August 29, 2009

Marketing in Rural India

Few days back, I just had a short chat with one of the co-founders of an IIM-A's Iaccelerator startup and our conversation diverted to an article that was published in Outlook Business. The article tells about how a simple SMS is helping the Indian farmers plan their farming better and in turn helping them generate more profits.

Just came across a very insightful presentation which talks about why rural India is so important & how one can tap the rural market. The most interesting point from the presentation is the statistics about Rediffmail -
Out of 20 million Rediffmail signups, 60% are from small towns. 50% transactions from these towns on Rediff shopping site.



Labels: , , , , ,

August 1, 2009

Why should you work for a startup

As an Engineer, all of us wanted to work in companies like Infosys, Wipro, Satyam Mahindra Satyam & many other so called Indian MNCs. However, times seem to have changed now due to accessibility to lot of resources available on the internet & some credit also goes to the change in our mindset. Startups have really become a buzz word & guys don't feel shy that they are now working in a startup !!! In fact, many of them even prefer working in startups than working in MNCs.

As per the recent update in my LinkedIn profile, last 2 years provided me with the best learning(s) in my professional career and it was entirely in startups. In fact, I was thinking of an appropriate title for this article and one which struck me was "Why should you AT LEAST ONCE work in a startup". Each one of us have a reason to do or not to do a thing, so if you are interested to work in startup than the following reasons may help you to decide "Whether you should or should not" ....

Entrepreneurial litmus test
If you aspire to be an entrepreneur, it is very important to work in an early stage startup or should we say "To pass the litmus test". There are MORE ups & downs in a startup which not only teach you to deal with difficulties but also help you understand yourself better. As for me, startups have taught me to survive on less money & also to understand "Whether I can myself startup sometime?". Working in a startup becomes the very first step to look within yourself & say "Can I do it?"...

Relationships Matter
In a startup, it becomes difficult to isolate from the startup community which in turn teaches the Art of Networking. This not only helps to build the startup's brand through WOM but also to network with fellow startup guys. Not to forget relationships inside the office; it is very important to keep best of the relations with every person inside the startup as well since, you cannot stay isolated neither inside nor outside your startup. It is a small world and you never know when you would again work with your colleague smile

Learn to save[for present & future]
There is a famous one liner "It's all about the money honey". Every person in a startup always hopes for the best but is prepared for the worst.In other words, once you enter the startup arena, the first to do IMHO is to become a bit stingy and keep check on your finances. Hence,a startup would also turn out to be a finance institution !!!

Contribution
If you are a person who is interested in multiple things [being an expert in one], your startup may become "fuel to your interest/passion". Since the barriers are low in a small company, it becomes easy to contribute in multiple areas & prove your passion eg. Engineer with an inclination to marketing can help market the service/product which might be impossible to do in an established company.

ONLY results matter
Big corporations focus on the process along with the results however, startups look out only for results. Hence, if you are a fresher looking out for some interesting work, startup would give you the push-up and later on MNC would give the necessary branding. Startups are less hierarchical and more result focused.

Bootstrapping
As mentioned before, startups help to bring out your other qualities some of which you might have never exploited !!! This helps you master the Art of Bootstrapping. This would become an important step not only when you startup but also when you are in a crisis situation[like the current tumbling economy].May be sometimes, it becomes necessary to be "Jack of ALL trades than be a master of NONE"

If you have some more reasons to share, please leave them in the comments and it would be added to the article.

Labels: , , , ,

July 24, 2009

Twitter 101 - Twitter for Business

For those who are looking out to use the medium of Twitter for Business purposes, the wait might just be over.Twitter has released the OFFICIAL guide-Twitter 101.



Below is the officially released guide for business users using Twitter


Case Studies
You can find some interesting case studies here. In case you are looking out for more case studies you can head on to my LinkedIn question[status - closed] here

Related articles
LinkedIn - The Twitter success story
The Twitter success story - Updated

Labels: , , , ,

July 17, 2009

Is BMTC missing an opportunity ?

There is a saying "Nothing in this world is constant except change", on a similar lines there have been lot of changes in Bangalore; some good, some bad. However, one thing that has drastically changed is the "Public Transportation". Remember the days when we only had blue colored BMTC buses but now with the introduction of Volvo buses, Public Transportation has gained momentum. Not to forget with the shift of the international airport to a so called remote place, the obvious choice of most of the Bangaloreans is the famous Vajra bus.

