Deciphering the Indian entrepreneurial culture
Starting a business today can be faster than a decade ago because some of the barriers to entry have been lowered, Arora said.
In a short time, the digital economy has gradually become an essential component of the global economy and has helped most countries recover from the crisis, said Nikhil Arora, Managing Director and Vice President, India, GoDaddy.
In an interaction with BW Businessworld, Arora spoke about entrepreneurship in India, the challenges women face in the country, and the important steps the central government needs to take to boost economic growth.
Mastering and understanding digital is crucial to the success of a business. Digital transactions and interactions with suppliers, customers and other parties are becoming increasingly common. Digital entrepreneurs need the right tools to support the growth of their businesses.
Is it easy to be a successful entrepreneur in India?
Starting a business today can be faster than a decade ago because some of the barriers to entry have been lowered. You don’t need a big upfront investment anymore – anyone can quickly start an online business these days.
Today’s entrepreneurs don’t always have to pay a lease, buy inventory, or budget for employees. Entrepreneurs can start their business online, either through social media or by purchasing a domain name, website builder, or package.
Using the power of the internet, businesses can now operate 24/7. Online businesses have the potential to cater to and target a much wider customer base. According to an industry report on e-commerce, India’s e-commerce market is expected to grow by 21.5%, to reach $74.8 billion in 2022.
Indian women face many challenges to establish themselves in the business ecosystem. How can we mitigate these challenges?
India is home to over 100 unicorn startups, but women entrepreneurs are struggling to find the right framework and support system to build their businesses online. There is the perception that the internet is for big business, and small businesses often believe the internet is “not for me”.
This highly misplaced and unfounded notion reflects a lack of awareness regarding the potential of the Internet to drive business growth, regardless of business size.
In the current scenario, a lack of availability of digital skills and limited internet and computer knowledge may turn people off, and women-led SME owners may end up relying on web developers to help them get online. . This is where the government and technology companies can work to offer advice, training programs or certifications.
Such initiatives can help small businesses gain technical and IT skills that launch them on their online journey. Education and awareness campaigns can help educate entrepreneurs on the benefits of using the Internet for business, the ease and convenience of getting started, and a clear understanding of cost and value.
What do you think are the top three skills needed to be a successful digital entrepreneur?
Mastering and understanding digital is crucial to the success of a business. Digital transactions and interactions with suppliers, customers and other parties are becoming increasingly common.
Digital entrepreneurs need the right tools to support the growth of their businesses. Here are three important skills digital entrepreneurs need to know:
Digital Marketing: India Has The Second Highest Internet Penetration In The World With more and more Indian businesses going online, there has been a surge in demand for digital marketing courses. The Certified Digital Marketing Professional certification provided by GoDaddy is one way to develop skills.
Online communication skills: Effective communication is essential. You need to be a good communicator to be able to explain your business ideas. Knowing how to use modern means of communication, such as emojis, is essential for entrepreneurs who wish to communicate effectively online. It can also help when dealing with dissatisfied customers.
Website Design: For entrepreneurs running new or low-cost businesses, knowing how to create your own website helps you make changes to your website quickly, without needing to hire website professionals. To create and maintain a successful website, you don’t need to become an expert programmer. You can create a handy set of money-saving capabilities if you’re willing to watch YouTube lessons that walk you through page builders like Elementor.
What advice would you give to college graduates who want to become entrepreneurs and start their business online?
College graduates looking to start their online business are headed in the right direction because running an online business these days can be very profitable. E-commerce has transformed the way business is done in India.
The Indian e-commerce market is expected to reach $188 billion by 2025 and by 2030 it is expected to reach $350 billion. Online commerce has many advantages over physical commerce. Before you start, it’s important to understand how to go about selling online. The following tips will help you with this.
Choose the right business: The first step in starting an online business is deciding whether you want to sell a product or service, or both, online. To make your business exclusive and profitable, it is imperative to have a unique business idea that can solve the problems or meet the demands of your prospects. You can sell products that you manufacture or buy from a wholesaler and then sell them on your website. You can even start an online service business, such as providing online courses or consulting services that can be provided online.
Build a simple and attractive website: These days, creating and designing your website is very easy because there are many companies like GoDaddy that can help you do it. All you need to do is create an account, register a domain name for your business, and pay an annual fee. Configure the site the way you want and include the features, logo, eye-catching text and design to attract more customers to your website.
Obtain Business Licenses and Permits: It is very important to obtain the required business licenses and permits. The first thing to know is that any online business that wants to accept online payments must be set up as a registered company. Once you have set up your business as a separate entity, obtain a tax identification number called an Employer Identification Number (EIN) for the business. EIN will allow you to manage your taxes and open a business bank account.
Sign up with an online payment gateway: A payment gateway can process different types of payments. Without it, you will not be able to securely charge your customers when they purchase items from your website and there are many payment gateway providers in India.
Promote your business to grow: it is important to have more visibility of your products and services to a wider audience. Digital advertising can help you promote your products/services on social media such as Facebook, Instagram, Twitter, and LinkedIn or through pay-per-click (PPC) ads. Also, be sure to implement the right SEO techniques and strategies on your website and products to help them show up organically on search engines like Google.
Do you think that in recent years there has been insufficient growth for the kind of jobs we need?
The coronavirus pandemic has precipitated a huge wave of reverse labor migration in India, which has sharply increased unemployment and caused loss of income.
What Covid-19 has also done is it has sparked an increase in e-commerce and accelerated digital transformation during tough economic times. As lockdowns became “the new normal”, more and more businesses and customers went digital, offering and buying more goods and services online. As a result, the share of e-commerce in global retail trade has increased from 14% in 2019 to over 17% in 2020.
The number of job prospects has increased exponentially due to this digital productivity spike. India has registered over 2.7 million domains, making it the third largest country in Asia in terms of top-level domain growth, according to the National Internet Exchange of India (NIEX).
In a short time, the digital economy has gradually become an essential component of the global economy and has helped most countries recover from the crisis.
What are the main measures that the central government should take in terms of economic growth?
India’s digital economy is expected to grow exponentially to reach $800 billion by 2030 thanks to growing internet penetration and rising incomes. Therefore, an area of interest for the government in the digital economy.
The union government of India has launched various schemes to promote business and provide support specifically to help online businesses in India like Digital India, India Startup, India Manufacturing, Voice for Business premises and the aatmanirbhar bharat, among others.
As a nation, we are exploring innovative strategies to strengthen India’s entrepreneurial spirit. The current focus of the no-holds-barred credit allocation and financial aid programs is to empower India’s leading companies to further tap into the dream of a $5 trillion economy.
Additionally, government-owned e-marketplaces are encouraging these businesses to embrace digital and expand their reach. The implementation of sector-specific and business-specific programs will propel the prosperity of start-ups and SMEs in the country.