6 principles to build a successful business, according to Bhavin Turakhia of DirectiAparajita Choudhury
The Turakhia brothers (Bhavin Turakhia and Divyank Turakhia) need no introduction as they recently created ripples in the ecosystem when they sold their venture Media.net to a Chinese consortium for $900 million. Since its founding, Media.net claims to have made substantial investments in its business to build a comprehensive portfolio of advertising technology in the industry across search, mobile, display, native, local, products and video.
Bhavin Turakhia who is also the co-founder of Directi Group believes that technology is the biggest enabler in driving innovation. Founded in 1998, Directi today has 11 business units, four of which have been sold to Endurance International Group in January 2014. At present, Directi’s business units include Ringo, Flock, Zeta, Radix, and Codechef.
At the first day of TechSparks 2016, Bhavin listed six principles that have been instrumental in building a successful business:
Many of us constantly strive to improve the skills we picked up at our last assignment. Bhavin advocated hiring the best for one's firm by standards that are high and uncompromising. He noted that the bar for excellence is constantly rising, as the best talent always strive to achieve perfection. Filling positions with lots of people cannot lead to success. No matter how long it takes, Bhavin advised investing the necessary time to find the right person.
In this competitive world, there is a pressing need to train employees on a regular basis. The most instrumental success is to hire people who can meet the potential.
Principle No. 3
How to define long-term vision? Every individual in the company should be aware of its vision, so that he or she actively partakes in sharing the responsibility of the leader.
Principle No. 4
If one doesn’t allow for deviations in clauses, one would end up targeting objectives, which tend to change constantly. So it is very important to be flexible and ready for any deviation from course.
Principle No. 5
Businesses are still struggling a lot. For a startup, getting a business may sometimes take months, so one should keep track of the business' score board, measuring its business metrics and keeping close watch on the variable insights of your entire organisation.
Principle No. 6
Every individual in an organisation should be aware of the immediate impact of an action that it has taken. Even as a leader of the organisation, it is very important to know the corresponding outcome of the action being taken.
We got two exits, one in 2014 with $160 million transaction and the other is in 2016 for $900 million. All these have been bootstrapped with zero external funding. An amazing set of people contributed to the success,” Bhavin noted.
Building companies with the best talent pool and equipping them with technologies and opportunities is important for the success of the company, Bhavin stressed.
A big shoutout to all our sponsors - Zendesk, Axis Bank, Sequoia Capital India Advisors , Digital Ocean, Microsoft, AWS, Akamai, Target, Verisign, Kerala Startup Mission, Brand Launch Centre, Tork and Blink.