Successful Entrepreneurs

  • Post last modified:14 March 2024
  • Reading time:27 mins read
  • Post category:Entrepreneurship
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Evolution of Start-ups in India

Location acts as an important factor in the success of any enterprise. Generally, enterprises prefer to establish themselves at places where transportation costs are low and there is the availability of cheap labor. Alfred Weber, a German economist, developed the idea of industrial location in 1909. During the early stages of the Industrial Revolution, factories sprung up in places where manufactured products were already being produced. Woolen textiles were created in farmhouses on sheep-breeding farms in these locations.

The change took place in the same region, from a farmhouse to a mill. Because many of these textile mills were located near coalfields, the transition from water-powered to steam-powered mills happened in the same location. When steel manufacturing mills were relocated from local forges to coal-fired mills, the same thing happened. Mills and factories sprung up on coalfields throughout the early Industrial Revolution and they stayed there for more than a century. These raw material areas were losing their dominance by the end of the nineteenth century.

Roads were in poor condition and sluggish during the start of the Industrial Revolution. Canals were built quickly to transport heavy industrial goods, but they did not create a well-connected network. By the end of the nineteenth century, railways had grown into large networks, allowing industrial locations to become independent of raw material sources. In the Twentieth century, this tendency continued with roads and automobiles, but water transportation, particularly the sea, remained dominant for long-distance delivery of industrial commodities.

Weber’s study took place at a time when railway networks had reached their full potential. As a result, he was worried about the balance between raw material location, manufactured goods market, and transportation. What exactly is a small business? A small business, often known as a factory or plant, is a single structure or location that produces produced items.

Stories of Success and Failure of Start-ups

Some of the most inspiring success stories begin with a failed business venture.

Evan Williams (Odeo)

Evan Williams launched Odeo, a podcasting platform, in 2005. Odeo only raised a Series A round after failing to compete with Apple’s iTunes store. Williams’ side project, Twitter, on the other hand, became, well, Twitter.

SocialNet, an online dating and social networking service, was launched in 1997 to connect people for professional networking, roommate matching, and dating. Unfortunately, the site failed, but founder Reid Hoffman attributes his failure with SocialNet as the foundation for LinkedIn’s success.

The phases of the Stories of Success and Failure of startups are listed below.

Shyp, raised $62.1 million

Shyp, the newest failure on our list, was formed to make international shipping as simple as “two taps on a smartphone.” Shyp attracted the New York Times’ attention and a lot of investment interest just a few months after it launched. It was evident that the issues they were addressing were resonating with a significant number of people.

Rapid expansion drew comparisons to Uber and as Shyp’s CEO and creator, Kevin Gibbon, said in a blog post announcing the company’s closure:

“Uber has changed how people thought about transportation.” I was assured that we could do the same. And I was convinced. I became fascinated by the tale that the data revealed.”

Shyp was unable to keep up with its expansion when customer demand halted. Shyp marched forward rather than altering his strategy from consumer client acquisition. Although Gibbon ultimately listened to the advice to scale down expansion and refocus the firm, it was too late.

The company’s potential for a prosperous future was hampered by early missteps and the “growth at all costs” mindset finally led to Shyp’s downfall.

Beepi, Raised $149 Million

When Beepi launched its used automobile marketplace, it made a tremendous sensation. Beepi’s future seemed bright to customers and investors in a world of expanding on-demand marketplaces. Beepi received a $60 million Series B investment round in 2015.

Beepi’s high burn rate contributed to the business’s downfall, making it a typical example of a company with a “strong idea but lousy execution.” According to TechCrunch, Beepi’s leaders were blowing through $7 million per month due to “grossly exorbitant wages” and spending on needless luxuries like a “$10,000 sofa” for an executive’s private office.

The founders may have been fixated on obtaining too much money too quickly and were far too aggressive in arguing for greater valuation. According to reports, management was also known to micromanage choices, denying its people the opportunity to respond rapidly and learn. Beepi was forced to lay off 180 employees after an undisclosed significant Chinese investor backed out of its backing. Beepi blew over its $149 million in capital, eventually combining its surviving pieces with and reporting an attempt to repay creditors afterward.

Juicero, Raised $118.5 Million

Juicero was noted for its $699 Wi-Fi-connected luxury juicer that needed proprietary juice packets when it was founded in 2013. Doug Evans, the company’s creator, likened himself to Steve Jobs in his quest for juicing perfection, claiming that his juice press could “lift two Teslas.” Juicero has been dubbed the “Keurig for juice” by tech websites.

