It is really weird when people assume that self-employment isn’t stable. Having a 9–5 job usually means having one steady stream of income you can count on, while self-employment and entrepreneurship usually means having 5 or 6-income streams– and often more. That is also one of the most important reasons behind some people choosing to pursue their career in the entrepreneurship.
With the same thought process Ankit Kankar, Founder and Managing Director of Eric’s Strategic Media Consulting decided to pursue entrepreneurship as his career. He is pushing the boundaries of existing models to help in shape the organization’s strategic, digital and integrated marketing communications to bring purpose driven brand growth in business of biotech and health sciences.
In an interview with Insights Success Ankit shares his entrepreneurial journey and about his contribution through Eric’s Strategic Media Consulting for business growth of biotech and health sciences.
Below are the highlights of the interview between Ankit Kankar and Insights Success:
Why did you choose Entrepreneurship over a regular 9-5 job?
In our field, our income is earned from a handful of clients and part-time jobs. It is pretty common for me to shuffle through a few new clients each year, but it would be very difficult for me to lose all of my clients at once! That is why I think self-employment is one of the most stable ways to earn a living. Sure, your income might fluctuate, but you can enjoy plenty of job security if you have a handful of diverse income streams. On the other hand, a 9-5 job is easy to lose at any time.
Tell us more about your company/startup/organization.
We are Eric Life, a primarily focused on life science and healthcare marketing and special sector communications agency. We are in the business of Life. We live for the challenge and promise of scientific discovery and medical innovation to transform the lives of people and some animals. We are a tribe of scientists, creatives and marketers who have a shared passion for translating science into programs that deliver more personal and impactful brand experiences, and drive business for our clients.
What challenges have you faced as an entrepreneur? How did you overcome them to establish yourself and the company?
We had faced many challenges in today’s ultra-competitive business world; fortunately, contemporary times have also blessed us with more resources for tackling those problems than ever before.
Perseverance and intelligence are our allies; using them to our advantage to keep working toward our goals. Understand that we are not the first to struggle. Because of that, there are many resources available to help us get through our darkest days as an entrepreneur, so we can reap the immeasurable rewards that come with building our own successful business.
How do you lead your company and help it sustain in a competitive environment?
People employed by organisations seek and value a sense of purpose as much as those who are at the hierarchical top-end of organisations. Research indicates that employees are increasingly placing a greater importance on feeling a sense of purpose in their workplace as the relationship balance between work values and life values increasingly merge together. People want to feel proud of their work and their part in a greater team effort. When their individual role is clearly aligned to a greater organisational purpose they are prepared to work harder and smarter to achieve the greater cause.
When you focus on a narrow target market, you have the best chance to become the leader of that niche. This is especially true when you target a segment that is less vulnerable to substitutes or where the competitive landscape is weak. You can choose the customer segment based on marketing trends, demographics, psychographics, and customer needs. You can also decide on the best types of product and service solutions to sell to this niche.
Not surprisingly, some of the world’s most successful companies started out by focusing on narrow target markets. Walmart began by focusing on serving rural towns where larger retailers such as Sears and Kmart did not sell. Amazon started by focusing on consumer book buyers with Internet access. Facebook began as a service for Harvard students.
What is that one aspect or emotion that drives you at work or keeps you motivated?
Make sure the business/job/any professional activity you select compliments your personal life the best. Here’s what I believe is sexy at setting up your own work: being strong and committed and confident, being precisely who you are and in hot pursuit of the goals and ideas you believe in so much they captivate and inspire others.
As a business leader, what is your opinion on the current landscape of business given that the pandemic has been adversely affecting every industry?
COVID-19 has forced businesses of all sizes to reassess their digital transformation plans – (Nimble, fast, and consistent) Setting the stage for digital transformation requires visionary and consistent leadership that works with a clear goal – the “why” of the strategy – in mind. In today’s business climate, there’s less room for error than ever before. That means it’s essential for enterprise IT leaders to remain nimble and to think fast.
Digital transformation has been happening around us – sometimes it’s been slow and steady, and other times (like now), it’s happened faster than we may feel comfortable with. These are unusual times, and they call for us to completely reimagine how we do business. Remember: Adapting is what helped our ancestors survive, and ultimately, we are far better off for it.
Social Media is an inseparable part of the daily life of youth. Your thoughts about it and how do you leverage its power for the company?
As technology is rapidly growing and everything has become online and to meet this rapidly growing technology everything has to be available on the internet. People started adopting digital marketing instead of marketing offline and social media plays a vital role in promoting online business.
Social media enables communication for not only one’s personal life but also for business life. E-commerce has become the largest platform for shopping online which not only helps buyers to purchase but also sellers to make business. Businesses have developed due to online advertisements or media sites because they get the word out quicker and faster.
What are your future endeavours/objectives and where do you see yourself in near future?
Our future endeavour is to implement groundbreaking science which shows the right voice to have the greatest impact. We believe creating a transformative customer experience is everything. We’re science geeks with the minds of marketers, and the hearts of storytellers.
Everything we do is purposeful: from the people we connect, and the clients we work with, to the way we foster healthy client relationships. Through holistic integrated marketing and targeted communication strategies, we educate, promote understanding, and spur conversations. We want to be a leader in consulting brands in life science, health science and special start-ups in the next span of three years.
