CHENNAI: Life of an entrepreneur is full of ups and downs. We face challenges on daily basis for which solutions are not very obvious. So one needs to keep trying and be persistent. Ideas alone don’t succeed, execution matters. One need to be very aggressive in terms of experimenting. Don’t get attached to Ideas; if one idea is not working let it go and figure out the next one. A company is made by people who run it. Having a right team will increase chances of succeeding. It is very important to hire good team members, get good investors and on-board right partners along your journey. For having the right execution, there is one key principle and that is—“It is easy to double your revenue by doubling your conversion rate than doubling your traffic”. Hence it becomes very important to fix conversion rate before scaling, else you will loose a lot of money into marketing. This one mostly applies to B2C businesses. Another very important thing one must focus on is cash flow. It is like blood in your body; if you don’t focus, you may drain out.
Sankar Kotull is the CEO and founder, Paisawapas.com