Zach Yadegari, an 18-year-old entrepreneur, has disclosed that he was turned down by prestigious Ivy League schools as well as other prestigious American universities. He took to X to share the names of all the universities that turned him down and the select few that accepted him. He is the creator and CEO of Cal AI, a nutrition tracking software. The millionaire from New York was unable to gain admission to several of the best universities in the United States, including Harvard, Princeton, Yale, Stanford, and MIT. His applications were rejected despite having a multimillion-dollar corporation and an outstanding academic record. As he described himself in the post, he claimed to have a 4.0 GPA and an ACT score of 34. At the moment, his startup brings in around $30 million a year, or about INR 3 crores. Stanford, MIT, Harvard, Yale, WashU, Columbia, University of Pennsylvania, Princeton, Duke, USC, UVA, NYU (New York University), Brown, Vanderbilt, and Cornell were among the universities that denied Zach Yadegari entrance. He did, however, succeed in getting accepted to the University of Miami, the University of Texas, and the Georgia Institute of Technology (Georgia Tech).
Yadegari Started Coding from the Age of 7
Yadegari also revealed his college admissions essay in the follow-up piece. In his post, he acknowledged that at first he thought further education was unnecessary. He disclosed that he began learning to code at the age of 7 and released his first application at the age of 12. He built a six-figure internet gaming business at the age of sixteen. He continued by outlining his decision to move to San Francisco to establish Cal AI, forgoing formal schooling in favour of practical experience. With millions of dollars in revenue, the software that tracked calories from food photos using AI swiftly rose to the top in its category. He started to feel that something was lacking even though he was financially successful and surrounded by mentors and investors who supported the notion that he didn’t need education. “I realised in college that it’s more than just a rite of passage,” Yadegari continued. “College serves as a means of elevating the work I have consistently produced,” he added. He intended to learn from people in this new stage, not simply from computers or textbooks.
Social Media Posts went Viral
Users were shocked by the low acceptance rate as soon as the post went viral on the internet. But some criticised his bad college admissions essay and entitlement. One commenter said that after reading Yadegari’s personal statement, he could see why several prestigious universities could have rejected his application. “You opened with a strong stance against college, and while your change of heart is compelling, the essay doesn’t quite answer the natural follow-up questions,” noted the person who commented.
The appliances and electronics manufacturing sector, including the kitchen appliance industry, continues to experience significant growth. This growth is mainly driven by the continuous changes in consumer demands and the latest advancements in technology.
In 2023, the Indian kitchen appliances market reached US$5.6 billion and is expected to grow at a CAGR of 8.17% from 2024 to 2032. Within this industry, a name that is making strides with its advanced and innovative cooking technology is On2Cook.
On2Cook is the world’s fastest cooking device that uses induction, heat, and microwaves to quickly cook food while saving energy and keeping it nutritious and tasty.
In this article, read more about On2Cook, its founder, product, business model, funding, and more.
On2cook India Pvt Ltd is a company incorporated in India in 2022, with a vision to transform the cooking industry. Nothing has changed much since the invention of microwave ovens, and it is time that the cooking industry catches up with the rest!!
On2Cook is a revolutionary fastest cooking device that prepares food using a unique combination of induction, heat, and microwaves, ensuring energy efficiency and flavor preservation.
On2Cook – Industry
On2Cook operates in the consumer electronics sector, focusing on advanced kitchen appliances. With India’s kitchen appliances market projected to grow to US$ 11.4 Billion by 2032, On2Cook is ready to benefit from this expansion. Its innovative combination cooking technology cuts cooking time by 70% and energy usage by 40%, meeting changing consumer demands. Using AI for data analysis, On2Cook aims to contribute to this growing market while promoting healthier and energy-efficient smart communities.
