Are you looking to start a business venture online? If so, then this is the first video you should watch before you embark on your entrepreneurial business journey online.
Sameer Panjwani, founder of Mondovo.com, covers 5 masterful tips that will help improve your chances of running a successful business online.
There are so many people who start a business online everyday and yet only so few truly succeed. Learn from the quick and practical tips that Sameer shares. The video serves as a reminder to the common sense things that so many of us forget when we get too caught up with our idea.
Be smart, play smart! Don’t make the mistakes so many others have already made with their online businesses.
Hi! I am Sameer Panjwani, founder of Mondovo.com. I’m going to tell you what it takes to be a successful online entrepreneur. Now, I have been in business for 11 years and I am going to share some of my learnings in what I think would make you successful online. And let’s not over complicate matters.
Business is simple if you keep things simple and I think that we all over analyse and over think the sense of opportunities online and may be make things too complicated, way more complicated then it should be. So, I think there are 5 simple things 5 simple principles that I think have helped me succeed online and I think if you keep these in mind, they can keep you in good stead as well.
So, now the first thing that you want to do and what I am going to say, I will tell you now, you might think they are obvious but sometimes restating the obvious is what you need, because we keep forgetting the basics. So, let me start –
1. Now whatever business that you want to do online or you’re already in it, I am hoping that you have researched the opportunity, researched the space, researched the market that you are targeting. This is something where I see too many people go wrong. I have many friends who have told me or I have gone to places like the startup weekend.
So, people come to me, they tell me I have this fabulous idea and when I ask them okay how much research have you done behind the market, how much have you even surveyed the landscape, who is there, who is not there, they always think the common trend is, they always think the idea is unique, no one has done it and the common or they’ve never even gone deep enough to evaluate whether people have started a similar venture in the past and whether they failed not failed
So, I think it’s very very important that you research your landscape, research who has tried that model before and if you have to try what has worked well and what has not worked well for them, you got to keep that in mind and especially so if you are thinking that your idea is totally unique, if you are thinking that no one has even done what you have done before, then I would be a bit suspect because there are dime a dozen smart people in the world. Don’t think you are only one out there unless it’s truly phenomenally it’s too hard to execute, then may be your idea could be unique enough but otherwise there’s a good reason that may be people have not executed on that idea that you have.
So, I would be truly suspect if it is completely out there which no one else has tried. So, research your space that’s very very important. Then, the next most obvious thing to do.
2. Create an MVP
Now, because you are online and it’s an online venture, it’s very very easy to create a minimum viable product. Now, when I say minimum viable product, if you are creating a blog and your whole business is going to revolve around say advertising or affiliate marketing that’s simple.
For you, a minimum viable product is creating your blog, adding content valuable enough and going about that. But, of course, if you are creating an online product offering services to sell or setting a bit of eCommerce store, you don’t want to over invest too much in trying to go too details or in going into the nitty-gritties of what would happen in each stage of the customer life cycle.
I think its very important that just get things out there in the fastest manner possible and when I say minimum viable product, I also mean that you validate it as quickly as possible. So, when I say validate as quickly as possible what I mean is even though I have been there in SEO space for my own businesses, SEO is may be the second or third or fourth thing that I would do.
The first thing that I would do and I would strongly advise you to do as an online entrepreneur is validate it through advertising, through social media marketing or through offline outreach through cold calling. Basically, you want to get yourself out there, you want to get yourself known.
So, you wanna validate reach to your customer in the fastest manner possible and trust me SEO is maybe third or fourth thing, once you have validated it, then you invest all your efforts in SEO but don’t get down there right now. You want to validate it as quickly as possible.
3. You’ve got to never give up and what I mean by that is you got to constantly, if something fails, you got to try a different variation. You’ve got to pivot. People would call it ya business model change or pivot. Now, with Mondovo when I started 3 years back, it didn’t quite work well but I never gave up. I pivoted to a different model. Literally I think this is on my fourth iteration right now and now I can see that okay I am getting a sense of things that things are working well.
But many people I know if they were in my place, they would have given up in iteration number 1 , they would not even have tried iteration number 2 or you try things for too long. So, I think it’s important. So, when I am talking about pivoting it’s necessary to recognize it. It’s a good trait to have that you should recognize that you should be okay with failing. It’s totally okay if you fail but its not okay to give up. So those 2 are very intrinsic qualities that you need to have. Recognizing that failing is okay but also knowing that its not okay to give up because you had an idea, research your space, validate, I mean you think there is a market still, you got to pivot. Have a plan A, plan B, plan C keep trying, keep hustling.
4. Every opportunity that you have out there, you got to promote promote promote. Market yourself, market your brand, market your product and when I talk about that, I mean it’s not only online if you can promote it offline why not. There are dime a dozen opportunities. So, I think you just keep in mind to promote promote promote, market it, it’s obvious but if you think about it, are you really doing all that you can do in promoting and marketing yourself. I am sure that you will also know that somewhere out there is an opportunity lurking but you are not just giving it your all.
5 . I think it’s very important – Getting feedback and then improving on that you’ve got to ask your users, ask people around you what they think, what’s working, what’s not working, get feedback and consistently improve. It’s a cycle you will only succeed and you will grow and you will scale, if you constantly innovate, constantly improve and that improvement should come based on user feedback and nothing else.
Those are the 5 principles, I think it would take to be successful online and a few other things, I would like to add from a personal perspective to you if you are listening out there is – I think you’ve got to set yourself a target. It’s very important. Have a goal, work towards that because if you don’t have a target you are not going to be driven towards it and I think you have to also accept the fact that if you are online don’t think of just taking it from users see what you can give back.
So, I think it’s a principle it’s a good principle to live by. Give more than you can take because the more you give in terms of information, offerings, I am not talking about deals, I am talking about what you can give to your users in terms of ancillary services or products is what they would value more. So, I think, think of ways that you can give more than you can take and if you keep all these principles in mind, I think that you’re going to be more successful. So ya that was my take and I would suggest get out there, validate market and take feedback.
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