A Journey Through Time: Starting a Business with ₹10

There was a time when starting a business with just ₹10 was a reality. Small-scale ventures such as selling homemade snacks, handmade crafts, or providing basic services could be initiated with minimal capital. The entrepreneurial spirit, creativity, and a modest sum of money were enough to get started. However, the business landscape has dramatically changed over the years.

In today’s world, the idea of starting a business with ₹1 crore (approximately USD 130,000) may seem insufficient. Several factors contribute to this shift:

• Increased Competition: The market is saturated with numerous players in almost every industry. Standing out requires significant investment in branding, technology, and customer acquisition.
• Rising Costs: The costs associated with starting and running a business have skyrocketed. This includes rent, utilities, salaries, raw materials, and more.
• Technological Advancements: Modern businesses need to invest in advanced technologies to stay competitive. This includes sophisticated software, automation tools, and digital infrastructure.
• Marketing and Advertising: Effective marketing strategies, particularly in the digital age, require substantial financial resources. Reaching the right audience through informative and engaging campaigns is crucial.

While capital is essential, it is not the sole determinant of a successful business. The strength of a business lies in its team. A dedicated, knowledgeable, and cohesive team can drive a business to success, even with limited financial resources. Here’s why a great team matters:

1. Innovation and Creativity: A motivated team can come up with innovative solutions and creative ideas that can set the business apart.
2. Execution: The best business ideas are worthless without proper execution. A competent team ensures that strategies are implemented effectively.
3. Adaptability: Markets are constantly changing. A flexible and resilient team can pivot and adapt to new challenges and opportunities.

Marketing is indispensable for any business. However, the approach to marketing can significantly impact the brand’s perception and success.

1. Informative Marketing: This involves educating potential customers about the product or service, its benefits, and how it can solve their problems. This type of marketing builds trust and attracts customers who are genuinely interested in the value offered.
2. Cheap Marketing Tactics: Unfortunately, many businesses resort to gimmicks and misleading advertisements to gain quick attention. While this might bring short-term gains, it often leads to a loss of credibility and trust in the long run.

Social media platforms and political campaigns often employ cheap marketing tactics, focusing on sensationalism rather than substance. However, a significant portion of the audience, around 60%, still prefers and respects professional and informative marketing efforts.

Professional networking platforms like LinkedIn are invaluable for businesses aiming to establish a credible presence. LinkedIn allows businesses to connect with professionals, share informative content, and build a community of followers who are genuinely interested in their offerings.

While the financial capital needed to start a business has increased, it is not the only factor that matters. Building a successful business in today’s world requires a combination of adequate capital, a strong and dedicated team, and effective, informative marketing strategies. For entrepreneurs in the UAE and beyond, focusing on these elements can pave the way to long-term success.