The Founder Story
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Ever imagined about starting a business? Ever thought of the funds and many other things you will need to start one? Here's a great story that will inspire you to the core. Shivam Dhawan, Founder CEO of GetBoarded and VideoWiki, shares his journey of starting with just an idea and using his planning and management skills to convert this idea into a successful startup. This presentation focusses on the key factors one should keep in mind while planning to start a business. Do remember that PLANS ARE NOTHING PLANING IS EVERYTHING
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The Founder Story
- 1. Lessons learnt in the last 2 entrepreneur years of my life of launching four start-up businesses in four countries RandomLifeHacks-
- 3. Strategist 2015 -2017 oAb eut M Shivam Dhawan Business Analytics and Business Intelligence Innovator 2007 -2012 Business Analyst2012 -2015
- 4. Sustainabilit y Lifelong oAb eut M Shivam Dhawan FOUNDER CEO of GETBOARDED and VIDEOWIKI Eq EducationLifeLong Eq OpportunitiesLifelong
- 5. Planning? Funding? Operations and Finances? Launching a start-up? Team building? Lesson on Managing Uncertainties Lesson on raising funds Having money is different that managing money. Realities of product acceptance My oSt ery Finding, Developing and Retaining ccSu ess
- 6. How did I prepare for the future? Planning
- 17. aRe il yt The “Plan” is not working and all I have is this suitcase
- 18. sLe osn “You can go as far as you dream, think, imagine.” and plan only
- 19. How did I prepare for the funds? Funding
- 20. Here, take my money and go! Really? nFu id gn
- 21. sLe osn Get comfortable asking for money, reasonably, personally and professionally. $$
- 22. How did I manage the finances? Operations & Finances
- 23. Crack Was that the bone or my phone? eSp dn ign
- 24. My Decisions
- 25. sLe osn Getting out of the bad bet Ri$k
- 26. How did I find a market? Launching
- 27. The time looks just right for me to come out uCo Omign t
- 28. With the snap of my finger, half of the waking world will get to know my accomplishments itF
- 31. Ma higntc
- 32. aD ignt
- 33. sLe osn
- 34. 2012 2015 2019 2013 2016 Left Job in NY Launched first Start-up Product failed Took a job in Delhi Moved jobs Joined a start-up part-time, Got investor, moved to Spain came to Portugal A lot of stuff Launched getBoarded Launching VideoWiki
- 35. Th nkYOua
Editor's Notes
- I have been invited to tell about my startup journey, and I worked the weekend to come up with the lessons I learnt in the last 2 entrepreneur years of my life of launching four start-up businesses in four countries
- Startup journeys are the new tell tales, the new bed time stories that don’t start with “Once upon a time”
- I was very happily working in the corporate world as a Business Analytics and BI manager, salary used to come each month. Life was defined, interesting and successful. I was a recognized innovator in my organizations, a business analyst as a go-to person for problem solving and then a BI strategist. Then some fine day I thought let’s change life. Felt like I had achieved all that I wanted and what is life without misery.
- So I started up. To keep this info short and happy, I will just tell you the main thing that changed. Earlier I was identified by my role, my designations and my corporate contributions. Now I am identified by the areas I work in and the vision I carry. This is the main difference between a job and entrepreneurship. Neither is better or worse, it all comes to the purpose you carry with what you do. I am open to work in a sustainability startup if that helps me do something purposeful with my life. SO what ever I am going to say now, should draw inspiration only in purposeful Action… not towards or away of any particular career area.
- You don’t manage a start-up, start-up manages you.
- How did I prepare for the future?
