Presenter: Mr. Arkaprabho Gosh, 16, India, Entrepreneur
Topic: “Things to keep in mind when starting a startup company”
Hello everyone! My name is Arkaprabho Gosh. First of all, let me introduce my company. I am the co-founder of Kitomo Export Pvt. Ltd. I formed this company with a mission to solve problems like unemployment and poverty. Through this company, I am trying to implement environment-friendly projects in rural parts of India. I am presently working on a biofuel project. By 2020 we aim to employ about 30 thousand people from West Bengal.
Today, I want to share my life experiences and give out suggestions to help anyone who wants to open a startup company. So, at first, you need to be original. You need to start with your own original idea, and you shouldn’t be copying others. This is the most basic thing. Secondly, we need to identify customer pinpoint. If you don’t analyze what customers or the market wants, it is difficult to run a startup company. Then, you can create solutions and test your pilot project in the market.
Third one is, do not quit your current job. We often think we need to leave a stable job we have to start a company, but that is not true. If you are an employee and working for a company, then don’t quit your job to start our entrepreneurial journey because in startup you need to invest money which needs financial stability. Quitting your job can hamper your stability and might not help you gain success in your startup company.
Then, the most important part is, do not depend on investors. Many people who aspire to be an entrepreneur plan to search for investors when they’re starting out. No investor will be as invested as you are when you’re starting a business. You yourself need to invest your money in your dream. When you’re established and your startup is getting some exposure, then you can think of approaching investors. This is the most important part many entrepreneurs overlook. They spend more time in finding investors and get discouraged when they don’t one. You need to spend more time to find customers and experimenting with your ideas.
Similarly, you need to be focused on what you are doing. It is the only way you can make your startup reach greater heights. To give you an example, one of my friends who launched a startup, and everything was going fine until he wasn’t interested in it and wanted to move on with another idea immediately. If you frequently change your mind, then it can be toxic. Focusing on one thing and going forward with you will accelerate your journey. Likewise, you need to build a strong team because a good team is an important asset for any startup. It will be easier if you can find a co-founder who can help you with the process. Furthermore, you also need to grow your network which can be helpful.
You also shouldn’t be afraid of failures. Failure is an important aspect of any successful business because we can only grow and push ourselves when we fail. You need to learn from your failures. Lastly, you need to remember ‘age is just a digit’. You shouldn’t let your age discourage you from doing or starting anything. Thank you!