Entrepreneurs Who Solved Common Problems In Uncommon Ways

Identifying a relatively widespread problem, turning it into a solution and helping millions around the world—is that your dream? Welcome to the journey of an entrepreneur! But, what is entrepreneurship? We believe that it is learning the same things as everyone else but coming up with solutions that no one else can think of. The possibilities for creating solutions and delivering services to people are endless. All you need to to do is identify problems that the common man faces, just like these five entrepreneurs did:

Also read: Why do early entrepreneurs have a better chance at success in India? 

Richa Kar, co-founder of Zivame

The idea of Zivame came to be when Richa was conducting research on the lingerie market in India. It was then that she realized that lingerie shopping in stores was a hassle for women in the country. She thought about the concept of online lingerie retailing after she met with a friend Kapil, whom she co-founded Zivame with.

Before Zivame, Richa has worked in the IT sector, Spencers and SAP retail consulting. The experience that she gained over the years helped fuel Zivame’s incredible growth.

Ritesh Agarwal, founder of OYO Rooms

Ritesh Agarwal is a man who backs his decision. A college dropout and one-time aspiring engineer, Ritesh heads one of the most valuable startups in the country today. He launched 
OYO Rooms with the key proposition of offering affordable and standardized accommodation in 2013, and has since grown to over 8,500 hotels in 230 cities including India, Malaysia, UAE, Nepal, China, and Indonesia.

Afraid that his family would end his entrepreneurial dreams, Ritesh initially started off by selling sim cards to survive! This 19-year old spent his time staying at budget hotels, attended customer calls every day and tasked himself with learning about budget hotel customers and their expectations.

Bhavish Aggarwal, co-founder of Ola Cabs

Bhavish completed his bachelor’s degree in Computer Science and Engineering from IIT, Bombay, after which he started working for Microsoft. After he quit, he started an online company sold short duration tours and holidays. While he was at it, he happened to rent a car from Bangalore to Bandipur and had a terrible experience. After a lot of research, he realised that a lot of people were looking for a quality cab service so he decided to start one himself; in January 2011 Bhavish founded OLA Cabs – an online transportation network company, with Ankit Bhati—that was valued at $3 billion as of April 2017.

Brian Chesky & Joe Gebbia, co-founders of Airbnb

The Airbnb founders’ story is one of the most inspiring entrepreneurial journeys of recent times. Against all the odds and to keep their company afloat, the founders had to resort to selling breakfast cereals. The Airbnb founders who had just shifted to New York were having a tough time paying their rent and were looking for a means to earn some extra money. They observed that all the hotels in the city were booked, since the Local Design Conference was underway. They saw this as an opportunity, bought a few airbeds and quickly put up a site called “Air Bed and Breakfast”. The Airbnb founders have since accomplished their dreams and managed to set up a $25 billion company, without investors and thousands of dollars of credit card debt.

Malini Agarwal, founder of missmalini.com

“Close your eyes and think of the one thing you would do for the rest of your life if nobody paid you to do it. Now that’s what you should be doing for a living. Once you find your voice and a unique gap in the market, you are likely to be successful at it.”

Malini is an entrepreneur, digital influencer, and bestselling author. She moved to Bombay with 40,000 and a dream. She started her career as a freelance emcee, copywriter, radio DJ at 92.5 FM Radio One and as a gossip columnist for Mid-Day before moving on to Head of Digital Content for Channel V. On a friend’s advice, Malini started blogging in 2008 and today, she’s India’s first and most well-known celebrity blogger. Her blog covers gossip and current events in Bollywood, Indian television, fashion, beauty, and lifestyle. Malini is the author of the book To The Moon: How I Blogged My Way To Bollywood. This woman entrepreneur strongly believes that diligence and ambition lead to success.

Entrepreneurship opportunities are present everywhere but establishing a successful business is not just converting an idea into a product; it’s about so much more.

Think you’ve got something unique to top this list? Want to run a business of your own? If yes, then now is the time to begin your entrepreneurial journey. Connect with us to learn everything about entrepreneurship – from basics to brilliance. 15 or 50, our course is for any visionary who believes that their idea could be the ‘next big thing’. Get in touch today!

What Can Project Mynt’s Entrepreneurship Capsule Teach You ?

