ELI - 392 | How We Turned a Passion for Healthy Snacking into a Successful Dry Fruits Brand

Summary

In this insightful interview, Akash shares his journey as an entrepreneur in the healthy food industry. From the challenges posed by the pandemic and employee attrition to the business model pivots that shaped his company, Akash emphasizes the importance of flexibility, perseverance, and learning. His company's mission to promote healthier eating through nuts and dry fruits is at the core of his vision, and he offers valuable lessons for aspiring entrepreneurs: find the right partner, adapt to market changes, keep learning, and never give up. His story showcases the power of resilience and adaptability in overcoming business hurdles.

Takeaways

• 😀 The core vision of the company is to make the world healthier through the consumption of healthy products like dry fruits and nuts.
• 😀 Akash and his team aim to drive the country towards better eating habits, especially among millennials, in the next 5-10 years.
• 😀 COVID was a major challenge that disrupted the supply chain, but the team persevered and managed to deliver materials from warehouses.
• 😀 Employee attrition posed a challenge when a competitor offered higher salaries, but dedicated team members helped the company overcome this.
• 😀 The company faced struggles when transitioning from a B2B business to a direct-to-consumer brand, but they adapted by reworking old practices.
• 😀 The first pivot involved moving from a marketplace model to in-house manufacturing to ensure better quality control of raw materials.
• 😀 They started packaging for other brands, offering private label solutions, which became a crucial part of their business evolution.
• 😀 The final pivot was the transition from a B2B model to a direct-to-consumer approach, ensuring that the best product quality reached customers directly.
• 😀 Flexibility is vital for entrepreneurs as market dynamics change; businesses must adapt to remain competitive and relevant.
• 😀 Key entrepreneurial lessons include finding the right co-founder, continuously learning from mentors and books, and never giving up in the face of challenges.

Q & A

What is the core vision of Akash's company?

The core vision of Akash's company is to promote healthier eating habits by providing healthy snacks made from dry fruits and nuts, aiming to transform the health landscape, especially for millennials.

How did the COVID-19 pandemic impact the business?

The COVID-19 pandemic disrupted the supply chain, causing material inventory to get stuck in different warehouses. However, the team managed to overcome this challenge by sticking together and eventually retrieving the materials to continue production.

What were some of the major challenges Akash faced during his entrepreneurial journey?

Akash faced several challenges, including the COVID-19 supply chain disruption, employee attrition due to competitors offering higher salaries, and difficulties during the transition from a B2B business model to a consumer brand.

Why did Akash’s company pivot from a B2B business to a consumer brand?

The company pivoted to a consumer brand in order to better communicate the quality of their products directly to consumers, ensuring they received the best value from the hard work and high-quality products the company offered.

How did Akash's company address the quality issues when procuring raw materials from suppliers?

The company faced quality issues while procuring raw materials from processors. To solve this, they took control of manufacturing themselves, establishing their own production facilities to ensure consistent quality for their customers.

What did Akash mean by the importance of finding the right co-founder?

Akash emphasized that having the right co-founder is essential, much like finding the right partner in marriage. The co-founder should have complementary skill sets to ensure the partnership works effectively in building the business.

What does Akash say about flexibility in entrepreneurship?

Akash stresses that flexibility is crucial for entrepreneurs because the business landscape keeps changing. The ability to adapt, learn from market dynamics, and pivot when necessary is vital for long-term success.

What role do mentors and continuous learning play in Akash's journey?

Mentors and continuous learning play a significant role in Akash's journey. He believes that having a good mentor or consistently going back to informative resources like books helps entrepreneurs make better decisions and navigate challenges effectively.

What is the most important lesson Akash learned as an entrepreneur?

One of the most important lessons Akash learned is to never give up. He believes that during tough times, staying clear on why you started the business helps you persevere through challenges and emerge victorious.

How did Akash's company handle employee retention during the period of high attrition?

Despite competitors offering higher salaries to their employees, Akash’s team stayed loyal to the company, largely due to the strong culture and enthusiasm within the company, which helped retain talent during that difficult period.