Do you feel like giving up when you don’t get the expected results? Are your strategies failing as an Entrepreneur?
If yes, then this article is for you.
Alok Koshti, one of the leading entrepreneurs in India has his strategies for your business growth.
Table of content
- Control Your Innovation
- Create A Step-wise And Deliberative Approach
- SWOT Analysis
- Marketing Message
- Growth Matrix
- Establish Credibility In A Niche
- Compete Or Collaborate?
- Adapt And Solve
There are several factors that could lead to a failure of your strategies like lack of funds, no mentor, inefficient management, a quick change in trends, and many more.
Any imbalance in these factors could cause your strategy to fall down.
But here is the best part, you learn over time how to build your strategies with failures and experiences. Such failures and experiences are key to the road to success.
By developing strong strategies. Core mindset.
That’s what we are going to discover here.
Alok says “every strategy has a corresponding action.”
It means all your efforts can go up in flames if your actions don’t match the strategy.
With this statement the question arises, how would you describe these actions?
By doing proper research and analysis.
Now, you have well-constructed strategies which you had planned with analysis.
But not everything goes according to plan, right?
We know that it’s quite tough.
And if you dream to bring the expected results, incorporating certain strategies could bring a drastic change to your start-up.
It’s time to discover these strategies of Alok Koshti to help you grow and streamline your progress.
Here are “7 Timeless Strategies That Drive Successful Entrepreneurship” by Alok Koshti.
1. Control Your Innovation
An entrepreneur’s identity is their innovation or development of the best in an existing one, right? Who would know better than you?
Alok Koshti says that this innovation reflects the idea of your development, but not handling it correctly could leave you vulnerable to prey on.
Once your idea is out in the market, everyone has an eye on it and you cannot afford to lose it.
Do you want to be hunted down by your competitors or compete with them? Nobody wants it.
Then own your ideas and learn to control them, don’t let them get out of your hands.
For example, Ray Dolby invented noise-reduction technologies. Dolby Laboratories patented them,
Result? Maintaining market dominance for 50 years. HUGE.
Managing your ideas and your intellectual property can help you create a position to compete in the market.
But what approach should be followed to manage your innovations? Alok Koshti has the perfect answer to it.
2. Create A Stepwise And Deliberative Approach
A strategy without an approach sounds incomplete, doesn’t it?
Alok Koshti was never afraid to try and went for various approaches.
After trying them, he came to a conclusion to follow a stepwise and deliberative approach.
Step #1 Framework your Approach
Frameworking organizes your work and keeps you determined to reach the end of it.
The satisfaction you get from it is unparalleled.
Step #2 Follow a Deliberative Method
Consultations and research give you different perceptions of every idea, problem, or solution.
Alok Koshti followed this deliberative method. He consulted the public as well as the team which he believed in and researched according to it.
Step#3 Practice what you Research
Analyze the critical options and practice them to find the best approach for your startup.
That brings us to the question of why a SWOT Analysis is an important strategy for your start-up?
3. SWOT Analysis
Being an entrepreneur you must know how crucial internal and external factors are, for your startup.
For example, trends change every day leading to cut-throat competition or disruption occurs within the internal team.
Wondering how to efficiently manage them?
Yes, it can be quite tricky but a proper SWOT Analysis helps you know where you lack.
SWOT stands for
- Strengths – shows your business strength
- Weaknesses – shows your business weakness
- Opportunities – shows the emerging opportunities that your company can grab
- Threats – Shows what threats are there to look after so that your company can adapt fast and stay relevant in the market.
All of these are interdependent analytics that keep the internal and external factors in check.
Now that you’ve done your SWOT Analysis, it’s time to create a Marketing Message.
A good Marketing Message always encourages people to buy your product and helps in brand perception.
Let’s take a look at it.
4. Marketing Message
Can you guess what can be the first point of communication with your clients/ customers?
A Marketing Message.
It interacts with them and represents your values.
A simple strategic Marketing Message can touch people in this complex era of digitalization.
It carries the identity of your brand and executing this perfectly can do wonders for your start-up and make you stand out.
A Niche you specialize in is directly proportional to your your Marketing Message and establishing credibility in it is equally important.
5. Establish Credibility In A Niche
Do you target quality or quantity?
Any answer you choose, establishing your credibility in a particular niche is necessary.
But, isn’t it exciting to explore and learn about new sectors as an entrepreneur?
It sure is but again, holding onto one niche helps you specialize and hone your skills in it.
Going in different directions, niches here, scatter your focus into different directions which ultimately affects your work and makes your growth stagnant. Sometimes worse.
To be the best in the market, follow these steps
- Take your time to choose a niche
- Explore what you are good at
- Find the loopholes in the market and
- Analyze the competition thoroughly
That sure comes with a lot of work to do and also the stress to compete with established companies.
Alok Koshti brings the most effective strategy further to clear out your stress.
6. Compete Or Collaborate?
With the rapid evolution of business, and technology, the competition keeps on increasing.
It’s a do-or-die situation. Either you take a risk or scrap your idea down the bin.
Being a startup you might face a gap in your work. And that’s frustrating sometimes.
Here you can ask yourself “Am I unaware of how to fill that gap?
That’s where collaborations come into play.
Operating with established players can help you fill the gap while also providing you with a wealth of experience.
Collaborations can also provide you with resources and supply chains that can help you join a larger, more established industry faster.
If you opt to compete, you must have a strong plan, a strong team and so much more.
7. Adapt And Solve
What do you do when a situation doesn’t turn out your way? Do you feel helpless about it?
Adapting to the situation can open a world of new possibilities for you to solve it.
Flexibility and Versatility are the core values needed to follow this strategy because trends and external factors are inevitable.
There are many big players in the market and until you don’t adapt to your problems, you won’t be able to face them.
Alok Koshti is now one of the best entrepreneurs and he wishes to see entrepreneurs like you come up.
These 7 timeless strategies can be an effective path for your start-up to manage operations.
Not only that, they aid you in learning more from a business perspective as well as provide you with new perspectives.
And act as a catalyst to gain huge experience in less time.
These strategies are inter-dependent and work the best when applied together.
The growing competition is intimidating for sure, but these strategies drive you through it and help you improvise, adapt and overcome.