Growth of Patanjali, the Mega Brand of India – A case for study

The story of Patanjali is not like any other businesses in India. It is unique because it is an empire created by a baba. Yes, Baba Ramdev, the yoga guru of the masses, is the man behind the brand called PATANJALI. Baba Ramdev’s name is enough to make Patanjali what it is today. He is the mascot of the brand. His years of hard work in promoting yoga and Ayurveda is what has helped him create Patanjali into a mega brand today. A not very old entrant into the FMCG sector of India, yet it’s giving all major FMCG businesses in India a run for their money.

Along with Acharya Balkrishna, Baba Ramdev, in 2006, created a massive consumer goods company with headquarters in Haridwar, Uttrakhand. Their aim is to utilise ancient science and wisdom to produce products for customers. Its business model deals with products ranging from ayurvedic medicines, herbal products, cosmetics, detergents to biscuits, noodles and other snacks under one umbrella brand, Patanjali. It is a modern business empire, but there is nature and naturalness in everything they do. It resonates even in their brand slogan that states Prakriti ka Aashirwaad, i.e. blessing from the nature. It has a massive network of around 4500 retail counters to sell about 900 varieties of products. It also has 10K plus Patanjali Chikitshalay (clinic) and Arogya Kendras (wellness centers) all over the country.

Who are Patanjali’s Customers?

Patanjali is like any other FMCG company that produce and sell products of regular consumption and use. So how did it grow so quick into a 10K crore company in a short span of just 16 years? Not difficult to agree; it is the result of the readymade customer base that Patanjali could create much before it frayed into the FMCG sector. The massive 500 thousand plus branches of Patanjali Yoga Samiti with equal number of teachers in them have followers from cities and rural areas, in every age group. It started in North India but soon spread its branches rapidly to other parts of the country. Patanjali has a dedicated family of loyal customers.

What does Patanjali Sell?

The different varieties of products that the company sell are:

• Food & Beverages
• Ayurvedic Products
• Detergents and Cleaning Agents
• Cosmetics & Personal Care Products

Some of the best-selling products from the house of Patanjali are:

• Patanjali Chyawanprash
• Patanjali Cow's Ghee
• Patanjali Giloy Amla Juice
• Patanjali Honey.
• Patanjali Makhana
• Patanjali Kachchi Ghani Sarso Oil
• Patanjali Tulsi Ghanvati
• Patanjali Tulsi Panchang Juice
• Patanjali Aloevera Juice.

What made Patanjali successful in the competitive FMCG sector?

Patanjali’s competitors are some of the top-notch companies viz. Dabur India, Marico, Procter & Gamble, Nestle Ltd., HUL, Himalaya Herbal Healthcare, Colgate-Palmolive, Adani-Wilmar. Not only in India, the company is also competing with these big players exporting its products to Canada, the USA, Mauritius, and the UK.

Patanjali’s business strategy is simple yet unique in every regard, be it in production, pricing, branding & promotion, and distribution.

Production:

Patanjali produces some 900 types of products in various categories. It has also forayed into clothing with Patanjali Paridhan. Looks like, it does not want to keep anything untouched. Its main production plant is in Haridwar. In Nepal, it runs the Nepal Gramodyog, mainly engaged in the mineral and herbal business. Patanjali also acquired Ruchi Soya, in a strategic move, to boost its food products line. Not only this, Patanjali Foods has one of the largest palm oil plantations in India having 60K hectares.

Pricing

Among several players, Patanjali knows how to play well in the pricing aspect. Patanjali understands that it cannot conquer the market with higher prices. Premium pricing is not something its huge middle class but a dedicated customer base may be able to take so easily. Hence, it basically follows the reasonable pricing model. Its products are 5-10% below the average price offered by its competitor products. This helped Patanjali to penetrate the market faster than other FMCG brands. Price comparison is another tactic Patanjali successfully applies.

Distribution

Patanjali has strategically cut down its distribution costs by establishing its own stores. It encourages individuals to become franchisees of the brand. Small business owners are part of this franchisee network helping sell the company its products through the length and breadth of the country.

