EMERGING AREAS FOR START-UPS

A startup is a company that is in the first stage of its operations. These companies are often initially funded by their entrepreneurial founders as they attempt to capitalize on delivering  a product or service for which they believe there is a demand and which can help to fill a market gap that exists. Start-ups use an online platform to cater to the market.

Young entrepreneurs who are planning to start a new venture can assess the market opportunities which can become a source of idea generation for the start-ups. They should identify the market problems and the ways in which such problems can be resolved in an effective manner. A problem solving approach can help to identify good ideas.

 The existing government directives should be kept in mind, say for example, the government is laying emphasis on e-vehicles to minimize and cope-up with the  pollution related problems. So manufacturing units of e-vehicles or  manufacturing of batteries used in such vehicles can be set-up. Ancillary services like charging stations for batteries can be started.

There is an increasing emphasis of government now a days on the banning of plastic bags. A substitute for the polythene bags can be developed which is eco-friendly.

Besides this, there are opportunities in the agricultural sector like recycling of agro-waste and organic farming.

Start-ups if properly planned, can generate substantial profits to the entrepreneur and also address the big problems of our society.