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Published by Dojo Jose, 2022-04-02 05:47:55

Description: Digital Transformation - A Step By Step Guide for Small Businesses

Keywords: Dihital Transformation,Small Businesses,SMEs,MSMEs,Women in Business,Woen Entrepreneurs


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EDITOR’S NOTE EDITORIAL TEAM Dear Readers, Dojo Jose : Editor-in-Chief Technology has transformed our lives during the past many [email protected] years. It has eliminated thousands of jobs in many large N Mahesh : Associate Editor enterprises, where rows and rows of clerical workers once Dhanya Menon : Features Editor manually entered millions of transactions. And it has enabled a Vaibhav A : Copy Editor new generation of entrepreneurs, who take full advantage of Sandeep Kumar : Sub Editor/ Deputy Editor such basic tools like word processors, spreadsheets and the Babu S : Senior Correspondent World Wide Web, to launch new, trailblazing businesses. MANAGEMENT This month’s issue focuses on Digital Transformation, a Tapasya Ravishankar - General Manager definitive guide for small businesses to understand how the Dojo Jose : Publisher & CEO process paves the way to a brighter future. Whether a small Dr.K.J. John : Managing Director business or an enterprise, digital transformation is imperative SALES & MARKETING for all. Furthermore, we will also see the role of digital Sonali transformation and its framework in shaping up businesses. Manager - Partnerships & Alliances It’s clear that increasing digital transformation globally will be ADMIN a helping hand for businesses to evolve remain competitive Sudha - Assistant Manager - Admin & HR and relevant. However, business leaders may often get FINANCE confused about what digital transformation is and how it Balraj M.S : Finance Manager works. Is it just a catchy way to move to the cloud? Or it’s IT DEPT something much more than that. If it’s beneficial, then how Raheel Mohammed - Manager - IT can businesses implement it? Furthermore, does it require a Design whole new framework and more innovative minds to create Parithimal E: Senior Designer the same? This month’s edition covers it all. CONTRIBUTORS This year’s International Women’s Day happens to coincide Archana : Mumbai with the 2nd anniversary of the COVID-19 pandemic. It’s been Harpreet Kaur : Mumbai a tough year, to say the least, yet women have continued to Mamta Sharma : Ahmedabad persevere, fight back and overcome the odds stacked against Gagneet Singh : Mohali them. Itishree S : Hyderabad We want to recognise these larger achievements. We hope our Jill Shah L: Ahemedabad content inspires you to think a little bit deeper about what it Nidhi Arora : New Delhi means to you, personally, to be a woman and to stand up to Nidhi Vats : Gurgoan anything and anyone who tries to tell you otherwise. Whatever Priya Ravindran : Bangalore that definition may be, it deserves to be celebrated, not just R.Sundararajan : Coimbatore today but every day of the year! Rajesh Kumar : Kolkatta Have a great reading experience. Rekshma A : Chennai Smitha Venkiteswaran : Goa Dojo Jose Viraj Desai : Delhi Abha Chopra : Delhi Editor In Chief Shalini Jyothi : New Delhi Priyanka Bhowmick : Guwahati COLUMNISTS Smitha Hari : Mumbai Akshatha Sajumon : Bengaluru Rashida Khilawala : Ahemedabad Chackochen Mathai : Chennai MAGAZINE SUBSCRIPTIONS To subscribe to Small Enterprise magazine, please email us at [email protected] OR call +91 80 41155725 HOW TO CONTACT US: Aspire Media Pvt Ltd., 2nd Floor, Vinir Tower, No 6, BTM Layout, 100ft Main Road, Bangalore - 560 068, India. Tel: +91 80 41155725 Fax: +91 80 41128897 Email: [email protected] Web: Disclaimer: This publication may not be reproduced or transmitted in any form in whole or in part without the written permission of the publishers. The Publishers regret that they cannot accept liability for errors or omissions contained in this issue. The opinions and views expressed within this publication are not necessarily those of the publishers or the editor. The editorial items appearing in this publication are the copyright property of Aspire Media Pvt Ltd. All rights reserved.



NEWS INFLUENCER COLLABORATION APP LAUNCHED BY ZEFMO Zefmo Media Pvt. Ltd. (Zefmo), the foremost influencer The app allows a smooth interface to the influencers marketing platform in the industry, has launched a with complete details of the campaigns and the number mobile app exclusively for influencers to collaborate of campaigns accepted and declined. It also provides an with brands. Over the years, Zefmo has enabled interactive notification feature to catch the eye of monetization avenues for the influencer community influencers everytime a new campaign comes up. across India and the world. In continuation of its drive towards AI-Driven technology platforms, the new app Zefmo’s influencer app enables influencers to register will intuitively connect with over 150,000 influencers seamlessly using their mobile phone number and has incubated within the Zefmo ecosystem. an easy sign-up interface. The influencers can update their profile section by mentioning their social media “The Zefmo influencer app opens up a brand new handles in a jiffy. Once registered, the influencers stand dimension for the influencer community to gain from to gain from live brand collaborations which are stacked brand collaborations of their choice”, said Shudeep in form of cards within the app. It also allows users to Majumdar, co-founder, and chief executive officer of either accept or decline collaborations depending on Zefmo Media Pvt. Ltd. The app in its current avatar will the brand-content fitment. present a variety of brand collaborations that the influencer can pick and choose from. This initiative is a Currently available on the Google Play Store, the app reflection of Zefmo’s continued commitment towards can be downloaded free of cost and has been designed the influencer community, and its single-minded focus to remain lightweight for most users. The user interface towards future-ready technology deployment.” of the app has been conceptualized keeping in mind the clutter-free needs of the millennial influencer. 06 \\ Small Enterprise \\ Mar 2022

UNION BUDGET 2022 THE UNION BUDGET 2022 - WHAT'S IN FOR MSMEs & STARTUPS The most awaited announcement of 2022 is here now. This year, the budget has a strong focus on the MSMEs. It puts considerable emphasis on almost every industry and digitization in the nation. The pandemic has been a situation full of All ears were focusing on the words of Smt Nirmala complexities for everyone. Startups and MSMEs have Sitharaman, the Finance Minister who announced the also suffered a lot. Furthermore, the OMICRON Union Budget of 2022-23 on 1st February 2022. The variant acted as the fuel to the pandemic's fire and budget allows MSMEs to operate and do business people's struggles. Keeping this in mind, the budget is more smoothly. It focuses on the improvement and focusing on making the country's conditions better development of the economy as a whole. and is emphasizing to a great extent the betterment of MSMEs. Healthcare and infrastructure seem to be the central focus of this year's budget, and there are investments The union budget of 2022-23 includes numerous for roadways & logistics networks' expansion. The benefits for MSME sectors in India. There are government believes that MSMEs and Startups have measures for the MSME sector and startups that will the potential to increase employment opportunities help them grow and make their positions even better with the required official help and development. Let's as the third largest startup ecosystem in the world. look at what benefits MSMEs and Startups get from this year's budget. Enhancement of MSME's Growth of the country's total their overall growth and MSMEs and Startups are the Indian manufacturing output, 40 per cent development means the nation's of exports, and almost 30 per cent development and progress as a economy's backbone and of the national GDP.. That's why whole. In this year's budget, the constitute almost about 45 per cent 08 \\ Small Enterprise \\ Mar 2022

government decided to roll out a 6 The government even announced Interlinking of MSMEs thousand crore outlay for the that we would see the launch of Compliance and Formalization Raising and Accelerating MSME India's blockchain digital currency Platforms Performance (RAMP) programme. introduced by RBI. This will come The government has decided to Hence, the RAMP will lead to the with some amounts of taxes; interlink the four portals: National growth and development of the however, it's an incredible initiative Career Service (NCS), Udyam, MSMEs. Furthermore, it's also to support the blockchain and e-Shram, and Atmanirbhar Skilled fueling these sectors to be more digital currency development in Employee-Employer Mapping efficient, resilient, and competitive. India. It will be beneficial for (ASEEM). It will allow the enhanced It's an excellent initiative to MSMEs and startups to be more scope of MSMEs. It focuses on enhance MSME growth. technology and digitization driven. formalizing the economy and enhancing entrepreneurship New Opportunities for Startups Extension of ECLGS opportunities for everyone. Since Startups in India have a significant In the new budget, the ECLGS or this initiative facilitates operability, hand in boosting India's economic Emergency Credit Line Guarantee it improves entrepreneurial growth and are some of the most Scheme is extended to March 2023 opportunities. successful startups globally. The from March 222. Further, the startups established before guarantee cover of ECLGS is now Conclusion 31.03.2022 will enjoy the benefits of expanded by 50,000 crores and to a The union budget of 2022-23 a tax incentive for 3 consecutive total of 5 Lakh INR cover. The brings a new ray of hope to the years out of 10 from their additional coverage is for the MSMEs. The initiatives under this establishment. This initiative will hospitality industry and related budget are highly beneficial to the allow startups to scale up their enterprises. startups as well. It helps in business effectively. promoting the development and Emergency Credit Line Guarantee growth of such businesses. Furthermore, there will be fund Scheme (ECLGS) has delivered blended capital for rural enterprises much required additional credit to The government's plan to make and agriculture startups. This capital more than 130 lakh MSMEs. This India's blockchain-based digital gain will be facilitated through has allowed them to mitigate the currency and acknowledge the NABARD will include activities for unfavourable influence of the benefits of startups and MSMEs for startups. The activities include pandemic. The hospitality and the India Economy is highly rent-basis machinery for farmers at corresponding services, especially noticeable in the Union Budget of the farm level, technology and those by Micro and Small 2022-23. FPOs, and IT-based support. Enterprises (MSEs), are yet to regain their pre-pandemic business level. Overall, the budget is well-balanced In addition to that, the government and focused on the country's has also introduced an extended The extension of ECLGS will help progress based on almost every period for claiming tax holidays for the MSMEs that were impacted by industry. This time, the budget is the startups. It helps entrepreneurs the pandemic. Although, this aligned with the growing worldly to take benefit and make their applies only to a few MSME retails. trends, including digitization, startups more innovative. growth, technological advancement CGTMSE and innovation. Enhanced Focus on Digitization Credit Guarantee Trust for Micro Currently, digitization is one of the and Small Enterprises (CGTMSE) The government is committed to most significant transformations scheme will be revamped with long-term growth and cohesive globally that we can notice. The funds infusion. This will stimulate development through this budget. Indian government acknowledges additional credit of INR 2 lakh crore Let's see how this budget shapes this transformation, which is why for MSEs and boost employment up the MSMEs business better. this year's budget supports India's opportunities. transition to digital innovation. - Editor’s Desk Mar 2022 \\ Small Enterprise \\ 09