BMTC has done a great job by introducing Volvo buses for the right places and also setting the up the right frequency for the right routes e.g ITPL or Electronics City is a place which is filled with software companies and the frequency of Volvo buses is exceptionally great there !!!

Before writing this article, I interacted with a few people[who travel to ITPL] and most of them preferred BMTC over their own cars/bikes. Apart from the normal ways of generating revenue, there are many other areas where BMTC can look for more revenue:

Brand Promotion
Most of the times, there is FM being played on the radio in the bus but if BMTC manages to tie up with brands, radio can act as a great medium for marketing.It can be used to showcase offers in shopping malls, promote new brands, movies etc. Remember, there is Big Bazaar near ITPL; so this would be much useful in such cases !!!

Job Announcements
After the economy tumbled, many were laid off where some of them landed up in jobs out of no better choice. With Indian economy showing early signs of recovery, Volvo bus would make an excellent tool to showcase jobs again through radio or advertisements inside the bus. To make things better, these advertisements can be geo-targetted like buses from ITPL, Electronics City etc. would ONLY carry those ads.

OOH Advertising
Along with the convenience, the added advantage in Volvo is the additional standing space. The photograph shows the frontal view & there is definitely a big opportunity for Out Of Home advertising. There is space for 2 TVs [one in the frontal entry and other at the back entry]. With OOH growing at 20% annually , this is a big opportunity form BMTC to target the people travelling in the bus.

Photo Credit - Srinidhi Hande

To summarize, BMTC can replicate the Google Adsense model for the Volvo - RIGHT Ads Targeted for the RIGHT routes and obviously for the RIGHT customers !!!

Many of us would be travelling by BMTC buses, hence if you feel there is any other revenue generating opportunity BMTC is missing; please leave them in the comments section & it would be added to the
article.

Labels: , , , ,

July 11, 2009

[LinkedIn] The Twitter Success Story

The question which was posted on LinkedIn about Twitter - Success story through Twitter has received excellent response from guys from different geographical locations.

A gist of some interesting answers below -

Story - 1
Just to share an experience on Customer Service and Listening. I have been on twitter for 6-8 months now, I just shouted out about @cleartrip not giving out any offers on twitter. cleartrip listened to my shout out and rolled out the offer in twitter. Now that's definitely gotta make a customer feel good.
Twitter is more about engaging with your customers, to know what they want and more importantly act on it.
Then there are companies in the b2b business finding leads through twitter. So its happening, but companies are more or less just absorbing the stuff which can be done on twitter.
-Rahul Nambiar,Interactive Solutions Architect

Story - 2
Kogi bbq, a korean taco truck in Los Angeles has attributed much of its rapid and recent growth to twitter. http://twitter.com/kogibbq as has Coffee Groundz, a cafe in Houston http://twitter.com/CoffeeGroundz.
-Gary Sanchez, Consumer Marketing Leader

You can check the remaining answers/contribute your success story here

Labels: , , , , , ,

June 26, 2009

How valuable is Re. 1 ?

Have you ever tried conversing with a small bakery owner about his expenses & his approximate savings at the end of the day ? If you haven't than better try it out biggrin The conversation would teach how a single rupee becomes thousand rupees at the end of the day. Though small bakeries sell cold drinks, juice, other eatables; chai[aka tea] is what yields them the maximum returns[Rs . 2 profit on a single cup of Rs. 3] which shows that it is all a QUANTITY GAME !!! The current issue of Dare contains an interesting list [shown below] of things which retail for Re. 1 or less
  1. Matches
  2. Confectionaries - Toffees, Gums ...
  3. A glass of water at roadside vendors
  4. Stationary - Erasers, Sharpners
  5. A phone call
  6. Kites
  7. Shampoo Sachets
  8. Vegetables - Coriander, Lemons etc.
  9. Candles
  10. Paper cups/ plates
  11. Stamps/Postcards
  12. Use of roadside weighing machines
  13. Photocopying
  14. Some medicines
  15. Waste paper
  16. Balloons
  17. Golguppas
  18. Bindis
  19. Stickers
  20. Greeting Cards
  21. Holograms when bought in bulk
  22. Screen printing in bulk
  23. White paper sheets
  24. One mosquito coil
  25. Loose flowers
  26. Small coconut pieces at roadside stalls
  27. Some crackers
  28. Rangoli/Holi Colors
  29. Thread
  30. Needles
  31. Marbles
  32. Chalk
  33. Nails/Screws
  34. Used bottles
  35. Some local cigarettes such as Rustam available in Patna
  36. Blades
  37. Ice
  38. Perfume samplers
  39. Loose beedis
  40. Paper Caps
  41. Digestive tablets
  42. Chewing tobacco
  43. Buttons
  44. Salt/Sugar sachets
  45. One impression of an ad
  46. Jam sachets
  47. Oil sachets
  48. Whistles
  49. Toothpicks/earbuds
  50. Use of public urinals
After going through the list, I easily could co-relate to the conversation that I have with the chaiwala in my locality ... Definitely lot's of things can help us build a bulk business with Re. 1 !!!

