Friends, you have been attending my motivational training programs in large numbers. It gives me immense feeling of satisfaction and delight that I am being able to do some service to my nation.
Questions keep pouring from participants regarding the type of business they should be involved in, and which will pay them rich dividends. My suggestion is never to pick a business in which there is no competition. You must have observed that if you see a row of ants, it will surely lead to some sweet. Likewise, if a business has good growth prospects, it is sure to attract many entrepreneurs. If you are pursuing a business for a long time without any competitors, then it clearly signifies that either the margin of profit is low, or there is uncertainty, or the industry does not have a future. Areas of research, however, are exceptional to the rule. So it is always wise to start a business in which there is competition, in fact you must position yourself in the main market amidst your competitors.
For instance, a person who wants to buy a pair of shoes will visit a shoe complex where there are at least 15-20 shops dealing in shoes. The buyer is sure that he will be able to get a pair of shoes of his choice in one of the shops at this complex.
Similarly, if a person visits a medical complex where 20 specialist doctors have their clinics, then people accompanying the patient may want to visit a gastroenterologist, or an ophthalmologist or an orthopedic. So, in such complexes, the whole market grows together.
Another thing which is related to business growth is saturation. I however, believe that government related businesses are dependent on the policies laid down by the government. Most business of the core sector, related to mining, defense, etc. are generally driven by government policies. The entire game depends upon how vast your network is and how deep your pockets are, to bear any uncertainty in business.
If a normal entrepreneur, for example, a textile, jewelry, or hardware manufacturer, asks me about saturation, then I would tell him that no industry gets saturated. In fact, saturation is seen only in the lower and mediocre players, while the top players remain untouched. If we take the example of a mountain, we can expect the base and middle part to be crowded, but very few people on the top.
Similarly, there is ample space for exceptional people, in every field. Good service providers, good presenters, knowledgeable people, active competitors, stand a fair chance to be on the top. So, there will be ample opportunities for quality people.
There will be overcrowding at the medium level, and facing all sorts of competition. Any new entrepreneur can snatch away your client, the customers will also bargain, you will have a small budget for advertisement, and you will never be able to dominate your customer. Your business will be guided by conditions laid down by others. So you will always be uncertain about the growth of your business.
Survival of the people at the lower rung is difficult. The people at the top however, are unique in all aspects. So, they command a high price for their products. Even the users feel proud in using their products.
There may be 200 chartered accountants in a city. Of them, 150-175 will certainly be average in standard. Only 25-30 accountants will be exceptionally knowledgeable and having an exceptional network. Only these accountants will provide exceptional service to their clients.
Suppose there are 50 architects in a city, then there would be 10 without much work, 10-20 would be handling 8-10 projects and competing with each other. Only 5-7 architects belonging to the top bracket would be overloaded with work.
Similarly, if 50 thousand lawyers are enrolled in a court, then you will find that almost 10 thousand are not even recognized. Only the top 400 to 1000 lawyers command respect and recognition from their client. They also command a high fee, and have clients in waiting.
These examples point to the fact that we must never try to explore business opportunities in unsaturated fields. If you like your business, then you must make efforts to be amongst the top players. Now, what is a top player? It means that either you are recognized as a big brand, or you have a strong advertising and marketing strategy, or else your products are of good quality, hence people are in search of them and are picked up by the customer without the help of any advertisement.
Another reason for your success could be a fine infrastructure. Suppose there are two hotels situated adjacent to each other. Both the hotels are equal in terms of their service. But, one of them has a unique infrastructure with luxurious rooms and a beautiful lobby. Even the swimming pool is stylish. These exclusive features will attract clients to the hotel. Other features to enhance customer satisfaction could be a courteous staff with a unique way of greeting, so that the client feels he is being given VIP treatment. Now, if the customer visits the other hotel and experiences rough treatment, he will at once be reminded of the cordial treatment he was extended at the previous hotel.
Similarly, some value added service given to a client will help you do better business. Suppose a client asks for a haircut, or apply hair color, and you give him an additional free service of a hair massage or a face wash, the client is bound to get impressed. A small investment of a few extra minutes has satisfied your customer. If the same customer happens to visit another parlor and he is denied the extra care, then he will become your regular customer.
So, whatever be your field of business, always aim to become a top player. Do something differently, so that the customer remembers you for it. For an average business man, every market seems to be saturated. This implies to every profession. If there are 100 hotels in a town, there will be 50 which are doing no business, 30 of them can be rated as medium, whereas only 20 hotels are doing roaring business and attracting huge clientele. Likewise, there may be 6 restaurants in the same market, of which 5 are not so popular, but one of them has a long queue of customers waiting for service. While doing business, never be on the lookout for an unsaturated market which offers little or no competition. Only an average business man sees saturation in the market, the top players only see the enormous number of clients, and begin to find out ways how to satisfy all their customers.
To make the world a small place and within our reach, we have to make ourselves big. For instance, if you are standing in a place where several walls are obstructing your view, but if you look down from the terrace of a building you can see the streets. If you see from the terrace of the highest building in town, you can have a bird’s eye view of the whole town; and if you have a view from the plane, the whole town will appear as tiny match boxes.
The more you rise up, the problems will appear smaller. Quest of an unsaturated market, is in fact a problem only of the mindset. You have to be clear in your mind that you like your profession, if yes then, begin to study the behavior of top players in your profession, follow their unique qualities, do things differently and rise above the rest of the crowd. Saturation in the market will no longer bother you.
I feel that saturation in any field is an asset. If there are many people who are not sincere, then there are few who maintain their quality and stand out above the rest. Be amongst those few and strive to excel in your work, bring together a good team and create a good branding. Even if you are working on a low budget initially, never compromise on the quality of work.
Working on a low budget should not become a reason to compromise on your business ethics or your behavior towards the customer. Remain warm and courteous, keep upgrading your knowledge and expertise. This will have a positive impact on your client. He will talk highly about your futuristic approach, and also refer you to others. This will make your business grow.
I expect that I have satisfactorily answered your questions, firstly that which field will not have competition, and secondly whether to pursue a business in which there is saturation.
The answer is clear. If you love your profession you must upgrade your skills and develop uniqueness to rise above the rest of the crowd.