On2Cook – Founders and Team
Sanandan Sudhir – President and CEO, On2Cook
Sanandan Sudhir (Sandy) is an Inventor who embarked on an Entrepreneurial Journey with a vow to revolutionize the traditional norms and beliefs associated with cooking and the food industry as a whole. It was an attempt on an evening to fasten the cooking of cabbage that eventually led Sanandan to create a confluence of conventional as well as modern methodologies and introduce to the world its fastest cooking device – On2Cook. In addition to being a serial inventor, he is currently the President and CEO of new‐age startup On2Cook India, which focused on disrupting the cooking industry through its patented game-changing inventions.
Engineer by education and hustler by passion, he already has at least 17 granted patents and nearly 20 innovative products in his kitty, even as he has helped multiple businesses develop their product ideas from a thought to a successful business. An alumnus of Ahmedabad‐based prestigious institution, National Institute of Design, Sanandan has earlier worked with General Electric aka GE.
During his stint at the multinational conglomerate, he played an instrumental role in defining the vision for Industrial design, innovation & concept development for organizations like GE Healthcare. Sandy was also the first Indian to receive an IDEA Silver Award at the 2009 IDSA Design Awards (Category ‐ Medical Devices) for the product Discovery MR (Designed at GE Healthcare).
Winner of several other Industrial design, Engineering & Management awards and more than 22 years of Design Excellence and Leadership experience, Sanandan has deep insights into both local & global perspectives in relation to market differentiation and product design practices. Sanandan is a sought‐after Keynote Speaker, Mentor & Jury member across the globe. Every interaction with Sanandan is an opportunity to learn & grow!
On2Cook – Startup Story
The concept is firmly established in early memories of observing parents spending 3 to 4 hours daily in the kitchen, gaining firsthand insight into the labor and dedication involved in cooking while residing in a multi-generational household.
Upon completing his post-graduation at NID and commencing work at GE Healthcare in Bangalore, Sanandan encountered the challenge of preparing meals late in the evenings due to the absence of food delivery services such as Swiggy and Zomato. This was during the early 2000s, a period when microwaves were gaining popularity in India. Recognizing this trend, Sanandan decided to acquire a combination microwave oven, which included a booklet containing over 100 Indian cooking recipes.
Over the course of approximately three months, Sanandan discovered that microwaves are effective in preserving the color, texture, structure, vitamins, and minerals of vegetables, thereby offering health benefits. However, Sanandan faced challenges in achieving caramelization and preparing flavorful Indian cuisine recipes using this method. Additionally, his limited experience with gas stove cooking resulted in overcooked dishes that did not meet his culinary standards.
This led him to develop the concept of partially cooking vegetables or proteins in the microwave and then preparing the onion and tomato gravy on a gas stove to combine the two before serving after tossing them together for 3 to 5 minutes. Sanandan utilized this combination method to cook for himself for nearly three years before getting married and continued to explore if there were any available products that could integrate microwaves with conventional flame or induction cooking methods.
Nearly ten years later, Sanandan decided to leave all employment and dedicate himself to this concept. The initial prototype was lacking in terms of size, volume, and weight, but despite the challenges, Sanandan managed to cook his vegetables. It was at this point that On2Cook applied for patents in India, the USA, and the UK and went through 14 iterations of prototypes before achieving the current production model available in the market.
Amidst the COVID pandemic and prior to appearing on Shark Tank India, Sanandan presented the technology to over 300 commercial kitchens and prepared nearly 100 different dishes to gauge customer expectations, particularly in and around Gujarat. The feedback was exceptional and served as motivation for them to continue refining the prototypes until they finally developed a reliable product capable of operating continuously for 15 days without interruption.
To create a future where cooking is a hassle-free and enjoyable experience for everyone, and On2Cook’s combination of cooking technology is an integral part of every household and commercial cooking space.
On2Cook – Name and Logo
On2Cook Logo
As a team of inventors, they are on to something all the time. A dedicated team of innovators is constantly pursuing new ideas. Upon recognizing the widespread struggle with cooking, particularly among inexperienced individuals, Sanandan saw an opportunity to enhance traditional cooking methods by introducing a microwave lid for use with a pan.
