Tag: challenges faced by entrepreneurs

  • What Does Diwali Teach Us | Founders’ Insights on Diwali’s Entrepreneurial Lessons

    In a country like India, festivals play a very significant role in everyone’s life. Every festival in this country is celebrated with loads of enthusiasm and zeal. Diwali is one of the many festivals that are celebrated in India. It is also known as the Festival of Lights and brings a lot of happiness and lessons as well.

    Being an entrepreneur is not an easy job, it takes years of hard work, patience, and persistence to be a successful one. All these qualities cannot be achieved overnight, sometimes the hard work you provide, may not give you the desired results. The patience you have may become annoying shortly. Even after all this, one must find something to hold on to, so that they can taste success.

    Diwali signifies the end of darkness. To better understand what Diwali teaches us about entrepreneurship, we connected with various founders. They shared their insights on the lessons they’ve learned from Diwali. Now, let’s explore their perspectives to discover valuable insights for entrepreneurial growth.

    “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”

    – Steve Jobs

    The lessons stated here are for every entrepreneur to learn from the festival of Diwali. It will give them a clearer mindset and a more positive outlook towards the job that they are doing.

    Founders on Diwali’s Entrepreneurial Lessons
    What Does Diwali Teach Us About Entrepreneurship?

    Percentage of Population Involved in Business Start-Ups in Asia in 2023, by Country
    Percentage of Population Involved in Business Start-Ups in Asia in 2023, by Country

    Founders on Diwali’s Entrepreneurial Lessons

    Here are the insights from visionary founders on the lessons they learned from Diwali:

    Mandar Pimple, CMO, Aerpace

    Mandar Pimple, CMO - Aerpace
    Mandar Pimple, CMO – Aerpace

    Entrepreneurship, much like Diwali, is about balancing joy with challenges. Diwali teaches us to bring clarity amidst chaos, just as we aim to do with Aerpace’s transportation solutions. Currently, we’re focused on building global awareness, but as we move into the retail phase, festivals like Diwali will play a key role in our strategy. Diwali is synonymous with travel—a perfect alignment with our vision of seamless, all-electric, regional – air mobility. We aim to tap into the cultural significance of festivals, ensuring that travel is smooth and joyful, enhancing celebrations rather than interrupting them.

    Kartheeswaran K K, CEO and Co-founder, Ninjacart

    Kartheeswaran K K -  CEO and Co-founder, Ninjacart
    Kartheeswaran K K – CEO and Co-founder, Ninjacart

    The festival’s emphasis on the victory of light over darkness symbolizes the triumph of optimism and determination in the face of challenges—a sentiment echoed in the entrepreneurial journey. In the agri sector, where the unpredictability of weather and market fluctuations cast shadows of uncertainty, Diwali becomes a poignant reminder that even in the toughest times, the spirit of entrepreneurship can shine through.

    Like the farmers who tirelessly cultivate, the traders ensuring a seamless supply chain, and the retailers opening their shops even on this festive day, Diwali teaches us unwavering resilience and unity in the journey of entrepreneurship—where dedication lights up the path to success and collaboration brightens the shared prosperity of all players in the entrepreneurial landscape.


    Ninjacart | Indian Company | Company Profile |
    Ninjacarts India’s largest fresh produce supply chain platform was founded in 2015. Know more about NinjacartS company profile, business model, etc.


    Mukesh Vij, CEO and Founder, Hashtag Orange

    Mukesh Vij - CEO and Founder, Hashtag Orange
    Mukesh Vij – CEO and Founder, Hashtag Orange

    The festival of lights holds a special place in my heart, evoking cherished childhood memories. However, today, Diwali imparts invaluable life lessons that have helped me shape my professional endeavors. Beyond its delightful festivities, the special occasion has instilled the true essence of entrepreneurship in me. The auspicious festival also underscores the virtue of patience, reminding us that successful projects necessitate waiting for desired results. Just as Diwali illuminates our lives, I have accepted the power of uplifting words in boosting employee morale and eliminating their deep-rooted self-doubt.

    Furthermore, the spirit of teamwork that makes Diwali preparations joyous has inspired me to promote a collaborative environment within my company so that together we can achieve remarkable success.

    Divanshi Gupta, Director, The Marcom Avenue

    Divanshi Gupta - Director, The Marcom Avenue
    Divanshi Gupta – Director, The Marcom Avenue

    Diwali, the Festival of Lights, imparts several valuable lessons for entrepreneurship. It serves as a reminder of the importance of meticulous planning and preparation. Just as Diwali enthusiasts meticulously clean and decorate their homes, entrepreneurs must set clear goals and create well-thought-out business plans to navigate the journey of building a successful venture.

    Moreover, Diwali highlights the significance of risk-taking, innovation, and creativity. The festival’s dazzling fireworks and intricate rangoli designs reflect the thrill of risk-taking and the need for innovative thinking in entrepreneurship. As entrepreneurs, embracing calculated risks and fostering a culture of innovation and creativity are essential for staying competitive in the market. These lessons from Diwali resonate deeply with the entrepreneurial spirit, emphasizing the values of planning, resilience, and community building in the pursuit of success.

    Nikhil Sikri, Co-founder and CEO, Zolostays

    Nikhil Sikri, Co-founder and CEO, Zolostays - Diwali Lessons
    Nikhil Sikri – Co-founder and CEO, Zolostays

    Diwali, the festival of lights, illuminates the path of entrepreneurship, reminding us that success requires both preparation and perseverance. Just as we meticulously clean our homes and decorate them with radiant lamps, in business, we must clean our strategies of clutter and illuminate our vision with unwavering dedication. The triumph of light over darkness symbolizes the triumph of innovative ideas over challenges.

