“The only thing you need to keep in consideration and know very well is when to stop,” Gupta said, in a Fireside Chat, ‘To India with Love: Aman Gupta on Orchestrating boAt’s Product-driven Success,’ moderated by Deepak Ajwani, Editor, Economictimes.com.
Gupta delved deep into his journey of making possible boAt’s product-driven success in a market that is obsessed with services. Speaking further on making mistakes, he said that he, on a personal level, has continued to make mistakes, and learning from them going forward.
“In recent times, we, as a company, ventured into smartwatches. It was a mistake all along. It was the worst move ever, and I like to call it a race towards the bottom,” Gupta said. “I have learned from it and I have moved ahead.”
He added that it was better to “fail fast and learn fast” than doing nothing at all.
Idea or execution, what is important?
Gupta called it a “chicken and an egg situation”, asserting that both things were important. However, he said, execution was placed higher on the ladder of importance.
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“You need to execute right. Today, if you go to a cafe or a restaurant all you get to hear is entrepreneurship and ideas. It is the execution that is ultimately the difference between a successful startup and a not-so-successful one,” he said. He added that the investors too are more keen to know about the execution part, rather than the idea.
On competition
Gupta said that competition was imperative for growth, “It keeps us on our toes”.
He said that, as a founder, you should know how to navigate the competition. “In the last seven years, our competitors have changed almost every year. First, there was SkullCandy, then Noise, and now it is some other company. It is good that we have competition, which allows us to keep evolving.”
AI and technology
Guta believes that there is no escaping from Artificial Intelligence (AI) integration into services as well as products. “Everyone has to embrace it, whether you like it or not,” he said.
Explaining that the “nudges” in his company’s wearables were based on AI, and anything that touches the human body, gives a wealth of information about human health.
“Look at iPhones, they have become more of a health device than a mere phone. Any company that wants to survive the market competition has to evolve and has to integrate AI in its armoury,” he said.
Keep learning!
Gupta was of the opinion that many founders and businessmen in India today develop a “god syndrome” and move far from reality, which, in turn, mitigates their learning capabilities.
“You have to stay grounded,” he said, “And keep learning, no matter where the learning comes from—be it your own mistakes or what is being done right by others—you need to keep learning.”
The evolution of customers
Customer is evolving, and very fast, Gupta said. He quoted the example of quick commerce and said that companies which were not comfortable to venture into the space some years back have made a mark and are doing well in the space.
“How did it happen? It happened because our customer has evolved from a two-day delivery to a one-day delivery to a fifteen-minute delivery—and there need to be enough companies to cater to that demand. Holds for all the sectors—evolve as per the evolution of the customers.”
On expansion to global markets
“I have made a promise to our esteemed Prime Minister about that, and I am going to make that happen,” Gupta said, adding that he was exploring the markets in the Middle East.
He said that he comes from an era when no one believed that Indian companies had the potential to venture into international markets, but emphasised that it was all going to change and the change was palpable.
He ended the session promising a boAt IPO, and sharing some personal insights into how his family keeps him grounded. “People say I have changed but that is how I have been all along. If my family says I have changed I work to rectify that.”
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