It describes some of the recent opportunity sectors available.

1. SETTING UP A SMALL BUSINESS ENTERPRISE
IDENTIFYING THE BUSINESS
OPPORTUNITIES

2. The overriding reason for anyone to think of
establishing a Small Scale Industrial Unit can be
summarized in one word – opportunity. The
opportunity to be your own boss, to provide a
product or service, to implement your ideas,
which can generate sufficient surplus, is reason
to think of starting an SSI Unit. To be successful
– to say in business – you need a combination of
hard work, skill and perseverance.

3. Generally, people who start their own business
can be grouped into two broad categories. The
first group consists of people who know exactly
what they want to do and merely looking for the
opportunity or resource to do it. The second
group consists of people who want to start their
business, but do not have any real definite idea
about what they would like to do.

4. BUSINESS OPPORTUNITIES IN VARIOUS SECTORS
1. Green Business – The concept of green entrepreneurship
stresses upon the prevention of waste at the source rather
than treating the waste at the end of the process. One of
the important strategies towards green entrepreneurship is
waste minimization – a new and creative way of thinking
about products and processes that make them less
polluting. It is achieved by continuous application of
strategies to minimize the generation of waste and
emissions. Adopting these strategies results in creation of
new market opportunities by way of opening new avenues
for by-products, which were earlier banned due to use of
non-environment friendly technology.

5. GREEN PRODUCTS AND ITS CHARACTERISTICS
The products those are manufactured through green
technology and that caused no environmental hazards are
called green products. Promotion of green technology and
green products is necessary for conservation of natural
resources and sustainable development. We can define green
products by following measures:
--Products those are originally grown,
--Products those are recyclable, reusable and biodegradable,
--Products with natural ingredients,
--Products containing recycled contents, non-toxic-chemical,
--Products contents under approved chemical,
--Products that do not harm or pollute the environment,
--Products that will not be tested on animals,
--Products that have eco-friendly packaging i.e. reusable,
refillable containers etc

6. India ranks number one in the world in green
marketing. The examples of best green business
initiated in India are –
1. Green IT @ SBI
2. Lead free paints from Nerolac
3. Eco friendly rickshaws (Battery operated)
4. Wipro’s Green Computers

7. 2. Biotechnology – It is the industrial use of living
organisms to manufacture food, drugs and other
products. India’s biotechnology sector has received a
huge boost during 2000. As a result of this development
more and more investors and entrepreneurs are taking an
interest in this sector. It involves the application of
biological processes and technologies, such as genetic
engineering, in order to produce novel or useful products
such as drugs, diagnostic tools, drought resistant crops, or
even a whole new class of supercomputers. Also it
promises to have a dramatic affect on sectors like
pharmaceuticals, health care, agriculture, pollution
management and insurance.

8. 3. Mineral Water – We are entering an era when
potable bottled water will find place in almost
all general stores and it will become an
unavoidable expenditure for people at large.
Many small scale entrepreneurs can find
business opportunities in this fast growing
market.

9. 4. Currier Services – An effective door-to-door
currier service plays an integral part in the
success of many businesses. Providing the vital
link between suppliers and consumers, currier
services enable cost-effective distribution of
time critical goods and documents. The rapid
rate of global integration needs a currier that
sets the place – especially in a country that is as
large, diverse and economically vibrant as India.
If recent trends are any indication, currier
services both in organized and unorganized
sector ensure a promising future.

10. 5. Telecommunications – It continuous to be a
weak link in India’s basic infrastructure. There
are ambitious plans to enhance the telephone
penetration ratio in the country. Companies like
Reliance Industries Limited, Bharat Sanchar
Nigam Limited and others have plans to expand
this sector. Investment by these players will
throw open many opportunities for
entrepreneurs.

11. 6. Herbal Sector – The old age practices of
Ayurveda and other Indian systems of medicine
depends heavily on herbal preparations. Such
systems are gaining wider acceptance now and
scientists should exploit this opportunity. The
worldwide herbal market is expanding and India
can earn revenues easily by exploring herbal
products. This sector provides ample
opportunities for entrepreneurs.

