Below are the 9 Keys successful keys to lead the market:
Have a five-year plan for success. – It’s essential to have a 5 year plan (or at least a 3 year plan), since focusing too much short term like a quarter, is not advisable. If you are too much short term focus, you will miss out on the larger picture.
Competition is good – The truth is, competition gives me nightmares and sleepless nights at times. But I have practically seen businesses not innovating when there is no competition. The whole idea of business, is about adding value and solving a problem. So, if businesses don’t compete with each other to bring positive change, there no point in its existence.
Tough situations do arise every now and then in a business. Accept it and solve it. – Business is about solving a new challenge and there is lot of unknowns in running a business. It’s quite normal to get tough situations that we didn’t predict. We try to do our best, but it’s not always possible. When tough situations arise, just accept it and solve it to your best.
Learn from Mistakes, don’t get buried in it – In my previous point I had mentioned about mistakes too. Business is about solving new challenges. There will always be roadblocks and mistakes. It’s OK to make mistakes. Learn from it and move on to the next step. Don’t get buried in it. Don’t let the failures, slow down your growth.
Azim premji always used to say that ‘it’s OK to make mistakes, just don’t do the same mistake the second time’.
Surround yourself with right network / people – This is very important. When you are entering a new market and exploring new opportunities, it’s not a good idea to have pessimistic people around you. I have practically been in this situation. It’s essential to have supportive, optimistic people in your business to conquer a market. You also need hustlers, self-motivated people in your team.
Always stand for integrity in business – This might sound cliche, but it’s so true. When you have integrity in business, the environment you are building will reflect that. Such integrity is good for an organization to move forward with confidence and make big changes.
Do the correct thing for the customer. – Customers are the most important in every business. You should take care of them. Period. You should add value to their business or life, that’s the single biggest reason why business exists.
Remember that every day is a new opportunity – The organization who wakes up to make a difference has always won. The growing organization should see every day as a new opportunity to make something exciting and new.
Build an organization that’s open to learning new ideas – The organization which is afraid to face challenges or try anything new hasn’t won. Make the organization to try new ideas. It’s OK TO FAIL.
Similarly Peter Thiel has stated that “Start with a small market and dominate it” is one of the key ways to bootstrap an idea.
About the Author:
Ram Chellamuthu is the CEO of Calicom. Its flagship product XpressIt, is a Video Messaging Platform for Businesses. It has already redefined the way people communicate in the Digital Enterprise world and is used by various Enterprises around the world. “XpressIt” has increased the adoption of video messaging by Businesses, by solving the core issues that were hindering its growth.
He was awarded “Entrepreneur of the Year 2015”, “Innovative Business Leader”, “Young Scientist” and mostly known for his work on “AI and Robotics”. His Robot Home called “BuddyHome” has been extensively covered by CNN IBN, Bloomberg, Economics Times and many other International media with an aggregate view of over 30 Million subscribers.
He founded TWF, Foundation (TeenWorkforce), and a social non-profit with a vision to “give financial independence to 15 – 21 year segment“. Currently he is working with a bunch of Blockchain technologists, to make this system completely “open and transparent”, so that every penny that comes into the system is accounted for and gives a visibility to government, people and investors on how it impacts a student to get his/her financial freedom. The Nirvana of his vision is governments setting up a formal vetted part-time online job framework for 15 – 21 year olds, so that they can earn and make their living when they study.
Ram holds a BE in Computer Science from Anna University and MS in Software Systems from BITS
Successful Keys to Lead the Market
