Dear future entrepreneurs, kindly separate your business and passion. Both are different. An innovative idea may be very useful, but may not be implemented.
It's up to you how you drive your life while having the same natural resources for all of us even for super successful people. Dear readers, I don't know about your life, but still, I appreciate your intention for the purpose of knowledge gathering you are here. "Nothing is free in life, everything is paid." Allow me to explain.
Here are two sides of me and you while I am taking your time in return. I am offering you a powerful life experience. My only intention with this article about to share some useful knowledge with you. I am Prince Rajput, Founder of an organisation GPS Gateway which is offering IoT related Tech services.
GPS Gateway doing business in SAAS model, which is a platform helping corporates with Transportation transparency, operational cost reduction, data analytics, business intelligence decision making and live monitoring etc.
I was passionate about business from an early age, I started a lot of small businesses. Unfortunately, I failed in some of them, but few businesses hit and are more sustainable to make money. I can't explain you in words, but the overall journey as an entrepreneur was amazing for me such an excellent life experience.
If you want to be an entrepreneur that doesn't mean you need to start with your own business only. The real meaning of entrepreneurship is about taking maximum responsibilities and thinking out of the box.
2. How did you come up with this idea and go about executing it?
Being a science student, I was very curious about technology and innovation. I remember there was an accident that happened while I was trying to innovate something new in a chemistry lab at 11th standard. I started my career in IT as a software developer.
Most of the time, I spend my time learning to program online. The region where I was born and bought was not resourceful enough. Still, the internet is the resource which I always use as a weapon to stabilise my life and educate myself about the latest technologies.
I personally believe "learning is the continuous process." Till now every day, I educate myself with the internet about the latest and upcoming technologies.
I found a topic about GPS that looked very interesting to me, and that was the day whenever I decided to work for an idea to solve a transportation-related problem with the exciting solution. In Delhi, I have started a company GPS Gateway previously I own another software development company which is with the name of Digital Gateway.
3. What has been your biggest challenge that you faced, and how did you overcome that?
The common core challenge I always realise that most of the organisations are about market prediction and planning. Let me simplify the problem.
Suppose the company is generating less revenue over a large infrastructure and recurring operational cost is not favourable for the company but in the opposite case company growing very fast but don't have enough infrastructure and manpower in case company can't retain their product or service quality.
An unsatisfying customer negatively markets your company which is the biggest challenge. Some other problems with business are manpower retention, trade secrets, competition, customer literacy, training and development etc. It's up to you or your decisions on how you can handle the situation.
If you have a team which is strongly connected with your vision, every problem of the corporate world can be overcome. A leadership skill about to understand and encourage your team with a positive mindset.
4. What do you think are the most important qualities of a successful entrepreneur?
An entrepreneur is anyone who understands their role and responsibility, one who makes extra efforts for better results, one who delivers value more than their criteria, one who always welcomes new ideas, one who always understands the other side of demand and supply.
For a successful business, I always follow a single rule. Trust me, it's growth hacking techniques that work for me every time.
"In every deal, there are two prospects: one who offers the value in the form of service or product and another one who is evaluating that value in the form of money. As much as the value you can deliver to customers as much as you can charge.
It's very simple, and 100% works. In the long term, it's the responsibility of every entrepreneur to make sure product value should always be greater than the charging amount. You just focus on the service quality and rest everything the customer will complete. In the end, the customer is always the king."
5. What are some of the most important factors for running a successful business?
Business is based on the only statement "Demand and supply", but there is a twist these days. A hidden demand can also be identified by some great entrepreneurs. This concept is known as a "problem-solving idea"; it's also a kind of demand. Other supportive parts of business sales, Marketing, Accountability, HRM etc.
To run a successful business it's necessary to understand customer behaviour and market needs that can help you to build a full prove product.
6. What are your tips for the first time and aspiring entrepreneurs?
Dear future entrepreneurs, kindly separate your business and passion. Both are different. An innovative idea may be very useful but still can't be implemented. Let me explain to you with an example.
The robot delivery system has been tested successfully in the USA suppose in India you have developed the same solution but it can't be implemented just because of transportation infrastructure and many other problems. For the development efforts, everyone will appreciate you but at the business point of view, it's not profitable.
At the same time if you develop any automation solution that reduces the operational cost of factories, it can help you to build a successful business. Following the passion and fulfilling the market need both are different most of the cases newcomers design solutions as per personal opinion. Still, the right process is to build a product as per consumer behaviour.
7. How can one overcome a hurdle of lack of funds when starting up?
It's very simple. We are living in the age of the internet just finding out the organisation or individual that is working with the same idea or concept. Work with them and prove your skills the advantages of this movement it's risk-free as per financial point of view.
Thank you for spending some time with Prince Rajput. Keep smiling and stay positive!
Interview By - Benil Joseph
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