Come Out Of The Box Baby!!
Whenever we think about entrepreneurship,
the very first thing that shows up in our mind is "thinking out of the
box". But the question I want to put up is that only thinking out of the
box would be enough??
This question reminded of a quote by Steve Jobs
" To me, ideas are worth nothing
unless executed. They are just a multiplier. Execution is worth millions."
Every startup begins with an idea, but
after that, it's all about execution. We often think that ideas are the most
substantial assets that an entrepreneur should have in order to be successful.
But even the most simple and easy Business Ideas got successful only because of
their proper execution. Even most of the market leaders were not the first to
try the business they are dominating now. Google, for example, was not the
first Internet search provider(Alta Vista, think Yahoo, etc were the first to
try out this idea). So If you want to be an entrepreneur the most important
thing to focus is on the implementation of your idea. You should keep this in mind
that customers only spend real money for solutions rather than ideas. Investors
have also learned not to invest in ideas but only in entrepreneurs and teams
who can provide solutions. Success necessitates moving your passion quickly from
the idea to the business implementation. According to some reports, 90% of
business ideas and strategies fail due to poor execution. I agree with the
point that innovation is required in a business, but even after all this we are
just trying to solve the problems faced by people, and how effectively you are
competent to do that acts as the deciding factor. In my viewpoint thinking out
of the box is not that very important, but coming out of that box to execute
your plan is extensively important. One should ensure that he/she is possessing
the required knowledge and skillsets to implement the plan properly as the idea
won't solve the problem itself.
To understand this better, I have an
example of the fastest Indian company to achieve unicorn status.
That's Swiggy!
Swiggy started its operations in 2014. The
journey was not an easy ride for swiggy. According to many industry experts,
Swiggy was entering into an already overcrowded market where Zomato and Food
panda were the market leaders. Regardless of this unusual time to launch their
app, Swiggy restaurants, Unicorn status in just four years. The most important
thing which contributed to their success was not the idea, but it was their
strategy and execution.
Swiggy competitors such as Zomato, Food Panda and
Tinyowl built marketplaces that connected customers to restaurants but
"outsourced" delivery to either restaurants or third-party logistics
providers. In this way, Zomato and Food panda were outsourcing the most crucial aspect of the service they were providing to their customers. Swiggy spotted this loophole and realized that the only way to crack the food delivery market was to build a strong logistics network in its initial years. This system
adopted by swiggy enabled them to provide fast and effective food delivery services to their customers as compared to their competitors.
To read more about the success story of
swiggy, follow this link below:
To read 26 crazy short stories about eccentric entrepreneurs:
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