    Diwali teaches us that, like the diya’s flame, the entrepreneurial spirit should burn brightly, igniting hope, inspiring others, and bringing people together. In entrepreneurship, as in the festival, the celebration lies in uniting forces to light up a brighter future.

    Shrenik Parmar, Founder and CEO, DegreeLabs Limited

    Shrenik Parmar - Founder and CEO, DegreeLabs Limited
    Shrenik Parmar – Founder and CEO, DegreeLabs Limited

    Diwali, the Festival of Lights, offers profound entrepreneurial lessons. It mirrors the meticulous planning and goal-setting required in successful business ventures. Just as Diwali’s fireworks symbolize thrill and risk, entrepreneurship embodies calculated risk-taking. The diverse Diwali decorations underscore the need for innovation in business to stand out. Teamwork, akin to Diwali’s sense of community, is crucial for entrepreneurial success. Resilience, a core Diwali theme, is equally vital in business to bounce back from setbacks.

    Lastly, Diwali’s spirit of giving highlights entrepreneurs’ role in contributing to society, a fundamental aspect of thriving enterprises. These lessons inspire entrepreneurs with the values essential for success.


    Diwali Decoration Ideas for Office
    In this article, we will explore a plethora of creative Diwali decoration ideas for your office, ensuring that your workplace is adorned with the spirit of this joyful festival.


    Maddie Amrutkar, Founder, Glad U Came

    Maddie Amrutkar - Founder, Glad U Came
    Maddie Amrutkar – Founder, Glad U Came

    Diwali, the festival of lights, resonates with profound entrepreneurial lessons. Just as the festivities illuminate darkness, entrepreneurship entails dispelling the shadows of uncertainty and taking calculated risks. The meticulous preparation before Diwali symbolizes detailed planning in business. Cleaning and renovating homes parallel the necessity of refining ideas and strategies. The exchange of gifts and sweets portrays the importance of nurturing relationships and fostering a strong network, crucial for any entrepreneur. The lighting of diyas signifies the spirit of innovation and adaptation, essential for thriving in a fast-paced market.

    Additionally, the triumph of good over evil embodies the resilience and perseverance needed to overcome challenges and setbacks. Diwali, therefore, serves as a reminder that entrepreneurship demands a blend of strategy, nurturing relationships, innovation, and unwavering determination to succeed amidst adversity.

    Saurabh Vohara, Founder and CEO, ALYF

    Saurabh Vohara - Founder and CEO, ALYF
    Saurabh Vohara – Founder and CEO, ALYF

    Diwali is a reminder to us entrepreneurs that there is always light at the end of the tunnel and success often comes after enduring the tough day. Moreover, Diwali’s emphasis on creativity and innovation encourages us to think beyond conventional boundaries, a hallmark of successful businesses.

    Collaboration, an integral part of the festive spirit, echoes the significance of building strong partnerships. Giving back can be integrated into a startup’s social responsibility. Gratitude towards teams, customers, and supporters is essential.

    While these learnings resonate with startups across industries, real estate entrepreneurs must particularly focus on adaptability, as the real estate market can vary greatly by region. After all, like Diwali itself, the real estate industry is diverse and dynamic.


    Best and Most Creative Diwali Celebration Ideas for Office | Diwali Games in Office
    Are you looking for ways to celebrate Diwali in your office or virtually this year? Here we have made a list of top Diwali celebration and games ideas for the office.


    What Diwali Teaches Us?

    Here are some prominent lessons from Diwali about entrepreneurship:

    Cleaning the Negativity

    Diwali is a time when we clean our entire house; it is the first step for the preparation for one of the biggest festivals in India. Not only the place you reside but also the place you work from, that is your office. It is the best time to tidy up your workspace and home and adorn them with lights, flowers, and other decorations. The same goes for your life as well.

    Clean up all the negative thoughts from your mind and decorate your life with positivity. One of the most significant things while being an entrepreneur is to remain positive. It may not solve all your problems, but it gives out the strength to face them head-on.

    Having Patience is the Key

    Every year we wait for the festival of light eagerly. This teaches us the quality of patience. Just like we wait patiently for a year; similarly, as an entrepreneur, patience is vital while awaiting success.

    You sometimes may not get the desired result even after giving your 100% and may have to wait a lot for the perfect project for your company, but you must not lose the patience required during this time. This virtue is one of the necessities in the life of an entrepreneur.

    Light Up your World

    Diwali is called the festival of lights for a reason, it provides light to the darkness literally, wherever you go, you will find decorative lights everywhere, illuminating the entire atmosphere. This is also the time when we light up our homes and workplaces with beautiful and designer paper lanterns, Diyas, and LED lights.

    It is also the time to light up your world with good thoughts and encouragement so that you can stand against all the darkness that surrounds you while being an entrepreneur.

    The things that discourage you in the prime time like financial conditions, insecurity, and even loneliness, use this Diwali lesson to light up your world and freely be an optimist.

    The Beginning of Something New

    Every Diwali people buy new things and it is kind of a tradition. Those new things include clothes, accessories, furniture and even upgrading new technologies. Just like that a new future also awaits you, start by mingling with new clients and it may result in a successful new project as well. A small upgrade of your business won’t harm you and will boost your ability as an entrepreneur. It can be an amazing lesson learned from Diwali.


