Look at the rising number of entrepreneurs in India. You will notice that some of these entrepreneurs have the best ideas while others have great execution skills. But is one of these skills adequate to run a successful venture? According to Vinamra Pandiya, Director, Mom’s Kitchen Restaurants Pvt Ltd, the stepping stone to any successful business is the idea. He says, “It is said that no amount of advertising or marketing can sell a bad product as sooner or later it will fizzle out. So the important thing is to have a good product/idea. And to make this product work, an enterprise requires a good team that can lead an idea/product to success.”
On the other hand, there are many who say that an idea may be innovative but the success lies in its execution. Entrepreneurs say that no matter how innovative the idea is, unless the end consumers and customers do not know of it, it cannot be referred to as a successful brand. Danish Abdulla, who owns Bigshoebazaar.com, an online shoe service, says, “Lots of good ideas fail due to bad strategy while a lot of duplicate ideas succeed, thanks to their strategies. In the end, I believe, execution is the key that leads to a successful business.” Agreeing with Abdulla is Ruchi Chopra, who owns Any surprise Any Place. She says that an entrepreneur can create the greatest product in the world but if he/she is not out there selling and promoting it, the chances of the company’s success are pretty slim.
Hiten Turakhia, Managing Director, Librarywala.com, an online library, gives his opinion, “Ideas don’t grow on trees and you never know whether the idea would be successful or not, before trying it. I would say it is always good to have an innovative idea but it is very important to know your target audience and use proper marketing strategy for your product. On the whole, both the factors are important for a successful business venture,” he opines.
So an entrepreneur has an interesting idea/product and a foolproof strategy to launch in the market. Does this mean he/she is all set for success? Not even by a long shot! Entrepreneurs say that there is more to business than meets the eye. Just having a good idea or strategy is never enough as they say that there are times when both can backfire. Pandiya says, “Apart from a good idea and good strategy, one should have excellent execution pattern, a good and nurturing company culture and willingness to change with the times and be always one step ahead of the competition.”
For Abdulla, it’s about team management. He says that it is important that an enterprise should have a good team, an ability to raise finance and the patience to go through any situation and stand up to the challenge. Chopra says that it is important to have set goals. “Setting the right goals helps you to build the company’s success. It this therefore equally important to have clear business goals that you want to achieve,’ she explains.
According to Turakhia, it takes passion to build a successful business. “Passion for what you are doing and at the same time, having a practical sense of the business is also critical,” he says.
So what has made these few businesses a cut above the rest? Was it the idea or just the right strategy that led them to this path? Each of these entrepreneurs says that they have had a little bit of both and a few other elements that have led them to their destination.
We have all pondered upon and looked for possible answers to the infamous, “did the egg come first or the hen?” question. Yet, discussions on this topic inevitably lead to endless debates. Several entrepreneurs from India Inc., today, very much relate to this debate as they draw a parallel between this question and the one that hovers over their minds, especially during the initiation stage of their businesses, “what is important for success: an idea or a strategy?”
Chopra says, “I believe that my line of business has the will to make others happy. Everyone loves a person who makes him or her laugh. Our business is made to give moments they want to just smile at and remember, which has made us tread on this success road,” she exclaims.
Entrepreneurs have tried to look for answers to the question in discussion and believe that a cumbersome mix of an excellent idea and a flawless strategy can ensure success.