“If you can use the rural products enable for the world to use it with your innovative ideas and technological advancements then it’s your field to battle over and win it”.
This is what defines an entrepreneur who brings life, prosperity into the rural areas of India through their startups and business operation. Though it’s not that easy to bake a cake on the idea you need to actually work on making your idea into the real approach of the business that is being operated successfully. Here, in this article, I would be trying to clarifying you some of the core concepts of Rural Entrepreneurship which can help you to understand its ideation, scope, myths and practical problems of Rural entrepreneurship so that you can make your concrete decisions over the rural entrepreneurship.
Ideation and Opportunity in Rural Entrepreneurship – Nearly 80% of the Indian population resides in rural areas, so it’s very oblivious that if the products are made keeping in view the needs of rural areas and rural population then no one can stop the growth of the rural entrepreneurship set up. Keeping in mind that rural India is little isolated from the urban lives and lifestyle, so obliviously the products and services being produced should be suitable according to the socio-psychological demographics of the customers. One thing also has to be kept in mind that while using the resources of rural areas, the capable entrepreneurs can also produce the products for the masses living in urban areas. “The main focus of rural entrepreneurship is to utilize the rural resources and while enabling your product with technological advancement hence ending up as contributing to the increase of Rural Economics.”
If you are wondering about the Opportunities in rural entrepreneurship then you must not undermine these.
- Low Competitiveness – The concept of entrepreneurship has come a long way in Indian business and economics reformation however the rural entrepreneurship has been continuously ignored until now. There are really fewer competitors or not at all. “No-competition” frees you away from one of the greatest challenges for your brand.
- Plentiful of human Resources. While setting up a business in a rural area would enable you create a free market for you and on the other hand side, you get employees without wasting a lot on HR functions. Rural youth leave their homes and areas and come to the urban areas for earning a livelihood. Here, you can easily approach such youths of the community who can happily work for your organization.
- No Publicity / Ad cost – “Word of mouth” publicity goes well with the rural enterprises. You do not need to spend millions and thousands on advertisements and publicity. The rural Enterprises must address the most burning utilities of the rural lives and appealing to the other segments i.e. city /town needs and they actually do not need to spend money on ads. For popularizing your brand you can take the help of e-commerce sites while creating your stores there. For approaching your urban target audience Google-ads and social media platforms can do wonders!
- Community Support – The rural areas even gets themselves connected emotionally with the things around them. When you start an enterprise or set up your business in rural areas then you get immense community support from the local people. They actually see the opportunities for their communities with a new start of business/ job then it’s very obvious that they protect and help the enthusiastic entrepreneurs at their sphere.
The essential thing to be taken care for rural entrepreneurship
- Your Idea must be researched well – you must have an idea of what would the responses of the community where you are going to set up your business/ organization. You must take care of how people perceive your idea? Peep through the eyes of the local audience in your ideas? Paint the picture of your business through the public eyes and then analyze your idea. If Needed then Improve. Your end of the project must be able to address the needs of your primary audience.
- Get to know about the Government subsidies and startup support – There are many subsidies/ loans and other grants that are provided to the startups especially if it is set up in rural areas. The entrepreneur must know and avail the benefits of such schemes such as MUDRA, NABARD, CREDIT LINK CAPITAL SUBSIDY (CLSS), etc for financial support.
- Consult an entrepreneur guide/mentor – seeking help is always better. You must consult with the Guides and mentors who can help you to understand the startup eco-sysytem, technical and legal aspects of the startsups.
Once you’ll be completely sure on your ideas, resources allocation, Human Capital and mentorship guidance then it’s the right to start with. Keep faith in your business strategies and move to make a better India, The Indian Lives in Rural Areas.. The prosperous India.