Given their tendency to build upon existing concepts, Sanandan chose to brand their company as On2Cook, reflecting their commitment to innovation and integration as an approach to problem-solving. When specifically focused on cooking solutions, their brand transforms into On2cook.
On2Cook – Product/Services
The On2cook product stands out as the most rapid cooking device available, boasting 70% energy savings and up to 40% conservation of water-soluble vitamins and minerals when preparing vegetables and proteins without the need for additional water. Extensive sensory testing has confirmed that the resulting food quality surpasses that of any other cooking method due to its unique combination technology, which minimizes impact on food structure, texture, color, and nutrients while achieving the shortest possible cooking time. Additionally, the product includes an integrated app for recipe automation, enabling even novice cooks to perform like professional chefs with minimal training.
The product enables you to prepare curry traditionally without requiring any changes to your usual cooking routine. Once you add the vegetables or proteins and close the lid, the microwave function activates, cooking the food evenly from within. The induction or flame from below enhances browning and flavor through caramelization, while the top-mounted microwaves ensure rapid and efficient cooking without the need for additional water, preserving high-quality taste and texture.
The operational concept is straightforward. The base generates direct heat conduction through the induction at the bottom, while the lid’s microwaves simultaneously cook the food from within. This process is complemented by an integrated stirrer, nozzle, and pump that facilitates the addition of moisture as needed for cooking. Furthermore, a suction pump removes all cooking fumes from the chamber, enabling chimney-free and fume-free cooking in any location without requiring specific kitchen setup or infrastructure. With 9 patents granted in the USA, UK, and India, On2Cook technology is protected, and On2Cook has numerous pending applications for further advancements.
Throughout the design process, They made numerous iterations to meet the necessary safety standards for microwave ovens while incorporating a nearly spherical shape and a removable pan. The current product is designed in line with the CE, UL, and BIS Certification requirements. Throughout the 14 iterations, the product has undergone significant evolution to become a fully equipped product offering professional and home chefs a hands-free cooking experience, requiring only the precise addition of ingredients as directed by the device.
On2Cook Product
On2Cook – Business and Revenue Model
At present, On2Cook primary emphasis is on catering to the HoReCa industry and revolutionizing the culinary realm by substituting 5 to 6 individual kitchen appliances with a single on2cook device. This innovative 6-in-1 tool enables users to reduce space and energy demands while promoting sustainability in the kitchen. In approximately 8 to 12 months, Sanandan is planning to expand its sales efforts to include direct-to-consumer B2C channels, allowing us to reach households worldwide that can invest in this product.
Their product is marketed to the HoReCa industry at a price point of around INR 65,000, with a gross margin of about 45%. Upon venturing into business-to-consumer sales, Sanandan anticipates the potential for introducing a ready-to-cook meal service, which could prompt a shift in its entire business model towards a subscription-based approach.
At present, Sanandan’s focus is on enterprise customers operating more than 10 outlets in the cloud kitchen or QSR sector. These customers initially purchase a few units to conduct testing before gradually implementing them across multiple outlets, once they have adapted their processes to accommodate the new device.
On2Cook is currently at a stage where it has supplied initial devices to numerous companies of this nature, and Sanandan is scaling up as it receives repeat orders from these customers. On2Cook sales operations commenced just two months ago, and Sanandan is currently selling directly with plans to establish a distribution network in the future.
On2Cook – Customer Growth and Retention Strategies
Sanandan possesses a distinctive technology and product that effectively addresses specific customer pain points, with no competing products capable of offering the same solutions to this particular customer base. As a result, their key focus is on customer service to capture their attention, which involves active participation in numerous trade shows where Sanandan conducts live demonstrations to showcase the relevance of its product within its ecosystem.
