I was reading a literature a few days back on successful ventures and was pondering around this topic for few days. I do feel that the following are critical elements for any venture to be successful
a. Timing
The need of the hour
b. Quick turn around time
How fast the first deliverable is made
c. Quality of the first outcome
In terms of performance and reliability
d. Right cost
People are ready to pay as long as there is quality in it)
e. Confidentiality
Do not talk about it till you have finalized your goal and ready
Let me give you two great examples from the Indian context
Maruti Car : In early 80s when only Premier Padminis and Ambassador cars were seen, people were fed up and wanted to change. Maruti Suzuki took timely advantage of this situation and delivered its first car (the small car "The red Maruti 800") which had the modern looks, superb pick for those days and the ability to easily maneuver. And after that there is no looking back for Maruti Udyog.
Volvo Bus : Volvo was quick to realize that there was a need for fast and technically advanced buses and trucks which Tata and Ashok Leyland were unable to produce. They quickly introduced the Volvo buses. This was quickly accepted by numerous travel operators which made travel so comfortable and fast.
Ofcourse, there are many other examples too, but these two are the flashy ones that came to my immediately.
So, it is critical to consider the above 5 mantras before you start your venture and have a detailed plan in place.
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