Successful entrepreneurs often start with limited funds, which keeps spending in check and prevents complacency.
1. Tell us more about your company and your journey.
I started my first business in the eighth grade due to my family's financial struggles. I sold sauces and bakery items to local bakeries, which taught me a lot about running a business. I continued for over a year but had to stop around the 10th grade. After completing my 10th grade, I quit education to work as a helper at Zodiac, a clothing store, where my responsibilities included cleaning racks and folding shirts.
After a year, I saved some money and took some from my grandfather, to join college. Towards the last leg of 12th grade, I got a job at GE Capital, a prominent call centre at the time. Despite this, our financial situation remained tough, and I informed my principal that I couldn’t continue my studies after 12th. Understanding my situation, he was extremely kind in offering a sponsorship for my education. Initially reluctant, I accepted his help and vowed to make him proud. Thanks to his support, I am a graduate today.
2. How did you come up with this idea and go about executing it?
After working at GE Capital, HSBC Bank, and Deccan Chronicle, I joined a small advertising agency as a copywriter. I went three months without a salary, which led me to start my own advertising agency in 2010 at age 23. With no savings, no pay slips, no assets and no bank willing to lend me money, my only option was to borrow Rs. 40,000 from a money lender.
I sought help from anyone willing to support me, including a college friend who allowed us to operate from his 1 BHK apartment with a grace period of three months to pay the rent, a painter who painted our home office by agreeing to be paid after three months, a friend who bought us a computer on EMI, and our first team member who I had to convince to join us. I was honest with our first client about my lack of experience but promised a solid advertising campaign. My focus was always on finding solutions and overcoming challenges head-on. This determination led to the founding of What’s In a Name, now one of South India’s leading Branding & Digital Marketing Agencies.
3. What has been your biggest challenge, and how did you overcome it?
Starting an advertising agency with no experience, knowledge, or portfolio was my biggest challenge. So, I had to learn everything from scratch: accounting, HR, design, digital marketing, business processes, sales, client retention, team management, leadership, and more. To overcome these challenges, I dropped my ego and accepted my need to learn.
I tackled one area at a time, making many mistakes along the way while reflecting on them to improve. Books, videos, and blogs became my primary learning sources, giving me new perspectives. Contrary to my earlier belief that I wasn't learning enough from my jobs at various companies, I was surprised to find that my previous job experiences proved invaluable, teaching me crucial lessons in quite a few aspects of entrepreneurship.
4. What do you think are the most important qualities of a successful entrepreneur?
A Successful entrepreneur needs to drop their ego, accept their shortcomings, be agile, and know when to lead or follow. They must have a lifelong learning attitude, a positive and problem-solving mindset, and a strong heart to face daily challenges. They should have high emotional intelligence, too. Recognising when to persevere and when to stop is also crucial. Mastering these qualities means you're already 80% successful in your entrepreneurial journey.
5. What are some of the most important factors for running a successful business?
Key factors include smart money management to avoid overspending, focusing on profits, solving real problems, and understanding a business's strengths and weaknesses. Evolving with time and aiming for long-term success is also vital.
6. What are your tips for first-time and aspiring entrepreneurs?
Don’t shy away from taking a job. The right job can teach you invaluable lessons that will save you in entrepreneurship. Take risks while you’re young—you have time on your side. You’ll never be fully prepared for entrepreneurship, so set clear targets for how long to work and what skills to learn before starting your journey. Be ready to change gears suddenly because life rarely unfolds as planned. When you see an opportunity, give it your best; give it your all.
7. How can one overcome the hurdle of lack of funds when starting up?
Many studies show that lack of funds isn’t the biggest hurdle in starting up. Successful entrepreneurs often start with limited funds, which keeps spending in check and prevents complacency. You do need some money, but not as much as you think. Once you start, you’ll realise there are bigger challenges than funding. Even big companies face major problems. Never underestimate the power of starting small; many billion-dollar companies began with modest beginnings.
Bio:
Edited by- Arunangshu Chatterjee
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