Learning lessons of management from business books is not the only option to gain knowledge about business but we can gain similar knowledge by exploring our Indian street markets where we encounter a wide variety of businesses and street vendors. We can learn something new point from every interaction on streets.
WHY INDIAN UNORGANIZED SECTOR GOT THAT MUCH POPULARITY IN MAKING ECONOMY?
The street markets (or) small businesses comes under unorganized or non-corporated sector. This sector has loin share in national income, manufacturing activities, employment, forex earnings etc.. Only unorganized sector itself comprises 92 percent of Indian workforce.
Street vendors every day thrive through many difficulties. The environment where they operate is dynamic and constantly changing. They used to adopt different strategies to sell their limited sources to the customers. Most of the small businesses or street vendors do not have permanent shops. Street vendors should set up shops every day and close them by evening.
For Example: When we come across a street markets, we can observe the prices of commodities cheaper when compared to the marts. This is because, they do not have to pay rent or electricity bills or fees to the government and there will be a large number of shops which sell the same goods. If some trader charge high on a particular commodity then people would move to the other shop where they can get same commodity under low price or where the buyer can bargain and bring the price down.
The above stated example shows us the scenario of the street markets and make us to understand the hectic competetive situation of the vendors.
THE TECHNIQUES THAT WE CAN LEARN FROM THE STREET VENDORS ARE:
1) Most of the street vendors “work with limited resources” . They doesn’t any office setup to sell their products. They only look about how to sell their products using less resources.
2) Street vendors used to be customer centric: Yes, most of the street vendors truly apply the fact that ” customer is the king”. They take the initiative step to interact with the customers instead of waiting for the customers. Not only that most of the street vendors like to set up their shop where they can get the potential customers to sell their products.
3) Discipline and Consistency: Street vendors used to be focused to wards their work. They have to wake up early in the morning in order to get the stocks for that day and will return to their stay after every one has gone. They should maintain the same routine through out the year. This shows that discipline and consistency are the virtues that should be possessed by every entrepreneur in order to see profits in their business.
4) Symbiotic co-existence with customers : Street vendors possess a good collaborative skills with their competitors also. Though they sit next to each other and sell the same products also they used to help each other. This is one of the best thing that we can learn from vendors.
5) Adaptive nature: Street vendors used adapt different strategies to sell their goods as per the demand. At the same time they used to manage their business by changing the products to sell according to the season and demand.
Finally, when we start understanding the street markets or small businesses they teach us the other side of the coin. The one, who really want to get succeed as an entrepreneur (or) who want to learn tactics of the business then try to visit your local market places where you can learn many new principles that you can’t even get from your academics to execute your business wisely.
” THE KEY TO LEARN SOMETHING NEW IS TO OBSERVE THE THINGS AROUND YOU “