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Oct
20

Decode The Art of Finalising a Successful StartUp Idea

Great ideas are the next steps to a better tomorrow. Often the fate of a business lies in the pool of ideas which a businessman or an entrepreneur fosters. Recently FIIB’s Centre for Innovation and Entrepreneurship conducted a virtual meet with some of the entrepreneurs who’ve already made a mark in this volatile corporate world on the art of choosing an idea, or how to assess whether an idea is worth keeping or revising. Let us hear from them.

Mr. Vivek Kaushii, Founder, Hungryfoal cautioned that one has to be extremely clear about the idea before starting the business and it is only after one starts the business that one gets to know whether s/he is leading the business in the right direction or not. Secondly, he suggested that as we are living in a developing nation, there are several challenges like mobility, hunger and more that crop up every now and then, and these offer great opportunities to build up on ideas that form solutions to these glaring problems. 

Such a strategy promises a good future for the business as a revenue generating business that covers up for the cost of the business is crucial for its sustenance and long term success. He concluded that  to identify an idea that has sustainability, scalability and strong unit economics is the right way out in such scenarios. 

Meena Bahl Kapoor, Founder, Astroyogi advised that one must always look for a problem that one wants to resolve and decide whether the problem is worth solving or not. Also as Ideas need constant evolution, one must keep oneself updated as well. Meena always jots down her ideas whenever they come. She believes that there is no fast track of ideas and getting funding is no yardstick of success, profitability is. 

She also suggests first convincing one’s family members and then moving slowly over a period of time. That way one will grab the actual gravity and potential of an idea. In conclusion, she suggested to keep faith in the self no matter what and be aggressive, rather than depressive, in facing challenges. Doing a lot of research and then taking baby steps towards solving the issues and staying passionate about what one does is critical to stay on course. 

Talking about his entrepreneurial journey, Sandeep Kochhar, StoryTeller & Founder CEO, Blewminds said, “I have been a part of eight startups  in the last 20 years. And out of those eight startups, six failed. The 6 that failed had great ideas but they failed in the execution part. So the art of perfect execution is an art in itself.” His advice to whoever wants to start a venture is to always think thoroughly on why someone would want to join your startup as an employee. So, doing something meaningful and always being sure of ‘why’ one wants to do it is a great time and resource saver. According to Sandeep, money must never be the reason for one to start a business. If so, then with time one will lose passion and focus. What is crucial is the passion to run an empire ultimately. 

Sandeep also suggests to start small. Testing out the idea in the market and some core market research is the key. If customer’s empathy is on one’s side then one has already won half the battle. Also speaking to as many customers as possible helps sort a lot of problems and  instills better confidence in the idea. One becomes more clear on what to do next. He concludes that one must always listen to what the market is telling. 

Deepak Sabharwal CEO & Co Founder- Earthy Tales. In his opinion it is all about the two P’s. One P stands for ‘Problem Solving’. That is, one’s ideas must always solve a problem for a large number of stakeholders and only then one must stitch a model around it. The second P, according to Deepak, stands for ‘Passion’. One has to skillfully balance both passion and practicality about his/her idea. 

Founders will always remain very passionate about their ideas. So it is equally important to relook at an idea at times and try to gauge whether the idea can sort out issues for a specific set of consumers or not. He concluded that one must listen to one’s calling, and while  there is no right or wrong time to start a business, one must hold on to the two P’s for eternity. 

So, that was a bagful of advice and ideas coming from some very successful startup founders. Stay tuned to this page to know what more is coming up next from FIIB.