‘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.
Ritika Bajaj
https://www.commonsenseliving.co.in/common-sense-living-letters/detail.aspx?date=02/20/2016&story=615&title=Entrepreneurship-Is-Not-for-the-Faint-Hearted&utm_source=archives&utm_medium=website&utm_campaign=result&utm_content=newsletter
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