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Entrepreneurship has become a well-known term amongst youngsters, thanks to the widening penetration of digital media and a lot of easy access to a deeply thought content. Having said that, it must be understood that this has been a sole reason for an upsurge in competition, leading most of the budding entrepreneurs to be highly focused on the uniqueness of products or the services that they offer. It’s imperative for an entrepreneur to understand that, even though there are no specific barriers regarding the product offerings, it should be noted that there is no particular industry that is easy to break into.
Below are the 5 basic things that every entrepreneur needs to keep in mind before starting a startup in India:
1. Understand your target audience
It doesn’t make sense to try and please each and every individual so the foremost important feature of any business is to understand the needs, wants and the demands of a target audience/group. Startup market is bursting with competition at the moment, so it becomes necessary for the entrepreneurs to be familiar with various trends and the changing consumer preferences.
2. Hire experienced + fresh minds
Expertise in human resource management is the key to a successful business. There is no substitute for experience as what you are starting is very new, which requires a keen insight into potential future obstacles. However, you cannot discount the requirement for a fresh perspective, which is commonly possible with the infusion of young generation into your work force. At a time when the youngsters will provide you with innovative ideas and solutions, nurturing them into real life solutions keeping practical constrains in mind is borne by veterans.
3. Be ready to get your hands dirty
You are the founder, but you should always be ready to do whatever work that comes your way. Be approachable, so that you find yourself deep into any problem that might occur while you are trying to strengthen your startup. You should do the initial research on your own and develop an understanding about the market, strategies, different kind of people you will face etc.
As there is an extensive competition in the market, one cannot afford to turn a blind eye on the impact of marketing. Your business needs to be connected to an extremely feasible marketing plan that would help your product to reach the right place. Your business should not go down due to your low marketing budgets, use each and every marketing medium properly. Marketing helps you build you brand. A solid digital strategy helps you to sustain in this highly competitive startup ecosystem and helps you to reach your audiences fast as compare to traditional marketing channels.
5. Focus on brand building instead of running after money at the start
Before starting a startup, you should never be of a mindset that you will start getting profits from the very first day. It takes time, strength and perseverance to build something of stature. By doing so, you will be exposed to a lot of customer experience which will be more valuable than money in the long run. One can save money by hiring limited people at first who are likely to yield revenue growth in the near future. Your first year is the most critical, so if you are making enough to sustain in the first year of your startup, that should also be seen as good sign. You should just have a business plan ready to keep things from getting nonfunctional.
Jayesh Desai is Founder & Chairman – Shareconomy and Chairman – Rajhans (Desai-Jain) Group