    Looking Back at E-commerce Diwali Sales from 2010 to 2023
    The eCommerce market in India is expected to increase by 18%-20% in 2023 to reach INR 90,000 crore. Check out how eCommerce Diwali sales have progressed in India over the last decade.


    Teamwork

    Teamwork - Learnings from Diwali
    Teamwork – Learnings from Diwali

    Teamwork makes the dream work. The decoration and celebration of Diwali cannot be done alone, so you need your family and colleagues to decorate your house and office respectively. The same goes for an entrepreneur, when you begin a business, it is not a solo-player game, where you need to work with your team to ensure that your business reaches the peak of success.

    Plans of Future

    The plans during Diwali are made a long time before, it wouldn’t be wrong to say that it is done throughout the year. When you open a business, future planning is necessary to set up the company properly. The investment of money in resources and development has to be done for the future. It is another need for a good entrepreneur.

    Protection from Unfavorable Situation

    Firecrackers are an all-time favorite for kids during Diwali. This is the time when one needs to be careful to avoid any type of accident. Just like that, an entrepreneur needs to protect his/her business as well, and it can be done through insurance. The insurance policy of a company will guard it against any future financial losses that may lead to the failure of the entrepreneur’s business.

    Generosity and Sharing Knowledge

    Diwali reminds us to share joy and kindness, and the same applies at work. Just as sweets are shared during the festival, sharing knowledge and skills with colleagues helps everyone grow. When we support each other, we build stronger teams, improve together, and make our workplace shine brighter.


    Diwali Corporate Gift Ideas for Employees and Clients in 2024
    Corporate gifting helps build better business relationships. Here are some amazing Diwali gift ideas for your employees and clients in 2024.


    Conclusion

    Diwali teaches us a lot of things and an entrepreneur can learn all those lessons if they have the will to do so. Being an entrepreneur doesn’t mean you can reach success

    through money and your brain. They are not the only things that can suffice, one also needs to learn optimism, patience, confidence, courage, and creativity.

    All these are some of the most important traits that are needed in an entrepreneur and some of the lessons can be learned from the festival of Diwali, which is one of the epitomes of positivity.

    FAQs

    What message does Diwali give us?

    Diwali is a five-day festival and the most important message of Diwali is the victory of good over evil.

    What values or ideas can we learn from Diwali?

    You can learn values like sharing, respect, togetherness, benevolence, ethics, affection, and more from Diwali.

    What are Diwali lessons?

    Diwali teaches every entrepreneur various lessons, like:

    • Cleaning of negativity
    • Patience
    • The beginning of something new
    • Teamwork
    • Future planning
    • Protection from unfavourable situations
  • Prayag Hospitals Success Story – How they Provide Exceptional Care Without Exceptions?

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Prayag Hospitals Group.

    The healthcare industry in India is a complex and diverse sector that plays a vital role in the country’s economy and society. India has a large and growing population, and the demand for healthcare services is high. The healthcare industry in India consists of both public and private sector organizations, with the public sector providing a significant portion of healthcare services. The Indian government has made efforts to improve the healthcare system and increase access to healthcare for all citizens, including initiatives such as the National Health Policy and the National Rural Health Mission.

    There are total almost 30,000 hospitals in India. Thats 1 hospital for almost 47,000 people. Hence, the need for better hospital facilities and management is the biggest concern of Indians. One hospital that takes care of its patients in the best way possible is Prayag Hospitals Group.

    Prayag Hospitals Group is providing exceptional healthcare without exceptions and the CEO Pritika Singh has been a game-changer in healthcare.

    StartupTalky interviewed the CEO of Prayag Hospitals Group, Pritika Singh to know more about their vision, mission, Inspiration, business strategies and more.

    Prayag Hospitals Group – Company Highlights
    Prayag Hospitals Group – Vision and Mission
    Prayag Hospitals Group – Inspiration
    Prayag Hospitals Group – Key strategies for successful business
    Prayag Hospitals Group – Social work
    Prayag Hospitals Group – Challenges
    Prayag Hospitals Group – Operating locations
    India’s healthcare industry in the next 5-10 years
    Advice to the new industry leaders/entrepreneur

    Prayag Hospitals Group – Company Highlights

    CEO Pritika Singh
    Founded in 1999
    Industry Healthcare
    Website www.prayaghospital.in

    Prayag Hospitals Group | Homepage
    Prayag Hospitals Group | Homepage

    Prayag Hospitals Group – Vision and Mission

    Prayag Hospitals Group is focused on creating a chain of hospitals providing all treatments at the most affordable price for middle-class customers. Their short-term goal is to provide more jobs, which is also a part of their long-term goal.

    My long-term goal will be to create a chain or group of hospitals
    where poor and middle-class customers can walk in without any fear or burden of payment. We want to create such a noble image in the market, through a chain of hospitals where finance is not a concern when you are entering the hospital for any treatment. – Pritika Singh

    Prayag Hospitals Group – Inspiration

    Pritika was inspired from her parents. Her father is a renowned ENT and orthopedic surgeon, and her mother has always looked after the management and administration parts, so she got inspiration from them.

    When she was a child and her father used to do his OPD, Pritika used to look with curiosity at what he was doing. Her father used to sit with each patient for about half or one hour and explain to them every detail of the treatment or the disease. While she was growing up, she felt that the hospital and healthcare industry need to have such a system where one can give a lot of awareness to the customer which is lacking in the industry.