At Project Mynt, one of the things we’re focused on is empowering a new generation of job creators, or aspiring entrepreneurs. And the need for job creation is being felt all over the world. Currently, there’s a huge gap between the supply and demand of jobs in most countries, including India. While the government is doing its best, the race between creating jobs and the population seems one-sided at the moment. Hence, we at Project MyNT,  have curated a entrepreneurship capsule course, that will help you pitch your big idea. But we must go over some essential stats first. Read on…

As per the leaked report of the National Sample Survey Office (NSSO) periodic labour force survey (PLFS) of 2017-18 showed that unemployment rate has risen to a 45-year high of 6.1 per cent. The 2018 International Labour Organization (ILO) report, World Employment and Social Outlook Trends, shows that the number of the unemployed is set to rise from 18.3 million in 2017 to 18.9 million by 2019.

Other findings, India Today reports, include the fact that the workforce has shrunk by 47 million during the period and that labour force participation rate (LFPR) has come down from 55.9% to 49.5% which, essentially means that more than half the working-age people (15-60 years) are out of the job market because there are no jobs. So we decided to step up to show the youth of our country that they can also create jobs, instead of just finding one, by conceptualising a holistic entrepreneurship capsule course. 

 We also believe that starting a company is a taxing journey for its founder(s) – if not financially, at least mentally. It only seems fair then that, while we establish the need for entrepreneurship, we also give these future start-up founders a sense of what they’re signing up for before they take the plunge. Our capsule does just that. 

What in the curriculum? 

Structured over six weeks, the curriculum of this capsule course is disseminated to a group of people that are passionate about solving problems. We want them to know that solving problems can help create a purpose in their life, or that it has been the purpose of their life all along, and satisfy their expectations of what it means to have a job or of the real world. 

This group is taken through the current scenario of their surroundings and asked to choose a problem that they wish they could solve. Then they are encouraged to think of a productized way of solving it. Project Mynt challenges their mindset to be creative rather than flow with what everyone in the startup community has been hearing nowadays. 

Next on the syllabus is understanding the key concepts like market and competition, followed by drafting a business model and studying the financial viability of their solution. 

Lastly, Project Mynt facilitates a real-world experience by inviting actual successful entrepreneurs and investors to listen to their startup pitch. 

By the end of it, we guarantee that you’ll know whether full-time entrepreneurship is your cup of tea as well as how to turn your idea into a living, breathing and thriving start-up company that can generate both employment and change. 

If this excites you, check out all the details about this course on Project Mynt here

 

All The Wonderful Ways In Which Entrepreneurship Can Change Your Life

The fact that entrepreneurship is life-changing is hardly disputable; the greatest minds of our time have testified to it. Best articulated by Skype co-founder, Niklas Zennstrom, entrepreneurship is an all-consuming, ever-gratifying, frustratingly wonderful way of living. He said, “If you want to be an entrepreneur, it’s not a job, it’s a lifestyle. It defines you. Forget about vacations, about going home at 6 PM. Last thing at night you’ll send emails, first thing in the morning you’ll read emails, and you’ll wake up in the middle of the night. But it’s hugely rewarding, as you’re fulfilling something for yourself.”

And that’s key isn’t it? The fact that you’ve chosen to be an entrepreneur means that you’ve decided to commit yourself to a single cause, your own cause, and work towards it for (hopefully) the rest of your life. So how does this change you? What are the so-called ‘symptoms’ of being your own boss? We list the ways in which being an entrepreneur can alter you forever: 

    1. You’re excited to go to work every single day because you love what you do
    2. You start evaluating things critically. If you’re making the decisions, you need to ensure you’re making the right ones. And this tendency tends to spill over in your everyday life as well; everything (from your preferred cup of coffee to the layout of your office) needs to be planned for maximum satisfaction. 
    3. Your problem-solving nature means that everything has the potential to be your next thing, or a great business opportunity. 
    4. You’ve learnt how to deal with failure so that it doesn’t  get in the way of your dream. 
    5. The most impressive quality in other people, according to you, is passion. 
    6. You can never switch your brain off; it’s always working, always thinking of how to scale and improve your company. 
    7. You understand the importance of up-skilling, and so you never stop learning new things. 
    8. You become a risk-taker; after all, the greater the risk, the greater the reward. 
    9. You enjoy meeting new people and forging new connections. 
    10.  You realise the importance of hard work and so you put in the hours required for success. 
    11. The comfort zone is just an illusion–one that you’ve broken already. You’re always willing to try new things and go where no one has before.
    12. You become a teacher and a student, all at the same time–happy to pass on your experience, while always eager to learn from the experiences of others. 
    13. You’re always on time
    14. You’re great in a crisis; having successfully dealt with so many at work, you’re a pro at handling messy situations 
    15. You become a more confident person. Your faith in your own abilities, as well as your idea, is reaffirmed and touches every other aspect of your life as well.