Patanjali Clinics (Patanjali Chikitsalayas) are being set up in different tier cities in India. The patients that come to these clinics eventually buy products from its stores and become customers of the company.

Besides, the Arogya Kendras (wellness centers) that they have also help sell its products. The yoga teachers working herein suggest fitness exercises and Patanjali’s ayurvedic medicines and supplements, generating revenue for the company.

Branding and Promotion

Patanjali has been able to save huge money by not engaging any celebrities in its advertising campaigns. Baba Ramdev is the sole face of Patanjali. He is a brand himself, a yoga guru followed by millions. His cult status helps to promote the products. His image as prakritik person and believer of Ayurveda has created a perception of good health and wellness among the masses. Perhaps no other celebrity could have expanded Patanjali at a breakneck speed as Baba did.

Other strategic moves that helped Patanjali expand fast

Patanjali sources its products directly from farms cutting the role of intermediaries. This reduces its procurement costs of raw materials. Back in 2019, Patanjali's strategic move to acquire Ruchi Soya, a food manufacturing company, gave a boost to its production line.

Patanjali promotes its products under one umbrella brand and that is Patanjali - the name that everyone trusts and does not engage in any celebrity advertising or endorsement. It helps Patanjali save huge costs on promotion and advertising which it utilizes on developing other aspects of the company.

It banked upon its customers’ growing love for swadeshi or Indian products, educating them about the benefits of nature and natural products. The shdudh (pure) desi (indigenous) pitch has resonated well. Larger players that earlier focused on technology and modern science have now realized the importance of shifting to ancient science and wisdom. But Patanjali started its journey as a house of products manufacturing products on ancient Indian science, thereby getting the edge. Patanjali has effectively marketed itself as the source of this wisdom. It’s obvious why customers would prefer the source then the peripherals. This is helping Patanjali add customers every day and hence generate more sales and revenue.

The other benefit of putting Ayurveda and ancient wisdom to use lets Patanjali get tax exemption as well. It has also helped Patanjali expand its manufacturing units on lands bought at discounted rates.

In the conclusion, I can only say that Patanjali’s success story is an inspiration for all. This is a case for study due to its unique and successful business model that grew on a loyal customer base and word of mouth. It is the story of a baba who grew from being a yoga guru to a successful businessman.

How can small businesses increase sales through brand awareness

 

Brand awareness is extremely important if a business wants to succeed in a competitive business environment. As an entrepreneur, on the lookout for growth and success, it is necessary that you work on increasing your brand awareness. Brand awareness is a marketing concept defined as a consumer's ability to recognize or recall the brand in sufficient detail to make a purchase. It is related to the trace in memory, which we can measure as the consumer's ability to identify the brand under different conditions.

In common parlance, brand awareness means the number of times your brand or product name comes up in conversations. The more often your brand name pops up, the better chances you have for generating interest and sales. So, proper brand awareness can have a positive impact on your product sales, and hence your business’s growth.

Importance of brand awareness in driving consumer Behaviour

Consumer buying decisions are based on brand awareness. During the product selection, consumers generally go for those brands which they recall. It may also be that the consumer recalls a product in the context of a specific product category. However, awareness increases the probability that other products of that same brand also become a part of the consumer’s consideration set. Like in the case of Nestle’s Maggie, noodles as well as its spice sachets ‘Maggie Masala Magic’, sold separately, are also hot sales.

Brand awareness is, thus, necessary for two important reasons:

It increases sales

Consumers choose brands with strong reputations. The visibility of your brand will embed a picture in the consumer’s mind. Growing your brand will help to boost your sales. It will give you a competitive advantage. When people are more familiar with your brand, they are more likely to buy your products. On the contrary, if they do not associate your business’s name or logo, they might opt for something else. Let them know what makes you or your product unique. Visibility influences buyers’ trust in you. Trust can drive sales. However, you must also be careful of customer service to your client. Poor service can hurt brand awareness.

It increases loyalty

By building brand awareness, businesses can also build customer loyalty. It is a critical component of increasing revenue. Finding new customers can cost many times more than selling to your existing customer base. However, a small percentage of customer retention can drive a 25-95% increase in your sales revenue.

