Unlock the top marketing strategies to begin your start-up and boost your business. Understand the market trends and make the best SWOT analysis.

Ch.1 Business Strategist

1.1 Targeting the market with Available Resources.

Back in 2021, summer season, there were two friends. Due to the effect of covid they had shortage of money and they decided to earn passive income. With the available funds, they purchased two mud pots; five water cans; 5 flavored sharbat syrups; and sabja seed. They took a table from their room and set up their small business over a footpath under a tree. As it was summer, they were able to get lots of customers and earned more than they planned for. So, they decided to rent a small space and decorated that space with lights and other facilities; included more flavors and other drinks. Eventually they generated more crowd and developed a sustainable market.

Similarly, if you want to launch a business in an enormous market, you should first determine how big the market is. Experience its complexity and beauty. Go back to the beginning now, as we need to create a blueprint before launching our company.

But first, ask these 2 questions to yourself

• You want to get into the market?
• You want to grow well in the market?

If both of your responses are positive then let’s begin with a little portion.

Perhaps you’re wondering, “Wait what? However, why at the beginning, starting with such a small part? Listen guys, by focusing on a smaller area

• You can easily manage the situations with available resources.
• You can build strong foundation.
• You can get more chance to study, experience and understand the market.
• You can create profitable & sustainable enterprise.
• You can have an opportunity to learn new things constantly.

The first step for any kind of business (MSME or small business ideas of any nature) is so important. So, if you’re an entrepreneur looking to start a new business, draft your business tactics and approach your customers with proper advertising techniques.

“The size of the market should not scare you. Rather, concentrate on a more manageable and smaller portion of it. Make good use of your resources, sharpen your abilities, and never stop learning and developing. You can become an independent master if you put in the necessary effort, are persistent, and have some wisdom.”

1.2 The North and South view

Let me introduce you to two different types of views

Microscopic View

Telescopic View

TELESCOPIC VIEW

It depicts the entire market from an aerial viewpoint. You may examine what’s happening outside the entity right here. With the aid of this telescopic view, you may make well-informed decisions and recognise trends, opportunities, and potential dangers.

MICROSCOPIC VIEW

Conversely, we can examine particular projects, processes, and operations within the organization in great depth via the microscopic view. This perspective aids in locating internal procedures and activities that may be enhanced for improved outcomes.

Effective problem solvers are able to balance and use these two views effectively to make proper decisions.

Proper balance of both views shall help in making proper decisions.

Due to lack of proper balance, it may lead to

• Lack of strategic focus (Which is the result of lack of telescopic view)
• Inefficient operations (Which is the result of lack of microscopic view)
• Difficulty in identifying problems and implementing solutions (Which is the result of lack of balance of both)
• Miss out on the changing trends and unable to react to the changes

“The optimization of internal processes and operations is facilitated by the microscopic vision, while the telescopic view aids in recognizing market trends and opportunities. Lack of strategic focus, ineffective operations, and trouble finding and implementing solutions might arise from not having both points of view”.

1.3 The Ostrich Mentality

This topic is all about, not understanding the business competition and consequences faced due to that ignorance.

You can ask me a question at this point: “Puja, why are you so picky about knowing the business environment? We are unable to monitor everything that is happening around us. As a result, we occasionally neglect.

Here are few reasons why you need to be aware of your business environment:

• CUSTOMERS LOOK FOR ALTERNATIVES. It is important to understand the customer needs. If not, it will be difficult to stand out in the market.

• HELPS IN INNOVATION & DEVICE A BETTER BRAND. By keeping an eye on the competition, we can research our rivals and develop fresh ideas that set us apart from the others.

• COMPETITION IS NOT ALWAYS DIRECT. Every time there is rivalry, it’s not just because of our rivals; it’s also because of emerging technologies and shifting consumer tastes. Businesses in the changing environment need to adjust to new trends.

• UNDERSTANDING RED OCEAN CAN HELP YOU DEVELOP BLUE OCEAN STRATEGY. We can find areas with minimal competition by studying the competition and creating new items to close these gaps.

