At BrilliantRead Media, our aim is to bring to our community some of the unique and compelling stories from the start-up ecosystem. As part of this endeavour, we invited seasoned entrepreneur and investor – Niraj Bora, for an exclusive interview with us. Niraj is a business leader with 25+ years of experience in scaling multiple companies and consistently building great teams across varied space. Let’s learn more about his inspirational journey and his advice for our growing community!
Excerpts from our exclusive interview with him:
What key factors do you look at before investing in a startup?
I look at upcoming sectors and good teams to start with. Unless the market is good enough, even a ton of cash or a great team might not be able to make it through.
A team gives a vibe that is evaluated based on one’s personality. I personally want to work with founders with whom work does not feel like work, and have new insights in every meeting. Domain expertise is another thing which is required for the team. Work experience is not necessarily required in the same domain, but a good understanding of the problem statement is very crucial to know why a particular solution would work/not work.”
What keeps you going? How do you stay positive and motivated?
I am a positive person normally but need external motivation sometimes. For me, motivation comes from different things at different points of time. Books, survival stories during COVID, reading on quora, people around me, etc can contribute and keep me motivated throughout. Founders I am working with also are energy magnets, so that’s another source of motivation and energy for me.
What is the one strategy that you believe has helped you grow as a person/investor?
I look at the big picture/long term which is definitely a differentiator for my thought process. For example, small or petty matters do not bother you when you look at a 5-10 year horizon in your life. Luckily, I am among the ones who can ignore things that are not relevant to me and my objectives in life. In work or personal life, if you are focussed enough, small turbulence in life does not matter.
Looking back 5 years, you won’t remember petty matters, but you will know what you have done right/wrong that impacts in the long run.”
In your opinion what are the keys to startup success?
I don’t believe a single mantra or a definitive thing that can contribute to startup success. I do believe in one thing though – building a startup is a dynamic environment, and the founders have to keep learning continuously and making changes to the way things operate.
I believe in identifying the problem, solving it and keep introspecting. Also, it’s essential to understand that if someone else had a somewhat different idea, doesn’t mean it is a better idea.
I believe in the Mckinsey way of solving business problems. It’s a book I have read long back and I keep reading it every now and then.”
What advice would you give to someone starting out?
Do good research on the segment you want to explore, and get to the field and talk to a few people on the problems they face, rather than just researching it online. Problem statements have a lot of fine lines that one needs to understand to really solve for them. Once you do that, product acceptance would be more when you market it later.
Do not venture out on space just because another company has made it big there. Timing is a critical element for building a business. One would not be able to create Facebook again. It has to be something else.
There is a dearth of women entrepreneurs in the startup ecosystem, what advice would you give to aspiring women entrepreneurs?
I believe women are better at multitasking and can wear a founder cap very easily. They also have the ability to think of different angles to a problem/solution.
For those who aspire to become entrepreneurs, the world is a better place for women and would be far better tomorrow. VC funds, corporates now are also represented by women and you can maybe reach out to them for mentoring. I listen to Zia Mody, and Indra Nooyi, and have great admiration for them. You get a mentor who you feel you can relate to and seek help whenever you face challenges in your business.”
BrilliantRead is committed to bringing stories from the startup ecosystem, stories that reshape our perspective, add value to our community and be a constant source of motivation not just for our community but also for the whole ecosystem of entrepreneurs and aspiring individuals.
Note: If you have a similar story to share with our audience and would like to be featured on our online magazine, then please write to us at [email protected], we will review your story and extend an invitation to feature if it is worth publishing.
