Introduction
In her book "Arise, Awake," Rashmi Bansal takes readers on an inspiring journey through India's thriving entrepreneurial landscape. As the world's economic center shifts eastward, India stands at the forefront of this transformation, with its economy growing at an impressive rate of over five percent annually for more than a decade. At the heart of this growth is a new generation of entrepreneurs who are redefining the way business is done in India.
Bansal's book offers a close-up look at six up-and-coming entrepreneurs, providing readers with real-life tales of grit, determination, and innovation. These stories take us from the bustling streets of Bombay to the tech hubs of Bangalore, offering a vivid picture of how young Indians are reshaping their country's business landscape.
Through these engaging narratives, Bansal reveals the human side of India's economic transformation, going beyond mere facts and figures to capture the spirit and energy of this entrepreneurial revolution. Let's dive into the stories of these remarkable individuals and the lessons we can learn from their journeys.
Practo Technologies: From University E-Cell to Silicon Valley Investment
The story of Practo Technologies begins at the National Institute of Technology Karnataka (NITK), one of the few universities in India with an entrepreneurship cell in the early 2000s. This "E-cell," known as Eforea, served as a launching pad for talented young minds eager to make their mark in the business world.
Shashank ND, an average student with a knack for extracurricular activities, found his true calling when he joined Eforea in his second year. Inspired by talks from successful entrepreneurs like rediff.com founder Ajit Balakrishnan, Shashank discovered his passion for entrepreneurship. He soon partnered with fellow Eforea member Abhinav Lal to embark on their entrepreneurial journey.
With a modest loan of 10,000 rupees (about $145) from Shashank's mother, the duo registered their company, Practo Technologies. Their initial idea was to create software for doctors, but their first presentation to local medical practitioners was far from successful. However, one doctor, Mohammed Ali, saw potential in their idea and suggested they develop an automated reminder system for patient checkups.
Taking this feedback to heart, Shashank and Abhinav created a simple prototype that sent automated SMS reminders to patients. Dr. Ali was impressed with the result, encouraging the young entrepreneurs to pursue their vision. This early success motivated the NITK graduates to fully commit to Practo.
Their perseverance paid off in 2010 when Sequoia Capital, the American venture capital firm known for backing tech giants like Apple and Google, decided to invest in Practo. This investment was the boost the company needed to take off.
By 2015, Practo had grown exponentially, with its services being used by 10,000 doctors across India and the company valued at almost three million US dollars. This success story highlights the importance of adaptability, perseverance, and the power of solving real-world problems in entrepreneurship.
Magicrete Building Solutions: Revolutionizing the Indian Quicklime Industry
Sourabh Bansal's entrepreneurial journey began with a bold declaration in his student hostel. During a late-night discussion about future aspirations, Sourabh confidently stated that his company would one day be worth 50 billion rupees. Little did he know that this ambitious goal would soon become the driving force behind a revolutionary business in the construction industry.
Sourabh's path to success was paved with a combination of family background, keen observation, and innovative thinking. His father owned a quicklime manufacturing factory, where Sourabh occasionally helped out. It was during one of these instances that he noticed an unusual order for thousands of tons of lime to produce "autoclaved aerated concrete" (AAC) blocks.
Intrigued, Sourabh investigated further and discovered that AAC blocks were ten times larger and 70 percent lighter than standard bricks. The only drawback was their high cost. This realization sparked Sourabh's entrepreneurial spirit, as he recognized that whoever could lower the production costs of AAC blocks would dominate the market.
Driven by this insight, Sourabh began experimenting with cheaper production techniques. To turn his idea into reality, he sought investment from a wealthy family acquaintance, Rajesh Poddar. In exchange for a 70 percent equity stake, Poddar invested 100 million rupees in what would become Magicrete Building Solutions.
Sourabh's experiments proved successful. By using a coal-fired boiler instead of the conventional diesel boilers, he managed to reduce manufacturing costs by over 60 percent. In 2009, Magicrete's first AAC blocks hit the market, quickly attracting attention from the construction industry.
