Emerging Businesses: Regulations And Beyond

We are seeing a rise in emerging businesses, who essentially lie between what one would describe a startup and a company to be. In an environment where everyone is predicting galloping growth for the Indian economy, it is necessary they deal with regulatory issues judiciously.

Recognising the importance of this issue, BW Businessworld organised BW Businessworld Emerging Companies Award and Summit 2022. In conversation, Dr Annurag Batra, Chairman and Editor-in-Chief BW Businessworld and Exchange4Media speak to S. Ravi, Chairman and Director of TFCI about these issues. 

With the Indian economy expected to grow by leaps and bounds in the coming time, emerging businesses will have to keep their radars up. “The pressing issue for these companies is the cost of compliance for them. This can come down drastically if AI is used,” said Ravi.

<iframe width="560" height="315" src="https://www.youtube.com/embed/m6toTons3B8" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe> 

However, some errors are made by the business owners and founders themselves. Commenting on this Ravi said, “They are too obsessed with their ideas. They have to be flexible and very fertile in their imagination.” Improvisation is a necessity to make progress, especially for companies who have to look at changing market situations.

One of the ways to move ahead is by taking in the advice of effective mentors. “Advisors and mentors can be people who can polish the ideas. A mentor can be a risk manager also, an entrepreneur also,” said Ravi, Mentorship has to be backed by a strong business model which can be further consolidated by using AI. 

Small businesses are the backbone of the country and manoeuvring their way effectively is the key to success, he added.