Strategies for Brand Awareness

Certain marketing tactics can help small businesses in creating brand awareness for their products and services. Marketing strategies help in promoting a brand message in a target market. Some of the brand awareness strategies that small business owners can implement are:

Create a logo and tagline

A creative and catchy logo for your small business can help you stand out in the crowd. You need not spend thousands of dimes to make a logo ready. If you are even slightly creative, there are a number of free platforms like Canva, Designhill, 99designs, and many more, where you can create a design of your own. Otherwise, you can always hire an expert to design one for you.

Create a catchy tagline, as well, to jingle with your logo. Some taglines become the song for the ears. And believe me, it helps retain customers always. The Tata Sky tagline, “Isko laga dala to life zingala’ has never left buzzing in our eardrums. We are the proud customers of the brand since the time it arrived in the market. So, spending some time, energy, and money on the logo and tagline is worth it!

Make Social Media Work for your business

Small business owners! Why worry when Social Media is here? It has a huge share in creating many renowned brands today. Make use of the easiest marketing tools like Facebook Page, Instagram, Pinterest, etc. to make your presence felt in the targeted customer segment. Social media penetration can never be overlooked if you want to create a buzzing sound in your prospective customer’s mind. Even large companies with strong market sense have pages on these sites. Think on creating a longer relationship with the users to make them your customers. Create content that imprints in their minds, so that your brand becomes the first name they recall during their purchase spree. But make sure that you do not overwhelm them with too many posts.

Tie-up with Social Media Influencers

Influencers have a huge fan following of their own. So whatever, they market, their fans agree to it. Hence, cooperating with them can help you reach a further audience, which otherwise would have been out of your reach. Influencers help spread your product and services’ content, and thereby build brand awareness for you. They also legitimize your message that the audience finds hard to not believe. However, you need to choose the right influencer for building awareness for your brand. There needs to be synchronicity in what they do or believe in, and what your brand stands for.

Work on Search Engine Optimisation

These days, business is for those who rank high on Google pages, who are search engine optimized! According to Search Engine Watch, businesses listed at the top of Google’s search, receive around 35% of the traffic. This percentage decrease with descending listing rank. Small businesses thus need to put more effort into this aspect to build brand awareness. SEO is not just about keywords; it includes technical aspects as well, for example, page loads, page feeds, and loading speed. You can try out some free tools like Bing Webmaster, Google Analytics, MozCast, etc. for doing the SEO part or you can take the help of some SEO professional. SEO really works for your visibility among your competitors.

Partnering with local businesses

Always remember, your customers are everywhere. All you need is a proper search. Local markets can be the first step to your growth. Partnering with other local businesses can propel your visibility and brand awareness. It is like working with social media influencers. You can always team up with respected complementary businesses of your locality. That way, it protects the market share of your partner and increases awareness of your product. If you are a caterer of energy bars, try tying up with the local gyms.

Keep Doing Remarketing Campaigns

It’s not unusual for buyers to visit your shop or website, and leave without buying. Remarketing helps to convert the unconverted buyer into your customer. Remind your customers about your presence from time to time. Run engaging ads or offer freebies on your products on your websites, and other websites as well. Once they start seeing your business everywhere, they will definitely make another attempt to complete their incomplete business with you. Purchase! The benefit of remarketing is that it will give a larger-than-life image to your small business. This way, in no time, your business will become larger in the true sense.

These first-hand brand awareness strategies will help your small business grow leaps and bounds. So readers! do add any other strategy you know for our small business owner friends. Comments are always welcome!

Tactics for Small Businesses to Stay Afloat and Grow during Economic Downturn

 

 

Global economic indicators suggest that economies worldwide are entering the phase of recession. Many countries are on the verge of total collapse as they are unable to repay their loans. Sri Lanka has been seeking economic packages to run the country. Pakistan and Nepal are also going the same way. Their Governments have already asked their people to cut down on unnecessary consumption. Lebanon is also ailing economically. Images of long queues of people struggling to buy fuels and essential commodities are everywhere.

