Tips to succeed in a competitive marketplace – Anoop Bishnoi

Statistics don’t lie: an estimate of 50% to 70% of startups fail within the first 18 months. No matter how many advanced degrees you hold or how much industry experience you have, starting your own business can feel like you’re dodging one disaster after another. Some of these obstacles can be frustrating even though they are a part of the learning curve, but what if you could avoid them?

Recently we spoke to a well-known, successful entrepreneur – Anoop Bishnoi, and asked him for some advice on common mistakes that new entrepreneurs should be weary off,  to improve their chances of success; here’s what he said, “The first and foremost thing that you should be doing is to ask yourself why you’re doing what you’re doing and if you have a clear purpose or not… if you know the answer, you’ll keep moving forward no matter what.”

Businesses without plans have a hard time succeeding, is there any strategy to have a solid business plan? Anoop adds, “.. There surely is, just some basic questions and you’ll understand what you actually need to do! Ask yourself about your potential customers, your missions and values, the desired direction for your company, your competitors, and what they’re doing with their businesses… Such questions are all you need to make your business plan. Being organized is the key, but always keep your plans flexible so you can make changes as you grow, learn, and adapt.”

They say the most successful businesses know exactly who their customers are, but how does it actually affect the business in the long run? Anoop says, “It’s quite simple, some entrepreneurs target a very tiny/niche market thinking that the competition there won’t be as fierce as the mainstream market, but that doesn’t last for long…if you happen to be successful, you’ll find new competitors there eventually. So instead of targeting a smaller crowd, think about bringing value to your product – make it different and better than your competitors so that the customers get curious and attracted, and possibly switch to your brand. Involve your customers in your product development; build your product based on their feedback and preferences.”

We all have ideas, good and great. But they’re only valuable if they could be turned into solid business plans and executed effectively…how can someone learn that? Anoop Bishnoi adds, “Many businesses fail because of poor planning, execution and leadership. From production to sales, every aspect of your business gets affected due to lack of effective leadership and management skills, as well as the inability to implement the required steps as planned. The best advice I would like to offer to such businesses would be to not be afraid of failure, as that’s the most effective and maybe the quickest way to learn and grow. Never give up too early; work with people you can learn from. Never expect to run a business alone, it’s one of the biggest blunders a startup can do!”

Your startup success might take longer than you thought, but if you’ll learn from your mistakes along the way and pivot your business model as needed, it’s all going to be worth it.

Know more about Anoop Singh Bishnoi