I have never compromised on fundamentals. I've always believed in focusing on creating value and not valuation.
Never compromise on hiring the best talent. Build value, not valuation. We have never used tactics like giving discounts, cashback to make customers use our product. This way no one can create a sustainable business.
Before I start a company, I always invest at least one year to knowing that sector thoroughly. I research about almost everything related to that business - competition, market potential, revenue model, legal and regulatory obligations, among other aspects.
There is always some element of competition. As and when more players show interest in a space, it endorses increasing demand. I have never taken competition as a treat.
If you have a strong business idea, then it is comparatively easy now to get capital. It is a positive thing that increasingly more people want to join the startup bandwagon. However, to build a successful business, focus on creating more value through the product, and direct your efforts on solving real issues. If you manage to build a sustainable product, revenue will follow. A lot of startups fail because they concentrate on incremental innovations, increasing user base, and monetisation before strengthening the core of their business.
India is one of the youngest startup nations in the world, and so far, various technology startups have witnessed phenomenal growth. It's amazing how these startups are thriving solely based on domestic demands. It speaks volumes about India's economy and its rich talent pool.
A lot has changed in India in the last decade. We can attribute the growth of India's startup ecosystem to the increased penetration of affordable smartphones and data connectivity across the country. Technology is no longer a luxury. People across generation and geographies are making use of mobile technologies. Startups have capitalised on this phenomenon.
I've always been passionate about technology. Starting tech businesses was a very natural extension. Thus, keeping up to date with latest trends is not a process driven activity for me. If one wants to innovate or even survive in today's competitive world, one must keep abreast of emerging new technologies.
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