New entrepreneurs need to learn from Nokia and realise that they need to follow the changing

pattern of the market they plan to penetrate. The most important thing that can be done is to
analyse their competitor. In order to survive in the business world, entrepreneurs need to show that
they are different from their competitors in a good way. They need to show that using their products
or services will help the customer more in the long run and this is where we can see Nokia failed.
Nokia did not change much even when their competitors kept coming up with better phones with
the latest technology. In the end, their phones became old and not very useful in today’s fast paced
world.

Besides that, publicity and marketing is the most important tool that any business has. With the right
marketing strategy, a business can sell its services or products even if they are not as good as
existing products. Publicity and marketing especially in today’s world works best when done through
social media as it is free, easy and reaches a lot of people at any one time. Looking at the example of
Nokia, we can actually realise that Nokia’s marketing and publicity strategy was not a great one and
when they decreased the amount of marketing they were doing, the product slowly slipped out from
our sight and mind.