Posted on : 6th February 2023

The Fundamentals of Entrepreneurship

I have been an entrepreneur for more than three decades now and set up ventures in different domains in different time periods. My experience happens to strengthen my view that entrepreneurship is very dynamic and yet unchanging in several aspects. It demands so many things from us and yet continues to remain steadfast to its core. Now, what is it that we should be aware about entrepreneurship? What is it that we should always try to keep ourselves aware about?

Innovation 

My first venture was in the preschool segment. It might not look that innovative a venture in the present times, but in the year 2004, it sure was. People were largely unaware of the important role preschool education plays in a child’s development. So, what I set out to do at that time was not simply organising this majorly ignored segment. I set out to lay a strong foundation to our children’s future and learning. 

Creating the Customer Base 

What, however, is crucial is that innovation does not guarantee success. Innovative entrepreneurship ideas do not guarantee that the customers are ready to accept and utilise that innovation. I am not talking only about entrepreneurship ideas in India or entrepreneurship ideas for students. I am simply talking about innovation and entrepreneurship. It takes more than innovation for the success of any idea because context and timing are equally important. 

You first need to familiarise your target audience with your product and services which you want them to use. Now, the question is, how do you do that? 

First Mover Advantage & Disadvantage

This is where the first mover advantage comes into question. Being the first mover in something involves greater risks than being the second mover or the third mover. We do not yet know if our services will be able to win the hearts of people. However, being the first mover has its own advantages. If you conduct appropriate research and address the gaps in your services as soon as possible, you have a bigger opportunity to win a loyal customer base. 

Constant Research 

This is not to say, if you have won a customer base for yourself, they would stick to your services even if you do not keep on innovating to meet their increasing demands. Entrepreneurship requires that you carry out research on a regular basis. You need to follow up with the trends and analyse the customer minds and aspirations. It is generally assumed that the customer is shallow, but let me tell you from my experiences as an entrepreneur, customers will not sway until you give them a reason to. This is where customer feedback comes into picture. 

Customer Feedback

If analysed with care, the customer feedback can give you valuable insights into what is missing in your services, what more do customers expect from you, how you could go on making your services better, what are your strengths, weaknesses, threats, and opportunities. Yes, feedbacks could inform you about all of these and much more. 

So, you cannot just come up with an idea unheard of before and dream of huge success. Entrepreneurship necessitates that you regularly update yourselves with the aspirations of your customers and be present in their minds and lives actively. Currently, social media platforms give you an incredible opportunity to do so, don’t they?

I have been an entrepreneur for more than three decades now and set up ventures in different domains in different time periods. My experience happens to strengthen my view that entrepreneurship is very dynamic and yet unchanging in several aspects. It demands so many things from us and yet continues to remain steadfast to its core. Now, what is it that we should be aware about entrepreneurship? What is it that we should always try to keep ourselves aware about? 

Innovation 

My first venture was in the preschool segment. It might not look that innovative a venture in the present times, but in the year 2004, it sure was. People were largely unaware of the important role preschool education plays in a child’s development. So, what I set out to do at that time was not simply organising this majorly ignored segment. I set out to lay a strong foundation to our children’s future and learning. 

Creating the Customer Base 

What, however, is crucial is that innovation does not guarantee success. Innovative entrepreneurship ideas do not guarantee that the customers are ready to accept and utilise that innovation. I am not talking only about entrepreneurship ideas in India or entrepreneurship ideas for students. I am simply talking about innovation and entrepreneurship. It takes more than innovation for the success of any idea because context and timing are equally important. 

You first need to familiarise your target audience with your product and services which you want them to use. Now, the question is, how do you do that? 

First Mover Advantage & Disadvantage

This is where the first mover advantage comes into question. Being the first mover in something involves greater risks than being the second mover or the third mover. We do not yet know if our services will be able to win the hearts of people. However, being the first mover has its own advantages. If you conduct appropriate research and address the gaps in your services as soon as possible, you have a bigger opportunity to win a loyal customer base. 

Constant Research 

This is not to say, if you have won a customer base for yourself, they would stick to your services even if you do not keep on innovating to meet their increasing demands. Entrepreneurship requires that you carry out research on a regular basis. You need to follow up with the trends and analyse the customer minds and aspirations. It is generally assumed that the customer is shallow, but let me tell you from my experiences as an entrepreneur, customers will not sway until you give them a reason to. This is where customer feedback comes into picture. 

Customer Feedback

If analysed with care, the customer feedback can give you valuable insights into what is missing in your services, what more do customers expect from you, how you could go on making your services better, what are your strengths, weaknesses, threats, and opportunities. Yes, feedbacks could inform you about all of these and much more. 

So, you cannot just come up with an idea unheard of before and dream of huge success. Entrepreneurship necessitates that you regularly update yourselves with the aspirations of your customers and be present in their minds and lives actively. Currently, social media platforms give you an incredible opportunity to do so, don’t they?

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