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Market validation crucial for success

My hurdles, which I successfully surpassed, include being cheated by an early investor on equity, lack of knowledge on legal and company laws and not having an alternative to handle crisis management.

Published: 15th March 2017 10:23 PM  |   Last Updated: 16th March 2017 06:13 AM   |  A+A-

Express News Service

BENGALURU: My hurdles, which I successfully surpassed, include being cheated by an early investor on equity, lack of knowledge on legal and company laws and not having an alternative to handle crisis management.

My message for all founders is to be well informed on all legal nuances, right from incorporation to filing taxes! Running a company is an entirely different ballgame than having an idea and chasing it! Practically, you will need to oversee Financials, Legal, Operations, Product Development, Marketing, Branding, Cash flows, Customer feedback, etc.

So it’s always better to understand that your role will demand all of this and you need to have a strong backup plan in all these areas! Finally, perform due diligence of market validation before investing (That’s one of our key service areas we offer to startups and SMEs).

All said and done, you need to have customers acquired, engaged and retained!
(The writer is the Founder of eConcero, a market research and a digital marketing agency that quantifies changing consumer needs and analyses user behaviour to help companies stay ahead of their competition.

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