Establishing a Profitable Start-up

GREAT LAKES GUEST LECTURE SERIES – Mr APOORV JAIN

VICE PRESIDENT – BUSINESS, URBANCLAP

28th August 2018

“India ranks third amongst the global start-up ecosystem with more than 4,200 new-age companies. We are living in the age of start-ups and the reason behind this is that the youth today has the potential to innovate and the passion of being able to shape their own destiny.” Says Mr Apoorv Jain, VP – Business, UrbanClap, while interacting with Great Lakers.

Mr Apoorv Jain | Vice President Business | UrbanClap

Mr Apoorv Jain: Mr Jain possesses close to 7 years of experience in helping build start-ups both across India and abroad. In his previous work experience, he had worked with brands like Rocket Internet and OfficeYes.com in Operations leadership and P&L leadership roles and served Lazada as Vice President. He has also previously launched Witcraft Marketing Private Limited.

While interacting with Great Lakers, Mr Jain answered some of the most vital questions, aspiring entrepreneurs must ask themselves before embarking upon their entrepreneurial journey.

  1. Why Entrepreneurship?

Mr Jain started the discussion by addressing the most important question – why do people want to become an entrepreneur? “Let’s face it! One of the major motivations for anyone to become a businessman is Money. Maybe not every entrepreneur is in it solely for the financial aspect but finances are a necessary evil.” He added, “Some of you might be in it for the purpose of being in control of your own destiny, but whatever the motivation is, the key is to write down the goal in specific and measurable terms. Goals are always more effective by putting a number on them which can be measured.”

He went on to talk about how budding entrepreneurs are the ones who find themselves leading and not following. Every entrepreneur feels the need to solve a problem and create an impact. The passion with which they drive the solution is what determines the success of the startup. Moving on with examples of successful start-ups, Mr Apoorv explained the 1 by 100 rule, that is, nine out of ten start-ups fail within the first five years of their inception. Out of 100 startups that come into existence, only one makes it to the big picture. “Every day is a success or a failure in the life of an entrepreneur. Intrinsically, not every day in your company can be a success. It is on the days of failure that you need to remind yourself of your goals and missions and stick to them.”

  1. What is the Right Mix of Ingredients for a Perfect Start-up Recipe?

Mr Jain stated that there are a lot of “whats”, “hows”, “whens” and “ifs” that need to be answered before launching an enterprise. If you are an accomplished marketer or a salesperson, you can help the business reach great heights in lesser time. It is beneficial to have a skilled pool of resources within the company, starting with the founding team. Not all successful entrepreneurs have experiences in all business domains, but most of them are true leaders and are passionate about their idea, and that is all that is required.

Another major deciding factor is the investment. Needless to say, this is the tricky part of the journey. To appeal to the investors, you need to sell your idea and to do so you need to believe in your solution to the problem identified. Last but not the least, market trends are vital in deciding the time of the launch. So, one needs to keep following them with an eagle eye.

  1. How to finalize on the idea?

Mr Apoorv answered this question by explaining UrbanClap’s business idea and how it has been able to come up with something that brought a significant change in the way consumers use services and products. He explained, “The start-up should be focused on solving consumers’ problems in an innovative manner. For an entrepreneur to identify a consumer’s problem and solve it, it is necessary to first realize that problem themselves. Either you have experienced the problem in your own life or have seen it in the lives of those around.”

He added, “To act on these ideas and make a decision, you will need to carry out an extensive market research. This helps in understanding the sustainability and longevity of your idea. The millennial generation is growing at an unbelievable pace and the business idea needs to be aligned with the fast-changing technology to stay relevant.”

  1. The Founding Team

“Quality of the founding team is directly proportional to the success and growth of the business. In most cases, the relentless pursuit of the co-founders is what derives the success of a company. There are two categories of people who entrepreneurs choose from, first, the ones they believe are essential for the success of the startup, accounting to their excellent skills and talents and second, the ones without whom they don’t want to continue on their journey of success.”

Mr Jain concluded the interaction on the note that the consumer should always be at the centre of every decision and primary research is very important to ensure customer centricity. Primary research helps in understanding the gaps in the market and in determining the market size. It can also act as an initial motivator to enter into a certain market.

Author: Anindita Srivastava

PGPM, Class of 2019, Great Lakes, Gurgaon