My Mistakes As An Entrepreneur

Ankit Doshi

Hello

12:53 PM

Ankit Doshi

I have been an entrepreneur for over 5 years now. Fortunately, I have survived and continue my struggle. Look forward to the discussion today on how I failed.

12:55 PM

Ankit Doshi

The biggest mistake I believe I made when starting up was that I never estimated the size of the market. I was in such a hurry to become an entrepreneur that I was more driven by the idea of being an entrepreneur and never bothered checking cold facts about the size of the market I was entering. The MBA space alone was never going to be big enough on its own. This was mistake no.1.

01:01 PM

Ankit Doshi

Mistake no.2 - I kept thinking we will enter other areas and chase a larger market but did nothing about it. Spent a lot of early time just chasing revenue and getting operations right. While it works when you have a clear business plan and once you have mapped everything well, it is important to look at the macro picture every now and then. This will ensure that you are getting good return on your time invested.

01:05 PM

Ankit Doshi

Mistake No.3 - Starting without having a technology team or co-founder in place. For an online product you need to have a core team that understands technology. It took me 6 months after starting to find my tech partner. I do believe we would have failed, grown and built faster if the technology team was core to the business from day one.

01:07 PM

Ankit Doshi

At this point, I'll be happy to answer questions if any.

01:07 PM

Shubham Agarwal

But then how has been konversation related to what you had thought of starting initially but failed

01:14 PM

Shubham Agarwal

But then how has been konversation related to what you had thought of starting initially but failed

01:14 PM

Ankit Doshi

Good question. Konversations was initially started to be a counselling platform. And it worked quite well for one on one counselling. We however wanted to attack education as a problem in India and decided to add to the mission and scope of Konversations.

01:16 PM

Ankit Doshi

What we have identified (and we aren't the only ones) is that higher education in India is extremely inefficient and ripe for disruption. There fundamentally the following issues : 1) Low ROI - Good quality is Expensive but doesn't necessarily help in getting the right jobs. Poor quality education is lose lose anyway.

01:18 PM

Ankit Doshi

2) Inefficient Duration : Do we really need 4 year courses? How much do we learn over 4 years that is truly necessary? Can we be more exact and learn stuff in a short way that we can apply quickly?

01:19 PM

System Administrator

any mistakes specifically around building the community on insideiim? you've got a large following now, but it's taken time. what would you have avoided or done better to get here faster?

01:19 PM

Shubham Agarwal

Ankit I have already read one of your blog where you have mentioned about the 2 problems of acquisition and ROI but tell me that since it's just Byju's in the market that is immensely big, how are you looking to survive in the future because very soon we have mr ambani looking forward to jump into the same sector

01:21 PM

Ankit Doshi

3) Irrelevance of Content - Lot of college education is not updated and not relevant to the real-world. The workplace is evolving rapidly but our education system cannot keep pace. Professors use techniques that don't really make sense in the practical world. How many professors have themselves experienced working in an organization where knowledge is actually used to churn out products and services?

01:21 PM

Ankit Doshi

4) Boring Content - Learning is boring because it is taught in a boring way. There is great scope to make it more engaging for learners of all ages.

01:22 PM

System Administrator

any mistakes specifically around building the community on insideiim? you've got a large following now, but it's taken time. what would you have avoided or done better to get here faster?

01:19 PM

Ankit Doshi

We should definitely have focussed only on one goal and not changed things too often. The other bigger problem however is the size of the MBA community itself. I'd say we have done well given the size and context. We should just have ventured into other communities faster. Of course it is easy to say that in hindsight - at that time survival was key and there werent enough resources to go all out. But i guess an entrepreneur's true skill lies in figuring out resources in time and i dont think i did that too well initially.

