The journey of an entrepreneur is filled with failures; and when an entrepreneur accepts the failure with humility, he finds his way to success. It is this very personal quality that allows us to learn from our mistakes, and accept defeat when it becomes apparent.
1. How did you come up with this idea and go about executing it?
Back when I was in my first year, we noticed that a lot of our peers at UBC were finding it difficult to meet new people, especially those belonging to the international community. Students struggled to find new friends due to clashing schedules, different availabilities, and differing interests.
After conducting further market research, I found that almost 78% of UBC students reported having meals alone several times a week. This was a big issue for me as being from India, we always had someone around with whom we could sit and share a meal!
Recent research by a publication in the UK reported that people who often eat alone have reported their daily mood being 8 points lower than the national average. These people were more prone to depression, anxiety, panic attacks, and a lot of other mental disorders.
I felt that there was a need to address this issue directly and improve the wellbeing of people around me by making it easier to find people and connecting them over mutual interests!
No matter which background or which culture you come from, students are often used to sharing meals with their families, however, a lot of students lose touch with these very practices during their transition to university life.
No matter which background or which culture you come from, students are often used to sharing meals with their families, however, a lot of students lose touch with these very practices during their transition to university life.
Upon noticing this problem, our team reached out to students and various professionals in the food industry to evaluate this issue and asked about how we could help them solve this issue of eating alone.
The concept behind Dyne is very simple: people love food, and food connects people. Food is a shared medium which allows people to easily build connections that would last for a lifetime.
I realised the potential this idea had, however, my motive was not just to transform this idea into a sustainable business model, but to create a positive social impact. I took my team, and we began pitching our idea on various pitch competitions to seek advice and criticism.
The concept behind Dyne is very simple: people love food, and food connects people. Food is a shared medium which allows people to easily build connections that would last for a lifetime.
I realised the potential this idea had, however, my motive was not just to transform this idea into a sustainable business model, but to create a positive social impact. I took my team, and we began pitching our idea on various pitch competitions to seek advice and criticism.
My desire to seek advice and criticism encouraged our team to constantly change the patterns that did not work and update our platform consistently based on the feedback of industry professionals.
Participating and winning at various competitions such as RBC Get Seeded, the Vancouver pitch night, and the UBC social enterprise case competition made us realise that professionals could see the value this business could bring to society. This boosted our confidence and inspired us to transcend our vision for Dyne into reality.
Participating and winning at various competitions such as RBC Get Seeded, the Vancouver pitch night, and the UBC social enterprise case competition made us realise that professionals could see the value this business could bring to society. This boosted our confidence and inspired us to transcend our vision for Dyne into reality.
Over the past nine months, we have been able to transform from a small team with a big vision, into a big team with a tangible service that has proven its worth in creating a positive social impact.
2. What has been your biggest challenge that you faced and how did you overcome that?
The biggest challenge Dyne has faced ever since its inception was the uncertainty and economic instability brought about by the coronavirus pandemic. The pandemic had forced us to put a halt on my initial Idea of Dyne and re-evaluate how our team could rise above the current challenges and cater to the current needs of the society whilst following government protocols.
Even though we paused our business activities, our team of committed individuals diligently spent this time of brainstorming and thinking of new ways to create an impact.
2. What has been your biggest challenge that you faced and how did you overcome that?
The biggest challenge Dyne has faced ever since its inception was the uncertainty and economic instability brought about by the coronavirus pandemic. The pandemic had forced us to put a halt on my initial Idea of Dyne and re-evaluate how our team could rise above the current challenges and cater to the current needs of the society whilst following government protocols.
Even though we paused our business activities, our team of committed individuals diligently spent this time of brainstorming and thinking of new ways to create an impact.
We brainstormed ideas for a few months to decide and test a few proposed changes in our business model whilst ensuring the safety and security of our users. We took the threat posed by COVID and turned it into an opportunity, thus, creating an app that allows users to transition into the post-covid world whilst maintaining relationships and being socially responsible.
We started hiring and finding people who shared the same passion as us. Over the summer we grew from a small team of 5 individuals to a big family of 32 people; across 6 countries and 7 timezones.
These changes resulted in an overhauled marketing strategy, revamped brand image, and being officially launched as Dyne. Dyne’s current focus revolves around the idea of providing people with a medium through which they can socialize and maintain personal relationships while being socially responsible.
