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As a vital part of routine business operations most organizations set up strategies and plans according to their vision. A vision mostly emanates from the founder or founding body’s imagination of the business’s future. In today’s world reaching the business vision through the right path has become more challenging while still being possible to achieve. Meeting Careem’s Emerging Market GM, Mr. Ibrahim al Manna at QBIC’s 3rd Speaker Series in 2017 gave us some valuable insight into commencing your own startups. Below are few top tips that may help you create your next million-dollar company:
Key factors for initiating a startup:
- FIND A SOLUTION FOR AN EXISTING PROBLEM – A lot of entrepreneurs find solution that do not solve an existing problem and end up launching the wrong product in the market. It is extremely crucial to find a gap in the market and try to fill it instead of trying to create a solution for a non-existent issue.
- FIND THE RIGHT PEOPLE TO JOIN YOUR DREAM, this is a marathon not a sprint! Running a business requires longer commitment to support you and support your vision. Thus, the right people with the right caliber need to stay with you for the long run.
- NEED TO BE SELFLESS. Not selfish at all. Your top priority should be the company and a belief that the company will eventually take care of you.
- DON’T BE SCARED TO MAKE MISTAKES. Mistakes and failures add to your experience and promote better judgment. Both are great teachers in your path to success. We learn more from failure than success.
Relevance of marketing:
- There is a quote that reads, “REVENUE SOLVES IT ALL”. Having customer validation further verifies the demand for a product, which is very crucial for a business’s growth. At the end of the day, it is a business idea and it needs to generate income. However, demand alone cannot generate income, the consumer needs to be aware of the product, which means Marketing is equally important.
- Understand your product, its value proposition, know your customer and figure out the Right Channels to Market it and eventually it’s all about trial and error. Don’t be scared to fail, yet learn from failure.
Best way to reach your customers:
- IF YOU HAVE A SOLUTION TO A PROBLEM THEN CUSTOMERS WILL USE IT! People have different interest in the solutions provided. They will buy it if they see it useful in solving their problem.
- KNOW YOUR CUSTOMERS and continue developing on your competitive and key advantage, all marketing elements need to be tailored to speak to the market.
To conclude, We asked Mr. Manna: What would you say to people that are afraid of competition?
- Competition is a blessing, it will keep you on of your toes and push you to innovate and find ways to improve your business.
- You should embrace competition, look it in the eye and try to beat it!