Every year many entrepreneur aspirants are trying their hands in start-ups and now it’s a trending in India, as we can see that we climbed from 4th spot in 2014 to the 3rdposition by end of 2015.
To understand the start-up ecosystem in India and what should be the do’s and don’ts for aspiring start-ups. IAMAI conducted a special session titled ‘Entrepreneurship in India’ at its 10th Digital India Summit. The session was moderated by Jaspreet Bindra, SVP, Digital Innovation & E-commerce, Mahindra Group.
The experience
According to Amit Jain, Founder & CEO CarDekho, people start chasing investor at the initial stage instead of making strategy to earn profit, and that is something which is fundamentally wrong.
Speaking about the start-up ecosystem, Jain said, “Funding should not be the intent of doing business. We have to understand that funding is for scaling the business, not for running a business.”
However, we can’t deny the fact that all start-up can’t taste success. There are start-ups who performed really well and establish themselves as the leaders in this ecosystem, on the other side many start-ups couldn’t even stand on the ground properly.
Jain opined that failure is part of entrepreneur journey and it makes an entrepreneur stronger. He mentioned that he failed 9 times before tasting the success of CarDekho and thus one should learn to celebrate the failure as well.
Dippak Khurana, Founder & CEO Vserv believes that to start a business, first of all one should understand that whatever problem you are trying to solve there should be a market for it.
Sharing his thought Khurana said, “It is very important to understand that as I enrol a customer am I going to improve my platform or my product by at least 10X. Are there features that do not exist today, but over the next 2-3 years do I have the checklist ready with me of the gaps that exist today and can I start systematically. If my product and offering can improve by 10X, so would be the market penetration of the business.”
