Sriram Manoharan
Sriram Manoharan embarked on his entrepreneurial journey in 2008, with a vision to transform the digital landscape, bootstrapping his first startup. Starting with just two employees, he grew Contus Tech to where it is today, with leading digital engineering products such as MirrorFly, VPlayed. Notably, Sriram Manoharan’s Contus Tech is one of the very few bootstrapped companies in India to be valued as a multi-million dollar company.
“Whether you think you can or you think you can’t, you’re right.” – Henry Ford
The Truth About Startups
Having risen through several stages of management over the years, Sriram Manoharan have witnessed the rise and fall of several startups.
While uncertainties and complexities are involved in starting a business, it is not as tedious or skill demanding as studying nuclear physics or discovering a major scientific breakthrough. The secret lies in maximizing the available resources, understanding the fundamentals and adapting to challenges.
“Anyone can kickstart their entrepreneurial journey if they have the right strategy, the determination to succeed & the right touch of innovation.” says Sriram Manoharan.
Idea: Simplicity is Key
Your business could be a humble cafe or a massive tech venture rivaling the giants of silicon valley, both projects start with an idea. This doesn’t mean the idea should be capable of revolutionizing human life.
Most successful business models provide simple solutions, rather than identifying a complex need. The key is to identify the problem within your interest and then develop the solution to address that need.
Market Research: Know Your Audience
Significant time should be spent on researching the target market before launching your startup. Demographics, capacity, behaviors and preferences are few of the market factors that need to be thoroughly analyzed.
Team: Experience Matters
The initial team members you build at the start of a venture could make or break your project. The temptation would be to seek the services of your kith and kin.
However, assembling a team with the right set of skills and level of experience & a proven track record in the industry could prove invaluable. Always remember, a team that works together is always more effective than a skilled team that lacks coordination.
Sales and Marketing: The Cornerstones of Success
Mastering the art of sales & marketing would be a valuable addition for a startup founder. Investing in learning the associated skills or seeking the help of experts would go a long way.
Effective marketing can sustain a mediocre idea. Conversely, poor marketing would doom the sales of a valuable product irrespective of its brilliance.
Balancing Competing Priorities
The initial days of setting up & running a business would likely be overwhelming with competing priorities. That’s why a well-defined sequence of goals is more effective than entertaining multiple ideas simultaneously.
Balancing between managing cash flow sustainably and justifying your core business concept is necessary. This would go a long way in organization, efficient resource allocation & informed decision making as the startup grows.
Profitability Over Funding
Capital is one of the major factors that has restricted groundbreaking ideas from transforming into successful business models for centuries. The rise of venture capitalists and private equity firms has surely opened up a world of opportunities. It is difficult as a startup to deny fundraising opportunities. However, a business model that is both sustainable and profitable should be prioritized.
Such a fundamentally strong venture is bound to have a solid revenue model, exhibiting its potential to grow further. This in turn would inevitably attract a lot of investors. Remember, funding should be a byproduct of your company’s profitability and financial success is always the ultimate goal.
Vital Takeaways for Aspiring Entrepreneurs
To sum it up, numerous factors have to be considered to attain entrepreneurial success. Nevertheless, I want to reemphasize that with the right mindset and approach anyone can achieve it. Remember, the journey may be arduous, but the rewards are immeasurable. So, take the leap, embrace the challenges, and let your entrepreneurial spirit soar