    I know a lot of people surf the internet nowadays before entering a
    hospital. By the time they see a doctor, they know a few terms, but they need proper guidance which only a specialist can give. – Pritika Singh

    The other side of the coin is people from underprivileged or poor socio-economic backgrounds, who are eligible for free health treatment but don’t know about the privileges or benefits they have got from the government. There are very few organizations that are spreading such awareness and theirs is one of them.

    Pritika’s parents are the first people with whom she shared her vision.

    Prayag Hospitals Group – Key strategies for successful business

    After joining the business, Pritika transformed the logo, tagline, and all other things that needed a rework because she wanted the brand to connect with her vision. The only strategy that they follow and are following till now is creating a one-to-one customer experience, giving a personal touch, and taking care that their service delivery or care includes Indian tradition and culture in doing business.

    To have a successful business, you also need to have a good working environment in your organization, and I make sure we specifically take care of the mental health of our employees. We try to create a personal repo with the employees so that they work in a comfortable and encouraging environment and perform better – Pritika Singh

    Prayag Hospitals Group – Social work

    At Prayag Hospitals Group, they have a special ward where they treat patients who are not very critical. They don’t charge doctor fees, nursing fees, or bed fees; only food and medicine costs are there. So, it becomes very affordable for somebody who comes from a poor socio-economic background and doesn’t have any benefit or support from the Government, or any medical insurance.

    Prayag Hospitals Group – Challenges

    At the beginning of her journey, she faced a challenge within the organization as the employees or staff were already working as per the vision of her parents, and then she entered with a different vision. A lot of people were not comfortable and had little belief in her. They thought that her vision is not complete or feasible or that what she is talking about is not practical. However, when you have belief in yourself, you can make others believe in you too.

    Another biggest challenge that I faced was in the form of typical stereotypical thinking that if your parents are doctors running a hospital, you also need to be a doctor to run the business. So, my parents took some time to gain that level of trust in me as I was from a management background. Despite a lot of rejection of my vision and ideas, in the beginning, I was able to build that trust with my employees as well as my parents. Another challenge that you face being a newcomer in the industry, and being ayoung woman is that people in the industry look at you with doubt. They havetheir own assumptions, but if you are confident about your capabilities, you canovercome every obstacle, and stereotypes and bust myths. – Pritika Singh

    Prayag Hospitals Group – Operating locations

    The hospital’s operating location is in Noida and Greater Noida, and they are also planning to come up with a hospital in West UP and Uttarakhand. They are also planning to expand their operations in Middle Eastern countries for their specialized branch – the department of holistic healing — where they talk about mental health. They work on mental health because India is a hub for the same.

    India’s healthcare industry in the next 5-10 years

    Pritika believes that the healthcare system is already in place, and it has seen a dynamic transformation in the COVID-19 pandemic recently. Digitization in healthcare has taken hospitals, even in tier 2 or 3 cities, to another level. However, there is a need to create more beds and encourage youths to enroll themselves in studying or choosing a career in the healthcare industry. The reason is that when thinking of increasing the beds, there is also a need for manpower to attend to more patients in the form of paramedical staff, support staff, doctors, and nurses. In addition, she thinks more hospitals should be introduced in smaller towns and cities so that people from these underserved areas can also get quality treatment.

    The healthcare sector is set for robust growth in the next 5-10 years, with the industry expected to reach a size of $50 billion in the country by 2025.

    The Government is working on all strategies to revolutionize the sector in the next few years by focusing more on innovation, technology, and R&D. She thinks this will help all those involved in the hospital industry by being able to offer more advanced forms of treatment and medication at an affordable cost. At the same time, the technological disruption in the industry cannot be ignored, considering the dramatic rise of telemedicine during the pandemic and the introduction of new-age technologies like AI and virtual/augmented reality.

    Advice to the new Industry Leaders

    The advice that I would like to give to newcomers is that healthcare
    is a noble industry where you can earn money and give back to society. Do not consider this industry only for making profits as we are engaged here 24X7 with the customers’ emotions along with the emotions of the staff, doctors, and all those who are involved in the business. We must have that noble vision when we are entering this industry. In the end, I would like to say that for an entrepreneur, your energy also counts. You have to match a high-vibration frequency environment, so you have to have that dynamic character with very high energy in order to sustain the business. If you can leave your comfort zone and are ready to work in a dynamic, fast-paced environment, then you can consider this field as an entrepreneur. – Pritika Singh

    Conclusion

    For an entrepreneur, energy also counts. You have to match a high-vibration frequency environment, so you have to have that dynamic character with very high energy in order to sustain the business. If you can leave your comfort zone and are ready to work in a dynamic, fast-paced environment, then you can consider any field as an entrepreneur.

    FAQs

    Who is the CEO of Prayag Hospitals Group?

    Pritika Singh is the CEO of Prayag Hospitals Group and she has been a game-changer in healthcare.

    When was Prayag Hospitals Group founded?

    Prayag Hospitals Group was incorporated on June 20, 1996.

    Where is Prayag Hospital located?

    Prayag Hospital is located in Sector 41, Noida, Uttar Pradesh 201301, India.

  • Benefits of Having a Mentor in Startup?

    This article is contributed by multiple Startup founders from different fields.

    It is very likely that in your entrepreneurial journey, you will find a need for a mentor and somehow will get yourself one as well. They will guide you, advise you, cheer you, inspire you, and will give you confidence when you are in dire need of some. Apart from all these benefits, there are other benefits of having a mentor as well.

