Having a good idea and being passionate about it is core to being an entrepreneur, but having some experience to execute plans in a correct manner is also essential, said Vani Talwar Khosla, Co-Founder, TidyUP while addressing a question pertaining to whether the age of new entrepreneurs is getting younger, at the BW Disrupt YEA Summit 2022.
Conveying the requisite for future-proofing, Bharat Bansal, co-founder and CEO of Nirmalaya, added that first you have to focus on financial sustainability, followed by an ability to adapt to the changing environment in such a way that you don't become obsolete. Further, quoting his father’s mantra, he added, "In order to be stable, you have to keep running."
Reflecting on the measures to sustain an ever-changing market, Parul Sharma, Founder of Gladful, stated, "The only way to survive the future is to constantly innovate. Companies like Nokia, which were once market leaders, eventually vanished due to a lack of innovation. Hence, at any point in time, we cannot get complacent. Because the needs of the consumer are always changing."
Sharma also underpinned the changing methods of business operations by stating, "Gone are the days of one product company. Companies cannot build their businesses the way they did 50 years ago. Today, the need to have a certain category refrain and serve a certain customer need is evident."
Underscoring the importance of standing true to the core of your business, Nitesh Singh, Co-Founder, Blue Tea, mentioned that setting short- and long-term goals and acting towards the long-term goals helps you align with your vision despite the temptation of strong funding coming your way at the cost of compromising with your core offering.