TheRodinhoods

AAA: ASK ALOK ANYTHING – the Chat that was!!

asha chaudhry

So we had the first of our #RodinChat series and had lots of fun!!

image source

I’m sharing an edited version of the transcript – edited so that questions & answers appear together without the moderator (me) in between. Some q’s were asked in parts – I have tried to put them all together. This has been done so it becomes more reader friendly to folks who weren’t there for the chat! I HAVE NOT corrected the typos/grammar/language of anyone’s chat. But I’ve knocked off the pleasantries so you have a relatively crisper read :).

Unfortunately people’s mugshots didn’t get pasted – so am linking everyone’s profile page ONLY ONCE.

We intend to do more such #RodinChats with different Rodinhooders/experts so pls share (in the comments below):

– your wishlist of topics,

– domains you need to seek help in

– names of experts you wanna chat with and we’ll invite them to do a RodinChat with you!

If you are an expert in a niche field and would love to do a RodinChat with us, pls YELL & TELL.

Also, if any one of you is keen to moderate a #RodinChat in the future, then pls paint your name in the comments!!

If you couldn’t attend the live chat and have a question for Alok – PLS ASK HIM IN THE COMMENTS – this is not time-bound. We want you to feel free to reach out to him via this page ANY TIME YOU NEED TO! 

HERE GOES… 

hey guys!!

boom boom boom!

Hi Alok, how do you deal with customers who insist on working with credit and make sure they pay up? 

3 ways: 1) Ask for 25% advance so that u know that their intent is to pay 2) Check with other vendors what their rep is 3) Say NO  

HI Alok Sir, I would like to ask you if you will ever consider to mentor an upcoming Social gaming startup ? 

Aroof : Hmmmm… I’m not sure. I run a games business and would love to look at the plan. mail me at alok@rodinhood.com 

Hello Alok Sir, How and where did you hire your initial technical team (cofounders or employees) for your ventures? 

Apurva : Look at vendors and partners ; Look at clients!! Sometimes the best guys are the ones you are afraid to ask. Ask angels and VCs if they have met excellent tech teams who want ideas to work for. Please DONT HIRE ABSOLUTE Freshers – they are not worth the headache! 

Hi Alok, pls advice how should I get funding for my HR startup 

Sumit : What’s the money for? Isn’t HR a services business? If you need money for ‘enterprise’ startups, approach company HR heads of Businesses that have lots of CHURN – BPO’s etc – They may want to invest first! 

Some are saying the great eCommerce discount game is coming to an end in India. What are your thoughts? 

Uttarika : Discounts will always remain in place. The question is NOT saying NO to discounts but making them part of YOUR P&L!! Thats the most important part! Look at all the Top Fashion Brands in the world – they all have yearly discounts/sales – its because they EARN AND THEN BURN 

Hey Alok, Need advice on choice of compensation for employees or interns: Fixed salary/stipend or performance-based (based on task completions) or a mixture of both (How would that mixture be?) 

Vinayak : Till at about Rs 25-30k a month it needs to be fixed because its NOT FAIR and difficult to get people for variable. Post that you can do stuff like 2% additional on REVENUE for top manager or 2% for the team – so if sales are 10 lacs a month, thats 20k more to distribute 

For a non techie guy, how should I ensure that the developer of an ecom site do justice to the specifications while the development is under process?? Should I outsource it totally or hire someone?? I am a CA. #AAA 

Yog : Thats a tough one. I would do this – I would check out all the sites that impress me and make me feel “WOW – I WISH I OWNED THIS SITE” and then make the vendor give you that site as your product. Thats the best way to define WHAT you want. 

