26 Aug 2015, 12:44 — 4 min read
Starting a business is no cakewalk. From coming up with a viable idea, to building a team and figuring out how to scale, there is plenty of margin for error. What can make an aspiring entrepreneur’s experience smooth sailing is learning from people who have done it before.
We asked Siddharth Arora, Co-founder & CEO of ePaisa, what advice he had for others looking to take the leap into the startup world and here is what he shared.
At the outset, there are four things that you need to consider:
Keep in mind that technology is evolving very fast, so you need to be flexible and agile in your approach. When we started ePaisa, the technology in the country was about magnetic strip cards (cards which you swipe). We were ready with our product in 3 months time from development and we were all set for launch, when the RBI announced that all cards now need to be chip and pin enabled. This was a major setback for us. We could have decided to shut shop and get out. But we looked for a solution. So while the core application remained the same we found another hardware component and integrated that.
It’s about responding fast to change and that has to be at the core of your development thought process. Because things will change and things will change fast. Look at Paytm. It started off as an online payment gateway, then went and became a wallet, now they are a market place. So if they had thought of themselves as just a payment gateway, they would have not reached where they are today. So that’s a great example of an agile company.
Many wonder if there is an ideal time to start a business. Siddharth believes that there is no right or wrong time to start a business. It’s not about the money you have or don’t have. It’s wise to have a backup plan. If you are passionate, if you believe that you have a core strength or competitive advantage that you can build and you have some people who support you, then nothing can stop you. The ability to overcome problems defines how successful you will be.
Posted byGlobalLinker Staff
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