We spent our learning days and arguably the most formative years in Boston while staying in the US for a period of six years. We spent our time there growing and understanding the market and the opportunities that could form a great business in India.
India has certainly always been home to us and has been booming in the online fashion space. It was the perfect place to start our company. Business in India is a different ball game altogether, some sort of a challenge, though the knowledge we gathered, in what we called our learning phase, was invaluable.
We would like to jot down five things we learned after moving to India to start our business:
Finding the Beauty in Chaos
'Process' is a far cry. Building processes is even harder. Because change is often feared and considered a threat. It’s important to embrace the unorganized nature of businesses by being resilient.
The psychology is very different. The art of human engineering is key. It is important to work with people to create value. It is more of a general business, which would imply anywhere in the world.
If you expect something to be done in a week, it will take longer than expected. The smarter way is to build this in your timeline. This is due to various factors that could be bureaucracy, system etc. So for someone who is impatient, this was an important learning.
You Are Just One of Many
The world is knocking on India’s door. It's not only the domestic brands that are trying to grow and meet consumer needs but the international brands have joined the race, too, with the current trend in India. It is striving to become a global market as consumers have a high purchasing power and FDI has provided opportunities for the brands to have a smooth settlement in the country.
Increase in Consumer Knowledge
Cnsumers in India are aware of what they require and how they can get it. The booming online space has made consumers savvy and more knowledgeable of what quality and price they are looking for. And today “Customers know it all”.
In conclusion, irrespective of being in India or anywhere else in the world, it’s important to be a part of the process and continue to learn and unlearn.