Eshan hosted a podcast titled 'Limitless with Eshan.'
Special guests include Ashar, Ashish Mohapatra of BizWare, Sarthak - known for business reels, and Sanjee Chandani - a notable figure in the Indian startup ecosystem.
The focus is on guiding a 20-year-old who wants to start a business in India, covering everything from ideas to the later stages of building a company.
Key Guests and Initial Discussions
Ashar's Approach to Finding Business Ideas
Ashar came up with ideas through actual work and observing opportunities in UPI and lending sectors.
Emphasized that Indian education does not prepare people for business.
Believes working in other startups helps one learn before starting their own venture.
Ashish's Methods of Finding Ideas
Three methods to find a business idea:
Work experience reveals an opportunity.
Solving one's own pain points.
Analyzing market white spaces and finding less competition.
Emphasizes the need for some experience and understanding of the market; cautions against extrapolating personal issues as universal problems.
Experience lends credibility and makes one aware of market risks and opportunities.
Sarthak on Trends and Opportunities
Emphasized trends and serving businesses with services and small tech products via no-code tools.
Recommended starting with trading if there's a small capital.
Points to geographical opportunities, e.g., African market ripe for e-commerce.
Notes various metrics: highest late-night orders in Delhi, highest breakfast orders in Bangalore.
Sanjee on Business Insights
Shared past successful insights based on market and customer needs, like salary surveys and trademark databases.
Stresses importance of customer insights and immediate context when generating business ideas.
Suggests combining customer-centric insights with actionable steps to achieve success.
Key Discussion: Idea Generation and Execution
Different approaches depending on assets, market conditions, and personal experience.
Young entrepreneurs face the risk of insufficient experience; working under others can be crucial for learning.
Benefits of combining passion, market opportunity, and a touch of differentiation in creating successful ventures.
Challenges and Strategies
Competition with Government in India
Businesses in India often compete with government initiatives (e.g., UPI for payments).
Suggested strategies include focusing on B2B products and transaction-based business models.
Importance of risk management and ensuring differentiated value propositions.
Lending Business and Competing with Large Players
Emphasized necessity of rapid adaptation and paranoia for survival in competitive fields.
Local strategies, personal relationships, even 'guerrilla' tactics in early stages.
Ensuring financial control and visibility to build competitive lending models.
Hiring Approach and Company Culture
Hiring Strategies (Ashish, Sarthak, Sanjee)
Hire fast, fire fast: importance of quick decision-making in hiring, with a focus on performance rather than long processes.
Creating a campus-like environment to maintain motivation and loyalty among employees.
Emphasizes cultural fit and internal training & development for long-term retention and growth.
Each segment (tech, sales, back office) requires different hiring and evaluation methods.
Hiring Challenges and Solutions
Transparency, honesty, and showing value immediately are essential in recruiting top talent.
Managing attrition and maintaining a learning-oriented, cohesive culture as critical factors.
Considering different personality types and motivational drivers among employees, particularly younger generations.
Miscellaneous Insights
Personal and Business Reflections
Reflective audits: yearly personal and business audits to align goals, happiness, and potential growth.
Various metrics used for personal and professional evaluations to ensure ongoing relevance and fulfillment.
Paranormal Strategy for Growth
Productive paranoia: remaining perpetually aware of potential disruptions and opportunities to stay competitive.
Final Takeaways
Diverse approaches to starting and sustaining business ventures emphasized through real-life examples and personal anecdotes.
Importance of detailed planning, adaptability, quick decision-making, and fostering a strong company culture.
Value of passion, persistence, and maintaining a customer-centric approach for long-term success.