What makes you a true Market Taker
I came across a nonpareil thought in midst of a perspicacious conversation with Ashwin Srivastava, the co-founder of our VC firm. Commencing with future of an industry, he said, ‘In the foremost time of data driven world, often pivoting on your impulsive thoughts and intuitions drives risk, so why not extract the core essence of your data to delve in the finest decisions involved in marketing?’ Indian market has overslaughed significant attributes in the light of furniture customisation technology; this is with reference to some amazing work being done by one of our globally potential startups Infurnia. A business model must drive itself flexibly together with an entrepreneur to overlook right in the direction of marketing strategy. In this article, I will guide you an insight about how a VC undertakes risks and equalises its thoughts about the marketing demands for a product or solution.
Often a manifestation lacks veracity when it comes down to concluding point of view of customers, even multinational Technology Company like GOOGLE can’t draw themselves with a set of unbiased opinions. Let’s cite an example in reference of above (again the reference is to Infurnia’s amazing approach to finding out what the world truly needs).
Customers whose willingness is unmatchable in the heat of accessing the dream furniture respond with the most accurate information. Scrutinizing, we terminated at a judgement that says the maximum % of customers who are actually in awe of their dream furniture are the ones who ponder over google and other search engines in exploring the same rather than the ones who’ve brought the furniture already nor the ones who are going to buy one in near future. A famous statement of Steve Jobs weighs this discussion really appropriate, it says-
‘You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new. It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.’
Outlining the whole, a VC who actually draws itself unbiased about perspectives, dives deep in hunger of marketing tactics and skills is the one going to prove himself the Actual Market-taker.
Most of the VCs who are lost in ambiguous intuitions lead themselves to harder ways which might shred their position lower. The same goes for an aspiring entrepreneur too. Summing up, start-ups must not be started heeding one’s own intuitions, rather it must be laid after a detailed look-through. Hence, a detailed survey must be conducted to fix the problems, which otherwise have been faced before or might come up( And hence the .01 % doubt must be considered ) !
Question that often strikes our minds is how far one must head? Should one just head equalising every aspect? The answer lies in the argument itself, life’s been always about the priority. How far one actually leads himself, how deep he dives in, is up to himself. No second thoughts about that.
Probability of occurrence of any event in this world will never turn to one and hence one must always normalise himself with that .01 percent doubt in his mind. But one must not hinder himself in the decision process as success always sails itself with experience. Nevertheless, one must hold himself against the odds and retaliate fast enough to overcome with the veracity of that .01 %thought.