On2Cook growth is contingent upon securing repeat orders from these business-to-business customers. In the business-to-consumer sector, Sanandan intends to leverage influencers and create detailed video content on platforms such as YouTube and other social media channels to elucidate the benefits of its product to household consumers. Sanandan is committed to delivering a promise that home cooking will be completed in less than one-third of the time it typically takes.
On2Cook – Challenges Faced
In the world of startups, each day presents a fresh set of obstacles, and conquering these challenges has become a way of life. From securing funding for its capital-intensive product development and production to ensuring that its product can operate continuously for 15 days without interruption, every step has been difficult.
As Sanandan is pioneering new technology with no existing comparable products, it lacks reference points for technology development, business models, or identifying individuals capable of selling the concept. The On2Cook journey has been both stimulating and unpredictable, and Sanandan anticipates this to persist for several more years until they transfer this venture into a billion-dollar enterprise.
Utilizing its state-of-the-art demo space to showcase its innovative product and technology has proven to be a successful strategy. By providing potential clients with an unparalleled experience, it has generated significant interest and secured numerous orders from the business-to-business industry.
In addition, participating in trade shows and offering demonstrations has effectively highlighted the time-saving benefits and superior quality of its food output.
On2Cook – Funding
On2Cook has raised INR 25 crores to date at a post-money valuation of INR 105 crores in the seed round, and it is planning to raise more funds to scale in the coming months.
On2Cook – Recognition and Achievements
Awarded the prestigious iF Design Award (2021), Diamond Award for the best International Invention at the British Invention Show 2021, New Innovations in Consumer Electronics (NICE) Award at CES 2022.
Also Awarded the Best Emerging Food Tech 2023 and Showcased in Shark Tank India Season 1.
Listed Among the Top 200 Start-Ups on the DGEMS Forbes List of Companies with Global Potential.
On2cook represents a unique product category with no direct competitors, as it ingeniously combines induction or flame cooking from the base with microwaves from the top, all facilitated through the lid.
This groundbreaking innovation is poised to revolutionize the cooking industry and is anticipated to become a staple in households and kitchens that have the means to invest in this cutting-edge technology.
On2Cook – Future Plans
Presence in 10 countries in 3 years and 100 countries over the next 10 years.
Create a 10 percent market share in the kitchen in both B2B and B2C spaces over the next 10 years.
Establish a portfolio of products to become a leading technology brand in the cooking industry.
Help organizations (QSRs, Cloud Kitchens, and HoReCa segments) achieve their sustainability targets by 2030 with On2Cook adoption.
On2Cook is a revolutionary fastest cooking device that prepares food using a unique combination of induction, heat, and microwaves, ensuring energy efficiency and flavor preservation.
Who founded On2Cook?
On2Cook was founded by Sanandan Sudhir in 2022.
How does the On2Cook cooking device work?
On2Cook device utilizes a combination of induction, heat, and microwaves to cook food rapidly and efficiently, preserving nutrients and flavor while reducing cooking time and energy usage.
How does On2Cook technology preserve food quality?
On2Cook’s combination technology minimizes impact on food structure, texture, color, and nutrients while achieving rapid cooking times, ensuring 70% energy savings and up to 40% conservation of water-soluble vitamins and minerals.
The priorities of a startup founder can vary depending on the specific goals and circumstances of the company. Startup founders are the driving force behind the success of any new business. They are the ones who have the vision and the determination to make their ideas a reality. They are responsible for creating a plan, finding customers, building a team, and raising capital. They also have to ensure that the company is always evolving and improving.
Startup founders are essential for the economy and businesses, as they are the ones who create new opportunities and drive growth. However, we have compiled a list of the top 10 priorities that startup founders often focus on.
Starting a new business is a challenging and complex process that requires a lot of hard work and dedication. As a startup founder, there are many different priorities that you will need to focus on in order to ensure the success of your startup. So, here are the top priorities for startup founders:
Plan of Action for Startup Founders Across India, by Leading Priorities
Developing a Strong Business Plan and Strategy
Developing a robust business plan and strategy is essential for entrepreneurs to succeed. It allows them to clearly define their goals and objectives, as well as the steps they must take to achieve them. A business plan serves as a roadmap for the startup, providing details such as the target market, the company’s unique value proposition, and the pricing strategy. It also helps founders anticipate potential challenges and risks and develop strategies to address them.
