'Entrepreneurship Is Not for the Faint-Hearted'
He's an entrepreneur making
waves in Singapore. With a career spanning several years in diverse roles,
Joshua Kumar is ready to put on his next hat as an
ecommerce entrepreneur.
Joshua is the founder and CEO of the soon-to-be-launched Renowala.com in India, a concept that focuses on home improvement services. The website will aggregate interior design, home improvement, and home maintenance services.
Joshua is also the CEO of AceOne Ventures Singapore, a venture capital firm that focuses on enterprises that require financing, management development, technology and innovation, and access to new markets.
Joshua served seven years in the Republic of Singapore Airforce before entering the corporate world to specialise in real estate consulting and advisory services focused on the Indian markets. At present, he is an investment banker with Springforth Capital Advisors.
He has his finger firmly on the pulse of the Indian, Sri Lankan, Middle Eastern, and Southeast Asian markets. Additionally, he has an overview of corporate India, particularly in cross-cultural norms, barriers in business growth, talent spotting, and negotiation.
I was particularly interested to interview Joshua because of his work in training and coaching young people on entrepreneurship and financial literacy.
In the interview below, Joshua provides a deep understanding of the concept of entrepreneurship and how its rules apply globally... Enjoy!
How would you define entrepreneurship?
Entrepreneurship is basically an instinct that will emerge within you when the time is right. I was with the Singapore Airforce for seven years, and it was in my sixth year that I decided I wanted to start my own venture after leaving the forces. My years in the military prepared me for the new journey I was about to take.
With entrepreneurship, you get a sense of ownership and control of your own destiny. There is a drive within to achieve what is impossible. That's the motivating factor; it's not primarily about money.
Entrepreneurship is an art, like any other. It brings what has not been seen to reality, almost like how a painter or a singer touches the soul of a person... Entrepreneurship changes and enhances the way people live. Wealth automatically follows within those perimeters... If the idea is good, it will bear fruit, or else you have to plough again.
What advice do you give your students on entrepreneurship?
I advise budding entrepreneurs to adopt a new mindset and a new lifestyle. The journey of an entrepreneur is not easy and pleasant to begin with... It is not for the faint-hearted.
The initial challenges are faced with some hard knocks. Thereafter, it is time to shine. No entrepreneur - past, present or future - is exempt from challenging experiences. The more you go through the furnace, the more polished you become.
What traits does an entrepreneur need to survive the journey?
Today, every individual is resourceful and has some skill or talent to offer. The only difference between an employee and an entrepreneur is the mindset: the will to take risks, have faith in an idea, disrupt the way things are done, employ people, and grow an enterprise. These are not easy factors to consider. But this mindset is soon setting in and the world has already moved into an 'entrepreneurial era'.
Also, an entrepreneur should know what is happening in the world and be aware of the emerging trends in the industry he is entering. He must be aware of his competition and develop strategies to beat them. Additionally, he has to be a good communicator and convince stakeholders of his idea.
How should entrepreneurs prepare themselves before starting a venture?
Sun Tzu's The Art of War says, 'Know your terrain before you advance in a war.' Therefore, know what is happening in the market you are in. Without this information, you will not able to strategise your position, and you will lose the war by running out of ammunition.
Nowadays, your competitor is as prepared as you are. Market information is easily available both online and offline; they just come in different names - market report, business news, digital analytics, data research, statistics, and more.
Also, have three types of goals to reach your vision - short, mid, and long-term. By doing this, you will get the required motivation to go to the next level. Moreover, don't start planning your long-term goals before accomplishing your short-term ones. Your goals should be assessed by the results you achieve at each interim. Keep returning to the drawing board and have strong foundations at all levels to progress.
How has technology redefined entrepreneurship?
In a globalised world, technology is playing a key role in uniting people. Take for instance, WhatsApp and Microsoft office are used by the whole world. So people are technologically united and operate in the same manner. However, one will see differences in the efficiency of infrastructures and technology. For example, Western countries are used to speed, modernisation, and operate in a more open economy.
For an entrepreneur, technology has made it much easier to go global with your plans and connect with people who can partner in your idea. Leaders can take advantage of the digital age by downloading any information they require. Thus, as entrepreneurs, stay updated on the various technological advances and embrace them with your heart and mind.
Your views on the Indian startup scene and the Startup India program in particular?
India has woken up to the drumbeat of entrepreneurship. They no longer need to go to the US or UK to start something anymore. Everyone realises the fact that India is the second largest consumption market in the world and soon to be the largest. The government too is encouraging startups.
As a leader of the country, the Prime Minister had no choice but to join in the drumbeat. If not, India would see a brain drain again and the best entrepreneurs would leave the country. Both Startup India and Digital India campaigns should be welcomed... It shows India is embracing the new entrepreneurship era.
But Startup India will take time to get implemented. I honestly don't think the government can do much, as India's rice bowl is not start-ups, but traditional industries such as agriculture, manufacturing, mining, and service sectors. Entrepreneurs do not need such handouts to survive; the spirit of entrepreneurship thrives under any circumstances.
What's your personal mantra for success?
Today, most of us multi-task and wear different hats. As you evolve, you also tend to become more resourceful. I get immense satisfaction from contributing my thoughts and experiences to young entrepreneurs.
