StartupTalky

Tag: Competitors analysis

  • Top 7 Tips for Becoming a Successful Student Entrepreneur

    The world’s biggest names share more than just a few enviable accomplishments. Be it Mark Zuckerberg, Larry Page, Sergey Brin, or Bill Gates. They all are billionaires who made their fortune in the technology industry, and they all were students when they started their businesses. They are living proof that you don’t need to be a graduate to start your own business.

    In some cases, you don’t even need to complete your graduation especially if you are taking the examples of Bill Gates and Mark Zuckerberg. Some tips for becoming a successful student entrepreneur must be known before you start a business.

    However, before contemplating becoming a successful student entrepreneur you should have a plan. Like any other venture you undertake, planning is a must. In this article, we will talk about some tips that you should follow to become a successful student entrepreneur. So let’s get started.

    Interest Level of Students in Entrepreneurship
    Interest Level of Students in Entrepreneurship

    Pay Attention to the Advice of the Mentor
    Analyse Your Own Abilities and Disabilities
    Find Business Ideas That Suit You
    Test Your Idea
    Research Your Competitors
    Search for a Suitable Mentor
    Use Your Status as a Student for Leverage

    Pay Attention to the Advice of the Mentor

    When still in college pay attention as well as make the most of your time with your educators. While colleges have the duty to connect students to mentors, offer real-life experiences, and send employable graduates into the workforce. Students have the duty of making sure that they get the most out of their college investment as after college these mentors or experts are called consultants and will charge for the same information.

    Analyse Your Own Abilities and Disabilities

    Don’t rely solely on the entrepreneurship classes make your own evaluation regarding your skills knowledge and the goals you want to achieve. Rather than relying primarily on classes or in-house competition, good entrepreneurship programs give leverage to local entrepreneurship communities for an internship, workshops and speaker events. The more you will know about your abilities and disabilities the better you’ll be able to manoeuvre yourself.

    Find Business Ideas That Suit You

    Research the market thoroughly for the business ideas which will suit you best. Your idea doesn’t have to be a million-dollar idea to start with. Let’s say it’s an application that links the customer’s credit card and allows them to get grilled pizza delivered to their hotel rooms or pay for guest accommodation with the click of a button.

    Test Your Idea

    The main mistake that new entrepreneurs make is putting a lot of time and money into ideas that are bound to fail. One of the reasons this happens with entrepreneurs is that they work and exist in isolation once they set up their businesses. Favourably you are still in college, surrounded by smart people whom you could ask for suggestions. If your business idea is fairly inexpensive you can make a rough scaled-down version of it and test it out.

    Research Your Competitors

    Your competitors are your biggest teachers. Look around you, have knowledge of your competitors and also keep an eye on them. You can add features to your product or services that your competitors do not have and make them unique. This way you will get more leverage for your product or service and it is the strategy that is generally used by any competitor’s company.

    Search for a Suitable Mentor

    One of the most important and valuable assets an entrepreneur can have at any given age is a business mentor. A business mentor is a person who has functional knowledge and who is ready to offer advice, guidance, lesson and support to run your business and help speed up your success. Find a mentor who can do all the above things and help you out by providing suggestions at necessary times.

    Use Your Status as a Student for Leverage

    Finally, use your status as a student who is starting something cool to get tons of leverage and publicity. Start out by approaching your local radio station and newspaper, and your own community of students. You can use the internet and social media also in many ways for the promotion of your business. Remember, it is always better to start with your dream instead of sitting idle in fear of its failure.

    Conclusion

    More than 80% of students interested in starting their own businesses do not have the experience or the knowledge to do so. If you think of joining entrepreneurship classes, they teach an orthodox lesson “make it work the first time or it’s not for you”. Contests and classes generate a feeling that the first venture of the students is the one and only chance to prove themselves as an entrepreneur. However, students should learn to plan, apply, fail, and repeat the process again till they get successful.

    FAQs

    What are the entrepreneurship tips for becoming a successful entrepreneur?

    Some of the tips to becoming a successful entrepreneur are:

    • Have a solid business plan.
    • Prepare for financial challenges.
    • Be frugal – remember you’re a start-up.
    • Don’t be afraid to ask for help.
    • Put your faith in a trusted mentor.
    • Marketing on a shoestring budget.
    • Look after number one.
    • Build a team that shares your vision.

    What made entrepreneurs successful?

    Passion, resourcefulness, willingness to improvise, listening to others, and strong determination to succeed are what make an entrepreneur successful.

    What are some business ideas for youngsters in India?

