The entrepreneurship role has become enticing for many. A sense of freedom, directing others and earning bounties of income are attractive aspects of this role. However, it is not easy to receive benefits easily or throughout a time period. One has to embody resilience, good strategising skills and expertise to rule a niche. While stepping into an industry, an individual firstly, becomes a startup owner.
According to StartupIndia, India has about 50,000 startups in India in 2018; around 8,900 – 9,300 of these are technology-led startups. 1300 new tech startups were born in 2019 alone implying there are 2-3 tech startups born every day.
Seeing the rise in startup owners, it can be estimated that the Indian business ecosystem is expanding rapidly. This growth has to be accessed timely and create successful ventures. Every startup owner has to prove his resilience and in turn, attain sustainability in the market. The first few years are daunting as startup owners have to compete with veterans and attract customers toward products.
There are a few elements that every startup owner has to ensure while competing with industry veterans, which are mentioned below:
While entering an industry, an individual has to understand a particular niche wholly. It is crucial to comprehend how to penetrate in the business space. Besides that, one has to ascertain problems, challenges and merits of the industry. Keeping a close eye on the latest trends is equally important to know how businesses are evolving in the sector. When one's competitors are experienced businessmen, then the business field turns rough, in turn, making it tough to outbeat them.
Apart from having a competitive spirit, one has to monitor moves and take note of strategies implemented by rivalries. This helps get a crystal picture of the industry. After observing the enterprising skills of the veterans, one will be able to answer various questions such as how to improve the business? What things business veterans do well in their strategies?
Accumulate this data and ascertain obstacles that are averting progress of the company. In this way, a startupowner can create business plans and compare them with other competitors.
When an individual starts a company without having much experience in the niche, he is intrigued by everyone. His ability is questioned, business model is challenged and negative responses are received regarding his venture. Such things happen in a permissible amount but bring down a person's morale.
The playing field in the business sphere is not levelled, one has to level it oneself and create one's mark. While scrutinizing other businesses, one has to examine one's business model and modify it accordingly. One has to trust one's instincts and lead the business despite all odds.
One has to become determined and resolute, and should not give up easily. In the business landscape, there are various people to deter a new entrepreneur but a handful of people to help. One has to find industrialists or veterans that are willing to help rather than deter an entrepreneur. So, find such individuals and create a business.
To realise the true potential of the business, one has to know their customers. Customers give an honest review of products and services. If they are satisfied with your products, they would recommend it to others and help increase revenue. Thus, keeping them happy and satisfied should be the ultimate goal of the entrepreneur.
To know what customers like or dislike, a company has to directly approach them. It should rather collaborate with them and request if they can talk about products on social media. This will leverage the company's reputation. Apart from this, honest feedback will help the company to modify the business.
By following these steps, startup owners will be able to stabilize themsleves in the ecosystem. Startup owners need a proper understanding of the business. Despite market knowledge, they require grooming and guidance to outbeat other competitors. Thus, they should be open to receive suggestions and aid from others. If there are any ideas you think that first-time entrepreneurs should implement into their business, then share with us in the comment section.