Madhav Kasturia

My strategy has always been to understand challenges being faced & work with the teams to mutually make a doable plan of action. If this has been tested out already – then the next step is to send the teams to their HR Business Partner or Mentor in the organisation – where they can openly voice the challenges being faced. This either makes them step back & get started again, or they agree to it & it ends up being a very productive engagement. Results? Everyone is happy. Most often, most of these cases get resolved by just a patient 1:1 conversation with managers.

The only way to balance passion & business is through– “discipline.” Passion is a double-edged sword: Agreed that being passionate does help you get up in the morning when you're not feeling it & generally boosts your well-being, but it's way too easy to get trapped by perfectionism + workaholism, & burnout. USUALLY, you'd want to enjoy your work without it being related to your passion or favourite hobby. I wouldn't recommend a passionate music fan to start a record label for example. You want to avoid very strong emotions when money’s involved.

Risk management in entrepreneurship involves identifying + assessing & mitigating potential risks that could impact a business from time to time. In my experience, it is a long, but important recurring process that includes : recognizing internal & external risks–& then prioritising them based on severity, chances of occurrence, & devising strategies to reduce or transfer risks. Some very important keywords to keep in mind: Continuous monitoring, contingency planning, & effective communication. PS: Successful risk management helps businesses understand AND make their way through uncertainties, build resilience, & maintain long-term sustainability.

Understanding the market = Most critical aspect of balancing product-differentiation & cost-effectiveness. You have to conduct thorough market research to identify your customer’s pain points & needs. The best way is to segment your audience – & analyze competitors, to stay abreast of market trends & dynamics. The 1 thing that works for me as a founder is collecting first-hand customer feedback— this helps in checking the customer experience & price-reassessment & ensures adaptability to evolving customer demands & trends.