Challenge:
Overcoming the failure of a previous business venture and building a new company from scratch without investment or capital funding.
Solution:
- Learned from failure: Recognized the importance of business knowledge and took the initiative to learn.
- Started small: Began with a new software development company, leveraging personal skills and experience.
- Bootstrapped: Used profits from initial projects to grow the company, hiring developers and expanding services.
- Strategic partnerships: Collaborated with friends and freelancers to build a strong team.
- Corporate structure: Established a private limited company, adopting corporate practices and standards.
Achievements:
- 6 years of sustainability: Grown the company without external funding or loans.
- Team growth: Built a team of 20, including regular employees, part-time personnel, and freelancers.
- Incubation and recognition: Secured incubation in Infopark Cochin and recognition as a startup from Kerala Startup Mission.
- Organic growth: Expanded services and client base through strategic planning and execution.
Lessons Learned:
- Resilience is key: Overcoming failure and adapting to new challenges.
- Learning from mistakes: Recognizing the importance of business knowledge and taking initiative to learn.
- Bootstrapping can be powerful: Using profits to fuel growth and expansion.
- Strategic partnerships: Collaborating with others to achieve common goals.