If you want to get some experiential learning on entrepreneurship and want to make a career and be an entrepreneur, contact Project Mynt. Our entrepreneurship capsule course begins soon. Registrations open. 

Ideas To Start-Up!

A few years into a regular job and everyone aspires to create something of their own; to have their own start-up. It could be a business, chain of retail outlets, smart product or pioneering invention. And while some never act on this impulse, others start off on this pursuit while they’re very young. If you belong to the latter, know this: the feeling of owning a company that you have built from the ground-up is glorious. But before you quit your day job (or even classroom education), make sure you’re aware of what lies ahead on this path. 

Here’s what you should do if you want to turn your million-dollar idea into a successful start-up: 

Search and Test The Market 

This is all about understanding why your product or start-up is even needed in the first place. Our own ideas can never be flawed in our own eyes. It’s hard to be objective towards a product of your own imagination. So, do the work. Find out if there are other people doing the same thing. Yes? Then find out where they are doing it, how well they are doing it, are people buying it and what they could be doing better. After this, you need to create a proof of concept – a market test to gauge consumer response. After validating your idea, secure it via IPs or patents. 

Always Have a Plan B

Now, you’ve tested the waters and know there’s a market for what you have to offer. So what’s next? Chart out a practical business plan for the next five years that highlights what your numbers will be in the future. Right from the capital that you burn to produce the product, expenses of a growing workforce and miscellaneous costs, put down everything.  

Here’s how you can make one for yourself. 

Build a Brand

More than the product or service, people buy your vision for your start-up. There’s a reason why hundreds of companies across the globe sell coffee, a product that (for the most part) is the same. Compare a Café Coffee Day with Starbucks, and see which one you prefer and why. Consumers have different preferences and spending patterns that different companies can leverage to their advantage.

Your brand is your identity, the reason why people come to you in the first place. So tell your story in an engaging, visual and witty manner so they subscribe to it. While you do that, understand that the first few members of your team will be the heart and soul of your brand so hire these people wisely.  

Remember, an amazing brand identity will be your greatest source of free marketing. 

Make Your Product Go Viral

Lucky for you, it doesn’t take that long to find out whether people love your product. The world of offline marketing has been washed away by digital media. Take up social platforms, create a compelling online identity for your brand and start promoting. Once you have some consumer data, analyse what works and what doesn’t—timings, gender, age group and so on. All of this is crucial to help you optimise your sales. 

After you’ve attained a smooth inflow of income and outflow of your product, it’s safe to assume that you’ve built a solid foundation for your company. Now it deserves all your time and attention; make it fly. 

If you have any queries regarding your own start-up brand, then just leave a comment below. It could even just be your idea. I’d love to hear you out and help you as much as I can!

Want to know more about entrepreneurship and start-ups in our country? Read why do early entrepreneurs have a better chance at success in India! 

Success is a journey, not a destination. Don’t chase it, experience it.

Often in our lives, we get ourselves into the rat race of achieving things which have a very high perceived value in our mind. Even after we reach these goals, we don’t have much to celebrate, rather we create more such goals to chase in the future. These goals can be something as basic as convincing your parents to buy you a new phone, or to score big in your boards examination. Here is what you really need to understand in order to get a real shot at shaping your future – It’s the journey of achieving something that you enjoy, than actually reaching there. The fact that you enjoy the journey so much, it’s almost inevitable for you to achieve that goal. We’ve all said the phrase, ‘Nothing comes easy’, well, it’s true. So give this a thought, you actually create a goal in your mind, so that you can take this journey, you enjoy it to the full, you see success and it all ends at the finish line while you achieve it. Almost instantly, your brain wants another race, another experience which you’ll love, another mistake you’ll commit and another glimpse of success.

Also read: These entrepreneurs did a little extra in their lives. Time to take some lessons!

How does it feel if you get up one day, and the entire day you don’t knock off something that you wanted to? Well, say you wanted to start preparing for an upcoming exam, or maybe you wanted to hit the gym or anything that you really really wanted that day. It feels like you’ve had the worst day possible, more so, you’ve lost a bit of your self-confidence, and a bit of your conviction has lessened. Factually, it’s the journey and the time you’ve lost today that makes you frustrated.

