Future of Small Business: Trends and Opportunities

Nikhil Arora
Managing Director & Vice President-Intuit India
Wednesday, October 2, 2013
Nikhil Arora
Intuit India is a fully owned subsidiary of Intuit, Inc. (NASDAQ:INTU) that provides business and financial solutions for small and mid-sized businesses and financial institutions.

India is definitely proving to be an extremely conducive place for start-ups and entrepreneurs. According to the Ministry of MSME's annual report for 2012-13, the total number of registered micro, small and medium enterprises (MSMEs) rose by 19 percent in 2011-12. This can be attributed to several factors like favorable policy developments, an increase in risk-taking behavior due to economic uncertainty, the lowering of entry barriers for start-ups and so on.

The recent past has seen the emergence of several classes of entrepreneurs. We are witnessing the rise of social entrepreneurs, lifestyle entrepreneurs, women entrepreneurs and members of the young digital generation, who are starting on their own. These groups are also much better prepared for success since they are familiar with the business challenges, have the knack of dealing with it tactfully and are also adept at putting technology to work to solve problems.

The ongoing turbulence in the economic scenario is one of the major reasons why India is witnessing a surge in the entrepreneurship. The slowdown has given rise to risk-takers, who plan meticulously before taking the entrepreneurial plunge. They are also focused on what they want to offer through their business and how they can deliver the highest value to their customers. As nimble startups, they are well-positioned to offer solutions at best the possible price points or niche solutions. The new generation of entrepreneurs (whatever their age) are also well versed with the tough and competitive market scenarios.
Another key factor which has contributed to the spread of the start-up culture in India is the lowering of entry barriers, both in terms of costs and equipment. Today, entrepreneurs are selective about what they want to spend on while starting a business. Thanks to the technology revolution, concepts like virtual workplaces are fast catching up and bringing down the overall capital expenditure.

Technology adoption has also opened up new ways of bringing down the operational expenses.

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