Developed countries are also facing the brunt. Earlier it was the COVID-19 pandemic, and now the ongoing war between Russia and Ukraine. It has given a major jolt to the commodity markets worldwide. The countries being the key exporters of many commodities such as wheat, sunflower oil, fertilizers, and energy, the entire production and trade is under disruption. Prices of wheat and sunflower seed oil have been skyrocketing as Ukraine has been unable to export the commodities to the European countries. Energy prices have soared. Living expenditures are at their height. Not only Europe, but Africa is also suffering due to the war. Inflation is at its peak in the United States. Recession has begun to set its foot in India as well. The world over is becoming hawkish under such circumstances. Investors are becoming awry of the markets. Recession, for sure, is at our doors.

Economic downturn hits all: developed and underdeveloped countries, rich as well as middle-class people. It brings a fall in demand for goods and commodities, and hence a fall in the aggregate sales for businesses. Large businesses have greater resilience to cope with economic shocks. But, small businesses are more vulnerable to changes in the economy and get hit harder for the reasons cited below:

• The performance of the entire business depends upon the competencies of just one or a few persons.
• As they are already small, downsizing, to cope with rising costs, is also difficult.
• Small businesses have less diversified economic activities, and this makes them susceptible to poor demand-related shocks.
• Financially also, they are much weaker.
• Their inventories are also limited.
• They depend heavily on credit.

Handling and surviving recessionary trend, is, therefore, more difficult for small businesses than the bigger ones. However, small businesses can adopt some strategic tactics to manage their businesses during downturns and grow. Strategies may vary with resources, capabilities and abilities, and perception of threats and opportunities. An entrepreneur’s response to such downturns should be guided by the cyclical nature of the industry they are in. The extent to which recession is affecting their competitive environment should also be taken into consideration.

If you are a small business owner, below are some strategies to strengthen your business during an economic downturn.

Realign your business model to create multiple revenue streams: 

You can’t stick to just one specific, product, service, idea, or strategy, even when the economic sky is clear and blue. You need to be proactive and try everything to understand what works for you and then steer accordingly. It’s even more important to pivot when the aggregate demand for products and services slows down. If you had a B2C model, try going B2B, and the other way round. Make sure you are venturing into the allied areas just to ensure that the deviation does not pull you off the track. If you sold soaps to customers before, try selling soap-base to small soap-making businesses as well.

Break free from the local market mindset: 

One need not sell just locally when there is an option to sell globally. Businesses today need not be the traditional types. There is no need to worry about filling the pipeline with inquiries to get confirmed orders. There are readymade platforms with ready-to-serve customers. Go digital. Make your store available in the online space. If you already have one, try out other online marketplaces as well.

Monitor your inventories well: 

Monitoring inventories do not mean holding those so tight that might result in sales loss. During the slowdown, demand slows. Hence, inventories need to be such that it's neither more nor less. It’s about maintaining a balance between converting inventory to cash and retaining the ability to fulfill new orders. Small businesses may take the help of low-cost tools to manage their inventories. Some of those are Zoho inventory, Orderry, Quickbooks Commerce, Vyapar, etc.

Scan your environment for possible association with other businesses: 

During the economic slowdown, people are on the lookout for bargain deals. It’s tempting to get butter for half the price with their usual bread buys, right. So, networking and associating with businesses similar in line with your business can be a great way to push sales. Consider forming alliances with other businesses. If you sell flowers, collaborate with your next-door chocolatier. Your special friend would always appreciate some flowers with chocolates. That way, you may also discover new opportunities, customers, staff, and business partners with little or no cost.

Keep investing in your existing customers:

It’s comparatively cheap to maintain your existing customers than to acquire new ones. This is true for all seasons and times. But, during the economic slowdown, people cut down on their expenses. Persuading new customers to try your products and services for free for a short time can be a method to retain your customers. Therefore, it's crucial to invest in your loyal consumers. Promote the goods and services to this clientele. Give discounts, freebies, or supplementary offers while putting an emphasis on establishing long-lasting connections. Your clients' problems should all be resolved. Let your consumers know how much you respect their experience and pleasure. You can navigate challenging market conditions if you have a highly happy consumer base.

