My reply is different from what previous members have said.
Business Strategy: The Key to Differentiation
It is the "Business Strategy" that will make you different. You may go through the famous article "What is Strategy" by Michael Porter in the Harvard Business Review (HBR) in 1996.
However, mere reading material on strategy will not help. First, you need to have a sound understanding of the market. For this, you need to do a good amount of market research.
You may go through my reply on the previous post titled "Starting a new organization." You may click
https://www.citehr.com/260478-starti...ml#post1181231 to read it.
Lastly, much depends on the nature of the industry as well. What is the point of entering a saturated industry? For example, Videocon entered the Telecom business in 2009. By that time, the telecom industry had become one and a half decades old. What was the point of entering an overcrowded market? However, a seasoned tycoon like Mr. Venugopal Dhoot also failed here. Today, after three and a half years, Videocon has barely a 1 percent market share.
When Videocon entered 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 of launch told reporters that Videocon would start telecom services in the top 100 cities of India in 100 days. Today, 100 weeks later, they are yet to enter 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 "barking up the wrong tree"!
Ok...
Regards,
Dinesh V Divekar