Since time immemorial, India has always been hailed as the land of opportunity. In the present day, from hosting a predominantly youthful population to a democratic setup, the country ticks all the boxes when considering business potential. However, businesses across different verticals, scale, heft and sizes in India have seen a series of disruptions in the last few years. These include
- Demonetisation (2016)
- Implementation of GST (2017)
- 2020 and 2021 (COVID pandemic, lockdowns and associated impact)
With increased government attention to digitisation, transparency of governance and empowerment at the grass-roots level, the focus is now on a few key areas including but not limited to
- Aatmanirbhar Bharat – Vocal for local and local to global
- Digitisation of the economy, right from cashless modes of transactions and bank transfer of subsidies to the digitisation of records, faceless tax assessments and appeals process etc
- Increasing focus on ease of doing business and helping SMEs and tiny enterprises move from an unorganised to an organised setup
- Nurturing startups, creating a favourable environment for investors and equity firms to invest
People’s attitudes towards many aspects of everyday life have also shifted due to a combination of these disruptions. What was once unimaginable (remote working, for example) has now become a reality. For SME enterprises, startups and proprietary firms, this is all the more relevant since they are powerhouses of potential. Yet, many cannot achieve their full potential due to various factors and often face the brunt of any major disruption.
Thus, to stay relevant, it is imperative that business owners and leaders flow with the tide and be willing to adapt. While disruption does throw up challenges, it also opens windows of opportunities in different segments, and these can be captured and capitalised.
They have to ensure that they ‘adapt’ at the ‘right time’ to the ‘right thing’ in the ‘right way’. This requires increased focus, awareness and big-picture thinking while also relating to the situation on the ground.
Not every situation, circumstance or event is under the control of a business owner, and this is true for companies of any scale. Companies do not fall from grace or fail because of environmental changes. They mainly fail because of bad business practices or lethargy that prevents them from adapting. Skill, willingness and foresight are thus the cornerstones to positive change.
Disruption and opportunity are thus two sides of the same coin of growth. It is thus a matter of asking the right questions and trying to stay on top of things in the best possible way. So how to handle disruption, identify opportunities and evolve quickly?
1) Keep learning
Learning is the first step to keeping an open mind. It brings humility and keep the urge to grow burning.
2) Stay curious
Being curious closes the gap between what is known and what it takes to run the show on the ground. Being curious brings keeps one attentive and engaged.
3) Adopt Technology
Technology has increased in aspect and application. It is only by acknowledging this fact that a business can find ways to grow and succeed.
Considering the global scenario, India is holding a beacon both with the philosophy of non violence, and a rich heritage that has delivered innumerable benefits to the world. It is thus the right time for a new era in the world and there is no doubt that be it disruption or opportunity, India will power both.