January 25th, 2016
Before you START
Before you START: Know your Industry
The journey of a startup is just like a Bollywood film—you go through every emotion on your way to becoming a known enterprise. Usually, you start off with a few friends and acquaintances because those are the ones who have laid their trust and capital in your startup business idea of creating something BIG. To ensure that the dreams and aspirations of this close-knit team is not put down by the challenges and competition lying in the way, you need to have your arms and armours in place.
When we talk about entrepreneurs, the arms and armours refer to their knowledge and creativity or uniqueness. While creativity is your weapon and it is what will make you a successful business idea, your knowledge acts as an amour in taking it ahead protectively. It is important for an entrepreneur to increase his or her knowledge in terms of the industry they want to enter. Everything in a startup’s industry that happens outside of their business will affect their company. The more you know about your industry, the more advantage and protection you will have for your business startup idea.
Startups have a common perception that they don’t have any competitors because nobody is doing what they are doing. No, there is always a competition. And this is something many of them missed because they were probably looking in the wrong direction. The competition isn’t necessarily in the same field of business as them, it isn’t necessarily doing the same thing as they are doing. But their competition is whoever is providing a solution, any solution, to the same problem as them. In other words, if you are a movie theatre your competitors are not (only) other movie theatres but everyone who offers any type of entertaining free-time activity.