Journey of a college graduate to a budding entrepreneur

Business How To’s

21 September 2016

Journey of a college graduate to a budding entrepreneur

  • Posted by Awfis Editorial

 

blog111Tired of those endless exams, waking up at 6am for lectures, meeting excruciating deadlines, can’t wait to get out of college for a simpler life? Well, if you’re looking into starting your own big thing as a budding entrepreneur, let us tell you that things don’t change much. Academic exams are replaced with real life tests, waking up at 6 am may just mean having sleepless nights altogether and meeting deadlines would’ve never scared you more. Experts say hard-working graduates that are interested in starting their own startup should explore their entrepreneurial side, but should definitely be prepared for an uphill battle. Here are some tips that can help future college graduates to become their own boss-

Find something you’re passionate about
When initially deciding what industry to pursue, students should find their real needs and be passionate about bringing about a change. Their business ideas should fill in the gaps which were currently in the market place. It’s simple, the people who are successful are the ones who really loved what they did and the reason they loved it is because they believed in it.

Know how to network
Networking with people in the same industry is essential for getting a business off the ground and to give it that boost it requires. Students should focus on finding already-successful businesspeople in a particular field and learn from their techniques, experiences along with their mistakes. Don’t ever hesitate to contact them, go to their seminars, their talks, read their articles or their blogs. Learn how they’re doing it and find a way to learn from them and incorporate it in your big idea.

Find a mentor to provide you with valuable insights into the ups and downs of their own entrepreneurial journey. It is vital to be respectful while asking for advice, but be careful not to overextend those relationships and take advantage of it.

Use social media to your advantage
The explosion of social media in the past few years has allowed new businesses to establish and market themselves extremely well. Businesses have only recently discovered the full potential of social media to market their businesses, but Gen Y graduates grew up with technology at their fingertips and can use tools like Twitter, Facebook and LinkedIn to their advantage, with just a click away!

Learn from feedback—good and bad
No one gets everything right at the start, expect to make mistakes, but learn from them and resolve them quickly. Any kind of constructive criticism should be valued as a learning experience. Take the feedback in a positive stride!

Learn patience
While it’s important to have confidence in a startup, be practical when it comes to the success growth. Gen Y graduates have short attention spans and expect immediate results. Keep your vision close to your heart, but be smart about your long term vision and actions.

Although it’s natural to experience mistakes and frustrations, it’s important for young entrepreneurs to avoid getting discouraged, instead, focus on how it will make the business stronger in the long run and how much one will be learning at a young age.

Remember, that entrepreneurs at a young age are actually harder on themselves than others. Celebrate milestones, it always helps. Take these points into consideration and have a smooth transition from college to the corporate world.

Look for co-working space in Qutab, New Delhi or shared office space in Powai, Mumbai provided by Awfis start your journey from a college student to becoming a budding entrepreneur.

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5 Global Trends that are Disrupting Businesses in 2019

Business How To’s

05 September 2019

5 Global Trends that are Disrupting Businesses in 2019

  • Posted by Awfis Editorial

We are living in a dynamic world, all thanks to disruptive trends that are frequently redefining the way we interact with it. It goes without saying that this has a significant impact on businesses; competition is growing manifold every minute in the face of volatile market conditions and fickle consumer demands. Curious to know all that is dictating the way businesses function in 2019? Here are 5 major trends that are here to stay.

Corporate and start-up collaborations

Large corporations are increasingly realising the enormous potential of start-ups in terms of predicting and adapting to disruption. Plus, coworking spaces are also enabling more collaborations between corporates and start-ups by bringing them under one roof. This growing trend is especially true for start-ups with a highly specialized focus as they are more likely to face domain-specific challenges early on in their journey as compared to large organizations.

A case in point is the collaboration between Coca Cola and Wonolo, an on-demand stocking platform, to streamline its supply chain. This reduced Coca Cola’s stocking costs by 75% per outlet and increased its coverage 25-fold, while Wonolo raised $5.7 million in funding.

Mobile-first technologies

Everything digital is going mobile-first, be it products, services, or even communications. In fact, mobile phones have long surpassed desktops as the primary way to access the internet. A recent CIODive report revealed that up to 70% of web traffic happens on mobile devices. And companies have started recognizing the potential of mobile phones in digital transformation. Flipkart’s progressive web app is the company’s second-largest channel in terms of transactions and attracts over 70% of new customers!

