What You Are Imagining - It Already Exists
Q: What are some of the major startup challenges currently prevailing globally?
Taking the start up to the next level or a steady growth is a major challenge all startups around the world are currently facing. The first issue that the founders might face is "Change". It is somewhat facetious that the people who might be the next great leaders and innovators are so impervious to change. Sluggishness with decision making and taking the added risk towards the business is another challenge many startups face after achieving success.
Q: How can these challenges be overcome?
Today, all startups should concentrate on "Balancing". Balancing the needs of growth, capital spends & GenNext employees. Balancing the right amount to spend, hiring the best talent at the right time. With the right balance an entrepreneur will be able to build a highly successful business not only in terms of numbers but also in terms of exponential growth.
Defining a clear vision, mission and growth strategy is important at the outset. At the beginning, when all founders are young and have the fire to grow organically and quickly it makes things easier, but as the business grows, a proper system if already in place keeps everyone on the same page. Around 60 percent of all startups fail due to co-founder conflict. So it's important to understand the objectives at the nascent stage.
Q: What technology trends do you see emerging in the coming days that will interest you and why?
The biggest trend globally that I have seen is the Internet of Things or otherwise commonly referred to as IOT. It's all about doing something useful with the data and analysing it. It's an interesting development which I am keen on seeing the investment it attracts in India.
Q: What would be your piece of advice to startup entrepreneurs?
The biggest advice I can give to entrepreneurs is to always seek guidance. Most entrepreneurs think that they are the only ones who know what is best for their business but, I have to tell them - What you're imagining - it already exists. There are many times when you would feel stuck in an area of your business and the best thing to know is that similar things 'Have Happened' to other people - seeking advice from a mentor would help you understand how they have dealt with the similar issues, they can tell you their struggles so you can learn from their mistakes rather than making the same ones.
As an entrepreneur, there are two things they should always remember - Firstly, humility because they have to know that they probably don't know everything. Secondly, they should trust their dreams and keep at it, always strive to be better and take it to the next level.
It is, as Steve Martin says - be so good that you can't be ignored.