Moreover, a well-crafted business plan and strategy are essential for attracting investors, as they demonstrate the founders’ commitment and ability to execute their vision. A strong business plan and strategy can help startups stay focused and on track, significantly increasing their chances of success.
Prioritizing Attracting and Retaining Customers
Without customers, a startup has no revenue and, thus, cannot survive. Consequently, startup founders need to prioritize acquiring and retaining customers to generate income and maintain their business, which involves executing effective marketing and sales tactics to reach target customers as well as providing superior products or services that fulfill their needs and expectations.
By acquiring and retaining customers, startup founders can guarantee that their business has a consistent flow of revenue and can continue to expand and develop. Moreover, attracting and retaining customers can help a startup establish a solid reputation and stand out from the competition, which can further propel its success.
Focusing On Building a Talented and Dedicated Team
A startup’s team is its most critical asset, and having the right people with the necessary skills and expertise is essential for achieving the company’s goals. By assembling a talented and dedicated team, startup founders can guarantee that their organization has the capabilities and knowledge required to succeed.
This can involve recruiting the right people, equipping them with the support and resources they need, and cultivating a positive and cooperative team culture. Moreover, constructing a talented and dedicated team can help a startup draw in talent and maintain its most talented employees, which can be vital for its long-term success.
Raising Capital to Fund the Growth of the Startup
In the early stages of a startup, it is typical for revenues to be low and expenses to be high. Consequently, founders must acquire funding to continue to progress and develop. By raising capital, startup founders can acquire the resources they need to expand their business, create innovative products or services, and invest in modern technologies and equipment.
This can involve securing investments from venture capitalists, angel investors, or other sources of financing. Moreover, raising capital can demonstrate the startup’s potential and viability and can help to draw in more investors and additional funding in the future.
It is essential for attracting and retaining customers in today’s competitive marketplace. With so many options available, customers are likely to choose products or services that meet their needs and exceed their expectations. By offering superior products or services, startup founders can set their company apart from the competition, build a strong reputation, and create loyal customers who are more likely to recommend the company to others.
Furthermore, providing excellent products or services can help a startup garner positive media attention and generate buzz, which can further enhance the company’s reputation and draw in more customers.
Reasons for Why Most Startups Fail
Developing a Strong Brand and Company Culture
A strong brand and company culture can be essential for a startup’s success. A strong brand can help to differentiate the company from its competitors, attract top talent, and build customer loyalty. It can also provide a clear and consistent message about the company’s values, mission, and unique proposition, helping to establish a positive reputation in the marketplace. On the other hand, a positive company culture can create a supportive environment for employees, fostering collaboration, innovation, and engagement.
By combining a strong brand and company culture, a startup can stand out and capture the attention of customers, investors, and top talent. Moreover, it can help foster a sense of community and belonging among employees and customers, which is key for long-term success. In short, a strong brand and company culture can be the foundation for a successful startup.
Building Partnerships and Networks Within the Industry
Partnering with other businesses or organizations can offer a range of advantages to a startup, from access to new markets, customers, and resources to the ability to expand and grow more rapidly. Additionally, networking within the industry can provide invaluable insights, connections, and opportunities, keeping startups abreast of the latest trends and developments.
Partnerships and networks can provide access to mentorship, support, and expertise, which can be essential for a startup’s success. In sum, building partnerships and networks within the industry can be a powerful tool for startups to reach their goals more efficiently.
Keeping Overhead Costs Low and Maximizing Profitability
It is essential for startup founders to carefully manage their costs in order to ensure the financial stability and sustainability of their company. In the early stages of a business, it is common for revenues to be low and expenses to rise.