Even though Juicero’s CEO, Jeff Dunn, a former president of Coca-Cola North America, claimed that it was “far more” than a juicer, the public appeared to disagree. Consumers were turned off by the allegedly antiquated and big equipment when Bloomberg released a video showing that their juice packets could be squeezed just as quickly, if not faster, by hand. Investors also pointed out that the gadget was larger than expected.

In response to the unfavorable publicity, the team reduced the price of their machine to $399. Juicero closed its doors 16 months after its initial introduction after reallocating resources to cut the price of the machine and juice packets. To continue their objective of creating a premium juice brand, they would have needed an “acquirer with an existing national fresh food supply chain,” according to their final blog.

Peppertap, Raised $51.2 Million

Peppertap, situated in Gurgaon, was founded in 2014 with the goal of “revolutionizing grocery shopping” as an Indian supermarket delivery service with low fees. The inventory-free business model was used by the mobile-first corporation. They collaborated with local food shops, which made regional development much easier.

However, there were a few issues with Peppertap’s mobile-first strategy, according to a blog post describing the company’s triumphs and shortcomings. First, the mobile app’s interaction with partner retailers was not flawless, resulting in “far too many stores going online far too rapidly.”

To create a big and loyal client base, Peppertap relied on a discount strategy. With the final aim of large client loyalty and acquisition, Peppertap justified its losses. Peppertap, on the other hand, was losing money on every order and was about to run out of money.

Peppertap ultimately determined that “sooner (read: while retaining a major portion of the cash we had raised) was preferable than later.”

Spring, Raised $56.7 Million

Spring, a healthy food start-up, shut down in May 2017, illustrating that on-demand food delivery is a difficult business.

Sprig’s demand continued to increase at a $110 million valuation, but CEO Gagan Biyani noted that “the complexity of controlling meal manufacturing to delivery at scale was a hurdle.” Sprig reportedly burned through $850,000 each month and was unable to find a buyer, according to Bloomberg.

Howard Hartenbaum, a partner at August Capital, outlined to Bloomberg why the business model is untenable.

Yik Yak, Raised $73.5 Million

Yik Yak, an anonymous messaging software founded in 2013, has taken college campuses by storm. Yik Yak, which was valued at $400 million at its height, was unable to keep up with pupils as Snapchat grew in popularity.

Yik Yak has been banned from various campuses, including the College of Idaho, due to cyberbullying, threats, and nasty material. Yik Yak was unable to sustain its buzzworthy quality due to its inability to convert to group texting. Finally, app downloads fell by 76 percent in 2016 compared to 2015. In April of 2017, Yik Yak closed its doors.

Doppler Labs, Raised $51.1 Million

Doppler Labs, which has been in business for four years, aimed to place a computer speaker and mic in everyone’s ear with their Here One product. Production took longer than expected due to manufacturing issues. Doppler Labs was unable to beat AirPods to market or capitalize on Christmas sales as a result. To make matters worse, the new AirPods had a five-hour charging time. The battery on the One lasted only two hours when listening to music.

Doppler Labs would need to raise another $10 million to release a new product. Over 100,000 Hear Ones were expected to be sold by Doppler Labs. Only 25,000 Hear Ones were sold, which was disappointing. Due to poor sales, they were unable to raise further funds to keep their firm afloat.

Case Studies on Successful Entrepreneurs

Here are Some Case Studies of Successful Entrepreneurs:

Success Story of Mr. A. Rafi Ahamed

Mr. A. Rafi Ahamed, an engineering graduate, was keen to establish a business in the Trichy region since he recognized the potential in the fabrication sector. For this project, he was able to get two acres of property. He was well-versed in the procedures for acquiring a loan under the PMEGP and gaining vendor status with the BHEL Trichy Unit. His goal in attending the EDP was to earn the training certificate that is required to secure a loan under the PMEGP.

Rafi was well-versed in the subjects covered in an EDP. As a result, he was quite engaged and receptive to the questions that were given to him. When other trainees couldn’t understand a lecture point, he would explain it in his approach, as if he were a practicing entrepreneur.

He also assisted them in putting together business proposals for the class. He secured the loan right after the training since he was prepared with all of the necessary paperwork and he promptly formed the unit ‘Engineering Fabrication Job Work.’ He began undertaking fabrication work for BHEL’s tier-I outsourced industries. In Trichy, he also receives job orders from other large private units.

Success Story of Mrs. R. Layaan Nisha’s

Mrs. Layaan Nisha was interested in starting her own business because she is married to an entrepreneur. But, having only studied up to +2, she was unsure if she was capable of doing so. She did, however, often attend any business-related program in the city. As a result, when she learned about the ni-msme EDP at Periyar TBI, she was overjoyed since the press release said that following the training, she would get hand-holding support from RGUMY.

