Whether you are looking for your first job, or looking to have a shift in the career, one thing is for sure that we all look to work in a sunrise sector. Sunrise sectors are typically those sectors which are in a growing phase and have the potential to generate employments and give good salaries to the people working in that sector. In this article we tell you how to identify a sunrise sector.
1. A shift in Government Policies
Whenever a sector is looking promising, the industry bodies of the sector lobby to the government for better policy framework. As a result you will see that Government often gives tax holidays, forms a neutral policy framework and offers incentives for the entrepreneurs to enter into the sector. So keep an eye on news based on government policies you may be able to find a good hint for finding yourself a good career.
2. Benefits to the Associated Sectors
Sometimes the ripple effect of the policy framework may also help in the associated sectors as well. A good example is when the coal sector is put in order it improves the power sector as well. A similar analogy is that of Telecom sector & IT sector. Whenever telecom sector progresses the IT industry is the direct beneficiary of it.
3. Startup & Funding Scene in the sector
If you notice that new companies are entering in a particular sector, or banks or private lenders are lending money to the companies doing business in the sector then it is definitely a sunrise sector. A good example is the public transport sector where a lot of cab companies are entering, and private investors have also invested a lot of money in them.
4. Market Signs
If there is a turnaround for a sector and is going to generate a lot of opportunities for the future than even stock markets react to it. A good example here is that with the change in the government everybody felt that a lot of new infrastructure opportunities will arise in India, hence the stocks of companies doing business in Infrastructure sector had a good rise.
So always keep your eyes & ears open and look out for these 5 possible signs and you will definitely find a great opportunity in a sunrise sector.
Jitu is Co-Founder of Mantras2Success. He has Engineering & MBA degrees to his name, along with 10+ years of corporate work experience in fortune 500 companies. Jitu is passionate about improving the careers of the modern day professional. He would be reading books or watching documentaries if not fulfilling his dreams at Mantras2Success.