World Entrepreneur Day 2024: Lessons Learnt By Start-up Founders August 21 is celebrated as World Entrepreneur Day to commemorate the spirit and hard work behind building start-ups that are on their way to bring the next big idea to the front

As the third largest start-up ecosystem in the world, India boasts of being home to over 104 million entrepreneurs or about 11.5 per cent of the adult population in the country. As of January 2024, the Indian government recognized over 130,000 startups.

August 21 is celebrated as World Entrepreneur Day to commemorate the spirit and hard work behind building start-ups that are on their way to bring the next big idea to the front.

Being a start-up founder in 2024 is far from being rosy. Qualities such as grit and determination, resilience, foresightedness, adaptability and flexibility, strong work ethic, communication and transparency, and a never say die attitude are not something one is born with. Rather, the entrepreneurial journey shapes you into developing the qualities.

The ever-evolving process

AI custom application and solution start-up MathCo was founded by Sayandeb Banerjee in 2016. The Series A funded start-up caters to segments such as consumer packaged goods, retail, and healthcare and life sciences. However, building a start-up has its own share of challenges. For Banerjee, the biggest entrepreneurial lesson has been humility, "The most important lesson is to continuously listen to your customers and adapt your offerings to meet their needs, all while staying true to your core vision. Often, the barriers to success are an entrepreneur's ego, and the inability to change with time. With over 25 years in the industry, I've witnessed countless changes, both large and small. Each of these changes has required us, as problem solvers, to adapt."

For Anand Chandra, building Arya.ag to reach a stage of Pre-Series D funding and becoming a leading player in agritech required self-reliance and belief in oneself. For him, an entrepreneur must be prepared to navigate challenges independently, without external support. "Another learning is how important it is to stay grounded. You must prepare to fail, to fall, to adapt and to keep your ego out of the way. Even when with time and success, it is extremely important not to become overly attached to your products or processes. The market ultimately dictates the value of our efforts and offerings and you must respect the market and its needs to be successful," he adds.

In a country where healthy food options have mostly been limited, Varun Madan has been able to amass a following among the masses, particularly the health-conscious audience courtesy of Salad Days. For him, the biggest lesson has been the importance of staying true to one's purpose while being adaptable in the approach. "In the beginning, we were sourcing lettuce from local markets, but the quality was inconsistent. One day, frustrated with a particularly bad batch, I decided to visit some farms myself. I ended up spending days talking to farmers, learning about growing conditions, and even getting my hands dirty. This led to the idea of having our own farm. It was a turning point for our business, giving us control over our most crucial ingredients," he notes.

For Vikas Bagaria, each stage presents its own set of challenges to be overcome. "I believe the greatest challenge any entrepreneur faces is managing and leading people, particularly when working with younger, smarter individuals. It's about continuously evolving, balancing your experience with fresh perspectives, and effectively guiding a team that's often more knowledgeable in certain areas," shares CEO and co-Founder, Pee Safe.

"I've learned that success doesn't come from grand ideas alone but from the consistent effort to execute those ideas effectively. Challenges are inevitable, but they are also opportunities to grow and innovate. To all the entrepreneurs out there, focus on understanding your customers, delivering real value, and staying grounded in your mission. The rest will follow," shares Vedant Hamirwasia, director, ODA Class.

For a sector as dynamic as gaming, innovation is of utmost importance. "In the gaming industry, entrepreneurship is not only limited to creating games but also includes fostering vibrant communities of creators and gamers. Such gaming communities inculcate a sense of belongingness, and thus encourage social interactions, collaboration and competition among members," shares Parth Chadha, CEO and co- Founder, STAN.