Founder, Tej Arora shares some of the insights/challenges they faced while running the company.
‘There were many challenges we faced in building the business, and a few we faced building the product.
- Working without a founding partner was extremely hard.
- Hiring quality talent was super tough.
By and large, we found people to be risk-averse, and putting more emphasis on cash compensation than on equity
- Brands have not yet appreciated social media, specially in India. It was a hard sell. It was hard enough explaining the concept to them, forget selling a service. They need to first warm up to it, and then organize themselves appropriately to take advantage of it. That will take longer than we had hoped for.
- The budget for internet marketing is a tiny fraction of the overall marketing budget.
- BrandAdda wasn’t giving consumers something compelling or solving a pain point, so consumer adoption was poor. We were counting on Brands to be able to offer something of value to consumers, but with no traction from Brands, this never materialized
- There was no one from the Marketing industry in the team. We were outsiders to the industry, trying to reach Brands through a well-established layer of Agencies around them. That was hard. The soft business climate made matters worse. – blog
I have known Tej Arora for quite sometime and one thing he and I have always shared is the challenge of not having a cofounder in running a venture.
Sometimes, you need validation of idea/hypothesis, a healthy argument around the venture (as well as product features), somebody to question things, to brainstorm ideas and being the solepreneur just takes you into ‘Let me try this’ loop [Read this: Successful startup needs 2.09 founders to make it big!].
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