Start-up Leadership: Lessons on Building Successful Enterprises with CEO, WeWork India

India has emerged as the 3rd largest start-up ecosystem in the world after the US and China with over 60,000 start-ups and 65 unicorns. If there is one area with a significant gap, it is understanding the unique needs of a start-up leader and empowering them with those crucial skills. In this conversation, we spoke with Karan Virwani, CEO, WeWork India to explore lessons from his leadership journey.

Sandra Colhando - This year has been a great year for Wework India to the companies to be profitable in quarter one, you're looking at something upwards of 1000 crore revenue this year. It must be exciting times as a leader for you. Tell us about it.

Karan Virwani - Despite facing challenges in the past two years, our business has seen significant growth in the last year. Our team's resilience has paid off and we've become profitable and seen almost 70% revenue growth. Morale is high and there's a strong momentum in the business currently.

Rituals That Helped You As A Leader In Pandemic Times

Sandra Colhando - Despite the real estate industry being hit hard during the Covid lockdowns, I admired the resilience you displayed during those challenging two years. As a leader, you managed to maintain a sense of equilibrium and avoid panicking or freaking out. What strategies did you use to handle the uncertainty and high stakes during that time?

Karan Virwani - As a naturally optimistic person, I maintained a positive attitude as a leader during the challenging times of the pandemic. I also focused on the vision and value of the company to keep morale high, and surrounded myself with supportive people. Investing in self-improvement through sessions also provided reassurance during lonely times as an entrepreneur.

Karan’s take on “Loneliness At The Top”

Sandra Colhando - How would you address loneliness at the top?

Karan Virwani - I don't think that's true. You know, to a large extent there are obviously moments like everyone has, whether you're on top or like somewhere else where you're kind of either doubting yourself, your skill set like what you're doing and all of that, I think everyone kind of goes through that, you know, journey, but I think that when if you are able to grow to the top in the right way with the right mentality and kind of bring and take people along.? It's not that lonely, it's a lot of fun. It's a really, really fun place to be and you know like honor to privilege to have that opportunity to be in that spot. So I don't I don't necessarily agree with the lonely at the top version. Obviously there are problems and you know challenges that you have to deal with on your own, which might be of a different magnitude maybe than someone else who's you know just worried about a function or one part of the business and you have to kind of worry about the entire thing.

But I think that it's a lot of fun at the top and if you brought the right people with you, it's even more fun.

Self-Care Strategies To Maintain Sense of Balance

Sandra Colhando - Are there any self- care strategies that you look at just for you to maintain that sense of balance with everything that happens around you.Do you have any rituals, routines that you stay consistent with?

Karan Virwani -? As a businessperson from a family of entrepreneurs, I find it helpful to have family members who understand my struggles and can offer different perspectives. Additionally, I prioritise a daily morning routine where I consume news, exercise, and centre myself mentally. This allows me to approach challenges with a fresh and positive mindset, which is crucial for success. Without this routine, I can feel drained and unprepared for the day ahead.

Sandra Colhando - I noticed you have a little basketball corner in your office.

Karan Virwani - I have these two basketballs - whenever meetings are super stressful, people can just see me like, like squeezing it.

But yeah, I mean, we just have a really fun environment. It's like a fun work environment and that basketball hoop was gifted to me by someone who works with me.

But yeah, it's just always, always walking around, always active. I've never been someone who can just sit down for a three hour meeting if you've been in any of our meetings, I'm always moving around the place and pacing.

How Do You Constantly Develop Yourself In Different Aspects Of Leadership Skills

Sandra Colhando -? I resonate with that and I do want to come back with the kind of pace you create for your team just after this one, because as a founder and leader, it's easy to get caught up in the day-to-day operations, especially during a growth stage. However, I prioritise taking time for self-care strategies in the morning to ensure I'm operating at my best. In terms of developing my leadership skills, I'm always looking to learn and grow, whether it's through reading books, attending conferences, or seeking out mentors. I recognize that being a successful startup leader requires more than just basic business competencies, and I strive to constantly improve in all aspects of leadership.

So how do you constantly develop yourself in different aspects of leadership skills?

Karan Virwani - In the past five years, I've transformed as an entrepreneur through open communication with my team and a willingness to take constructive feedback. I used to struggle with receiving feedback and making clear decisions, but through anonymous 360° reviews and seeking coaching, I've improved my leadership skills. I encourage my executive team to do the same to promote growth and avoid stagnation. Taking feedback at all levels is critical for success as a leader.?

I've transformed as an entrepreneur through open communication with my team and a willingness to take constructive feedback. I used to struggle with receiving feedback and making clear decisions, but through anonymous 360° reviews and seeking coaching, I've improved my leadership skills. I encourage my executive team to do the same to promote growth and avoid stagnation. Taking feedback at all levels is critical for success as a leader.?

Sandra Colhando - Yeah, yeah, absolutely I second that I said it's always difficult to receive feedback, but it takes a lot of courage to publicly acknowledge the benefits of that feedback.

One advice you would given to your younger self

Sandra Colhando - If you had a time machine and you could go back to your young self and give him one lesson on the future, what would that be?

Karan Virwani - One mistake I made was being too aggressive with hiring early on, and not being conservative enough on headcount. This mistake impacted people who shouldn't have been impacted when things got tough. It's not just about reducing operational bills, but people's livelihoods. I'm now more conservative about this.

