5 Startup Business Lessons From the Great Baba Ramdev
There is a Patanjali store in every corner in every city. On top of it, everyday new stores are opening.
The products and the brand sems to do well as the financial figures are really appealing. This mammoth growth can inspire and teach a lot to any wannabe entrepreneur. The brand started by Baba Ramdev way back in 2008, is yet to mature fully. The brabd clocked Rs 3000 crore turnover in the financial year 2015 – 2016. Baba Ramdev is said to be targeting Rs 10,000-crore revenue in 2016 - 2017.
Working with hand in hand with Acharya Balkrishan Ji, the two and their brand have actually become a threat to the major FMCG brands operating in India. It can be said that they both are unlikely entrepreneurs, who without showcasing any fanfare are touching lives of Indians the way even the giants have not been able to.
Here are a few fantastic lessons even the modern day entrepreneur can learn from Baba Ramdev:
1. Success is a rough and long path:
With various innovative marketing tactics since its inception in 2008, Patanjali is growing, and growing leaps and bounds. This teaches us a very important lesson, that there are no shortcuts on the road to success. One has to work hard day in and day out with only one objective in mind which should be the goal where you need to reach.
2. Principles need to be defined:
Any start-up right from the day one has to have well defined principles. Baba and his aid were very clear about their objectives. They had laid their objective to establish Ayurveda again back in India. And then they did it with the effective use of the modern day technology and ages old wisdom to create so amazing and wonderful products.
3. Don’t fear to be different:
2008 the year in which Patanjali started its operations, the FMCG market in India was being ruled by multinational giants like Procter & Gamble, Hindustan Unilever Ltd., Marico Industries Ltd., and alikes. And these giants were doing really well in their respective areas. The duo at Patanjali took a risky decision to mix Ayurveda and technology and decided to do wonders. Their decision today has to its credit a company valuation of rs 3000 crore.
4. Improvisation and variety:
A business has always needs to look forward. It needs to move forward with improvisation and variety. One who is stagnant and not looking forward is not considered to be a success. Baba knows this and that is the reason he has expanded the company product range into beauty, food, lifestyle and medicine.
5. Market understanding:
With the giants feeling the need to communicate with their consumers in a hyperlocal way, Baba understands his market well from day one and holds a firm grip on it. His communications most of the times are in Hindi, the most understood language in India. Also he alternates to English a bit, but major focus is on the Hindi language crowd. Patanjali aspired to understand the Indian consumer and accomplished the art.
Little wonder that Patanjali’s success is now the talk of boardroom discussion too so much so that not just kiranas but big retailers like Reliance Retail, Big Bazaar, Hyper City and Star Bazaar are also stocking Ramdev’s FMCG products.
For Baba Ramdev, no stretch is difficult enough, including the possibility of being recognized as a mega-successful entrepreneur in the days to come.