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Sharks Anupam Mittal and Aman Gupta discuss why start-ups fail, debunk myth about Indian start-up ecosystem
What’s the biggest myth about Indian start-up ecosystem? Shark Tank India 3 judges Aman Gupta, Anupam Mittal, Azhar Iqubal and Namita Thapar discuss..
Anupam Mittal, Aman Gupta, Namita Thapar, and Ashneer Grover are some of the biggest names in the Indian business sector. The Shark Tank India 3 judges are all successful today, but the road toward their success was not a smooth one. So, if you are a budding entrepreneur or an entrepreneur looking for the code to crack success, what's better than taking advice from these titans of the business sector? While we cannot promise a one-on-one with your favorite Shark, we have brought you their answers to some pressing concerns that often go through the mind of a startup founder.
Anupam Mittal, Aman Gupta, and others on myths about Indian start-up ecosystem
The Indian start-up sector has seen a boom in the past few years. While businessmen like Anupam Mittal and Aman Gupta extend their support to these new start-ups, they shared that there are many myths about the Indian start-up ecosystem. They debunked a few.
Anupam Mittal shared that founders think they set the valuation. The entrepreneur says, “You don’t set the valuation boss, the market sets the valuation. Founders think jo number unke man main aaye (the number that comes to their mind), that is the valuation.”
Aman Gupta said that entrepreneurs tend to think there’s free money available. He says, “There’s no free money available bro. The days of free lunch are over.” Namita Thapar also added her thoughts and said, “That if you don’t have profit it’s okay.”
Why do start-ups fail?
While entrepreneurs race to make their start-ups successful, it goes without saying many fail in this race. In fact, one of the popular investors of Shark Tank India 3, Vineeta Singh had several unsuccessful attempts at starting and running an insurance company, a lingerie startup, and a beauty subscription service before she tasted success with Sugar Cosmetics.
Talking about the number one reason why start-ups fail, Azhar Iqubal shared, “There is no product market for it, I think that's the fundamental reason. It’s not that the entrepreneur is not working hard, or things are not working out, it’s more like aapne jo banaya, uska requirement nahi hain. (There’s no requirement for what you’ve made).”
Aman Gupta adds another reason. He thinks founders sometimes forget to stay grounded which results in their downfall. “I feel founders sometimes lose their humility when they get funding. When things start working, they forget that you have to stay grounded and not leave the customers behind. Sar pe chadh jata hain,” says the Shark Tank India 3 judge.
Mittal also adds his insights. He says, “A lot of capital too soon, it screws up the DNA.” Azhar Iqubal agrees. Mittal continues by saying, “A lot of the companies in my portfolio is because of founder chemistry.. Failure. You know wo fad chala jata hain start-uup ka, toh wo kisiko pakad lete hain, 6-8 mahine jante hain, co-fonde chalo paise raise kar liye, but that doesn’t sustain. ”
Namita Thapar, the Executive Director of Emcure, also shares her thoughts. She adds, "The biggest reason we do not discuss is governance. Haven't you seen enough companies where their governance issues, fake bills, fake sales all of that? You know the day that Integrity is lost and you have governance issues you're finished. You could have the best of everything but if that's missing, you can't build anything on a weak foundation." Shark Aman Gupta agrees.
For the unversed, Shark Tank India 3 airs on Sony LIV from Monday to Friday at 10 PM. In the ongoing season, there are six new judges in addition to the existing judges; Ritesh Agarwal, Azhar Iqubal, Varun Dua, Radhika Gupta, Ronnie Screwvala, and Deepinder Goyal. The Sharks from the previous seasons include Aman Gupta, Namita Thapar, Vineeta Singh, Anupam Mittal, Amit Jain, and Peyush Bansal.
In addition to individual investments, there have been a couple of deals involving all the Sharks this season. Out of all the Sharks, Namita Thapar is the first one to make her exit. Her investment in Rare Planet proved to be a remarkable success story from Season 1 of Shark Tank India.
So, what are you waiting for? With this information in hand, make sure you dream big. In Anupam Mittal's words, have a hunger for success, continue to hustle, and keep humility. Nothing can stop you from making it big.
Stay tuned to Pinkvilla for more interesting insights from the Sharks!
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