Sukkrit Goel, founder and CEO of Cannazo India, who appeared on Shark Tank comes from a business-oriented family and believes in the essence of owning your own business. He values the uniqueness of owning one’s venture. Recently in an interview with Startup Mohalla, Sukkrit expressed that he got the idea for starting his own business in COVID. He revealed that medical cannabis is close to him as it has been used in his previous medical treatments.
Having a good partner is a necessity
When asked about his suggestions and advice for the new entrepreneurs he mentioned that one of the things to keep in mind is that having a good partner is the utmost priority. It is a tough thing to crack because finding a good partner is not easy. You have to find someone that you are compatible with and someone who understands you.
But it is very important because while starting a business you need someone supporting you and you need this support at every stage of the process. Not only this but there are situations when you need a dual perspective and a fresh perspective. Having a partner who could not just support you but challenge your opinions as well is a plus point.
Importance of research and planning
Sukkrit advises the new entrepreneurs to research very well about the product and the business plan they want to execute. They should conduct pilot studies. It doesn’t have to be on a large scale but even a small study of 8 to 10 people to understand the finances involved and to get an estimate of its selling capacity and consumer feedback.
Sukkrit says that one should put a huge amount of time and effort into their idea. This idea is something that can change and evolve over time. The first raw idea that gets into your head is not the final one. it can change, it can evolve, it can grow and one should put enough time and effort into it to let that happen. So that the final Idea, the final plan is something worth putting your efforts and money into.
The right time to start a business
Sukkrit believes that 17-18 is the best age to start thinking about your Business Idea. This is the age when you are passing your school and getting into college and this time is best for developing your business along with your college. Because once your college is completed you might feel a sense of insecurity when everyone around you is getting jobs.
You might feel stuck on a business plan, so it is good for you to start thinking about it before that. And then putting it into action after your college is completed or even before that. Doing it alongside your college also gives you a sense of security.
Funding is not necessarily a huge issue
He believes that starting a business is not all about funds. His suggestion for entrepreneurs who don’t have a lot of funds or huge amounts of investments at the start of their business and are unsure of whether to take the loan or not is that they could start working for another startup.
They can learn about the process of building a business and gain experience. and it is not necessary to start with a huge fund, you could start with a small fund of about 50000 rupees and understand how the business works. then you will have more experience and your fear of taking the loan will decrease. you will have more confidence to take bigger and riskier steps for your business.
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