Being grounded on Why you want to be an entrepreneur is the only way to succeed.
“Growth Strategy is about making choices; it’s about deliberately choosing to be different.”
While business is always hard and fast for entrepreneurs, these times of pandemic are not making anything easier. Entrepreneurs are always finding ways to bring about a change in their startup journey. Headstart presented to its audience a session of expert advice from two speakers who firmly believe that now is the best time to plan strategies. Both of them not only shared their expertise but also turned out to be the light at the end of the tunnel for all the budding entrepreneurs present at the webinar.
The first speaker was Jeet Kumar, Founder, and CEO of In TimeTec. He works in the field of global solutions and software formation. Mr. Jeet has a major role to play in the transformation of the company from a garage stage to over 500+ employees across 5 offices today. He started bringing food on the table at a very young age and that speaks volumes about his experience in the business.
Starting a business is never easy and while there are quite a few things that are needed for us entrepreneurs to arrange for, Mr. Jeet has a list of the ones that should be the top priority-
- Idea – Innovating to create a product/service. Doing market research and figuring out if the product is new or already exists in the industry.
- Money – Finances are not only important to gather resources, but to sustain operations, employees, and yourself.
- Team – A set of qualified people you can trust and ones that will help you convert your idea into reality.
- Customers – People who will benefit from this product and who believe in your offering.
Challenges are a part of a startup and it may seem difficult to find people that have faith in you at first. An idea may be essential to start with but it will not get you that far; you need a team that can convert ideas into an enterprise and that believes in your dreams. Start slow and then make plans to go big. Build proof of content over time and sharpen your communication skills to convey your USP.
Reaching out to maximum vendors is easier than it seems. Without a doubt, the market is already crowded and so here are three things that should be taken care of – Market Size, Profitability, and The Comparative Landscape. Communication is always key; structure your message in a way that is beneficial to the vendors. Think out of the box and reinvent your business model if need be.
Pre Launch is a crucial time and we need to make sure the product fits in the market. Identify what the industry lacks and figure out who your product is the most viable for. Build your product around two factors – first, that it is easy and simple to use by the customers, and second, it allows customers to save time.
A plan to implement after growth should be prepared when you have reached your break-even point. While creating a team, make sure you have a small team that is constantly innovating behind the scenes. Trust and Quality are the key foundations and no business should ever lack in either of the two.
Mr. Jeet further lists 3 aspects that should never come to a halt in business and are the ones that will get you immense success –
- Continuous Innovation.
- Shift from a generic to a niche-based business.
- Taking care of the current offering and planning future ones.
Specifically for the pandemic, Mr. Jeet motivates us to hang in there and not lose hope. He suggests serving people, leveraging assets, and creating something online as short term solutions in these tough times.
The second speaker was Mr. Gaurav Mehta, CMO of GirnarSoft (Cardekho, Gaadi.com, Zigwheels). Apart from that, he has helped in building sustainable businesses at Yahoo and OLX. His expertise comes with a keen eye for the bottom line and main focus on marketing.
Consumer segment startups often struggle with the type of strategies they should use to earn profits. While marketing fundamentals are still the same, tools and tips have majorly changed. Capital is under stress and the nature of the market is competitive. First, do inbound marketing through content and focus on social media channels. Second, understand the concept of Pull Vs. Push– pull is the only way to help sustain in the long run. Pull is all about customer care plus brand building and that is exactly what you need to succeed. Finally, look at consumer experience and make a sustainable bond with them.
Data collection is another crucial aspect of growth. You need to have the right data capturing ethos in order to make business models and increase learning. Start caring about the actions users take on your platform. Understand the lifetime value the consumers can give you. While it may differ from business to business, here is a generic process for leveraging data points-
- Establish Consumer Experience – chart down a road map by which consumers will enjoy the value of the product.
- Understand Pain Points – Try to deliver solutions and better answers.
- Eventually, customers will start to provide data on what will help them make their lives better.
Competition always exists and there is no way out of it. Acknowledging competition and the consumers go hand in hand. Analyze, observe, and understand the market potential and what you can provide as solutions. Apart from the competition, also be cognizant of alternatives since they are not much different.
Partnership plays a major role in the growth journey of a startup. However, it is important to look out for businesses where you both compliment each other and there is a win-win situation. The initial tie-up is no less than a growth hack since it not only helps you increase the business sense and market share but also get more exposure and a wider consumer base.
Mr. Gaurav also shares that it is essential to be individually capable to be part of a team and that is only possible when you have all the needed skills for growth.
To sum it all up, the webinar was a great start to Saturday morning. Mr. Jeet and Mr. Gaurav not only emphasized the importance of real data but how planning and doing homework in advance are essential for the growth of any business. The session was informative and provided practical insights on various aspects that are required for growth as entrepreneurs.
Contributed by –
A volunteer at Headstart.