India is one of the largest economies in the world. On the back of growing middle-class and rapid urbanization, India has turned into a land of endless possibilities, says Pawan Ruia, the CA turned businessmen. With a fast growing population of 1.3 billion, the country has the potential to take decent strides in the coming years as well.
Here are 5 basic tips by Pawan Ruia for entrepreneurs to succeed in a diverse country like India:
1. Beat the cultural challenge: India throws up a massive cultural challenges, as the country is known for its diversity all around the world. It is not possible for an entrepreneur to succeed, if he ignores the local cultural landscape. So, getting a proper understanding is important before executing the plan.
2. Necessity of a thorough research: One cannot afford to make the mistake of approaching India’s market without adequate research. A country with multiples languages, ethnicities, climates and geographies demands a holistic strategy to address various complexities. So, get your notebook out!
3. Right advisers on your back: Instead of relying on experts for framing strategies, people are concerned about data.
“Although data is playing an important part to understand various business trends, getting advice from the concerned people is equally import to make a mark,” says Pawan Ruia, who is also the chairman of Ruia Group.
4. Adaptability is the key: When it comes to operating in India, it is important to adapt every day. Although the country is full of opportunities, it is equally vulnerable as well. One can easily plan for the European market in one go, but the same cannot be said for India. If you can amend your operations as per need, then only you can make your presence felt across the country.
5. Patience and perseverance: “Things don’t happen quickly in India for more than one reason. Sometimes luck may be on your side, but entrepreneurs are often required to dig deep and build lasting relationship with customers and stake-holders,” says Ruia. Sometimes, it is important to play the waiting game instead of ruling the roost from the word go.
These were some tips of Pawan Ruia for business freaks to make an impact in the Indian market. If you have some tips up your sleeve, share them in the comment section below.