3. What do you think are the most important qualities of a successful entrepreneur?
To me, the most two important qualities an entrepreneur can have is humility and perseverance.
The journey of an entrepreneur is filled with failures; and when an entrepreneur accepts the failure with humility, he finds his way to success. It is this very personal quality that allows us to learn from our mistakes, and accept defeat when it becomes apparent.
These changes resulted in an overhauled marketing strategy, revamped brand image, and being officially launched as Dyne. Dyne’s current focus revolves around the idea of providing people with a medium through which they can socialize and maintain personal relationships while being socially responsible.
3. What do you think are the most important qualities of a successful entrepreneur?
To me, the most two important qualities an entrepreneur can have is humility and perseverance.
The journey of an entrepreneur is filled with failures; and when an entrepreneur accepts the failure with humility, he finds his way to success. It is this very personal quality that allows us to learn from our mistakes, and accept defeat when it becomes apparent.
On the other hand, perseverance is also crucial to an entrepreneur’s growth. This value teaches us to push forward despite the adversities we face.
4. What are some of the most important factors for running a successful business?
The most important factors that defines the success of a business is its ability to understand its consumer segment and adapt to current market trends. A business also has to assimilate a product or service to their target market with great accuracy and in a way that helps them capture and penetrate the new markets.
4. What are some of the most important factors for running a successful business?
The most important factors that defines the success of a business is its ability to understand its consumer segment and adapt to current market trends. A business also has to assimilate a product or service to their target market with great accuracy and in a way that helps them capture and penetrate the new markets.
The service that we put out there needs to be based on market needs and trends. Understanding external market influences, for instance, COVID-19, requires businesses to develop evolutionized strategies which can prevail when markets are subject to volatility in demand.
Moreover, a business must constantly evolve and benchmark themselves against their competitors to gauge their strengths and weaknesses to achieve even greater results in the future.
5. What are your tips for the first time and aspiring entrepreneurs?
The only tip I would give to aspiring entrepreneurs would be to become vulnerable. Do not be scared of failures, get out there and test your idea. Talk, share and pitch yourself in front of other people. Take their criticism and find your values along the way.
5. What are your tips for the first time and aspiring entrepreneurs?
The only tip I would give to aspiring entrepreneurs would be to become vulnerable. Do not be scared of failures, get out there and test your idea. Talk, share and pitch yourself in front of other people. Take their criticism and find your values along the way.
Have the courage to go out there and understand people’s perspective especially if they disagree with you. It is important to believe in your idea and test it in the market. If the market does not respond positively, have the courage to modify your product or service and test again.
Always remember- “be the best or different from the rest”.
6. How can one overcome a hurdle of lack of funds when starting up?
I believe that the answer to this question is passion, by being passionate about an initiative we push ourselves to learn the skill set required to do a job, we push ourselves to be the best we can be. I follow one mantra in life - “With knowledge comes success, and with success comes money”
I also believe that being a student at UBC has been a big blessing, I got financial support from various student organizations and got access to a lot of grants. This wouldn’t have been possible if I had been an independent candidate trying out for the first time.
Always remember- “be the best or different from the rest”.
6. How can one overcome a hurdle of lack of funds when starting up?
I believe that the answer to this question is passion, by being passionate about an initiative we push ourselves to learn the skill set required to do a job, we push ourselves to be the best we can be. I follow one mantra in life - “With knowledge comes success, and with success comes money”
I also believe that being a student at UBC has been a big blessing, I got financial support from various student organizations and got access to a lot of grants. This wouldn’t have been possible if I had been an independent candidate trying out for the first time.
Small amounts of funding through competitions and organizations enabled me to proceed on a modular basis and made me focus on the important parts of the business. This procedure helped me allot the maximum amount of funding in the tech development, this development ensured my team had a way of making some amount of money, thus, creating a source of financing as well.
The biggest recommendation I give to people is that story sells, if you can create a story behind your brand that inspires people or gives them a sense of belonging, it easily attracts the money you may need.
The biggest recommendation I give to people is that story sells, if you can create a story behind your brand that inspires people or gives them a sense of belonging, it easily attracts the money you may need.
Even though the initial funding has to be done by personal funds, these methods would enable you to have the right path to secure the funds you may need to grow your initiative.
- Arnav Mishra (Entrepreneur)
Interviewed By Pratibha Sahani
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