#7 Things Entrepreneurs Must Do To Keep Pace With Digital Transformation
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Celebrity obsession is nothing new in India; it has been there for ages. Technology boom has ensured ease in networking, making it simpler for Bollywood fans to keep track of their favourite stars. Cashing in on the craze, Wingman Talent collaborated with Razr Media to launch India’s first Bollywood start-up. The joint venture will cater to industry personalities, providing them digital experience supported by latest technology. The stars will be able to connect with their fans worldwide. They may also own their mobile and TV App with the help of the organization.
The venture is the brainchild of Anshul Gupta, founder of Razr Media, a division of Razr Corp based in Mumbai. Originally from Bombay, Gupta is a marketing tech professional with over 10 years of experience. He did his BMM from Jai Hind College and MBA from XLRI Jamshedpur. Gupta harbours a strong passion for brand management, new media and disruptive technologies. Given his decade-long rich experience in the changing dynamics of the digital domain, the Entrepreneur India got in touch with him for his views on what entrepreneurs should do to keep pace with the fast digital transformation that has started to gain momentum.
The following are his top seven tips to success.
Know your Tech
It’s very important for entrepreneurs to have a thorough knowledge of the technology on which they are building their product, Gupta stressed. “Very often you see entrepreneurs from non-tech backgrounds entering the domain and outsourcing the tech. Especially for non-tech entrepreneurs, the best practice is to create an in-house tech team, or rather develop an understanding of how tech works. Tech isn’t just a tool but it’s the way we think and talk,” he said.
Gupta opined all budding and would-be entrepreneurs to have a futuristic product roadmap. “You might think your product is unique, but, it’s a matter of time before competitors replicate it the moment you launch and that too in a much better way. Think at least a year ahead and have a three-year planning of resources/infra ready that you will need to transform your business,” he said.
Predict Consumer Behaviour
Gupta made a vital statement regarding consumer behaviour, stating, “Consumers often don’t know what they want. They ideally want a flawless experience with your product. Try to make use of case scenarios, talk to your loyal customers on how they would react to a particular feature or a new enhancement.”
Be Ready To Kill
“If it’s not working, it’s not working! Go back to data, analyse it, have mechanisms in place to warn you well in advance if your product needs to be rewired or is too futuristic,” Gupta cautioned, adding, “Often we observe growth patterns and suddenly we reach a plateau, which we never predicted and the panic begins.”
Gupta highlighted that one should always think about Plan A, but Plan B and C should be ready from the day one initiates his project. “The way digital is evolving, it’s a matter of time you transform your product before it becomes obsolete. Be flexible in your thinking, be ready to experiment, to take bold risks, find ways to evolve your business model and explore additional revenue streams,” he added.
Invest In Key Resources
The key resources with that key skill-set will define the product, he said. Rather than going on a hiring spree after funding, concentrate on key resources required and grow gradually, added. As an example he stated, “With block-chain gaining traction, I would invest in a resource that envisages and prepares our teams to gradually adopt the tech.”
“Keep reading across the vast web, particularly about how tech is shaping up certain upcoming domains and how big companies use technology to solve some of their problems. Follow companies in your domain to analyse how your competitors leverage tech and accordingly, you plan to stay ahead,” he signed off saying this.