WOMEN IN BUSINESS RISE OF RURAL WOMEN ENTREPRENEURS IN INDIA In India, we call our country Mata (Mother), and centuries back, the world called it \"Sone Ki Chidiya\" (Golden Bird). The ancient Indian economy was once a major exporter of spices, cotton, iron, sugar, and pearls, almost rural regions. However, unfortunately, many industries, and notably rural enterprises were stifled during colonial administration. After independence, the economic growth was very slow for obvious reasons. However, the 21st century arrived with a bang, and the growth started to speed up. Moreover, despite all of its devastation, the pandemic brought one fortune digitalization everywhere, especially Entrepreneurship. So in 2022, India is looking at Rural possibility of establishing a small or medium-sized Entrepreneurship and implementing numerous business there. A proper analysis of rural locations innovations and technologies. It is critical for people and determining the strengths favouring rural living in rural areas, particularly women, to learn women entrepreneurs would encourage more young about the prospects for becoming entrepreneurs. male and female entrepreneurs to shop in rural Despite the scarcity of resources and other essential areas. features of rural areas, one should consider the Rural Women Entrepreneur the female population is skills, such as politeness, Women make up half of the encouraged to engage in appealing manners, and patience world's population and work 66 entrepreneurship. When a guy when studying. Education and percent of the time. They obtain pursues Entrepreneurship, he training are critical components of 10% of the income and own less becomes an Entrepreneur on his knowledge- and skill-oriented than 1% of the world's resources. own, whereas when a woman businesses. As a result, suitable It is quite ironic that the Economic seeks Entrepreneurship, the entire possibilities for Young Women to progress of any country, society, family becomes Entrepreneurial. participate in educational and or world will be impossible unless Women have more excellent soft training programs are required. 10 \\ Small Enterprise \\ Mar 2022

The success stories of women effective national resources. They The current marketing idea entails who have made a name for are critical to economic progress developing demand and then themselves in other industries, in the following ways: filling it. New creative and diverse such as sports, astronomy, quality items at the most administrators, and management, Capital Formation competitive rates make an inspire young women to pursue Entrepreneurs attract investment ordinary person's life more business. by presenting attractive business comfortable and contribute to the concepts, ensuring private entrepreneurial initiative. Future of Rural Women participation in the Entrepreneurs' income per capita Entrepreneurship industrialization process; idle growth converts resources such as Entrepreneurship's future directly savings are channelled for land, labour, and capital into showcases the nation's future. investment in commercial commodities and services, Given the importance of initiatives that generate a return. boosting a nation's income and developing the rural economy, As a result, savings are reinvested, wealth. The growth in national the anticipated doubling of creating a multiplier effect in income reflects an increase in the farmers' income, and the capital development. country's net GDP. provision of urban utilities in rural regions, we can confidently Regional Development Production Schedule predict that the future of Rural Entrepreneurs are constantly on Entrepreneurs are regarded as Women Entrepreneurship in India the lookout for new changes in economic agents since they is bright. The future of rural their surroundings. They use organise the means of management will be determined government incentives, subsidies, production. All production by including rural management as and infrastructure to establish variables, namely land, labour, a discipline in all Indian their businesses in capital, and enterprise, are universities. All of this has begun underdeveloped areas. As a result, brought together to obtain the to occur like Rural Technology entrepreneurs help to alleviate intended product. This will assist Parks (NIRDPR, Hyderabad, for regional development imbalances in making use of all production example) are being constructed to and inequities. aspects with sound judgement, showcase the success of rural perseverance, and knowledge of firms. However, there is an urgent Employment Creation the business world. As a result, a need to build and improve Rural This is the inherent allure of tiny combination of elements can Management Institutions to becoming an entrepreneur. They prevent unnecessary resource provide adequate education, are employment creators and waste. As a result, entrepreneurs training, mentoring, providers, not job seekers. are critical to creating new documentation, and Entrepreneurs and their businesses that energise the dissemination of Rural Women businesses are the sole hope for economy. Entrepreneurship success stories. direct and indirect job creation in these circumstances. Poverty Reduction Rural Women Entrepreneurs' Fostering Rural Women Contribution to Economic Improved Living Conditions Entrepreneurship in India will Development Entrepreneurial effort through job improve people's economic Create economic entities using creation results in increased situations in rural areas and their abilities to monitor, analyse, income and purchasing power ensure that they can earn a living and locate opportunities in the spent on consumer goods. in their particular village regions surroundings. They serve as Increased demand for goods and rather than migrating to catalysts for economic services drives more industrial metropolitan and suburban areas development, social output. Economies of scale and for survival. Rural Women transformation, and change cheap manufacturing costs will Entrepreneurship contributes agents by making efficient and result from large-scale significantly to the development production. Mar 2022 \\ Small Enterprise \\ 11

of the rural regions and reduces Increased Literacy Rate areas will be able to nurture poverty levels. Because of India's rising literacy themselves as employment rate in urban areas, the producers with the support of Planting the seeds of Rural development of rural residents Rural Women Entrepreneurship, Women Entrepreneurship will aid and entrepreneurs demands rather than joining the mob as job in developing and flourishing special attention as well. On the seekers. We seek to set the rural slum communities. In addition, other hand, the slow literacy rates people, particularly rural women, there will be numerous jobs for for rural natives drives them to on a road of transformative individuals trapped in the claws of seek work in cities far from their progress. poverty and unemployment by villages. But what could be better the start-ups and eventually help than earning money while Conclusion them get out of the below the remaining at home? Rural Women Rural Women Entrepreneurship is poverty status. Entrepreneurship aims to make not a novel notion in India. India money and broad scope in rural has one of the oldest developed Reduced Rural-Urban Income areas due to constant growth and rural economies. The concept of Gap development. village self-rule (gram-swaraj) is It is critical to close the economic indigenous to India. We must gap between rural and urban Rural Women's Self-Sufficiency reimagine our economic prowess, natives by raising the likelihood of Women must participate actively and Rural Women rural inhabitants not receiving on other fronts and demonstrate Entrepreneurship will accelerate benefits in their lives. Rural locals' that their excellence is not India's economic development confidence has been shattered by restricted to household chores because most of the population unequal income distribution, and because women can accomplish still lives in villages. Fortunately, they now believe they are beyond domestic responsibilities politicians (at all levels of worthless. such as cleaning, cooking, etc. It is government, including the federal also very important to mention government) are thinking in The Government of India practical support to the lockstep on this issue, as the encourages Rural Women economically disadvantaged country faces severe rural misery. Entrepreneurship through women in building a name for The current circumstance offers a vocational courses and various themselves by training their fantastic chance for rural women programs to put the income of hearts to become entrepreneurs. entrepreneurs to thrive and is the rural population on par with necessary to enhance Rural that of urban privileged people. People living in remote or rural Prosperity. - Maeen Tanweer 12 \\ Small Enterprise \\ Mar 2022

WOMEN IN BUSINESS WOMEN ENTREPRENEURSHIP AND THEIR CONTRIBUTION TO THE ECONOMY Entrepreneurship, if done correctly, can be a way to an excellent economic development of a country. It’s the backbone of any country. That’s why entrepreneurs have the capability to bring transition. When it comes to entrepreneurship, how can we forget the contributions of women? This is the era of digitalization where there are come from multiple spheres of society and parts of revolutionary changes globally. Women the country. Whether it’s an IT company or a entrepreneurs are blooming and showing their construction company, women are changing the capabilities. When it comes to women’s contribution traditional bastion of male domination. to the economy, they can contribute as job seekers and as entrepreneurs, or we can say, job creators. Women entrepreneurs are self-directed and highly motivated. They also possess specific characteristics Women can positively impact the economy with that enhance their creativity and help them create their high potential and understanding of the new ideas for an improved business way. responsibility. Nowadays, women entrepreneurs 13 \\ Small Enterprise \\ Mar 2022

Women Entrepreneurship in are highly visible and indicate Investors recognizing India how they are helping the Women-led startups Currently, India has economy to grow. The level of Nowadays, it’s evident that approximately 13.5 - 15.7 million women’s participation as investors worldwide are highly women-owned enterprises that entrepreneurs is increasing day interested in supporting and represent around 20% of the by day. acknowledging women businesses. In several businesses, entrepreneurs. That increases the women entrepreneurs are Women’s participation in chances of a women-led leading and exceeding economic growth in India is company to get good expectations. They are in highly visible. It is noticeable that investments. With good different fields, including science, more than 30.37% of women in investments, companies can get law, medical, aeronautics, India are entrepreneurs or MSME more chances to flourish. military, space exploration, etc. owners. Furthermore, that even Furthermore, since women accounts for 23.3% of the entrepreneurs show more Through their hard work, women country’s labor force. It’s even realistic projects, investors may have proved that they have a visible that the participation level get realistic assumptions in terms great scope ahead in terms of of women in the agricultural and of the business. That helps intelligence, efficiency, and manufacturing sectors is higher women to pitch funding in a creativity. In today’s corporate compared to men. Furthermore, better way. This, in turn, plays a world, women are proving that the literacy levels of women are role in the growth of an they are a strong driving force. In also increasing day by day. economy. India and around the globe, women are competent when it More than 432 million women in Closing Gender Income Gap comes to the balance between India are of working age, and the Women entrepreneurship motherhood and numbers keep growing. Their supports women empowerment. entrepreneurship. increasing potential and With more focus on women dedication can help in the entrepreneurship, there can be People should encourage country’s overall economic higher chances of more women technically sound, highly growth as well. participation in the Indian educated, and professionally economy’s product line. qualified women to effectively Let’s see the major factors Furthermore, from a broader manage their business. regarding women’s perspective, women entrepreneurship that directly or entrepreneurs are more likely to People can identify the indirectly contribute to the Indian hire other women, which will uncultivated talent of the young economy. increase the participation of women of the country, and they females in the working sector. can be trained to increase the Boosting productivity growth Eventually, it helps in closing the productivity of several industries. When it comes to gender income gap in the Women in India are tackling all entrepreneurship, gender country. the hurdles that come on the diversity can help in increasing road to entrepreneurship. They the productivity of a company. As Higher Return Potential are becoming more and more per research, women As per reports, women educated and economically entrepreneurs can bring new entrepreneurship tends to independent. skills and creativity to the require fewer investments and workforce. When a company’s create more revenue. Women-led Contributions of Women productivity increases, its success startups that are export-oriented, Entrepreneurship to Economy levels are higher, which leads to market-expanding, and The women’s participation in the an increment of a country’s innovative greatly contribute to workforce, their work quality, and economic growth. the economic development of a their contributions to India’s GDP Mar 2022 \\ Small Enterprise \\ 14

