India is the rapidly growing financial health with one of the largest populations of the world. India has over 50 cities with population of millions of people. One of the strengths of India regarding economic growth and business development is that India has heavy network of banking institutions, financial organizations and an organized financial market. The market varies across many of its regions and areas.
Fundamentals While Having Businesses in India:
If you are planning to start business in India there are the necessary things you should consider before starting or thinking starting business in India:
Patient Attitude:
In India, business moves a bit slower because business and marketing people use to take their time. They like to think and plan for things and then decide whether to indulge in a business or not. If you are deciding to start business relationships with any person, group or company, you should be patient and give them time to set their views and decisions. Things might take days, weeks or months to be decided. The same strategy is followed in France, London, Hong Kong and New York.
Travelling Insight;
In India, Business is not confined to one and same place. If you are starting a business in India, you need to travel to other business places, departments or branches for the growth of your business. The biggest business centers and business markets of India are Delhi and Mumbai. In order to expand your business, the travelling insight is necessary. Person cannot expand or growth of business cannot be done by sitting at one place.
Flexible Attitude towards Time Strategy:
India is one of the countries which is thought to follow 9 to 5 Business Timing Strategy for their business concerns. In spite of this system, most of the business people in India like to arrange long meetings which might start in the early morning or in the last evening. They might start their business meetings or procedures late so a person who is new in this era must stay flexible to the timings. Last minute changes are one of the part of Indian Business Processes. Business meetings, Lunches, Dinners, Conferences or appointments' might be postponed, rescheduled or cancelled in the very last minutes, so a flexible attitude would be beneficial for business people.
Important Dates and Religious Holidays:
India has a countless number of religious and cultural holidays which might change depending on the religious year or Calendar year. Most of the holidays are observed and assured by the State Government. If you are new in India or moving to India for business purposes, please do not go on sacred or religious events or days.
Different types of Formality:
In India, you might face different types of formality and getting used to those types would be beneficial to develop business in the Indian market. On one hand, business people prefer politeness and deal very politely with people. But on the other hand, some business people will not discuss frankly until they trust you and your business purposes.