Whenever a start-up is put into place, the biggest danger to it is the big bad conglomerate which deals in the same profession. But then how do some of the start-ups succeed while others do not. Taking on a multi-billion dollar giant is no easy thing to do. But these are some things you could have under your hat to help you, if not beat but take on these “Big Companies”. Through this article let us find out some of the ways the new kid around the block, meaning a start-up can take on the bully implying the big companies.
- Personal Touch
The biggest difference between a start-up and a MNC is their size, not just in terms of business and employees but the amount of customers that they have to deal with every day. This is where a start-up can take advantage of the situation. Since the audience is less, make sure that they are happy with your service. Adding a personal touch while dealing with a customer can take a firm a long way. Ensure very low attrition rate among your customers.
Take example from the start-ups which let you design your own t-shirt and then buy it, they have been successful due to the inclusion of the choice for the customer to personally decide what he/she wants to wear.
One must remember that Rome was not build in a day, it took time. Starting a firm from scratch is no joke and requires investment of not just money but time. It also requires a lot of waiting for the right opportunity to bounce at your plate. One must not forget that the biggest company started from where they are, just two-three employees with determination to succeed and no other option in mind.
- Customer Is GOD.
When a firm scales up to a higher level, they generally stop caring about the customers and often turn a blind eye to the demands and complaints of the customer which drives a customer away. A customer must always feel as if he is the most important person you are addressing. Don’t let complaints get clogged up, which is quite possible in a big company with various levels of hierarchy. For example if your client wants to get something related to Bikers Basics, get him what he has specified without changing his idea too much.
- Have the Determination to Succeed
Taking on big companies will be the only problem an entrepreneur will have to face when building up a start-up, there will be various other challenges on a daily basis. Plans may fail, people may leave but there can be no stopping. You should have the grit and determination to succeed, no matter the challenges that may come along the way. Never let anyone or anything intimidate you into accepting defeat. You will fall down at times, get up with even more energy. Take a step back only to bounce back harder.
- Don’t Give in to Fear
An entrepreneur can never have fear, the fear of failure, the fear of losing. Make decisions only after thinking them over but don’t let that stop you from taking risks, calculated risks can bear fruits that cannot be done any other way. Step up and accept situations for as they are, never hide behind the fear of failure.
Thus, concluding the suggestion would be to follow your gut, these are only some of the pointers to an attempt at a successful start-up, the reality might even be scarier. But, be relentless and tireless in your efforts. Have the right mind and the right attitude when dealing with problems, which will help you go a long way. And always remember any big company that you might be taking was just this small at a time, compete against them but respect them at the same time.