Discover how Shubham Rawal, CEO and co-founder of StockPe, achieved college student startup success. Gain insights on independence, budgeting, and resourcefulness from his entrepreneurial journey. Learn valuable lessons that can inspire and guide aspiring young entrepreneurs.
Highlights
The Journey of Building Startups: Shubham Rawal, CEO and Co-founder of StockPe
As a college student, I embarked on a journey that would shape my future. I managed to start my first startup, become financially independent, and gain clients who are still with me today. However, the hardships I’ve faced are far too extensive to fit into a single post. There is no book, course, or mentor that can prepare you for it all. Here’s what I’d advise any entrepreneur in their 20s based on my experiences:
Take the Leap Headfirst
Moving out on your own can be a game-changer. It teaches you valuable life skills like budgeting and resourcefulness. Focusing on independence can be a huge boost when you’re building a product or business. Of course, moving out isn’t for everyone. If you can create a focused environment at home, that works too. But for many, that extra push toward independence can be a real advantage. This was a crucial step in my college student startup success.
Stay Flexible with Your Finances
Early on, avoid big financial commitments. For instance, don’t start a Systematic Investment Plan (SIP) if you don’t have the money, as every month you’ll have an obligation to pay a certain amount into the SIP. Instead, think of it this way: if you have 5–10k, you can invest it in your website. A small amount like that can be a great deal for your startup at a very early stage.
Network Like Crazy (But Choose Wisely)
Surround yourself with inspiring people. Networking opens doors and exposes you to new perspectives. But be choosy about who you listen to. Seek advice from people who are actively building things. Find mentors who are a step or two ahead of you in the journey. If you’re just starting out, talk to someone who recently launched an MVP.
Don’t Be Afraid to Fail (And Pitch)
Don’t wait for everything to be perfect before you take action. Build a basic, functional product and get it out there. See if there’s a market for it, and learn from the feedback. Enter business plan competitions and pitch your ideas. The worst you’ll get is a “no,” but you’ll gain valuable feedback and insights from others. In the end, don’t let fear of failure hold you back. Every failure is a stepping stone to your next success.
Overcoming the Challenge of Losing an A+ Player
One of my hardest challenges was losing an A+ player. An A+ player is a member of your team who becomes the lifeblood of your startup. They don’t just suggest new ideas; they also bring results. These A+ players don’t assert themselves but are respected nonetheless. Losing them creates a vacuum of skills and knowledge, and the replacement cost goes beyond recruitment – it’s about lost potential. They’re accountable and have integrity, which helps a startup grow.
The best thing is, they have ambitions that align with both their growth and the company’s. Many focus only on personal growth, forgetting that by growing the company, they also grow. It’s not wrong, but I’ve seen people achieve more when their ambitions align with the company’s goals.
How to Retain A+ Talent
- Make Them Feel Special: Personalize their experience. Make them feel heard and important for the company’s growth.
- Listen to Their Ideas: Give them a platform to ideate, create, and innovate. An A+ player is great for any company because they bring something new to the table.
- Provide Growth Opportunities: At StockPe, we take our team members’ personal growth very seriously. In the fast-paced world of tech, everyone wants to enhance and increase their skill set. So give your team chances to grow their knowledge, skills, and value.
Identifying A+ Talent
How do you know you have A+ talent? If they ever resign, would it make you panic? If the answer is yes, they’re likely A+ talent, and you can’t afford to lose them. Remember, your A+ players aren’t just employees – they’re the key to your startup’s future.
Building startups is a journey filled with ups and downs. But with the right mindset and strategies, you can navigate through the challenges and achieve success. Reflecting on my college student startup success, I encourage aspiring entrepreneurs to embrace the journey with passion and perseverance.