The ostrich mindset is typified in this instance by refusing to recognize or face issues or obstacles, frequently due to an assumption that doing so will make problems to go away.

Ignoring the competition ==> Lack of understanding market & customer ==> Lack of success.

“In the business world, pragmatism holds greater significance than positivity. Ignoring the competition may result in a lack of knowledge about the consumer and the market, which may ultimately lead to failure”.

1.4 The Discernment Prayer to understand the market

 “Universe, grant us the agility to embrace the trends that will change our fate, the courage to ignore the fads, and the wisdom to know the difference”

What is discernment?

It is the capacity for sound judgement, for understanding what is beneficial and what is not, and for differentiating between the two. The ability to navigate a quickly changing environment is the most important one.

With emerging new technologies, it is difficult to keep up and determine which ones will be most beneficial for us to invest our time and resources in. Here, we should use our discernment skills as guided below to identify, understand and make a proper decision:

• Take time to reflect on the information & technologies you are presented with.
• Consider how they will align with your goals & values.
• Stay informed/updated about latest developments.

Make sure you gain a well-rounded understanding of the technologies that are available.

1.5 The Two Mindsets

The unicorn and camel metaphor were first used by Alex Lazarow to contrast two strategies for creating a profitable company.

UNICORN MINDSET:

• Here the focus is on achieving rapid growth at any cost even if it means burning through a lot of capital. Example – Silicon Valley start-ups (add external link here) which focused on achieving a billion-dollar asap.

• Businesses having a unicorn mindset will tend to prioritize growth over sustainability.

• They focus on short term gains

CAMEL MINDSET:

• On the other hand, the focus is on building sustainability and resilience into business from day 1.

• Business that adopt this approach will most likely to survive and thrive in the long term.

• They have focus on long term sustainability.

Lazarow wants to convey that, a camel can withstand the most extreme desert weather conditions for extended periods of time without food or water. It also drinks swiftly and stores water for later use if it is available. It goes slowly at first, but when the need arises, it can sprint quickly.

It moves slowly but can also sprint rapidly when the situation demands it.

“Creating a solid company plan is similar to training a camel to survive in a desert. It involves putting long-term sustainability and adaptation first rather than concentrating on obtaining quick wins”.

1.6 Forces behind Disruptive Innovation

There is something called exponential technologies (a technological advancement whose capabilities or performance improve rapidly) and it has one of the fundamental characteristics which is the ability to DEMOCRATIZE and DEMONETIZE.

Making something available or accessible to a wide audience or to everyone is what it means to democratize. Demonetization is the process of lowering the cost or perhaps eliminating the need for something.

From the perspective of disruptive technology, the capacity to democratize implies that services that were previously exclusive to experts are now available to everybody with an internet connection. Similarly, demonetization allows for the provision of previously costly services to a larger audience at a reduced cost.

Democratize + Demonetize = Combination of these two will leads to DISRUPTIVE INNOVATIONS, which can displace traditional modules and create new opportunities for entrepreneurs.

This creation of disruptive innovations will result in

• Job loss in some industries

• Job opportunities in other industries.

In the end, the demonetization and democratization of technology are strong forces that have the potential to drastically alter several businesses. It is up to the public to make the most of these technologies’ potential for good and to adjust to the continuously changing environment in which we live.

“Democratization dismantles barriers and provides access to information and services that were formerly exclusive to a select few, while demonetization transforms the economy and makes innovation accessible and inexpensive”

1.7 The Technology Trap

Similar to consumers searching for better options, business owners may become drawn to new tools, technology, and fashions without first determining whether or not they are necessary or compatible with their overarching business plans.

Certain entrepreneurs tend to go after the newest technologies without fully recognizing the capabilities of the tools they currently possess. It will thus be a waste of time and money.

We have to work backwards, as Steve Jobs (Former CEO of Apple) famously stated: we must begin with the consumer experience and then search for those specific technologies that enable us to meet the needs of the customer.

[Watch the video of Steve Jobs here]

Do not get attracted to every shiny technology because all glitters are not always gold.

Understand the requirement ==> Look for the suitable alternatives ==> Make wise decision.