Many people listen to the success stories of entrepreneurs who made it big by working on their own business idea. Instead of doing that, one should focus on how they got there, what difficulties they faced and what you can do the same thing. So in this article, I’m going to share five learnings that helped Tejas Mayekar launch his startup successfully. Let’s dive right in.
This may come off as an obvious thing but the majority of aspiring entrepreneurs only focus on scaling their idea says Tejas. It’s highly important to first check if your idea can thrive in the industry and for that, you have to start small. Before investing a lot of money into your startup, first, learn to calculate its potential. Ask yourself: is this idea going to sustain in the upcoming years? If your answer is positive, then only go ahead and focus on scaling it further.
Nobody wants to engage with a business that has a boring marketing strategy. If you want people to remember and recognize your startup, start building up your startup’s unique identity. For this, you need to be creative. Being creative does not necessarily mean being different. It simply means that you should do things in a unique way. Of course, creativity comes at a cost. You may need to hire creative talents for your team but it’s definitely worth it in the long run.
You might have heard this – ‘Customer is the king’ and it’s indeed true. If you want to thrive in the market then you have to keep improving your product and strategies. For that, you need to listen to your customers. It’s always a good idea to ask for feedback from your existing customers. Check whether they are satisfied with your product/service, ask them what new features they want to see in upcoming releases, get their feedback on the user interface and usability of your product. By working on such feedback, you can make your products/services even better. This will also help to boost your sales.
If you want to find what’s working, you have to experiment with different strategies and product ideas. Many people fail to understand that launching a startup is not as easy as it may seem. Your idea may not be unique and thus you need to find the right approach that works for your business. If you fail to do so, your idea which might be worth millions of dollars may not thrive at all. Therefore, experimenting with different ideas is a must when it comes to being a successful entrepreneur.
I personally believe that high risk means high reward, says Tejas Mayekar when asked about taking risks. It’s greatly important to take risks in your career when you see an opportunity. If you believe in your idea, go all in. Leave no stones unturned. I will strongly suggest you take such risks early in life when you don’t have any people dependent on you. That’s because, when you have people to feed and look after, you tend to think about their well-being and thus, your risk-tolerance level greatly reduces.