It Does Take a Lot of Self-Belief Before You Take the Plunge - Jay Varadarajan

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1.Tell us more about your company and your journey.

EnRich.Technology provides solutions in blending the virtual and physical worlds, to create an immersive, digitally enhanced, and connected environment for business. We integrate the Blockchain, IoT and AI technologies seamlessly to provide connections between expanding set of people, business, devices, content and services to deliver digital outcomes in secured and trusted solutions.

We have been in existence for nearly two years now. We have started small but are extremely focused on our product offerings around these innovative technologies. We value showcasing the technology because of its need more than just be there because its fancy to use these latest technology and buzzwords. 

Currently, we are focused on two main products which exploits the block chain technology, IOT and AI. We have successfully deployed IT Asset Management for a Bank across all its branches in India and we are also building our flagship e-Election platform which integrates block chain and AI thereby providing the best of both worlds in a digitally enabled world. 

 Given the challenges of the pandemic the traditional paper based elections will soon be a thing of the past. Before this I have been working for over 30 years in large multinational financial firms like Deutsche Bank, Citi, Thomson Reuters and JP Morgan leading large technology implementations.

2. How did you come up with this idea and go about executing it?

You just got to follow your Passion and need right time and right people around you. Just like everyone else I had completed 30 years of working with large corporates and held many senior positions and I thought the time was ripe to move out of the corporate and do something that really is my passion which is building new products with cutting edge technology. 

I started my career in software development and that is something I have always wanted to get back into and this and the right time to doing it is NOW.

3. What has been your biggest challenge that you faced and how did you overcome that?

I think the biggest challenge for anyone who has worked in the corporate for so long is the big questions in front of you which is “Will I be a successful entrepreneur? Will I be able to leave the comforts of a corporate world and be able to navigate the rough waters? Once you are able to answer these basic questions, I think you will realize there is an ocean ahead of you to explore and you are no longer sitting in a swimming pool. It does take a lot of self-belief before you take the plunge, but once you have taken it there should be no looking back.

4. What do you think are the most important qualities of a successful entrepreneur?

The first and foremost quality is self-belief that you can do this with your eyes closed and the trust you put into yourself and your partner which is the key. Post that comes all other qualities such as Persistence, Sense of Direction, strong sense of ethics and integrity and willingness to fail.

5. What are some of the most important factors for running a successful business?

I think the most important thing in my list is People. If you hire the right people with the right purpose you can never go wrong. So its very important to handpick people in the initial stages of company formation. These are the foundations on which you are planning to build a massive structure. So invest in them and make sure they are well respected and meaningful to the team’s existence.

6. What are your tips for first time and aspiring entrepreneurs?

Don’t look at short term gains, you are not here in a day trading environment to make a quick buck and exit. Have a long term vision and make sure anything you build is in line with the company vision and growth and value creation. Keep your ethics and integrity very strong and do not trade this for anything. Don’t give up, don’t take anything personally, and don’t take no for an answer.

7. How can one overcome a hurdle of lack of funds when starting up?

The first and foremost is to create a scalable idea. Investors in particular want to fund only scalable or ready to scale businesses. Your business model must show the potential to increase the revenue with minimal expenditure in the coming months or years. Avoid going on a spending spree. To begin with its always good to go with a bootstrapped model of funding till you are able to build some sizable value for the company.

Interview by - Sanjana Jain
It Does Take a Lot of Self-Belief Before You Take the Plunge - Jay Varadarajan It Does Take a Lot of Self-Belief Before You Take the Plunge -  Jay Varadarajan Reviewed by Sanjana Jain on August 02, 2020 Rating: 5

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