My reply is different from what previous members have said.
It is the "Business Strategy" that will make you different. You may go through famous article "What is Strategy" that Michael Porter in Howard Business Review (HBR) in 1996.
However, mere reading material on strategy will not help. First you need to have sound understanding of market. For this you need to do good amount of market research.
You may go through my reply on previous post titled "Starting a new organisation". You may click here to read it.
Lastly, much depends on nature of industry as well. What is the point in entering saturated industry? For example, Videocon entered into Telecom business in 2009. By that time the telecom industry had become one and half decade old. What was the point in entering overcrowded market? However, seasoned tycoon like Mr Venugopal Dhoot also failed here. Today after three and half years, Videocon has barely 1 per cent market share.
When Videocon entered in the telecom market, by the time existing market players had played all the tricks of the trade and there was nothing left to do something new. Mr Dhoot at the time launch told to reporters that Videocon will start telecom service in top 100 cities of India in 100 days. Today 100 weeks later they are yet to enter in Bangalore or Karnataka itself.
To run a business one requires passion. But then market demand does not depend on one's passion. This is what leaders forget. In simple words it is called as barking up a wrong tree!
Dinesh V Divekar
20th October 2012 From India, Bangalore
They say every business has a life cycle. However it is demanding, except some basic needs like (Roti,kapda,aur Mahan). Some business or seasonal some or need based (which doesn't depend on seasons). As Mr.dinesh has righlty pointed out, a good nay an excellent market research is needed before venture into any business. Trust me I am no business man but have witnessed many businesses.
If you want to play safe then work under some one.
If you need to succeed in any business you need to have some traits (like die hard passion to succeed, ability to withstand the storms of failure, etc).
Last but not least, ability to adopt to what the market demands...
With best regards,
22nd October 2012 From India, Mumbai