How to create a competitive edge in a highly competitive industry: Guidelines for young entrepreneurs.

When it comes to making a living, new entrepreneurs can often feel like they are just in the same position their parents were: struggling with bills and trying to figure out how to make it on their own. Today, in this article, we are going to talk about something new to many of us as young entrepreneurs: how we can create a competitive edge in a highly competitive industry. This is a recipe to help you get ahead of your competition while building your business like nobody else around you.?

Have you ever been asked, "What is the difference between a start-up and a big brand?" While that question might seem silly and irrelevant, you'd be surprised how many times CEOs of large corporations have asked this very question when people bring up their new companies. It's not uncommon for founders to feel intimidated at times by the thought of starting their own business because it can be so overwhelming trying to stand out from the crowd.?

Below are 3 things that you can learn as a young entrepreneur to create a competitive edge in the highly competitive market.?

1) Identify a problem area and try to fix the problem with your product/ service.?

This is the most successful strategy to help you create an impactful business. The market is saturated with products dealing in the same problem area. As a smart entrepreneur, the best strategy is to first study your target market well, the major concerns of the market, and find a potential service/ product that best fits your product market.

2) Focus on good communication.?

This is a strategy that has been backed by Harvard Business School's report as well. When you have a strong communication system with your clients, small mistakes in your services are overseen by your clients. Regular follow-ups, 24*7 availability to resolve issues, etc are the smart strategies to increase your customer retention.?

3) Work on a strong brand message.?

This is one thing that most entrepreneurs seem to overlook while establishing their brands. A strong brand message that appeals to the masses and their real problems with a strong marketing strategy to publicize the brand message will help you attract a high customer base.?

There are many reasons why you should embrace your entrepreneurial spirit and create a startup in this very competitive environment. The most important one is that when you are an entrepreneur, you are always on the lookout for the next big thing. With every project at hand, you try to stay ahead of the curve by introducing something new and fresh.