Indian Micro-Businesses Remain Resilient Amidst COVID-19 Economic Impact: GoDaddy’s 2020 Global Entrepreneurship Survey Finds

GoDaddy (NYSE: GDDY), the company that empowers everyday entrepreneurs, today released the 2020 Global Entrepreneurship Survey which finds micro-businesses in India are optimistic about the future of their very small business, amidst the COVID-19 pandemic. With more than 60 percent of the Indian very small business owners responding that despite the slowdown and negative impact brought on by the pandemic, they are confident that their business will continue (as compared to 52 percent globally). The survey further reveals strong values of resilience, self-reliance and zeal for digital skilling amongst Indian entrepreneurs – indicating a strong commitment to fight back in a post COVID-19 new normal environment.

Micro-businesses continue to remain positive despite setbacks. The overwhelming majority of Indian very small business owners surveyed (88 percent) believe that their business will grow in the next three to five years, with 43 percent responding they expect growth of at least 50 percent, and another 45 percent expecting to growth of at least 25 percent. Additionally, 57 percent of the respondents said they expect to be able to recover from the aftermath of COVID within the next three to 12 months. This clearly states how determined SMBs in India are to get back on track.

The survey also studies the challenges micro-businesses are facing during the current pandemic. Eighty-three percent of the Indian entrepreneurs surveyed reported a reduction in revenue and nearly half of them had to shut their business (45 percent) temporarily. Additionally, 45 percent had to make changes in the way they operated.

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Many small businesses in India are being impacted by low financial investment due to the COVID-19 environment, with more than 70 percent of respondents reported experiencing an overall decrease in investment. Forty-eight percent of these small businesses said that maintaining cash flow was the most pressing need to keep their business running during this crisis period. But even with these challenges, the survey observed that very small Indian businesses are stepping up, with 56 percent of them believing it is more important now to positively impact their community, as compared to 41 percent globally. Additionally, 37 percent say they started donating to charitable causes as compared to 17 percent globally.

The survey also highlights how digital technology has proven to be a key growth enabler during these tough times. As a result of the national lockdown due to COVID-19, 53 percent said they will focus on accelerating online/social selling capabilities. Moreover, about one third of the respondents from India said that this year they might increase financial investment in digital education (35 percent) and cyber security & data privacy (32 percent). As the most common mode of communicating with their customers, 35 percent of Indian respondents prefer to engage through a phone call (as compared to 25 percent globally), rather than by email, direct message or an in-person visit. Thinking about the long-lasting implications on work post COVID-19, 40 percent of the entrepreneurs in India are ready to modify their policies related to allowing remote work.

“It is encouraging to see the resilience and optimism of Indian micro-business owners during these challenging times. While it is always good to maintain a positive outlook to help overcome present challenges, entrepreneurs in India are showing what the entrepreneurial spirit is about. They may have had to shut down even if only temporarily, but they are adapting and working to rebound and help their small business grow, ” said Nikhil Arora, Vice President and Managing Director, GoDaddy India.

The survey was conducted by the Savanta Group, a global research firm, during the month of June 2020 and surveyed 5,265 small business owners across 10 countries including India, Philippines, Australia, Germany, The United Kingdom and The United States, amongst others. The sample size in India was 500 small business owners with 25 or fewer workers, out of which majority of the respondents had 10 or less employees.

For more information about how GoDaddy can help your venture online, visit https://in.godaddy.com/

Suresh Chitturi to be 1st Asian to Chair the International Egg Commission (IEC)

Suresh Chitturi, Vice Chairman and Managing Director of Srinivasa Farms, has been appointed as Chairman of International Egg Commission on 26th September at the IEC Global Leadership Conference in Copenhagen, Denmark.

Suresh will be the first chair from Asia in the history of the institution, as he assumes the role as the Chairman of IEC. He will hold the position for the next two years. His work has been recognized at a global level as he is engaged in advocacy for the poultry industry, internationally and his election into this coveted position is a proof of that.

Suresh Chitturi, leads Srinivasa Farms, a dominant force in the Indian Poultry Industry. Srinivasa is recognized as one of the builders of the Indian Poultry Industry in the last 50years. After assuming leadership, Suresh steered Srinivasa to achieve sustainably high growth through expansion and diversification. Srinivasa is currently involved in Chicken Breeding, Chicken & Egg Processing, Feed Manufacturing and also Soya Oil Extraction and Processing.

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Suresh’s work has led to the company being recognized for always doing what is best for the individual farmers, industry and India. Adopting a farmer first philosophy, he is passionate about ensuring that the poultry industry is healthy and sustainable through adoption of latest technologies, good rearing practices and welfare of the livestock. Suresh is helping the Poultry industry to be more sustainable and responsible in its production and sourcing.

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About IEC

The International Egg Commission is the global network for the egg industry. It has members in over 80 countries around the world. It was established at the second International Egg Conference in Bologna, Italy, in 1964.

The London, UK-based commission has a number of goals. Among these are the fostering of international cooperation among all sectors of the egg industry, encouraging the development of better statistics and market intelligence for shell eggs and egg products, and collecting and publishing such data, and encouraging the harmonization internationally of marketing standards for shell eggs and egg products.

The IEC in fact, is the only organization that represents the global egg industry. As the global voice of the egg industry, the IEC has the responsibility to discuss industry issues as well as to maintain links with other international organizations.

The IEC is able to act as a communication link between industry and international regulators / decision makers, and therefore takes positions on a range of issues.

IEC established International Egg Foundation (IEF) in 2014 to work as an independent charitable foundation.

