By Chitranshu Mahant, Founder and CEO, Primebook
A certain amount of drive is needed to build a successful business. While passion plays a vital role, your WHY often defines the course of your venture. Not only are Indians high on the purchasing scale, but we are also equally enterprising. It is heartwarming to see businesses sprouting up across the nation. While these start-ups may have limited capital investment, they make up for the lack of it with their problem- solving approach. All ideas are great only in a utopian world. There is no guarantee that your idea to fill a need gap will turn into a thriving, scalable, sustainable business. Although, companies that continue to
innovate can often ride the waves better and predict market dynamics. And if the cause is something that you believe in, your determination to evolve aligned with customer demands is knowingly higher.
There has been a lot of conversation around purpose-driven start-ups in recent times. As business owners, we habitually focus on the numbers and try to measure success on a profitability scale. While the bottom line is critical, the REAL impact of your business gives you purpose. India is one of the world’s fastest-growing consumer economies. While businesses being built with a good cause at their core offers a competitive advantage to entrepreneurs, it doesn’t mean that the business is non-profit in any sphere. It simply means that while making profits is essential for start-ups today, it is not their only drive.
As a developing nation, there are still substantial challenges that Indians face on the ground. From accessibility to affordable tech to earning a regular wage, problem-solving avenues are boundless for those with a creative mind. While India has always been a business-led economy, these structures used to be familial. Traditional family values coupled with conventional models that were designed to offer a certain amount of scalability and profitability were always at the center of our entrepreneurial ecosystem. In recent times, business owners have grown to become more courageous. They are willing
to take risks, move away from traditional operating models and make a real difference through innovation. Each of us wants to build a venture that does something unique and out of the box. Some start-up founders say their inclination towards entrepreneurship was accidental, while others have a stronger sense of reason. However, what’s common in both cases is that we all stand strong when it comes to conviction towards making a difference.
The want to do ‘good’ is not the only reason for ventures supporting a strong cause. For such, the simultaneous growth in impact is as vital as a progressive growth curve when it comes to revenues and profits. Therefore, this progression is naturally the next evolutionary step in the entrepreneurial ecosystem. A benefit of being associated with a good cause is that your venture tends to attract and retain better talent. As Gen -Z enters the workforce, enterprises that support causes they believe in make them an ideal employer. It also translates into the fact that the workforce in these organisations is more driven and productive. Such new ventures also attract better customers and build a network of repeat customers – which in turn benefit the financial aspect of the model, ensuring sustainability.
Today’s consumers are smarter and more intelligent than ever before. Every consumer you speak to is in tune with global trends and wants to know where the money they are spending is going. It’s no longer just about the immediate thrill of the purchase; it is about its lingering impact on the economy.