Want to build a billion-dollar company?
@AsishMohapatra1, CEO of OfBusiness and Oxyzo Financial Services, says it starts with thinking about the unthinkable and assembling a team of skilled individuals.
Here's an excerpt from the podcast with @rajshamani.
A 🧵 for entrepreneurs
He had a diverse career path, ranging from consulting with McKinsey to becoming a venture capitalist and eventually starting his own company. But what was his thought process behind achieving so much success?
According to @AsishMohapatra1, it all starts with thinking about the unthinkable. In the context of startups, this means setting the goal of profitability (crossing $100 million in PAT), which has only been achieved by two Indian startups – @Zoho and @zerodhaonline – to date.
However, he believes that this goal cannot be achieved alone and requires the whole team to believe in and work towards it.
Another key factor for him has been identifying areas with many problems with a few, multi-layered solutions.
He believes that one of the biggest competitive advantages, or "moats," is complexity and that by tackling these complex problems, a company can set itself apart.
But what motivated Mohapatra to strive for wealth and success?
As a young boy, he saw a classmate with nice things and asked his mother why he couldn't have them as well.
The reply was "who bade log hai" i.e. they are rich, making him curious about the meaning of being rich.
He spent several years researching and eventually came up with his own definition of being rich, which included:
- having money,
- art (personality),
- is like a magnet,
- having something interesting to share.
He also has a set of principles that he stands by in both his personal and professional life.
These include creating wealth not just for himself but also for those associated with the business, fostering a fun workplace environment, thinking big and dreaming the unthinkable, going all in and not having a Plan B, and adopting a "dhanda" approach i.e should make money.
So, how does @AsishMohapatra1 suggest building a billion-dollar company?
He recommends focusing on profitability first, assembling a team of at least 10 highly skilled individuals, setting culture early, focusing on tasks that can be accomplished with certainty in the first 2-3 years, and aiming for the US market.
He also advises considering both organic and inorganic growth strategies, such as acquisitions or entering into partnerships, and continuously learning and evolving.
One unique aspect of his business philosophy is his decision to not have a cabin for himself or any designated parking spaces or business class travel for himself and his employees.
Instead, he values equality and encourages everyone in the company to travel in economy class and share hotel rooms on business trips.
He derived inspiration from the fundamental rights of the US as a nation. This aligns with his belief in the fundamental rights of liberty, equality, and fraternity, which he believes have played a significant role in the growth of the United States.
He recently invested in @dezervHQ, a platform that is bringing wealth management to the middle class. He sees this as an opportunity to not only create wealth for himself and his business but also to positively impact the lives of others.
Overall, Asish Mohapatra's diverse background and unique business philosophy have allowed him to achieve a great deal of success in his career.
By thinking about the unthinkable, assembling a strong team, and focusing on long-lasting solutions to complex problems, he has been able to build two successful companies and make a positive impact on the lives of others.
That's a wrap.
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Thanks, @rajshamani for this awesome podcast.
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Yusuf
@weekly_concepts
Educator turned Solopreneur. Talks about 'all the things that your MBA should've covered.' Store 👉 koji.to/@weeklyconcepts