With over 80% of startups failing within their first five years of inception, it is crucial for business owners to understand how to thrive beyond a great business idea. For our third #JadiSavvy speaker series, our guest speakers Ankur Dua, Board of Director of Communication Services from AT&T, and Celebrity Chef and Entrepreneur, Ili Sulaiman share their immense experience on what makes a business successful through pitching like a boss.
According to Ankur, business owners will not succeed without having acquired the initial knowledge and experience of the product or services they intend to sell. In fact, with the knowledge at hand, a great business owner would understand what the market needs and innovates creatively. We also learned from Ankur that one should always have a plan A, B, and even C as things don’t always go as planned - and having room to evolve also makes a business succeed beyond its inception.
This was certainly echoed by Ili Sulaiman in her presentation. She kicked off Ilipot, a home delivery hot pot business, amidst the pandemic which became extremely successful as most people could not leave their homes. However, as rules and regulations began to relax, Ili and her team knew that they needed to eventually transition towards having a physical space which she is now planning to launch in the near future. This demonstrates that business would need to adapt to remain relevant to the needs of customers.
Ultimately, the key takeaways we gained from this session were:
- Don’t be afraid to seek feedback from your customers - there is always room to improve
- Provide good service at all times - loyal customers will help you go a long way
- Communicate clearly - simplifying your message helps people remember your product or service easily.
- Anticipate what’s going on in the world right now - and don’t be afraid to change your strategies and adapt as needed.
Interested to learn more? Watch the full video here. Want to become a savvy entrepreneur? We’ve got more interesting courses that can help improve your business skills. Sign up for our FREE course at http://accelerate-msme.com/