Thank you Mr Kejriwal.. Having said that and to be specific on my doubt, should I put myself into some coding and designing stuff?? This will be a whole new world for me. I have been in touch with some developer but then I get my own doubts before paying them. 

yog : no. Thats disastrous. I cant sit and spend 4 years becoming a Chartered Accountant because I don’t trust my CA to file my taxes. Business is about JUDGING PEOPLE MORE THAN even building the best product 

Haha. I knew that was coming. So do you advice to put my hands up and find the best known guy in the city and believe that he will deliver?? Ok last part, how do I find my better half (developer) in terms of job and money? What things should I see in an ecom developer?? 

Yog – spend a month on linkedin. Go commit a crime; get jailed for 1 month and get permission to use linkedin (JOKE) – Find people who have worked on your ecom idea and have CONVERSATIONS – I would think that your question will get answered if you meet 100 people who have done what you want. 

Hahaha. I knew that was coming. Ok last part of my question spree.. How should I zero on a developer?? What should I see before giving them the job that they won’t betray me. 

Chuck my question.. I dint see it was answered already.. Thank you so much guys.. It’s my first outing with trh. Loved it. Hopefully you would pay a visit to my city 

yog – you are obsessed by failing and get cheated. You are only thinking negative! WHY? I don’t think you should be an entrepreneur 🙁 

Alok sir, Apologies if I have sound negative earlier. I am very new to this. I am quite young and on the edge of changing my profession. So may be my extra bit concern over stuff sound obsession. 

Yog : No issues boss. I think you should really work a bit more in consulting / agencies to get the confidence to OUTSOURCE. Thats the best ways of building STRUCTURED RISK taking decisions 

Indian users avoid paying for games or any app as compared to the western users. How would you over-come this situation? 

Aroof : Its the challenge of PPP. Indian’s want to PAY – but with their TIME – not WALLETs. So what’s wrong with ADS? The Indian television business earns 20,000 CRORES A YEAR (Sony/Star/Zee) from ads. They earn very little fro consumers! Go ads! 

Should a bootstrapped business have a free plan in their SAAS offering or just keep a trial window and charge after that? 

Shobhit : You must ALWAYS have a Basic plan. Check Mailchimp – Dropbox. And you know WHY? The 98% freeloaders (never gonna pay u) will make you sweat and make a FAB PRODUCT! You need 1 million of them for the 2% to pay and make you rich. 1 million will come ONLY WHEN YOU ARE GOLD! 

Hey Alok, Thank you for the advice. A follow-up on question by Apurva.. How do freshers like myself hire? Should I only look at my peers to get them to join my startup or still go out and hire professionals? 

Vinayak – its not about being a fresher. Its about WHO you wanna hire? If they are very senior, they may not want to join because of your experience. But if you are genius, then even the BEST will wanna join. Put out an ad on say linkedin and judge the response! for 1700 bucks, you will get to know! 

Hello suraj vazirani from DSYH.IN here. Alok we are a B2B saas company and have solved the biggest pain point of payment and other recconcilations for the sellers in indian ecommerce ecosystem – how should we take this big 

Sumit – go to one company first who you think needs a solution. Ask me for introductions if needed. DONT GO ALL OVER THE PLACE. One big catch will start the snowball! In the world of media, the saying is “Sell to HLL and then you can sell to anyone”! 

Should you manufacture something on your own or outsource it as a start-up?

Kshitij – PLEASE PLEASE PLEASE OUTSOURCE EVEN IF IT COSTS 300% more 

Hi Alok, wanted to ask your opinion on product market fit. How would an entrepreneur know if he has achieved a fit with the market? 

Mitalee – I only look at consumption (usage). The question is – if the wrong TG become using your product, what will you do? Stop selling or sell to them? I personally am not a believer in Product Market FIT. The word FIT scares me. WHAT SELLS FITS. WHAT fits sometimes does not sell. 

That’s fantastic. If I have a small MVP, how would I go about showcasing it and getting some consumption? Like you said, if I get HLL to sign up, it would mean customizing for them. So how does one balance the tradeoff, esp in B2B? 🙂 

Mitalee – you have to customise. As an MVP, we customise to consumers choices. Why can’t you do that for your first few clients? 