While the journey wasn't without challenges, Magicrete continued to grow steadily. Six years after its inception, the company was generating annual revenue of 1.5 billion rupees, well on its way to reaching Sourabh's ambitious 50 billion rupee goal.
This success story underscores the importance of identifying market gaps, leveraging personal experiences, and constantly innovating to stay ahead in the competitive business world.
Sacred Moments: From TV Contest to Thriving Business
Prakash Mundhra's entrepreneurial journey began at the Symbiosis Centre for Management and Human Resources Development, where he initially enrolled to study HR. However, his growing fascination with the business world soon led him to shift his focus to entrepreneurship.
A pivotal moment in Prakash's journey came when he discovered Business Baazigar, a TV show where contestants pitched their business plans for a chance to win funding. This platform seemed perfect for an idea Prakash had been developing for a school competition: kits containing all the items needed for puja (worship) during special occasions like Diwali.
Out of 200,000 submitted business plans, Prakash's idea made it to the top twenty. He received 50,000 rupees to create a prototype and was invited to appear on the show in February 2005. Although he was eventually eliminated after reaching the final ten, the experience proved invaluable. It gave Prakash a deeper understanding of his product's raw materials, market size, and competition. More importantly, it instilled in him the confidence to continue refining his business idea.
After the show, Prakash returned to his studies, but his heart was set on developing his business. He began participating in business plan contests at various schools across India, winning five out of the six he entered. These victories further validated his concept and boosted his confidence.
Upon graduating, Prakash was ready to turn his idea into a full-fledged business. He founded Sacred Moments, initially specializing in Diwali puja kits. The products were an instant hit, encouraging Prakash to expand his product line to cater to a wider range of festivities and occasions.
Today, Sacred Moments employs seven full-time staff members and numerous seasonal workers. Despite the long hours, Prakash finds immense satisfaction in his work. He considers himself privileged to be able to work for himself and pursue his own ideas.
This story illustrates how a combination of passion, perseverance, and the ability to learn from experiences can turn a simple idea into a thriving business. It also highlights the importance of seeking out opportunities, such as competitions and TV shows, to gain exposure and refine business concepts.
Bewakoof Brands: Rising from the Ashes of a Failed Venture
Prabhkiran Singh's journey to entrepreneurial success was far from straightforward. As a student at the Indian Institute of Technology in Bombay, he excelled academically but felt unfulfilled studying civil engineering. What he did know was that he wanted to work for himself, even if he hadn't yet settled on a specific business idea.
Inspiration struck in 2009 when Prabhkiran tasted a flavored lassi, a modern twist on the traditional Indian yogurt-based drink. Excited by the idea of creating a contemporary version of lassi, he and his best friend pooled their savings to purchase basic kitchen equipment and rented a small space outside a cake shop for about $86.
In February 2010, they launched Khadke Glassi. Through Facebook advertising and word of mouth, the business quickly gained popularity, with customers lining up to try their unique lassis. Encouraged by this initial success, Prabhkiran opened a second location in a shopping center by June.
However, the business faced an unexpected challenge: sales were heavily dependent on weather conditions. When the weather turned unfavorable, daily sales plummeted from 50 glasses to just five. Unable to sustain operations under these conditions, Khadke Glassi closed its doors in September of the same year.
While the failure of his first venture was disheartening, it provided Prabhkiran with valuable lessons and resilience that would prove crucial in his next endeavor. As he was closing down Khadke Glassi, he noticed his friend Siddharth working on a humorous website called Bewakoof (meaning "foolish" in Hindi). This sparked an idea: why not create t-shirts promoting the site?
Teaming up with Siddharth, Prabhkiran launched Bewakoof Brands. Finding investors for this new venture proved challenging, but Prabhkiran's experience with Khadke Glassi had toughened him up. He persevered and eventually secured seed funding from a fellow university student.
