It doesn’t matter if someone believes in your conviction or not. You have to wear a salesman hat and convince someone to put money in you, advises Droom CEO Sandeep Aggarwal.
Sandeep Aggarwal, CEO and founder of Droom, a marketplace to buy and sell automobiles and related services also co-founded ShopClues in 2011.
After working as a financial analyst at a US based firm, he decided to pitch the idea for Shopclues to several investors but he faced dejection. Now he keeps a pocketbook, which gives a detailed plan about how his companies will work for next years. His new startup Droom has raised close to USD 65 million. Excerpts from a quick interview:
1.What are the lessons you learnt from facing 25 rejections from investors while starting your first company?
It is not easy. The lessons I learnt was that you have to believe in your conviction, it doesn’t matter if others believe it or not.
Entrepreneurship is never going to be straight line. Be ready for that.
Raising money is never going to be easy.
It doesn’t matter if someone believes in your conviction or not. You have to wear a salesman hat and convince someone to put money in you.Here are my five important tips to aspiring entrepreneurs:
- Be passionate about the idea: Do something for which you feel passionate and energetic. Don’t do something because you want to be your own boss or have a business.
- Do it in time: If you don’t, then the regret of not doing it will be bigger than anything later.
- Get enough capital: It doesn’t matter how lean operations you have, how much less capital you need but get sure you get enough capital for the business.
- Think long term: Always start a business with a long term horizon. Don’t do something short-term or just to have a capital.
- Hire a great team: Hire the team where you can have commitment, chemistry, and good character. They should be committed to the vision of the company and get along with you.
2. What traits you look for in your partners and cofounders in business?
I look for five things in my partner, may it be my team or my cofounder.
These are commitment, character, capability, craving and capacity.
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