    In this article, we will talk about how having a mentor really helps us. Some of the successful entrepreneurs shared their views on this topic. Let’s take a look.

    Manav Shah  | Founder, Eduvacancy

    Personally, my mentor helps me in maintaining a work-life balance. I have learned the concept of not burning out from my mentor. It is extremely critical to take small breaks and explore life. This really helps me personally as it allows me time to think and retrospect in general about various critical decisions I have made in the past and the ones I need to make. Also, the idea of taking time off and analysing situations is something that my mentor has taught me. My mentor has taught me the importance to devote time to any sports or physical activity, which in turn has led to a more focused and productive daily output for me.

    While professionally, my mentor has been a pillar of strength for me. He guides and helps me in making challenging decisions. More importantly, he has taught me the value of evaluating every decision I make. Through the concept evaluation, I measure and track the number of accurate decisions I make. This helps me to understand what worked for my startup and what dint. He helps me in setting the right culture in my organization. If you want to achieve the scale, it is extremely important to set the right culture. An important aspect my mentor continuously teaches me is to respect and accept every idea.

    Kunal Ahirwar | CEO & Co-Founder, Earnvestt Technologies

    Tanul and Kruti have been pivotal in our growth as a team, our company, and our personal growth for each and every one of us. They have given us a thought process, a methodology for building and tracking our progress. They have given us important interventions and helped us correct course whenever needed.

    Utkarsh Gupta | Managing Director, Ramagya Mart

    A mentor is not a teacher but a guide and is present with me at every business decision juncture involving resources. Resource today means time, money, and people.  My mentor is like a listening wall to me; a sounding board that has a talking back ability with data, rationale, and logic.

    Someone that can point the positives and negatives, be strong enough to tell you this will work and this won’t. It is someone who is in a position to tell you with facts and figures if what you are doing will act like a boomerang. It is someone that tells you let’s do it; we are in it to win it. I am blessed to have a mentor that makes everything look so effortless and easy. Due to such mentoring, I am at peace personally and professionally.

    Neha Indoria | Co-Founder, Boingg!

    Professionally, speaking to folks who have experience in a specific field of business/ have faced similar problems in a different business helps one get ideas to navigate the problem & find creative solutions. Personally, it’s just a great motivating factor. When overwhelmed with a problem, being able to talk to someone who tells you that they have been there and seen similar problems elsewhere, and tells you that you are not alone and that this too shall pass.

    Pallavi Utagi | Founder & Mom-in Chief, SuperBottoms

    As we bring our whole selves to work every day, the lines between professional
    and personally, get blurred sometimes. In personal lives, one chooses to seek out the ones who know us deeply. Usually the teachers or professors from student lives.
    Professionally also, the investors also keep you real. They call you out when
    something is not right and at the same time, they are also the wind beneath a
    founder’s wings. They also add great value in connecting you with the right people,
    helping you build a roadmap and provide a safe sounding board. Also considering
    that there are Gen-Z in the workforce who bring a completely different mindset,
    reverse mentoring can also help massively. I reach out to the youngsters in the
    organisation from time to time.

    Ritesh Ujjwal | CEO & Co-Founder, Kofluence

    Mentors contribute in multiple ways and it can be contextual or acting as sounding
    board or to help clarify the thoughts. The sample case in point is let’s say, you’ve successfully travelled a journey from 0 to 1 and you need guidance to get from 1 to 10. Mentors who have chartered the path (Need not be from the same industry) will be instrumental in helping understand the big picture, provide guidance on approach and key levers along with risks.

    Conclusion

    Apart from all these benefits, mentors can help in other things as well. Entrepreneurs will definitely realise that when they decide to get a mentor for themselves. When you have a mentor, not only if they give you advise regarding your business but they will also help you in creating a proper work-life balance.

  • Challenges Faced By Entrepreneurs While Starting Their Own Startup

    Every startup founder is well aware of the fact that the journey ahead is full of obstacles. Sometimes they are prepared for the unusual circumstances, whereas most of the times, the hurdles are like a bumpy road which needs to be crossed with patience, perseverance and planning. Whether that’s because you just didn’t anticipate the challenges, you’re unsure of the best way to respond, or you don’t yet have the resources you need to address them properly.

    It is important for startup founders to execute their business plans in a manner that proves their vision and worth. We, at StartupTalky, spoke with professionals and top executives of companies across the country and asked them the challenges they faced while starting their own startup and how they overcame them. They discussed the most challenging events and circumstances in the dynamic world of startups and also shared their personal experiences while tackling the hurdles.

    Rohit Chawla – CEO, Bare Anatomy
    Satish Shukla – Co-Founder & Head, Marketing and HR, Addverb Technologies
    Lalit Arora – Co-Founder, Vingajoy
    Amit Tyagi – Founder and CEO, Neuherbs
    Ruhan Naqash – Co-founder & Chief Marketing Officer, MyCaptain
    Geeta Singh – Founder, TYC Communication
    Akhand Swaroop Pandit – Founder and CEO, The Catalyst Group
    Sheshgiri Kamath – Co-Founder and CEO, Kapture CRM
    Prasad Rajappan – Founder and CEO, ZingHR

    Rohit Chawla – CEO, Bare Anatomy

    Rohit Chawla - CEO, Bare Anatomy
    Rohit Chawla – CEO, Bare Anatomy

    Bare Anatomy is a premium, beauty brand with personalization at its core. Our customized range of hair and skincare products are freshly made once customers place their order. All our formulations are made with clean and effective ingredients and go through stringent quality checks to offer our customers the very best.

