Aspiring Business Ideas for Innovative Young & Ambitious Entrepreneurs

Economy of a country is the ultimate player for its progressive development. Economy is majorly depen- dent on few factors like human labor force, sell and purchase of product & services, import & export and lastly the quantity and quality of consumption which affects the standard of living. Quality and standard of productivity can be improved if the labor force is efficient, and the labor force will get improved if the quality of education and training is improved. So, all the elements are forming a chain to enhance and enrich the economy. As the number of heads are multiplying in leaps and bounds, the availability of workforce is increasing but that doesn’t imply that productivity is progressing relatively. Because, the productivity is broadly leaning on specialization, technological innovation, and working capital. To speed up the productivity, an economy must have better tools and equipment, like capital goods, and highly specialized labor-force. The revolutionary upliftment of economy is seen when few qualified and coherent groups of people, called economic actors, are able to produce goods and services with increasing efficiency. All the vertices of economy are conjoining and their knot is tied to the hands of startups. India witnessed a jaw dropping rise of 15,400% of startups in last couple of years. Department for Promotion of Industry and Internal Trade (DPIIT) has created a more than 9 lakh jobs with a 64% increase in 2022. Startups are a catalyst for economic growth globally as well as locally. As soon as a company develops an impactful robust business model and a committed mindset, it is ready to scale-up responsibly and sustainably.

Economy which starts with people ends with aspiring startups that is the paramount of progression

Chase the vision, not the money, the money will end up following you. – Tony Hsieh, Zappos CEO
Before heading towards a prosperous and profitable business model, you need to know the market trend and prospective business ideas so that, you can shine easily. Let’s dive deep down the article to learn and choose the perfect ideas for your startups.

1) Application Development and Website Development: Today’s decade is entirely driven by science and technology, in which the coding is one major part, through which we can connect a lot of people at a time by making online platforms and websites. This can be done through particular mobile applications. Through a particular application, many pro- ducts and services can be offered to its prospective customers. In today’s context, all the companies and business organizations irrespective of their size have their own mobile applications and websites. A website development startup can either directly assist customers in developing their own website or give them easy access to the tools they need to set up their website in a snap. In order to stay on top of our competition and develop websites that users want to go to and stay on, we must stay up to date with current industry trends. These website developing startups can help companies with creative ideas by designing unique templates, features, and easy-to-use editing tools. The global mobile application market size was valued at USD 206.85 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 13.8% from 2023 to 2030. Total number of websites is nearly about 1.8 billion. 3.5 billion Google searches each day and1.2 trillion searches each year. The web design services market size in the US is 40.8 billion.

2) Tech based startups: Artificial Intelligence (AI) and Machine Learning (ML) are expected to dominate the startup space in India in 2023. These are the amazing invention of this recent decade and also be the same for the decades to come. It’s like a wide umbrella under which a lot of startup companies conjoins, like health-tech startups, Edu-tech startups, food-tech startups, clean-tech startups, fin-tech and so many more. Using these tools these com- panies are earning lucrative profits. EdTech startups like upGrad, Unacademy are leveraging technology to provide online learning, skill-based training, and upskilling opportunities to learners across all age groups. These kind of SAAS based startups doesn’t demand so much of your money, but sound developing skills. but it can get you a sky-touching profit. This decade has seen a tremendous growth of online payment and adoption of fin-tech startups. Fintech companies like BharatPe, Groww, Credd has become the proud members of unicorn club. Clean tech company Urban Company has been one of the top rated highest earned companies which exhibited 45% year-on-year jump in operating revenue to Rs 637 crore. Food tech companies like Zomato, Swiggy has become unicorns and soonicorns last year. So, harnessing the dexterity and efficiency of Artificial intelligence and Machine Learning, new various companies can start business targeting these sectors.