I have one last question – can we get a transcript of this chat? It’s a superb gold mine 😀 

We are building a platform for designers where the designers come and upload their design and get a # of per-order if they are susscssful in that we do the rest from production to sales and designer gets a commission out of it!! What do you think of this ? Will start will apparels first. 

Tejpratap – Thats tough naa? I mean think of the BUYERS – are they aware of the fact that the production is yours and the design is someone elses? I mean what happens if the design looks very bad and the buyer makes a fuss? Who will be responsible? Do ideas like these work? 

tej – contd – I assume this is fashion? Clothing? Can you name me one successful store where this has worked? 

Yes it’s fashion. The design will first go through an internal check then put up for public vote then go for production. All this will be very closely monitored by inhouse team. 

Hi Alok, I’m setting up a tailoring business as a sole proprietorship. online. Legally, I believe I don’t need to have any registrations / tax entities etc till i hit a certain turnover. And setting those things up costs money. i’m funding from my pocket, entirely. To get or not to get registered? 

Shweta : NO NEED AT ALL. Its a headache thats NOT REQUIRED AT ALL. You will spend more time managing goons from departments than your business. When you reach the limit (near it) then get a CA

Hi Alok, What’s next for The Rodinhoods ? As a community, do you think its time to go ‘YCombinatorish’ ? i.e. incorporate as an incubation center / early stage fund, have a few startup / co working centers across NCR, Bangalore / Mumbai Pune and help the next set of entrepreneurs / wantrapreneurs ? 

Abhik : no not at all. I think TRH is in a very sweet spot. Its a community not a college and definitely not an agency (to manage people) and certainly not a bank. Its casualness is what I think needs much more cultivating rather than ‘boxing’.

Abhik – Just lets BE. Some things like TRH will get guided on their own

2nd question – i also represent aiova.org/forum it is a all india online vendors association inspite of infinite follow ups n cases raised with marketplaces no one is listening to us n blogs n publishers are least interested in publishing the naked truth of pain harrasment faced by ecommerce sellers. how do we get recognised and heard and publicaly get the demands open 

Sumit – read my PPT on PR for startups! Its got golden tips in there 🙂

“blogs n publishers are least interested in publishing the naked truth of pain harrasment face” – – DO NOT UNDERSTAND THE Q  

How important is marketing for an early stage startup? In-house marketing or outsource? 

Aroof – bhai, the question is – If I got burnt, do I put my hand in cold water or go to a doctor? I would say MARKETING IS YOUR DNA. The fact that you are startup means you marketed the idea to URSELF. Once the marketing becomes ROUTINE – thats when you hire outsiders! How can outsiders think

Aroof contd – How can outsiders know of WHY THIS WILL SELL without being a part of the business? MARKET YOURSELF or SHUT DOWN 

What will an investor look at during the first meeting to discuss an idea? 

Mritunjay – One / Some / All of these : UNIQUENESS / EXPERIENCE / INSIGHT / PASSION / THE ABILITY TO NOT GET PERTURBED 

(added by asha while posting – I’ve sent Mrityunjay Rudrajeet’s comprehensive article ’99 questions an investor will ask you’ to read)

Hi alok .Created a real time quiz .As its first time played felt people will feel excited to compete Pan India. Released it but didn’t work out as I thought . Now that I have discussed the idea with few ,found that realtime is the main hindrance. Exhausted my fund . How should I move forward 

Vidit – Multiplayer sucks. Its not working anywhere. Did you try async mode? whats the app called or quiz called? 