Nisha was a person who was always interested in learning new things. She attended the Periyar TBI training program from October 25 to November 10, 2010. She was able to apply her experience to her husband’s business concerns during the EDP. She was a vivacious and honest performer when it came to the tasks she was given. She always came up with a list of questions at each session, which prompted other participants to ask questions as well. She came up with her company concept on the second day of training and began working on her business plan the next day. She was then introduced to a local entrepreneur who specialized in the production of Areca nut plates.

When he complained about a design flaw in his machine, she conferred with her husband and decided to manufacture machinery for the production of Areca nut sheath items as well. As a result, she was able to create a variety of molds. Nisha was able to obtain the necessary financial, workplace, and manpower assistance from her spouse.

As a result, she set up her unit right after the instruction. Her husband aided her by rectifying the machine’s design defects and creating molds for new designs and her items began to gain traction in the market. Nisha was the master trainer, when the Incubator organized a training program for 2 days in the Andaman Nicobar Islands in July 2012.

Nisha was invited by Periyar TBI to train women in skill development. She trained the crew and also airlifted a portable version of her machine to the island. The government on the island was extremely grateful. She is now obtaining her raw materials from the islands since the cost is low and there is a reliable supply. Nisha is now a highly successful entrepreneur and she has realized her ambition of being a well-known businesswoman.

Success Story of Mr. K. Gokulakrishnan

Mr. Gokulakrishan, a recent science graduate, had no intention of working hard. He was born into a middle-class family and had no desire to look for work; instead, he was developing a low-cost business. As a result, he took up milk procurement as a part-time job to help pay his bills.

Through a friend, Mr. Gokulakrishnan approached the CEO of TBI and asked her to recommend an innovative product for a new business. He enrolled in the Entrepreneurship Development Programme of the ni-msme, Hyderabad, which was organized by Periyar Technology Business Incubator from November 15 to December 1, 2010, at her suggestion. Participants were invited to suggest an alternate usage for an existing product during one of the EDP sessions they attended.

He came up with the notion of converting maize into a human meal (Gokulakrishnan had previously worked as a field staffer for a firm that procured milk). As a result, he was exposed to maize (which was used as cow feed). When his fellow participants remarked on him, he took it as a challenge and prepared some sooji with the pulverizer machine supplied at the Incubator, then cooked “Kitchadi.” It garnered a positive reaction, encouraging him to pursue the concept further. For him, the EDP has aided in the organization of his firm and provided the basis for a professional approach.

The EDP has not only assisted him in developing a new product concept, but it has also streamlined his previous business, saving him time and effort. Mr. Gokulakrishnan then became a client of the PTBI and began making sooji on a modest scale utilizing the facility. He formed “United Food Products” and began producing sooji, which he packaged in a high-quality package. He didn’t have to put much money into the firm because he could rent space at the incubator.

Success Story of Mrs. A. Tamil Selvi

Mrs. A. Tamil Selvi was a modest housewife with two boys till her husband became ill. She was only schooled up to the eighth grade, which means she will not be able to find a job that pays well enough to support her family and pay for her husband’s medical treatment. She promptly decided to use her tailoring skills and formed a sewing unit with three machines, determined to solve the problems on her own. The income was sufficient to meet the basic needs of the household. She learned about ni-msme training at Periyar TBI from a newspaper advertisement when she wanted to increase her income

During the period 15.11.2010 to 01.12.2010, she attended the ni-msme program at Periyar TBI, which offered women instruction in the production of jute goods. She realized she had intrinsic abilities after the entrepreneurial inputs on success motivation and she felt confident in her ability to improve them significantly. She was quite engaged during the course and was able to pinpoint two of her primary interests: jute goods and women’s parlor. For training, she was referred to a jute product factory. She was able to make arrangements to establish her business “Sri Sai Bags” at the end of EDP.

Tamil Selvi had committed a few of her gold jewels and raised a modest sum of money to purchase a few sewing machines for jute materials. She also became a member of the Jute Corporation, allowing her to purchase raw materials at reduced prices. She taught a few women tailors how to stitch jute materials with power sewing machines. All of the following counsel was provided to her by Periyar TBI and she followed it to the letter. Periyar TBI also taught her how to use the internet to get new ideas for her business.

She also received a bulk order for `3.00 lakhs from a Chennai-based consumer shortly after being featured on the cover of the renowned Tamil magazine “Aval vikatan.” Most State Government Schemes now use Tamil Selvi as a recommended trainer. She paid off all of her financial obligations related to her husband’s medical treatment. She has enrolled her son in a fashion design school in the hopes of turning the little business into a major brand in the future.

