All we humans evolve with time. With each passing day, we all
want to move to higher level of independence. Not to forget the fact that
today’s dynamic environment and high standard of living prompts most of us to
try things differently and off the edge.
Entrepreneurship is one such way of achieving that
independence along with the freedom of taking own decisions and risks. But the story doesn't end here.
Entrepreneurship is nothing less than an art which should be strategic at the
same time because convincing a complex customer to buy is nothing less than a
daunting task. Also the risk increases depending upon the market one is
planning to operate in.
To start on an entrepreneurial journey from a market like
Chandni Chowk can be called what? A curse or a blessing? The reason as to why
this question is because Chandni Chowk being one of the Asia’s largest trading
markets. The place where you get almost everything and the icing on the cake is
the prices are comparatively lower than other markets. Also, the beauty of this
market is that it doesn't discriminate between various customers. All the
consumers irrespective of their income find their solace in this market.
The idea of starting the journey of independence from this
market had a lot of ifs and buts which popped up while pondering upon this
decision. The new comers as we know are never welcomed anywhere, adding the
fact that the shopkeepers (now competitors) were established for years in the
market. The ‘cut-throat’ competition made me skeptical initially but for
achieving my sense of freedom, it was to be done.
The first and the fore-most decision was to choose a line of
business. Since I had a very keen interest in colors, schemes and patterns, I chose
the line of ladies suits (stitched, unstitched). The reason was that I not only
had the knowledge of current patterns and choices that were preferred but also
I could associate with the feeling the women have while making such a purchase.
This step was followed by acquiring the data about the competitors, the
varieties they offered, their prices and their sales. All this and other data
roughly aided me to see how profitable this entire idea is going to be. Here I
would like to mention that I wasn't selling anything totally different but idea
was to sell the same things differently.
Till now everything was in the head, the first substantial
step was when I took a shop for rent from an old shopkeeper who shifted to
Surat and left this shop for my disposal. The savings which I invested as
capital gave me the ability to hire two sales people. I chose to hire a boy and
a girl. Meanwhile my cousin and I dealt with various suppliers and negotiated
on how the stock was to be supplied and on what terms. I must mention that this
wasn't an easy task as they were unsure of my capabilities but at the same time
I could see a hope in their eyes that could possibly be because they knew I
could relate to this line of business as compared to any experienced
shopkeeper. The truth was no different. The shopkeepers and the salesmen might
be too proactive to know what a customer wants but I had it in my blood. I had
the ability to understand the unexpressed needs of the women. As the line I
chose was mostly dominated by the bridal and the party wear, the stake and the
emotions were high.
Now the suits were neatly piled up on the shelves, of course
the most beautiful pieces displayed on manikins; the next and the most
important step was pricing the suits. This was pretty much challenging. If I
chose higher price than competitors, I had to stop expecting customers and if I
quoted a price lesser, my business would run in losses. No matter my expertise
of selling was going to be unique, the customers were not yet aware of that. So
in order to attract the customers first, I started off with lowest possible
prices.
Also, I was lucky to harness the benefit of my photographer
friend who helped me in best possible publicity and advertisement. Now
everything was under control and looked perfect. Tomorrow marks the opening of
my shop and I’m hopeful, too hopeful…
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