Choosing the right business is the first step to entrepreneurial success. A report by IBM Institute for Business Value and Oxford Economics found that 90 percent of Indian startups fail within the first five years, lack of innovation being the main reason. In this video, Arun Kumar highlights 2 case studies to learn how to choose the right business for you. The reality is that businesses succeed by addressing one small problem really well.
Ideally, you want to be able to explain your customers’ problem better than they can express it themselves.
You might be thinking, wait for a second, that’s impossible. How would I know my customers’ problems better than they do? But this actually happens all the time, because customers are busy. They’ve got a lot going on in their lives and they have this thing that’s annoying them, but maybe they haven’t really sat down and spent months thinking about this thing. It’s just something that comes up and nags them every once in a while.
So you, as the business owner, if you get to understand that person and a bunch of other people like her, who have that problem, then you have this advantage of being able to synthesize all of that information and articulate it back to them in a way they never thought about before. Then they’re like wow this business really gets me.
Starting a business is exciting and terrifying all at the same time. You will have many hard times alongside many good times. The buck will stop with you, and you alone will be responsible for all the good and bad decisions you make. The more you think, prepare, and get ready, the better off you and your business will be.
Arun Kumar, an energetic and dynamic business tutor, a certified marketing consultant and a John Maxwell certified speaker has been an entrepreneur for over 15 years with 5 different brands. In one-month, alone Arun has brought in 15 million USD from the influences of his strategic market planning. Medical Legal Spider currently serves 900 clients. His organization serves over 2000 web and mobile sites while employing 200 employees globally and domestically. With a proven methodology, Arun has become a leader in agile marketing.
With all the knowledge that you will acquire through this video, what are the factors you will be considering while choosing a business? Let us know after you watch this video.
Do you have an inspiring entrepreneur story or do you know someone who has an inspiring entrepreneur story in your area? We would like to hear it.
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Thalam – Empowering Entrepreneurship
A business of impact is the business of the future. Thalam aims to unleash the power of the Tamilian wave and make a global impact by sharing the secret sauce behind every successful business venture. We believe that this initiative will empower many first-generation entrepreneurs and inspire those who are already a part of the country’s entrepreneurship ecosystem to excel even further to fight income inequality and eventually eradicate poverty.