Did you consider what you would do after graduation? In today’s harsh reality, AI automation and competition have resulted in fewer jobs. Graduates should consider other options, such as founding a start-up or starting their own business. This allows them to be self-sufficient while also providing job possibilities for others. Today’s success story is about someone who graduated from IIT Delhi, one of Asia’s finest universities and started his entrepreneurial journey after graduation. In 2008, a regular common boy saw people waiting in long lines for food orders which made him realize people’s suffering and sparked a new entrepreneurial idea that became Zomato. Yes, you guessed it right, I’m referring to Deepinder Goyal, who appeared on Fortune India’s 40 Under 40 list in 2020.
New Learning:
Monitoring the market
Deepender Goyal started his entrepreneurial journey by observing the market. He observed long lines in front of restaurants that made people suffer. This understanding inspired him to launch Zomato, formerly called “Foodiebay,” in 2008, to improve the food ordering process. He started his journey by understanding people’s needs and extended his start-up by analyzing the market. You can also start your own business by observing the market. If you can identify what people want, your business will flourish in the future.
Ability to handle risk
During the pandemic situation, Zomato was forced to halt delivering food. Mr. Goyal’s ability to minimize the risk by shifting the business toward grocery delivery and other services. This not only saved Zomato but also created a market position where the other competitors were kicked out of the market. People’s purchasing power is decreasing day by day due to market inflation. Thus Zomato found a solution in which they offer discounts on canceled food orders. With this, people in the poor and middle classes can order food from Zomato. This adaptability is an essential trait for entrepreneurs confronting unexpected challenges. Here, the learning is you can face an abundant amount of risks and challenges but you have to survive with your own tactics.
Good user experience
Goyal highlights the importance of improving the user experience through ongoing innovation. Zomato maintains a competitive advantage in the food tech business by addressing consumer demands and preferences. A customer-centric approach is vital for fostering brand loyalty and generating growth. Mr. Goyal sometimes goes by himself to deliver the food to the customers so that he can know what customers need and also can understand how many difficulties his employees face. You can learn from here how to value employees and customers.
Building a strong culture
Mr. Goyal cultivates a strong culture by prioritizing and improving the user experience through significant innovation. Zomato has established a competitive advantage in food technology by responding to consumer wants and preferences. It is critical to value consumer expectations because if you want to stay in the market, you must convert potential customers into actual customers.
Learning new insights and future goal
Mr. Goyal encourages entrepreneurs to embrace uncertainty and actively seek information. This can help leaders achieve personal and professional growth. Learning new information about the market allows you to analyze it correctly and assess risk. As a prudent character, you have to decide on some future goals for your business or start-up to make decisions for the present and past. As Goyal did, he developed his business beyond the border and set goals for the future in order to fulfill them.
Deepender Goyal is a true asset to a country. Through his start-up, he influenced many young people to start their own businesses and also incurred cash flow in the market which made higher economic growth. The major takeaway from this story is not to let anything stop you. In our country, society doesn’t accept graduates doing their own business. As a result, although they are doing a white-colored job, not a job that showcases their potential. So after graduation, unleash your potential power.
Click here to read more blogs like this.
Writer,
Fabiha Bushra
Intern
Content Writing Department,
YSSE.