Difference Between A Start-Up Leader Vs CEO of an established organization

Sandra Colhando - So what would you say are the three differences between a startup leader and CEO of an established organization?

Karan Virwani - As a startup leader, you have to quickly learn how to deal with people from ground level to executive leadership level. In a large organization, you deal with seasoned professionals who know what they're doing. Startups require tweaking and building from scratch, making mistakes and learning quickly. You have to inspire people to join a journey with no track record or assurance of longevity. Early startup teams can grow quickly, and some people may not be able to keep up, requiring new leaders to accelerate the journey. In contrast, in a set organization, you deal with people at a large operational level that you can distribute work to and monitor less frequently. These are the two main differences.

How Start-up Leadership Differs from being a Corporate CEO?

As a startup leader, you have to quickly learn how to deal with people from ground level to executive leadership level. Startups require tweaking and building from scratch, making mistakes and learning quickly. You have to inspire people to join a journey with no track record or assurance of longevity. Early startup teams can grow quickly, and some people may not be able to keep up, requiring new leaders to accelerate the journey.?

Sandra Colhando - What's your secret sauce for inspiring and retaining talent in a startup space with all its challenges and change?

Karan Virwani - I lead by example and never ask my team to do something I wouldn't do myself. My current leadership team has been with me for three to five years and we've been through a lot together, which has built loyalty and trust. I hire based on culture fit rather than just qualifications, and I prioritise promoting and rewarding employees who have grown with the company. This creates a ladder approach to leadership development and allows the entire organisation to grow from the ground up. I aim to create an environment that feels like a second family, which is one of the glues that holds our company together.

On Talent Development - I hire based on culture fit rather than just qualifications, and I prioritise promoting and rewarding employees who have grown with the company. This creates a ladder approach to leadership development and allows the entire organisation to grow from the ground up. I aim to create an environment that feels like a second family, which is one of the glues that holds our company together.

Sandra Colhando ?- I also heard you say that you set about succession, get them to grow, expand their roles and responsibilities but I'm sure the speed will be much more in a fast growth sector, how do you manage them and sometimes leadership skills also comes with life experiences, how do you do that quickly for them because they may not have gathered that life experience as young leaders?

Karan Virwani - We encourage our teams to take ownership and treat their building like a mini-business, which builds trust and accountability. We empower our teams at the ground level to make mistakes and learn quickly from them, which helps them develop confidence and handle new challenges. This approach is ingrained in our organisation's culture, with a strong correction and feedback loop to avoid problems from lingering. We have a support system that helps everyone figure things out together, promoting growth and a sense of ownership.

Internal thinking and Focus on Women leadership at WeWork

Sandra Colhando - I had an opportunity to engage with women leaders at WeWork India and I was so struck with how clear they are of their goals and how confident they were in terms of where they want to go. I would love to know the internal thinking and focus on women leadership.

Karan Virwani - At WeWork, we have a learning and development team that provides multiple streams for employee development, including programs for women leaders Currently, we are running a program for women leaders specifically to help them develop as leaders and address challenges women face at the workplace and who knows this better than you, Sandra. We offer a higher education program for select employees each year, with 10-15 individuals obtaining MBAs or executive leadership diplomas from prestigious universities while working at WeWork. We provide opportunities for employees to develop themselves and become strong leaders, even if they eventually pursue opportunities outside of WeWork.

Role Models?

Sandra Colhando - Tell us Karan, who are some of the Founders or leaders who you admire?

Karan Virwani - There are several entrepreneurs and companies that inspire me. I admire Reliance's scale and execution capabilities, as well as JayZ's and Elon Musk's ability to succeed despite unexpected beginnings. Elon Musk's audacity to take on challenges that are literally out of this world is something I deeply admire.

Steps for Mental Health

Sandra Colhando - How do you prioritise your mental health amidst such pressing priorities?

Karan Virwani - My mental health routine involves having a morning routine, exercising my body and following a healthy diet, and cherishing my weekends for some personal time. I try to get more sleep and keep negative energy away by surrounding myself with positive people. It makes a huge difference in staying mentally fit.

Audience Questions

Human Management versus processes orientation

Sandra Colhando - How much would you count on the human element versus processes - processes do fail and if your team is not wired to retrieve a situation things can go down pretty fast. How do you build this balance?

Karan Virwani- People are important in building the process and bringing in new ideas, while process is necessary for operating at scale. It's important to bring in new people and move people to different roles to improve the business. Balancing people and process is essential, it's not one or the other.In today's world, technology should be leveraged to make tasks more efficient, but it's often overlooked. Companies should approach problems with a three-pronged approach of people, process, and technology, and have a culture that encourages this mindset.

Sandra Colhando - Yeah, yeah. People process technology. Beautiful.?

Is there change in leadership once your organisation starts stabilising

Sandra Colhando - Do you see yourself changing as a leader, once your organisation starts stabilising and becoming more of a legacy.

Karan Virwani - As a Founder, the learning curve is steep, and you have to adapt to different challenges and people as the organization grows. However, it's important to not stray too far from the initial energy and motivation that started the journey. Jeff Bezos' "day one" motto encourages not getting too comfortable and always staying in an uncomfortable spot. It's important to tap into the initial reason for starting the journey.