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eCommerce
is linked very close to Technology, selecting the right framework for our
portal was key. We had to scrap our first 2 models because they were not
scalable. The key to success was patience and a lot of working hours!
The need
to know everything - that might sound like we had to master all, but as
entrepreneurs starting to build our foundation we had to have the knowhow of
company formation regulations, finances, budgeting, banking, Foreign Direct
Investments, etc. In the current booming entrepreneurial market, it can be
challenging to find the right source to garner and extrapolate this information
and knowledge.
As fast as
the ecommerce industry is growing, the banking regulations/ Infrastructure in
India to do not support a quick and easy turnaround. And you cannot start your
business without having a way for the customers to pay for the products or
services you are providing. We learnt this the hard way.
Start early - you have an idea - give it a serious thought, plan it thoroughly
and go for it! The time is ALWAYS right – there will always be other things in
your life, you will have to learn to prioritize , strive and be
successful. Involve a right set of professionals who share the similar vigour
as yours. And most importantly have an right team together!