Startify Stories -Vipul Paliwal, Co-Founder Faida.com
Startify Stories is a unique initiative wherein we talk with the brightest minds of the country that paved their own path. It is said that the best way to learn is to learn from others' experience. Startify Stories present you with such an opportunity.
This time we have Mr. Vipul Paliwal, co-founder Faida.com with us. He has specialised in Strategic Management from London School of Economics and has had a list of prestigious education right from Mayo College for schooling to doing MBA from SP Jain Institute of Management, Mumbai in his profile.
Sneha : How do you define success?
Vipul : Success has no yardstick. No SI unit. According to us, it is a combination of all the mutual goals and their fulfillment. It can never be a one-man word and will never be. You can’t be successful without the society backing you.
Sneha : What ignited the spark in you to start a new business venture or to make significant changes in an existing business?
Vipul: E-commerce in India was looking forward to a cashless system and I had to hit the iron when hot. After I saw these ideas working smoothly abroad, I couldn’t stop but imagine India doing it better. We conceptualized this according to the Indian scenario and always believed and observed, this is going to work out here.
Sneha : Do you believe there is some sort of pattern or formula to becoming a successful entrepreneur?
Vipul :Why not? Every entrepreneur has his or her own formula. Because, every entrepreneur is an innovator. I believe in the theory of winning the customers’ trust and maintaining it. Apart from that, being readily available and changing with new trends matters a lot.
Sneha : What are your hobbies? What do you do in your non-work time?
Vipul :I love trekking. Seeing new places, breathing heavily, realising life is all about ups and down. It's so much fun! I also enjoy playing and watching cricket while spending time with my family is above everything else.
Sneha : What makes you happy?
Vipul :Doing good for the society. As a human being, it’s my duty to return to the society what it has given to me. I find happiness in little things like solving other people’s problems and would love to pass this message to others too.
Sneha : What do you feel is the major difference between entrepreneurs and those who work for someone else?
Vipul :Innovation. And the will to give the world something which is missing. Entrepreneurs love freedom, they are like kids. Full of zeal and zest. Some factors around may act as a hurdle, but I would advise them to never give up hopes.
Sneha : What is your favorite aspect of being an entrepreneur?
Vipul :Freedom and responsibility.
Sneha : To what do you most attribute your success? What would say are the five key elements for starting and running a successful business?
Vipul :Knowing trends and trying to incorporate them to provide state of the art facilities. Keeping a track of consumer behavior, their likes, dislikes, and needs. Coming up with innovative ideas to fulfill their needs, but before that, an entrepreneur must know what the consumer wants, and provide it without the consumer asking for it.
Sneha : What has been your most satisfying moment in business?
Vipul : The response of people around me has been mind blowing, they have been so inquisitive and helped me shape my idea and making it what it is right now. I have been amazed at the will of the society to accept it and help me. It shows where India is going and that we are ready to accept non-conventional businesses.
Sneha : What is the best way to achieve long-term success?
Vipul :Keeping your calm is the best way because both the customers as well as employees look up to you. Employee satisfaction is the key to having the best people stay with you, leading to a healthy work atmosphere. Making the consumer look up to your ideas and even incorporate their feedback as soon as possible makes them feel special and they will never switch to any other seller too.
Sneha : What is your greatest fear, and how do you manage fear?
Vipul :Rising above your fear is the key quality of an entrepreneur, Come what may, you have to realize what is required in the current situation and help your associates to rise above it too. Apart from that, I’ll always search for a new fear like a rejection of a design or an idea while constantly trying to overcome it for mutual good. It helps a lot. Farsightedness is the key to success. What may be the talk of town today may fade away a week later.
Sneha : What’s your mechanism for handling failure?
Vipul :I trust in crediting in my team and standing by them in all kinds of moods, be it success or failure. We concentrate on our good motive and search for the faults and repair them as soon as possible. We cannot afford to lose on time because time is money.
Sneha : What three pieces of advice would you give to college students who want to become entrepreneurs?
Vipul :Believe in your idea, it makes you different from the rest of the world. Even if you start tasting a little success, don’t rest on your oars because you have miles to go. Don’t ever lose humility because the society is your holder, they keep you on their shoulders, if they start disliking you, nothing will be in your hands and you will be abashed. Learn from mistakes of others. It is not always necessary that your mistakes make you a better man. Mistakes are universal and their solutions are universal too. It is better to be open minded and accept all types of failures and start from the scratch if required.
Sneha : If you had the chance to start your career over again, what would you do differently?
Vipul :I'll just want to have some more courage in my late teens and early 20s because everything is good now except the fact that we'd be in a better place if we were here 10 years ago. The Indian market conditions these days allow entry of new companies and ideas. The youth has a lot of empowerment and inspiration. The support system is great. So, just in case I was born 10 years later or maybe have the same support system 10 years ago, I might have been in a better position with my venture.
Sneha : In one word, characterize your life as an entrepreneur.
Vipul : Ambitious.