How easy is it to market your business in an already cutthroat market? What qualities make the ideal team, and how can our ideas be original? The new episode of CRED Curious will provide all the information you need if you have thought of becoming an entrepreneur.
In the latest episode of CRED Curious, Kunal Shah and Carl Pei talk about what it takes to be an entrepreneur. What are the complexities of Entrepreneurship? What makes it so compelling that many people aspire to become entrepreneurs? What is the psychology behind it? What strategies did they follow to market their brands?
Carl Pei mentions that Every product they build has to be a hit. To achieve this, his team created hype using digital marketing. As a result, “Nothing” phone got a tremendous amount of buzz worldwide. He mentioned that they broke a lot of Flipkart’s records. Thanks to their digital marketing campaigns.
Businesses thrive because they listen to their customers. The actual test of your product is the first couple of weeks when you initially ship the product, and people start receiving it. Then, when hundreds of customers use your product, you must get their feedback.
Carl Pei mentioned that the company is collecting a lot of feedback, especially on the software. So they keep pushing updates and keep wishing the phone can be something consumers would come to love.
Here, Pei talked about accepting your limitations. He stated that it was important to acknowledge that their resources were not enormous like most other companies, not in terms of money but supply-chain resources. So, therefore, they knew they needed to start from scratch. So if they tried to create something complicated from day one, it would have been tough, and they would not have gotten very far.
He added, “In the past ten years, everybody who tried to make a phone failed. Hence, we realized that we must start from the bottom and do the right thing for the desired end. So we chose to begin with headphones.
Carl said, “Competition is a hoax created by statisticians that only looks perilous on paper. In reality, there is no competition!” You need to understand your brand is your voice, and you must not let it die. It is never wrong to accept your limitations, do not roar like a lion until you become one. Before designing or manufacturing a product or service, think about the product you would buy. Carl mentioned the importance of a core team in your business. He advised me not to hire a person who does not show accountability and leadership.
Pei’s sister continued rejecting each name he came up with. Cringe was her word for them. He recalls, “My teammates and I brainstormed many names, and my little sister hated them all. In her early 20s, she belonged to a different generation altogether. So at one point, I just kept rambling names, and she kept calling them cringe. That’s when I thought – Okay, I’m just gonna call it Nothing. How about that?” That’s the background to the name “Nothing,”.
Listen to this podcast. We highly recommend it. The podcast gives many learnings and insights on entrepreneurship, startups, digital marketing, and product development. It educates people that no industry is perfect. Everyone has some loopholes. You just need to look for opportunities. Additionally, believing in gut feeling and making your team believe in your vision can bring promising results.