Hooked on the ongoing season of Shark Tank India? With its audiobook version Shark Tank India available on Audible, you can dive into the experiences of the Sharks who are ruling the TV screens of every Indian household currently and get a glimpse of their inspiring journeys. Tailored for aspiring business leaders, this audiobook serves as a tribute to the entrepreneurial spirit, offering inspiration and guidance beyond the boardroom. Here, we bring you curated words of wisdom and learning from these industry leaders.
The ‘Did Not Quit’ Medal is Worth More Than Gold
Vineeta Singh, CEO of Sugar Cosmetics, shares a valuable lesson for aspiring entrepreneurs—aim for the “did not quit” medal. In her insights, Vineeta stresses the significance of perseverance, highlighting that reaching the finish line is more crucial than finishing first. She encourages entrepreneurs to confront self-doubt, emphasising that worst-case scenarios are often less dire than imagined. Speaking about her journey, Vineeta reminisces, “We (Vineeta and her husband) plotted these worst-case scenarios. Although we know that often it’s not as bad as we are imagining and fearing. For me, the worst case would’ve been losing the last 30 lakh rupees I’d set aside in the bank and start again from square one.” Adding on to the same, she said, “I think self-doubt and a lack of self-confidence is probably the worst kind of rock bottom because there’s nothing that anybody can say that can turn it around for you.”
Frugality Fuels Value: Make ROI Your Mantra
Aman Gupta, CMO and Co-Founder of boAt, shares the mantra of being “fast, fearless, and frugal.” Reflecting on the importance of Return on Investment (ROI), Aman emphasises the necessity of frugality not as a choice but as a fundamental approach to business. Aman’s advice captures the essence of their business model, “Frugality is at the core of our company’s business model. If there is frugality in everything that you do, you’ll be able to create value for stakeholders.” Having worked at legacy companies, before advancing to the forefront of India’s start-up revolution, Aman has many learnings as takeaways. “Start-ups have to learn from legacy companies how to make money, run big companies, and think in a structured manner. Legacy companies need to learn from start-ups how to be nimble,” Aman says. Embracing failures made all the difference, he explains. “I don’t think you need 2-3 successes, you need one. I’ve had five failures but one success has made me who I am. I am a common man, a middle-class guy and I feel that an entrepreneur should be grounded first and foremost. I relate to people who hustle. Nowadays entrepreneurs want the spotlight in the media, and there’s a God-syndrome that kicks in. That’s very bad for the company and the entire ecosystem. Be ready for ups, be ready for downs, but be yourselves.”
Be Organised and Embrace Optimism to Balance Work and Life!
Namita Thapar, Executive Director of Emcure Pharmaceuticals, offers a profound perspective on the vital attributes necessary for success, extending far beyond the areas of entrepreneurship. Beyond the commonplace notions of organisation and optimism, Namita delves into the essence of these qualities, asserting that they are indispensable for anyone navigating the complexities of modern life. She asserts, “Not just entrepreneurs, but every person needs to have these. Being organised and optimistic are the bedrock that allows individuals to seamlessly juggle various responsibilities and maintain equilibrium between work and life. In the relentless chaos of everyday life, these qualities become the anchors that foster a sense of calm and resilience.” Namita’s insights resonate as a timeless guide for individuals seeking not only success in their professional endeavours but also a harmonious and composed existence in the face of life’s myriad challenges.
Read People, Not Just The Cards You’re Dealt: A Poker Lesson in Early-Stage Investing
Anupam Mittal, Founder and CEO of Shaadi.com, draws inspiration from his entrepreneurial family background. He attributes his risk-taking attitude to his father, who took on economic responsibilities at a young age, and his adventurous spirit to his mother. Drawing parallels between poker and real-time investing, Anupam highlights the importance of understanding people in early-stage investing: “Just like in poker, in real-time investing, you need to read the room. You have to read the other players. In poker, there’s a big fallacy that you’re not playing cards, you’re playing people and the cards just happen to be there. The same thing applies to early-stage investing, you’re trying to understand people.”
Agility Over Planning: Fall Fast, Learn Faster
Amit Jain, CEO and Co-Founder of Car Dekho shares a concise yet powerful lesson: “Fall fast, learn faster.” His words echo the sentiment that in the fast-paced world of business, being an executionist is more valuable than being a strategist: “You can’t take too much time in learning and over-planning; your agility and nimbleness will suffer. It is better to be an executionist rather than a strategist.”
Initially, Amit and his brother decided to start an IT outsourcing company because they were good at coding. Following this, a big disaster struck and it was largely the fault of the brothers. “GirnarSOFT went bankrupt when the stock market crashed in 2009. The Jain brothers had invested close to Rs. 1.5 crore in stock trading and the whole amount was wiped out in 5 days.” Amit said. “We were vetting at 10x leverage, meaning they had positions worth 15 crore rupees. When the Sensex fell from 18,000 to 6,000 – this is something that nobody could ever have imagined. But as an entrepreneur, if you fall down, you get back up again.” He says early-stage learning was very important for him. “Starting and growing a business can be a challenging and difficult process, there will be setbacks and failures along the way and it can be easy to become discouraged or lose motivation. However, persistence allows a founder to stay focused and keep moving even when faced with obstacles.” The company was back on its feet in less than a year and the brothers swore to never dabble in stock trading ever again. Amit learnt never to u
