Agriculture is carried on in villages; In India majority of the population is still into agriculture sector, but the main highlight is that being a majority they are not able to contribute for the country’s GDP as the business sector is contributing. Business sector is the boon to the distressed Indian Economy, from the past few years the engagement in the businesses and sole proprietorship are not the only thing which can lead a business to new heights as it is truly said that there is only survival for the fittest, the one which can cope up with the dynamic of the environment and respect the changes and change their business setup with the course of time. Businesses can scale up from a small start-up in a cabin to a well-known multinational company, but what is required is to bring the change and work with consistency, to have a vision, to be goal oriented. Every business is first a dream; dreams can be made real by just execution and not looking back.
The businesses keep on evolving with the course of time, if the person keeps on doing business reluctantly and not understanding the market requirement he is eventually digging his own grave. He cannot keep continuing with the same ideology and practice for decades as there is a certain requirement of innovation i.e. what society demands, what are the changing technologies, what is the need of the hour. Nowadays, with the growing population and brilliant developing minds, there is continuous experimenting in the old setup of businesses to bring a new era of earning profits, therefore they can’t be the same, the innovation and change is the only way of survival for the businesses in today’s time. If you haven’t heard the story of Nokia that how it had to bear huge losses due to their reluctance to change and as a result they vanished with time.
When the technology was changing at a fast rate, going from general keypad mobile to android phones, Nokia did not come up with android ones;, instead they came with the ideology of windows phone, so at that time 2 software and only company solely providing single software was not an easy job for Nokia but still was able to establish its identity and worth of their smartphones, they came up as a premium and full of worth brand when it comes to technology and durability. Well the Finnish Company wasn’t able to hold their position in the market for a long time as the new Chinese companies entered the Indian market with the cheap labour and high production of raw material, Chinese mobiles proved to be very cheap or we can say affordable for the Indian customers as compared to Nokia, Samsung, Micromax etc.; Nokia after losing up the market percentage and finding out the reasons for this still didn’t change its software from windows to android which was getting better and upgraded with new features and updates which proved to be user friendly with interactive interface, and by the time Nokia realised its mistake and look to come up with something new their presence, name, brand value was lost and Chinese brands such as MI, Vivo, Oppo captured the market. Later, Nokia again gave it a try with Android mobiles having user friendly interface i.e. stock android no bloat wares, easy to handle but still wasn’t able to make that much impact and again is on the verge of getting vanished from the market. This concludes that how important it is to take right action at the right time by understanding the importance of innovation and change in the market trend which can clearly make you the king of the market or can kick you out from the industry.
Another example is of Reliance Group, soon after the demise of one of greatest businessman of India Mr Dhirubhai Ambani, Reliance Industries were looking for the new person who can lead from the front the options were Anil Ambani and Mukesh Ambani son of Dhirubhai Ambani. Later then Reliance Industries were divided between two brothers in whom Anil Ambani took the holding of Reliance Communications, Reliance Power, Reliance Capital, Reliance Infrastructure, Reliance Naval and Engineering Limited, Reliance Entertainment, Reliance Industries, Reliance Media works with large share in the market and on the other side Mukesh Ambani was given Reliance Communications Limited, Reliance Petroleum, Reliance Digital, Reliance Fresh, Reliance Capitals, Reliance Power, Reliance life Sciences Pvt. Ltd., Network 18, Reliance Logistics Private Limited, Reliance Retail, the sectors which were not yet grown enough in the market.
For the time being Anil Ambani incurred huge profits from telecommunication and electricity, but the mistake he did was that he didn’t see that what is future all about and what are requirements to change what are upcoming needs and trends of the market and on the other side Mukesh Ambani invested 2000 crores in 4G technology and with the brilliant marketing strategy of distributing free sim cards created its hype just from mouth to mouth advertising and giving mobile data at free of cost and later on started charging appropriate amount and started incurring huge profits became the largest network of India all the competitors couldn’t figure out the appropriate solution but to change their strategies as per the new entry to Jio in order to survive in the Indian Market, with this change and better connectivity of Jio and other network companies, the popularity of CDMA sim cards which were under Anil Ambani started decreasing the, sooner with time no customer wanted to buy CDMA sim cards. Later on, Anil Ambani started incurring big losses and as a result lost his value in the market.
The above cases clearly showed us that how not taking any right decision at the right time and bringing change as per the technology can harm at what level, it can either make the company or break the company, there are many other big examples like Ford, Chevrolet etc. the mistakes they did and why they were not able to stabilise their foots in the Indian Automobile Industry.
When you are doing business in the Indian market i.e. with big population you have to be aware of your customers and most importantly the competitors, their moves their strategies moreover to continuously work upon your growth and development by adopting the changes, it is important to understand that here customer won’t change themselves to buy your products and services you have to make changes in your business to get the attention to be that dynamic the one who is willing to take risk will get the first mover advantage and can be called the market capturer.