Business demand Passion and Patience. Without these two qualities, we cannot stand for any business. Passion is a key to small business owners for long term success. It really is endless energy. You have to get up early, work late. It takes lot of passion, a lot of energy and it takes a lot of you. On other hand, Patience may be more important than passion, because no businessman can succeed without it, without patience, millions of small business owners might never launched their companies. Many people have great ideas, or want to start their own business, nut few have the patience and passion. Patience is a key quality is networking and building the kinds of relationships that help to take to the next level of ideas.
In India, every year millions of entrepreneurs come up with great ideas but most of go to fail because of no business and no strategic plans. Today, India stands as one of the largest contributors to global economy and suitable business or manufacturing place for foreign companies’ Indian government has been consistent in supporting business sector improvement through Liberalization, tax ratification or open approach towards foreign investments. But in India, every state as compare as individual country because of regional differences in language, talent, culture, infrastructure and wealth etc. for example South India is order with high talent, capabilities and more skilled population, on other hand North India is relatively poor as compare to South India in various streams. So, we have to make policy or plans according to state’s culture, talent and resources availability in their areas. So , before starting business, we have to insured who are our target audience . After that, our policy analyzing market’s size, growth, Industry Clusters and market stability. (Industry Cluster measure size of potentials customers for B2B and B2C companies, Market stability measure institutional, business and social stability)
If you are planning to enter market, you need to creative strategies, identifying potential and developing a fair knowledge of the market. It is very important to develop a basic knowledge of the potential market. This process should be supported by a sound market entry strategy. But Job does not end here, it require proper implementation also for desired results in form of products and services.
Now we shall discuss on Operation Management which is next level of business. It is the business function responsible for managing the process of creation of goods / products and services. It involves planning, organizing, coordinating and controlling all the resources needed to produce a company’s products and services. Operational Management for production and distribution are managing purchases, inventory control, quality control, storage, logistics and etc. In term of service organization, these can be customer care, banked services. IT support, store, distribution, security, facility maintenance etc. They have separate department for all activities. But many businessmen fail to operate that because of lack of knowledge of that management and no basic knowledge and strategy for that.
It is not enough to the information about sale, inventory status and rest of detail your business. We must be an ability to analyze that information so we can evaluate what progress or situation in the past, understand what happening now and we can accurately process what goals in the future.
Now, we shall discuss on Indian Marketing Mindset. Indian mindset takes a swing when it comes to marketing. It goes without saying, only launching new great quality product is not enough. The s\customers need something more information of the product, basically a reason to buy the product and only great quality is not going to help. In developed market, customers focus on product’s quality but in Indian market, customers focus on pricing of the products. 70% of Indian population lives in rural areas, where people find it easier to buy products as per their needs. Many purchase pouches of shampoo, conditional, detergents and even hair oil only when they need it and this form of packaging makes it cheap and convenient for them to use it. There are many options of advertising in the market these days. From electronics gadgets to fashion, a hundred of products listed to customers everyday via offline-online ads, TV ads and FM. Considering this what makes your brand different and memorable to the customers? Main marketing game starts now – the play the game of emotional content. Marketing campaign plays on human emotions which has great impact to the brands. Such emotional campaigns hold many takeaways in terms of storytelling and connections.
India is a diverse consumer market. Many of business in India focus on brand awareness and letting the customers know about the product. But in local business, they focus on consumer tastes, cultural background, different level of affluence and superiority. Thus creating brand awareness is a crucial marketing strategy for any business functioning in India.
The conclusion is, to enter the Indian market; we would require multiple marketing efforts that address differing regional opportunities, languages, cultural differences, standards, and levels of economic development.
Shishir Kant Singh