Labels: , , ,

May 13, 2009

Success stories through Twitter [Updated]

Few weeks back, I had posted a question on LinkedIn about "Twitter's usage in Business". Today, I just stumbled upon an interesting presentation[shown below] that not only explains Twitter's usage but also backs it up with a good number of case-studies. BTW, the question is still open here

Labels: , , , , , , ,

April 17, 2009

[LinkedIn] Success stories through Twitter ...

It has been almost a month since my last article & once again busy schedule has distanced me away from my blog sad Few weeks back, there was an article on this blog about Twitter and since, than I have been much more active on it

Well, we all know about Twitter & it's usefulness for business. However, there has not been [at least I have not read about it] similar news like this one where startup/company has generated sales through Twitter.Below is the question that I have posted on LinkedIn and to answer it, you can leave a comment below or head-on directly to LinkedIn
There would be many more startups/companies [apart from Dell, Sun etc.] generating SALES through Twitter

Twitter, a company that is making news without making any revenue is familiar to all of us. Though, most of us on Twitter use it for personal use; I would like to know about the following:

1. Is your company/startup using Twitter ?
2. If the answer to (1) is yes, how have you used the medium e.g in generating sales, getting feedback ?
3. Is there any success story [apart from Dell making $1 Million in sales through Twitter] where a startup/company has been able to generate sales through Twitter.

PS - I posted this question after I could not gather much information from leading blogs/ websites/newspapers.

Labels: , , , , , ,

November 11, 2008

Business Model Innovation

Came across an excellent presentation by Alexander Osterwalder, a Business Model Innovation advisor.No matter what is your idea or business, this presentation touches every corner of it [from Ideation to Execution].


He has quite an insightful blog on the same topic & I am sure you would also enjoy reading every bit of it biggrin.

Labels: , , ,

October 29, 2008

Case Study : Customer Evangelism

There is an interesting e-book "Testify-How remarkable companies are creating customer evangelists" which focuses on how companies are winning customers and effectively making each one their evangelist !!!

It is a very interesting compilation, the companies about which I enjoyed reading the most are:
You can download the ebook from here

Labels: , , , , ,

October 27, 2008

The Barber story : How to win & multiply customers

Next day being the auspicious occasion of Diwali,I decided to get a different look wink and the time spent at the saloon shaped up in an excellent learning experience.

The barbers at the shop showed great professionalism[both in terms of work and customer delight] which can be easily co-related to our day to day activities.

Below are the 6 simple learnings from that experience:

1. Always be watchful for customers
I went to the saloon in the afternoon & due to heavy rush there, I returned back home.When I again went in the evening, that same barber recognized me & asked me the reason to do the same i.e whether there was a problem or I was not satisfied with their service during the previous visit or any other reason.
It is very important to take feedback from the customer since, in today's time, customer always has more choices than you can ever think of !!!

2. How to break the communication barrier
As I don't belong to Bangalore,some times it becomes difficult to communicate[especially if the other person does not know Hindi or English].Hence,if I don't hand over the exact requirements, I cannot expect a proper output from that person.Same was the case in the saloon where language became a communication barrier sad.But soon, I remembered about my passport size photo in my wallet and that photo became a single line requirement for the barber.
It is of utmost importance to find alternate as well as smart ways to break the communication barrier else it would have a negative effect on the deliverables.

3. Benchmarking always helps
As mentioned in the previous point,my photograph became a benchmark for the barber and benchmarking always speeds up things.
Always check out if there is a benchmark in what you are doing & that would speed up your entire process of development.

