Recently at one of our entrepreneurial gathering, This question been raised by young and upcoming entrepreneurs.
Yes, that is an interesting and thoughtful question for any entrepreneur / businessman? When I started this company I felt ideas are key to success. After 1 Year of experience, my opinion changed with experience.
Along with idea , execution of the idea is important. But being the beginner in entrepreneur lane I thought my product or service will be bought as it has best factors and I am confident to give best service 24 * 7 with my experience. I thought I know more about my customers than anyone in this entire world.( Probably a myth – as knowing customer is a life time work.)
Here is the strategy that I follow while launching a project,
1. Understand the life cycle of your project. Some projects takes longer time and other takes less time to reach the target market. If you are in long term projects be prepared to wait for time frame that is determined by your project management.
2. As marketing Guru suggests that 4 P’s are more important for a business.
A. Product
B. Price
C. Place
D. Promotion
I feel you must be strong in any one the areas to make your project successful. Sometimes people try to make all of them the best. Yes, Definitely optimizing all factors will cost you and help your project to be No.1. But unfortunately new in the business you will realize all of them will dry up your operational costs.
I will talk more about each factor for the success of your projects in upcoming posts. Let me know if you need any more guidance in this regards.