A quintessential ‘business bucket list’ is not just about new things you want to do. But, it’s more about what we don’t intend to do as entrepreneurs. As the New Year dawns, Entrepreneur asked entrepreneurs how they plan to grow their businesses and what changes they want to bring in 2017. Here is what they have on their business bucket list.
Removing Areas Where Money Burns
We are always looking to add revenue streams to our business. This includes utilizing our existing networks of the autorickshaw, which we have built across the country to launching new verticals - like delivery and B2C hyper-local services.
At regular intervals, based on return on investment and profitability, we also keep on removing areas in our businesses, where we have to burn money or not showing expected results.
SAMAR SINGLA, CEO and Founder, Jugnoo
Focusing On New Vehicles
Since the inception of Droom, for the first two years we focused on B2C, i.e bringing all the auto dealers on our platform. But in 2017, we will be focusing on C2C as well. We will also be focusing on the fintech opportunity and plan to go global. We will be expanding our operations to Indonesia, Philippines, Vietnam, Thailand, Singapore and Malaysia. Lastly, we will be focusing on new vehicle segment.
SANDEEP AGGARWAL, Founder and CEO, Droom
Solving Problems with Agility
Business problems are shifting in terms of both content and context. Software and services need to come out of their silos and be more integrated to solve these business problems with agility. We call this,
‘service as a software’. Our efforts next year will be centered around this vision. Another priority is creating the right talent for the world of decision science.
We have Mu Sigma University that focuses on training our people across multiple disciplines like structured thinking, applied math, behavioral science, design thinking, technology, etc. We have pioneered the interdisciplinary approach for analytics and decision sciences and we envision to collaborate with academic institutions to further this approach.
DHIRAJ RAJARAM, Founder and Chairman, Mu Sigma
Developing Business In Digital Health Space
We would be making more investments in product experiences and advanced health analytics and develop new business lines in the digital health space. Our key initiatives for the coming year include making the app available in multiple languages to serve the new customer set that is coming online rapidly, expanding our transaction services across more cities and also developing new health tools around adherence and medical information.
PRASHANT TANDON, Founder and CEO, 1MG
Redefining Mobile Commerce
As some of the world’s largest technology companies are betting on a chatbot future, we are gearing up to be the solution providers for them through our software development kit. At Niki. ai, the team is creating a single integrated Artificial Intelligence (AI) based conversational commerce application by redefining the way information and horizontal mobile commerce is presented, accessed and consumed.
Currently, Niki bot is live on Android as an App (niki. ai/app) and Facebook Messenger (m.me/thenikibot). The company has plans to expand to other platforms too very soon. This year, we are entering the
entertainment category with event bookings and movie tickets in addition to recharges, bill payments and travel services such as cab, bus and hotel bookings. We are also going deeper in the travel category by enabling flight ticket bookings too.
Moving ahead from these services, we are also going to provide our consumers with end-to-end healthcare and financial services such as loans, insurance, etc.
SACHIN JAISWAL, Founder and CEO, Niki.ai
Growing Customer Base
In the coming year, my biggest focus will be ensuring that we can provide user delight till the last mile. Every single user of LimeRoad can claim of the most satisfactory experience from start to end, and even post sales. This would lay the foundation for the second thing on my list that is to grow toward the path to profitability rather shrink.
SUCHI MUKHERJEE, CEO and Founder, LimeRoad
Year Of Turnaround
Mesco believes in philosophy of turning a business around. We would like to move forward on the value
chain of steel manufacturing for improving viability of current capabilities of steel plants. In future, main products from its steel plants will be rebars, structural steel and other rolled products, while billets and pig iron would be phased out from the portfolio.
RITA SINGH, CMD, Mesco Steel
Consumers most often think that packaged foods come with some preservative or chemicals. The challenge is to break that myth. iD is 100 per cent natural, free from preservatives, chemicals or any
additives. Our endeavour is to get more consumers to try our brand and we are confident that they will stick to their choice. We want to remove inefficiency, non-profit products and tail SKUs from our
business. It’s good to have a lean and mean structure.
P C MUSTAFA, CEO, IDspecial
First Creative Crowd Sourcing Platform
We are expecting half a million registered artists on talentrack in the coming years. Our new digital asset, talentrack talkies which is India’s first creative crowd sourcing platform will drive high-volume of public curated digital content. Over the next two to three years we see us consolidating and establishing ourselves as the definitive market-leader in the MECA hiring and online-networking space. Our aggregation of artists also gives us the chance to become India’s largest producer of artistgenerated digital content.
VINEET BAJPAI, CEO and Founder, Talentrack
(This article was first published in the January issue of Entrepreneur Magazine. To subscribe, click here)