AN ADVICE CAN CHANGE YOUR LIFE!
24 Mar, 2009 | The Economic Times
In life, there are people you turn to for constructive advice, right?
And as a budding entrepreneur, some advice from credible sources will always help you move in the right direction. Ramiya Bhas speaks to a few entrepreneurs who share expert advice on ways you could keep failures at bay.
Every entrepreneur, has, at some point or the other, been bombarded with some sort of advice. Though there are instances when they have been ignored, there are often times the right kind of advice can change your life. But as a budding entrepreneur, who do you listen to? While everyone has his/her own personal heroes and business gurus, the idea of success always differs. But good advice and tips never hurt right? So what kind of advice can you give a budding entrepreneur who is all set to start up on his/her own? Here's a look at some of the best advice one can get:
Jay Gupta, founder, The Loot:
Idea: The idea has to be stemmed out of customer needs and wants. There has to be enough market potential for the business. I also think personal observation and experience should be put to use.
Market research: Once the anticipated idea is frozen, market research becomes quite easy. The data provided would definitely help you by giving a proper direction but it only gives the broader picture and acts as the guiding factor. Here, the demand and supply element should also be taken into consideration.
Investment and government policies: Though the intention of the government is genuine and decisions from the top level are coming through at a quicker pace - the implementation is where things get stuck.
Marketing and catering to the consumers: It's the crux of any business. Customer satisfaction is the key to success and one has to keep this in mind. Word of mouth works wonders and builds tremendous loyalty. One should be fair and transparent in business and give the best quality to the consumers.
Planning and execution: The planning has to be realistic and execution time bound. Though it is very easy to plan, there are times when execution becomes difficult.
Rajesh Varrier, CEO, activecubes:
Idea: While thinking of an idea, ask yourself the question, 'what burning need in the market is my service/product going to address'. If you cannot answer this question clearly, then you probably need to go back to the drawing board.
Investments and government Policies: Plan for capital for at least a couple of years; reach out to banks. The government has schemes for providing collateral free loans through banks. This would be useful for any start-up.
Marketing and catering to the consumers: Reaching your customers is the main challenge of any business. And this is usually felt during the initial stages of the business, due to lack of brand and sales/marketing muscle. Money is the most precious commodity when you start, so carefully spend it. Take small steps, understand how customers are reacting to your offering, fine tune, win some customers, and then spend more.
Vamsi Krishna, co-founder & executive director, Lakshya:
Idea: An idea is the crux of everything. And for an idea to be successful, an entrepreneur should have deep conviction in his/her idea and its impact.
Market research: An entrepreneur should do a detailed research of the sector in which s/he is planning to operate, study his/her competitors, talk to experts in the field and get their opinion about the idea.
Marketing and catering to the consumers: Once an idea is identified, the entrepreneur should use his/her creativity and also knowledge of the industry and USP of the idea to come up with a marketing mix to cater to that particular market which he/she identified in the first step.
Amith Agarwal, founder and director, Star Agriwarehousing and Collateral Management Ltd:
Idea: The idea has to be taken into consideration at the foremost level, in order to set long term as well as short term objectives and goals depending upon the potential, financial resources and market segmentation/orientation.
Market Research and Catering to the Customer: As far as market research is concerned, the emphasis should dwell upon the nature of the product, services, choice of segment depending upon the semblance with habits, culture and needs. Further, market research may revolve around the fascination of the product/service by the segmented masses.
Planning & Execution: Policy and planning go hand in hand and only after the launch and execution of the product, the viability of the product can be measured. The execution part is the implementation phase of the planning process and it is one of the most important components as execution is the parameter against which the success of the product/service can be measured. Though these entrepreneurs have followed their own advice, one thing is clear. For any business to be successful, more than advice, one needs to be focused and well equipped with girt and determination to succeed. The rest always follows.