One of the differenes between successful and unsuccessful startups is whether startup business model suits the founders personality.
Its one thing to be passionate about the idea and another to be able to build that idea into a sustainable model. If you are sensitive to cash flows and cannot bear the pressure, choosing a model where managing inventory or capital intensive infrastructure is core to the business can make you fail.
If you are uncomfortable with sales but the business model requires you to be sales focused can make it fail.
Ofcourse, there always comes a moment of truth and entrepreneurs do learn to cope with their personality weakness and can become successful.
Realizing what you are comfortable with or getting partners who compliment you helps in building a successful business
Just out of a conversation with one of our Brand consultants and got a great learning.
Customers buy from you not because your product or service is better but because they believe you bring new insights into their industry.
So, start having an opinion or independent perspective about what is happening in the industry you are working in or targeting at. Knowledge can only be a support argument in sales process.
Its learning of a life time for me.
Spending 7 hrs with Maheshwar peri is like drinking strong coffee continuously. It is a great feeling but does not let you sleep for hours as there are so many things to gather in the conversation.
To be truthful, We have built a company that is growing steadily but to grow at a scorching pace is an art and inputs from Business Learders like Mahesh helps a lot.
What are the learnings?
Eat, Sleep, Breathe and Live the Business Idea – When you start a company with a core idea, like “Gifting” for Gifting Inc or “Careers” for Careers 360. It is important that the entreprenuer or any business leader should become addicted to the core idea and have the question of “How their core idea can make a difference in the market?” According to Mahesh, this question alone lays strategy, direction and solves all business questions.
Own the customer – When you crave so much to add value through your core idea to the market, The customers love you for what you are and start coming to you for more answers. Then, you start owning the customers.
Increase industry partnerships – Your business lives in an ecosystem and only way we can add value is by contributing, sharing and colloborating with partners across the industry. It is about defining value that we can gain together rather compete.
Be patient but keep knocking -Mahesh was describing how it took 7 years for him to get noticed in the industry and 3 more years before he could get the first international magazine to tie up with him. He was patiently knowlcing on the opportunity door and was patient for it to come his way. Even with careers 360, he does not let his past success define the new sucess but lets the magazine do its own work and get recognition by itself.
Good inputs, right?