There are various amount of think tanks that are emerging in Indian market thriving on the various opportunities eventually leading to become entrepreneurs. Yet many startups fail despite following all the ways. Right from understanding your customer to thorough research about the market, there are few ways to become a successful entrepreneurs:-
· Unleash the Power of Technology:
Today the technology holds the bar against the rise & fall of any start-up. With time one has to keep updated with the latest technology updates to deliver the desired user experience. The future lies further into this with the use of social sharability to induce virality.
· Understand your Customer:
The new firms like that of ecommerce are all equipped with data on customer buying behaviour including what & when they are browsing. That is overlaid with social media inputs such as each user’s interest & affinities for microsegmenting of products. This helps in delivering products that are targeted along with digital mediums for reach.
· Study the Market:
Doing a thorough market research is valuable. For the organization’s success or business to thrive market sentiments & acute business vision are important. Since the size of Indian market is huge so studying makes it more convincing for the business to begin or initiate.
· Crunch Data:
Strategic analysis of data is key to propel a startup to success. Crunching of data is the new stuff for the future decisions making. Analysis of data eventually allows us to determine and inventory, our marketing approaches & to manage financial targets.
· Be Passionate and remain Passionate:
No matter whatever troubles or difficult times happen Passion is a must. As an entrepreneur, your conviction in business must be unwavering. This would reflect how you lead your team in highs & lows of an enterprise. Passion must be deeply rooted in the knowledge of the domain. Lifelong learning should be part of an entrepreneur. Therefore, one must be prepared for all of this.
· Be Prudent in Acquisitions:
Although this a step later, yet it is significant to build up on your harwork and success. One should keep attention to every detail while expanding the company or during acquisitions. Be careful while evaluating acquisitions like revenues, culture, management, costs & integration.
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Author : Harsh Asthana(Harsh is a digital marketing and brand consultant)
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