    Since we don’t mass produce batches of standard formulations, the biggest challenge we have faced is scaling up our production processes rapidly. Other beauty brands in the market mass-produce so abrupt spikes are not that hard to deal with as they have ready inventory and a more drawn out time span of usability due to the preservatives they use.

    To solve this, we have automated our manufacturing facilities to cater to dynamic demand patterns and meet seasonal spikes.

    Satish Shukla – Co-Founder & Head, Marketing and HR, Addverb Technologies

    Satish Shukla - Co-Founder & Head, Marketing and HR, Addverb Technologies
    Satish Shukla – Co-Founder & Head, Marketing and HR, Addverb Technologies

    We are born out of a desire to ensure that India does not miss out on the Industry 4.0 wave, started its journey with a team of 15 engineers who came together to foster innovation in the field of IoT, Robotics and IT. The biggest challenge was to educate the Indian manufacturing diaspora to embrace automation. Now the sector has taken a move and gradually experiencing the inevitable need to automate its processes.

    Over a period of time, we have established ourselves as a preferred automation partner across India and now we are on our way to become a global Robotics player launching ourselves through partnerships across geographies and acquiring multinational client

    Lalit Arora – Co-Founder, Vingajoy

    Lalit Arora - Co-founder, Vingajoy
    Lalit Arora – Co-founder, Vingajoy

    It’s not easy to establish brand value. It is not just a matter of offering a name or an attractive logo or a slogan. It is one of the most challenging tasks. Brands are created through a wide range of touchpoints; each time a customer interacts with a brand, it forms an association. This means everybody in a company is having an effect on the brand. The central aim of the brand building is thus to keep the message consistent across all platforms, media and time.

    This demands that the brand be kept alive by seeking new ways to express its message so it remains consistent. This means making consistent and adapting necessary improvements across the board to remain on top of the trends. The major challenges were the monopoly of competitors in the market. In India, people don’t experiment with new brands easily. It takes time to gain trust and acquire a stabilized market. But slowly and gradually, we have managed to create a brand position in the market.

    Amit Tyagi – Founder and CEO, Neuherbs

    Amit Tyagi Founder and CEO Neuherbs India
    Amit Tyagi Founder and CEO Neuherbs India

    A first-generation entrepreneur is one who undertakes the risk of running a venture for attaining profit and is doing so for the first time. But unlike the established ones that have undergone the trials and tribulations and have cemented their position, the new entrepreneurs are still not “risk-free.” There is a lot to prove through their startups.

    In the underlying stage, the first-generation entrepreneur attempts to raise the funding for the activity. The funding can be either by an individual or through a partnership if there should arise an occurrence of the organization. The difficulties faced by founders of startups have been-the absence of tolerance in taking care of issues, absence of sustained inspiration, Inability to widen their perspectives and make use of subconscious and so forth.

    There are myriad of difficulties these startup owners often face-creating vision and thoughts, raising capital, gathering a group, finding the correct area, finding the right employees, beating rivalry, unanticipated difficulties and costs, staying aware of changes and patterns, leaving the business, monetary management, cybersecurity, winning the trust of the client, ability the customers and so on.

    However, those who turn out to be successful have a few things in common- an ability to deal with clients and managing the working capital, an acumen for financial management, keen marketing skills, and confidence in their beliefs and ideas with a flexible approach to inputs. It’s hard to be a first-generation entrepreneur stepping into a volatile market in which only the strongest survive but the right approach makes it worth it.


    How To Overcome Challenges While Starting Your Own Startup
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    Ruhan Naqash – Co-founder & Chief Marketing Officer, MyCaptain

    Generally, parents of young entrepreneurs are very sceptical because they see business as a huge risk and they wouldn’t want their children delving into them. I truly believe that if you can make your parents believe in your idea and showcase your impact, they will take your side. A couple of things that helped me overcome this was financial independence, speaking and guest lecturing opportunities and my zeal towards the business.

    Another challenge which is more of a positive one is that first-gen entrepreneurs don’t come with a lot of contexts. This means they are not scared of playing with fire and learning from the process. This really helped me in my journey. While I had the guidance of my very experienced, learned and passionate Mentors, I was not yet hardened by the tests of time. A little bit of Madness is something that plays in your favour and that’s the stuff Entrepreneurship is made of! Our lives are dictated by cost-benefit analysis, not only at a financial level but at the level of each decision that is made.

    It may be difficult to gain other people’s trust in your business abilities. You get doubted if you don’t come from a business background because you are looked at as naive. To tackle this, I was very careful and tried to make sure at all junctions that the decisions I was making were ratified first-hand by others, or had some context in pre-existing ventures and businesses. Reading a lot helps, great communication skills help as well.

    Geeta Singh – Founder, TYC Communication

    Geeta Singh, Founder, TYC Communication
    Geeta Singh, Founder, TYC Communication

    Being a full-time entrepreneur is no easy job, regardless of whether you’re a man or a woman, and I have faced my fair share of challenges along the journey. I started this company with a measly sum of Rs 50,000 and just one other employee besides myself. From getting new clients to delivering work on time to managing several business operations, there were a lot of challenges.

    But I’ve always believed in surrounding myself with people who are capable of rising to the occasion and together, by working as a team, we have been able to overcome several challenges. So having a tightly knit team and good work culture is paramount for the success of a business.