The IEF’s goals are to help implement the United Nations Sustainable Development Goals and increase egg production and egg consumption in underdeveloped countries to provide undernourished infants, children and families with an independent, sustainable, high-quality protein supply. To achieve these goals, the IEF works alongside the world’s largest and most effective charitable foundations and with the world’s largest egg businesses to help ensure high-quality protein is accessible to everybody no matter who they are or where they come from.

10 New Future Business Ideas You Need To Know

Every year, 8 out of 10 small businesses fizzle and bow out of the industry. While there could be several reasons for their failed run, one of the most common reasons in the recent times is the failure to develop a futuristic approach for their million dollar idea.

If an entrepreneur wishes to have a sustainable business, he/she not only needs to take into account the current trends, but also the future business trends for next 10 years. This means, not only analysing the problems that people are facing right now, but also being able to predict the problems that they might be facing in the coming years.

While it might seem like a twisted job, but it really isn't that difficult. All one need to do is keep a tab on all the latest business trends and closely watch the declining industries as well as the fastest growing occupations.

In order to set you on a path to success, we at Indianweb2.com have made a list of 10 of the best future business ideas for entrepreneurs.

1) 3D Printing

3D printing business is closely climbing the popularity charts. It is also one of the most profitable business ideas currently in the world, mainly because it has completely revolutionised the prototype manufacturing business.

During the starting years, 3D printers costed a bomb and were out of range for several entrepreneurs. But with the passage of time, the prices have come down but they're still a little expensive for many.

According to Wohler report 2015, 3D printer sales have climbed from 66 in the year 2007 to a whopping 232336 in the year 2015.

Currently, 3D printers range starts from $2000 and goes on till $15000 or more. The prices vary depending upon the specifications and features of the 3D printer needed.

Once you have your own 3D printers, you can set up your own shop and start advertising your business so as to attract good paying clients.

2) Real Estate Industry

With population increasing at an unprecedented rate, and a major percentage of population moving from rural areas to urban eying better jobs and life, the immediate future will witness an increase in need for affordable houses.

Hence, now can be a good time to start a business in or related to the real estate industry and cash on the future needs.

3) Healthcare Industry

According to the Labor department of United States, 10 out of every 20 fastest growing occupations in the United States are directly or indirectly related to the healthcare sector. Further, a Fortune article also clearly states that the healthcare industry has a bright future ahead of it. This is mainly because the future will witness the usage of preventive medicines increasing rapidly, and general healthcare practices being swapped with personal healthcare practices.

The healthcare sector is expected to generate more than 3 million jobs by 2018. The need for so many jobs will arise due to the rapid expansion of world population. So, if you want to start a business related to the healthcare industry, the future seems bright.

4) Renewable Clean Energy Supplies

The alarming rate at which the world population is growing each year is known by almost everyone, but what is more alarming is the fact that a majority of Asian countries still depend on traditional sources of energies such as nuclear, coal and hydro power plants to satiate their energy needs. Since the Earth only has a limited pool of resources, this is proving to be catastrophic for the environment.

In order to find out a solution for this problem, several scientists are now emphasising on the usage of renewable energy sources. People with a zeal to save the environment and the future of the Earth can come with several green business idea and chart a successful future for themselves as well as other inhabitants of the planet.

5) Outsourcing Business

The working environments are going for a major change in the near future, according to a WEF report. Outsourcing business is expected to become the talk of the town by the year 2020, especially if you are a construction business who wants to outsource a company that offers drywall estimating services.

About 50% of Americans own their own small businesses. The same trends can be witnessed in several other big countries like the UK, Australia, and Canada. The one big challenge they face is that if they hire employees from their own country, they will not be able to make good profits due to the high operating costs. This is why, in order to maximise their startup's profits, and reduce costs, they outsource their work to people in developing countries, where the manufacturing and operational costs are comparatively lower than their own native countries.

Freelance business is also growing at a phenomenal rate in developing countries such as India, Pakistan, Nepal etc. In order to provide virtual services online, all one requires is a good internet connection and specific skills set.

6) Internet of Things (IOT) Industry

IoT is the next big thing that is going to completely change the way humans live, just the way internet did a few decades back.

The world of Internet of Things (IoT) has opened us all to a world where we now have the power to automate, protect, and monitor our houses like never before. Not only this, one can now keep an eye on their children while out for work, integrate their home theater system, protect the house from theft, and even extend a helping hand in reducing capital spent on energy consumption.

According to Mckinsey Global Institute, the IoT industry has a potential to generate $4 Trillion to $11 Trillion in value worldwide by the year 2025.

So, IoT can prove to be a safe bet when thinking about future business ideas.

7) Co-Working Spaces

With the increasing rents, the working space is going to see a major change in the coming future. Separate offices will be replaced by co-working spaces so as to curb the expenses and keep the company above waters away from the burden of avoidable big rentals bills. Hence, starting a co-working space could be a smart decision right now.

8) Collaborative Economy Business

Businesses based on collaborative economy models like UBER, LYFT, Airbnb etc. are expected to grow immensely in the period pf next few years. Such businesses not only extend a helping hand to end customers but also assist the service providers, which ultimately makes them commissions.

9) Consumer Goods and Services Business

The middle-class population is expected to rise up to 3 billion by the year 2030. This population increase would result in an increase in consumption of goods and services. Hence, a business in goods and services has a huge growth potential.

10) Consultancy Business

Experts predict consultancy business witnessing good growth in the future. This could be mainly because of rise of entrepreneurial trends, increasing unemployment issues worldwide or high inflationary rates. Hence, starting a consultancy business like recruitment firm, career consultancy firm, or customer consultancy etc. can prove to be profitable for the long haul.