3 Reasons To Try Out Your Business Idea
Shark Tank India has been the talk of the town in the recent few months, and rightfully so. I have had the opportunity to talk with one of the Sharks who sits on the panel where ordinary people are given a chance to birth new ideas to life.
In a rich conversation with Ghazal and Varun Alag, Co-founders of MamaEarth, we talk about the rise and journey of an entrepreneur.
MamaEarth is a brand that has become a household name when it comes to skincare. Ghazal Alag, Chief Mama, approached Varun to launch a skincare brand that catered to the current needs of Indian families. Being worried parents for their child, the couple created one of the biggest brands in this industry.
However, as every entrepreneur has questions, we talk about WHY one should take the Big Leap.
1. Time never comes back
Before deciding to launch a business, people often get bogged down thinking about everything that could go wrong with it. While you keep pondering on it, the problems are not real, and hence it’s difficult to get beyond that threshold of anxiety of losing money or getting ashamed that your business idea failed. Business only happens in execution. If you have a burning passion and ideas keep occurring, the only way to satiate that hunger is by taking the plunge, launching the business, and giving it your best shot. Ideas are not failure-proof, and strategies don’t always work out, but your time is limited on this planet. Acting upon your idea is thus the only way not to be stuck on the ideation level.
2. Being of service to others
Chances are, if you are facing an issue that you want to find a solution to, there are many more people like you looking for similar solutions.
Any business is ultimately, a service business. Sometimes a company directly serves its consumers, and sometimes the products serve the clientele.
If your business is not a novel idea looking to create a market of its own, there are already several big and medium-sized players in the market. But just because there are many brands in an industry, it’s not imperative that there are no gaps. There are often existing issues in an industry, and there’s scope for a new player to address that issue. It’s thus necessary to scan the market extensively and find out the specif needs. Because products/ services only succeed when there’s value in it. Creating a service/product that provides an accessible solution can become the purpose that drives the business.
3. Don’t hold back your idea
Even though it’s a hard pill to swallow, a lot of anxiety before starting a business stems from a lack of knowledge and clarity. While many things remain subject to real-time variables, talking about your idea to enough people can give you a better picture and improve your understanding.
It can be detrimental to consider your idea to be too precious and not discuss it with people who are already a part of the industry you’re hoping to be a part of. Much of the awareness regarding business and one’s brand comes from market consciousness and a more nuanced approach. This is also a safer method as you will be better equipped with knowledge and confidence.
To become an entrepreneur, one has to go through a whirlwind of emotions constantly. It’s risky but also super fun, knowing there’s a possibility for massive success.
For more such business tips, head to my podcast Figuring Out.
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