Learning from Failure for Start Up success
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Akash Deep Choudhary, co-founder and CEO of Travart International, shares insights on his journey from a failed startup to a successful travel company that emphasizes experiential travel and aims for $1 million in revenue this year. He discusses the entrepreneurial learning curve, the importance of funding, and lessons learned from personal experiences, including the do's and don'ts of starting a business. Choudhary highlights the significance of a strong founding team, clarity of vision, and adapting to challenges while maintaining a positive attitude.
Learning from Failure for Start Up success
- 1. THE REAR VIEW MIRROR A Tale of Entrepreneurial Success by Learning from Failure. By Akash Deep Choudhary Co-founder and CEO, Travart International
- 2. About the speaker and TRAVART Name: Akash Deep Choudary StartUp: TRAVART Industry: International Travel and Tourism Designation: Co-founder and CEO Startup Experience: 3+ years Travart, an experiential travel company which, after a successful proof of concept has undertaken the mammoth task of re-branding India as a preferred global travel destination despite all the obvious and not-so-obvious speed bumps and challenges, is proud of being one of the few startups that are able to attain profitability while being bootstrapped by its founders and is currently under rapid growth, with a target revenue of US$ 1 million in the current financial year.
- 3. TODAY’S TALK COVERS 1. My experience from a failed startup to a successful one: a) Failure in StartUps: Something no-one really talks about b) Third year of MBA: Learning on the go. 2. Are you sure you want to be a founder? 3. What it really is like to StartUp and keep going? 4. Don’t need Investment ? Think Again. 5. Do’s and Don’ts of StartUps from personal experience
- 4. Fall in love with making mistakes... • Failures and mistakes are integral to the entrepreneurial learning curve • Your attitude towards it will determine your destiny • Embrace the ‘Scrap and Double Down’ concept
- 5. MBA ‘3rd year’... What??? Gedit: The startup • All the wrong reasons to start up • The founding team: Formation, Motivation, Communication and Equity • Put everything on paper. • Being a perfectionist in a startup isn't a great idea •Your business model: If its too good to be true, it probably isn’t. •The soup of negativity is too sour •Go out or Get out. Sales cure all • What you say you can do v/s What you actually can do
- 6. Are you sure you want to be a founder? • What’s your WHY? • Are you a freelancer calling yourself a founder? • What’s your exit strategy? If you have one, don’t bother starting up.
- 7. Two of the best and worst reasons to Start Up: 1. Nobody has done it 2. Everybody is doing it USP: What’s yours?
- 8. 1. The courting period 2. Incorporation 3. Honeymoon Period 4. First issues 5. First fire-fight 6. Trimming the business model 7. Pivot? 8. New issues 9. Resource crunch 10.Tears 11.Capital Crunch 12.More Tears 13.Helplessness 14.Hope 15.Breakthrough 16.Tears of joy Reality Check Initial Enthusiasm Reality Check Crunch The light at the end of the tunnel
- 10. The two holy lines of a startup Dreamland Understanding Earn and Burn
- 11. Don’t need investment? Seriously?? •Scalability and Competition: StartUps that really want to make it, definitely need funding. • Naysayers are sitting in the wrong room ALWAYS BE RAISING • Raising investment isn’t a cake walk • Building relationships • Raising when you need it ‘Investment or investor interest does not equal proof of concept in market. Investors place bets in a portfolio of companies, but you have only one life.’ Investment ≠ Proof of concept
- 12. How past lessons helped us succeed at Travart Thanks to past experiences, Travart now has: • Ultimate FOUNDING TEAM harmony Mutual Respect True Complementarily Equal share in effort and reward Extremely strong communication • Clarity of Vision • Obtained proof of concept from market • Efficiency with Scrap and Double Down approach • Dramatic control over cash burn • Not waiting for perfection and strict adherence to set timelines • Designed to scale • Real expectations = Less disappointments • Embraced mentorship • Clear understanding of Investment dynamics and always raising •No urge to romanticize over tech or design.
- 13. Startup Do’s and Don’ts from personal experience DOs • Have an internal locus of control • Have scientific temper • Who decides what: Designate responsibilities according to expertise • Talk like you’re dating • Split equity evenly and get a vesting agreement with a cliff • Pay money to save time • Put the money in an FD-OD Account • Stay Positive • Plan to disrupt, build to scale • Let those servers crash • Work hard, play hard • Focus on the core business and delegate the rest • Share your idea with the world and welcome feedback • Understand your target audience and put a face to it
- 14. • Don’t take just the first person that comes along as a co-founder • Don’t work with your best friend. Never. • Don’t hold things back from your co-founders •Don’t kill everyone’s vibe. Positivity drives a startup • Say no to Ctrl+C, Ctrl+V •Don’t waste time planning everything more than 6-12 months ahead. Pivots will happen. • Don’t compare yourself with others. Ever. • Don’t try to be everything to everyone • Don’t try to be a tech company if you aren’t one. • Don’t procrastinate in the name of strategising • Don’t focus on an economically small niche • Never use direct multiplication or geometric progression factor in your financial projections. It never works out. • Don’t base your assumptions on early adopters. 5:95 rule • Never involve family into any aspect of business • Never rely on a verbal agreement •Don’t be evil. DON’Ts Startup Do’s and Don’ts from personal experience
- 15. Thank you Akash Deep Choudhary Co-founder and CEO Travart International akash@travart.in @AkashDChoudhary / TRAVARTofficial