Success Story of Ms. K. Rani

Ms. Rani is a vibrant young woman. She was a stay-at-home mom with no business experience. During the 2010-11 academic years, she participated in an EDP course organized by Periyar TBI and funded by ni-msme in Hyderabad. She discovered the extent of the food processing sector after attending the course.

She looked at the market and decided to make ready-to-eat upma. Periyar TBI aided her in the preparation of ready-to-eat upma by providing workspace and machinery for grinding, mixing, and other tasks. Periyar TBI also assisted her in labeling and covering the powder. ‘Rani’s Products’ was the name of her new business. Her ready-to-eat upma is now in high demand in the market and she is making almost `8,000/- each month from it. She intended to develop her brand name by preparing several items after the success of this product. She is now also making idly podi, Green leaves podi, and Milagu podi under the ‘Rani’ brand.

Entrepreneur as a Leader

A vision is essential for a successful leader. Many authors have written articles about the attributes, behaviors, beliefs, and attitudes that define an entrepreneur’s success. The following are the traits of entrepreneurs as leaders:

A successful leader can communicate effectively

Make your vision evident to others. Encourage two-way communication among managers and non-managers and make yourself available to others at all times. When it comes to directions and instructions, try to be concise and explicit. Above all, a successful leader avoids broad generalizations and ambiguities, which may lead to miscommunication, conflict, and poor performance.

Employees are supported and guided by a successful leader

Begin by assisting others in defining and achieving their objectives by recognizing and removing any roadblocks. Provide the necessary resources (time, money, people, information, and equipment) for the work to be completed. Do not chastise people for making errors when they’re taking a calculated risk.

Instead, think about what went wrong and what went right. After that, work with the employee to fix the problem. Determine whether a second try at a previous objective is required and if so, give support. Provide relevant feedback throughout the process to encourage good attitudes and activities. Serve as an example of a positive attitude and employ strategies that others may learn from.

An effective leader has faith in himself or herself

A competent leader has a strong feeling of self-assurance that has been established over years of learning, experimenting, and failing — but constantly evolving. Be conscious of your strengths and weaknesses and exhibit your abilities without bragging. Assume responsibility for personal flaws and failures without concealing or blaming others and understand that making a mistake does not imply inferiority.

A successful leader provides an environment in which people may grow and thrive

Recognise that no single person has all of the solutions. You may collaborate with colleagues to promote organizational productivity and improve individual job satisfaction by understanding the impact that motivational approaches can play in increasing employee performance.

Here are some suggestions for creating a motivating environment:

  • Rather than telling people what you think, ask them what they think.

  • Rather than giving people the best approach to fix a problem, have them come up with answers or possibilities when they seek help. Discuss the merits of their points of view and how to make them work.

  • When workers express their thoughts, give them good comments. Make ideas or attempt to fix problems. Reinforcing their conduct will inspire them to be more spontaneous, think outside the box, and innovate.

  • Even if you do not know the answer, ask questions. Pose difficult questions to your staff to get them to think, plan, and react. Above all, encourage your personnel to take on new challenges.

  • Encouraging employees to take calculated risks is a good idea. When they do, as well as when the risk-taking results in a negative consequence, encourage them. In these circumstances, assess what went wrong and urge the adoption of other, more suitable risks.

An effective leader manages by walking about

Getting out of the office and going around the department, factory, or building to engage with other employees allows you to see individuals on the front lines doing their jobs. Create a chance to have a casual conversation with workers and learn more about their job issues and personal life.

A successful leader acts and reacts with integrity

According to Jim Kouzes and Barry Posner, authors and developers of the Leadership Challenge program, the most important trait of successful leaders is honesty. Honest leaders have an easy time gaining trust and confidence. Employees who see their leaders as honest are more likely to work more, raise questions, and appreciate them. Employees will take criticism from leaders they trust and believe, whether favorable or negative.

An effective leader builds and encourages a learning environment by doing the following

Recognise that increasing worker happiness, motivation, and productivity requires more education, more working experience, and confronting diverse mindsets. Encourage others to think outside the box and look at problems from different angles regularly.

An effective leader perseveres

Do not let hurdles or a lack of answers deter you from reaching your objectives. Continue to strive for greatness despite obstacles and criticism and inspire others to do the same.

An effective leader discusses his or her achievements

Be aware that successful outcomes are rarely the product of a single person’s efforts or contributions. A self-assured entrepreneur shares the spotlight and praise with others who helped create the final product or service.

Article Source
  • Pednekar, A. (2010). Entrepreneurship management. Himalaya Pub. House.

  • Worthington, L. (2021). Entrepreneur. [S.l.]: Bloodhound Books.

  • Council, Y. (2022). Council Post: Six Personality Traits Of Successful Entrepreneurs. Retrieved 4 June 2024, from https://www.

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