Lack of capital usually puts on hold any remarkable business idea of many an entrepreneur.
In order to understand start-ups better we need to go to the basics. Here we will try and learn from some entrepreneurs, like the “chana-chur wala” and “jhaal muri wala” snack carts at the train/bus stations and try to understand their marketing approach and salesmanship.
If the idea of the start-up and how you plan to execute it is not thoroughly researched from the beginning, pumping money in the venture cannot turn it into a success. On the contrary if you have an incredible idea but very little money, do not let that stop you!
Market research is the first essential step. These are some important questions that need to be answered before you even think of a start-up.
Who is your target customer?
Is the market saturated with the product you are offering or is it a new endeavor?
Is the market regional or national?
Is it a business for an aimed audience?
Can you define your ideal customers?
Many companies enthusiastically launch their ventures, only to realize a few months down the line that they do not have a valid commercial model, either they lack the right resources or have entered a choked arena.
Numerous entrepreneurs have found out after it was too late that there was not enough market segment for them to grasp. Whereas others realized that their target market customers were far too restricted to make their business work. These companies close even before making their first sale
Startups can be demanding, stimulating and exhilarating--all at the same time. This is the reason it is inspiring to hear of entrepreneurs who have done it before--and succeeded.
Connect To Your Core Power
The ordinary snack cart owner at the railway or bus station, built their businesses around their main proficiencies, the art of making delicious quick snacks.
Once a business is built around the personal skill the role of consultants is eradicated.
Arifa Jan, from Kashmir, followed her heart and pursued her dream of becoming an entrepreneur, she started working on the revival of once-famed handicraft numdha, the conventional embroidered rug which had over the years lost its sheen. She persuaded artisans on new applications and state-of-the-art methods. Instead of venturing off into unfamiliar terrain, this entrepreneur made sure that she built the business around the core skills.
Flipkart, Zomato, Ola, PayTM are some of the examples of startups which have succeeded and managed to transform the monetary and social landscape of our country.
Herald Your Arrival
Look at the example of the snack carts the railway stations and bus stations as soon as this entrepreneur feels that his sale is going down, he either starts calling out to attract customers or he moves base to an another strategic location.
It is estimated that India will have around 371 million mobile internet users by June 2016, which includes a rapidly growing number from the rural remote areas. Active social media users have grown tremendously, is now 106 million. This is all due to increased mobile infiltration.
Take advantage of this mobile revolution. Call, send emails and advertise on your social-media profiles. Friends and family members can help with the publicity. Start marketing at the grassroots and gradually build up to a larger audience.
Understand Piggyback and PIGGY BANK
Being economical in the commencement of a start up would be beneficial in the long run. Avoid unnecessary expenses. Partnership with a bigger enterprise can help reduce costs and gain experience.
The EY-CIO Klub's Enterprise IT Trends and Investment Survey titled "The startup gene: a way forward" brings out the altering approaches doing business.
The report suggests that the CIOs of Indian companies can benefit from partnerships with start-ups. Fifty percent of the 294 CIO’s counteredhave indicated their faith in executing start-up practices to get their work done. Partnering with start-ups ensures saving costs and adopting the latest in technology.
A small enterprise trying to sell his products on Amazon will have an advanced influence and eradicates the intermediary. Small businesses have trouble procuring loans, due to their scarce resources from Banks. The e-commerce firms make them better offers, as they have access to online-sales data they help investors evaluate the credit risk.