|
|
 Email this Page |  Write to us
How to become an entrepreneur at a young age
April 04, 2008
It's not an easy job!
Do you find it difficult to deal with the older generation, employees or business associates or rivals?
Initially, it was hard to get people to have faith in us and believe in the business model. Since all of us are teenagers it becomes more difficult to convince people about the feasibility of the business plans. We do a very good research, because people try to test us. But since we have a good understanding about the subject, we can prove that we have a good knowledge base.
How has your family supported you?
My father, who has a media background has been very supportive.
What kind of investment did you make while setting up the company? How did you arrange the finance?
The initial funding of Rs 20 crore (Rs 200 million) was pooled in by 26 entrepreneurs who came together for the venture. People who have faith in our business model from the corporate sector have also helped us with the funding.
What kind of revenue/profit do you foresee in the coming year?
The gestation period is about six months. EYM expects to touch Rs 60 crore (Rs 600 million) by 2011, this is based on the business model that we have worked out. We see revenue coming in from the market research agency. We also plan to offer exclusive services through our youth networking channel. We have heard many people say that Orkut and Facebook are a bit complicated. So we are studying the market to offer simpler and better services.
For online transactions how will you ensure security?
We will do a proper background check of all users. We will convince our clients of efficient service and will work it out well.
What kind of problems do you face?
It is very difficult to convince people to join a venture like ours. Retaining them with us once we have hired them is another big challenge. But it is exciting to work with a young group. This is the time when people like to hang out and have fun, so to get work done is also a big task.
Since all of you work from home. How is the performance evaluated?
We evaluate people on the basis of work done. The tasks assigned are performance based. We also give them deadlines so that work gets done on time. We have divided people into groups of ten. Every group convenes a meeting during the weekend.
Image: (L to R) Vatsal Thakkar, Director, EYM Samyak Chakrabharty, MD, EYM, Bhavyash Agarwaal, Director, EYM
Also read: 9 rules of innovation from Google
|
|
|
Advertisement