    Besides that, I’ve always taken every challenge as a learning opportunity. If you overcome them, you know you’re on the right path; if you falter, you’ll know where you’re lacking, so that you can go back and tune things. I believe that the most important thing any entrepreneur can learn is that failure is inevitable. Some day – today, tomorrow, ten years into the future – you’ll meet failure. But that in itself isn’t an issue; how you deal with it defines whether you’ll succeed or not. If you stumble and fall, just pick yourself up and keep going. There is no replacement for hard work and dedication.

    Akhand Swaroop Pandit – Founder and CEO, The Catalyst Group

    The past 2-3 years have witnessed a spurt in EdTech companies in India. Potential-wise, according to KPMG and Google’s report Future of Online Education in India, the online education market in India is expected to grow to $1.96 billion by 2021, with 9.6 million users. However, there have been many challenges that the sector is continually overcoming in order to truly make it big.

    The biggest challenge that we have faced in the initial years was that the students from tier 1 and 2 cities were not comfortable with online classes. There’s a myth among parents and students that only conventional classes can provide quality education. Especially for competitive examinations, the option of ranking well and getting selected at a preferred place through the new advanced technologies was a highly debatable question.

    To overcome this, we have appointed dedicated expert faculties right since the beginning. The educators of our institution have themselves topped different competitive examinations pertaining to their expertise. Their excellent teaching skills and experience have always helped our students outshine. Our students have also consistently topped many national level examinations like UPSC, SSC and banking, which helps us further, in building a sense of trust amongst other aspirants towards our platform.


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    Sheshgiri Kamath – Co-Founder and CEO, Kapture CRM

    Sheshgiri Kamath - Co-founder and CEO, Kapture CRM
    Sheshgiri Kamath – Co-founder and CEO, Kapture CRM

    In this fiercely competitive world, I believe that entrepreneurs, both the first-generation and the second-generation ones, face quite a number of challenges while setting up their business. What would probably vary is the level of adversity that had to be faced and overcome. Fortunately, there are several resources available to tackle these challenges.

    As a team of three first-generation entrepreneurs, we founded Kapture CRM in 2011. Although there were many obstacles to get through, there were 2 major challenges. Firstly, financial complexities. We were unsure if we had to raise capital and how we would go about it. After gaining some clarity, we decided to focus on a self-fueled growth model to scale Kapture CRM. In hindsight, that was one of the most important and best decisions we took as a founding team. We are now bootstrapped and profitable, thanks to our paying global customer base.

    The second biggest challenge was networking. As we were fairly new to the entrepreneurial world, it took us quite a while to grasp the legal procedures involved and connect with the right business professionals (lawyers, consultants, etc) for our requirements. This process would have probably been easier if we were second-generation business people who had the right help in place.

    Furthermore, due to the lack of referrals and corporate contacts, onboarding our first five clients proved to be a difficult task. We decided to do a few free pilots and we got some positive feedback. We onboarded our first paying customer soon after that – a real estate developer. Following this, we were able to partner with another five clients (builders). We then tried our luck with medical device companies and that scaled our enterprise pretty quickly. We strongly value our existing customers and we have gotten many referrals from them.

    Thanks to our product, we were able to build a global network of 500+ clients over the next few years. All in all, this entrepreneurial journey of ours has been very exciting and fruitful for us.

    Prasad Rajappan – Founder and CEO, ZingHR

    Prasad Rajappan -  Founder and CEO, ZingHR
    Prasad Rajappan – Founder and CEO, ZingHR

    From Production Engineer to Founder of an HR Tech Software Solution Company, it has been a long journey for Prasad Rajappan, Founder and CEO of ZingHR a leading player in Enterprise HCM Software Solution. Prasad is a first-generation entrepreneur. No one in my family had ever tried their hands at business.

    However, I learned some great and valuable lessons in my life and my family, which enabled me to build my success story and an Enterprise HCM company with a focus on OutcomationTM, knowledge, depth and agility. I learned from my father to shoulder responsibility and my mother has been like Annapoorna (whose kitchen was always open for anyone). She taught me to help the less privileged and derive happiness from it. It was a tough decision to leave a well-cushioned job for a completely uncertain future and it was difficult for my family as well, but I always believed that one should first listen to the heart rather than the head.

    FAQs

    What are the challenges faced by entrepreneurs in India?

    Problems faced by entrepreneurs while starting a business in India:-

    • Bureaucracy
    • Corruption
    • Labour
    • Regional Sentiments
    • Grey Market and Counterfeit Goods
    • Social Capital

    What are the problems faced by startups in India?

    Challenges Faced by Startups:-

    • Fierce Competition
    • Unrealistic Expectations
    • Hiring Suitable Candidates
    • Partnership Decision Making
    • Financial Management
    • Cyber Security

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  • Challenges faced by Entrepreneurs while Operating in Tier 2 & Tier 3 cities

    Wondering what are Tier 2 and Tier 3 cities? Based on population density, Indian cities are classified as X (tier 1), Y (tier 2) and Z (tier 3) categories. Where Tier 1 contains metropolitan cities like Delhi, Bangalore, Mumbai & so on, Tier 2 has cities like Gurgaon, Vellore, Kochi etc., The remaining cities fall under Tier 3 i.e., Kanpur, Chandigarh & more.

