BY ROBIN GHOSH
( FORMER CHIEF ECONOMIST, BENGAL CHAMBER OF COMMERCE AND INDUSTRY)
KOLKATA, 5 JANUARY 2023
As a startup, if you are looking for smooth success- you must invent your own turf.
As an entrepreneur, your operating turfs are
1. Low price Low Margin items
2 .High Price High Margin items
3 . High competition market
4. Low competition market
Generally entrepreneurs and startups tend to dive into low price low margin and high competition markets.
In fact, the strategy should be to focus on high price and high margin and low competition markets.
To identify the golden turf, the entrepreneurs have to do a bit of creative thinking. You have to think beyond what is possible.
Think beyond possible, then back off to reality. Understand what the customers want, learn how to reach the customer and how to fit the technology to the customers’ needs.
Sir Robin Saxby, the founding CEO of UK based chip company ARM Holdings and a top rated startup mentor, captures the journey when he says “when we started I said we are going into every market segment except computers. We are not going head to head with Intel because they were the market leaders. With new technology you have got to create your new space”
In essence, the message is create your own market space. Don’t try to fight with number one in the market. You can’t kill giants just like that.
India turning shortly the third largest market in the world, startups have a huge business turf to play and succeed. The magic lies in inventing a new market where you can build up your business and your brand like a tiger.
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