As is often said, success is not a destination, but a journey. We should keep reinventing and rethinking on what we are doing or else you become obsolete.
Joshua is the founder and CEO of the soon-to-be-launched Renowala.com in India, a concept that focuses on home improvement services. The website will aggregate interior design, home improvement, and home maintenance services.
Joshua is also the CEO of AceOne Ventures Singapore, a venture capital firm that focuses on enterprises that require financing, management development, technology and innovation, and access to new markets.
Joshua served seven years in the Republic of Singapore Airforce before entering the corporate world to specialise in real estate consulting and advisory services focused on the Indian markets. At present, he is an investment banker with Springforth Capital Advisors.
He has his finger firmly on the pulse of the Indian, Sri Lankan, Middle Eastern, and Southeast Asian markets. Additionally, he has an overview of corporate India, particularly in cross-cultural norms, barriers in business growth, talent spotting, and negotiation.
I was particularly interested to interview Joshua because of his work in training and coaching young people on entrepreneurship and financial literacy.
In the interview below, Joshua provides a deep understanding of the concept of entrepreneurship and how its rules apply globally... Enjoy!
How would you define entrepreneurship?
Entrepreneurship is basically an instinct that will emerge within you when the time is right. I was with the Singapore Airforce for seven years, and it was in my sixth year that I decided I wanted to start my own venture after leaving the forces. My years in the military prepared me for the new journey I was about to take.
With entrepreneurship, you get a sense of ownership and control of your own destiny. There is a drive within to achieve what is impossible. That's the motivating factor; it's not primarily about money.
Entrepreneurship is an art, like any other. It brings what has not been seen to reality, almost like how a painter or a singer touches the soul of a person... Entrepreneurship changes and enhances the way people live. Wealth automatically follows within those perimeters... If the idea is good, it will bear fruit, or else you have to plough again.
What advice do you give your students on entrepreneurship?
I advise budding entrepreneurs to adopt a new mindset and a new lifestyle. The journey of an entrepreneur is not easy and pleasant to begin with... It is not for the faint-hearted.
The initial challenges are faced with some hard knocks. Thereafter, it is time to shine. No entrepreneur - past, present or future - is exempt from challenging experiences. The more you go through the furnace, the more polished you become.
What traits does an entrepreneur need to survive the journey?
Today, every individual is resourceful and has some skill or talent to offer. The only difference between an employee and an entrepreneur is the mindset: the will to take risks, have faith in an idea, disrupt the way things are done, employ people, and grow an enterprise. These are not easy factors to consider. But this mindset is soon setting in and the world has already moved into an 'entrepreneurial era'.
Also, an entrepreneur should know what is happening in the world and be aware of the emerging trends in the industry he is entering. He must be aware of his competition and develop strategies to beat them. Additionally, he has to be a good communicator and convince stakeholders of his idea.
How should entrepreneurs prepare themselves before starting a venture?
Sun Tzu's The Art of War says, 'Know your terrain before you advance in a war.' Therefore, know what is happening in the market you are in. Without this information, you will not able to strategise your position, and you will lose the war by running out of ammunition.
Nowadays, your competitor is as prepared as you are. Market information is easily available both online and offline; they just come in different names - market report, business news, digital analytics, data research, statistics, and more.
Also, have three types of goals to reach your vision - short, mid, and long-term. By doing this, you will get the required motivation to go to the next level. Moreover, don't start planning your long-term goals before accomplishing your short-term ones. Your goals should be assessed by the results you achieve at each interim. Keep returning to the drawing board and have strong foundations at all levels to progress.
How has technology redefined entrepreneurship?
In a globalised world, technology is playing a key role in uniting people. Take for instance, WhatsApp and Microsoft office are used by the whole world. So people are technologically united and operate in the same manner. However, one will see differences in the efficiency of infrastructures and technology. For example, Western countries are used to speed, modernisation, and operate in a more open economy.
For an entrepreneur, technology has made it much easier to go global with your plans and connect with people who can partner in your idea. Leaders can take advantage of the digital age by downloading any information they require. Thus, as entrepreneurs, stay updated on the various technological advances and embrace them with your heart and mind.
Your views on the Indian startup scene and the Startup India program in particular?
India has woken up to the drumbeat of entrepreneurship. They no longer need to go to the US or UK to start something anymore. Everyone realises the fact that India is the second largest consumption market in the world and soon to be the largest. The government too is encouraging startups.
As a leader of the country, the Prime Minister had no choice but to join in the drumbeat. If not, India would see a brain drain again and the best entrepreneurs would leave the country. Both Startup India and Digital India campaigns should be welcomed... It shows India is embracing the new entrepreneurship era.
But Startup India will take time to get implemented. I honestly don't think the government can do much, as India's rice bowl is not start-ups, but traditional industries such as agriculture, manufacturing, mining, and service sectors. Entrepreneurs do not need such handouts to survive; the spirit of entrepreneurship thrives under any circumstances.
What's your personal mantra for success?
Today, most of us multi-task and wear different hats. As you evolve, you also tend to become more resourceful. I get immense satisfaction from contributing my thoughts and experiences to young entrepreneurs.
As is often said, success is not a destination, but a journey. We should keep reinventing and rethinking on what we are doing or else you become obsolete.
By Ritika Bajaj
COMMON SENSE LIVING
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