Words Of Advice On Succeeding In The New Business World
Roughly 250,000 likes, 20 million subscribers and under 50 uploaded recordings, in a little more than a year and a half of starting. Any media house would have paid through its nose to achieve it. Arunabh Kumar, Founder, and Creative mind behind “The Viral Fever” Media Labs who did achieve this feat, did not imagine that kind of a “viral fever”.
The one thing that gets used the most after ATMs in India is arguably PAYTM, a company which has a fiercely loyal customer base and a great business model. These two companies are an insightful case study in succeeding as a startup.
Also Read: Are accelerators good for your Startup?
Indian startups have jolted the big business houses out of their slumber and have created a whole new economy, especially in the IT space. They know a thing or two about business success. Let’s see the lessons they can teach us:
Experience does not matter
Well, simply put, how do you become successful at something that no one has tried? Since no one has experience at it, you would have to be the trailblazer. What truly matters is whether you can execute your part well. What’s more, the will is a major variable. Whatever you’re keen on, do it with intensity and passion. That’s what Zomato’s founders Deepinder Goyal and Pankaj Chaddah did. With zero experience in the food tech industry, they more than made up for their lack of experience with their dedication and passion.
Making original content or coming up with original ideas permits you to demonstrate your mastery and sets up your validity in a given field. Pick the one (medium) that fits your identity and style. This was the mantra which helped in making The Viral Fever a hot success. Similar is the case with PAYTM when they created the concept of something called as “eWallet” which was hardly known in India. But, today, even your neighbourhood mom and pop store is eager to get payment through PAYTM. And yes, the cash backs help.
Analyze your competition
When you have gathered your competitors, you can begin to dissect their methodologies and distinguish the weaknesses. This should be possible through an examination of your rivals’ shortcomings and strong points. After PAYTM presented its eWallet, it adjusted its strategy from cash backs to advertising to outwit its competition. Even the swanky ad campaign could not establish Freecharge; PAYTM was always a step ahead and the other eWallets like Mobikwit to Citrus are still struggling to establish themselves, let alone scale the heights of PAYTM’s success.
If you want to succeed in the new economy, you need to master sales. You have to sell the proverbial ice to the proverbial Eskimo. Normally, most people have a disgusting relationship with sales. They think it includes control, manipulation and lying. Sadly, trust is in short supply. However, the companies that back up the sales pitch with integrity and track record, make great progress. Every great company knows that their existing customers do the best sales job for it.
“Genuine offering implies understanding the requirements, objectives, and issues of …everyone in your effective reach,” PAYTM organizer, Vishal says.
In essence, the mix of integrity, business sense, insight and keen mind make a great startup. These two startups prove that, but hasn’t this always been the case!!!
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