July 9, 2007

Understanding your customers : The (only) Key

Few days back,I had an article on my blog "Say yes or no to MBA?" and there was an interview,which answered some of the questions also giving an insight into the journey of Naukri man, Sanjeev Bikhchandani's entrepreneurial journey.

The bottom line of the interview : "Entrepreneurs fail because they don't understand consumers well"

Important excerpts from the interview:

Was there fear or anxiety when you started this long entrepreneurial journey?

Yes, because I came from background where no one from our family was in business and there was no great financial acumen or anything. I got over the fear in the first two years. We struggled a lot but somehow muddled through.

What is your advice to young people who want to pursue entrepreneurship?

Two most important things according to me are good work experience and a good institute. I strongly recommend MBA aspirants to get experience in a good organization before they start their MBA -- because it will enable them to get the maximum out of their MBA education. I think MBA without prior experience is just an extension of college. Experience helps aspirants to understand things more easily and clearly because after experience a person can relate everything they learn with the reality of organizations and understand how organizations really work.

Even the best international B-schools favour work experience. Unfortunately, Indian B-schools largely take fresher for MBA.

Also, a good management institute always adds more value. So work hard to get admission to a good school. It is worth the effort.

What are some common but important mistakes young entrepreneurs are making in their plans to build businesses?

I think it's the lack of understanding their customers. Many people start their business without understanding their target audience and customers well.

Read the complete interview here

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At Jul 9, 2007, 11:25:00 AM , Blogger Dhivya said...

Hey here is a an article that might interest you.


Nice post.

Also regarding the change of date why dont' you suggest a date and time


At Jul 9, 2007, 12:58:00 PM , Anonymous Mahesh said...

Business is all about Caring the target customers.

As said by Lary & Brin: "Concentrate on People all else will follow". This is exactly what they are doing.

But now a days Ask.com is doing much better job than Google as i am heavy information crawler i now the difference.

TRUE Entrepreneurs care /& find the problems of people and will make a strategy plan to execute it.

Entrepreneurs with intention of making money will not catch the customers like Reliance Entertainment is doing by entering each segment[bigadda, bigflakes, chiteen, etc] of market by showing money power. Probably they dont understand the Internet business. Its completely different from Commodities.

Sleep well himanshu.

At Jul 11, 2007, 7:43:00 PM , Anonymous Raghavendra BG said...

Customer is King .Customer is always right ...etc .I read these things @ Hell a lot of places .Believe you in me I rarely find few places who follow these.When i mention few places i am please targeting @ that segment of that Industry which is pretty well established and venturing into new business .It becomes very important for atleast person who want to Entrepreneurship to focus on every customer who comes in inline with Business .I hope atleast all these motherhood statements strongly would hold good for any startups because they are still in verge of establishing mode :-)


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