What Is The To-do List For Building A Successful Venture?

Industry Experts suggest that ideas don't have to be complex, rather the focus should be on solving a problem and making the idea scalable.

Entrepreneurs make decisions for themselves, realize their creative vision, and develop lasting relations with customers, vendors and other entrepreneurs. Successful entrepreneurs keep challenging themselves and pushing the boundaries to achieve greater heights. Also, they are always keen to explore the next big challenge.

Ashneer Grover, Co-Founder & CEO, BharatPe says, “For me, the key is always to pick up a small problem and scale it up. The scalability of the problem is the measure of success.” He also brought to notice that the people who have re-modelled their start-ups because of the pandemic, might have to do it again because the conditions might not remain the same for the next two years.   

For Devanshi Shah of PetKonnect entrepreneurship has always stood on four pillars of the team, product, customers, and legal. She said, “Before jumping the guns into developing an idea that you might have, it is great to take feedback from your potential customers to understand who you would be providing your product/service to.” She also pointed out that legal and compliance is something that the entrepreneurs of today are ignoring. 

Jitendra Chouksey, Founder and Director, Fittr asserted, “Scale is the perfect measure of success. To be successful and make an impact one needs to be prepared for the challenges and wait for the right opportunity.” He believes that ideas don't have to be complex, rather the focus should be on solving the problem and making the idea scalable. 

According to Paavan Nanda, Co-Founder, WinZo, “The difference between a successful entrepreneur and someone whose venture did not work is in the power of decision-making.” He said that an idea is the most over-rated thing of a start-up. Execution of the idea and utilization of capital are more important aspects.  

Speaking about the mantra to be a successful entrepreneur, Hakimuddin Wadlawala of ProTechmanize Solutions said, “As an entrepreneur, you have to be fluid and keep on learning and evolving.” Undeniably, an entrepreneur needs to adapt to any new change that happens. “If your idea is great and you have got execution then money should chase you. Money is the laziest thing as it can’t multiply itself but it will always go after wherever the results are coming,” Wadlawala said.  

The above industry experts were speaking at a panel discussion where they shared their learning experiences of being an entrepreneur. They have mastered the to-do list of being successful with their respective start-ups.

The sixth edition of the virtual Young Entrepreneur Summit and Awards 2020 hosted an insightful panel to discuss the to-do list for a successful venture - the areas where young entrepreneurs must focus to build a firm foundation and be on the road to success. 

The panellist for the session were Devanshi Shah, Founder, PetKonnect; Ashneer Grover, Co-Founder & CEO, BharatPe; Jitendra Chouksey, Founder & Director, Fittr; Paavan Nanda, Co-Founder, WinZo; and Hakimuddin Wadlawala, CEO & Director, ProTechmanize Solutions. The discussion was moderated by Ruhail Amin, Senior Editor, BW Businessworld. 

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