Shortest Route for Success for Entrepreneurs With the encroachment of digitalization, the private lives of people have not remained an enclosed topic now
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
In this tech era, products are rampantly produced to meet the customers' needs. Besides the basic amenities of food, clothing and shelter, today, there are alternatives for smaller requirements too. Suppose, if buying foods or doing food takeaways was once a tedious job for individuals. Then, to fix this problem and cater to food delivery at moderate rates, food delivery applications have come out.
With applications like Zomato, Uber Eats, Seamless and Swiggy, people can now order delicious food at their convenience and get the food at their doorstep in an hour. Further, additional offers are received on the food which, in turn, makes the food less costly. This development was not imminently needed, though, the invention of such food-tech apps eased human efforts. Owing to such developments, the life of an ordinary man has greatly changed and relied on tech gadgets.
Difficulty In Finding A Phenomenal Business Idea
With the coming of technology, the daily routine of the people has also greatly impacted. Earlier on, books, theatres and intellectual discussions were sources of entertainment. However, with the passing time, newer sources of amusement have emerged such as- live stream videos, digital games and social media sites.
With the encroaching of digitalization, the private lives of people have not remained an enclosed topic now. From the moment of waking up to preparing the evening bed, the internet and internet-enabled applications monitor the entire routine of an individual. In this scenario, the application-mechanism notes down actions as well as the requirements of the particular individual. Later, the retained data is used to sort out new ways to entice customers and come up with new business ideas. Giant companies like Google, Apple and Amazon store and encrypt the data and later, utilize it in creating other products.
For new entrepreneurs, acing the well-established business magnates becomes tough. The entrepreneurs-to-be should conduct in-depth research and ascertain loopholes in the daily routines of the people.
A Loophole- A Product That Needs To Be Served
When a certain trend prevails for a long time, competitors try to out rule the product by creating an adjacent product which offers similar services at reasonable cost or better efficiency. This is one time of approach of forming a product whilst there is another type of approach is lesser prevalent in the business ecosystem that is, closely researching and ascertaining the requirements.
Finding a fallacy or gap in the system is somewhat a difficult task. The entrepreneur-to-be need to survey dozens or even, millions of people to know their behavioural patterns and accordingly, finding out a need which totally distinguishes requirement.
In essence, a need differs from the requirement. A need is a necessary item or service that a large group of people require on a daily basis whilst a requirement is counted as a temporary need which abrupt and gets fulfilled through one way or another.
By following the second approach, the entrepreneurs can find the right business project and easily implement it into reality. While framing the outline of the business, the entrepreneur-to-be should be vigil and comprise all components which are inclusive in a business's underpinnings.
Producing The Right Product And Aiming The Right Market
Once the entrepreneur studies the market and gathers data, it's time to come up with a product. While launching the product, the businessman needs to ensure if he has built the right product. To ensure if the product fulfils its function, the businessman needs to test the product timely. The product testing process should go till the end and when the product is ready then the entrepreneur should invest time in its promotion.
Digital marketing like PPC, SEO, SMO and Content Marketing are some of the strategies which help target the right audience. The new business owners should use these digital mediums to captivate customers toward their product.
Follow these steps to attain success in the first-time launching of the product.
This article was originally published by Jaspreet Kaur.