- I will tell you the end before, so you don’t panic in the next few slides. After getting visas for Kuwait, Iran and Portugal, I took a flight on 28th Dec from Delhi - Kuwait, so I would spend New year's night in Kuwait for 2019 and start a long trip that goes like this. - Iran - Portugal - Spain - Portugal - Spain - Turkey - Portugal - Corona - Iceland
- I will tell you the end before so you don’t panic in the next few slides. After getting visas for Kuwait, Iran and Portugal, I took a flight on 28th Dec from Delhi - Kuwait, so I would spend New year's night in Kuwait for 2019 and start a long trip that goes like this. - Iran - Portugal - Spain - Portugal - Spain - Turkey - Portugal - Corona - Iceland
- I will tell you the end before so you don’t panic in the next few slides. After getting visas for Kuwait, Iran and Portugal, I took a flight on 28th Dec from Delhi - Kuwait, so I would spend New year's night in Kuwait for 2019 and start a long trip that goes like this. - Iran - Portugal - Spain - Portugal - Spain - Turkey - Portugal - Corona - Iceland
- I will tell you the end before so you don’t panic in the next few slides. After getting visas for Kuwait, Iran and Portugal, I took a flight on 28th Dec from Delhi - Kuwait, so I would spend New year's night in Kuwait for 2019 and start a long trip that goes like this. - Iran - Portugal - Spain - Portugal - Spain - Turkey - Portugal - Corona - Iceland
- I will tell you the end before so you don’t panic in the next few slides. After getting visas for Kuwait, Iran and Portugal, I took a flight on 28th Dec from Delhi - Kuwait, so I would spend New year's night in Kuwait for 2019 and start a long trip that goes like this. - Iran - Portugal - Spain - Portugal - Spain - Turkey - Portugal - Corona - Iceland
- I will tell you the end before so you don’t panic in the next few slides. After getting visas for Kuwait, Iran and Portugal, I took a flight on 28th Dec from Delhi - Kuwait, so I would spend New year's night in Kuwait for 2019 and start a long trip that goes like this. - Iran - Portugal - Spain - Portugal - Spain - Turkey - Portugal - Corona - Iceland
- I will tell you the end before so you don’t panic in the next few slides. After getting visas for Kuwait, Iran and Portugal, I took a flight on 28th Dec from Delhi - Kuwait, so I would spend New year's night in Kuwait for 2019 and start a long trip that goes like this. - Iran - Portugal - Spain - Portugal - Spain - Turkey - Portugal - Corona - Iceland
- I will tell you the end before so you don’t panic in the next few slides. After getting visas for Kuwait, Iran and Portugal, I took a flight on 28th Dec from Delhi - Kuwait, so I would spend New year's night in Kuwait for 2019 and start a long trip that goes like this. - Iran - Portugal - Spain - Portugal - Spain - Turkey - Portugal - Corona - Iceland
- I will tell you the end before so you don’t panic in the next few slides. After getting visas for Kuwait, Iran and Portugal, I took a flight on 28th Dec from Delhi - Kuwait, so I would spend New year's night in Kuwait for 2019 and start a long trip that goes like this. - Iran - Portugal - Spain - Portugal - Spain - Turkey - Portugal - Corona – and now I am sitting in Iceland giving this talk. So… so far so good.
- In 2018, when I was evaluating my options, the plan looked something like this. PLAN: Setup and handover my works in India and set to move out Apply to Portugal Startup Visa Collect some money from friends, family, relatives Buy a company in Kuwait, Set a company in Iran, move to Portugal Raise Capital on my influential vision and charm AND setup a company there Work to solve the world’s challenges on equal education and equal opportunities
- REALITY Startup Visa took 4 months, team wasn't able to even get passports so had to re-prioritize plans Kuwait deal would yield disposable returns only after 2 years Iran company would fall into beaurocratic process and fail to register After arriving to Portugal, No initial Funding in Portugal to start-up, visa and approval doesn’t guarantee a starting capital. 27KG luggage, Visa for 3 countries, one way tickets and there I was at the airport taking cheapest flights around the new years day. Things took longer time to happen in reality, with external factors and lags in between. I would love to tell you that life turned out as planned but it didn’t. but if I say it’s anything less than what I hoped or expected it won’t be true either.
- The plan is the goal. If I cannot reach my goal when planning on a piece of paper, chances are I won’t get to my goal in reality also. But if there is ONE way to do it, there are OTHER ways to do it also. So if I have planned it well once, then I can improvise along the way, sooner or later you will reach your goal. Let the uncertainties be unknown variables in the equation which you will solve when you get to that particular prob.
