Hiren Shah, CEO and owner of Vertoz Advertising Ltd. shared with the Entrepreneur India the challenges aspiring entrepreneurs are bound to face during their journey of building up a business of their dreams.
The terminal goal for any business is to generate brand awareness and revenues. No one individual has complete knowledge about the commercial side of any industry, so the first step is always to educate yourself with the nitty-gritty of the how-tos, the what’s and the where’s of the industry. The start of the road is bound to be a rocky one, what with it being an unknown land filled with new surprises, but with the right planning, enough grit and determination, success may soon be achieved.
Hiren Shah shares five essential points to remember when venturing into building one’s own empire. Those being-
1. Change is The Only Constant- Trends are a part of any industry. Similarly, consumers’ behaviour change with ongoing technological advancement. Enterprises need to adapt to the latest happenings and be open to changing their ways of doing business when need be.
2. Understanding & Reaching Out To the Right Audience- Knowing your target group of audience is a crucial part while carving out your space in the market. One needs to know the link between their business offerings and the needs of the target audience.
3. Having A Team That Believes In Your Idea- An entrepreneur needs to convey his idea of business in a lucid manner to the people who work for him. It is important that the entrepreneur and his employees share the same final vision. Thus, the importance of cherry-picking the core team members cannot be stressed enough.
4. Driving Growth While Working With Limited Resources- The initial period of setting up a business is bound to have limitations, especially when it comes to managing the resources of any kind. Tactful tackling of this challenge strengthens the entrepreneur for numerous future challenges. It also gives him the opportunity to explore his creative side to provide economically viable solutions.
5. Availability of Quality Infrastructure- With the numerous competitors out there in every industry, an entrepreneur needs to deliver the best quality products, services and customer experiences backed by a world-class quality infrastructure that will facilitate the best outcomes. Since, India is yet to catch up on this aspect, tying up with global partners can enable quality delivery.
Entrepreneurship is challenging but it comes down to the extent one can push oneself to conquer the seemingly insurmountable challenges.
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