Keep an eye on your spending: 

The path to recession is long and hard on the wallet. So reduce wasteful spending. Pay strict attention to your budget and cash flow. Of course, cutting costs without sacrificing high-quality goods and services is difficult. However, being innovative with your company expenses may be incredibly beneficial. Make sure you have a solid understanding of your financials and a defined business vision.

Worse has not yet begun. However, you must plan how to make your small firm recession-proof as a business owner. It's critical to take preemptive measures before the economy plunges much more if you want to stay afloat.

Spiritual Entrepreneurship

Spirituality is a topic generally related to theology but has been becoming an important area in the field of economics, especially entrepreneurship. The world has been changing. The way people do business has been changing. Entrepreneurs today do not see entrepreneurship only as a way to accumulate wealth and income for themselves, or for a few individuals in society. Entrepreneurship is going beyond the realm of self-uplift. Entrepreneurship is more of the generation and distribution of wealth for all. It is not separate from society. More and more businesses are coming into existence that focus on societal well-being, environmental balance, and human development which are aspects of spirituality in work.

Billionaire businessman Richard Branson defines entrepreneurship as an undertaking of an individual to make a difference in other people’s lives. If we carefully look, within this simple definition itself lies the meaning of an entrepreneur and spirituality in entrepreneurship. It’s not completely putting people before profits. But it is about creating a profitable business by making a difference in other people’s lives. For entrepreneurs who pursue spirituality, motivation originates from compassion and love for people, the environment, and society. Their businesses revolve around easing others’ lives. When I say this, most people would think of businesses and people who work around yoga, healing, therapeutic practices, etc. Of course, a person running a small yoga center is also an entrepreneur. Sadhguru and Sri Sri, with their world-renown ISHA and Art of Living Foundations respectively, are spiritual entrepreneurs making difference in society with their meditative courses and schools. I have high regard for them.

But one does not have to do traditionally spiritual work to be a spiritual entrepreneur. There are other businesses as well that defines the spirit of spiritual entrepreneurship. Many have made a visible difference in our lives with their highly successful businesses. I love to give the example of TATA Sons, time and again, to highlight spiritual entrepreneurship to its core. In India, around 28% of the population, as per 2021 data, is middle class. Every family dreams of having its own private car. But not everyone can afford it. Car was a luxury item around 15 years back. However, it was TATA Motors under the TATA Sons conglomerate run by Mr. Ratan Tata that made the dream of owning a car a reality for every middle-class family. In 2009, it launched the TATA Nano with a base starting price of 1500 USD. The brand had its fair share of success till it ceased its production in 2018. TATA Nano, I believe, is spiritual entrepreneurship in every regard. It was Mr. Tata who gave a thought to providing an affordable car to middle-class families when no other manufacturer did. He realized the need of thousands of small families who generally traveled on their two-wheelers. The group is into other philanthropic businesses as well. No doubt, this group is the world’s biggest philanthropist.

So, spiritual entrepreneurs are the kind of entrepreneurs who try to find solutions to future problems. There are so many examples of spiritual entrepreneurship. If you have watched Shark Tank India, you couldn’t agree more. Many budding entrepreneurs, contesting on the platform, have business ideas revolving around the motto of wellbeing. Jugadu Kamlesh (Kamlesh Ghumare) pitched a pesticide spray trolley mounted on a bicycle for making the lives of farmers easy. Aditi Gupta and Tuhin Paul’s Menstrupedia Comic is about menstrual awareness. Hecoll’s pollution protection fabric, Tinkerbell Labs Braille literacy devices for the visually impaired students, KAVACH- the anti-bullying App, etc. are some other businesses in the same league. All are about easing people’s lives.

We could see a whole lot of young entrepreneurs creating products and services that are beneficial for people and society. Some well-motivated entrepreneurs are turning up to green entrepreneurship to fix environmental issues through their business models. Vaibhav Anant’s (CEO of Bambrew) aim is to create alternatives for single-use plastics for a green environment. His company offers sustainable packaging solutions through products made of bamboo and wood pulp. Similarly, Mutha Industries is trying to add some green to the environment with its bamboo flooring materials. The very idea of edible cutlery itself is amazing. Chew your dinner plates too for zero leftovers! And spare the environment. For Vinay, the founder of the edible cutlery brand Thooshan, it is not purely business. It’s his motto to bring a change in the way people use plastics and to mitigate ways to reduce plastic cutlery from reaching landfills. Heard of Thaely, the sneaker brand made of waste plastic bags? That’s true. Plastic bags, literally called thaely in India is the raw material for this shoe brand. Ashay Bhave introduced this business to solve the menace of 100 billion plastic bags and bottles that suffocate thousands of marine animals annually.