To avoid running out of money, it is important to keep overhead costs low and maximize profitability. Doing so will not only provide the capital needed to fund future growth but also ensure that the company is on a solid financial footing and can continue to expand and develop. Moreover, maximizing profitability can help a startup attract investors and secure additional funding.
Staying Ahead of the Competition
To ensure the success and longevity of their company, startups must stand out from the competition in today’s competitive marketplace. By staying ahead of the curve, startup founders can identify and capitalize on new opportunities, anticipate and respond to changes in the market, and always be one step ahead of their rivals.
This can involve continuously innovating and creating unique products or services, staying informed about industry trends and developments, and adapting to ever-evolving market conditions. Ultimately, staying ahead of the competition is essential for the success of any startup and is a top priority for many founders.
Constantly Innovating and Adapting to Market Conditions
In today’s fast-paced and rapidly evolving marketplace, startups must be flexible and responsive to thrive and stay ahead of the competition. By constantly innovating and adjusting, startup founders can identify and capitalize on new opportunities, respond to changing customer needs and preferences, and stay ahead of their rivals.
This requires the firm to create innovative products or services, leverage the latest technologies, and continuously optimize processes and systems. Additionally, constantly innovating and adapting can help a startup remain relevant and competitive in the marketplace, which is essential for its long-term success.
Conclusion
While the above list of the top 10 priorities for startup founders covers many important points, there may be some other priorities that founders also have to consider.
As change is the only constant in our fast-paced, growing world, ultimately, the specific priorities will depend on the goals and circumstances of the startup founder and may change as the company grows and evolves.
FAQ
What are the top priorities for a startup founder?
Some of the top priorities for a startup founder include:
Developing a Strong Business Plan and Strategy
Prioritizing Attracting and Retaining Customers
Focusing On Building a Talented and Dedicated Team
Raising Capital to Fund the Growth of the Startup
Providing Excellent Products or Services
What is a startup founder?
Startup founders are the driving force behind the success of any new business. They are the ones who have the vision and the determination to make their ideas a reality.
What are the key factors in building a successful team?
Recruiting the right people, providing them with the necessary support and resources, and fostering a positive team culture are essential factors in building a successful team.
A budget is the most important step while planning for building a startup. It helps in knowing the breakdown of the capital investment in various aspects of business and deciding the future prospects accordingly. A startup budget not only helps in securing financing but becomes crucial while pitching to investors. So, entrepreneurs should know what cost it takes to run a startup smoothly and plan it well in advance to manage all the expenses in a business.
Here are opinions shared by Entrepreneurs about how they manage to budget finance in their startup and how one should create a startup budget. Their tips can help you build a realistic budget for your startup so that you don’t run out of cash at any point in your business journey.
Vicky Jain – Founder, uKnowva
Vicky Jain – Founder, uKnowva
A start-up has to bear numerous expenses that all come from different directions. Whatever money it makes, the focus should always be to save as much as possible and lower the expenses while trying to do more. The idea should be to create a strong financial plan for the future by efficiently managing the cash flow. One needs to closely monitor the debt and savings, evaluate business operations to see where expenses can be cut and conduct financial forecasts to gain financial stability.
Start-ups during the bootstrapped phase can sit with their team together using co-working spaces. There are plenty of co-working spaces available at affordable rates. Start-ups should also be aware of the support schemes provided by the government in their domain.
Sharan Goyal – Founder and Director, Crozzo
Sharan Goyal – Founder and Director, Crozzo
As a bootstrapped startup, it is paramount important to budget our finances. We use cloud-based petty cash software to help us manage everyday expenses, as doing this process without the help of technology gets extremely confusing and leads to a lot of errors. It is critical to managing your cash flows, as a single bad month can put you behind by about six months.
Neeraj Sharma – Vice Chairman, The Lexicon Group | Director, Pune Times Mirror
Creating an organizational budget is a difficult task. Alternatively, if your enterprise is new, when it pertains to financing, there are several aspects to consider. To remind you, every single penny counts in a start-up’s budget. To make matters worse, you may be attempting to attain maximum development with minimal cash flow.
