The startup award 2021 Season-7 function was organized by Rachana and Amit Bagwe of Arth Sanket in partnership with Bombay Stock Exchange on 20th October 2021 at Banquet Hall, Bombay Stock Exchange, Mumbai. Sanjeev Pendharkar, Director, Vicco Laboratories was invited as a Chief Guest for the function. Pendharkar congratulated all the winners and felicitated them on the occasion.
Pendharkar during his motivational speech before the audience advised the entrepreneurs to start the startup business only after doing market research. He said without market research if any startup business is started and company formed, it can be dangerous.
He further said, "Market research can be done from any agencies or by the entrepreneurs themselves by use of Internet. After doing market research it becomes easy to finalize product to be marketed, looking at the demand of the market. After finalizing product, it is important that sector is to be finalized means, in which sector product is to be introduced that sector has to be finalized.”
He stated, “Like e.g. Africa sector, gulf sector or Far East sector, America or South America is to be finalized. After finalizing the sector, whether the product is for developed countries or developing countries is to be decided. After finalizing country, then the entrepreneur should decide whether his product falls under luxury item or essential commodities. The picture should be clear for the business owner.”
He further advised to do less investment initially and the entrepreneurs should keep check on expenses and work on limited marketing budget. Pendharkar further said competitive research is a crucial part of any good marketing plan.
He said, “Many people will lose out on business to competitors, they have even never heard of simply because they have never taken the time to do competitive research. Understanding what your competition will help you position yourself and your product or service within the market.” There was an overwhelming response by Pendharkar’s speech and audience motivated.