Just Look at the Consumer to Build Innovative Products, Services Often there is a bias in entrepreneurs' minds about the idea or the product that is going to work in the market
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A business comes into existence when thinking converts into execution on the ground and operations are accelerated towards problem-solving solutions.
At the incubation level the gap between thinking and doing remain static for longer periods of time before entrepreneurs introduce innovativion in products and services.
Sandeep Kochhar, CEO & Founder, Blew Minds Consulting in an interview with Entrepreneur India said he did believe the gap was a matter of concern.
"A lot of startups today in the incubation phase keep thinking about products and services that they want to create. But the whole gap is between thinking and doing because they remain in that phase for a very long time and don't move towards real execution", Sandeep Kochhar told Entrepreneur.
Some excerpts from the interview:-
The key for entrepreneurs is to find out what they are trying to build, the problem that they are trying to solve, how they can follow it and why. If they are just trying to find the solution because it's lucrative then they may go a distance but will not go to the real distance believes Kochhar.
When it comes to failure it is an opportunity for startups and big companies to fine and define their products with a customer perspective. Failure, sooner or later is inevitable yet most important part of their journey which teaches niche lesson towards perfection of products and services with timely figuring out what works in the market.
In terms of failure, it is a stepping stone for most companies and startups specifically. Failure is a part of the journey to fine and define your product. When you want to really create a product that's world class you got to fail quite a few number of times, otherwise you never going to get it right, it may fail later on. Failure is a great way to figure out what will really work for the market.
Often there is a bias in entrepreneurs' mind about the idea that they have or the product that is going to work in the market. They should be clear about what they are trying to build and understand the market preference. Thus, it is important for them to talk to the customers, market forces and industry stakeholders before launching their product or services.
More often than not we have these biases about the idea we have or the product that we have which is going to work in the market. Because, it's our perspective of that product, but when you go out in the market and talk to these customers and clients you will figure out that their thinking or looking at it very differently. Hence, entrepreneurs should really go out and talk to various clients and figure out what product is going to work and why.
Entrepreneurs should try to be build innovative products and services and for that it's just consumer perspective that works. They come across as many perspectives when trying to build innovative products and services, the perspective changes in the process, as finally the customer is going to use the product or service.