Very Recently I was hearing Podcast of Binny Bansal after he exited from Flipkart. We as geogeek has lots of things to learn from him. GIS Industry is one of the niche fields so going for entrepreneurship and failing chances are very high. Also, the GIS industry is quite different from the normal IT industry. Today Startup has become a fashionable word, many youth ventures into it hearing these fancy names and hearing success stories of startups like OLA, Flipkart, Snapdeal, Paytm etc.
- Follow passion: Binny and Sachin Bansal would have earned fat money working with big IT companies or also may have moved abroad or done MBA from reputed universities as other IITians did, but they wanted to do something similar, Geo entrepreneurs who are passionate Geo geeks must follow their passion, analyze want they can do with their skills and what is a requirement of the market and then go with product or services in the market.
- Start off with something and other things will fall in place: Binny and Sachin initially started with designing comparison engine for e-commerce websites. But during this period of the internet and market research, they found there is e-commerce in India was still in very nascent stage and there was a huge opportunity in this space. Similarly, Geo entrepreneurs should not just go on thinking and just start off with something they think they can do and take calculated risks. If even they fail there would not be much loss of capital and at any time in the worst case, they can go back and join jobs. During this journey, they will discover the market gap, requirement of the customer and finally what they can deliver.
- Recruit best talents and Give them Freedom: Founders of Flipkart right from the start believe in recruiting good talented people and also giving lots of freedom and space so that they can something innovative. The result was many new companies were born under the umbrella of Flipkart which was later acquired by Flipkart like Ekart, Phonepe etc. For Geo entrepreneurs also applies the same we need to recruit the right people and give them freedom and space.
- In beginning Entrepreneurs has to do everything: As entrepreneurs, you have lots limitations like capital, manpower etc, so in early days of every startup founder has to start from a basic level and even has to do very basic and ground-level work. Like Sachin and Binny themselves used to ride on the bike and get books, packed themselves for approximately a year before adding manpower and scaling up with the team. So, there are no shortcuts, you will have to these ground level work yourself. As Geo entrepreneurs similar don’t expect to recruit a person in beginning, you will have to do very basics works like digitization, maybe survey for preparation maps for POCs. So, you have to be ready to do all kinds of work, you have to low level worker, HR manager as well as CEO till the company starts earning handsome revenue.
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