Entrepreneurs cannot build sustainable, scalable startups through ‘Jugaad’, says Rizwan Koita, CEO of CitiusTech
- ByStartupStory | August 1, 2022
As per Rizwan Koita, co-founder & CEO of CitiusTech, the famed Indian ‘jugaad,’ a flexible technique of fixing an issue with little resources, although it may solve a problem in the near term, it might hinder entrepreneurs from developing a viable firm that can be scaled up. Koita stated at TieCon Mumbai 2022 that startups must regard themselves as organized and process-driven or perhaps a value-driven organizations to achieve scalability.
Koita encouraged entrepreneurs that the basis of their companies should be sturdy and without fractures for the organization to scale up. “If the foundation is not built to size, one of its pillars will fracture at some time,” he explained. Harsh Jain, the creator of Dream11 and panelist, stated that entrepreneurs stumble every year, a few even every month, but that this is how they learn. Entrepreneurs seldom benefit from their successes. “One of the most important lessons for entrepreneurs is to concentrate on one problem at a time.” All entrepreneurs would acknowledge that solving many challenges at once excites us. “However, an entrepreneur must say no to many things that he is capable of doing,” Jain explained.
BookMyShow CEO Ashish Hemrajani stated at TieCon Mumbai 2022 that the success of a business is also dependent on what the entrepreneurs do throughout an economic upcycle as well as downcycle. “Whenever there is an economic slump, entrepreneurs must take advantage of it, and only then can firms become stronger that run for a long time,” he explained. About the entrepreneurial path, Hemrajani stated that, just as sailing in strong winds does not create a competent sailor, it is difficult times that challenge an entrepreneur & bring out the best in him or her.
Anupam Mittal, a senior investor & CEO of Shaadi.com, stated that entrepreneurs increasingly believe that they must have venture capitalist funding to begin their efforts. “I don’t believe anything could be further from the truth. Of course, if entrepreneurs are in a very competitive area and two players get capital, they should raise funds as well, but it is not the only category to enter,” Mittal added. He also stated that entrepreneurs should not develop a firm in the hopes of receiving a large sum of money from a venture capital fund.
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