A precise and accurate budget is critical. It helps you to ensure that your organization covers its responsibilities, manages its cash flow, and grows sustainably. Creating and keeping to a company budget helps guarantee that you’re spending money wisely and efficiently.
Budgets are supposed to be dynamic and straightforward. The finest budgets include projections with wiggle space in case market circumstances change or a profitable opportunity presents itself. A budget for your company will consider three months ago, the previous month, and the month ahead.
Your income is the amount you intend to earn from the sale of products and services. This is the entire amount of money you intend to earn in a given time period, generally one month. Identify and total all of your revenue streams. If you own a cafeteria, for example, you may include sales from in-person dining, delivery, and curb side pickup. include sales from other revenue streams, such as prepared foods, if you sell them.
Existing firms can predict revenue by reviewing previous sales information. To produce the best estimate, new firms might look at the competition, demand, and market trends and work on what is called ‘Zero Based Budgeting’.
Who needs a start-up budget?
A start-up cost estimate is a straightforward explanation of how you intend to spend your funds and meet anticipated company expenditures. A budget is essential, whether you are a pre-revenue or subsequent software firm.
A budget is a definitive tool for estimating how much capital you’ll need to make it through the whole few months before your debut. At this point, it will be a reasonable prediction based on market analysis and your best guesses. Jumping in without a blueprint will put you at risk of running out of money too soon or spending it inefficiently.
Your budget would become an evaluation resource once you’re up and going. You can examine how you’re distributing funds and if your company is investing and generating as you expected. This allows you to identify critical questions and possibilities for cost reductions and company investments early on.
For instance, if sponsored content is your highest spending category, is each channel delivering high-quality leads? Is it necessary to negotiate longer payment terms to free up cash for sluggish months? Is your spending actually aligned with the key performance indicators (KPIs) of each team?
Budgets that are well-crafted provide straightforward answers or guide you in the correct direction.
How to create your start-up budget?
Until you get further into building up your business finances, you should decide what sort of funds you’ll need to keep your firm running.
In other words, you must develop a starting strategy.
Consider your start-up budget to be a monetary blueprint; it outlines where you are, how you want your firm to go, and where to go financially.
Set your total budget.
How much money are you prepared to invest to have your company up and running?
Identify your initial costs. Generate a checklist of all the expenditures you’ll incur in starting your own business, and then classify each of its expenses as indispensable (costs you totally must encounter in order to have your business started), non-essential (costs which will make beginning or operating your business smoother, but aren’t absolutely mandatory), and later (costs you’ll really have to incur eventually in order to develop a good business—but which can probably wait 6 months).
Estimate your losses
In practice, new enterprises might take a while to generate revenue—but throughout that time, you must still meet your obligations. Calculate the amount of time required to generate income, calculate your quarterly overhead expenditures, and determine how this will affect your budget.
Tighten and pad your budget
Then, when you’ve determined your spending and earnings, as well as how those figures relate to your overall budget, search for places in which you can cut down and thus save money (for example, by getting rid of a few non-essential expenses). Then, if possible, supplement your strategy with some additional dollars so that if you encounter an unanticipated expenditure (which is usual when establishing a business), you have had some wiggle space to operate with.
Tips for Creating Your Business Start-Up Budget
Create your budget with your financial software package so that you can use current payments and make changes more easily. If you don’t have an accounting information system, you can utilize a spreadsheet application instead.
Most lenders want three years of monthly cash flow records as well as three years of monthly and quarterly financial statements (P & Ls).
Personal taxes are a changeable expense, and you won’t know how much you’ll owe until you compute your net income. Incorporate taxes into a distinct category rather than into fixed or variable expenditures.