01:25 PM

Shubham Agarwal

Ankit I have already read one of your blog where you have mentioned about the 2 problems of acquisition and ROI but tell me that since it's just Byju's in the market that is immensely big, how are you looking to survive in the future because very soon we have mr ambani looking forward to jump into the same sector

01:21 PM

Ankit Doshi

If that argument holds true then no new company would ever be born. Every company has an unique strength that helps it survive and then flourish. We believe our strong community will help us in tough times and will help us grow exponentially in good times :-)

01:26 PM

Shubham Agarwal

No doubt about it, you people have been working so great that irrespective of me appearing for any entrances I love reading articles published by your team

01:27 PM

Shubham Agarwal

No doubt about it, you people have been working so great that irrespective of me appearing for any entrances I love reading articles published by your team

01:27 PM

Ankit Doshi

Thanks. Do try the free samples of the courses on Konversations.com and share feedback!

01:30 PM

Shubham Agarwal

Will surely love to try them

01:31 PM

Ankit Doshi

https://konversations.com/courses/listing

01:31 PM

Shubham Agarwal

How do you people designate different people to the suitable roles, is it the trust or their previous roles

01:32 PM

Shubham Agarwal

The last event held in Bangalore, I couldn't be a part of it personally but no doubts the platform you people tried providing then was superb, it would be great of you can just diversify your locations a bit

01:35 PM

Shubham Agarwal

How do you people designate different people to the suitable roles, is it the trust or their previous roles

01:32 PM

Ankit Doshi

We go through a 3 step recruitment process which includes an assignment. This helps is establishing the skill level of the candidate and the kind of skills he/she possesses. Also, there is a lot of subjective judgement of the leadership team. So its not fully scientific. Past data of the candidate helps give direction but isn't the only factor.

01:36 PM

Shubham Agarwal

The last event held in Bangalore, I couldn't be a part of it personally but no doubts the platform you people tried providing then was superb, it would be great of you can just diversify your locations a bit

01:35 PM

Ankit Doshi

We are in Delhi on 9th Dec and Bangalore again on 16th Dec. See if you can make it there!

01:37 PM

Aniket Patil

Hi Ankit, as you have already said that MBA coaching is a limited market, where do you see InsideIIM in future?

01:39 PM

Jewel Sheikh

Hi Ankit. What made you finally decide that its time that you need to concentrate on insideiim only and leave your job. Was it a difficult decision ? What all risks a person needs to take into account before taking such a decision

01:42 PM

Shubham Agarwal

What are the other sources of revenue for you currently except the fees from the courses

01:43 PM

Aniket Patil

Hi Ankit, as you have already said that MBA coaching is a limited market, where do you see InsideIIM in future?

01:39 PM

Ankit Doshi

First of all, we aren't into MBA coaching. We are a platform that helps students makes better career decisions - primarily joining a business school and joining a company/chasing a career. Yes, this market too is limited in its size as only about 200,000 people take CAT each year and the total number of people in the top schools in India in the short run won't be more than 20-25,000 odd. Our first goal with insideIIM is to be the best that it can be in India and be the biggest platform in India. We then move to markets in other countries. InsideIIM's journey is not over and we believe have great room for growth even today.

01:44 PM

Shubham Agarwal

What are the other sources of revenue for you currently except the fees from the courses

01:43 PM

Ankit Doshi

We have partners - Universities and Employers - we help both these types of partners build great brands that help them attract top talent in India.

01:44 PM

Shubham Agarwal

Phenomenal ? indian graduates have very less knowledge about foreign courses and the universities which makes them struggle for 3-4 years in the country and finally loosing all the hopes, you people can have a niche growth in that perspective

01:47 PM

Jewel Sheikh

Hi Ankit. What made you finally decide that its time that you need to concentrate on insideiim only and leave your job. Was it a difficult decision ? What all risks a person needs to take into account before taking such a decision

01:42 PM

Ankit Doshi

Good question. To be honest, I didn't give it too much thought (and maybe I should have). I was in a hurry to be an entrepreneur so I jumped in. Also, organically insideIIM was growing very fast and I thought I had a chance to make something more meaningful out of it. I was fortunate to have a family that not only supported my decision but also never needed any monetary contribution from me at home. That helped immensely. So impact on family is an important question to consider. Another would be the fact that you could miss out on a promising corporate career - I was clear I was ok taking that risk - I knew it would be difficult for me to get into banking again and especially at the kind of firm I was at. So thats another factor. Relationship - your girlfriend/wife needs to absolutely be on board.

