Success is aspired by many, especially by those who start out new. But emerging entrepreneurs need to be aware that there are always tens of thousands of people smarter and more challenging than them, more capable of solving the same problems they are trying to solve. The greatest thing a new or aspiring entrepreneur can do is synchronize their strategy with market trend and timelines- to make sure that they are in the right place at the right time.
Research Industry Trends
Focusing on the industry and the long-term cycle in which the significant changes can occur is the fundamental step towards setting up anything that can be potentially successful. We often spend a lot of time figuring out what the problem is that we want to solve. In focusing on the industry’s long-term trends, you can pinpoint the painful joints.
As per the industry trends, you can fathom your accuracy and agility of doing business if one can identify the right questions and problems at the right time, the chances of their business being successful increase rapidly.
India – a Growing Opportunity and a Vast Industry
The financial services industry in India has grown significantly in recent years. The key reason behind this is the unsold customers’ open accounts and savvy consumers seeking to invest beyond traditional gold and real estate assets.
Shailesh Lakhani, CEO of venture capital firm Sequoia India, said the growth in financial services industry is due to a combination of factors – such as improvements in economic infrastructure and new digital distribution channels – resulting in a “real wave” of innovation.
In 2020, the pandemic exacerbated these trends, leading to a global rise in retail investment. Therefore, financial technology will be one of India’s most prolific investment sectors in the years to come. Note that half of the company’s assets in 2019 were related to financial technology.
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The greatest thing a new or aspiring entrepreneur can do is synchronize their strategy with market trend and timelines- to make sure that they are in the right place at the right time.
Inspiring Innovators Turning Industry Experts
Such trends will lead to more investors and innovators in the market. In the US, for example, 90% of people have direct or indirect access to financial markets. India is doing what America is doing, maybe ten or fifteen years behind schedule, so it would be fair to bet that we are going in the same direction as the US did before.
Not a quick money-making strategy, but as a long-term game.
This is a long-term opportunity. At times, entrepreneurs will see considerable growth, while at other times the path may seem narrow. It is worth paying attention to the long-term effort and to create a viable business. The market will always be competitive and customer-driven and what they want is usually the best way to earn in the long term.
