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Interview

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32 views5 pages

Interview

Uploaded by

dinesh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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1.

At the core of the desire to start a business, is the decision more often driven by
emotion or a calculated risk?

The decision to start business can be made by emotion and calculated risk, often is
combination of both

Emotion plays a significant role because many entrepreneurs are driven


by passion, vision, and a desire for autonomy. They may feel a strong
emotional connection to their business idea, driven by personal
experiences, interests, or a desire to make a difference in the world.

However, starting a business also involves a level of calculated risk-


taking. Entrepreneurs typically assess market demand, competition,
financial feasibility, and potential challenges before launching their
venture.

2. Was your decision to start your business driven more by risk or emotion?

It was a combination of both risk and emotion. As friends, we have a


strong desire to embark on our entrepreneurial journey, fueled by
emotion and an ambitious drive to create positive change in society. In
2009, we laid the foundation with the inception of Indian Drivers,
visioning its expansion across India and internationally, aiming to
enhance the lives of both car drivers and owners.

However, we approached the venture strategically. To mitigate personal


financial tisk, we staggered our entries into the business. Parag took the
initial risk in 2009, with our support while we maintained our banking
jobs. Krishna joined in 2015, followed by my entry in December 2023.
Each of us ensured our basic needs were met while taking calculated
risks to kickstart the business.

3. Many people run profitable businesses as self-employed individuals. What do you


see as the major differences between being self-employed and being an
entrepreneur?

Self-employed individuals typically operate as sole proprietors,


freelancers, or independent contractors, offering their skills or services
directly to customers. They often work solo or with a small team. Their
business activities tend to be more transactional and less scalable

On the other hand, entrepreneurs are individuals who create and scale
businesses beyond just their own labor. They innovate, develop, and
grow ventures with the intention of creating lasting value and impact.
Entrepreneurs often start with an idea or innovation and build teams,
systems, and processes to turn that idea into a sustainable and scalable
business model. Their focus is not just on earning income but on
building a brand, disrupting industries, and creating long-term growth
and success.

While both self-employed individuals and entrepreneurs work for


themselves, the key difference lies in the scale, innovation, and growth
potential of their ventures.
4. What steps should a person take to start a business?
When it comes to starting a business, it's easy to get caught up in the
excitement thoughts of potential profits and scalability, often relying on imagine
evidence or examples of similar businesses. However, I've learned that
translating those thoughts into actionable steps is crucial for success.

Before diving in business, I think one should ask fundamental question to himself
1.Why do I want to start business
2.Why this particular business
3.Do, I have business plan for next 2/3 years

Once these fundamental questions are address and have satisfactory answer, I
suggest to start below steps
1. Note down Idea on plain paper :- Putting thoughts into writing forces me
to articulate my vision clearly and identify potential gaps or challenges
2.Reaserch & study on competition :- Revenue module , style of working ,
team, vision and overall analysis of the business
3. Discuss with Industrial experts :- Seeking advice and guidance from
experienced professionals in the industry helps validate my idea and gain
valuable perspectives that I may have overlooked.
4.Claculate the require investment and your personal financial risk

5. Should a business idea be validated by social circles (family and friends) or by


experts?
Friends and family may offer well-intentioned feedback, but their opinions
are often influenced by personal relationships and emotions. While their
support is important, it may not always align with the realities of the
market or industry.

By seeking validation from experts, entrepreneurs can gain a deeper


understanding of the feasibility, viability, and potential pitfalls of their
business idea. Expert feedback can help refine the idea, identify potential
opportunities for improvement, and mitigate risks early on in the process.

6. Do you remember your first day in business? Can you share your experience?

On our first day in business at Indian Drivers, excitement and nervousness.


We had meticulously set up our small office space, designed driver registration
processes, and printed out forms, eager to see our plans in action. Placed small
classified advertisement in the newspaper, we were awaited responses

To our surprise and delight, the response was overwhelming. The phone rang
continuously from drivers, and we found ourselves inundated with calls beyond
what we had anticipated. Handling driver inquiries became a difficult task, but
overall our 1st day was ownsome and beyond our expectation
7. What challenges did you face in the early stages (1st year) of your entrepreneurial
journey?

8. What is a business plan, and how far into the future should it extend (e.g., 1 year, 3
years, 5 years)?

9. What are the key elements of a doable business plan?

10. What funding options are available for starting a business?

11. When should an entrepreneur consider approaching angel investors for funding?

12. Do you prefer to seek funding from investors or venture capitalists? Why?

13. Many entrepreneurs suggest seeking venture capital funding to gain a more detailed
understanding of their own business. What are your thoughts on this?

14. After securing funding, how should entrepreneurs prioritize their expenses?

15. What factors are crucial when building a team, and how do you maintain a positive
and productive workplace environment?

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16. In a company, marketing is a crucial department. What are meaning of marketing


and branding, and why are they important?

17. What are effective ways to promote a brand?


18. What role do social media and digital media play in brand promotion nowadays?
how AI do change perspective of branding?

19. What techniques do you use to acquire customers?

20. Customer retention is a challenge due to the associated costs. How do you manage
to retain existing customers?
21. What is an MVP (Minimum Viable Product), and why is it important?

22. If 100 customers face issues with a product, how many typically raise complaints?

23. Do silent, dissatisfied customers tend to stop using the product without
complaining?

24. Is product development and innovation taking a backseat in India? Why?

25. How do you verify the genuineness of product complaints and implement feedback
into product development?

26. Are growth and scale related to the vertical and horizontal development of
products?

27. What strategies do you apply to scale your business effectively?

28. How do you deal with growing pains and operational challenges?

29. What is sustainable growth, and how do you achieve it?


30. During your growth journey, what has been your biggest failure, and how did you
recover from it?

31. How should a business person tackle stress and setbacks?

32. Do you focus more on external competition or inner competition?

33. How does technology influence competitive dynamics?

34. We’ve discussed scalability and growth. What steps do you take to make your
business sustainable? First, please explain what sustainability means to you.

35. What responsibilities does a business have towards society?

36. As we near the end of our podcast, can you share your experience of
entrepreneurship being a lonely journey? How challenging has it been for you?

37. What advice would you give to new entrepreneurs?

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