Business Today 14th January 2018 - Page 177

The Best Management Lesson I Learnt BY PANKAJ VERMANI Founder and CEO, Clovia ILLUSTRATIONS BY RAJ VERMA Reid Hoffman that says: “An entrepreneur is some- one who jumps off a cliff and builds a plane on the way down.” But like all laws of nature, like every other as- pect of creation, entrepreneurship also comes with its principles. There are no specific rules or laws for survival, but the basic principles of physics and mathematics also hold true in this space. Today, I am in my third venture. From being part of a garage start-up that was sold for good money to burning tonnes of cash in difficult mar- kets to build traction, I am lucky to have seen it all. The more you travel, the richer the experiences and stronger the patterns you start to see. And the same goes for entrepreneurial journeys. Here is a spoiler alert! What I am going to say is mundane. For some of you, it is rhetoric. But that is what business is all about. While innovation helps you change the game and create opportunity, it is the mundane and the boring that would help you milk it and make the moolah out of it. Uber changed the way the world travels. But even as the innovation con- tinues, it all boils down to how many people are travelling from A to B and how many vehicles are available to help them do that. Once again, the mundane. Business, small or big, young or in the growth stage, is all about taking multiple deci- sions every single day. At a start-up, you follow your gut more than data. But as data starts to accumulate, so does its power to help you do the right thing. Eventually, the speed of your business boils down to what you consider the key success factor of your business and how insanely you track it while you continue to in- novate. Figuring out the key growth parameter or the key performance indicator (KPI) is one January 14 I 2018 I BUSINESS TODAY I 177