01:48 PM

Shubham Agarwal

Phenomenal ? indian graduates have very less knowledge about foreign courses and the universities which makes them struggle for 3-4 years in the country and finally loosing all the hopes, you people can have a niche growth in that perspective

01:47 PM

Ankit Doshi

There aren't that many Indian graduates that go abroad though. You will be surprised by the numbers. If we are to expand into other countries - we will serve the local students there.

01:49 PM

Shubham Agarwal

Yes that is what I mean, you people can provide that platform which has been least explored till the date by indian graduates

01:50 PM

Heer Shingala

Sir, there are way too many bloggers and content sites these days. People who want to enter the space have lost first mover advantage. What is your advice to such people?

01:52 PM

Heer Shingala

Sir, there are way too many bloggers and content sites these days. People who want to enter the space have lost first mover advantage. What is your advice to such people?

01:52 PM

Ankit Doshi

Thanks for the question Heer Ma'am. I think content sites, bloggers etc. who have something unique to offer will always be noticed and will grow eventually. Having said that, if you are only creating content you might be better off using FB, Youtube, Instagram, Snapchat etc. to grow your following. Why re-invent the wheel when you have an excellent product available for free. however, you need to be smart about how you monetize it. I would say TVF, AIB, Logical Indian are excellent examples of content companies that have used various platforms to connect to audiences and still generated revenue without needing too many people to visit their site/app.

01:56 PM

Rajit Desai

Hi Ankit, when is it that you realised your mistakes.

01:57 PM

Ankit Doshi

However, advertising will be the primary source of revenue as thats how these social media giants make their money

01:57 PM

Rajit Desai

Hi Ankit, when is it that you realised your mistakes.

01:57 PM

Ankit Doshi

Great question. Its taken me hours and hours of introspection. Some failures. I started recognising my mistakes around early 2015 - 2 years ago. I was quite obsessed with generating revenue and we were already profitable by then but it happened at the cost of me losing sight of the big picture and the limits of my scope. Also, you realize that your old formula isn't growing year after year - first you question your product, then you realize its the size of the market you're chasing and the product/solution isn't an issue at all. But you only know this by doing. There is no way I could have learnt it otherwise.

02:01 PM

Heer Shingala

Well, assuming ive got the following. What are some things I should keep in mind when dealing with clients on the advertising aspect. What does your experience say in terms of dealing with these corporate giants?

02:01 PM

Heer Shingala

Well, assuming ive got the following. What are some things I should keep in mind when dealing with clients on the advertising aspect. What does your experience say in terms of dealing with these corporate giants?

02:01 PM

Ankit Doshi

Do you want to chase advertising? If yes, then you need to start working on a B2B sales strategy - recognise the decision maker in the organisation, again - focus on size of the wallet, and have ample patience - B2B conversions take time - especially in India. I would say that first step should be building an awesome following on all your channels. Your job becomes a lot easier if you say that you can influence a million people with your content. Media buyers can't ignore you then if you have a loyal following.

02:04 PM

System Administrator

Hi everyone, thanks for being part of this chat. If you have more questions, just ask us through the "Experts" section - https://konversations.com/experts

02:08 PM

System Administrator

See you next time!

02:08 PM

System Administrator

Hi everyone, thanks for being part of this chat. If you have more questions, just ask us through the "Experts" section - https://konversations.com/experts

02:08 PM

Ankit Doshi

Thank you for being part of the chat even if you didn't participate. Happy to answer questions otherwise too. I'm available on twitter @ankit9doshi and on FB.

02:09 PM