Vaishali Sharma

CEO

Purplechai Technologies

Short Description

I am a CEO of Purplechai Technologies.

Brief about company, offerings and foundation of the company

Purplechai Technologies is a mobile applications & web development firm. We provide mobile application development services, affordable web designing, branding and advertising options to companies, businesses and individuals. So far, we have developed more than 30 apps and games with excellent design and content.Initially, we started with the development of in-house apps but now Purplechai is more focused on developing B2B or high-end customer applications. We started in Nov. 2010 with a team size of two people and we have now grown to a size of ten.

Risks involved in business and way of addressing

Certainly, there is a risk factor involved in every business, but we believe that business is not about taking risks but managing the risk involved.1 Operational risk: We dealt with this by setting up a firm which delivers excellent products and services to customers.
2 Financial risk: We made sure to understand what revenues and costs must be in order to make business financially viable. We took the time to understand what factors impact revenues and cost the most.3 Talent acquisition: We have hired committed people and trained them in a specialized field.4 Market reach: We reach people through the internet, developer conferences and attending events.5 Changing technologies: We are constantly updating ourselves about new innovations.

Most critical decision

We had to decide to focus on a particular segment for the business to grow and that’s how we decided to focus on mobile apps. Secondly, we had to focus on selecting the right candidate because hiring good talent and retaining it, is always a challenge.

Some of the difficulties faced while building product/ solution

As a start-up challenges begin from the day you think about an idea and want other people to validate and endorse it. It then moves towards building a prototype and getting some industry validation. The next sets of challenges begin when you have scale up and build revenues. I think if you are focused and determined then 50 % of your challenges are solved. The remaining 50 % are tackled by building a culture of transparency, innovation and listening to customers across your organization.

Three big lessons/ mistakes encountered while building company

Three major lessons learned:1.Be focused, committed and prepared to sail through any situation.We lost our partner and mentor at a very critical growing stage. But, we managed to get our focus and commitment back on track – plus, a hunger to grow. It was not at all easy but, we set our goals and we created a plan to reach those goals.2.Be honest and transparent with your clients: This creates credibility and trust to build a long-term relationship.3.Learn from every mistake or failure: We always learn from our mistakes and try not to repeat them.

Doing things differently

Have a strong marketing and branding strategy.Find the untapped market and create a business plan for that segment.

Motivation factor

The passion to create something from scratch and build it to a successful model is something every entrepreneur thrives for.There are several other reasons such as the freedom to accelerate growth, generating employment for others, building a global brand and learning new aspects of business.

My way of motivating troops

We have a very open culture, where everyone has the freedom to throw open new suggestions and ideas. We also reward the best ideas. This process gives immense confidence to our team. They are always charged and ready to take ownership. Plus, having a one-to-one relationship with each individual also helps us discuss their scope for improvement.

Way of choosing people

In the software industry, attrition is very high. We spot the right candidate through a reference system. Then, we train them on a specific platform.

lesson learnt to get first customer

As a start-up company, signing up an international customer as your first client was a hard-nut to crack. But, with the help of our mentor we were able to present ourselves successfully before the client. Our presentation impressed him and convinced him to sign us up within six months. We continue the association even today.

reaching out to potential investors

Currently we are self-funded and have not looked for investors yet.

My role

I evolved from a software developer to entrepreneur and the journey was not easy at all. I learned a lot with every single mistake, failure and success. Still there is a lot to learn and achieve. With time and experience I have realized that one cannot micro-manage and look into every aspect of the business oneself. You need to work smartly and delegate. Over a period of time, strong teams have been built for various areas such as technology, design, marketing, finance and administration. These teams are handled by dedicated and expert people. Currently, I am focusing on the overall management and strategy plans of the business.

As a leader how I make sure that I am connecting the right dots

A decision turning wrong is a mistake. But, mistakes can teach you good lessons. With constant introspection and learning from our mistakes, we have devised a simple model:a.While brainstorming for new ideas, we discuss previous lessons from mistakes.b.We implement ideas.c.We grow to the next level with each project.

My thoughts related to entrepreneurship

Entrepreneurship is a journey where one needs to constantly innovate and accelerate offerings to the customers.

company I admire globally

Undoubtedly, Apple Inc. for the brand value they have created, for technology innovations and of course, last but not the least, for Steve Jobs.

Advice for fellow entrepreneurs

Be honest, passionate and hard-working. Create a well thought of strategy for your business. Plan your goals and work hard to achieve them.