How You Can Benefit from India's Incredible Growth Projections
The McKinsey Global Institute (MGI) recently published a report that projected that India could become one of the largest growth engines in the world. With booming urbanization and a growing economy, by 2030, India could be “the third-largest incremental GDP growth engine for the planet,” according to MGI senior partner Noshir Kaka, who works out of the McKinsey Mumbai office.
Indian and international businesses alike are seeking to capitalize on this projected growth. But how can you, the motivated entrepreneur, get your foot in the door of India’s future economic success? How can you carve out your place among the businesses who will benefit from India’s continuing growth? Here are a few tips.
Choose an In-Demand Niche
As businesses are drawn to India’s growth potential, they’re going to bring with them a lot of opportunities for local talent. And that doesn’t just mean employment opportunities for those who are willing to work for them. These businesses will have important needs; they’ll need to have IT systems designed and built, production workflows created to optimize efficiency, local marketing guidance, and more.
If you are wise about the niche you select, you could build your own business providing goods and services to the new companies that will flock to India over the next several years. To do so, first assess your skills and determine what skill sets are in the highest demand. If you must target your services to a specific type of business (medical, production, technology, etc.), then do so. The important thing is to find what you will be able to excel at, so that you can build yourself a reputation in your field of expertise.
You don’t want to wait until 2030 to capitalize on India’s growth. By then, it’s far more likely that someone else will already be filling your niche. The time to start your business is now, as India is just beginning its economic growth. The companies that come into the country will have a much more difficult time finding the services they need now than they will in the future--and that’s where you will step in.
Set up your business and start making connections now. If you can build a reputation among even a few businesses, as new companies move into the country, those connections can provide you with highly profitable referrals to these new companies. It’s never too soon to start building your network.
No matter how good you are at what you do, never assume you know everything you need to know. Success is an ongoing process of learning and improving, and you should always be seeking new ways to educate yourself in your field. Whether you’re reading up on the latest industry news or improving your business skills, you should be seeking to improve every single day.
There are numerous sources out there that can offer you what you need to educate yourself and become a better business owner. If you wish to learn more about your selected niche, pick up a book on the topic from a library or read a few articles on the internet. If you want to become a true expert in your field, look into online courses that are targeted at your business type.
According to Sam Ovens, CEO of Consulting.com, the most valuable skills are not learned in a classroom, but through self-education and hands-on experience; in fact, he’s helped to teach thousands of business consultants the skills they need to grow successful firms of their own without ever having to go back to school.
By educating yourself and improving your skills every day, you will turn yourself into a true expert in your industry--one that new businesses will be lining up to work with. And, just as with building your network, the time to start educating yourself is right now.
So what are you waiting for? If you want to capitalize on India’s incredible growth projections, it’s time to get started and begin pursuing your business dreams.