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How to convert a small brand into a big one?
Don't we all dream of doing that someday? After all the startup craze is about building brands in super quick time and many startup entrepreneurs have actually succeeded in doing just that. Take the case of Oyo Rooms, which was founded by an 18-year-old youngster, Ritesh Agarwal back in 2011 although it wasn't known as Oyo Rooms then; it was known as Oravel.
Today, the company is sitting pretty with over $25 million of funding from some of the most renowned names in funding, worldwide. Although the Oyo story is alleged to have another darker side to it, the objective of this answer is not to dig into that darker side of what is otherwise, a brand success story spearheaded by a 23-year-old.
A More Conventional Scenario
Leaving aside this unusual success story let's consider a more conventional scenario where you're in your late twenties or early thirties and have just quit a cozy job because you wanted to start your own enterprise. Nine times out of ten, you will choose the industry in which you have been working all long or for most of the time. Next, you would have to make sure you have saved enough money to ensure that there's no undue pressure on your family and their basic needs.
You should also have enough money to run the most critical part of your business operation on your own for at least three years because that's the minimum period of growth that funding agencies like banks, venture capitalists, and angel investors want to see before they agree to bankroll your project.
The Most Crucial Phase
These three years are what will either make you or break you and remember it's not merely hard work that will ensure success for you; you'll also have to work smartly and think on your toes. Understand the market, identify the gap in it and penetrate it with enough force to get your business embedded in the market with a firm foothold.
This means, three years of very good growth, preferably at over 75% because you would be starting from a low base. Once your new business completes this crucial phase, you can be sure that your business has nurtured a baby brand. Thereafter, you set the roadmap, the strategy and keep adding frills and muscle to your brand.
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