    Some business ideas for youngsters in India:

    • Social Impact Investment Funds.
    • Cheap Home Solar Energy Setup Company.
    • Community Generator/ Energy Supply Control.
    • Internet infrastructure Building Company.
    • India Culture E-Commerce Niche Store.
    • Warehouse/ Inventory Management for E-Commerce.

  • 9 Things You Need to Know Before Starting a Business

    Nowadays, beginning a startup is the of entrepreneurs along with taking it to the heights of success. However, just because you think that you can begin your startup doesn’t mean that you have the power of plunging yourself into your business without any prior thoughts. That will be your ultimate mistake, which may cost you, your lifelong dream.

    A number of things need to be considered before plunging into a start-up business in India. In a land of stark diversities, lots of factors come into play for the smooth running of a business. You may have innovative startup ideas, but it needs proper planning and execution. The first thing you need to know is that starting a business is similar to driving a car through heavy fog where you can’t see anything except a few feet in front of your windshield. So, one wrong decision can lead you in the wrong direction or worse tumbling down to the abyss.

    As per a report, only 78.5% of small businesses survive their first year. You need an effective marketing strategy to establish your business.  While starting a business if you know what needs to be done and what is not then there’s no doubt that you’ll be successful. In this article, we will talk about the things one needs to know before beginning their startup, so let’s get started.

    Know Your Competition and Available Marketspace
    Know the Future of Your Industry
    Know Your Target Audience
    Find Out the Pain Points of Customer
    Ask Feedbacks From Customers
    Be Different
    Build a Healthy Relationship With Your Customers
    Be Open to New Ideas
    Plan For a Long Time

    Know Your Competition and Available Marketspace

    Starting a business to serve people and their need is a great step toward excellence in life. However, the first step is to check out companies offering similar services to know about the industry and how one’s idea stands against competitors. If the concept is new in the residential country then also there is a chance of a company providing similar services existing for a long time in some other country, therefore, thorough market research is a must and keeping an eye on your competitors is important.

    Know the Future of Your Industry

    The future is unpredictable but the least you can do is through research to understand what can happen with your startup. There are so many thoughtful leaders in the industry who mainly or usually predict the future of the market value of different industries. Take a look at them and analyse, you may get an idea of the future of your startup in some way or the other.

    Know Your Target Audience

    Decide on the customer pool for the product or services of the company being established, and search for ways to reach out to them with the price of the product or services being provided.  A business will only be successful if customers are interested in it and can be convinced to try it. For this, a person is needed who can easily identify the target audience and their requirements and help in implementing a strategy to fulfil their requirements with all possible efforts.

    Find Out the Pain Points of Customer

    No company in the world can’t satisfy or fulfil every requirement and need of a customer, and so this is the chance to try to do it. When the given product is launched in the market, try bringing relief to customers’ pain points and this will go a long way in establishing loyal customers for the business. Remember one thing, when a company grows and becomes a bigger brand, it can’t always satisfy its customer with the same dedication but the success is, in trying to find ways to do it.

    Ask Feedbacks From Customers

    When a customer buys the said product or uses the services of one’s company, asking them for some kind of feedback about the service or products is a good idea to know the position of the business in the market. Some might have been satisfied while some might not have been satisfied. Companies can then work to correct those flaws.

    Be Different

    If the start-up is entirely a clone of the industry leader, the possibility of getting found will be lower than one expects. So, find a way to be different from the competitor by adding some uniqueness to the service or product. It will give you a lot of exposure amongst everyone. It is important for all new startups to ensure that a huge number of people know about their business.

    Build a Healthy Relationship With Your Customers

    If a user is using the service multiple times then make sure that a healthy relationship is maintained with them to retain the loyal customer. When a good relationship apart from the business relationship exists, it will help in retaining the customer and the chance of getting exposure from word of mouth will be high as well as helpful in growing the business. This is a powerful tactic of CRM (Customer Relationship Management) to improve business.

    Be Open to New Ideas

    A lot of startup companies are doing the mistake of not implementing a new idea. If they are running smoothly and getting sales for their products and service, they might think about a few great new ideas, but they don’t end up implementing them due to some issues or the fear of failure. Start-ups must be a little courageous and confident to implement new ideas.

    Plan For a Long Time

    Plan for a long time and don’t make a short term plan for your dream startup because long term plans will take you a long way and help in surviving as well as growing in the industry. These long term plans will only help you in sorting out your short term goals. They will help you analysing the situation and help you in taking the company to the right direction.

    Conclusion

    Your dream startup can be a success when your planning and its execution are perfectly done. Just like before an exam, preparation is needed a business also needs preparation before it is launched. One needs to keep these things in mind before beginning with your startup.

    FAQs

    What makes a business successful?