I could keep on giving many other examples of entrepreneurial ventures that are driven by the spirit of do-good. It’s a different matter whether the websites proclaim it or not. I read through their vision and goals to categorize them. Opportunity and profits, no doubt, remain the undeniable parts of entrepreneurship but welfare, if it’s the original motive, is spiritual entrepreneurship. Otherwise, why would anyone want to pick up our garbage and convert it to compost? Why would somebody collect plastics to produce Thaely? Why would Jugadu Kamlesh not design some cars and sell them? And why would Vinay introduce edible plates? The answer is simple. These entrepreneurs are here to do business the spiritual way where service to people, society, and the environment is foremost. They are motivated to offer solutions to address problems of the future. So guys, if you are interested in entrepreneurship, choose the spiritual way. Spiritual entrepreneurship is the need of the hour.

What type of Entrepreneur are you?

Every person, whether he or she is an entrepreneur or wants to become one, idolizes someone in life. That role model we revere has a great part to play in our way of life, the way we carry out our businesses, and the way we see everything in life. We may mimic him or her in all regards. Fashion ourselves, brand our businesses, and follow everything that they do. But still, we are different. Each entrepreneur is different. Simply put, we can only idolize someone but are never 100% the same. Entrepreneurs come in all shapes, sizes, and styles, with different traits, different strengths, different skills, backgrounds, different sets of resources, and different goals. However, the one unique thing that entrepreneurs possess is their urge to create something out of nothing, be their own boss, and live life on their own terms. Different types of entrepreneurs lead their businesses in different ways. But most entrepreneurs go through similar struggles when it comes to finances, marketing, people, and managing themselves. Each has his or her own way of handling situations. You must be curious about knowing what type of entrepreneur are you. Whether you are the daredevil Branson type, or you are of the Steve Jobs or Jack Ma type, maybe the socially awkward Zuckerberg type or the flamboyant Elon Musk type? Could be more of a philanthropist Tata type, capitalist Adani type, or a mix of all these types? Knowing about yourself gives a clearer picture of how far you are in your journey. So let’s delve into the distinct types of entrepreneurs based on the work initiation in a business environment. Let’s determine where you belong.

The Innovators

These are the entrepreneurs who revolutionize. I mean, they come up with completely new ideas that altogether change our perception of products and services around. They turn their ideas into viable businesses. Innovators are the extremely passionate kind, or more so, they are obsessive about their ideas. They find new ways of doing things in everything that they do, design or produce. This makes them different from the crowd, even creating a new crowd. The first name that comes to mind when thinking of innovators is Steve Jobs who created Apple. This company remains an innovator type company even after Jobs. They surprise us with their products all the time. Microsoft’s Gates and Google’s Page are also the stand-out types. These innovators transformed our world. We cannot think of our lives without Google or Microsoft and a bite of Apple a day. So, if you are the innovator kind, it’s the customers’ good luck to have you around. Of course, innovating is tough. You may have to take all the bullets but you also get all the glory for being the first of your kind. You may need lots of capital to build your business but your monopoly stays around (for a long time). Ready to get your name on the innovators' list then?

The Imitators

Everyone cannot be an innovator. But there is no restriction to being an imitator. Imitating a successfully running business in a new pack is also an art. The world may refer to these as ‘copy cats’ but I keep them in high regard. In fact, if you see, the majority of the businesses are copied-cats with a hat. I used the term hat because they bring something new to the primary business. It’s great and it works great in the market. We have choices of the same products from different brands only because of the copycats. As customers, we can bargain because we have choices. So ‘copycats’ is not something disparaging. It has its own worth. They put in great effort to observe the existing businesses, identify the deficiencies and replicate them to give a better solution. They improve the existing product or production process and enhance the attributes for customers. Don’t we enjoy it when we have Ajanta and Ashoka Shoes along with Bata and Crocs? We relish the Domino’s Pizza and the Pizza Hut offering as well. So trust me, if you are an imitator type, you are doing a great service. One best thing about being imitators is that refining your business idea becomes easier and less stressful. Plus, you can always learn and avoid making mistakes that the original makers made.