4. Team-work is the mantra
At one point,the barber who was making my shave got confused & could not proceed.Immediately, the other barber came to his rescue[though he was not called for any help] & took over the baton from him.
In a team,it becomes very important to gain as well as share knowledge as at the end of the day, one person failing in a team would lead to the entire team's failure !!!

5. How to kill the Distraction
As you are aware that all saloons at least have a TV & many times, it becomes a source of distraction rather than entertainment.Same was the case with the barber, who concentrated equally watching the TV along with the hair-cut.His co-worker switched off the TV[after a while] when his slow output was creating an irritation to customers.
Every person has at least one source of distraction but when the individual distraction results in a negative effect on the other co-workers, it is time to take strict action !!! As a team, your intent should be to deliver the best and convert your first time customers to repeat customers to loyal customers to customer evangelists [as stated below].

6. How to create Customer Evangelists
As I was paying the barber,I appreciated him for his work and he reciprocated for the same.The other guy[who had got confused as mentioned in point(4)] did not only thank me but also promised me to deliver his best next time [that too without requiring the photo biggrin]
Simple words of gratitude helps develop as well as maintain a good relationship with the customer.Though the barber could not deliver, his promise [to deliver next time] makes me recommend his shop to others and this way his/your loyal customers would become your evangelists !!!

Image Courtesy:
Clipart ETC

Labels: , , ,

October 6, 2008

The "Second Life" of Startups ...

Any unconference you attend, you would always come across few guys who would be evangelizing the concept of SecondLife (SL).Though,I am a member of it since a long time,I could not explore much about SL[courtesy of my laptop sad].However today I took some time off to explore SL and it is really quite amazing !!! This great first level experience drove me to write this article smile

Few notable things from Wikipedia about SL
During a 2001 meeting with investors, Philip Rosedale noticed that the participants were particularly responsive to the collaborative, creative potential of Second Life. As a result, the initial objective-driven, gaming focus of Second Life was shifted to a more user-created, community-driven experience.
As stated above, SL always had the collaborative touch since 2001,however SL is much more than that...SL Grid platform provides companies with a virtual experience, which provides the following advantages
  • Increased Productivity
  • Effective Collaboration
  • Improved Communication
  • Enhanced Engagement with your Customers or Audience
  • Reduced Business Costs
You can read more about SL Grid here and here

However, every application has its upside(s) & downside(s) and so does SL.Many feel that SL is more close to the Tech-Savvy Community.Excerpt from BusinessWeek -
Typically, only tech-savvy customers are open to using a virtual world to go through the architectural design process. But Bouchoud says he has attracted some business precisely because he's using Second Life. His Web site contains a section about Second Life, and if someone visiting his site already has an avatar, she can use the site to "teleport," or be redirected to, his "island"—the equivalent of private property—there. Brouchoud uses an island because it can be password-protected, letting him bar access to anyone other than staff and clients, should he wish to do so.
You can find BW's interesting article on "How startups are using SL to build their brand & grow their business" here and here.Not only SMB's but even companies like Wipro have realized SL's growing importance for it's business.

SL's widespread use is not only restrained to technology; aspiring Filmmakers are using this medium to showcase their talent [Thanks to Prashant Singh for the tip on Pluggd.in] and it's benefits can be extended to other areas like arts, education etc.

Check out this very interesting presentation,that focuses on each and every aspect of SL with respect to business....



Though I am still exploring SL , from the way SL has taken off; we can definitely expect more and more startups [as well as big companies] using SL as a medium to build better customer relationships as well as to cut down costs.

Labels: , , , ,

August 15, 2008

LinkedIn : How do I get my Business Site reviewed ?

Last few days have been quite hectic for me and I almost vanished from the Blogosphere sad but I am back again with what I love to do i.e. Blogging !!! To get back on track, I felt to share an interesting question which was asked on LinkedIn and thanks to Ramjee Ganti for suggesting me as an expert in the BLOGGING category smile

If you are a Blogger or someone who wants to get your website/blog reviewed, than either you should keep a track on the replies to question or attempt to answer the question given below:

Note:
Below is the question and my attempted answer on LinkedIn.

