufacturing to a service based economy, and due to this, cost and barriers to entry for entrepreneurs have lowered considerably.

Besides service based opportunities other areas entrepreneurs can explore are farming, food technology, food processing, agriculture, aquaculture, mining and exploration for minerals, new materials, chemicals, drugs, medical drugs, medical equipment, health care, data mining, internet based services, designs and manufacturing. As explained in an earlier article it is important to note that subject knowledge is a must in these areas. In many of these areas knowledge can be acquired by under going study, work experience and self learning.

We must caution you that it may not be possible for a young entrepreneur to attempt some of these areas as barrier to entry and cost would be relatively high but again NOTHING is impossible for a budding entrepreneur.

You may ask “Which area should I look at as there are so many many areas?” the answer is very simple. You need to have passion and interest in the area to be successful. So select an area you are passionate and feel comfortable with. You need to have the burning desire to succeed in the area you choose.

As the barrier to entry is lower in service industry let us explore some specific areas in this sector. Besides farming, agriculture, aquaculture and mining fall under service sector. This has shown tremendous growth in last two decades in India especially the rise of information technology. This has given birth to mega giants in India which are at par with the world’s best. You could be the next one. The new areas which have arisen in this area are managed services, branding, marketing and consulting. These areas play a major role on the non-service sector as these inputs will generate huge outputs. These areas require little or no investment and provide a vast scope for exploitation of these areas.

Based on your skill set and interest you could provide services like financial advice, public relation communication services, trading, distribution, training both soft and hard skills, consulting both in management and technical, outsourcing research, testing, certification, third party inspection, equipment repair, preventive maintenance, calibration, public service outsourcing, leisure and health tourism, sports coaching, old folks home and preventive medicine to mention a few.

Now looking at some of these areas for potential scope, for instance in  public relation communication services are adverting, carrying out research for new markets and products, writing in newspaper and other magazines on selected topics.

Next, trading and distribution have been around for many of years. These can be in the form of shops both physical and virtual but with big players these have been huge retail chains but still small shops can do well because of the personal services. Here we can look at package of existing products and repackage them as many small companies are not able to package their products in an attractive manner. This would be a great example of innovation at work. Innovation is about making a business case out of a product or service. Another area you can focus on is supply chain management as this is one huge area and it can make or break a company. In order for one to do well we need the assistance of technology which will enable a smooth working of this area giving rise to opportunity in building software and systems capable of making this happen.

An area which is gaining momentum is training both hard and soft skills. You can design and run programs for different segments of the society which can start from 5 years old to adult, empowering certain segments of the population like women and many other valuable programs.

In the area of consulting both in management and technical, with increasing need for special skills in specific areas companies are seeking help from experts. Here consultants may work for short or long term as part of the core team to achieve the companies’ goals. In this area you have the flexibility of having to work on a wide range of jobs.

Certification has huge scope because of organisations trying to meet quality and other world standards. So it is a much needed area where experts can certify and carry other inspections to verify if a company, product or service falls under this certification. Organizations having this certification in place will be able to build their business based on this certification as it gives confidence to the potential customer.

An up and coming area is public service outsourcing. Many agencies are outsourcing their process to third parties for cost and efficient running of these services.

What we have covered in this article is not exhaustive. There are a lot more areas to explore but this would give a budding entrepreneur hope that there is so much to explore.

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