Phygital experience

Whether the Internet of Things (IoT) will redefine consumer experience remains to be seen, but it certainly has introduced the world to phygital experience. The opportunities this presents are immense; several industries will no longer be the same as we know them today. The US jewelry retailer, Tiffany & Co., has already integrated the phygital experience in its stores with an Engagement Ring Finder app that allows shoppers to use the camera in their mobile device to preview how different rings will appear on their beau’s finger.

Digital empathy mapping

Empathy mapping is a key tool to analyze and anticipate behavioral shifts among customers. Traditionally, empathy mapping involved a group of marketers brainstorming to map out customer journeys with post-it notes. However, the growing adoption of digital platforms is rapidly optimizing the process, making it cleaner and more efficient. Data is a crucial aspect of empathy mapping, and given the vast amounts of data, businesses deal with nowadays, digitizing the process only makes more sense. A clear example of this can be seen in UI/UX design, where designers are leveraging empathy maps to understand user preferences and enhance their experience.

Social awareness

Consumers today have become more socially aware and prefer to subscribe to products and services that resonate with their world view. In fact, millennials are worth $1 trillion in consumer spending and 73% of them prefer sustainable goods. As such, there has been a growing trend of companies adopting renewable materials and greener practices in an effort to reduce their carbon footprint. The automobile giant, Ford Motors, serves as a great example. The Repreve seat fabric used in the company’s vehicles is made from fibers derived from recycled plastic bottles, helping displace over 5 million plastic bottles from landfills.

Conclusion

Technology is continuously blurring the lines between physical and digital and is ushering an era underpinned by innovation. These are the times when flexibility can make all the difference when small companies can very well break monopolies. Only time will tell how these trends impact the global business landscape. But one thing’s for sure, these trends will continue to drive innovation for the foreseeable future!

How Dropbox Grew from a 2-person Startup to a Billion Dollar Enterprise

Business How To’s

27 August 2019

How Dropbox Grew from a 2-person Startup to a Billion Dollar Enterprise

  • Posted by Awfis Editorial

Who hasn’t heard of Dropbox, right? The cloud storage giant provides services to over 500 million people across the globe and generates billions of dollars as annual revenue. Well, did you know that it began as a two-person startup? Read on to know the incredible success story of Dropbox.

The birth of a million-dollar idea

Dropbox founder Drew Houston was a tech prodigy who started coding when he was just 5 years old. The idea for Dropbox was born in 2007 when Houston was on a bus ride and suddenly realized that he had forgotten his pen drive, which had important files on it. The incident left him so frustrated that he pledged to solve the problem once and for all. And the idea for Dropbox was born!

The evolution into a business

With the help of Y Combinator, a startup accelerator, Dropbox received its initial funding of $1.2 million from Sequoia Capital in 2007. However, there was still a lot of work to be put in to get the product right. Dropbox was launched in 2008, a year after it received its initial funding.

Initial challenges

When Houston had taken his idea to Y Combinator, even though his pitch was well-received, the accelerator promised admission only on one condition – Houston needed to find a partner within two weeks. He turned to his alma mater, MIT, where he found Arash Ferdowski who was more than willing to drop out from college after seeing a demo video that Houston had put together.

Soon after the launch, Apple expressed interest in Dropbox with Steve Jobs even scheduling a meeting with Houston to buy the product. When Houston rejected the offer, Jobs said something on the lines of “Well, we’re just gonna have to crush you guys”! 10 years or so later, Dropbox is still going steady with a net worth of $8 billion despite cutthroat competition from Google Drive and Apple’s iCloud, all thanks to Houston’s unfaltering determination to build and nurture his own company.

Disrupting the market

Dropbox disrupted the market as soon as it launched. While there were several applications that enabled cloud storage, none of them were as stable, seamless, and robust. However, the challenge still lay in attracting as many users as possible to keep the venture profitable in the long run. Initially, Dropbox went for an outbound marketing strategy, investing in pay-per-click and PR campaigns. Unfortunately, this failed miserably, since the keywords they were bidding on were way too expensive.

This is when Dropbox focussed on adopting a consumer-first approach, going where the users were to build its own community and generate word of mouth.

Building a community

Initially, Dropbox had launched a private beta program while it was still in the development stage to generate interest in the product and gain valuable feedback to better the product. This helped Dropbox generate significant word of mouth and they capitalized on it by starting a referral that incentivized both, the recommenders and referrals with extra free space. They also rewarded their social media followers with 125 MB of extra free space. This simple initiative increased the number of new users by a whopping 60%!