    Normally, businesses use different strategies and techniques to cater to different customer segments residing in any of the tiers. This makes operating in different cities difficult. To understand the challenges faced by businesses while operating in Tier 2 & Tier 3 cities, StartupTalky reached out to entrepreneurs from diverse fields to get their insight on the same. And here’s what we got to know –

    Sanjay Tiwari – Co-founder, 21CC Education

    Sanjay Tiwari – Co-founder, 21CC Education

    We are operating in these locations on behalf of logistics and supply chain brands that are gaining attention and interest in these locations. While we are aware of the challenges businesses face when it comes to skilling and employability in these areas, since we ourselves aren’t approaching these markets directly yet, it is too soon to comment from an informed lens.


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    Sudha Anand, Founder, Swaas

    Problems in operating in tier 2 and tier 3 cities
    Sudha Anand – Founder, Swaas

    We find it at times difficult to give the best of quality and price, which is
    a basic requirement for tier 2 & 3 customers.


    Difference between Tier 1, Tier 2 and Tier 3 audiences – By Entrepreneurs
    Segmentation, Targeting, and Positioning – the STP approach is a model used bybusinesses to cater their customer segments in a more sophisticated way. Basedon the the nature of organisation, objectives, industry, market scenarios etc.,the STP approach differs. The overall market is catered by the…


    Amit Nigam – COO & Executive Director, BANKIT

    Amit Nigam – COO & Executive Director, BANKIT

    BANKIT tries to reach this segment of the audience through retailers who are already familiar with the customer and can reach them more effectively. This also helps in overcoming the most common challenge that companies face while reaching consumers in Tier 2/3 areas: Gaining their trust. The other most commonly-faced challenge is the language. India with its varied cultures has different languages in the same state and district and due to lack of exposure people in smaller cities and towns understand only one language that a company may not be versed with.


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    Shalabh Upadhyay – Founder & CEO, NEWJ (New Emerging World of Journalism)

    Amit Nigam – COO & Executive Director, BANKIT

    The biggest challenge (and an opportunity at the same time) for homegrown startups is to build in-house, India-centric expertise and capabilities and not solely be governed by tech and social media giants for reaching their audiences. With the Government’s clarion call for Atmanirbhar Bharat, I believe that our time has arrived to rise to the occasion in terms of shaping the larger global narrative and discourse through ‘Bharat First’ solutions.


    The Challenges Women Face as Entrepreneurs
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    Amit Agarwal – Founder & CEO, OckyPocky

    Amit Agarwal – Founder & CEO, OckyPocky

    Considering the lack of resources in rural areas, there were several challenges that we had to face. It was difficult to invest in local content and customer support and there are still a lot of areas with no high-speed broadband which makes it tough for us to reach them effectively and students completely relying on a device for all their educational needs could be restricting at times”

    Shivram Choudhary – Founder, Codevidhya

    Shivram Choudhary – Founder, Codevidhya

    Self-awareness among the parents was not there. The need to teach kids to code was not a priority in these cities. Also, due to inevitable circumstances, kids do not have proper laptops or computers to learn to code.


    Challenges Faced By Entrepreneurs While Starting Their Own Startup
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    Krishna Murthy – Founder of Teach My Lesson

    Krishna Murthy – Founder of Teach My Lesson

    Challenges vary depending on the degree of reliance the solutions have on technology and what proportion of the delivery can be managed remotely without compromising consumer experience.

    • In our case, the most significant challenges are Tier agnostic. While there is no shortage of great talent in India, the biggest challenge we face is the need for instant gratification. Loyalty from talent is coming at a considerable premium. It is less about remuneration and more about the talkability, the halo effect, and the prestige the job provides to the recruited talent.
    • Tactically speaking, finding T2 and T3 talent that is both an expert in vernaculars and proficient in English is not easy to find.

    Raj N – Founder, Zaggle

    Raj N - Founder, Zaggle
    Raj N – Founder, Zaggle

    They say that real wealth of India lies in its villages. “If the village perishes, India will perish too”

    Brands need to understand that the rules of game are different when it comes to rural markets, especially in India, where diversity rules. The rural environment is vastly different from the urban and therefore communication to potential customers requires a specialized and integrated approach.

    Tanul Mishra – CEO, Afthonia Lab

    Tanul Mishra – CEO, Afthonia Lab

    I believe that today’s world is knowledge forward and as such is a catalyst for driving a rapid pace of advancement and innovation in everything we interact with. And while there are many great startups with path breaking ideas that can truly come from anywhere, getting the right support from the right quarters to help sustain and grow that idea is critical to the survival of that venture.

    What I have seen is startups at least in the initial stages require intense support for the right kind of network access to the experts and industry stalwarts who can share knowledge and insights with them from their wealth of experience helping them avoid the pitfalls of starting a business from the ground up. This support may not necessarily be easily available in tier II and III cities – especially the tier III cities and can be the difference between the startup thriving or perishing.

    To my mind, therefore the first challenge to solve is the lack of access and thankfully we have the resources today to digital create a borderless support ecosystem, wherein an incubator like ours based in Bengaluru can easily spot and support a great idea emerging from a tier 2 town in Gujarat or Uttar Pradesh. This is crucial as instead of waiting in the wings these startups from smaller towns in India get an equal opportunity to be heard, to be nurtured and eventually find their own space in a complex market like India and even venture towards international markets with the right support ecosystem in place.

    Conclusion

    Problems are inevitable. It is the knack of cracking the solutions that takes people ahead in life. As per the above views from well-known entrepreneurs, though they face various challenges along their way while catering to Tier 2 and Tier 3 cities, ‘Never Give Up’ becomes their motto!  

    Hope you got an understanding on the problems faced in entrepreneurs in various industries while operating in Tier 2 and Tier 3 cities.