Old concepts and techniques of doing business are not relevant today. Everything from consumer demand to supply chain is evolving and one needs to be flexible enough to adapt to changing scenario. Here are few aspects that are important for an entrepreneur to consider to adapt to current scenario.
CONSUMER POWER IS INCREASING:
The power of consumer has increased manifold now. The telecom revolution and media have made this happen. Entrepreneurs need to accept this and act accordingly. They need to go away with old techniques of attracting consumers and fulfilling their requirements.
It is important for businesses to recognise that consumer demand is changing, so supply also needs a change. Consider the set of consumers you are dealing with and then make appropriate strategy to cater to their demands.
LAND OF OPPORTUNITIES:
India is a land of opportunities but only for those who act promptly to the changing conditions. Business owners should believe in what they are doing. Their aspiration to be the top class is what that matters. Entrepreneur cannot sit idle and see the change, he has to be a part of the change.
OPPORTUNITY TO SCALE IS LARGE:
Scaling a business is as important as starting it. There are two aspects of scaling: capacity building and capability building. Many entrepreneurs just focus on capacity building and ignore other aspect. If you ask me, capability building is more vital than capacity building.
You can increase your capacity by introducing latest techniques, machines, etc, but you need to train your people to efficiently use those and that is what we call capability building. Apart from capacity building, business owners should also organise training programmes for their employees and make them up-to date with latest happenings. Thus, entrepreneurs focussing only on capacity building will fail.
ONLINE IS NOT JUST AN OPTION:
Both online and offline channels are important. Many entrepreneurs make a mistake of just focusing on one channel and ignoring the other. Both channels have their positive and negative sides. There are certain businesses where online channel is playing an important role, but entrepreneurs should not ignore offline operations. Don’t look for either online or offline as concentrating on both is the key. Don’t take online as an option but it is a must nowadays.
CULTURE MAKES THE DIFFERENCE:
A company of great values and culture always attract the talent. If your people are happy they will try their best to be make your brand a hit. If there is a trust and happiness at the office, employees will work towards for the benefit of the organisation. A positive workplace culture increases productivity, improves employee morale and enhances the ability to retain skilled manpower.
CONTINUOUS EVOLUTION IS HAPPENING BECAUSE OF DISRUPTION:
One can use words disruption and evolution simultaneously. What is happening is evolution, as we are not ready for it, we felt like being disrupted. Huge evolution is happening in terms of innovation and change. So be ready for the change and don’t get disrupted.
At the end, I would say connect well with your consumer and employees to grow further in this ever-evolving business environment.
(This article first appeared in the Indian edition of Entrepreneur magazine (November, 2015 Issue).