Ep 5- Startup Hacks

“Ab nahi to kab? This is an amazing time to be alive, especially if you are in India.

Maine jab start kiya tha, na mujhe technology aati thi, na kabhi product banayi thi, aur na kabhi entrepreneurship ki thi, so all the vectors were floating around, and I made many mistakes during that period...but it all panned out well”?

For someone whose school was also a kind of startup (since he was amongst the first few batches since it opened), it doesn't take predictive modeling to guess what he might have ended up doing for a major chunk of his career, right??

Entrepreneurship!!!?

Meet Satyakam Mohanty, Founder and CEO, or rather, former Chief Light Bulb??at his first Startup – Lymbyc. Moving forward, Satyakam will be referred to as “Saty”. Why? Well, that’s what people who know him personally call him!?

Waise, how many of you are still stuck at his former designation - Chief Light Bulb? Unique right? To be honest, that’s not the only unique attribute he has – his demeanour, his nature, his thought and most importantly, the chivalry with which he takes on life – all unique!?

During our conversation, he said something that really stuck with me – I even started this conversation with that statement - “This is an amazing time to be alive, especially if you are in India”?

With the startup culture booming at an exponential scale, thanks to the almost biblical increase in the number of VCs, government funds and schemes, and of course the entrepreneurial-minded generation of today, this is THE time to live your Start-Up DREAM!??

While it took a 5ft victory shield and multiple trophies in school competitions for Saty to realise the thrill of trying something new, it was only later, and with a special someone’s motivating words “ab nahi to kab”, that Saty finally set out to realise his startup dream.?

Well, you don’t need to wait for a huge success to “startup” you could head out immediately. What could go wrong? Remember how Swati Jain said, “Arre, take life as it comes! Kisi bhi cheez se darne ki kya zaroorat? Aisa bhi kya ho jayega?” [episode 3 of Talent Insider]?

It worked out for Saty; it may work out for you as well. What you need for starters is a concrete vision, expertise in the product-specific domain and a little help (never shy away from asking for help if you are stuck).?

But, if you don’t go out and give it a try,

Well nevertheless, here I am, contributing my bit to your entrepreneurial cause (you know exactly where I got these insights from):?

1. Have a steadfast vision, and don’t falter?

Saty confessed that he made countless mistakes during his first start-up. In his defence, there were hardly 1 or 2 successful references when he started out. But 1 thing that he did absolutely right was having complete faith in his vision and dream. There will be multiple pitstops in your journey where you will think “ab bas, let’s dilute the original vision, itna kuch to kar liya, I am doing well. Is it necessary to go all the way?”.?

Well, don’t give in to that feeling. Why am I so confident? I have been through this phase and am glad I didn’t stop.?

2 . Build your startup with a lateral hierarchy?

Saty, and even I realise that having a lateral hierarchy is crucial for success. Ensure that your team members can approach each other, maintain transparency and the most crucial one, let them take ownership and figure out their roles themselves.?

Remember how Saty’s designation at Lymbyc was Chief Light Bulb? He figured it was his role to come up with new ideas to scale up their business. Similarly, he believed that team members should figure out for themselves what their contribution to the firm is (or should be) instead of forcing pre-defined designations and rules on them. It worked perfectly for him and why wouldn’t it? After all we are Indians, when have we ever responded well to orders???

3 . Empathy = Employee Satisfaction = Higher Efficiency/Productivity?

You need to know what drives your team members. Is it money, is it having like-minded peers around them, is it challenges and growth opportunities? Only when you put yourself in their shoes and help them get what they want, will they truly strive towards accomplishing the brand’s vision.?

4 . How to handle employees wanting an out??

Finding like-minded peers who can work tirelessly towards a common goal is a tough challenge. So, when you have finally assembled the ideal team and then one of them wants out, try not to outright reject their claim or sever ties with them outright. Ask them what’s missing in their job role and how you could make it fun for them. If it’s money, be transparent about the highest number that would be feasible for your business, if it can’t be helped, let them leave on a positive note. You can never have enough friends, especially in the business world where networking is crucial!?

And hey, if you are still doubting yourself, remember, you are not chasing a pipe dream. You HAVE thought it through, you HAVE weighed its pros and cons, and you HAVE gauged the feasibility of your idea. So have faith in your vision. (You see what I did there? These were basically the 5th, 6th and 7th insights.)?

Head on to the entire discussion for more subtle tips on entrepreneurship:?

YouTube: Talent First ft. Satyakam Mohanty & Raghav Gupta | Episode 6?

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Well, that’s it for this Sunday! See you again next week. Feel free to let me know your thoughts in the comments below....?