Just a thought, there are so many people opting for business. For example, a number of recruitment and training firms shut down, while many become successful. So, how does one differentiate oneself? What sets apart individuals in the same business field?
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Sunaina
From India, Mumbai
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Regards,
Sunaina
From India, Mumbai
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1. Interpersonal Relations 2. Excellent communication Skills 3. Performance & Delivery Time
From India, Pune
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9From India, Pune
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Dear Sunaina,
My reply is different from what previous members have said.
It is the "Business Strategy" that will make you different. You may go through the famous article "What is Strategy" by Michael Porter in the Harvard Business Review (HBR) in 1996.
However, mere reading material on strategy will not help. First, you need to have a sound understanding of the market. For this, you need to do a good amount of market research.
You may go through my reply on the previous post titled "Starting a new organization." You may click [here](https://www.citehr.com/260478-starting-new-organization.html#post1181231) to read it.
Lastly, much depends on the nature of the industry as well. What is the point of entering a saturated industry? For example, Videocon entered the Telecom business in 2009. By that time, the telecom industry had become one and a half decades old. What was the point of entering an overcrowded market? However, a seasoned tycoon like Mr. Venugopal Dhoot also failed here. Today, after three and a half years, Videocon has barely a 1 percent market share.
When Videocon entered the telecom market, by the time existing market players had played all the tricks of the trade, and there was nothing left to do something new. Mr. Dhoot at the time of launch told reporters that Videocon would start telecom services in the top 100 cities of India in 100 days. Today, 100 weeks later, they are yet to enter Bangalore or Karnataka itself.
To run a business, one requires passion. But then, market demand does not depend on one's passion. This is what leaders forget. In simple words, it is called "barking up the wrong tree"!
Ok...
Dinesh V Divekar
From India, Bangalore
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My reply is different from what previous members have said.
It is the "Business Strategy" that will make you different. You may go through the famous article "What is Strategy" by Michael Porter in the Harvard Business Review (HBR) in 1996.
However, mere reading material on strategy will not help. First, you need to have a sound understanding of the market. For this, you need to do a good amount of market research.
You may go through my reply on the previous post titled "Starting a new organization." You may click [here](https://www.citehr.com/260478-starting-new-organization.html#post1181231) to read it.
Lastly, much depends on the nature of the industry as well. What is the point of entering a saturated industry? For example, Videocon entered the Telecom business in 2009. By that time, the telecom industry had become one and a half decades old. What was the point of entering an overcrowded market? However, a seasoned tycoon like Mr. Venugopal Dhoot also failed here. Today, after three and a half years, Videocon has barely a 1 percent market share.
When Videocon entered the telecom market, by the time existing market players had played all the tricks of the trade, and there was nothing left to do something new. Mr. Dhoot at the time of launch told reporters that Videocon would start telecom services in the top 100 cities of India in 100 days. Today, 100 weeks later, they are yet to enter Bangalore or Karnataka itself.
To run a business, one requires passion. But then, market demand does not depend on one's passion. This is what leaders forget. In simple words, it is called "barking up the wrong tree"!
Ok...
Dinesh V Divekar
From India, Bangalore
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Dear Sunaina,
They say every business has a life cycle. However, it is demanding, except for some basic needs like (Roti, kapda, aur Mahan). Some businesses are seasonal or need-based (which doesn't depend on seasons). As Mr. Dinesh has rightly pointed out, good, nay, excellent market research is needed before venturing into any business. Trust me, I am no businessman but have witnessed many businesses.
If you want to play it safe, then work under someone. If you need to succeed in any business, you need to have some traits (like die-hard passion to succeed, ability to withstand the storms of failure, etc).
Last but not least, the ability to adapt to what the market demands...
With best regards,
From India, Mumbai
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They say every business has a life cycle. However, it is demanding, except for some basic needs like (Roti, kapda, aur Mahan). Some businesses are seasonal or need-based (which doesn't depend on seasons). As Mr. Dinesh has rightly pointed out, good, nay, excellent market research is needed before venturing into any business. Trust me, I am no businessman but have witnessed many businesses.
If you want to play it safe, then work under someone. If you need to succeed in any business, you need to have some traits (like die-hard passion to succeed, ability to withstand the storms of failure, etc).
Last but not least, the ability to adapt to what the market demands...
With best regards,
From India, Mumbai
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Business Strategy.doc
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