A world where the success of the entrepreneur is judged by the amount of money generated.
“Try not to become a man of success, but a man of value.”
Value creation is the primary aim of any business entity. It is not only inclusive but the clarity of what the term means is incredibly important in business. Headstart invited Mr. Samyak Chakrabarty, the founder of X Billion Labs to deliver a session on his experience with value creation. He is behind the Indias 1st youth marketing and research consultancy. Mr. Samyak has not only popularized MUNs and partnered with the UN but is also trying to create a mark in the unemployment sector. Finally, he has been voted as Asia’s Most Influential under 30 by Forbes.
The first principle of business is to create sustainable value for society, employees, stakeholders, creditors, and find solutions to the problems people face. Instead, the market is cumulatively moving towards a massive bubble of having an aim to ultimately get the dream exit. Mr. Samyak believes that it is time to go back to the fundamental values of the business. This entire chain of hypothetical assumptions has to end. The truth is that the entrepreneurs want to start a business not to run it, but to sell it and that mindset is extremely dangerous.
The pandemic has acted as a filter that has bought out the difference between businesses with weak and strong fundamentals. It has made entrepreneurs reflect and see if their business has the ability to survive storms. COVID has made people realize what goods are essential and which ones they do not need. Hence, It is important to focus on the outcome and the impact instead of the sales to survive in the post-COVID period.
Did you know the actual life span of a successful business is somewhere between 3 to 5 years? Having a clear purpose and not chasing growth in a rash and rapid way are two learnings Mr. Samyak has taken away from X Billion Labs. The company is trying to link unemployability with a lack of intelligence.
The problem is that there are too many qualified people on paper, but too little when it comes to performing in real-life situations. X billion labs help build innate abilities needed in a model business setting – emotional intelligence, negotiations, problem-solving, creative thinking, etc. They not only ensure that the sale is profitable from Day One but they work with only a small number in the beginning and expand once the base is solid.
Black Dot is an operation that is often misinterpreted by people. It was initiated by Mr. Samyak to make the process of voting for elections less cumbersome and more interesting for the youngsters. After research, he realized that the agendas in politics are not relevant to the youth, and getting Voters ID made is a hard and time taking process. Through this operation, at least 40,000 youngsters ended up creating a voting ID and becoming a part of elections. There were a number of activities organized to attract young voters. For instance, they partnered with Nano so that the cars could pick the teenagers up from the location, take them to the voting booth and drop them back.
Pulling in like-minded people in the business may increase value, but is something Mr. Samyak does not recommend. He strongly believes that if you keep doing what you are doing, the right people will eventually find you. Do not do things to attract people but do them because you enjoy and believe in them.
Searching for the right investor is never easy. Even though the first step should not be finding investors, it should be finding customers; you do have 2 options that may get you to the right investor. First, Debt; a double-edged sword. While it may be dangerous, it will keep pushing you to increase profitability. Secondly, it is important for you to be clear about your values so that you can make sure if the investor is aligned with them. You better not run a business rather than running it by doing something you don’t want to do.
Running a business is not just about making money. It is about sleepless nights, creating a vision, and making sacrifices. Do not force-fit ideas, find something within you that you feel needs solving. Have the tenacity to go through the failures, just believe that you can eventually reach your goal.
Corporate Social Responsibility should not be looked upon as a kind of tax by the companies. The initiatives related to CSR should take place to invest in future solutions and to map the business process for clarity.
Here are some essential qualities that a founder needs to take the business to the next level –
- Detachment – Sometimes you have to be harsh and brutal to people. Be it good/bad, do not get too affected by any situation that you face.
- Believe in yourself – You will be questioned a lot on this journey. Listen to what others have to say, but in the end, do what you think is right.
- Don’t chase innovation – Understand the difference between innovating and creating. Your main focus should be to look within yourself and find a solution instead of forcing innovation.
Mr. Samyak keeps himself motivated through customer appreciation and encouragement. Positive reviews by users and creating an impact are two factors that keep him going. His advice to the budding entrepreneurs is to, in fact, not take anyone’s advice and live it for yourself. Commence the journey of finding your purpose, finding yourself, and make sure you don’t take life too seriously.
The session was full of practical insights on creating value and in fact, even motivated everyone in the audience. It turned out to be an eye-opener in terms of not just chasing money but chasing your passion. It is simple – find your calling, chase it, and make it grand!
Contributed by –
A volunteer at Headstart.