country. They also encourage needs. That’s why they can make Women are continuously tackling high-potential female their businesses adapt to the all the hurdles and forging entrepreneurs. They have goals changing marketing trends forward towards success for to introduce new products or better. Companies with women themselves and the country as a services and achieve their entrepreneurship are more whole. They are standing tall and business goals. This also helps in resilient and faster in getting applauded for their higher returns. adaptability. When a business contributions and achievements adapts better, it leads to better in their fields. Women are also High-Risk Appetite revenues and profits that also interested in playing a role in Several surveys show that women add to economic growth. economic growth and have entrepreneurs tend to take more received outstanding support risks compared to men Conclusion from investors and other people entrepreneurs. Furthermore, There has been increasing across the globe. That’s why we women tend to have better awareness regarding women’s can say that women’s capabilities to envision entrepreneurship development entrepreneurship is a highly opportunities. Sometimes, taking worldwide. After the contributing factor to the Indian risks is worth the shot, and it can digitalization and post-covid economy. lead to the growth of the phase, women entrepreneurship business. That’s why it can also could surely see increased assist in economic development. attention, and people will notice its advantages for the economy. Increased Adaptability We can already see how women’s Women tend to be more active entrepreneurship contributes to when it comes to adaptation. the economic development of They are better at adapting to countries. their environments and others’ - Maeen Tanweer 15 \\ Small Enterprise \\ Mar 2022

WOMEN IN BUSINESS 10 IDEAS TO EMPOWER RURAL WOMEN ENTREPRENEURS Over the last two decades, the term \"entrepreneurship\" has been widely known worldwide, from the general public to business stakeholders. An interesting and critical reality is that women entrepreneurs outnumber males worldwide. Rural women entrepreneurship is primarily described as starting a new business that supports the development of new products, services, trending calls, and the adoption of new technologies in a rural setting. Nearly 575 million people work in agriculture-related services worldwide, with 52 percent of non-water land harvested versus 11 percent in the biosphere. India's service industry is growing at a 9.2 percent annual rate (2015), with the lowest contribution to service employment at 28 percent (2014) and aiding roughly 66 percent of Indian GDP. Challenges In Empowering Rural of women entrepreneurs. There have been several policy Women Entrepreneurs changes in the government and Some of the key challenges faced Educational programs primarily non-government sectors by rural women entrepreneurs motivate graduates in throughout history. include the following: technology and fill shortages in the job market through online Opportunities for Rural Convincing the family is one of entrepreneurship. Entrepreneurship the most difficult challenges Support To Native People: Rural StartUps and entrepreneurs Financial challenges affect all residents always encourage and confront. business owners, not just support entrepreneurs to expand women entrepreneurs. It affects their businesses to improve the Social challenges are significant both the private and public socioeconomic position of both considerations in the thoughts sectors in India. 16 \\ Small Enterprise \\ Mar 2022

rural and urban residents. are economically strong and Establishing Marketing densely inhabited in the Cooperatives Low StartUp Costs: Rural business twenty-first century. They can Authorities should establish owners usually plan with a smaller transform this large population into marketing cooperatives to budget than urban business potential customers. That is why, to encourage rural entrepreneurs, owners. maximize their potential, all MNCs which will assist in obtaining are centered in rural communities. diverse inputs at reasonable prices Competitive Advantages: Most and selling their products easily. rural people are active in Building Goodwill: Rural Thus, extensive training, good agro-related activities. Although entrepreneurs have a lot of education, investments from they earn less and have less opportunities to make friends. Most financial institutions, and marketing recognition in society, they rural entrepreneurs have ethical cooperatives contribute migrated as unskilled and convictions, and they do not work considerably to the growth of rural semiskilled laborers. solely for profit. women entrepreneurs in India. Government policies and 10 Ideas to Empower Rural Technology subsidies: The Indian government's Women Entrepreneurs - Technology is a game-changer for sustainable policies assist rural Measures To Address Problems women entrepreneurs, particularly women entrepreneurs by giving The government may take the in rural areas. It can have a greater low-interest loans and grants. following steps to empower rural influence on the lives of women women entrepreneurs in setting up who own various types of micro, Availability of raw materials: Raw a business: small, and medium companies in materials are critical components of rural and semi-urban areas. With every manufacturing process. Financial Assistance quick access to essential Because of market risk and supply Banks and financial organizations information, market, mentoring, chain management, the availability that lend to entrepreneurs must financing, and consumers, of resources on time is an establish dedicated cells to provide technology can assist them in advantage due to zero simple financing to rural overcoming many obstacles. transportation costs. entrepreneurs. Authorities should significantly promote mobile phone usage in Production Cost: The cost of Training rural regions to bring women closer production for rural businesses is Training is necessary for the overall to the stakeholders in their business low as raw materials are available at development of an enterprise that ecosystems. a cheap cost. assists rural entrepreneurs by teaching them the necessary skills Information Optimal Farm Produce Use: to run a business. At present, the Google Search, especially Voice Optimal use of farm produce is only economically weaker entrepreneurs Search, can provide rural women achievable through rural are getting necessary training by with vital information. Moreover, entrepreneurship. the Government of India for skill these women do not need to be development to help generate highly educated to use Google Job Creation: Rural entrepreneurs income and employment Voice Search. Instead, they can provide 100% of all jobs for rural opportunities in rural areas. learn how to capitalize on their youth. If rural entrepreneurs are homemade items, products, and successful in this endeavor, the Proper Raw Material Provision sources of income with basic migration of people from rural to Governing bodies should ensure smartphone training. In addition, urban areas will decrease priority the supply of raw materials smartphones and the internet also significantly. to rural entrepreneurs. In addition, equip them with the essential they should grant subsidies when platforms to educate themselves on Promotion Cost: Rural required to make rural how to be micro-entrepreneurs, entrepreneurs have no costs entrepreneurs' products affordable because competition is and cost-competitive. substantially lower. Potential Customer: Rural villagers Mar 2022 \\ Small Enterprise \\ 17

with knowledge of market prices in cooking classes for males, for Involve men too and other information at their example, can result in a It is illogical to work exclusively with fingertips. redistribution of unpaid care duties women and avoid capacity-building at the home level, freeing up time projects that involve men Market Accessibility for women to engage in business. performing better. Due to a With the advancement of But, again, collaboration with local long-standing gender imbalance, technology, it is possible to lessen partners can assist in addressing male entrepreneurs often attend the need to relocate to cities to these difficulties within the context training programs due to their expand one's business. Women of a specific community and extensive contacts and better entrepreneurs in remote areas can cultural environment. access to resources. Still, operate from home and spread mixed-gender training allows their enterprises through Women-Led Startup Investments women to obtain those resources WhatsApp, Facebook, phone calls, Investing in businesses related to from their peers. and text messages. They can sell an organization's primary business their products through boosts women's empowerment, Such training can also alter male e-commerce portals. They might particularly in traditionally participants' attitudes, making them collaborate with e-commerce firms male-dominated marketplaces or more open to embracing women as to offer their products online. value chains. For example, this prospective business partners. In Organizations such as Amazon could be a women-run greenhouse many cases, reaching out to the have started assisting rural that produces saplings sold to participants' families or husbands is craftsmen and businesses. Rural leading firms or an input shop also beneficial. It allows explaining women can display and sell their where farmers can purchase seeds, the real benefits of supporting indigenous products worldwide ag-inputs, etc. Typically, these firms entrepreneurs' objectives and, as a through these platforms. encourage women's collaborative result, makes it simpler for women action, which can be a critical step to obtain family resources for their Addressing Gender-Gap toward greater empowerment. companies. Many hurdles to women's Gender equality and the empowerment result from social empowerment of women and girls Conclusion and cultural standards. Therefore, it are now worldwide priorities. According to the most recent is critical to understand how they However, the challenge is economic figures, a rural affect the enterprise and offer enormous, as are the benefits to entrepreneur woman is critical for women greater and longer-term poverty alleviation and the global any emerging country. Rural economic prospects. An investment economy. women entrepreneurship is one of the most effective strategies that any NGO or GO may utilize to transition from developing to advanced levels. Non-urban women who grew up in socioeconomic conditions are the solutions to any country's poverty recovery—more quality support from the government, such as schema definition standards. In addition, Quality Assurance (QA), financial agencies, NGOs, media, and prizes will benefit youth in the corporate environment. - Maeen Tanweer 18 \\ Small Enterprise \\ Mar 2022