Here is a little something you can do every single day, or probably more days of the week than not, to get you to be in control of the things that matter –

  • Value your time. Know what’s important and just go at it, the feeling you get while you do the right thing is the biggest drug of all times
  • Be confident and happy. It’s how you feel that matters, rest everything is manageable. Happiness is the chase of life, nothing else, nothing more. Another thought, control drives happiness, even if something goes wrong and you know that you have control over it, that you can fix it. Keeps you confident and keeps you going.
  • Take one day at a time. Your brain is designed to make you feel lazy, it resists change. Overcome it. Don’t create a string of events that keeps you away from the journey.
  • Do something for each of the journeys you pursue. It can be a list of things, like a checklist. Health, happiness, wealth, learning and so on. Make sure you evolve on your checklist a little everyday. I can’t stress enough how important this is, you want to look back every now and then and cherish life.
  • Act. Don’t assume. Don’t assume an alternative as a journey, make sure you do what you know. If you haven’t till now, this second is the best moment. I would love it if you shut this read right now, and go at it.
  • Love yourself. Life loves you, really loves you. But if you create a wall of hatred between you and life, it can’t get you the goodies it has to offer.

At Project Mynt, we stand with you for the times when you confuse your journeys that you may/may not want. We curate journeys’/experiences worth a few weeks to get you a glimpse of things you might love as constant in your life. Experience them if you’ve given them a thought.

Send me an email at aayush@projectmynt.com if you want to discuss anything. You may get a delayed response as I’m taking my own journeys at most times, but you’re definitely one of them and will definitely get a response.

All the best!  

 

Why do early entrepreneurs have a better chance at success in India?

Before you read this article, it’s imperative that I put out this disclaimer –

This article isn’t to demotivate anyone at any age to start their entrepreneurial journey. However, it definitely states why the day was always yesterday when you had to start.

Being an entrepreneur doesn’t have any standard formula for success. This is a fact, and it’s important for you to realize this today because today, this moment, is the best time to start. Apart from time, another key attribute of any mildly successful entrepreneur is PERSEVERANCE. Let’s understand this in the purest form of how it’ll all start to make sense for you –

1. A startup being successful has no fixed formula and it’s not a 100% success rate for sure. But it’s true that if an entrepreneur keeps trying, he’s going to learn from the mistakes he makes. Once you apply this learning – you’re bound to reach to your definition of success in a matter of time (This time factor can vary, but you’ll definitely reach there).

2. The only prerequisite for an entrepreneur to start is to identify a real problem, figure out a solution (Idea) and have the confidence to solve it. Now this solution to become convincing for yourself, your target audience, your investors are going to be the serial effect of events and will take some time. Let’s say it’s going to take 5000 hours for you to solve a problem in form of a start-up that you start today. It all depends on you. Potentially, these 5000 hours can be translated in many ways –

4 hour work day = 1250 Days = 41 Months

8 hour work day = 625 Days = 21 Months

12 Hour work days = 416 Days = 14 Months

16 Hour work days = 312 Days = 10 Months

3. There is no guarantee that your new idea is going to become a business. But your next idea? It may take some time to build it all up again but it’ll have a greater probability of success. Keep at it. You don’t fail if an idea doesn’t work, you just end up one step closer to an idea that will work. Always remember – Be comfortable to believe in data when it presents the facts to you. Numbers don’t lie. Now depending upon qualitative factors like smartness, openness towards adaptability, perseverance, time invested and more – you’re bound to be successful. If not today then tomorrow or maybe in a few months or even a few years. It takes real conviction and lessons from your last businesses/experiences to decide whether an idea is something you really want to be a part of.

Also read: These entrepreneurs did a little extra in their lives. Time to take some lessons!

Mark Zuckerberg uploaded his Music Taste App for free online because he understood that it won’t become the best business for him. While the same guy turned down a few Billion Dollars when he knew Facebook is worth a lot more. What’s common? He knew how to read businesses after failing (When you invest time on something and don’t reap benefits – it’s a business failure, but a good entrepreneur uses it as a learning success).

Just by virtue of the factors mentioned above, this is what we derive –

  • Your entrepreneurial success is based on reaching the finish line in a race.
  • While you start running, the finish line isn’t visible.
  • If you keep pushing harder (invest more time, brain and effort), you’ll start to see the finish line.
  • Your success is dependent on you covering the distance in the shortest time – which is a mix of learnings, implementation, and more pure work.
  • If you start early, you have more time and if you have more of the key asset – you’re anyway has a more probability of being successful.

Start today, this moment is the best time.

You lose something if you think about starting tomorrow, next week or next month. It should’ve been the moment when you decided to read this article. It’s always late, I sincerely hope you don’t go on to the next article and start NOW.