We are also cofounders of Getybo, wherein we help SME’s to reach out power of e-commerce as their exclusive ecomm marketplace. Already revenue generating, need to scale up so is debt capital good for us or shud we go fr equity? if yes then any pointers 

Sumit K – DEBT IS AWESOME if you can get it without riders (repayment). I mean do you have a choice?? U have VCS also coming? if they are Blue chip, I would take VC. Give 30-35% and take 1-3 million in 

Thanks Alok and Asha for organizing this event.. Hope to chat with you in person when I’ll start my business with you as chief guest..Good luck 🙂

Q.4: Whats the best avenue for finding good backing/mentorship for a B2B SaaS, customers are ample, need scale. 

My view is that the last 2 years of startup activity has ruined the BASICS of starting up. People think of everything as canned solutions. There is a PPT or some shitty TEMPLATE for every solution. THATS NEVER THE CASE. each business is unique and needs custom solutions to be created 

What is the best way to reach out to media for coverage?

Shobhit – please read my PR for STARTUPS PPT!! its got all the points boss

what are your thoughts on recurring billing in B2B SaaS, given that its so difficult to implement in India?

Mitalee – Good idea but needs to be done very very carefully. I would bill quarterly and with a not so easy exit system. Study the billing plans of the top 10 SAAS businesses you like and decide. SHOW MONTHLY and OFFER YEARLY – Indians JUMP AT COST SAVING and will get trapped

Since you’re a big fan of meditation, how do you reckon others should get started with it/? 

Shobhit – look at places around your house that teach meditation – Art of Living; Sadhguru; Kriya Yoga – join any of them and see which one makes you comfy!!

Alok. Do u think that B2B online Bulk Gifting Concept will work in India?

Vijay : Isn’t it in place already? I mean when you buy BULK Airline Tickets or Hotel Stays – thats a GIFTING and discounts right?

No that are Bulk Deals. What I’m talking Abt is customised products like T-shirts, Caps, Pens etc

Vijay – how can that work? Who will be your buyers? Agencies who will supply this to Corporates? I doubt it. Brand orders are very customized

My clients will be direct companies 

Alok Sir – we are bootstrapping since last more than 2.5 years… have saved some cash also.. Till date zero marketing.. spent only on basic necessities. Now how should we prioritize UI / UX design, Marketing, New product development, Expansion.

Ashish – ONLY PRODUCT PRODUCT PRODUCT PRODUCT PRODUCT. THAT’S YOUR BEST MARKETING that no one in the world can copy

This is my priority – UX – UX – UX (means UI as part) – Then ask me again.

As compared with others in our segment in Ahmedabad we have all different and many products… Service wise we are preferred… Now we have added more FOS.. so need to have more volume. 

alok i have a q – many rodinhooders are struggling to find mentors. what’s the best way to find one? 🙂

Asha – Mentors are gifts of God. Seriously 🙁 

My Question – Is Knowledge more important or Execution with Dedication works better ? IN case one has one or the other only ? 

Darshan Bhaiji – Knowledge is just the starting point. But execution is 100%. Its like a PILOT – he must know how to fly BUT FLYING IS ANOTHER STORY all together. And in execution NEW KNOWLEDGE GETS CREATED!!! 

Puneet boss – Your newsletters are AWESOME!!! I THINK I’M GOING TO LIVE till 137 years thanks to ur tips boss

Alok Sir – thanks for the kind words…. I appreciate that you keep reading them 

Need to ask you whether a “Guest Management App” For Weddings is a good idea. The App Allows you to manage everything from one console, message members, update them about venue, ceremonies, let them post photos etc

Puneet – No. Its not a good idea. As a guest for a marriage, I don’t want to be instructed by an app. I want BIG MARWARI ROLLY POLLY PUNEET TO HUG ME AND ASK ME TO COME TO EAT 🙂 

Hahaha – Cool – Thanks. Noted.

Alok Sir – I will surely HUG you one day in Sachi’s wedding. 

Guys, some parting shots:

Please dedicate yourself to what you do and be RELENTLESS till it starts bleeding and hurting. If anything I have learnt, its the RELENTLESSNESS that will carry you through

OM. JGD. OBO. THANKS FOR BEING AROUND!!!!

 

****