WOMEN IN BUSINESS WOMEN’S DAY FOCUS: CHALLENGES FACED BY RURAL WOMEN ENTREPRENEURS The entrepreneurial ecosystem in India has been rapidly changing, in a good way. Over the last few years, India has been brimming with startups and unicorns. The success stories of different entrepreneurs and businesses have been primarily discussed. Exploring the backstory of the success narratives, measures, the most affected people are the rural one could understand every entrepreneur's common women entrepreneurs. This is because they have to difficulties and obstacles. In addition, women overcome challenges from the entrepreneurial sector entrepreneurs face more challenges. Despite several and rural ecosystem and also face gender barriers. Lack of access to additional up at an incredible pace. The getting its due recognition in knowledge and equipment lack of experience is balanced the past few years. However, The literacy and illiteracy results with education, but it becomes a educational issues are still at big challenge in rural areas. large in rural India. While they in rural areas impact women's do get primary education, higher Educating women has only been education for rural women is not entrepreneurship. With good experience, a business can pick 19 \\ Small Enterprise \\ Mar 2022

accessible. In addition, they also It has affected the business between managing family and do not get easy access to arena as well. There are defined business. Meeting the family and necessary equipment and and designed gender roles. business commitments technological support. simultaneously, with often little So, breaking these stereotypes support from the family, is a Less awareness about has been complex and major hindrance for rural women government programs challenging for women, let alone entrepreneurs. One could point out the increase rural women. But the good news in governmental and is the dimensions are slowly Entrepreneurial Environment non-governmental programs. changing, and women in urban The entrepreneurial environment There are different programs like and rural areas are fighting the demands great determination Atmanirbhar Navi and Mudra stereotypes and building a new and dedication. Most families in Yojana Scheme. In addition, empire. rural areas have begun to realize there are also loan facilities like the importance of women Bharathiya Mahila Bank Business Balancing family and business entrepreneurs. However, they Loan and Dena Shakti Scheme. India has had a history of are not entirely ready to share male-centred business familial responsibilities. They support the entrepreneurial environments. However, setup. However, the significant gradually, women have begun to They are restricted from going issue here is the lack of explore the field. Inevitably, the out and interacting. In addition, awareness about government roles of men and women in the the limited mobility leaves them programs. Since rural women are family and business worlds have with little to no access to better not much aware of the become fluid. investment and networking programs, they are not able to options. All these factors affect fight back the financial issues. But the change is relatively slow the entrepreneurial spirit, which in rural areas. Family is seen is crucial to staying strong in this Social Construct more like an extension of long business journey. The social construct and women, and a huge patriarchal tradition are rather responsibility falls on her. This The Traditional Mindset deep-rooted and solid in India. way, there is a constant struggle While the factors mentioned above are obstacles for women who have already ventured into business, a traditional mindset of family and society has restricted many rural women from entering the entrepreneurial world. One of the basic concerns of the traditional mindset is gender roles. Women are expected to sit at home, do domestic chores, and take care of the kids. So they are not allowed to start businesses and, even when allowed, are asked to give up to look after the family. Problems with Financial Assistance A major roadblock to the Mar 2022 \\ Small Enterprise \\ 20

entrepreneurial journey is will help entrepreneurs in It limits their opportunity. financial problems. The lack of production and marketing levels. Additionally, since many assistance and funding However, lack of access to such industries are male-centred, opportunities is a significant spaces restricts their growth. women have less access to issue. In general, women are not networks, training, and allowed to enjoy financial The avenues and opportunities mechanisms. It creates a general freedom. It results in a low are lost with no contact with lack of exposure. risk-bearing ability. like-minded people and potential investors. Not Changing Circumstances When it comes to funding, navigating through such formal All that being said, women gender biases are very and informal spaces, especially entrepreneurs in rural areas are prominent. Especially women during this digital era, could be getting more access to training, entrepreneurs in rural areas the biggest drawback in growing education, and market suffer the brunt of being the business and building social knowledge recently, thanks to stereotypically less capital. the internet and digital literacy. credit-worthy. In addition, The success stories of women women in rural areas do not Less Market Knowledge entrepreneurs would have many properties in their The women-owned businesses undoubtedly alter the existing names, which restricts them are often restricted to a few biases and stereotypes. As a from producing securities to sectors like beauty and fashion. result, a nurturing apply for loans and private Overcoming the challenges in entrepreneurial ecosystem is financing. the ecosystem with less slowly being built. It will women-friendly sectors is gradually become Reduced Social Network difficult. The male-centric system women-friendly and help them The social and professional circle has also led women to work and in fighting against the odds. is relatively small for women operate in low profits and less entrepreneurs in rural India. A revenue-generating sectors. social and professional network 21 \\ Small Enterprise \\ Mar 2022

WOMEN IN BUSINESS ATMANIRBHAR NARI INITIATIVES Around 6 million Self Help Groups in India go a long way in improving livelihood and empowering women. The Government of India supports and encourages entrepreneurship. The core aim behind all these women empowerment. Several loan options and programs is to help women survive independently training schemes initiated by the government stand and chase their dreams. as a testament to it. There are also many technological services offered to women, both in Out of the many schemes, one thing that stands out urban and rural areas. and has built a foundation for ages is the Atmanirbhar Nari (Independent Woman) initiative. Government initiatives for women empowerment It is a direct method to help women through are spread across different fields like agriculture, different schemes that connect them under the financial inclusion, panchayats, education, and umbrella of Self Help Groups (SHG). Self Help Groups goals. Self Help Groups have a individual levels. Therefore, Self Self Help Groups are more like a common purpose and work Help Groups help improve the lives peer association. It brings together towards it. of rural and marginalised people. women from different walks of life They are collectively like a and creates an ecosystem that It is difficult for the government to guarantee system for women to helps them redefine their lives and track the development of people at borrow loans. In addition, they also 22 \\ Small Enterprise \\ Mar 2022

run small businesses together. has actually helped women to activities in over 90 Indian districts. Thus, Self Help Groups have acquire credible and reliable loans. Apart from applauding the accelerated the growth of small Through different schemes, contribution of SHGs during the ventures and have helped many support, and measures, the Covid19 period, PM also initiated women get secured loans. government of India has been some new funds. For instance, he creating sustainable models and doubled the loan limit (without The government takes significant inspiring women to step into guarantee) for SHGs to ₹20 lakhs. initiatives in helping such groups. businesses and explore different Additionally, he also released a few They provide financial assistance, markets. funding schemes to support SHGs training, knowledge coaching, and involved in Micro Food Processing several other support. With the Atmanirbhar Narishakti Se Enterprises and Farmer Producer rapid development of Self Help Samvad Organizations. Groups and their increased impact One of the recent events that on the growth of women brought more attention to Self Atmanirbhar Nari Government empowerment, today, there are Help Groups was the Atmanirbhar Initiatives around 6 million SHGs with more Narishakti Se Samvad. Prime Multiple schemes were initiated than 67 million women members in Minister Narendra Modi under the ‘Atmanirbhar Nari’ at India. participated in this event and both central and state levels. The interacted with different groups. SHGs started getting their due Government Measures During this event, PM Modi was credit and support from the Under the Atmanirbhar Bharat quoted saying, “The government is governments way back in 1999. It (self-reliant India) program, the constantly creating an atmosphere was when Swarn Jayanti Gram government extended financial and conditions where all the sisters Swarozgar Yojana (SGSY) was assistance to over 0.4 million SHGs. can connect their villages with introduced to focus on A total of ₹1,625 crore funds were prosperity.” self-empowerment in rural areas. used. Apart from funding, the government has also helped and SHGs helped combat the virus by It later became National Rural encouraged women to create bank creating awareness, making masks Livelihoods Mission (NRLM) in accounts. Creating bank accounts and sanitisers, and through other 2011. The scheme has helped women across states and UTs access affordable funding services. Different state governments have also taken responsibility and have unique initiatives for the SHGs in their respective states. National Rural Livelihoods Mission (NRLM) The National Rural Livelihoods Mission aims to empower poor rural women. It focuses on improving their livelihood by creating a space for rural women to mobilize into SHGs. The National mission is supported by the World Bank with funding aid. This flagship scheme is considered one of the most significant and largest Mar 2022 \\ Small Enterprise \\ 23

initiatives in the world to improve North East Rural Livelihood Processing Enterprises scheme. It is the livelihood of rural people and Project (NERLP) aimed to provide credit-linked the poor. The NERLP was launched in 2012 capital facilities and generate skilled and helped over 3lakh rural and unskilled employment. Deen Dayal Upadhyaya households in the North East. This Antyodaya Yojana scheme is aided by World Bank and The scheme also provides a subsidy A successive scheme, Deen Dayal focuses on social and economic of 35% for loans with a maximum Upadhyaya Antyodaya Yojana, also empowerment. It helped create credit limit of ₹10 lakhs per unit. In focuses on improving and sustainable institutions like Self addition, the scheme also helps the organising the urban poor into Help Groups to propel the concepts Self-Help Groups specifically by SHGs. It helped improve the skills of of self-governance and providing ₹40,000 per Self Help the urban poor and created ways to development plans. Group member. The funding is to receive subsidised bank loans to set boost working capital and help up small businesses. Pradhan Mantri Matsya Sampada them purchase essential tools. Yojana (PMMSY) A few other Government Initiatives It was announced to develop a The government initiatives to boost are listed below: sustainable fisheries sector in India. female empowerment and help Ambedkar Hastshilp Vikas Yojana The plan is to drive the fish them lead independent lives have (AHVY) productivity rate and achieve the reached more women living in The Ambedkar Hatshilp Vikas set target of 22 million metric tons different urban and rural locations, Yojana is a unique scheme by 2024-25. In this scheme, 40% of thanks to the Self-Help Groups. The launched in the early 2000s to the expenses are to be shared by groups make it easier for support artisans and move them the states. government and into SHGs. Such mobilization was non-governmental organisations to aimed at forming community PM Formalization of Micro Food help women who are in need. SHGs businesses and empowering Processing Enterprises (PM FME) also creates space for women with self-sustainability. It provided help Scheme like-minded interests to come in various forms ranging from As a part of the Atmanirbhar Bharat together and make their dreams technology upgradation and Abhiyan, the Ministry of Food come true. infrastructure support to marketing Processing Industries launched the services. PM Formalization of Micro Food - Harshini 24 \\ Small Enterprise \\ Mar 2022