3) Food & Beverage startups: We live on food and live for food as well. I guess there will none to be seen who doesn’t like tasty and finger-licking foods which will help your tastebuds to explore different flavors of yummy delicacies. Running a food truck, café or restaurant can be a good and prospective business idea for startups. If you don’t want to invest much money in the setup of your business you can simply start a cloud kitchen from the kitchen of your home and can earn millions. Now food technology has reached to a very advanced level. There are around 1,570 Food Tech startups in India. Collaborating with mobile applications like Zomato or Swiggy entrepreneurs who are great cooks and want to share their talents with the world, are hitting a good profit margin in very less time. Annual revenue in the Food market amounts to $905.2billion in 2023. The market is expected to grow with a CAGR of 8.40%.

4) Plant based organic and sustainable products: The giant pandemic clearly showed us how organic and unrefined foods plays significant role for us to stay healthy, fit and fine by improving our immunity level. The global organic food market size was valued at USD 178.4 billion in 2021 and is expected to be worth around USD 497.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.06% during the forecast period 2022 to 2030. Sustainable fashion is the new attraction of this decade. Sustainable fashion market reached a value of nearly $7,548.2 million in 2022, having grown at a compound annual growth rate (CAGR) of 6.5% since 2017. The market is expected to grow from $7,548.2 million in 2022 to $11,122.2 million in 2027 at a rate 8.1%. The sustainability market size was valued at USD 13.28 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 22.4% from 2022 to 2030. If you have interest in fashion designing or organic farming or you want to create some innovative products which are environment friendly and sustainable, you can opt for a sustainable business startup.

5) Digital streaming and podcasting startups: Surveying the recent trend, 7 out 10 people across the globe like to watch web-series and movies on Netflix or Amazon Prime rather than spending so much of money over movie tickets an expensive bucket of popcorn in at the multiplexes. Digital streaming is one of the most profitable business ideas of this decade. Many digital streaming platforms are coming up with their creative contents and attracting the attention of the youth and filling their pockets. The global video streaming market size was valued at USD 89.03 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 21.5% from 2023 to 2030. Podcasting is the ideal venture for people who are passionate about a specific topic and want to spend their time, sharing information about it. If you have a specific talent of speaking and want to connect to lot of people with your ideas, stories and knowledge. It can be a great business idea as it doesn’t require much startup-capital, but it can fetch you a great profit. The global podcasting market was valued at USD 13.70 billion in 2021 and is expected to grow at a CAGR of 31.5% in 2022-2030.

6) eCommerce: with such an enormous development of information technology, selling is now easier than ever sitting at your home. You can start a platform which your community can use to sell and exchange goods and services by creating a marketplace website startup. You can start your own website and offers products and services through it, or if you don’t have ideas or access to make innovative products you can simply resell products. You can collaborate with leading platforms like Meesho or Amazon to resell products at the initial stage and can earn a potential profit. The global e-commerce market size reached US$ 16.6 Trillion in 2022. Looking forward, IMARC Group expects the market to reach US$ 70.9 Trillion by 2028, with a CAGR of 27.43% during 2023-2028.

7) Interior Design Farm: interior Design is one of highest earning and booming business recently, when people are very concerned about their home décor. The global market for Interior Design Services estimated at US$45.1 billion in the year 2022, is projected to reach a revised size of US$79.6 Billion by 2030, growing at a CAGR of 7.4% during 2022-2030. The famous Swedish company IKEA is now a renowned brand of interior and home décor products and furniture was once not much known. It grabbed the opportunity when it saw a gap in the interior design market and last year IKEA India showed an increase of 73% in the annual revenue. Indian furnishing company Pepperfry which started in July 2011, recently touched Rs 250 Cr in FY22.

Conclusion: Starting a business and finding success immediately is like a dream which has no connection with the real ground but, success will not remain untouched if you have the zealous fire running a successful business and be one of the business tycoons of the years to come. Starting a new venture to some extent can be demanding, but at the same time it is rewarding. Startups are the forebearers of the economy. They are the future of a progressive economy where the methodological and well-structured brains would coexist to invent incredibly wonderful business ideas and products and making the future of our nation bright and beautiful.