Bewakoof Brands gradually established itself as one of India's most exciting youth brands. By 2014, the company was selling over 200 shirts daily, employed 150 people, and had an annual turnover of 500 million rupees. This remarkable turnaround demonstrates how failure can be a stepping stone to success when coupled with determination and the ability to learn from past experiences.
Prabhkiran's story serves as an inspiration to aspiring entrepreneurs, showing that setbacks are not the end of the road but often the beginning of a new, more successful journey. It underscores the importance of resilience, adaptability, and the willingness to pivot when faced with challenges.
Bhukkad: Transforming Fast Food with a Healthy Twist
Aruj Garg's entrepreneurial journey began at the prestigious National Law School in Bangalore. Despite initially pursuing a law degree, Aruj soon realized his true passion lay in entrepreneurship and problem-solving.
Recognizing a common issue faced by students across India – poor quality canteen food – Aruj saw an opportunity. He developed a menu featuring popular fast food items like pizza, sandwiches, and burgers inspired by chains like Subway. In May 2011, with a small rented space near campus costing just 1000 rupees a month, Aruj opened his restaurant, Bhukkad (Hindi slang for a food-obsessed person). The concept was an instant hit, with daily earnings reaching 2000 to 3000 rupees within the first month.
While the business thrived, Aruj's personal health took a hit. In 2013, he discovered his cholesterol levels were dangerously high, forcing him to cut down on processed foods. This personal health scare became the catalyst for Bhukkad's transformation.
Realizing the lack of healthy fast food options, Aruj saw an opportunity to reinvent Bhukkad. He developed Bhukkad 2.0, a concept that married the convenience of fast food with the benefits of healthy, natural ingredients. The new "Bhukkad Code" banned processed meat, white bread, and pre-packaged dressings and sauces. In their place, Aruj introduced fresh, healthy alternatives like the signature Asian green salad – a mix of beans, cauliflower, and lettuce with a lime-honey dressing and peanut garnish.
This pivot towards health-conscious fast food proved even more successful than Bhukkad's original concept. Sales increased by 30 percent, demonstrating the growing demand for nutritious yet convenient food options.
Today, Bhukkad operates three outlets with three full-time employees and is poised for further expansion once the right investor is found. Aruj, still in his twenties, has successfully created a business that not only solves a common problem but also promotes healthier eating habits among young people.
Aruj's story illustrates the power of personal experiences in shaping business ideas. By addressing a problem he faced firsthand, Aruj created a solution that resonated with a wider audience. It also highlights the importance of adaptability in business – being willing to pivot and transform your concept in response to new insights or changing circumstances.
Ganpati Facilities: Solving Student Housing Woes
Anurag Arora's entrepreneurial journey began with a personal frustration familiar to many students – substandard accommodation. When Anurag started his course at the ICFAI Business School in Pune, Maharashtra, he was shocked by the poor quality of student housing available. Despite paying a hefty upfront fee of 48,000 rupees, he found himself in a shabby room in a poorly managed building without even basic amenities like hot water. After just three days, Anurag decided to move out, forfeiting his entire deposit.
This experience stuck with Anurag, and in the summer of 2013, he noticed incoming students posting questions about accommodation on the university's Facebook page. The campus had relocated to a new neighborhood in Pune where there weren't even private hostels available. Recognizing this gap in the market, Anurag conceived the idea of opening his own hostel.
With his reputation as a good student, Anurag's proposal was taken seriously by the school administration. However, he faced a significant challenge – he had no start-up capital. Undeterred, Anurag used his own well-maintained apartment as a showcase for his service, promising potential clients that their rooms would be just as clean and well-furnished.
Anurag's innovative approach paid off when his first client signed up, paying 56,000 rupees in annual fees. This initial payment provided enough capital to cover the deposits on his first five apartments. By furnishing one of these apartments, Anurag created a model to show future customers.