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WOMEN IN BUSINESS FUTURE OF WOMEN ENTREPRENEURSHIP Life in feminist entrepreneurship is full of challenges, and it takes a lot of dedication to succeed. Women used to do this for a long time, because in many cases, in addition to working, they still need to perform several other activities, such as taking care of the family and the house, also at the same time. Therefore, entrepreneurship is just another entrepreneurial. Due to their entrepreneurial activity that a growing number of women are action, women entrepreneurs bring vitality to the currently performing with great success. They market. In this way, they also help grow the have always been daughters, wives, mothers, and country's national profits. workers. And today, they are also increasingly Women Entrepreneurship concept of entrepreneurship also world, bring renewal and new Women entrepreneurship is the includes any small local business, breath to the economy and society. category that encompasses all startups, and even individual service entrepreneurial initiatives carried professionals. In addition, to encourage the entry out and coordinated by women. of new women into This definition is valid for large There are numerous explanations entrepreneurship, they also make companies and small and why women decide to undertake: the entrepreneurial market more medium-sized businesses, as long aiming for professional satisfaction, diverse and inclusive. In addition to as women lead them. of course, but also because they professional fulfillment, often face difficulties in the job entrepreneurship is still an excellent When we talk about market, because they need more way for women to achieve financial entrepreneurship in India, the flexibility, or because they want independence. memory of great entrepreneurs greater appreciation. Thus, female usually comes to mind, and usually entrepreneurial initiatives, growing It is essential, as this autonomy also a male figure. However, the at great speed in India and the makes entrepreneurs help other 26 \\ Small Enterprise \\ Mar 2022

women through hiring and services entrepreneurship occurs and fact of “female empowerment” but provided. represents one of the main a “human” need without gender or challenges women face in the social position. Believe in your Therefore, in addition to generating professional market: gender potential and seek knowledge and more jobs and making the local prejudice. positive references that can be your economy spin, female inspiration. Proving yourself as an entrepreneurship also empowers In the view of many, some sectors entrepreneur is part of the process women to seek their fulfillment of activity are even more linked to for women. through control of their female entrepreneurs, such as professional lives and their clothing, domestic services, and Final Considerations entrepreneurial activities. cosmetics. Meanwhile, this Female entrepreneurship in India is prejudice restricts the performance now a reality. As noted earlier, the Women Entrepreneurship Market and activities of female number of women carrying out Female entrepreneurship entrepreneurs in other segments. entrepreneurial activities has represents a growing trend in full grown, especially in the last decade. swing. This trend is expected to Prejudice, which exists in society continue to grow in the coming and is reflected in the professional This data is very positive for any years because the more women market, also appears in other national economy because it makes venture into entrepreneurship, the indices. it more diverse and inclusive and more other women feel renews and oxygenates the job encouraged to follow suit. According to a survey, women market. However, women who entrepreneurs in India are younger decide to bet on entrepreneurship In India, a survey recently carried and have a 15% higher education still have to deal with extra out in the country showed that the level than men. challenges, especially gender bias. number of women carrying out This discrimination, which already entrepreneurial activities is already Another survey proved that women exists structurally in society, is also over 13.5–15.7 million people. hold only 8.6% of leadership reflected in the labour market. Considering that this number was positions in large companies. only 8 million in 2014, it can be Thus, all professionals, including seen a growth of more than 200% The prejudices suffered by women entrepreneurs, end up having more since then. in the professional sphere still lead significant difficulties than men in to other difficulties, such as career advancement and even trust Experts can also observe other difficulties in career advancement their business by banks and issues by analysing the professional and insecurity, which can even be investors. Thus, female market and the entrepreneurial harmful to women's mental health. entrepreneurship in India and the activities that women have carried world has been growing a lot in out in India. For example- there are As experts can see, even if the rates recent years, and the trend is that it some areas where women's have been improving in recent will continue to grow in the future. enterprises have the most years, inequality of opportunities, significant reach and participation. recognition, and treatment is still However, many difficulties still need In this aspect, the sectors that stand latent and should be fought to be overcome, such as the out are food, domestic services, the whenever possible. prejudice entrepreneurs suffer in clothing trade, and beauty and carrying out their activities. cosmetics salons. Main challenges for Women in the Indian Entrepreneurial Therefore, entrepreneurship must Challenges of Women Ecosystem? be increasingly encouraged so that Entrepreneurship Achieve the same level of credibility an even more significant number of This last statistic reveals the areas and trust as a man by adopting the women can also follow this path to where the most significant same position or speech. seek their personal and participation of female Demystifying the desire to grow professional fulfilment. and build something is not a simple - Maeen Tanweer Mar 2022 \\ Small Enterprise \\ 27

WOMEN IN BUSINESS LOANS FOR WOMEN ENTREPRENEURS While fighting against all odds to establish their entrepreneurial journey has been challenging for women, the different loans have reduced their financial burden. Financial constraints are a big barrier for tough being a woman entrepreneur in India, there has entrepreneurs, let alone women entrepreneurs. Most also been no better time than now to become one. businesses require substantial capital investments, and there could be roadblocks due to a lack of collateral Wondering why? Government support for women securities and others to obtain bank loans or private entrepreneurs in recent times has seen a significant funding. boost. Several schemes and loan opportunities are specially tailored to meet their requirements and In addition, women entrepreneurs also face the goals. Here is a list of different loans and schemes pressures of family and society. They have to fight solely for women entrepreneurs. gender barriers and scale up their business. While it is Dena Shakti Scheme ownership of the enterprise are established business, Mudra Yojana Dena Shakti Scheme is for women eligible. There is also a very flexible Scheme caters to all your needs. looking to run businesses in food repayment system that can last up Women entrepreneurs who run processing, agricultural works, and to 10 years. non-corporate and small/micro manufacturing sectors. Loans up to businesses can avail collateral-free 20 lakhs can be sanctioned. The Mudra Yojana Scheme loans of up to ₹10 lakhs through scheme also provides a concession Mudra Yojana Scheme is by far one this scheme. of 0.25% interest rates. of the best loan schemes available. The government of India has The loan sanction is divided into The maximum amount depends on launched this scheme to benefit three types based on the level and the sector you are opening or entrepreneurs at all stages. Whether stage of your business. Loans up to expanding. Women entrepreneurs you are starting out, establishing a ₹50,000 are sanctioned for who have more than 50% business, or expanding your enterprises in the initial stage of the 28 \\ Small Enterprise \\ Mar 2022

business. Enterprises that are well interest-free. The scheme is scheme, there is no need to provide established can apply for a loan launched specially for women in the collateral security. In addition, the from ₹50,000 - ₹5 lakhs. For rural and under-developed areas, Bank offers doorstep services to established businesses looking to with an annual family income of less rural women entrepreneurs. expand, you can avail loans up to than ₹1.5 lakh. There is also an age 10 lakhs. bar of 18-55 years. In addition, the To be eligible to apply for a loan government proposes a subsidy of under the scheme, women Stree Shakti Package up to 30% on loans under this entrepreneurs should individually or The Stree Shakti package is offered scheme. jointly hold a 51% share as a for women entrepreneurs by SBI in proprietary concern of a Private most of their branches. The loans Bharatiya Mahila Bank Limited Company. They offer a need no security and the interest The Bharatiya Mahila Bank Business concession of up to 2% in the rate begins at 11.2%. If loans are Loans can be categorized into loans interest rate and have a maximum obtained for more than two lakhs, a for beauty salons, food catering, of 7 years repayment period. concession of 0.05 percent can also SMEs, and daycare centers. They are be availed. called BMB Shringaar, BMB Cent Kalyani Scheme Annapurna Loan, BMB SME Easy, Cent Kalyani Scheme offers One should fulfill two crucial points and BMB Parvarish. collateral-free loans with no to be eligible for the scheme. First, processing fee. The aim of the women applying for a loan should As the name suggests, the scheme scheme is to encourage and help have more than 50% ownership of a was initiated by Bharatiya Mahila women entrepreneurs. Whether business. Then, they should also be Bank, which later merged with SBI you want to start a new project or enrolled in the Entrepreneurship in 2017. No collateral is needed for expand, this scheme is a good Development Programmes (EDP) loans up to ₹1 crore. A maximum of choice. A maximum of ₹100 lakhs is that state level agencies conduct. ₹20 crores can be availed under this offered. As for the eligibility, retail scheme and the repayment period trade, education and training and Annapurna Scheme is seven years. self-help groups are not eligible. Annapurna scheme is a unique program that offers financial Mahila Udyam Nidhi Scheme Women Entrepreneurship assistance for women Mahila Udyam Nidhi Scheme Platform entrepreneurs who want to start a (MUN) offers up to ₹10 lakh loan The Women Entrepreneurship food catering business. Under this options for women entrepreneurs Platform (WEP) was launched by scheme, one can apply for a loan of looking to start small-scale NITI Aayog. WEP will provide up to ₹50,000. It can also be availed businesses or expand existing funding support to women by women who are looking to projects. The scheme is provided entrepreneurs. But besides financial expand their business. under the Small Industries assistance, it also offers services like Development Bank of India (SIDBI). mentorship, corporate partnership, The amount can be repaid in 36 outreach programs, and others. months. The scheme can be used The objective is to promote MSMEs for acquiring working capital to and small-scale ventures. The loan WEP focuses on creating an purchase essentials like utensils, should be repaid within ten years, water filters, and others. It is and a five-year moratorium period ecosystem for women necessary to have a guarantor to can be availed. avail this loan. entrepreneurs that will drive change Orient Mahila Vikas Yojana Udyogini Scheme Scheme to the overall scenario of With the aim to promote women entrepreneurship, Women The Orient Mahila Vikas Yojana women-run businesses. Almost any Development Corporation initiated Scheme offers loans up to ₹25 the Udyogini scheme. The loans lakhs. The Oriental Bank of woman entrepreneur can register availed up to ₹3 lakhs are Commerce initiated it. Under this under this platform. The aim is to bring all of them together through a unified portal and promote women entrepreneurship in the country. -Harshini Mar 2022 \\ Small Enterprise \\ 29

START UP ALL ABOUT START-UP IDEAS: ESSENTIAL STEPS TO EVALUATE YOURSELF & BUSINESS IDEA Starting a business takes time and energy, and one must undergo periods of extended self-reflection to find a business idea that's both realistic and viable.  Better yet, once you have a good idea, how can you skimp on brainstorming, and put your ideas to the be sure it will blossom into a successful venture? following test.  These early planning stages are essential. Don't Start by analysing yourself and your might be a golden opportunity doing day in & day out. strengths. What interests you? to turn that skill or talent into a What are you naturally good at?  business. However, it's What do others tell you that important to choose you're good at? Maybe you What are you good at? If something you are passionate have a hidden talent that you're the go-to person for about and can see yourself others see in you that you certain chores or tasks, this never thought of as a big deal. 30 \\ Small Enterprise \\ Mar 2022

