Post a decision to leverage the internet as the playground for our enterprise and having familarised ourselves with its basics (domain, hosting, website building, search engine optimisation, general audience profile and behaviours, etc), we are ready to move forward to the next level of challenges.
Creation of an entreprise can carry romanticised notions. However, the one taking the plunge must be prepared for toil. Many a entrepreneur have started with spirit and withdrawn mid-way, as they run out of fuel. The fuel for successful enterprise is not finance or something as measurable. Its the Passion (or Positive Energy). Each of us needs to figure out what ignites and sustains our passion - is it the sight of an opportunity to do good or make money? a shot at fame? something transformational? a drive for excellence in a chosen domain? an original thought? a desire to change the world? Some wise men pontificate that a fervent desire to earn big money or a dreamy-hunt for glory alone, lends itself to mediocrity and possibly failure. However, there are probably an equal number of wise men who think just the opposite. Take your pick, but before proceeding, think hard, for if the fuel of passion is insufficient or inconsistent, the enterprise will suffer sooner or later.
It is often suggested that all enterprise is sparked by a brilliant business idea. The cardinal principle for any business idea is that it should first and foremost address a Need. Many enterpises, including on the internet, have gone wrong having ignored or sidestepped this. Its quite possible that we may become a captive of our own ideas, pursue them without fully comprehending how they address a need, and commit entrepreneurial hara-kiri. This is not to say that one must not dream but only to caution that unbiased thought must mandatorily ensue the dream or idea.
Needs may be evident or dormant and it is sometimes surprising to note the presence of a large number of explicit problems awaiting emancipation. So, before one starts to dig for the implicit, it might just make sense to stay above the ground. Some dormant needs are notorious for resistance to fulfilment due to cultural or other unforeseen bottlenecks. And of course, there is the odd genius who ends up creating a need which nobody thought otherwise existed. Once the need is outlined, we will need to figure the associate questions - whose need is it? how large is the need? how is it addressed if not fulfilled, presently? If we intend to seek venture capital, it will serve us better if our enterprise addresses a large enough need and is therefore scalable. An understanding of the consumer behaviour of our targeted audience is useful.
The Product (or service) that we offer is the solution to the outlined need. This is, in many ways, the most challenging aspect of the enterprise. The product determines how well one addresses the need (customer experience) and also encapsulates the founder's value systems and team's competence. The positioning and pricing are simply elements or derivatives of the product. A great product is one that addresses the needs of the consumer in the best possible manner. Innovation, great technology or aesthetic design or processes become relevant only if they are a part of the solution, i.e. tools addressing the consumer need. A great product is unlikely to fail. Products fail when either sufficient need does not exist or the product perse does not address the need appropriately.
In order to outline the need and build a product in a focused manner, one needs to bring forth the right People. Come to think of it, seldom has an enterprise been built single-handedly. While its essential to have an unambiguous leader with the initial vision, a sparkling enterprise fructifies once like-minded people come together to form a team. Needless to say, the leader needs to be a team member himself or herself and not just a leader. If passion is the fuel for enterprise, People are the ingredients that coalesce and crystallise its potential, realise dreams and make it happen.
While Need is the central piece of the Enterprise, the 3Ps (Passion, Product and People) determine its ultimate competitive advantage and future.
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