Every group has a definite differential from other assemblages; members think differently, act differently, have different aspirations and needless to say, have diverse values and ethics. The fundamental point here is that no two countries or their economies can be construed as alike and no two ideas can attract similar response at different geographical locations.
Let us think of this with a very simple case. The social media platform that rocked the market prior to even when Facebook, was Orkut. Although the business was shut after the number of users dipped, in the very end even, users in India and South Africa were enthusiastically using the platform. Taking another case, if Amazon established itself in India instead of US, do you believe it would have met the same success? With no broadb and, limited computer services, India wasn’t the viable market back then.
The notion that two economies react differently to the same idea is correct even today and will live up to its validity in future times. So, in case you just thought that an idea that garnered investors’ praise and money in the West would also turn heads in countries of South Asia, you may be mistaken, a rethought is must.
Borrowing a concept isn’t always a disastrous risk; quite often it generates fortunes for the borrower. We have seen markets and countries revolutionize by taking inspiration from leaders, business models and technological concepts from others. There are even some ideas that will work everywhere, for instance, manufacturing a bomb, it will create chaos in any human settlement it is used against.
But is your idea a bomb? It may be, verbally and when you flaunt it among your peers, but it may not serve its purpose if you have chosen to sell luxury women bags through e-commerce and with jaw dropping discounts in an African country that lacks even basic amenities.
Here comes the summary you may wish to grab. You must have heard of the e-commerce and startup ecosystem of India losing its sheen in the past couple of years. You must also have heard of plunging valuations of startup ventures that at some time in the past promised to be big-time fortune earners.
What to do? Stay calm and don’t let your idea become a bomb that will just explode, make an instant noise, but will then disappear. Study your market, if in India, then know about the taste and preference of your customers and customize your product/ service accordingly. If you hit the right product in the right market and at the right time, it would mean ‘YOU NAILED IT’!
Also read: The Bug Called Entrepreneurship