If this is the case and that skill search through the app store. business instead of your is something you could see Search categories of interest. competitor? Successful businesses yourself doing more of, it could Do you notice whether have a USP or unique selling point be a great business idea. anything is missing or how that is used as the cornerstone of apps in that category could be the business. The more you blend What service do you wish improved?  in the more you directly compete with others. existed that currently doesn't? Can you find similar products or services using search Market Analysis This happens all the time. You engines? The internet is Is there a sizable niche market search the app store looking incredibly helpful when it for it? for something specific, thinking comes to finding products and that it certainly exists, only to services that you are in the Without a large enough market, find it doesn't. This is your market for. But have you ever your idea may never get off the chance. You could pair up with searched and searched for ground. You need to determine if an app designer or create an something, and not been able a niche market exists for your app yourself that could benefit to find it? idea. You're better poised for people like you all over the success if your business improves world. Another way to think Turn to social media. People on upon what's already out there – a about it is what problem exists social media are often quick to novel response to a recognized that needs a solution? Some of identify issues and problems need. the most successful businesses they have with current are ones with products or products, places, processes, Specifically, how big is your services that solve problems etc., but few take the time to market? Does it include both for others. come up with a solution. males and females and people of Reading through people's all races and religions? How fast is Explore sources to spark new grievances can give you great the market growing or ideas insight into problems other contracting? people have that you can solve. Sometimes you need a source of Online review sites can offer If you design a product or service inspiration to spur that light bulb the same. that only appeals to a small niche moment. Try and find inspiration market, it will be difficult to gain in the world around you. Here are Identify the Need enough market share to sustain a four places to look for inspiration:  What is the mission of your profitable business. It will also business? What is the need in the take a significant amount of Study successful marketplace that you're filling and advertising funds to find the is it something that will appeal to people that comprise the niche entrepreneurs. It's hard to a large portion of the population? market. know where you're going if Have you ever received a survey you don't know where the from a company asking you what Cost Analysis great entrepreneurs before you you think of a product and if you How much will it take to open have been. Read origin stories would be likely to purchase the your business? If you have family and study successful business product and for how much?. This obligations, you'll probably have titans. How did they come up is the first step in market analysis to pay yourself, adding additional with their business idea? What costs to your budget. How will advice do they have to Differentiation you get the money? up-and-coming entrepreneurs? How is your business different Learn all you can before you from others in the marketplace? If Market Share embark on your journey.  you have competitors, what will Based on your market analysis,  make somebody come to your how much of a market share do Use your smartphone. If you your competitors currently hold?  know you want to create an app, but you're not sure exactly what you want to create, Mar 2022 \\ Small Enterprise \\ 31

What is left over for you or what market share from existing car be something you truly care is your strategy for taking share companies. Evaluate whether about, not just something you've from them? Your business may that's a battle worth fighting and targeted because it seems like it have broad market appeal, but if if you have the funds to fight it. could be lucrative. the market is already saturated, the battle to gain customers may Are you passionate enough Strategic Analysis Tools be too expensive. about it? These tools work by using a Start-ups trying to manufacture Your business will likely consume matrix to encourage you to think new automobiles have found it all of your time, so make sure of potential internal and external exceedingly difficult to take you're passionate about it to factors that could affect your make it successful. Your idea must business. SWOT A SWOT analysis involves questions to create a useful Technological climate your analysing the Strengths, SWOT. business will need to navigate. Weaknesses, Opportunities, and The more expanded version, the Threats for your business or idea. PEST PESTLE, includes all of the above The articles and tools in this A PEST analysis takes a more factors but adds on Legal and section will help you ask the right global strategic perspective, Environmental. Those are a great examining factors such as the addition for any business Political, Economic, Social, and considering a green business model. Evaluating your business idea with 10 Queries Question #1: Will this business meet a need or solve a problem? Question #2: Is this the right time and place for this business? Question #3: What limitations will you encounter with this business idea? Researching your business idea Question #4: Are there other businesses already doing what you want to do? Question #5: Have you analysed the market? Consider the financials of your business Question #6: How much will this start this business? Question #7: How will this business make money — and how long will it take? 32 \\ Small Enterprise \\ Mar 2022

Make sure the business fits your The Bottom Line many businesses fail and that's unique skills and experience largely due to poor planning. Stop talking and start writing. Before investing a large amount Question #8: Is this business Talking about an idea before of money in your business idea, something you want to do? doing some initial processing on create a plan and make sure that paper tricks our brains into your idea is something that Question #9: Are you capable thinking that we are doing customers would be excited of launching and running this something about the concept about purchasing. There are business? plenty of great opportunities As an entrepreneur, your dream is waiting for a small business owner Question #10: How will you likely centred on being one of who follows a business start-up feel if things don’t go those $1 billion or more system according to plan? businesses, but remember that - Dr. Kiran Kumari Patil Director, REVA TBI, REVA UNIVERSITY Mar 2022 \\ Small Enterprise \\ 33

COVER STORY | DIGITAL TRANSFORMATION GETTING STARTED WITH DIGITAL TRANSFORMATION Irrespective of the organization’s size, immediately start with digital transformation to build the competitive edge your business needs. In the face of a pandemic and unstable economy, transformation journey have indicated huge success, businesses have turned to digital transformation for sometimes exceeding their expectations. This has rescue. From reducing operational costs to surviving urged other companies and industries to integrate the digital world, the shift gives the flexible push digital technologies into their businesses and organizations are in dire need of. re-imagine their framework. Most organizations that kick-started their digital 34 \\ Small Enterprise \\ Mar 2022

Reasons to get started with Demands business is not what digital The new technologies and transformation is about. Instead, Digital Transformation pandemic has given rise to it is to evaluate your company’s changing consumer behaviors. As needs and required changes to Survival and Future Foundation a result, consumers’ way of understand what it means and The need for digital purchasing, getting attracted to why your company must adopt transformation has increased in products, engagement, checking digital transformation. recent years, and companies out, and a lot more has cannot ignore it anymore. Since drastically changed. Since Examine your current position almost all industries are adopting customers are adapting to a The next step is to examine and the change, organizations have newer experience, businesses assess your current position. This to get started with their digital should speed up and match the is to get a clear idea of what your transformation journey to survive pace. company currently holds and in the business world. how it operates. Understanding The way to meet changing your capabilities will help in Additionally, the pandemic and consumer demands is digital planning a transformation. its effects on businesses have transformation. The change will Companies that proceed without pushed them to take an enable businesses to understand making an effort to comprehend alternative route to survive. Thus, customers better and enhance and analyze their current the rapid changes in the market customer engagement and capabilities might not have a have created the necessity to experience. So it is important to successful transformation. shift. Digital transformation lays integrate digital transformation the foundation for a better into businesses to satisfy and You should also assess what future. Therefore, it is vital to serve customers. kinds of digital technologies you move from the survival phase already have in place. Research, and scale-up businesses and The road to the Digital check and know the company’s derive outstanding results. Transformation journey capabilities in terms of Digital transformation is a widely technology and employment. Save Costs used term and often means Then, considering the current The misconception about digital different things to different status and the need for digital transformation is that the shift is people. That’s precisely why transformation for your expensive. It has created a there is no definite successful company, you can ideate hesitant mindset among business roadmap for the digital different plans to adopt. people. However, digital transformation journey. Instead, transformation helps to save a every business should assess its Reduce risks lot. After a stipulated time, It also own operations, framework, and When you have done the basic adds profits to businesses. goals to develop the best suited research and are ready to digital transformation plan. transform your business digitally, The immediate cost savings will both at organization and go a long way in making this Understand what digital industrial levels, focus on finding transformation economical and transformation means to your possible risks. A smooth digital profitable. For instance, the cost company transformation is crucial for your spent on outdated technologies Digital transformation is the business to sustain. and manual storage can be integration of digital reduced by moving to safer technologies into business. There Though digital transformation cloud storage. Digital are many technological has driven businesses towards transformation helps in advancements, and the numbers quick changes, it does not mean eliminating additional expenses keep increasing. However, you do not have a proper plan. and increasing cost savings. incorporating all of it into your So determine potential risks and obstacles associated with the Meet Changing Consumer Mar 2022 \\ Small Enterprise \\ 35

process and find ways to mitigate digital and leveraging the upskilling the existing employees them. Analyzing, monitoring, and technologies to the maximum to help the organization become planning to tackle risks early on extent. digital-ready. will help reduce its effects on the transformation and business Budget Create a cultural mindset development. One essential process to always While adopting technologies and keep in mind is managing the developing strategies are Plan budget. It is critical to strike a significant components of digital There are multiple options and balance between smart transformation, communicating alternatives available when it investments in digital the change and creating a comes to digital transformation. transformation and seeking cultural shift are vital. First, the Based on the aims, goals, risks cost-cutting measures. Adapting employees should be made involved, and analysis of the to digital transformation can help aware of the necessity. current situation, the next step is in saving costs. However, Companies should also take to strategize and develop a plan. organizations should also analyze steps to create a cultural mindset the possible budget for the in the workplace; only then is It highly depends on what a transformation and the potential successful digital transformation company needs and can do. It savings gained by replacing old really possible. could be anything and everything applications. It will help ranging from the use of AI to companies make a smooth Start your digital enhance consumer interaction, transformation without any transformation journey utilizing IOT to redesign the financial instabilities. Once all these steps are products and services offered, completed, it is time to transforming marketing and Upskill implement the plan and work on selling ways with the help of Big Digital transformation demands a the strategies. The key element Data, adopting digital technology whole new set of skills and for a successful transformation to enhance workplace knowledge. So having the right lies in pulling together all these communication, and a lot more. skills in place will redefine your aspects and committedly working The crucial takeaway is business. Therefore, the focus as a team. establishing your ways to go should be on hiring the skills and - Harshini Venkatasubramaniyan 36 \\ Small Enterprise \\ Mar 2022

COVER STORY | DIGITAL TRANSFORMATION DIGITAL TRANSFORMATION: THE CHANGE THAT MATTERS Digital Transformation is leading the change in the business world, redefining and building new business models, both at organizational and service levels. Digital Transformation is a word that everyone has world has adopted. The change was driven by gotten used to. In the past few years, it has evolved technology and augmented by the pandemic crisis. from a relatively new term to a process the whole What is digital At its core, digital digital transformation is moving transformation? transformation is the files to the cloud or using incorporation of technology into artificial intelligence, in reality, Digital is an umbrella term that business, thereby redefining the digital transformation is a whole refers to different things. Digital existing business models. As a lot of things. It includes all that transformation is no different. It result, it alters how an is possible to shift the business has been so widely used that a organization, its consumers, and structures using technology. single definition cannot explain the business world function and its meaning. In fact, digital deliver value to customers. Elements of Digital transformation means different Transformation things to different people. While people often assume One cannot define digital 37 \\ Small Enterprise \\ Mar 2022

transformation or specifically surrounding it. Instead, the delay While the newly incorporated mention its essential was more about the human trends give businesses an upper components. But over the years, mindset of resisting change and hand in reaching more companies have researched and a natural uncertainty about customers, they would utterly followed a similar framework transformation in general. fail if privacy is compromised. that helps us understand the However, the need for survival important elements of digital during the pandemic has It is vital to realize that no transformation. accelerated the growth of digital customer is ready to enjoy the transformation by several years. luxuries of the digital world by Every digital transformation giving up on the safety net of strategy takes into account 3 Key Aspects of Digital privacy and security. Therefore, certain necessary changes and Transformation that every companies should thrive on this conditions. The elements include business should look into point and ensure privacy and integrating digital technologies cybersecurity related plans are into consumer experience, Different aspects of digital treated as matters of great organizational flexibility, transformation drive the change. importance. operational agility, leadership, It helps focus on the right shifts workforce enhancement, and and make optimum use of the Human-Machine Balance culture. These elements that transformation. Three out of propel the need for digital these many aspects lead the Artificial intelligence is another transformation are also the change and could be the prime chief aspect of digital primary focus areas companies factors that make the difference transformation that calls for work on for a successful shift in in the digital transformation of attention. The misconception the digital world. businesses. about artificial intelligence is that it is about using machines Why was there a delay? Cultural Change to replace humans and human efforts. Digital transformation originated Digital transformation is not just years ago. Although it took a about using technological This does not drive digital while for companies to advancements to ease the transformation. Instead, what understand the actual process, workload and reach more lies at the core of digital many were quick to catch up on customers. It is also about the transformation is augmented its innovative trends. However, change in culture. If the digital intelligence that strikes a the growth of digital transformation plan of a balance between the efforts of transformation was relatively company ignores the aspect of humans and machines. Here, limited until the spread of the culture, the process would be a artificial intelligence does not covid19 virus. dead end. replace humans. Rather, it aids in the betterment of human Companies observed a hesitancy At the heart of all digital efforts. to embrace digital technologies transformation practices lies and digital transformation. While culture. The transformation in For instance, companies could organizations started to make culture is the real moment of use AI to collect customer data plans for the digital embracing digital transformation and analysis instead of manually transformation of their in the organization. getting it done. This practice businesses, it wasn’t the top quickens the process and priority. Privacy Management delivers more accurate and essential details. In turn, it allows Experts indicate that the delay in Digital transformation gives the the employees to focus on the the shift was not entirely privilege to know more about bigger picture of making use of because of digital consumers and their these details to curate better transformation or the myths preferences. It is made possible marketing and service plans. by collecting data and analysis. Mar 2022 \\ Small Enterprise \\ 38

Leadership shapes Digital of digital transformation. enhance enterprises’ Transformation performance, service, and But what’s more important to experiences. Using digital Digital transformation is the structure a successful business advancements like social media, building block of every business strategy is understanding what chatbots, cloud, analytic tools, today. But what drives a the company needs, what the and devices have redefined successful digital employees want and what digital businesses. Thus digital transformation? Let’s face it - actually means to the business. transformation focuses on acquiring and integrating digital In this drive to adopt new leveraging digital technologies technologies in businesses is not technologies, only businesses to improve workplace enough. Strong and with a solid leader ready to engagement and customer understanding leadership is adapt and change will reap the experience, offering an overall essential to have a smooth and success of the digital business development. successful digital transformation. transformation. As a leader, it is necessary to comprehend the crucial aspects Digital transformation has prioritized using technology to - Harshini Venkatasubramaniyan 39 \\ Small Enterprise \\ Mar 2022

COVER STORY | DIGITAL TRANSFORMATION COVID19 PANDEMIC AND THE SPEEDUP OF DIGITAL TRANSFORMATION Covid19 rewrote history in different ways, and it also touched upon Digital Transformation. The pandemic crisis brought about years of change and has altered business dimensions in the digital world Covid19 pandemic changed the business world in the face-to-face. But the lack of ability to conduct such blink of an eye. Today’s digital transformation would in-office meetings paved the way for new ideas and have taken several years to progress if not for the flexible business shifts. pandemic and related restrictions. The need for a rapid shift during the pandemic debunked different myths of Surveys after the pandemic have brought to the digital transformation. limelight the impact of Covid19 in speeding up digital transformation. For instance, according to Mckinsey Technology had cemented a firm place in the business research, responders indicated that companies adapted arena even before the pandemic. Every business was to digital changes 20-25 times faster than they would looking forward to scaling up its plans and creating have actually expected it to happen. technology-integrated functions. However, the belief that it will take more time to enable digital It does not mean that Covid19 began the digital transformation slowed down the process. transformation journey. Before the pandemic, businesses didn’t prioritize the transformation. The When the pandemic began, and governments shut comfort zone of working in their known spaces and down large gatherings and in-person contact, things achieving goals blurred the need for a transformation. started to change. Earlier, meetings and communication were structured to take place only When the pandemic hit, the comfort space no longer 40 \\ Small Enterprise \\ Mar 2022

helped them achieve their real for digital solutions to solve their The Post Pandemic Talk: Changes goals. Businesses understood that workplace and organization issues are much more likely to stay there was a change in consumer coupled with changing dimensions Remember the days of commuting needs and workplace demands. So of customer demand, usage, and to the office, attending the pandemic drove businesses to experience propelled businesses to back-to-back meetings, going the brink of the crisis, and it helped adapt to digital transformation. shopping, and other activities that them realize the need to adopt and demanded you to get out of your adapt to digital transformation. Much before the pandemic, house? Looking back, these days organizations waited to see the sound like a distant memory. The shift in consumer behavior results of digital adopted While companies had trouble businesses. As a result, there was a The world has gotten used to communicating with each other little hesitancy in moving forward. digital transformation in the past and their consumers, the Due to the spread of the virus, two years. Remote working, cyber consumers had different issues. businesses were stripped away security, cloud storage, online The lockdown pushed them to live from the privilege to wait, test, and shopping, etc., is the new routine. within the four walls, and then go forward. They did not want consumption of products and to lag behind their competitors, Today, we talk about the days services of any kind was affected. and thus digital transformation without phones and laptops as a took a giant leap. very alienated past. With these Technology supported growing robust changes in the digital world, online platforms, and online Investment Growth the experiences before the new businesses came to their rescue. The transformation did not just normal in a traditional business Although they had already mean the assets migrated to the layout would also soon become an experienced virtual shopping and cloud and customers engaged alienated version that reminds of interaction, the pandemic created online. There was a significant the past. room for more exploration. In a increase in investments in digital few months, consumer demand for tools. The investments assure that It is most likely that many of these online purchases started shooting the transformation and changes changes will last. In businesses, up. will stick around for a longer time digital transformation during the than expected. pandemic has moved from the The pandemic effects on stage of survival to competency. businesses proved many The critical investments were No longer do businesses integrate assumptions wrong. One of those driven by technological support for technologies to survive in the was the belief that customers remote working, enhanced digital era, as they used to be in valued the human touch and consumer experience, and digital the starting days of the pandemic. interaction, and in-store shopping security. So investments were Today, businesses make intelligent was preferred. With the pandemic made towards increased cloud investments and more innovative and digital experience, consumers storage, artificial intelligence usage, digital strategies to save money started to enjoy personalized and better data security. Such and time and have a competitive interactions and convenient online investments helped them better digital edge over other businesses. shopping. their position in digital transformation. Therefore, with the advent of new Digital Transformation takes a technologies and competitive giant leap The importance given to data plans, there is probably no looking All businesses have a standard security and cyber security has also back for businesses. Digital driving point - customers. When swiftly pivoted. Companies are transformation has become a part the customers started adopting keen on spending to secure of the business world and is here digital practices, the enterprises information about their businesses to stay. were compelled to shift. The need and consumers in the digital space. - Harshini Venkatasubramaniyan Mar 2022 \\ Small Enterprise \\ 41

COVER STORY | DIGITAL TRANSFORMATION DIGITAL TRANSFORMATION – WHY & HOW One solution! One plan! One investment! Digital Transformation. SMEs have a right to wonder what digital transformation implies for the future of work. How can we shift gears quickly and make them bigger? What tools and processes will impact the business world in the future? It's about digital transformation and the measures to use technology to improve the customer experience. The most successful businesses will have a Change your way… not your goals, as digital long-term outlook and be willing to adapt to transformation aids in the evolution of a company's change. To that aim, industry leaders will assemble employees. Small organizations may prefer staff the necessary personnel and digital resources to who can work autonomously and remotely. The transform the customer experience to meet customer most forward-thinking companies have discovered expectations. new methods to engage with customers through digital communication channels or virtual Small firms must adapt their workforce approach experiences and became the wine of a kind. while addressing the future of work. Pandemic Has Impacted the business owners to consider how and witness a significant rise in web Customer Experience they've been operating compared traffic. They started to scale up There's no denying that the recent to how they could better satisfy using cloud tools and technology their consumers' requirements. while downsizing in-person sales epidemic has significantly impacted and services. A must-accept The pandemic imposed constraints approach is to invest in digital both businesses and consumers. It on SMEs, forcing them to go digital solutions that modify workflows to transformed the way people live, work, and play worldwide. It forced 42 \\ Small Enterprise \\ Mar 2022

