How to Launch a Fast Growing Company Entrepreneurs should identify their negatives and find partners who can negate or plug those gaps
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Entrepreneurship is not just a money-driven venture but a passion that facilitates a positive change in the society. More and more entrepreneurs are now looking at a steady business growth, forming the right team and empowering it to bring about that growth. Targeting rural areas and tier 2-3 cities with better product and services is fast emerging as the way forward as there is already a state of saturation in metros and big cities. The role of government in entrepreneurship is also changing as they are identifying the importance of being facilitators for venture growth. The tremendous impact of the internet in businesses has also obliterated geographical barriers today.
To launch and sustain a fast growing business in today's market reality; entrepreneurs should ask some fundamental questions - how to find their `entrepreneurial sweet spot? What risks should be considered when launching a business in today's time? How to identify high growth and habit-forming products for starting–up? How scalable is it to launch new products or offering? And what is the best launch strategy for a startup?
According to Dipanjan Purkayastha Founder, TYGR, the three primary things to dwell upon are – why you want to do what you want to do, when you want to do it and who you want to do it with. "Entrepreneurs should identify their negatives and find partners who can negate or plug those gaps," he suggested.
It is now a well-accepted fact that the Indian startup scene is poised at the threshold of a flight. However, it is sensible for the aspiring young-preneurs to exercise the following vigilances -
• Passion is hygiene and homework is imperative
• Discipline is important and understanding market is crucial
• Give six months to map the project, be prepared to fail
• Customize according to customer feedback
• Don't plan big for launch, make a general plan and gather ecosystem to make it happen in a big way
• For funding depend on family, friends and relatives to start with
Manjir Chatterjee, Founder, Folk India, who claims to be a born entrepreneur and always focused on joining the manufacturing business, suggested a robust marketing exercise is immensely beneficial before launching a new business or product.
"Reflecting over the purpose of the product, whether it will introduce anything new, what value addition it will include, before launching it, helps in creating the marketing strategy," emphasized Chatterjee.
Chatterjee strongly vouched for trust building amongst customers and quality assurance which she feels constitutes the foundation of the business for sustenance. She added that detailed preparation for funding, production process and delivery mechanism gives the required rigour to a business.
Mainak Bhattacharya, COO, Calcutta Angels Network, vouched for introspection, accessing interest and passion and to be prepared to constantly innovate.
"Identifying the nature of the business, e.g. whether it is a fad or will sustain the test of time and also if it is a small niche idea with a potential to scale and sustain helps give a roadmap to the entrepreneurs," Bhattacharya suggested.
Prashant Jalan, Founder & Managing Director, Bengal Nestors Industries, strongly feels that startups today have the opportunity to grow and become big. "Keep challenging and pushing yourself. Any business that adds value to the quality of the life of youth will see growth. However, it is sensible to have low capital intensive models," he counselled.