How do I get my business web site reviewed? How do I get bloggers to blog about my site?
  1. Know about the your Business as well as the business in which the Blogger is associated with e.g If your business is into Semiconductors, than only consult a blogger who is into that space.A blogger who writes on Web 2.0 would not be a value addition to your marketing strategy but instead may take up your example as a negative one sad and write on his/her own blog.
  2. Search for Bloggers on relevant sites like LinkedIn, Ning, Technorati, Digg etc. and send each one a proper and personalized pitch referring from where you came across their profile , why should they write about your business etc. etc. Remember, it is very important to give a personalized touch !!!
  3. Don't try to bribe the blogger saying you would get gift A/B/C if you write for them. This would result in a negative publicity in most of the cases. Microsoft is very famous for this one.
  4. Finally, if you want Bloggers to write about you, than they also want a small mention that "They have written for you" hence, add all the links and email each one personally so that you can expect BETTER words from them in future !!!
  5. Last but not the least, remember that if you need a Blogger's help now, you may also need the same in Future, so Try to maintain touch with the Blogger with whom you want to wink
Note:
There would be a plenty of resources available on the Internet but at the end of the day, it depends on execution.

You can find all the answers to this question on LinkedIn here

Labels: , , , ,

July 29, 2008

Characteristics of SUCCESSFUL ENTREPRENEURS

In continuation to my previous article , today we would look into another interesting topic from my current read What Self-Made Millionaires really think,know and do. Due to my association with an early stage startup, the current article on "Successful Entrepreneurial Qualities" looked very much relevant.

Well, I should agree that I could really feel the things during the process of writing this article smile Though, Qualities and Execution may sometimes seem disjoint , it is only when they get married; a successful business is made !!!!

A sense of mission :
Successful entrepreneurs set out to improve the lives of their customers.They do not simply set out to make a big pile of money.They are workaholic and love working hard at something that they love doing.

Self-Belief :
They believe that they will be successful.They expect to be successful.Even when bankrupt, they still believe that one day they will be successful.

Acceptance of responsibility :
Successful entrepreneurs are found to accept responsibility for themselves and not to blame others.

Resolution to pay the price :
Entrepreneurs understand the price that must be paid to achieve their goals, and they resolve to pay the necessary price.

Commitment to success :
Successful entrepreneurs have a 100 percent commitment to becoming successful.They focus and concentrate on their area of excellence.

Judgement :
They are not necessarily clever with words,arithmetic or mechanics.However,they have developed social skills, intelligence and judgement.

The helicopter view :
Entrepreneurs can see the big picture, acticipate trends.They have foresight in that they always look to the future, understanding that the rest of our business lives will be spent in the future.

Leadership skills :
They set goals, have high expectations of themselves & others and listen carefully.They have the ability to draw extraordinary performance from ordinary people.

Excellence in selling :
Entrepreneurs generally are excellent at selling.They focus on benefits to the customer, satisfying customer desires and relieving customer fears.They make excellent presentations and show the product or service in its best light.

Managing time effectively :
They develop the ability to focus on the 20 percent that brings in the 80 percent of success, and delegate the 80 percent to others.

Excellent communications :
Successful entrepreneurs tend to be excellent in private discussions, conducting meetings, giving presentations and submitting reports.

Persistence :
Successful entrepreneurs persist.They understand that it takes time to make it really BIG !!! They are prepared to go the extra mile and do that little bit extra for which they do not get paid.


Related Article
Money - A startup Killer

Labels: , , , , ,

July 26, 2008

Major reasons for Business Failure

My apology for not having been active on Thoughtsprevail , was held up in activities that kept me away from my blog sad This week, I picked up a book titled "What Self-Made Millionaires really think,know and do" which has some exceptional content on business.Though reading the book won't make me/you a millionaire but it would definitely help in understanding business in a much better sense !!! After reading a few chapters from the book, I came across a very interesting topic that focused on BUSINESS FAILURE and this article would be a GIST of that chapter.

The reasons are split across four categories, namely:
a) Specialization b) Differentiation c) Segmentation & d) Concentration

Note:
Though many of these reasons might be quite common, but it is important to keep them in mind since , most of the times, we forget the so called COMMON THINGS neutral