- The cartoon is too good to be true for anyone who has ever pitched an investor. I had to raise $10000 even to go with the first investment. So I thought $10000 is a big risk for single person, so let me break it to 10 people who can put in $1000 each. I asked a few family members, first cousins, mentors, my previous boss and even other start-up entrepreneurs. Showed them projections, offered monthly returns, equity. Parents gave me $3000, previous boss invested $1000, the rest came from a loan company against my car as a 7% rate of return. This is luck, I always thought of car as a dead asset but I got a 125% value on it original buying price. That gave me a total cash of $10000 to begin with. This all plus some small project revenues gave a cushion. Have been blessed with friends who trust me enough to give me money some friends denied and some unexpectedly reached out to me to offer.
- I learn alternate ways of raising funds. Until you understand investors and their expected investments returns, don’t chase them. Set yourself up, we have much more than what think we do. I participated in hackathons and won cash prizes. Took development project for other start-ups to raise money for my own. Took short term loans from friends giving assurance that if it doesn’t work I will still pay them back anyhow. Have been applying to all types of grants and competitions.
- After coming to Portugal, I had to learn new taxes, company laws and other normal life. The best thing to happen was the ecosystem with financial advisors and fellow entrepreneurs who have already walked the path.
- Risks are always lingering for Unplanned expenses. I am good with numbers but I also easily get bored by them, discussing budgets and balance sheets, consulting with an accountant or bookkeeper can be more cost-effective than attempting to manage finances on your own. When calculating taxes, monitoring cash flow or choosing a cash reserve amount, finance pros have the education and experience to identify threats and challenges you might otherwise miss.
- Let’s say this is more about managing decisions, team and mentors relationships which in-turn manages my funds. Think for a moment the smaller decisions of life, like buying shoes, clothes or even grocery. How many times to we take other people’s opinions? Well in start-up these opinions become expert advices. My decisions are based on layers and layers of advices. I have to make many decisions in many different fields, some in sales, some in business strategy, some in finances, and so many more. I am not an expert in all of them, so I reach to my advisory circles. Suhas, I almost had to drop plans to come to Portugal. Business guide Martin, Sales – Brett, Operational communications – Adriana, hiring and local grants – Diogo. I have a small list of go-to people who I consult before making big important financial decisions.
- Learnt to manage risks, mitigate and moreover learn how to get out of a bad bet.
- Launching a start-up is not about hitting a button. The one who look like that, come with huge pre-launch testing, soft user launches and pre-screenings behind the scenes. Happens with movies all the time. We are very shy of coming out with something not complete, to own something which is not yet built. To make promise of delivering something if you are not sure, and to brag on something if you are modest. But see here I am giving you my success story where there is truly nothing in this story that could possibly be termed as success.
- Because the Problem-Solution fit has to still be validated Product-market fit has to be tested and accepted It is tiring if the solution does not have a WOW factor, improvements to processes isn’t exciting to the market if you are a start-up. Keep moving keep building and keep talking. Package it well and sell it well until it starts selling itself.
- Keep launching the product until it is viable. Until it is acceptable and then launch new stuff even after that, to keep it up in the air.
- Finding right talent to work with is the hardest thing I do. Working with exceptional people is great, but exceptional people are already busy. The trick around that is to help regular people to become exceptional people. Identifying potential is the first step to developing performance.
- We work on finding and creating synergies for months before we take a decision to hire long-term. The hiring negotiation has gotten more meaningful than just a trade between time and money. We hire from anywhere, try to work together a few days in internship and then offer Placements. There is no “one” interview day with GetBoarded but a series of “work-dates” if you say.
- Finding and developing exceptional people also means that they will leave on other pursuits too. Being a small start-up, we have our own team handling complete line of business, we have other examples of even entrepreneur journeys out of our interns, and not to forget those who got trained with us and got a 10X salary in their next jobs.
- The definition of your success is a very personal thing. I consider myself successful, not in terms of money or time or achievements, but because in my definition of success, if I make a decision to help the world, I can get to it and do it.
- That’s a wrap folks. I wish you the best success for yourself. I am working on two projects: GetBoarded aimed at providing equal and fitting opportunities, and VideoWiki to provide equal and engaging learning.