20 Years of Reflection

As 2023 comes to an end, it takes a special importance for me as I reflect on my entrepreneurial journey.  This year, I completed 20  years as an entrepreneur. I am taking this opportunity to share some vital moments during the journey and learnings gained from them, hope you will find them of interest and of some use in your life.

Over the last 20 years, I have learned many things – a list that expands with each passing day. As much as I wish I could retell each learning, I will stick to sharing a few pivotal experiences of my entrepreneurial journey.

When I started Groupsoft in 2003, I was alone and hardly had much financial support to sustain. Just the previous year, my wife and I had welcomed newborn twins.  Yet despite everything,  I was determined to create something myself, on my own, as I had an inkling that if not now, I would never be able to start something of my own. That vigor, conviction, and positive attitude led me to start Groupsoft.

Everyone in my ecosystem perceived me to be a naive, wishful failure in the making.  My wife was busy raising our twins, and her priority was our children; her support was simple and summarized in just a few words – do what you would like to do.

Despite my belief in myself and the support of my wife, the first eight months were difficult. I did not get any work but instead got 6 to 8 job offers. All the job offers were far more significant in responsibilities and remuneration than my previous job. However, I still felt there was more in store for me and rejected them all. My mom, father-in-law, and the rest of my extended family were very concerned when I rejected serious offers from 2 of the largest global IT companies. I felt people consistently lose faith in my decisions. 

Core learning from this time: 

• Everyone is a well-wisher, but that does not mean you should get influenced by their opinions and perceptions.
• Every decision has positive and negative consequences and one has to live with both. 
• You have to stick to your gut and make your own decisions. 
• Finally, every decision you make can not be justified because situations and circumstances always play a vital role in decision-making.

My first assignment came serendipitously following months without a break. While roaming in a mall, I met a gentleman who remembered me from past work together and asked me to come to his office for a proper meeting. Following that, I landed my first assignment to consult for 20 hours a week. This gave me a lifeline that propelled my entrepreneurial journey.

For the first 6 to 7 years, Groupsoft grew steadily. My first three customers are still on my contact list, and I have made great relationships there, which I cherish to this day. In 2023, I was recently contacted by 2 of them for their SAP S/4 Journey transformation.

Core learnings from this time:

• Sooner or later, things will go your way if you have the right intent and honestly work hard.
• Strong work ethics and willingness to go out of the way take you a long way. In business, it is not about money but about building blocks for future success. Money is one of the outcomes, but it is not the only outcome you should work for.
• In the software services business, the most critical aspect is the quality of service. Always strive for the best quality of delivery.

By 2008/2009, we had a 125-person team. Then, Lehman Brothers’ global financial meltdown occurred, catalyzing numerous obstacles for me.

• 8 out of 9 Customers, all big names in the Indian retail market, did not pay Groupsoft’s outstanding bills. 
• It left me and Groupsoft with financial challenges. 
• Many top employees found themselves on a sinking ship and moved on.

In hindsight, this was one of the best learning experiences I have gone through. Every possible issue an entrepreneur could have to face, I had in front of me.  

Core learning during this time:

• Every success for the business brings a lot of confidence to the entrepreneur, so celebrate and value the small wins.
• You need to stay alert about possible threats and risks. Always be aware of market conditions. Don’t live in your cocoon.
• Learn to manage your finances effectively and ensure no wastage takes place.
• Blame only yourself for your failure. Learn from your mistakes.
• Thank others for your success. Always be grateful.

In 2009, I got one customer in the USA (this is also an exciting story, but for another time), leading to the next chapter in my career, this time in North America. 

In India post-2009, we started recovering slowly. I handed over my business to my colleagues to run Groupsoft’s India operations as  I focused on the North American customer. 

However, in 2012, one of the most famous retailers in India stopped our payment. They dragged us along for eight months, and eventually, I had to eventually stop doing business with them. We lost more than US$ 1 million at that time. The irony is that, as we speak, the very same retailer is out of business in India now. They are facing liquidation and multiple legal issues and are famous for exploiting vendors so no one wants to do business with them.

The challenges that began in 2009 with the Lehman Brothers crisis, followed by issues with the Indian retailer in 2012, forced me to close Groupsoft’s Indian operations in 2013.

Core learning during that time:

• Don’t sign customers based on brand name. Select customers based on personal interactions during negotiations.
• Learn to manage your team objectively. Every conversation has to be fair and objective.
• Always make decisions after expanding your perception by placing yourself in others’ shoes and situations. 
• Cut out bad apples with lightning speed. 
• Make hard decisions fast and quick in life. The more time you take, the more damage you will experience in the long run.

In the USA, I was a stranger and had no business relationships, so starting a new business required perseverance and laying the groundwork. On the one hand, I needed more work as Groupsoft India now owed a significant debt to employees, banks, and vendors.

So, I took work as an individual consultant to earn money and pay back debtors in India. I was back in my field, which I am always very comfortable with – “delivery.”

During this long phase, I managed to survive a tough time and by 2016 had sorted out most of my debt issues. I paid back all vendors, the bank, and most employees’ dues. Interestingly, I had several former employees who decided to forgo their dues. Even so,  my personal and company bank balances were just above zero.

Core learning during that time:

• 99.9% of people are good, and only .01% have bad intent.
• Be genuine and be communicative. 
• Tough times and failure are the best teachers. Embrace them with an open mind.

2017 was again a turning point for Groupsoft and me. One of the CIOs was seeking a delivery head for a SAP FMS delivery, and he hired me to run the global transformation program. My experience and honesty led me to this work. This program eventually became a mega success for customers and SAP. SAP has showcased this program in almost all SAP global events in the last six years.

By 2017, I was fearless as I had endured many rough patches. What else could happen? I had nothing to lose, but on the other hand, I had an opportunity that could change my and Groupsoft’s direction. When I started, I was a little nervous. However, within a short time my only objective was to make this program successful. I worked over 12-14 hours daily for almost 25-26 months. I remained objective and ensured this program was successfully implemented, and I put all my experience into these efforts. I learned so many things and discovered a new me. 

I used the one thing that was unique to me – my experience of failure. My failure overtook all my shortcomings and transformed me into a better individual with a clear purpose. My perspective of life, business, or any matter had changed completely. 

Since 2017, I have never looked back. Things are moving forward, and so many good things are taking place. 

Core learning from this time:

• Be fearless and straightforward but with due respect.
• Only focus on positive things and avoid negative thoughts. But be diligent.
• Be purpose-driven and achieve your goals. 
• Avoid friction in your life and adjust yourself based on the situation.
• Entrepreneurship is beyond money. It is a mindset that makes life beautiful, fun, and challenging.
• