Components You Should Follow to Run a Successful Business

“A business has to be involving, it has to be fun, and it has to exercise your creative instincts.” – Richard Branson

Running a successful business needs several factors – analytical thinking, customer-friendly marketing approaches, detailed market research, and so on. To have a great success in your business, be flexible in planning and implementing. It’s important to be aware of strengths and weaknesses of your competitor since you play in a highly competitive world.

There have been thousands of books articles about how to run a successful business, but it is difficult to implement such things in the real time corporate world as business functions keep growing. However, tips and techniques from articles and books may help you think to create new strategies. Now let’s see some of the components you should follow to run a successful business.

Focus on Online Presence

Developing a dynamic corporate website is one of the key approaches that your business needs to capture a digital space. According to the E-commerce Wiki, almost 88% of consumers do research online before purchasing in a supermarket. A common website which shows pages with content like who you are, what you do, and why we differ will not suffice for many large businesses. To have a great online presence, your site should contain:

  • User-Friendly Website Navigation
  • Call to Action
  • Highlighting Your USP with Infographics
  • Creative Descriptions on Your Products or Services
  • Contact Information with Google Maps Link
  • Testimonials from Customers
  • FAQs Section

Apart from the content on your website, you have to use social media that can play a major role to promote your business. With pages in Facebook, Twitter, Instagram and other social media, improve online presence to make your services or products succeed in a digital world.

Customer Service

By and large, customers will not contact a company by which they had a bad service experience. If you have a good professionally trained customer service team, you can enhance your customer service team for providing customer-friendly service ahead of your competitors. Among the pool of customer service tips and techniques, find out some of them. Your customer service team should:

  • Always use positive words in communications
  • Give credence to customer complaints
  • Organize a team that can meet any challenges
  • Practice effective communication with customers
  • Provide customers statistics-centric data

Maximizing Marketing Efforts

Marketing plays a major role in business success. To get productive results in both the short- and long-term, maximizing marketing efforts is essential. There are several approaches to market your products and services. Here are a few that makes you think much more.

  • Advertising your business online
  • Use a creative marketing kit
  • Conduct free workshops related to your products or services
  • Have  a tie-up with professional organizations
  • Send out promotions with your invoices

Redesign Your Business

Your business infrastructure needs updating. So, focus on introducing latest technologies and innovative marketing strategies, create a new competitive advantage, find out a niche market and discover an investor. You should redesign your business model with the elements that can survive, evolve and succeed in any stages. When you redesign, market research and planned budget are essential to deliver a great service or product in the early stages.

Become a Trendsetter in Your Business

Once you start a business, you’ve already kick-started the journey of becoming a trendsetter. The corporate world is ever-evolving. Things that have a huge popularity now will no longer be in next years, months, weeks, and even days. Trendsetters often change the trends. Sometimes they go back to bring old wine in new bottles, but most of the times they want to make innovative elements in the trends they want to set. If you can be a trendsetter in your business, you can run a successful business. Asking the questions given below will help you develop ideas for becoming a successful business trendsetter.

  • How do I become a trendsetter in my business?
  • Where can I get ideas to know a present trend?
  • How do I spot and apply hot trends?
  • How can the financial crisis impact my business?
  • How will elements in my business affect the society?
  • What are good and bad trends?
  • What are the present trends in my business?
  • What types of trends are likely to affect my business functions?
  • What will be the next Tesla or Amazon?
  • What is the right time to introduce a new trend?


A combination of the above tips and techniques is absolutely essential if you want to run a business. In order to stay competitive in your business, you need a strong understanding of your business concepts. Based on the elements of key concept of business, you can market your business with the power of latest technology. Make sure to continue your efforts and stay positive even under risky situations. Time management is also essential. Whenever there’s a need for a sharp deadline, you should be ready to perform it within a given time. Apart from all these things, let’s see some other key elements that will make your business successful.

Money: Running a successful business needs an expensive budget. You need to focus on controlling and managing loans, investments, capital amount, and/or revenue to make financial function of your business go smoothly.

Pricing: Adopt a right pricing strategy. If your products or services are too high, you restrict your customer base. If they’re too low, your products or services may look substandard. So it is better to price a product or a service after a market research.

The right customers and clients: The most successful companies should be able to discover the right customers and clients as marketing their products or services is around them.

Less competition: As the market is already filled with several types of products and services, you should find out a less competitive product or service.

Need: If your product or service is not the choice of customer’s needs for the time being and in the long run, your business success may become a question. Diligent market research is essential to find out the needs of customers.


Business Opportunities in India for Foreign Investors

In the year 1991, India was faced with an economic crisis which led the government to initiate economic liberalization. Subsequently, FDI (Foreign Direct Investment) gradually escalated in India. 

The UNCTAD (United Nations Conference on Trade and Development), with its World Investment Report, 2020 states that India stood as the world’s 9th largest recipient of FDI in 2019 with an inflow of 51 billion USD.

As per the global investment trends monitor, No.38 by UNCTAD, the global FDI experienced a collapse in the year 2020. It dropped by 42% from 1.5 trillion USD (in 2019) to about 859 billion USD, by the effects of the pandemic. However, India defied this global FDI flow trend. In 2020, its FDI inflow grew by 13%, to 57 billion USD as compared to 2019. India was one of the only two countries in the entire world, that experienced an FDI rise in 2020.

So why is India becoming one of the top destinations of foreign investment?
The number 1 reason India is attractive to foreign investors is its promising market size. India is a rapidly growing economy & ranks as the 5th largest economy as well as the 3rd largest by purchasing power parity (PPP). It also has the 2nd largest population in the world, about 1.3 billion. The medical journal ‘The Lancet’ published an analysis that forecasted that in 2048 the population of India may peak to 1.6 billion. India is anticipated to have the largest working-age population by the year 2100, which would be about 578 million.

By 2025, the country’s consumer market is expected to grow four times. More and more foreign investors are realizing the consumer market size of India, the potential of rapidly growing Indian private companies as well as the benefits of its cheap human resource.

India’s economic growth chiefly depends on the FDI investments hence it has liberal foreign direct investment policies. Several sectors in India have foreign direct investment raised to 100% which confirms that the government is keen on welcoming foreign investors to invest in most of the sectors.

India has a robust & diversified industrial base to produce a broad range of goods and components vital for several sectors like automobile, textiles, chemicals, consumer durables, FMCG, healthcare, etc.

The government offers easy access to credit as well as has simplified the approval procedure for forming and upgrading logistics for smooth transportation & exports.

The World Bank’s annual report of 2020 on The Ease of Doing Business (EOBD) mentions that India escalated by 14 points and positioned itself at 63rd rank amidst 190 countries of the world. The Indian Government’s focus on ease of doing business has significantly attracted global investors.

India ranks as the 4th largest foreign exchange reserves holder country in the world with 584,554 million USD (as of 26th February 2021). This country’s sturdy, escalating foreign exchange reserve ensures secured on-time payment for profit & portfolio outflows repatriation.

A Digital Revolution was instigated by the Indian government’s policy decision taken to boost electronic transactions. It also plays a vital role in attracting foreign investors.


Business Opportunities in India in Diverse Sectors

In 2019, India globally ranked as the 4th largest automobile market. India positions itself as the leading heavy vehicle manufacturer in the world. It is the largest tractor manufacturer in the world. It globally ranks as the 2nd largest bus manufacturer & 3rd largest heavy trucks manufacturer. By 2026, this Industry of India is anticipated to reach up to USD 282.8 billion. It has a 7% share in India’s GDP.

India stands as the 2nd largest mobile market in the world and has nearly 1.1518 billion mobile phone users. It also positions as the 2nd largest telecommunications market in the world, and it has a subscriber base of about 1.2 billion. It has a 7% share in India’s GDP.

The Indian government’s ‘Digital India programme’ lead to a surge in the number of Internet connections in India which is nearly 760 million, as of August 2020. This ultimately led to a boost in the E-commerce industry in India.

The value of the Indian e-commerce market is 84 billion USD in the current year. India’s E-Commerce may grow up to USD 99 billion by 2024 at a CAGR of 27% from 2019 to 2024.  Online Retail and e-commerce together offer a 10% contribution to India’s GDP.

India ranks worldwide as the 6th Largest Chemicals Producer. The Market value of India’s Chemicals & Petrochemicals sector is about 178 billion USD and is expected to grow up to 300 billion USD by 2025. India is one of the leading dyes suppliers of the world and satisfies 16% of the global demand for dyes and dye intermediates

India is identified as the world’s largest diamond processing center, also accounts for around 95% of processed diamonds of the world. It plays as the largest cutting & polishing center for diamonds in the world and is fortified by the policies of its government. The gems and jewellery sector of India is one of the largest sectors of the world & has more than 300,000 gems and jewellery businesses that fulfill 29% of global jewellery demand.

India is considered the hub of the international jewellery market due to its low costs as well as a highly skilled labour force. This sector contributes nearly 7% of India’s GDP, also around 15% of the total merchandise exports of the nation.

Raw materials essential for the production of textiles and garments like jute, cotton, silk, wool, artificial fibers, are abundantly obtained in India. Hence, India is one of the largest producers of textiles & garments across the world. India’s Garment Industry is worth one trillion INR. Due to the favourable FDI policy of textiles in India, this industry is highly chosen by foreign investors. This year, India’s textile exports may reach up to 82 billion USD and are anticipated to grow up to 300 billion USD by 2024.

The domestic textile & garment industry has a 2% share in India’s GDP.

India has around 800 biotechnology companies that play a vital role in the country’s economy.

By 2025, India’s Biotechnology industry is projected to grow up to 100 billion USD at a CAGR of 30.46%. India positions 12th in the global biotech destination & 3rd in the Asia-pacific region biotech destination.

India is the leader of the global generic drug market. This country is the source of nearly 60,000 generic brands within 60 therapeutic groups & it solely meets 40% and 25% of generic drug demand of the US & the UK respectively. It is also the world’s largest producer of vaccines & fulfills more than 50% of the vaccine demand of the world. It produces over 500 diverse Active Pharmaceutical Ingredients (APIs). India’s pharmaceutical exports were worth 25 billion USD in the year 2020.

In 2020, the International Monetary Fund (IMF), based on per capita income positions India at 142nd rank by GDP (nominal) also 124th rank by GDP (PPP). Almost 60% of the GDP of India is made by domestic private consumption, in addition to that, it is the 6th largest consumer market in the world

What Every Foreign Investor Must Know Before Investing in India

India ranks as the 5th largest economy in the world. It globally ranked 6th largest by nominal GDP & 3rd largest by PPP in 2020. In 2021, the estimated nominal GDP of India is 2.8 trillion USD and its estimated GDP per capita (PPP) is 9.56 trillion USD.

India is preferred by foreign investors to invest in mainly due to its prospective market size. As per a report of The World Economic Forum, India would become the third-largest consumer market & its consumer spending would be about 6 trillion US dollars by the year 2030. India is the second populous country in the world with a population of about 1.39 billion and thus offers the advantage of cheap human resources. UNCTAD through its ‘World Investment Report 2020’ states that in the year 2019, India was the 9th largest receiver of FDI with an inflow of about 51 billion dollars. In 2020, while the global FDI collapsed due to the effect of the pandemic, but the FDI in India escalated by 13% in comparison to the previous year.

To boost the economic recovery in the post-covid times, India is reforming its foreign direct investment norms to attract more foreign investors in the diverse sectors. Hence there is an avalanche of opportunities for foreign investors in India.

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Foreign Investors must know a few things before investing in India. Let’s discuss them.

Ensure That the Chosen Sector for Investment is ‘Not FDI Prohibited’
Foreign investors investing in India must ensure that the sector they are wanting to invest in is FDI permitted.

Although India permits FDI in numerous sectors, there is an absolute FDI prohibition in certain sectors. The list of FDI prohibited sector in India includes:

  • Lottery business (includes government/ private lottery, online lotteries, etc)
  • Gambling & Betting Sector including casino (All the forms of Foreign technology collaboration in the Lottery Business, Gambling & Betting sector like licensing for franchise, trademark, brand name, management contract is also not permissible in India)
  • Chit Funds
  • Trading in Transferable Development Rights (TDR)
  • Manufacturing Cigars, cheroots, cigarillos, cigarettes, Tobacco, or tobacco substitute products
  • Nidhi Company (A type of Non-Banking Financial Company)
  • Activities/sectors not accessible to the private sector investment. E.g., Atomic Energy and Railway operations
  • Real Estate Business or Construction of Farm Houses (Real Estate Business does not incorporate the development of townships, construction of residential /commercial premises, roads or bridges, and Real Estate Investment Trusts (REITs) registered and regulated under the SEBI (REITs) Regulations 2014.)

Know the FDI Restrictions for ‘The Border Countries’

According to the government’s ‘Consolidated FDI Policy circular of 2020’, a non-residential entity can invest in any FDI permitted sectors in India, in compliance with the country’s FDI policy. But an entity from any of the countries sharing the land border with India, which includes: China, Pakistan, Nepal, Myanmar, Bhutan, Afghanistan & Bangladesh can invest in India only via the Government route. This means that they must get approved by the Reserve Bank of India (RBI) or the government of India before investing in India. This regulation is applicable even if the beneficial owner of the investment is located in or is a citizen of any of these nations.

Particularly, the entity/citizen of Pakistan cannot invest in the sectors of defence, space, atomic energy as well as the FDI prohibited sectors.


Understand the Duties and Liabilities of The Director

According to the Companies Act, 2013 of the Ministry of Corporate Affairs, Government of India, a foreign national can be appointed as a Director of an Indian company. But the person must comply with the below-mentioned criteria:

  • The person must obtain Director Identification Number (DIN) prior to getting appointed as a director of an Indian company.
  • The person must furnish DIN & pronounce that he is ‘not disqualified’ from becoming a Director in acquiescence to this act.
  • The person must present his written consent to undertake as director in the Form DIR-2, which must be registered in 30 days from the date of his appointment.
  • The director is responsible for fulfilling the duties of Directors as well as statutory liabilities listed out by the Companies Act, 2013. In the instances of misconduct by the director, fines & penalties can be imposed.


Make Certain That the IP is Protected

In India, IP ownership differs under varied IP laws. If the IP is not validly assigned by the company then it is by default owned by the employee or the contractor. Hence, for a business whose value essentially depends on its patents & intangible assets, it must make certain that the IP is validly assigned as well as owned by the company. To validly assign the IP, a deed with stamp duty paid is mandatory.

Set Expectations Accordingly

Investing in any sector in India involves a regular compliance filing with the Reserve Bank of India. It is obligatory even if no approval is needed for the transaction. Hence it is usually a time-consuming process. Even if the negotiation & signing of the main transaction documents can be accomplished very promptly, the procedures for closing such as receiving the shares certificate, getting appointed to the BOD, tax identification information, etc. are usually slow-moving.

Be Aware of The Pricing Guidelines

Because India is an economy with exchange controls, the RBI (Reserve Bank of India) proposes the pricing guidelines for the Non-Residents for acquiring the capital instruments of Indian companies. For instance, the price of the capital instruments of an Indian company that is listed on the recognized stock exchange of India should not be less than the pricing in conformity to the pertinent guidelines of SEBI. If it is not listed on the recognized stock exchange of India, then the price of the capital instrument of the Indian company should not be less than the fair valuation of capital instruments made by a SEBI registered merchant banker or a chartered accountant.

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