The Bootstrapper or Hard-worker Entrepreneur

These are the entrepreneurs who work hard. They are self-starters motivated by their dreams and vision. They may have tight purse strings but never fear risking the money they have into something they see an opportunity in. They start small but dream big and make it big. They dare to enter into highly-leveraged businesses. They can sell anything. Must have heard about Ray Croc, the man known for expanding Mc Donald’s into a global name from a mere local restaurant run by the McDonald brothers. Croc saw an opportunity in the business and created the restaurant’s operating system. He chose the unique path of persuading franchisees and suppliers to buy into his vision. And the result is what we see today, the Golden Yellow arches everywhere! OYO Rooms is another example of hard-worker or bootstrapping venture. Ritesh Agarwal, the man behind creating this multinational room aggregator business, persuaded hotels and inns to put his brand’s name on all booking services. It made him one of the youngest billionaires in the world today. Hard-worker types are thus action-oriented and always prepared. So if you are the type who senses the importance of small things and has the vision to make those effective and efficient, be proud. You are here to change the way businesses operate.

The Financers or the Money Magnets

The Financers are the richer guys. They have deep pockets and they buy promising businesses. If they find any business viable, they never waste time thinking. Instead, they pour in their money, acquire it and find the most suitable person to run it. They enter into businesses that are in existence. The advantage is that they don’t have to worry about innovation. Technically speaking, financiers are investors in a business. Some may not consider them entrepreneurs, but I believe financiers are the type of entrepreneurs who are into businesses through their investments. They study businesses to invest in. Warren Buffet is a financier entrepreneur whose company Berkshire Hathaway Inc. has investments in companies like HP, American Express, and many more. So if you are the money magnate like Paris Hilton type, born with a silver spoon in your mouth, you can be the financier entrepreneur. People with great businesses and ideas but less money need you around.

The Researchers

Researcher entrepreneurs are meticulous planners. They take time to decide because they believe in gathering all relevant information before putting their idea into full action. Failure is not an option for them as they believe they have analyzed and tested the idea several times. They rely on facts and figures more than their intuition and instinct. The drawback is that they fall victim to information overload. However, they possess the capability to direct the environment by creating demand for their products. Larry Ellision, Co-founder of Oracle is a researcher entrepreneur. Believe me, it takes hard research to earn such popularity as Oracle has in cloud-powered AI and machine learning. But it’s worth it. So, if you are somebody who has a keen sight for analysis and has the guts to turn your tests into products or services, you surely belong to this club.

The Fabian or the Wantrapreneur

As Seth Godin (author and entrepreneur) puts it, ‘the only thing worse than starting something and failing is not starting something!'. Wantapreneurs are of the second type. They have plenty of ideas in their heads yet fail to put them in force. Fabians are slightly different. They are not prone to sudden decisions and shy away from any innovation. These kinds of entrepreneurs vanish in due time. Kodak Films does not need any introduction, I guess. It was one of the top-notch companies at one point in time. But they failed to visualize the future of cameras, and hence failed to innovate. They didn’t adopt modern technologies nor did they make any notable modifications to their product line. The result is what we all see today. Nowhere is Kodak in the digital camera space. Panasonic also tasted the same fate. There is a reason why I put Fabian and Wantapreneurs in the same bracket. They only think but fail to act; they fail to decide. So if you have dozens of business ideas in your head, dare start one at least. I know you don’t want to put yourself on this list.

Now that you read this blog, you must have figured out the type of entrepreneur you are or the closest you belong. You must have recognized your possibilities and strengths. Once you know, it becomes easier to be in business and work for growth. Remember, success is not a miracle that happens overnight but a journey that continues throughout. The clearer the picture is, the smoother the journey. Keep going till you become somebody’s icon someday.