Avoid entrepreneurial myopia when struck by an idea that has you mesmerised. There is more to starting up than the idea and early adoption may not always result in a billion-dollar business.
Opportunities exist in every sector and are often dominated by factors like new knowledge, demographic change, inventions, advancements in technologies artificial intelligence (AI), augmented reality/virtual reality AR/VR, and what not. While one can blame improper execution or inadequate resources for the failure of a new venture, early adoption and lack of smart study are less talked about yet powerful reasons behind such failures.
Here are some tips an entrepreneur must keep in mind before jumping in the blurry yet fortunate world of business. I believe conducting an extensive research before execution of any business idea/plan is mandatory.
At times, when I speak to founders of different startups, they end up balking at the idea of studying their competitors extensively, implementing different market strategies at different phases, executing Plan B, P&L accountability etc., making me wonder how they will stand the storm in their coming days. Before execution, one must come up with a cohesive timeline along with a sampling plan.
To do the same, opting for the right kind of research methodology is of utmost importance. For instance, persistently listening to the sounds of the marketplace is a good start. Read more from yourstory.com…
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