Before creating a startup, young businessmen should carefully study the risks associated with the desire to get “fast money”. So says one of the main business women in India.
Priya Paul, recorded by Forbes magazine among the 50 most influential women in Asia, has warned potential entrepreneurs that there are so many ways to lose money, and startup founders often don't take that into account.
She also noted that in the modern world of business, she often sees young people running companies under the age of 30, and this is very different from how the business looked 30 years ago.
In her opinion, those who are opening startups are much luckier than those who have done this before. Then more attention was paid to trust and experience, while now everything is built on ideas. Previously, to head a company, it was necessary to work in it for at least 15 years, and now quite young people are quietly placing in such positions. ”
But despite these business trends, Priya Paul warns that there are still many ways to part with her money.
Priya believes that India is a great place for startups, in this country huge investments are made in various types of businesses. The main danger is that young people want to get rich as quickly as possible. The Indian business woman recommends that beginning entrepreneurs do not rush to implement their ideas, but think carefully and study everything from different angles.
“Not everyone will succeed, so some young people should worry in advance about starting their journey in business in the old way. Everyone believes that they have a great idea, but not everyone succeeds in its implementation. And this is a whole problem for the current generation, ”says Priya Paul.
Priya Paul is the CEO of THE Park Hotels, an Indian boutique hotel chain. Together with her mother, brother and sister, she owns the company Apeejay Surrendra Group, which employs more than 43 thousand people. This company owns the aforementioned company THE Park Hotels and the Typhoo Tea brand. In addition, she owns assets in the fields of shipping, real estate, retail and finance.
Early in her career, Paul worked as a marketing manager for one of his family's hotels. Suddenly her father passed away and the girl took over the hotel business at the age of 24.
“They showed me more trust than other people at that age. People often wondered why in such a young age I occupy such a high position. But I worked hard to prove myself, ”says Priya.
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Anyone who is confident that his startup will succeed should take risks, be flexible and invest in a strong workforce.
Priya believes that she managed to achieve success in business due to the fact that she always tried to look inside her company. She encourages startup founders to constantly evaluate their company’s capabilities.
“One of the most important things is recalibrating the business as you move forward. You need to know everything that happens to your customers and within your company, and constantly adapt, change and even come back, ”Priya claims.
Consider different opinions
Paul states that her company’s strength is also based on the fact that she tries to listen to different opinions of her employees.
The company management listens to the ideas of its employees.As a result of the dialogue with them, people get a broader view of how the business as a whole works, and not just their department.