SPECIALIZATION
  1. No mission, no clear goals, stated OBJECTIVE to make a pile of money.
  2. CUSTOMER not perceived as a top priority.
  3. Loss of momentum in sales, poor SALES performance.
  4. Impatience, trying to get RICH quickly.
  5. Operating outside own area of excellence, diversification into UNASSOCIATED BUSINESSES.
  6. Failure to focus on PRIORITIES, failure to focus on 20 percent that brings in the 80 percent.
DIFFERENTIATION
  1. Failure to establish COMPETITIVE advantage, failure to be better, cheaper, faster or nicer , trying to sell a commodity.
  2. Product not suited to customer REQUIREMENTS.
  3. Poor QUALITY of product and support.
SEGMENTATION
  1. Failure to IDENTIFY CUSTOMERS.
  2. REACTIVE rather than proactive SELLING.
  3. INCOMPLETE marketing STRATEGY, poor sales performance.
CONCENTRATION
  1. POOR LEADERSHIP, lack of integrity and COMPETENCE of KEY STAFF, lack of commitment & persistence.
  2. MISMANAGEMENT of working CAPITAL.
  3. Failure to analyse and respond to trends, CHANGES in MARKET PLACE.
  4. No BUSINESS PLAN.
  5. Inadequate financial records, POOR BUDGETING, poor cash control.
  6. Action without planning, FAILURE to collect the RELEVANT FACTS.
  7. Paralysis by analysis, TOO much ANALYSIS, not enough action.
  8. Poor RELATIONS with STAFF and employees, poor communications, command and control mentality.
As this book is a great resource hence, the next series of articles on Thoughtsprevail would be focusing on such interesting topics[from the book] that relate to business, hope you enjoy them !!!

Labels: , , , , ,

July 3, 2008

MONEY : A startup KILLER ?

Startup means a lot of things for many people and there are a variety of motivating factors for different people.It takes a lot to leave a high paying job and to join an early stage startup or to start working on your own idea.

IMHO, it is very simple to write on blogs and to review others startups but it takes a GREAT HEART to accept criticism[in the right spirit] for our own startup/idea.

As mentioned above, though motivation for a startup are different undoubtedly, one thing should be starting point - PASSION ; but when a bunch of people gather to create a startup to make quick bucks, you are sure to reach the dead end soon !!!! Let's look at what could go wrong for such organizations.

1. Not SO-GREAT Minds also think ALIKE :
All of us know about this very famous saying - Great Minds think alike but when not so-great minds meet, they also think alike.When startups have such minds and money is the SOLE intention, you can be very much sure that there would be some dirty games being played in the minds of each & every member.

2. Focus shifts from QUALITY to QUANTITY :
The most important part of any software is it's quality , without which there would be no quantity[in terms of customers, revenue, growth etc]. But if the sole aim is to earn money, you would always keep Quantity in mind without even thinking that it is quality that gives birth to Quantity and not vice-versa. So, the focus should be on Quality with a clear road map on how that would lead to tangible quantity.

3. RIGHT EMPLOYEES in the WRONG PLACE :
In case a highly passionate person[who has the willingness to learn and to do something in life] lands up at such a place, it would lead to lot of misunderstandings with the fellow co-workers which in turn would lead to an unhealthy working environment.This Mr./Ms. 'RIGHT' would in turn stop other Mr./Ms. RIGHT(s) from joining such a startup leading to a bad reputation in the market sad

4. TRANSPARENCY becomes OPAQUE :
The onus of building a good/great company lies on the initial members of the company. The great thing of an initial stage startup is that it is like a BABY that has to be nurtured continuously by it's so called Father(s) [or Founders] wink It is very important for a startup that there are regular brainstorming sessions/discussions to ensure that every person is in sync and have the same & updated information.
However, when money becomes the motive, there would be very less transparency and team members would tend to hide information from each other....And if there is no information exchange between the first few people, than how do you ensure a transparent culture in the new people[many of which may belong to point(3) ] who join your company ?

5. HIERARCHY , the serial Killer :
Combination of points (1) and (4) gives rise to point (5) - Hierarchy. Gone are the days when there was a person called "BOSS" who wanted to keep an eye on everyone nowadays, people enjoy an open culture and there can never be a successful company built using the bricks of "Hierarchy". Sure, once the number of employees increase, we may need Managers[and not bosses] , but if we have Hierarchy followed from Day-1 ; you can be rest assured that it would be followed till the time the startup exists smile.....and it is needless to mention the fate of such startups !!!!


If you have any other points, please mention them in the comments section and I would be happy to add them in the article.

Labels: , ,

April 13, 2008

Think Local , Act Global : Art of Customer Service

There are lot of resources available on the Internet about "Customer Service", how to serve customers like God, and how one customer can turn into a chain of Customers [just by hitting the bullseye with the first one biggrin]

Just came across an interesting video of a child selling peacock fans on the streets of Mumbai [near Hanging Garden], the special part is , He has learnt many languages, only to the extent that he can answers his customer's queries - "What is Peacock Fan", "It's uses", "It's Price" etc. etc.