Good budgeting for a better business
A start-up fund is an early-stage company’s first bulwark. It’s an adaptable strategy plan that allows you to foresee financial shortages and adjust to changes. So, if you put in the effort to create a great budget, you’ll already be ahead of two-thirds of your competitors.
This article is contributed by multiple Startup founders from different fields.
Most of the time having a mentor really is a benefit for many entrepreneurs. the main job of a mentor is to guide, motivate and inspire you and will you out to find a way from any kind of challenging situation. Amongst millions of people, it can be a challenge to find the perfect mentor for yourself.
In this article, we will find out how to find a perfect mentor. Some of the successful entrepreneurs shared their views on this topic.
Kunal Ahirwar | CEO & Co-Founder, Earnvestt Technologies
We needed someone with experience and expertise and hence we decided to go through an incubation program. We found great mentors like Tanul, Kruti, and others along our journey through Afthonia.
Utkarsh Gupta | Managing Director, Ramagya Mart
This was a challenging task indeed! My office was given the task to identify a mentor for me who could assist me in taking the right decisions. After engaging with professional mentors, management gurus, and consulting organizations that were either recommended by references or identified by research, I finally found a perfect mentor that followed his organization’s philosophy to the tee- “I know that I don’t know”! I loved the philosophy the second I heard it!
The trait I liked the best about this mentor was that in our initial engagements, there was no mention about his 25 years of cross-industry experience, never failing to achieve a target ever, 100% success as a brand strategy consultant and in fact, I never got a feeling that he was a know-it-all guy! His confidence, his energy, and the way he emulates his consulting practice were just unconventional and incomparable to the rest, like a doctor that never prescribes a treatment unless the symptoms are thoroughly analyzed.
Neha Indoria | Co-Founder, Boingg!
A perfect mentor doesn’t exist. Just like a perfect business doesn’t. We essentially earmarked the areas where we needed help and identified 2-3 people we could trust to get advice from. Slowly this network of individuals helped us create a veritable sounding board for our areas of concern.
Manav Shah | Founder, Eduvacancy
I am an avid networker and I love meeting new people. The sole idea behind meeting new people is to learn about their life stories, habits, and personality. I found my perfect mentor by continuously networking and meeting different people from various walks of life. I would go into detail and understand the life learnings of the people I met. This helped me in understanding the characteristics and leadership styles of people with who I interacted. I would also chalk down my future plans and try to understand from different people’s experiences if anyone would add substantial value in my growth journey. However, it was a continuous process of networking at events, conferences, social media platforms that led me to find the right mentor for myself.
I wanted a mentor who was extremely disciplined and focused in their life journey. Besides that, I wanted someone who has experience in building/scaling and investing in different startup ventures. When one invests in different ventures, they start evaluating companies extremely critically. For me, it was necessary to focus on every small problem in the business and do anything to fix it. I wanted a mentor who personally had faced a lot of challenges in their phase of building up. This would really help me in evaluating and overcoming the challenges and mistakes that would come my way. More importantly, I wanted a mentor who would also sharpen my leadership skills and make me more efficient to scale my startup.
There was no wishlist, as such. But some of the most inspiring mentors have been the ones who have helped me see the bigger picture, have faith in myself, and call a spade, a spade. Professionally, most founders also seek out the investor community, including myself. I don’t come from a business family, I just had a vision for SuperBottoms. It was Kunal (Bahl) who was the north star in terms of bringing the vision alive and breathing life into SuperBottoms.
Ritesh Ujjwal | CEO & Co-Founder, Kofluence
Mentor mentee relationship is extremely important and it needs to be nurtured over time to understand each other’s and corresponding personality traits and thought processes. While nurturing this relationship is mostly conscious and the way is largely defined wherein you understand the strengths and weaknesses, one can also find a mentor in a serendipitous manner. In my case, it has been a mix of academic as well as professional life.
Conclusion
Mentors are the guide that will give you a clear picture of your situation and will be beside you when you need them. One needs to be careful while looking for a perfect mentor because in the long they are going to be your trusted confidante.
