Topic: TIMING – A MOST CRUCIAL FACTOR OF A STARTUP
Date: 12th February,2022.
Speaker: Mr. Bhaumik Shah
Highlights: Mr. Bhaumik Shah, an alumni of the institute talked about his very successful Corporate journey across various segments to the current students under the auspice of Academics and beyond the lecture series. He started the session by informing the students about the startups initiated by Government of India and how one should have a strong passion or drive for beginning a start up business. According to him, as the world is changing so fast and is unstoppable, spending USD 115bn in 2021 in India is actually a stupendous amount for startups. He talked on Why Start-ups are required? He said that the basic outlook for startups has changed now. The analysis shows a different statistic whereby in 2021 Corporate Giants like Reliance, TATA, HUL, HDFC, ITC have started investing in the start-ups and celebrities like Virat Kohli, Katrina Kaif and M.S. Dhoni have reaped huge benefits by investing in startups like Dream 11 and Nyka. India after 2005 has become the world’s biggest software hub. The education system in India is robust, it is also the second largest market after China. The revolutionary Atmanirbhar Bharat and Start up India has made the digital payment systems for panwala, chaiwala, vegetable vendor so easy. Some Unicorns in India have brought a sea change where companies like Byjus who brought revolutionary changes in Education sector, OYO – buying B Class and C Class Hotel, Zomato – grown big because of the eating habits of the people. He further, bifurcated the Richest sector which are technology driven – Health care sector 15%, Finance – 17% and Ecommerce 14%. His most vital observation came with the suggestion to respect the female staff timings to make any organization successful. Also, he informed students not to be surprised if the showrooms now no more include changing rooms as they all will have Smart Mirrors whereby customers will be shown variety of dresses on the mirror itself without bothering to change. He opined as to why people are actually worried that Technology will hamper the requirement of job opportunities, in fact it will increase the employment opportunities as humans will be required to fix the robots. He in a very lucid and interesting manner gave the mantra for the factors affecting success of a start up: Idea, Team, Business Model, Funding and Timing where Timing plays the most significant role in the success of a start up and many startups in fact fail if they are ahead of time. It’s important to realize whether you are a problem creator or problem solver. He also quoted the example of Balaji whereby their success story all depend upon their best operational skills whereby it’s all about striking the right balance between demand and supply chain. At last, he ended with the dialogue of ‘Risk hai to Ishq hai’ emphasizing on Risk management and risk taking. Failure will teach you more than the success. The stage of business is very much important to what level the risk can be taken. Lastly, he encouraged students by quoting that ‘If you are young you have to take more risk and you should not be a calculated one, just go all out and follow your gut instinct.’