Identification of the targeted customer base, focus on capability rather than resource-based business and an incisive understanding of the market are some of the key factors which the would be entrepreneurs need to value before kicking off a business venture, according to experts who deliberated on Entrepreneurship Summit, held here at the Indian Institute of Management.
Young entrepreneurs need to focus on their potential customer base while developing a business idea. They also got to think innovatively about the emerging markets where the established players are not well entrenched, felt Laura Parkin, executive director of the Bangalore-based National Entrepreneurship Network, a network of academic instituitions for fostering entrepreneurship.
The success of a business idea hinges on the pool of customers targeted and the market opportunity being explored, echoed Kanwaljit Singh, managing director of Helion Ventures, a venture capitalist firm.
The success of a start-up firm also depends on the ability of the whole of team of entrepreneurs to bounce back after failures and scale up the business, he added.
Ajit Balakrishnan, chief executive officer of rediff.com said, The entrepreneurs need to build capability-based business and and refrain from the resource-based business.
More : business-standard.com