India has a diverse economic culture. As one of the emerging markets in the world, India is becoming one of the go-to choices for founders who want to establish startups and have a chance to conquer a bigger slice of the consumer pie. A report by the McKinsey Global Institute or MGI expressed that if India finds a way to maintain its current growth rate, it has the chance to be the fifth largest consumer economy by the year 2025.
Also, given the news that talks about implementing a start-up policy—Startup India, Stand up India—are already in the advanced stages all give startups and would-be entrepreneurs the chance to get build business out of their ideas. On that point, here are a couple of helpful tips on how you could build a successful project.
Tips on Building a Successful Business
- Solve a problem. These days, startups are springing up left and right. Not all make it though. That’s because some of these startups haven’t thought about what problem to solve. That’s actually what a business is all about. You find a problem no one else is solving or is solving it in an old, antiquated, inconvenient way. Then provide a solution no one else has or could.
- Know your market. This seems simple but a lot of new entrepreneurs miss this. For instance, Uber is one example of a service provided by a startup that has become wildly successful. However, they were hardly the first company to offer the app. The only difference, though, is that they did in the right market. If they had launched the service in, say, a small island where population is low, would they have gotten the same results? They knew their market and they went after it.
- Create diversity and growth. Given how diverse India’s population is, it’s a smart, sound move to make sure your team reflects that diversity. Because it encourages growth, debates, adjustments, and change. Another advantage of this is in how it affects your marketing. By having people from diverse backgrounds, you’ve got a better chance of knowing what your audience wants, how to appeal to them, how to make the marketing message resonate with the issues, problems, and solutions that are important to them.
- Saturate yourself in startup news. Know what advantages and perks you or your business can avail of. Don’t waste any available resource. Explore each one to see which of these perks can have a positive impact on how you’ll build your startup.
- Hire the right team. Don’t forget to hire the right people for the job. It’s more than their credentials—they’ve got to have the right mental mindset, one that matches yours. Eliminate the slackers, the bad hires, and that one person—every team seems to have one—that sucks the life out of everyone like a negativity vortex. Remember that you’re building something new here, something no one’s ever done before. So pick a team that can bring that vision into life.