Top 5 Tips to Build a ₹1000 Crore Business | Ujjwal Singh | Josh Talks

Summary

The speaker discusses the journey of building a successful tech company in the education sector, focusing on innovation, scaling, and profitability. Emphasizing the importance of supplementary solutions, like digital learning tools, the speaker highlights how these innovations can create meaningful outcomes in education. Key lessons include the importance of perseverance, making decisions without fear, prioritizing the right people, and staying purpose-driven. The speaker's company achieved nearly 200 crores in revenue while maintaining profitability, underscoring the significance of combining purpose with practical business strategies for growth.

Takeaways

• 😀 Innovation often happens in supplementary areas rather than core ones, as seen in the taxi industry's shift with cab booking and payments.
• 😀 Digital education is flexible and nimble, offering easy ways to create access to learning and enabling outcomes like passing prestigious exams.
• 😀 Measuring learning outcomes through digital and hybrid platforms is key, with focus on ensuring that students are truly absorbing content.
• 😀 Creating access to education should be prioritized; once access is there, outcomes follow naturally.
• 😀 Scaling a business and maintaining profitability is as important as creating outcomes. Success comes from both achieving results and sustaining growth.
• 😀 Hard work and perseverance are crucial to success. The path to improvement requires dedication and consistent effort.
• 😀 Decision-making should be guided by vision, not fear. Fear-driven decisions lead to uncertain outcomes.
• 😀 The people you surround yourself with are the most valuable asset in any business. A strong team is essential for growth and success.
• 😀 It’s vital to have a clear and consistent purpose. Businesses should align their actions with this purpose to avoid distractions and maintain focus.
• 😀 Growth should be viewed as a continuous journey, always moving towards higher goals and taking steps to reach the next level in your business or career.
• 😀 Balancing profitability with scaling is a key strategy for long-term success. It's not just about growing fast but doing so in a financially sustainable manner.

Q & A

What is the core idea behind the concept of supplementary innovation?

The core idea is that innovation often doesn't happen within the main aspects of a business (the core) but rather in the supplementary areas. For example, in the taxi industry, innovations like booking apps and digital payments created a revolution, even though the core service (the taxi) remained relatively unchanged.

How does digital education provide a more flexible solution than traditional education?

Digital education is more nimble and easier to modify than traditional education. It allows for access to learning at any time, making it easier to reach students who need to learn on their own terms. This flexibility is key to creating impactful learning experiences.

What was the biggest challenge faced by the company in the education sector?

The biggest challenges were ensuring that the educational methods created measurable outcomes and that the business could scale effectively while remaining profitable.

What were the outcomes of the company’s business model in terms of revenue and profitability?

The company achieved significant success, generating nearly 200 crore in revenue and maintaining profitability, making it a sustainable and scalable business model in the education technology sector.

What role does perseverance and hard work play in achieving success according to the speaker?

Perseverance and hard work are crucial for success. There are no shortcuts, and achieving long-term success requires dedication, effort, and consistent focus on goals.

Why is it important to focus on the right people in a company?

The people you surround yourself with are your most important asset. Building a team of skilled, dedicated individuals is key to achieving business success and overcoming challenges.

What is meant by 'First Who, Then What' in business?

This concept highlights the importance of choosing the right people first before deciding on what tasks or goals to focus on. Having the right team is essential for executing the business vision and adapting to challenges.

How does the speaker suggest businesses should handle fear when making decisions?

The speaker advises against making decisions based on fear. Instead, business decisions should be driven by strategy, confidence, and focus on the larger vision, not the fear of failure.

What does the speaker say about the relationship between core and supplementary business aspects?

The speaker mentions that while the core aspect of a business (like education in this case) is hard to change, supplementary aspects such as access to learning or digital platforms can drive innovation and growth, ultimately becoming just as crucial to the business model.

What five key principles does the speaker offer for achieving success in business?

The five principles are: 1) Move to the next orbit, always seeking growth. 2) Hard work and perseverance will help you improve. 3) Avoid making decisions out of fear. 4) Surround yourself with the right people. 5) Stay focused on the larger purpose of your business.