12. 7. Tourism Sector – A number of
entrepreneurial opportunities are exists in
tourism sector. Proper infrastructure has to still
develop in this sector to develop this sector.
Drinking water, sanitation, hygiene standards
and transportation facilities need to be
maintained. Qualified, trained and licensed
guides are also required. These requirements
present ample opportunities for entrepreneurs.

13. 8. Food, Fruits, Vegetables Processing,
Refrigeration and Transportation – India has
emerged as one of the topmost food processing
country in the world. The Indian climate is
suitable for growing vast varieties of food grains.
India needs to exploit this potential by
processing our food grains. Processed food will
have good market in India as well as in abroad.
Food processing would also earn us much
needed foreign exchange.

14. 9. Vermi-culture - Organic farming is becoming
popular now-a-days. This change in attitude is
mainly due to environment and health
conscious people. Farmers today have realized
that organic farming can increase yields.
Potential entrepreneurs with interest in
agriculture based or related activities would find
good business opportunities in this area.

15. 10. Event Management – The event management industry
is embracing technology and education, which is making
event business run smoother. Overall, the event industry is
greatly placed with a bright future. In India today the event
industry is worth between Rs 300 cr to 350 cr.
Event Management is now emerging as a new
growth industry, capable of generating economic benefits
and employment. Organizing events also helps to generate
investment in building up infrastructure, besides
opportunities to access new technology, exchange of ideas,
and establish business and professional contacts as well as
other social and cultural aspects. Events create maximum
employment in the form of event organizers and managers,
equipment handling, sound and light technicians, security,
transport, catering management, etc.

16. 11. Insurance Sector – Prior to privatization of
insurance sector in India, only two government-
owned public insurance companies – Life Insurance
Corporation of India and General Insurance
Corporation – operated in the market to carry out
insurance business. Almost twenty insurance
companies have now entered the insurance fray. In
days to come the insurance industry will provide
abundant business opportunities to insurance
brokers, agents, salespersons, insurance claim
processors, insurance surveyors and many others,
who will provide indirect support to the industry.

17. 12. Plastic – Plastic is perhaps the most versatile of all
the materials known. They are easier to handle and
process with strictest dimensional tolerance and are
abundantly available. By virtue of their versatility,
plastics are replacing conventional materials such as
wood, glass, metals, paper and now in varied
segments like packaging, agriculture, house wares,
business electronics, engineering, irrigation,
automobiles, telecommunications, and white goods
industries. Plastics are the lifeline of advanced
technology and health care. It is the fastest growing
industry in the country. This sector provides
tremendous opportunities for entrepreneurs.

18. 13. IT Enabled Services – The information
technology (IT) sector has literally taken over the
country. There is tremendous potential for IT
enabled services within the country and abroad.
This sector provides ample opportunities for
entrepreneurs.

19. 14. Home Based Business – Today home-based
business is becoming popular for various reasons. The
advantages & disadvantages of this kind of business
are –
--Your start up costs will be lower.
--Your operating costs will be lower than they would
be if you were renting space and paying utilities.
--There will be no commuting involved.
--You may be less accessible to suppliers.
--You may have trouble attracting qualified
employees.
--You may run out of space at home if the business
grows.

20. HOME BASED BUSINESSES
There are many businesses especially in the service
sector, which can be run efficiently from home. A list
of some of such industries is given below.
--Courier and messenger service
--Outdoor catering service
--Mail order retailing
--Travel agencies
--Health clubs
--Data processing
--Medical clinics
--Beauty parlors

21. What is Micro, Small & Medium Industries
According to the Micro, Small & Medium
Enterprises Development Act 2006 & Industries
(Development & Regulation) Act 1951, the
following conditions are given to define a micro,
small and medium enterprises –

22. In the case of the enterprises
engaged in the manufacture or
production of goods
In the case of the enterprises
engaged in providing or rendering
of services
MICRO
Where the investment in
plant and machinery does
not exceed twenty five lakh
rupees
Where the investment in
equipment does not exceed
ten lakh rupees
SMALL
Where the investment in
plant and machinery is more
than twenty five lakh
rupees but does not exceed
five crore rupees
Where the investment in
equipment is more than ten
lakh rupees but does not
exceed two crore rupees
MEDIUM
Where the investment in
plant and machinery is more
than five crore rupees but
does not exceed ten crore
rupees
Where the investment in
equipment is more than two
crore rupees but does not
exceed five crore rupees