The day I stated in public that I’ve a plan to set up my own business in India, I’ve been often getting this query. What’s your business Idea? In order to get their opinion, I stated different ideas to each of them.
‘I’ll start an ERP consulting company’
‘My plan is to practice as a Chartered Accountant’
‘I’ll get into Organic Farming’
‘I’ll setup an online training company’
And many several other ideas.
The standard response that I received from most people were ‘ It’s a saturated market. I think it’s difficult to succeed in that business. If you want to succeed, you need a real brand new business Idea’.
Do you really need a brand new business idea?
If that’s true there would be only one company per business idea in this world. Only one search engine, one laptop manufacturer, one bank, one car manufacturer and they all will be the pioneers in their business. Obviously, that is not true. Almost half a dozen search engines existed when Google started its business. We all know that Facebook definitely is not the first social networking site. The same is true about most businesses.
Brand new Idea and Success
Also, what’s the guarantee that brand new ideas will succeed? In fact, I think the chances of failure are more for a brand new business idea. We just don’t realize it since what we see are only the successful ones. If you think succeeding with existing ideas are difficult, you should know that getting customer approval for a new idea could be even more difficult. Difficulty is there, behind all ventures.
The success of any business is dependent on whether you’ve got buyers for what you offer. There definitely will be people who are ready spend money for your offerings provided you give them what they are looking for. So, what are they looking for?
A Better Experience or a Better Value
All customers including me and you are looking for a better experience as a customer. It’ll be the combination of product quality, price, customer service and many other factors. In some cases you can see that the existing market players just don’t meet the customer expectations. That’ll make your job easier. Let us take an example.
The Indigo Success Story
IndiGo Airlines is a Haryana (India) based airlines which started in 2006. The entered a very competitive industry and today, they are the biggest and the only profit-making airline in India. As per IndiGo’s young president Aditya Ghosh, the reason for its success is sticking to basics. They just gave all the basic things that an airline customer was looking for and which were not provided by the existing airlines. A clean aircraft, on-time performance, good customer service and affordable fares.
Whatever your business idea is, if you are ready to offer a better experience to the customer, you are bound to succeed. The famous author Shiv Khera rightly said
“Winners don’t do different things. They do things differently”
What is your opinion?