India’s startup scene got global recognition with Flipkart, India’s largest online e-commerce marketplace. Founded in 2007 by Sachin and Binny Bansal it symbolises many things about India’s entrepreneurship scenario – the ups and downs, growth, funding and challenges of dealing with global giants. Coming with such a steep learning curve there are many things to learn from the founders. Today we pick 8 things to learn from Sachin Bansal.
1. Craft Your Passion:
From Chandigarh, Sachin quit his job at Amazon to go for entrepreneurship, which nobody at the time of 2007 would dare to choose because it was a struggling time for internet-based spaces. Worse the global crisis hit just the year after. After early disagreement with parents, he started up in a two-bedroom apartment in Bangalore. What many called an impractical dream is a reality reality with a net worth of $1.3 billion. An example to learn from for those who started at the bottom? A true leader climbs up a staircase one step at a time and emerges top.
2. Find A Passionate Co-founder
Starting-up is a risky game. Find a co-founder who shares same passion as yours. Having diversity is necessary for a business. Take it from the Bansal founders who put together two different opinionated minds and created something this big.
3. Success Can Be Slow
Dream high but success is something that must be earned over time. If you are not ready to invest time, don’t even think about going for entrepreneurship. If Sachin Bansal were to set up an e-commerce platform and to think of scoring big immediately, then Flipkart would have never gone on to become the country’s first and the biggest? It took him 6 years to establish a brand.
4. Be Customer Reliable
Sachin knew only customers would decide their fortune. Instead of depending on third party logistics partners, they formed their – called ekart, through which a lot of newly initiated services like cash on delivery, returns management, try-and-buy in fashion became easier to provide.
5. Be A Good Boss
Sachin, a tech savvy, always tried to hire the best programmers, digital marketers, market research analysts and financial analysts. Hard work for sure but investing in people who could help you take the leap? Always a good idea.
When in growth, never fear to experiment. After the first three years of selling only books, it was time for Sachin to expand into other products too. Later in 2014, Flipkart acquired Myntra for clothing and fashion. Don’t stick to original plan if your calling grows your apetite.
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7. Challenges As Lessons
Whenever he was in danger, he looked at the challenges as opportunities. According to Sachin, this is the biggest trait any businessman should have, a quality that made him what he is today.
Sharing your own story helps others get inspired. Sachin, the Entrepreneur of the year 2012-2013, does the same. He shares his incredible journey, gives advice to his followers and young entrepreneurs of the country, via his personal blog.
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