#7 Lessons Entrepreneurs Can Take From Bollywood
What comes to your mind when you think of Bollywood? Entertainment!
But actually it’s a blend of romance, action, adventure, melodrama, songs, dance, glamour, and fame. Hang on, Bollywood is beyond these, it is a treasure trove of useful entrepreneurial lessons, if you look beyond obvious.
Let’s understand the 'Bollywood' as an 'Industry' and take some business-centric lessons.
- Connecting Dots - The most important node of Bollywood industry called ‘Networking’. Bollywood is like a small close family and it majorly stands on networking. Connecting the dots and maintaining relations is one of the key learnings of the industry. A robust network will help you gain knowledge, fetch business opportunities and important lessons. Despite of the competition, the entire industry collaborates and produces a master piece of work again and again.
- Experimenting– Bollywood industry is well-known as the battleground for ‘experimentation’. From actors to directors or producers, everyone knows how to conquer the real game of ‘experiment’. Though, masala is the dominating genre, the industry doesn’t leave any stone unturned to produce powerhouse performances. Likewise, no entrepreneur would like to get caught in a cyclone of monotony. Experimenting while keeping your vision firm is an essential ingredient of a successful story.
- Understanding (TA)- ‘When you want to bend, bend it like Beckham’. Learn the concept of ‘target audience’ from bollywood. Movie makers don't make movies for all. They know their target audience & demographics well and make movies, keeping their audience in mind. From finalizing the script, to selecting the actors or deciding the shoot locations they do all the things strategically. Entrepreneurs often struggle with targeting demographics, they keep shuffling among various target groups. This results in soaring operational expenses, poor revenues and tiny customer base. So before getting into the pool, get your gears ready.
- Mark(c)utting(Marketing)-The most crucial element behind success or failure of a movie/brand. We all know the importance of marketing. But the bollywood industry is the real game changer in this department. From out-of-the-box marketing ideas to optimising the marketing budget, bollywood does marketing with perfection. This industry knows the art of cutting the marketing budget and taking the best mileage out of the available resources. Bollywood utilize their network to create movie buzz in the market. Actors also help each other in marketing stunts. Likewise, entrepreneurs shouldn’t go blind behind marketing budgets. Entrepreneur should pay attention to the available resources and should have an action plan ready to meet the objectives.
- Money Matters - Funding is a vital element like any other business. Bollywood producers also require funds to make a movie. How do they do it? Do they put in all of their hard earned money to make another flick? NO, they don’t. They take loans from banks, collaborate with partners or co-produce movie in order to avoid risk. Bollywood industry is really competitive and a success or failure can hit the crew very hard. What entrepreneurs can learn from bollywood is the utilisation of funds.
- Getting in Action-The most important lesson for an early age entrepreneurs from bollywood. Just don’t get into the battlefield because you just wanted to, be ‘one of us’. The way bollywood actors prepare themselves for the role, you need to have such determination. Don’t do things just for the sake of doing it. Prepare yourself forehand for all possible high and low tides. Get inside the skin completely before you enter the arena.
- Afraid of falling–The super learning you can get from bollwood Industry. Don't be afraid of falling! It’s the part of 'Journey'. Stand strong! Life was never, is never and will never be a smooth line. Like bollywood experience Hits, Superhits, Flops, Superflops, business also face Ups and Downs. But what matters the most is the lesson you gain. No business will grow or no entrepreneur will taste success in continuation. If you learn from your failures and execute your learning in the future, you become a perfectionist.