Safalta Talks Master Session: How to Develop an Entrepreneurial Mindset by Biman Gandhi Business Executive Coach

1. How did you start your career after graduating with a bachelor's of engineering and what goals determined your path of career while pursuing it?

When I was the age of 13 to 14, I was eager to play cricket that time, Kapil Dev won the World Cup in 1983. I was very fascinated by cricket game and I was a left-hand bowler and keenly interested in playing cricketer like Wasim Akram. My dream was to become a cricketer like him one day. But, I can't play the game because of some circumstances and my age was ineligible for U-19.

Source: SAFALTA.COM

My father's colleague was a mechanical engineer and was used to doing electrical testing or something with electronics and from there, my second keen interest fluctuated towards engineering. Mentors were there to guide us. As of now, everyone has access to the internet where speakers are here to guide you all but at that time, we are guided by our mentors.
I have completed my 30 years of career in the last year. You will be surprised that I can give you a clear view of how many mentors guided me and skilled me thoroughly. Knowledge, Skill and Experience are the three things that are the life-earning teaching in every path of life. There are a lot of friends, Mentors and well-wishers who are there with me and guide me.
2. You are CEO of the company  Synchron Remote Conferences from 2019 and you are also running your own company. Therefore, please let us know how difficult this journey was and what problems you have upgraded with proper Solutions.

Ans. Synchrone Remote company is my client and I am also the CEO of this company. When I was in the previous company in 2015 that time I decided to quit the corporate job. My last job was in autocon automation where I was an executive director and one owner of an IT company was my vendor. So, this vendor was supplying the most complicated data codes and configuration software and hardware which was globally also supplied throughout. From that day, we became friends and then after I decided to become a business coach and left my corporate job. 
At that time, the IT company owner and I came up with a wide vision to remotely mend the issues of hardware or software. Thanks to the penetration of the internet in India we are able to connect with existing issues in the hardware or software, remotely access the site, configure the issue and resolve it. This service is quite affordable and there are experts who are resolving the issues and more beneficial advantages are there with this service and this is how our company works.
3. There are two types of Entrepreneurs: First who are financially strong from the family background that if the family has losses in the business they don't have to think about how the house will run as they are financially strong and the other one is low in income, faces more finances crisis in giving their child a proper education or anything which requires financial support and they are taking loans for it and also running small shops like golgappa shop or samosa selling and earning for their living. Therefore, how will you suggest to them how to become an Entrepreneur and for our students who are also targeting their goals of switching to another job while doing the same job? Or wanted to learn skills of thinking to switch their jobs.

• Ans. There are some people who spend their lives learning and gaining education and then doing the right job from 12 to 13 years. Then they decide to get rid of the corporate job and they are not financially strong or with a family who don't have to worry about any disturbance occurring after losing a job. But, also has a vision of inculcating from the experience of that corporate life of 12-13 years or they have developed a network where they may start a new venture or startup where they have skills or experience and they know from where they have to start their journey of becoming an entrepreneur.
• Now, for those who are dependent on their parents, and they have a small shop or run something for an Income and if you have some talent or skills then don't jump directly into running a business. You have to practice, you have to talent your skills and take experience of nearly 3-4 years in any workplace and if you want to start as early as possible then just try to get a job and make your experience count for max. 2 years. You will not work for your skill enhancement but you will get the worldly knowledge of how the world runs with a system, human behaviour, how every situation at that workplace is resolved, and how you will interact with clients, you will acquire the sense of good and bad decisions too. You will get this knowledge from working in that field. In some courses of 3 to 4 years of time duration, the students are sent to do an internship. Sometimes, young generations who are just attending college are not eager to actually take this internship seriously as they have to optimize their behaviour in a disciplined manner, they must follow punctuality and moreover to prepare themselves for all the work that is assigned as a task. But, they don't get that these internships are for their own benefit and personality development.
• Remember, that all development of a human being comes with a level of experience and with age, so the foundation must be strong enough for any field and you will get it from these internships.

 

4. According to the report of Texan, 90,000 startups have been registered in the world where in 2022, 2404 startups are closed in different fields and markets and in 2018 around 3484 startups are closed. After COVID-19, the Edech brand became the talk of the town and 25+ educational institutions were closed in 2022, the ecommerce sector also declined with more than 50+ companies, 26 health tech and 24 media companies closed with this post-Covid. Fintech companies are also ending their journey with the start of 2022. But, we are becoming digitally strong and we are generating new concepts such as 5G and 6G in the coming years. If there are 100 startups running then only 30 percent of the startups reach their goals with success. So, How do you compare this situation of failure of startups and as we are occupied with digital concepts how these startups are failing?

Ans. Many Startups couldn't take off behind this there are many reasons. I will not mention these startups as a failure but instead call them as not surpassing a certain thing which comes to an end of these startups.
The first thing there is a psychology that where the crowd goes others also will follow that track. So, there are a lot of startups lined up as the government also took the initiative to bring all the businessmen or Entrepreneurs with a concept of startup. But, as we talk about the past 20 years.
There was one colleague of mine who was brilliant at mechanical engineering but he thought about learning skills and joining edtech and learnt some languages and some programming and now he is working in the USA after struggling for almost 6-7 years. So, for becoming an entrepreneur you must have a vision, systematic and target vision. If there is no vision obviously you are bound to frame.

• If your vision and your mindset are clear then also you are copying something as many Startups are manualising in the same manner of copycatting each and every startup they are inclined to. But, remember this thing we are living in the world of an oversupplied market and we are entering this oversupply market. Then there will be fewer chances to get growth instantly or in the standardized achieving month of 6 months. Therefore, you have to study and research your business market thoroughly. The startups which don't take off have not thoroughly gone through their market research and hence they face the startup take off. The problem is non-existence where there are 100 solutions. Find that way where there is a genuine problem and the solution is in your hands and in mind.
• All entrepreneurs are fulfilling their needs or solving problems but if you are not researching in depth for your market then the startup will not be able to take off and second thing is patience is less. There are some startups where there are chances to gain the market but more time is required so in that case patience and your supporters must be there. Your willpower, your backbone your well-wisher and your family. If your family is not in your support or your well-wishers are not there with you then your moral support will automatically get down. Mentors, your family, and your well-wishers sometimes can challenge you for your upcoming upgrades.
• Thirdly, the mistakes that you are making at the time of your startups and if you are not making mistakes then you are going on the wrong track. So, when there is a mistake don't regret it but always keep it in mind and just don't repeat it again.

What are the essential requirements for starting a startup and why freshers are not getting the jobs?

Ans- Firstly, there is no such assigned term that only experienced candidates are required. For some companies, there are requirements for experienced candidates as they are running the business and they know that they want experienced candidates. But, in some areas or some companies is feasible for freshers too.
Secondly, you have to get the idea for any business to run with two prime things in mind: first, you have an idea that will solve the problem and secondly, there must be a combination of your skill, experience and idea which is relatable to the work you are starting and for a startup you must need funding it must not be a 10 crore project, you may also start your business with a budget of 10 lac but the idea that you are working must be aligned with your funding too.

5. Anyone who is a part of any business and gains experience only can start their own business or by skilling in a demanding skill can open the doors for any business startup.
Ans. I will explain it by taking the example of Dhirubhai Ambani who has an empire of crores with a strong foundation of 50 years whereas Baba Ramdev has entirely set up his startup of Patanjali in 5 to 7 years is a tremendous change in this new era of digital. So, there is a scope for both you who have skills and who have experience of working in the same market for many years.

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