Leaders Perception Magazine is currently running an interview series called – What Are The Top 5 Mistakes People Make When Starting A New Business?
Today, we had the opportunity to interview Akshay Bansal who is a CEO at Heuro.
Interviewee Name: Akshay Bansal
Company: Heuro
Akshay Bansal’s favourite quote: “Read What You Like Until You Like To Read.” – Naval Ravikant:
The Interview
Thank you so much for joining us today! Tell us a little bit about yourself. What is your backstory?
Akshay Bansal : My name is Akshay Bansal, CEO of Heuro, we develop A.I based products to solve business problems, by education i am an engineer and a business post graduate, learning and developing new things is my forte and my motivation, since my childhood, i have been fascinated by science and Technology, as my favourite shows were Dexter Laboratory, Iron Man, I love to do experiments and
In your opinion, what makes your company stand out? Any examples?
Akshay Bansal : Heuro is the right mix of technology, business skills and customer centric approach, we at Heuro believe in industrial revolution and how to make transform lives, our approach is stakeholder capitalism, which makes us looser in short run but the ultimate winner in the long run for example we recently developed PRfy.app, which is a PR management app, we observed that thought leaders and innovators are not able to hire PR agencies, so we develop an A.I based PR app to help these individuals to promote their ideas.
What are the TOP 5 mistakes people make when starting a new business? Please share advice/examples for all of them.
Akshay Bansal : I as a Entrepreneur, have around 5-7 years of experience, here are the mistakes to avoid when starting a new business:
1) Stick to the idea, not to the business problem’s solution: Rather than focusing on business problem and asking what’s the best solution for this problem, most of the time we develop our stickiness towards one particular idea, for example when i started with my first product, it was based on the idea, which is not solving any problem and soon i realised that i was looking for the problem to fit for my idea and not the other way round.
2) Hiring the cheapest, not the smartest: Smart people turn bad idea into good business but stupid people turn best idea into a business disaster, don’t put the cost effective metric into hiring.
3) No leverage, do it all yourself mindset: Focusing on the key strengths and develop the product or service using the right mix of your strengths and that are available in market already, world is now getting more interdependent, the World might be getting multi polarised but technology and business will always stay globalised.
4) Micro Manage: When people start their new venture, they want success so badly that they often do micro managing their teams and make the culture toxic, always focus on getting on board the best and let them do their job.
5) Budget allocation and cash flow: As a business, you need to make sure that all the assumptions you have made specially regarding cashflow, you check them on time, before you ran out of the resources.
Leaders Perception magaizne would like to thank Akshay Bansal for the time dedicated to completing this interview and sharing their valuable insights with our readers!
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