Another key game changer was the use of a signup-driven homepage with clear layout and demarcations. It also had a 2-minute tutorial video to guide users through the product. This not only made the intent of the home page pretty clear but also helped anchor interest by showcasing how simple, effective, and beneficial the product is.

Conclusion

The key contributor to Dropbox’s success was that it solved a very basic problem. It thoroughly understood its users and the needs they had. A lot of users around the globe had already grown wary of carrying portable storage devices and wanted something that could solve their storage issues. Dropbox addressed the issue head-on by making cloud storage a simple, secure, and hassle-free experience. In the words of Drew Houston himself, “People do not choose Dropbox because it has this much space or gigabytes. They choose it for the experience.”

5 Startup Branding Trends to Adopt in 2019

Business How To’s

14 August 2019

5 Startup Branding Trends to Adopt in 2019

  • Posted by Awfis Editorial

It goes without saying that a strong branding game can make all the difference to your business, from helping establish a brand identity and differentiation to ensuring customer loyalty. However, in an unpredictable market and amidst cutthroat competition, branding trends keep evolving every minute and you’ve got to keep abreast of them to stay ahead. Read on to know the top five branding trends that can seal the deal for you in 2019.

Illustrate to engage

A key aspect of branding is engagement, and what better way to entice your audience than with immersive illustrations? Art is capable of humanizing and differentiating brands, while strengthening the connect you have with the customers.

As such, brands worldwide, including giants like Google and Facebook, are realizing the power of incorporating art in their communications to become more personable and easier to connect with. Be it using animation in marketing videos or partnering with artists for new product lines, art is emerging as a popular way to engage and delight audiences.

Adopt minimalism

Minimalism is yet another branding trend connected to art that is becoming popular by the day. it’s a combination of subtle design and clear intentions that come together to provide a precise yet accessible format. The USP of minimalism lies in the fact that it is perfect for mobile-first communications and enhances the experience across devices.

Apart from being a popular trend, minimalism just makes sense. There’s literally no point in crowding your design with unnecessary bevels and hues, which do nothing but confuse your audience. Brands like Nike and Starbucks have long realized the power of minimalism, and it is evident in their highly creative communications that drive the point home.

Reflect social responsibility

As buying decisions continue to be influenced by consumers’ moral standards and ideologies, especially in the case of millennials, it only makes sense for businesses to reflect social responsibility in their branding efforts. In fact, a Nielsen survey revealed that over 73% millennials are willing to pay more for sustainable goods.

As such, we are witnessing a continuous shift in branding trends that resonate a responsible world view. A case in point is the recent Gillette ad, which received mixed responses for critiquing toxic masculinity – some balked the ad for being accusatory while others appreciated the brand for its bold, progressive stance. Nevertheless, the ad brought the brand to the forefront, which it direly needed. This only goes on to show the impact you can have by resonating with the millennials.

Give your brand the personal touch

The digital age has ushered robust connectivity, thereby putting personalized communications at the forefront of branding. While personalization used to signify exclusivity in the days of the yore, technology has put more power in the hands of the consumers. In fact, according to a survey by Infosys, 86% consumers say that personalization has quite an impact on their purchasing decisions.

As a result, marketers are continually striving to incorporate that personal touch in branding to leave a lasting impact in the audience’s minds. While it may entail rethinking business operations, personalization can give your brand the opportunity to create a differentiated proposition and improve conversion. The e-commerce giant Amazon comes second to none when it comes to behavioural targeting and personalization. Other companies that have nailed personalized branding are Nike, Cadbury, and Google.

Use creative online domain names

Finding a URL that matches your company’s name can prove to be tough. Did you know that Dropbox went by the URL “GetDropbox.com” in its initial days due to scarcity of exact-match domains?

However, this only opens opportunities to get creative with your domain names. The more creative and appealing your domain name is, the greater the chances of it attracting more audiences to your website. Plus, establishing a strong domain name is an important investment. Tools like Domainr, Nameboy, and Domize can come in handy for finding a creative domain name for your business.

Conclusion

Branding is all about connecting with your audience in a meaningful way for maximum brand recall. Adopt these five trends into your branding strategy to entice your customers and beat the competition. As Jeff Bezos rightly said, “Your brand is what people say about you after you leave the room”.