meet todays and future needs. Broaden Customer Base transformation, mainly revenue. A company's market reach is Technology-adopting SMEs have What is Digital Transformation? limited if it has an offline presence shown to be highly profitable, and Digital transformation (DT) is the so unwind the tornado… by as you know, your tech-touch turns process of reimagining a complete digitizing your entire business everything to 'sold.' business strategy by incorporating model. Customizing technology cutting-edge digital technology and having an online presence The problems that SMEs face today into strategic goals and allows SMEs to expand and in terms of digital transformation organizational changes to increase improve their game in domestic and how they may overcome them revenue faster than you can think. and international markets. to plan for future growth Technology providers have recognized and profited on the The digital approach will enable We observe the below-mentioned power of breakthrough SMEs to expand into new markets, digital transformation problems technologies such as Cloud, Mobile competing with industry giants. that SMEs confront based on our Apps, Social, Sensors. With E-commerce platforms break in-depth research on various SMEs. next-generation solutions being through geographical barriers by This article outlines the difficulties produced at the intersection of enhancing client experiences and and offers suggestions for these forces. Digital transformation developing better supply chain navigating the journey. is all you need, and implement new solutions. This enables businesses technology to ensure customers' to sell 24 hours a day, seven days a Overcoming On Fear scalability and elasticity. week, and rapidly expand their Entrepreneurs are part of business consumer base while incurring networks where digital Why Should SMEs Hasten Their minimal operational expenditures. transformation is constantly Digital Transformation? discussed, which puts immense Pave your way towards your dream! Enhanced Operational pressure to go digital. However, just Early adopters of digitalization Effectiveness because the rest of the world is immediately found that speeding Thanks to digital transformation, going digital doesn't imply your up their digital transformation gave SMEs can look forward to getting company should, too. Asking them a competitive advantage. bigger and reducing overall detailed inquiries is a beautiful idea. Digital tools are user-friendly and spending by improving operational Is it possible for your product or straightforward to implement and and marketing costs. ICT or service to be supplied digitally? are cost-effective and reasonable. Information and communication How digitally savvy are your Despite the benefits of using digital technology, digital integrated customers when consuming or technologies, many SMEs are production planning, shop floor purchasing your products? trailing behind when it comes to control, supply chain solutions, and embracing digital transformation. cloud-based ERP are IT-driven More importantly, are customers innovative tools and approaches prepared to pay a premium for the Companies hesitant to embrace that have improved the operational added value that digital provides? If digitization may find it challenging efficiency of SMEs in the not, then it is worth waiting. to stay competitive as competitors contemporary environment. leap ahead. To get a better pulse on Dare To Start why SMEs need to speed digital Increase in Revenue “It's Not Worth If It Doesn't Scare transformation, let's look at where Revenue is a company's most You” small firms stand and how the crucial goal; the more the revenue, front-runners are faring since the faster the company grows. A common belief among SMEs is making the transition to digital Offer customers something in the that they must invest heavily and tools. digitized way they can't refuse. comprehensively to go digital. This Businesses have experienced a causes issues on both ends of the Always stand first and keep going massive impact due to digital scale. Many people are afraid to try ahead with these metrics: because of the amount of work and investment required. Others put in too much money and don't see any Mar 2022 \\ Small Enterprise \\ 43

returns. Digital transformation is a stay motivated as your digital knowledge base for self-service and learning experience. Before settling transformation progresses. frequently asked questions. Use the on and implementing a specific phone and other avenues for more approach, it is necessary to try out a Roadmap complex or subtle problems and few modest things. Create a timeline for when Business questions. Owners will complete the digital Experiment with various digital transformation over the next three Editors’ Pro-Tips ideas, launch them, collect data, years to select the finest tools and and decide which to preserve and techniques. Keep in the loop with Use CPC (Cost per Click) or PPC invest in. industry trends and technologies. (Pay Per Click) to obtain the The state of digital transformation desired outcomes and increase Start Line is constantly changing. To be a earnings. You know your destination… trailblazer, you'll need to remain on technology will make you reach it. top of new techniques, tools, Contact professionals who are A common issue is not knowing technologies, and best practices. always up to date on the latest where to begin. Even if business developments. They can ensure owners are confident that digital is Spend quality time analyzing the the best return on investment the way to go, no formal structure new technologies that will have the (Return on Investment). tells them where to start or how to maximum impact while also begin. As a digital strategy, take enabling you in future innovation Final Food for Thought small steps such as investing in and adaptation. Hint: For a Facebook or LinkedIn advertising completely digital organization, Define yourself in an entirely new while cutting back on traditional cloud-based phone systems way to better succeed with digital advertising or turning your sales combined with software transformation. The most support and customer service into a integrations provide a total unified significant impact of digital digital experience, subscription communications solution that is transformation is that several service, or an e-commerce dynamic and agile. formerly non-tradable services have platform. become tradable, allowing offline Automation enterprises to explore more Begin Small Dream Big As part of your digital strategy, alternatives online. Two areas are good places to start: prioritize the use of automation and artificial intelligence. Consumers expect superior \"digital\" Create an excellent and Investigate your alternatives for a accessibility, ease, and functional website to facilitate reputable cloud-based phone personalization in all of their company transactions and system provider with open API commercial operations in this customer communication and technologies. Better yet, find a thriving economy. Customers under establish your online presence. vendor who will let you add and the age of 35 prefer to explore and Spend a proportion of your remove digital tools as your needs transact online using digital rather revenue on marketing and change. than other traditional means. As a advertising. result, SMEs must prepare to Utilize data-gathering tools to allow service \"digital natives,\" as digital Increase your current digital your staff to customize and transformation is necessary. advertising expenses to personalize encounters. AI and determine the return on machine learning provide you a investment? better picture of the client experience, allowing you to keep These simple ways will offer you them engaged. Make use of a small victories that will help you - Maeen Tanweer 44 \\ Small Enterprise \\ Mar 2022

COVER STORY | DIGITAL TRANSFORMATION WHAT DRIVES DIGITAL TRANSFORMATION? Digital transformation has equipped businesses with robust changes and flexible plans. But at the core of the global shift lies the critical question of what drives digital transformation at macro and micro levels. 45 \\ Small Enterprise \\ Mar 2022

Digital transformation has changed every aspect of a has witnessed exponential growth, especially in the business. From the way communication takes place form of digital transformation in the last couple of to different delivery methods, the transformation has years. rebuilt organizations across different industries. The rapid growth of technology coupled with evolving The growth of digital transformation took place in consumer behaviors and workplace demands has the blink of an eye, quite metaphorically. Businesses accelerated this shift. worldwide have changed their foundational structures. Entrepreneurs, employees, and customers In what is now called the Fourth Industrial Revolution, - all of them - seem to adopt digital transformation. businesses are reimagining their goals and plans. The But at the core of this global shift lies the critical silent digital revolution that began in the last century question of what drives digital transformation. Outdated & Newer organizations saw a chance for Companies were soon to follow Technologies growth, it was often hindered by up on this trend. Powered by the The chief factor that leads the legacy technologies in use. It changing consumer expectation, entire digital revolution, seized new opportunities, and so firms like Uber and Netflix including the escalation of businesses were in search of a redefined their businesses. The digital transformation, is solution. emergence of such shifts only undoubtedly technology. It has strongly changed consumer changed the way people think When digital transformation behavior and vice versa. and live. Moreover, the impact presented itself, it had the of technology on businesses is solution for all of their concerns. Covid19 and Survival Needs the beginning of disruptive The real-time analysis and Such drastic developments of growth. digital experiences pushed back digitally mature firms caught the the legacy technologies that eyes of the business world. Digital transformation slowly were already on the brink of Organizations were planning to began when people found the being ignored as outdated. In make a slow and steady digital advantage of newer addition, digital transformations transformation. Most companies technologies and experimented brought home the flexibility and were waiting for the others to in businesses. The ability to agility businesses struggled to try and pass/fail to learn from store assets in the cloud, the find with old systems. them and make better decisions. advantages of social media, and the enhanced interaction using It also cut out a lot of expenses However, the pandemic and chatbots, all attracted caused by the legacy tech. restrictions forced businesses to businesses. It showed the Therefore, the outdated implement digital potential outcome and gains of technologies and newer tech transformation immediately. As a digital transformation. innovations gradually initiated Darwin proposes, evolution the lead for change through worked again on the theory of However, there is more to this digital transformation. ‘survival of the fittest.’ technological influence on digital transformation. Although Changing Consumer The need to do things newer technologies and Expectations immediately silenced the need integrating them into businesses When B2C companies picked up to do things perfectly. Digital sparked the transformation, newer technologies to outshine transformation gained outdated technologies played a the market, they began to alter momentum, and every business significant role in this transition. consumer behavior and prioritized the change. In the expectations. Just like past two years, businesses Wondering how? The prevalence businesses, the experience of across different industries have of old methods caused many new tech changed the likes and invested in digital technologies. obstacles to businesses. When actions of consumers. There have been comprehensive Mar 2022 \\ Small Enterprise \\ 48

and unique transitions outdated tech, embracing new Culture and Leadership happening in multiple fields. So tech, and changing according to This brings us to the crucial as businesses survived, digital customer expectations to driving point that leads to this transformation accelerated. surviving a crisis and trying to change. While technology is the build a competitive edge in the fundamental component of Digital Edge digital world. digital formation, a culture with Two years into the survival crisis, a digital mindset inspired by reaping the benefits of digital Beyond Tech solid digital leaders helped transformation slowly changed The drive of digital mature digital companies stand the factors that led to this transformation at the out. change. From the need for micro-level is about the survival to wanting to stay ahead necessities. At organizations, Other Factors in the competition, digital what led to the transformation The vast savings on using digital transformation improved goes beyond technology. As technology shifted both small businesses. businesses started to embrace and big enterprises towards technologies, they learnt the digital transformation. The Today, the changes accelerated need to balance technology and transition brought them closer by digital transformation and people. to customers like never before. individual strategies of different The benefits of digital organizations make a difference. The digital transformation gave technologies deeply impacted Every business is working on its them that balance. It supported every organization and drove own digital transformation both technology and people. them towards integrating digital strategy to have a competitive With a digital culture that transformation. digital edge over others. worked towards success, digital transformation was the best find At the macro level, the change that led people to use that led to digital transformation technology to achieve their was impelled by different goals. factors. It ranges from shedding - Harshini Venkatasubramaniyan 49 \\ Small Enterprise \\ Mar 2022

COVER STORY | DIGITAL TRANSFORMATION DIGITAL TRANSFORMATION FRAMEWORK The world is going through a continuous transition. Technology is advancing as well, and businesses are finding new ways to develop and evolve successfully. The always used processes are no longer enough to keep a business going. In the current scenario, clients are more informed and technologically savvy. They also want a company to be updated and connected to them. Digital transformation is the savior of businesses in Digital transformation frameworks allow businesses this regard. It’s a process that helps companies to have a roadmap of transformation strategies. incorporate digital technologies into their business, Below we shall be discussing digital transformation which is becoming crucial. The businesses are on their frameworks, their importance, advantages, and how journey to discover new patterns, standards, and companies can apply them. processes to reshape themselves to be up to date. What is Digital Transformation transformation. It includes rules section of that Framework? and a long-term strategy with no company/organization gets left The Digital Transformation guesswork. Entrepreneurs and aside during the transition framework refers to a system that business leaders use this tool to period. Hence, it acts as the way determines how a business will analyze their company and for businesses to evolve and pave the way through a rearrange it as per the current change. It’s a central idea of transition period and stay digital economy trends. business success, especially in up-to-date due to the current the present scenario. It includes evolving business conditions. It This framework is simply a tool strategy and roadmap for all guides a company to get through helping organizations guide types or sizes of businesses to the tricky part of digital them through their transition evolve and reach success in the journey while ensuring that no 50 \\ Small Enterprise \\ Mar 2022

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