#3 Challenges Overseas Entrepreneurs Face In India
Today, a host of foreign-based organizations are marking their footprints in India Inc for the most obvious reasons like abundant availability of resources, cost-effective manpower and ease in doing business.
The 2017 World Bank Report places India on 130th rank, a level up from what it was in 2016. This clearly implies that rise in the number of lucrative opportunities are luring various foreign-based organizations to start businesses in India.
Unforeseen challenges are part of entrepreneurial journey and the Entrepreneur India enquired from the founders of a few foreign-based organizations about the key challenges they faced while setting up their businesses in India.
Regional Policy Hiccups
Having worked within smooth and favourable policy framework in world's top economies like the US and France, entrepreneurs often find it tough to deal with time-consuming procedural work when they come to India.
In a chat with the Entrepreneur India, President of Bahrain-based Bramco Group and Founder of Ka Design Atelier, Kanika Dewan pinpointed challenges like bureaucratic red tape and bribery practices to be overcome in India. India-born, Bahrain-based entrepreneur Dewan is not just the face behind the designing of two of the world's largest airports —The New Delhi International Airport: T3 and Chattrapati Shivaji International Airport. She is also an activist who works to eradicate corruption.
Sharing her experience, she said while working on her projects in India on several occasions she was asked to bribe government officials to clear penalties for sending raw materials from one place to another, but she refused to do so.
Lack Of Awareness And Education
Working for more than 20 years now, French Lens making company Essilor has earned repute for itself when it comes to eye-care. On his recent visit to India, Hubert Sagnieres, Chairman & CEO of Essilor International, talked about the challenges his company faced while setting up the business here, in an interview with the Entrepreneur India.
Sagnieres said, "We have been working in India for more than 20 years now. India has multiple resources and potential to grow but lack of education and awareness is holding back the country in the race in eye-care."
"When we started in India, lack of awareness was one of the major challenges to fight against. People had no knowledge and information about eye-care, then. The sector is still struggling to cater to the needs because of the missing access points for people to know about eye-care," he added.
Lack Of Vision Towards Leadership Skills
Born an Indian and raised in the US, the founder and Global CEO of Cvent, Reggie Aggarwal, started his entrepreneurial journey in the US and then expanded operations in his home country, India.
While explaining his rollercoaster journey, which was full of ups & downs, Reggie talked about the challenges he faced while setting up the business in India.
Reggie told, "Initially, it was very difficult in India. One of the challenges was the struggle in getting quality leaders. We invested on quality people, evaluating them on the basis of their nature of job."