The Power of Infectious Ideas
It is often seen that crisis becomes a stepping stone for innovations and gives wings to many dreams
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Industry-wide or societal level change, transformation and unfettered growth will only happen when multiple minds are seized with an infectious idea. It is often seen that crisis becomes a stepping stone for innovations and gives wings to many dreams. As cliched as it may sound, the COVID-19 pandemic has encouraged many entrepreneurs, especially first generation, to challenge "business as usual' practices and introduce new ways of conducting business.
Almost every day we read about students coming up with path-breaking technologies to detect the virus, entrepreneurs redesigning public transport, experiences going contactless, etc. A striking observation is that such a change is hardly gradual, but it is overwhelming like a tidal wave that subsumes everything that comes in its way.
Our economy has also gone through tremendous changes over the last few decades and it has further precipitated owing to the pandemic. There has been shift in perspective as well as functions.
We live in a world where opportunities are galore, and entrepreneurs are daring as ever. However, in this race to become successful, many forget that net worth alone cannot determine a business' success. How capable the business is to grow, evolve and sustain in the long term defines true success and hence requires a strong ground to hold it.
Here are five business mantras which will help every entrepreneur significantly in the long run.
Work with technologies that would bring a paradigm change
An entrepreneur must have a keen sense of opportunity. In today's world, technology plays a vital role in everything we do—from hailing a cab to making high-end purchases. Growing markets such as India have a plethora of sectors that are waiting to be disrupted. The only way these disruptions will occur is through technology. History is a testimony to the paradigm shift that technology brings. For instance, had it not been for the robust payment infrastructure that our country possesses, it would have been impossible to sustain the surge in digital payments, especially post the imposition of the nationwide lockdown.
Collaborate with top technology providers globally in the business
Collaboration is the key. Every entrepreneur must collaborate with the best technology providers across the globe to bring in top-notch solutions to the home country. As mentioned earlier, developing markets are yet to be disrupted and one crucial method of disruption is through a technological exchange. These exchanges increase the pace of disruption while ensuring best-in-class products reach your markets to offer unmatched customer satisfaction.
Implement cross-selling to expand your customer base and business
The theory is simple.
- Every business begins when you sell existing products to existing customers.
- The next step could be to offer the existing customers new products that are useful to them. Here you retain your same customer base.
- Thereafter, you can sell your existing products to a new customer, effectively expanding your customer base.
- Finally, you can sell new products to the new customers, and thus continue a cycle that will grow your business.
This helps greatly in diversification as well as market expansion. Similarly, technology can be adapted for various sectors to bring about revolutionary change.
An entrepreneur is required to go beyond the box. Each business is different, every customer is different. As an entrepreneur, one must focus on catering to the specific needs a business or the end user. At the end of the day, it is not the product that matters; it is the value that it adds. Many businesses have a tough time managing the entire value chain, especially business-to-business scenarios. In such cases, service providers should go above and beyond by offering end-to-end solutions.
Do business with a relationship mindset
Lastly, one must always maintain a relationship-based mindset with every client, no matter how big or small. This includes being accessible to our customers. Our attention is the most expensive currency in life, and when we lavish it on our customers, they in turn reward us.