Ashok Soota, one of the pioneering leaders of the Indian IT industry and a serial entrepreneur, addressed the ChannelWorld Premier 100 conclave and shared his two cents worth on cracking entrepreneurship.
As the first step to creating a successful startup, Soota emphasized on the need to ‘platformize’ offerings.
He touched upon the areas receiving the highest funds today. “Obviously, the hottest area today is IoT. In addition to this, you have areas like fintech, edutech, or healthtech.” He said that these opportunities are best taken advantage of by ‘platformizing’ your offerings.
Those of you who choose to do an IPO must have a roadmap for business by strategizing a five-year vision and then working backward.
Ashok Soota, Executive Chairman at Happiest Minds
Soota added that marketing has become very intrusive. It’s very important for companies to build trust, be it in B2B or B2C. “The best way to do so is to focus on customer experience. There will be times when things go wrong, but you need to look at these as business opportunities to build trust.”
Pointing out the need for effective governance, Soota said: “It’s very important that you build your organization with the highest standards of corporate governance.”
“Very often, when we look at smaller companies, we find there are really questionable practices in the way they recognize revenues,” he added.
On timing it right
Another key factor in ensuring success is your timing. Be it the time in entering the market, raising funds, or investing your capital. "Those of you who choose to do an IPO, you must have a roadmap for business by strategizing a five-year vision and then working backward."
Soota ended the session saying that the journey of entrepreneurship should be a joyous and happy one.