In today’s competitive world, each entrepreneur – online or offline – looking to scale the highest peaks of success, will also encounter the lowest valleys, along the way. In the journey towards achieving set goals, there are bound to be share of both successes and failures. A budding business person ought to bear in mind the fact that the path towards success is perhaps more challenging than what it might seem initially, filled with innumerable hurdles.
As you are about to launch a new business venture, ask yourself: What is becoming necessary or possible that was not necessary or possible before? Can a product or service you are developing take over an existing market segment or build a new market for itself? What are the current market dynamics and the target audience mindset?
Just to illustrate, when some of the popular networking platforms were formed in the early part of this decade, the tech industry was apparently in a depression. But their founders were savvy enough to consider the long term ramifications of the landscape created by the Internet. They had the vision to realize that eventually every individual would need a channel for both personal and professional interaction. Their online profiles would, as they had envisaged, let them connect with like-minded Individuals and also share news, and other handy information.
In essence, it is really vital to aim big. Regardless of the fact whether a start-up is focused around a big idea or smaller one, it will still demand the same amount of sweat and tears – so why think small? But then, what is big? It’s an innovative product or service idea that will create or dominate a significant and sustainable market irrespective of geographical considerations.
A case in point is HootSuite, a third-party client to access social networks (Facebook, Twitter etc), founded by David Tedman, and Ryan Holmes and Dario Meli. The latter states that all of their products invariably stem from client needs. The company was formed because they needed the very tools themselves, as an agency. He adds: “We have been successful by earnestly listening to our clients, understanding what they need and identifying that opportunity.”
Other key elements of entrepreneurial success
The core of entrepreneurial success is outwardly simple enough to define (on paper), albeit not that easy to put into practice.
- First and foremost, identify a lucrative market opportunity, which promises a strong revenue stream, good growth and healthy margins.
- What obviously matters is the ability to spot a niche area with either limited or significantly small competition.
- The next step is chalking the development process of a product or service, to the minutest detail, which your company can be identified with.
- Build your small start-up by spotting great talent. This will help you establish an agile and powerful organization with a competitive differentiation tag.
- To sustain the initial efforts, it is crucial to use available resources (capital and human resources) efficiently.
- The organizational structure should be flexible enough to respond to and to cope up with the dynamic market changes.
However, there is bound to be some uncertainty in each of the variables right from the start, which you should take into account, so that you are not caught on the wrong foot. Many of the factors can be beyond your control, at times: market size, strength of competition, changing consumer aspirations and priorities etc.
Fine tune your social media strategies
Last but not the least, Fine tune your social media strategies. Leverage different elements of the all-encompassing Social Web (images, videos, networking and microblogging) to increase your brand visibility. A host of social media platforms serve different purposes and attract vast audiences for different reasons.
Remember, it doesn’t really matter what you prefer, but what your audience will like so that they engage with your brand.