Reader Contribution:
Mahatma Gandhi's definition of CUSTOMER:
1. A customer is not an outsider to our business. He is a definite part of it. A customer is not an interruption of our work. He is the purpose of it.
2. A customer is doing us a favor by letting us serve him. We are not doing him any favour.
3. A customer is not a cold statistic; he is a flesh and blood human being with feelings and emotions like our own....... More here
[Thanks Purnank Harjivanbhai Ghumalia]

Labels: , ,

April 1, 2008

Is your IDEA a Business OPPORTUNITY ?

All of us get ideas [many of them daily get plenty of ideas ] and feel that we can create a business out of it, but many of those ideas cannot be transformed into businesses. May be some don't make any Business sense at all, some cannot be taken up full-time [ but may be help you in getting some additional income].

Blogging is a good example; it can be thought of as a hobby or a past-time or a way to Change the World , but very difficult to go full time into blogging cry May be this question would be rightly answered by any of the full-time bloggers in the Blogosphere.

There are a couple of ideas that each and every one of us work on , but very few of them can materialize into a full-time startup.

In my current read Harvard Business Essentials , Jeffry Timmons; a leading expert on Entrepreneurship has highlighted 5 Characteristics that any Business Opportunity [ Product/Service ] should possess to certify it as a business.
  1. Creates significant value for customers by solving a significant problem or filling a significant unmet need for which they are willing to pay the premium.
  2. Offers significant potential to the Entrepreneur and investors - enough to meet their risk/reward expectations.
  3. Represents a good fit with the capabilities of the founder and the management team i.e. something in which they have the experience or the skills to pursue.
  4. Is durable - the opportunity for profits will persist over a reasonable length of time - something that is not based on a momentary craze or a need that will quickly disappear.
  5. Opportunity that might be eligible for financing.Though the funding scene is very different, yet a commercial idea at least gets the eyes of investors [ if not all, at least few of them ]
Reader Contribution:
1. An article covered in Forbes : Is your great idea a real business [Thanks Nithya Dayal]
2. Few of the points that I missed are:
Passion and Patience of the Entrepreneurial team [Thanks Manoj Awasthi]

Labels: , , ,

January 13, 2008

Nano : Fortune at the Bottom of the Pyramid ?

First of all , to start on a personal note : Had been away from my life(or should I say My blog for close to a month) with lot of things happening on the other side of my life. This would be my very first article in the New Year and by no means is ThoughtsPrevail dead smile and the article , which would mark the start of my New Year [of blogging] would be the People's Car : Nano

Just as Prof CK Prahalad says "There is fortune at the Bottom of the Pyramid [BOP]" and with close to 300 to 400 million people lying in the Middle Class arena, there is always a market of a product/service , which is targeted to this class of population.First it was Reliance which brought us the so called People's phone; ask any engaged person and the only way "They" would be communicating with each other is Reliance[cheap , convenient and great plans].Things changed and suddenly we have seen every person be it Paanwala, Saabziwala [vegetable seller] in India carrying a mobile phone !!!

Would the same revolution come with the so called People's car Nano. This is definitely a proud moment for India and IMHO, there is also a Social Entrepreneurship attached to the Nano.Social in the sense that it would make CAR accessible to the common man but at the same time, we need to ask ourselves "Is our Infrastructure ready for the Nano?". There are number of blogs and newspapers that have already mentioned about Nano, but one article in Economic Times was very interesting:

Small excerpt from the article :
Clearly, populism and massive state subsidy can’t match a well thought out business strategy that has profit as the motive. And as CK Prahalad, the management guru who’s inspired many of the Tata Group’s low cost, affordability-based products and services, would readily point out that looking for fortune at the bottom of the pyramid is not an altruistic mission but a way to sustainable profitability.
As the article suggests , there is a lot of fortune at the BOP since, you get the Social Entrepreneurship angle working in your favor. There are already other automobile makers who have decided to join this bandwagon but for the time being Nano can enjoy the first Mover advantage smile .

First it was Reliance , Air Deccan and now it is Tata's Nano who have hit the BOP , so now only time and middle class would decide the fate of the Nano...till that time, let us keep our fingers crossed and hope that this Nano at least fares well than the rotten part of Apple [ the Nano ] wink

Labels: , ,

September 30, 2007

Spawners September,2007