    Making the customer experience and customer service better is one of the most important ways to achieve success for a business.

    Why do businesses fail?

    Businesses fail because of a lack of funds, not doing proper research, marketing is not done properly or not having proper teamwork.

    What are the three significant things that one needs to consider before starting a business?

    Three significant things are adaptability, persistence and work ethic.

  • 7 Tips for Crushing Your First Design Startup by Ink n Bliss Founder – Pooja Bhagwat

    The article is contributed by Pooja Bhagwat, Founder of Ink n Bliss.

    Starting a new business is so overwhelming. You need to have a solid plan to build a reputation & to take your company to the next level. Here are 7 tips to help you become an effective start up right from the beginning.

    Tips for Setting Effective Startup

    1. Being Passionate
    2. Setting Goals
    3. Creating Content
    4. Creating Great Customer Experience
    5. Networking Skills
    6. Community Over Competition
    7. Taking Care of Yourself

    Tips for Setting Effective Startup

    Being Passionate

    “Passion is energy. Feel the power that comes from focusing on what excite you” – Oprah Winfrey

    If you really are willing to start & sustain your start up, being passionate about what you do is the key. You are more likely to sustain if you love what you do. You will face sacrifices, failures & low moments along the way but your zeal & your passion will keep you going. You will have the motivation & you will work tirelessly to make it happen. Without passion success in impossible.

    Setting Goals

    Goals help you create a clear path & it will make or break your business success. Of course people with goals are more likely to succeed. So setting goals & achieving them is a must.

    Spend more time visualizing your goals so that you will be more specific about what you want to accomplish. Try to define each step of your roadmap & remember it’s not just about a big picture but having some short term, small goals are also important. Commit to your goals, track them & don’t forget to reward yourself after completing the goals. Stay motivated throughout the process.

    Creating Content

    Creating new content frequently is necessary for any business industry. It reflects your areas of expertise & makes you look like an expert. It will help establish your brand & will also attract new viewers necessary for business growth.

    Though its overwhelming to choose from many different social media channels available today from Instagram, Facebook, Pinterest, YouTube, LinkedIn etc. It’s best to start with just one that you like the most & then slowly going over other social platforms. Also, planning your monthly content helps more than planning a single post. You can quickly overview all the important dates, festivals & events happening in a particular month & can plan your content accordingly. Once your plan is ready, you will be able to create creative content that will delight your audience & hence will help you grow.

    30 Startup Terms and Jargons Every Entrepreneur Should Know
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    Creating Great Customer Experience

    How customers feel about you & your brand is extremely important. Attracting new customers & retaining the old ones is essential for a brand’s success & that is possible only through effective customer experience.

    How do you interact with your customers? How well you behave with them? What do you do if something goes wrong? How do you handle crisis? How do you manage to give your best work within deadline? How do you implement your skills effectively? Every step of the communication is a key to creating a good customer experience.

    Always go extra mile while delivering your products or services to your clients. Stay in touch with them right from the beginning conversations till the final delivery. Your logo, packaging, professional email ID, your language, your appearance everything matters & it silently reflects on the minds of your customers & helps build brand loyalty.

    Networking Skills

    The importance of networking is obvious. A strong professional network is definitely needed for any business success. The more you network, the more you will grow & you will build long lasting connections. Networking gives you access to more people & hence more opportunities. The referrals & resources you get through networking works like magic.

    Even if you are an introvert & you don’t like to go out & talk with others, you need to do this somehow. Begin with going to small networking events happening in your area. Try starting a few conversations or just listen to others. Put yourself out there & eventually you will feel more comfortable meeting new people & staying longer at the networking event.

    Community Over Competition

    It’s easy to get caught up in the fear of ‘losing’ customers over competition but life is not a competition. In fact it’s all about relationships. Our lives are enriched by strong bonds & friendships & so does our businesses. Businesses are built on how to best serve your customers & not on how to steal your competitor’s customers. If you are not skilled enough in a particular area, pass on that work to someone else. The more you give the more will come back to you in different forms.

    I firmly believe in community over competition. Coming together & collaborating within your industry is tremendously helpful. Together we feel protected, we understand each other better & when we help each other & cheer each other on, we accomplish things on a different level. After all no one can take away your ‘YOU’ factor & that’s what sets your business apart.

    Taking Care of Yourself

    Though your business is like your baby & you want to work on new ideas 24×7, nothing is as precious as your health. It’s non-negotiable. Eating unhealthy, losing sleeps, working extra hours every day will drain you & you won’t feel energized enough to work on your goals.

    So invest good amount of time in yourself & ultimately in your business. Sleep more, eat healthy & exercise regularly.