At the time of starting up with Polestar Solutions in 2012, along with my co-founders - Ajay Goenka and Chetan Alsisaria we saw a lot of companies struggling with data-driven decision making. The three of us felt that we could add immense value by bridging existing gaps, and help our clients digitally transform themselves. That was the beginning of our journey with Polestar Solutions.
Going Hyper-Specific
Oftentimes, young entrepreneurs ask me for advice when they are starting out - on whether they should go broad with a range of product/ service offerings or go deep with a hyper-specific business idea. While sharing my learnings over the years I’d say, choosing between the two can be tricky and challenging to say the least, but making this decision at the beginning of your entrepreneurial journey can go a long way in determining the path to scaling up your business.
Going broad is definitely tempting. With a range of services/ products on offer, you might have a greater chance of landing your first set of clients; and that will help generate the cash flow needed, and ensure the viability of your business. However, as cash flow becomes positive, it can get difficult to break out of this cycle and focus on a specific offering.
On the other hand, taking the hyper-specific route from day one can mean that you might have to work with a limited set of clients initially, and you might also face challenges with acquiring clients because of the limited target segment. But this strategy will help you narrow-down and focus on building your credibility in a particular niche.
Clients and customers recall our name because they associate us with analytics and enterprise performance management. Today, we get repeat businesses from over 90 percent of our clients. This strategy has ensured that even though our size may be relatively small, our laser-like focus has enabled us to convert it into our strength and beat the competition. Had we not been hyper-focused from day one, maybe we would not have been around for so long.
It’s Crowded Out There
When you are starting out, you need to be careful about your brand perception. How you differentiate yourself in a crowded market will help you create a hook for your customers to associate with you. Your branding is not merely your branding kit or logo, rather it should represent your core beliefs and unique selling points. Therefore, as a founder, you must identify early on what values you want to instil and deliver.
While people may not identify with your brand in the early stages, consistency and courageous persistence are key to help build a reliable and trustworthy brand image over time.
By staying true to our offerings in data analytics, we have been able to carve a niche for ourselves - and I think it has paid off for us. This strategy has ensured that while our size may be relatively small, our razor sharp focus has enabled it to become our strength.
The Power of People
One of the biggest strengths a founding team can have in their arsenal is the right people who can help position the brand and determine its future; people are the biggest contributors to a brand especially in a business like ours. Therefore, hiring the right people - who are cultural and functional fits - is crucial in order to lay down the foundations for long-term and sustainable success.
The idea is to find the right fit and once you do, trust them to make the right decisions. One of the biggest learnings from the ongoing pandemic was to see our leadership teams step up and navigate our people through a crisis situation and a work culture shift. That’s the real power of having strong teams on board.
Entrepreneurship is a process; one that takes time. While the ongoing pandemic has posed various challenges, it has also given us the opportunity to be creative and focus on building what we set out to do in 2012.
Author: Amit Alsisaria - Co-Founder, Polestar Solutions
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