From this point, Anurag's business, Ganpati Facilities, began to grow rapidly. Each new client provided more capital, allowing him to secure more apartments. Before long, Ganpati Facilities was generating a net profit of 2.5 million rupees every month.
Anurag's success story is a testament to the power of identifying and solving problems close to home. By addressing a need he had personally experienced, Anurag created a business that resonated with his target market. His approach also demonstrates the importance of creative problem-solving and resourcefulness in entrepreneurship. Despite lacking initial capital, Anurag found ways to showcase his service and build trust with potential clients.
Moreover, Anurag's journey highlights the potential for young entrepreneurs to create successful businesses while still in school. By leveraging his understanding of student needs and the local market, he was able to build a thriving enterprise that not only provided him with financial success but also solved a significant problem for his peers.
Key Lessons and Insights
The stories of these six young Indian entrepreneurs offer valuable insights and lessons for aspiring business owners:
Identify and solve real problems: All six entrepreneurs found success by addressing genuine needs in their communities or industries. From Practo's patient reminder system to Bhukkad's healthy fast food, these businesses thrived because they offered solutions to real-world problems.
Embrace failure as a learning opportunity: Prabhkiran Singh's journey from a failed lassi business to the successful Bewakoof Brands demonstrates that failure can be a stepping stone to success if you learn from your mistakes and persevere.
Be adaptable and willing to pivot: Aruj Garg's transformation of Bhukkad from a regular fast-food joint to a health-conscious eatery shows the importance of being flexible and responsive to changing circumstances or new insights.
Leverage personal experiences: Many of these entrepreneurs, like Anurag Arora with Ganpati Facilities, turned personal frustrations into business opportunities. Your own experiences can be a rich source of inspiration for solving problems that others might also face.
Start small and iterate: From Shashank ND's simple SMS reminder system for Practo to Prakash Mundhra's initial focus on Diwali puja kits for Sacred Moments, these entrepreneurs often started with a basic product or service and expanded as they gained traction.
Seek out opportunities for exposure and learning: Prakash Mundhra's participation in Business Baazigar and various business plan competitions helped him refine his idea and gain confidence. Look for similar opportunities to showcase your ideas and learn from others.
Don't let lack of resources stop you: Anurag Arora's creative approach to launching Ganpati Facilities without start-up capital shows that where there's a will, there's often a way. Be resourceful and think outside the box when faced with constraints.
Solve local problems with global potential: While these businesses started by addressing local needs, many of them, like Practo and Magicrete, have the potential for broader impact and expansion.
Conclusion
"Arise, Awake" by Rashmi Bansal offers an inspiring look into the vibrant world of young Indian entrepreneurs. These stories reveal a generation of go-getters who are not waiting for opportunities to come to them, but are actively creating their own paths to success.
The book underscores that entrepreneurship is not about age, background, or even initial resources. Instead, it's about identifying problems, developing innovative solutions, and having the determination to see those solutions through to fruition. Whether it's revolutionizing the construction industry like Sourabh Bansal, transforming the fast-food landscape like Aruj Garg, or addressing student housing issues like Anurag Arora, these young entrepreneurs demonstrate that with passion, perseverance, and a willingness to learn from both successes and failures, it's possible to build thriving businesses that make a real difference.
Moreover, these stories highlight the changing face of Indian business. They show a shift towards problem-solving entrepreneurship, where success is measured not just in profits, but in the positive impact made on people's lives and society at large.
For aspiring entrepreneurs, "Arise, Awake" serves as both inspiration and a practical guide. It shows that the journey of entrepreneurship, while challenging, can be incredibly rewarding. It encourages readers to look at the world around them with fresh eyes, to see problems as opportunities, and to have the courage to act on their ideas.
In essence, Bansal's book is a call to action for the next generation of entrepreneurs. It urges them to arise, awake, and seize the opportunities that abound in today's rapidly changing world. As these six stories demonstrate, with the right mindset and approach, it's possible to turn even the simplest ideas into successful enterprises that can reshape industries and improve lives.