Considering the modern-day competition, business success is one of the most difficult yet aspiring elements that every entrepreneur looks forward to. There are several factors that can define the success of the business. It mostly depends upon the industry and specific goals of the business along with the initiatives that are taken to serve the community. In this blog, we will speak about some business entities and tell their stories that will inspire and motivate modern-day entrepreneurs to commence and expand their business models.
In the past few decades, India has been one of the most prominent Asian countries when it comes to commercialization and industrialization. There have many instances where MNCs and Indian startups have got all praise and success in the Indian as well as the global market. There are many factors to measure the success of any business enterprise in today’s competitive landscape. Some of them are as follows:
Company’s Financial Performance
This is one of the most common measures that can help one measure and understand business success. A business that generates a significant amount of revenue regularly while managing the cost effectively and retaining the best resources effectively can be taken as a successful business enterprise.
Customer satisfaction
In today’s market, customer satisfaction is critical to business success. A successful business should strive to create a loyal customer base by providing excellent products or services and outstanding customer service.
Innovation
With rapidly changing technology and customer demands, successful businesses need to be innovative to stay ahead of the competition. A business that can create new products or services, improve existing ones, or adopt new technologies can gain a significant advantage in the market.
Sustainability
Businesses that are committed to sustainability are becoming more successful in today’s market. This means focusing on social responsibility and ethical business practices.
Employee satisfaction
Happy employees lead to a successful business. Companies that invest in their employees’ growth and development, offer competitive salaries and benefits, and maintain a positive workplace culture tend to have a more engaged and productive workforce.
In summary, success in modern-day competition requires a focus on financial performance, customer satisfaction, innovation, sustainability, and employee satisfaction. Now moving ahead with the topic, let’s talk about the success stories of Indian businesses from which entrepreneurs can learn to operate more efficiently than ever.
1. Smartworks
Smartworks is India’s largest platform for managed workspaces which was founded by Neetish Sarda and Harsh Binani in 2016. Smartworks provide fully-furnished and tech-enabled workspaces with top-notch office amenities that help businesses to work with ease. In just 7 years, Smartworks has become one of the most prominent entities in the commercial real estate sector. Both the founders deserve all the praise for taking Smartworks to new heights of success in such a short time.
During the pandemic, every business sector witnessed a downfall but that is exactly when Smartworks started gaining more business across different regions in India. Concepts like visitor and access management systems helped Smartworks to cater to businesses from different domains. The leadership and adaptability qualities from Neetish Sarda and Harsh Binani helped Smartworks to take corrective measures as per the trend.
2. Zomato
Zomato is an Indian food delivery platform that was founded in 2008. It has now expanded globally and has a presence in more than 24 countries. Zomato is amongst some of the best Indian Startups that have been running flawlessly even after certain difficulties. Zomato aims to provide ‘better food for more people’.
On the Other hand you can learn Entrepreneurship, Leadership, Social Impact from successful industrialist Ghanshyam Sarda
So, these are some of the business success stories that can help an entrepreneur to learn business concepts and methodologies with the motive of longer sustainability and ultimate growth.
3. Flipkart
Flipkart is an Indian e-commerce company that was founded in 2007. It started as an online bookstore and expanded into a full-fledged e-commerce platform. Flipkart is one of the most prolific competitors of Amazon and the company is growing with regular customization in the business model. Amazon is a global leader but Flipkart on the other hand is not taking any backward steps. In fact, Flipkart is pushing its limits to become the best e-commerce platform in India, and it is an ideal learning lesson for budding entrepreneurs to sustain and ultimate
4. OYO Rooms
OYO Rooms is an Indian hospitality company that offers budget hotel rooms to customers. It was founded in 2013 by Ritesh Agarwal with the motive of bringing affordable and trusted accommodation that people can book instantly. It has now expanded globally with a presence in more than 800 cities across 80 countries. Despite having issues with the services by the hotel management or staff, OYO aims to minimize such incidents by providing more authentic and value-added services to its consumers. This shows that modern-day entrepreneurs like Ritesh Agarwalare focusing on enhancing the customer experience with maximum efficiency.
5. Byju’s
Byju’s is an Indian ed-tech company that offers online learning programs for students. It was founded in 2011 and has now become one of the most valued ed-tech companies in the world. Despite facing a tremendous loss in FY21, Byju’s remained one of the most trusted online learning platforms and such cases can help modern-day entrepreneurs. No matter how big the loss is, you can’t give up too early.
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