ILLUMINATE- the Entrepreneurial Summit took place on 3rd-4th Oct at Hansraj College, Delhi. It was organised by the Entrepreneurial Cell of the Hansraj College. The event was a massive success & was graced by renowned Indian entrepreneurs.
Here are the lessons from Illuminate 2k16:
1. Right Age = More Risk
Jatin Ahuja of Big Boy Toyz laid emphasis on starting early. He said, starting early is very crucial in start-ups success because when you are young you can go wild & take maximum risks. It is only when you are young that you can work for 14-18 hours or more each day. So, according to him those who start early do have an edge over who begin their entrepreneurial journey late.
Guess when would he had embarked on his entrepreneurial journey?
Marketing is not sudden. It cannot happen overnight. Not even investing hefty amount of money into advertisements because customers buy based on trust & experience. So, its always advisable to start early.
In worst-case-scenario you will be broke at 21 or 22. It’s nothing! You still have whole of your life to do any other thing.
He further told that you have to do what the business requires. It could be going an extra-mile to leave your customer satisfied with your services.
It is always not necessary that you jump straight into start-up thing. You can join as an intern/employee to a top company in the business related to the one in which you want to start-up. Work for that company may be for 6 months or a year. Analyse it diligently. Learn & then start.
2. Original ideas.
Sandeep Aggarwal founder of ShopClues laid stress on coming up with original ideas. He said that most often people copy ideas from West & try to implement it in India. It doesn’t work. The market in India is very very different from the West. Indian market is believed to be low-trust market.
So, it is very vital to have original ideas for your start-up. Also, due to rapid globalisation when the same MNC whose idea’s you have copied establishes in India you will get wiped out!
He was very optimistic about E-commerce industry in India. According to him Internet-based businesses market would be very optimistic in near future. Even he considered Internet-based businesses as a Game-changer of our time just like the Industrial Revolution.
He also advised not to wait. You become an entrepreneur when you don’t wait for anything.
3. You cannot solve problems at 18.
Raghav Chandra founder of UrbanClap narrated his life story. How he grew up in Kanpur & had no funking idea of what he would be doing in his life.
But sometimes it was luck & other times hard-work that lead him to where he is today.
You cannot solve the complex problems at the age of 18. What one great thing you can do is to groom your personality.
“Don’t optimise for resumes, optimise for experiences and stories”. People will relate to your stories. So, focus on learning. Learn as much as possible.
Start-ups are not about ideas. They are about re-creating those ideas. It is not always necessary to come up with a new idea to begin your start-up journey. Many times market doesn’t exist for such ideas. What you can always do is to re-create existing ideas & implement them in a better way.
In start-up you have to fake that everything is fine though you are constantly at war inside.
4. Beauty of start-up.
Bhavya Goel, CEO of AEOM Couture said that the best thing about start-ups is that you keep learning.
5. Know when to quit.
Founder of Chayoos, Raghav Verma told that you must be always clear about when to quit in start-up. Else you will end up wasting all your resources. So, after all your hard-work & money-investments if your start-up is going nowhere its time to quit & begin your next entrepreneurial innings.
6. Lessons from Indian Army operations.
Major Vikrant Khare, co-founder of Rental Uncle said that you don’t become an entrepreneur the day when you get your company registered but when you begin thinking about it.
Entreprenship is not an one-man’s show. It’s a team work just like the Indian Army operations. He said that the most crucial thing in start-up is SURVIVAL. It involves cutting down your costs & planning according to your resources so that you don’t die out.
He also emphasised on planning. Planning should be on micro-level.He said that most start-ups fail because they don’t make an elaborate plan taking into concern all the angles & also do not risk everything as an Army men does- here stakes are life itself. It is due to low-stakes that most involved in start-ups don’t work really hard & hence fail.
P.S. I was one of the attendee of the Illuminate. I recommend all people to really go in such events no matter if you are an inspiring entrepreneur or not. The lessons you learn from there will anyway be helpful to you in life because they are UNIVERSAL.
With Great Love,
Er. Amit Yadav