With plenty of innovative ideas pouring in, India is the one country which is a home to several talented entrepreneurs. These like-minded individuals are tough competition to each other and their start ups as well. A growing business sector in India is great! But start ups do need to focus on certain important aspects. These aspects will only help businesses grow and flourish. So what are they?
- Research based startups
- Keeping up with a volatile marketability
- Human Resources
Research based startups - Indian entrepreneurs need to focus on research backed start ups. When it comes to innovation, it should stem from a root problem and that root problem that the masses truly face is only discovered through research. If you research and understand an issue that needs to be addressed, you present an idea that resolves the issue. This is what makes business. It starts with research to comprehend people’s insight. Then innovate, utilize technology and build finished product for customers.
Keeping up with a volatile market - You may blink your eye and find someone doing a similar business just like you. Also this competitor may have some improved features. If an idea has been planted it needs to keep growing and evolving rapidly as per what a customer needs. This hence requires a thoughtful understanding of customer insights. Take a note of what feedback a customer gives for your product; also keep a constant track of the trends in the market. After all it’s a volatile market!
Human Resources - A startup needs to have the ideal team who stand strong. It is the employees who work on the product, and in the long run as well. Not focusing enough on your management and employees makes businesses pay a huge price for it. Human resources are vital and they should be found and retained.
If energy is channelized rightfully then it can create wonders! And that is what I believe Indian entrepreneurs can do. Focusing on some crucial aspects is a must just as mentioned above. So do not forget to do so.