Young entrepreneurs never fail to impress with their ideas.
A talented Sri Lankan born teenager entrepreneur has turned a business marketing sweets into a venture that turned in a profit of 01 million Sterling.
And he is only 17 years old.
Based in the UK, young Into Ratnasingam has succeeded in catering to a target audience not covered by the big retail supermarkets in the UK.
Sweet toothed Britons who seek sweets manufactured in the USA not normally available in the UK – his biggest customer base.
Ratnasingam is well on his way to become a multi-millionaire.
Watching his business grow, the young entrepreneur believes that sky is the limit for his new venture.
His father too is running a sweet business – and encouraged the young man to set up on his own.
The sugary sweets made in the USA have a ready made market in the UK – Ratnasingam tried out many and found that he could indeed build a vibrant venture on the American made sweets.
We are always proud to see talented and courageous young people with a Sri Lankan heritage go on to become founders of innovative and different business ventures.
IR Flavourz, named after his brother, has already turned out to be a great venture for the 17 year old entrepreneur.
What was his formula for success?
He saw an opportunity –
Entrepreneurship is all about opportunities.
Coming from a background of marketing sweets, Ratnasingam knew that different kinds of sweets would find a market – especially in a place where such sweets were normally not accessible.
The young entrepreneur was willing to take on a challenge –
Young entrepreneurs know all about taking challenges on. They in fact thrive on challenges.
It’s something about risk taking that sets the bar to a whole new level.
Ratnasingam was successful in taking a risk because he knew what is likely to work in the segment looking for sweets.
He put old marketing paradigm to work –
Everything doesn’t have to be new – often enough, old paradigms work because the customer needs are still the ame.
They may change with time but they are still the same. Niche marketing is still what it used to be.
Identify a niche that is not being met – service that niche.
Works every time.
Ratnasingam put that paradigm to work and the rest is success all the way.
The younger entrepreneur was willing to experiment –
Entrepreneurs need to be able to experiment to determine what works and what doesn’t.
This young man was willing to experiment with his product offering to find out what clicked.
In his case, it was not just sweets but US made sweets that are not traditionally made available in the UK.
Entrepreneurs who experiment and tweak their product offering are often able to identify niches that are not being served.
He did something that could easily be done but wasn’t done before –
Good marketing is not rocket science.
It is common sense. It has been for years.
Find out the service areas that are not being met by current service or product providers.
And there you have your opportunity to do something different – the same need perhaps but being met by a different set of products.
There are many simple ideas that can be activated without too much of an effort – the idea is finding what is not being given to satisfy customer needs.
Ino Ratnasingham has shown once again that Sri Lankans are talented entrepreneurs no matter where they maybe. His achievement comes as a refreshing reminder that ideas still work – wherever you are.
To his credit, to have built a business at 17, speaks volumes for his talent and skill.
We at www.vyapara.lk wish him all the best.