SMALL BIZ Make Your Small Biz Into Big Markets

     As India is all set to become the new industrial centre of the world, vast amounts of changes are happening all around it. The global economic downturn has taken a heavy toll on the working status of millions people worldwide, but for Indians living abroad thus far, this seems to be the ideal time to pay a visit back to the homeland. India as it is known has been consistently on the rise, with an ever increasing GDP, and the prospect of larger investments that are awaiting finalization.      

 

     Employment seems to be faring better than in other places around the world. NRIs are starting to realize their present hometown may not offer them the lucrative prosperity that it once promised. This has become a driving force that has drawn the NRI back to India. The entrepreneurship opportunities in India have broadened so much that it needs the best minds to tackle the present situation.

 

     Successful global projects are a plenty and these are most successful in one of the many business core areas of India like Mumbai, Delhi etc. These opportunities only lure foreign investors who have seen the success of some of their competitors and want to grab a slice of the Indian market. The funding is there in India and the prospects of some truly large projects have begun surfacing even in second tier cities.

      Down south in India, there are some phenomenal engineering opportunities available and the need for a truly global entrepreneur cannot be stressed enough in these situations. Companies like Larsen and Toubro etc have invested a lot of money into developing state of the art R&D facilities that will cater not only to the local market but also to the ones abroad. General Motors is also keen on centralizing its Research and development ventures in Bangalore, in the southern part of India which will mean that the scope of employment in the core areas of Engineering will be a lot more here than ever before.

      There are a huge horde of software companies from the United States and European nations that have invested heavily in India to provide solutions to many of their global operations. Such ventures do have a fair share of risks that the company must overcome if it has to be successful in a country like India. The market is so unpredictable at times that the product that a company launches must satisfy every criteria of a discerning buyer else it will become a failure no matter how successful it has been worldwide.

      Entrepreneurs required in India must be accustomed to every sort of situation and this is where the experience and knowledge from Indians abroad comes to the forefront. As Indians abroad one will not only have the theoretical knowledge of the west but also possess the Indian mindset and cultural values that will truly be an unstoppable force capable of overwhelming the competition in the homeland. Thus entrepreneurship opportunities are abound in India provided one is set to tackle some of the challenges and risks that are posed by it.

 

By: Harpreet H Singh 

 

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Posted under small business

     One of the keys to success in creating a new business is to stand out in the marketplace. Doing so means careful planning and disciplined implementation. A well thought out IMC program is an essential tool in the pursuit of success.

      All small businesses and new ventures are not the same. In fact, the range of types is quite large. Here are a few common types:

      A small family-owned business, such as a dry cleaner, a restaurant, a specialty shop - - e.g. photo studio - - or a one stop convenience store that is designed to provide the family with income.

      A business start-up with growth in mind, either through increased product sales, multiple locations or franchise agreements.

      Corporate start-ups of entrepreneurial ventures such as Genuity.com and wireless phone and Internet access services offered by long-distance companies.

      Groups of physicians, dentists or other professionals who go into practice together.

     Typically, entrepreneurship means a company is being formed with the express goal of becoming larger through an aggressive growth agenda. Intrepreneurship is a corporate spin-off or start up. A small business is a family-owned company or consortium of professionals that is formed with specific objectives in mind. In most cases, aggressive growth is not as important as providing adequate income for the owners.

      The common denominator of all forms to start-up and new businesses is that they are unknown in the marketplace. This is the major challenge to any new business. For example, the launch MLife at a recent Super Bowl created a substantial amount of confusion as to what exactly was being offered. While the company’s website was flooded with inquiries (so much so that it crashed), most people did not bother to find out and the take-off was slow.

      Many consumers are cautious about trying new goods, services or companies. Purchases are often based on known brand names and familiar purchasing patterns. It is much easier for customers to purchase the same brand they have always purchased or another brand name they recognize or have used. To be considered, a new business must move the brand into a person or business’s evoked set of brands.

      This dilemma is heightened by the massive amount of marketing clutter that all companies face. Overcoming clutter is especially difficult for new firms with limited budgets for marketing and promotion. Traditional methods of advertising and consumer promotions may not be enough to get recognized.

       Company leader’s must be sure to deliver on promises and provide a high quality experience especially on the customer’s first purchase. On bad encounter will often lead to a negative word of mouth. A new business will probably not get a second chance if the customer has a bad experience.

       To overcome these problems, a new company must develop a unique selling point and find a way to inform consumers about that advantage. Everything from the brand name to the logo to company advertisement must capture the interest and attention of the consumer. It is important to remember that customers are interested in benefits as opposed to product or service features, or as one writer put it, - - what is in it for me? - - the new company must be able to clearly answer this question in order to survive and grow.

By: Mona Abdulla Z. A.

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Technorati Tags: entrepreneurial, social entrepreneurs, young entrepreneurs

Posted under small business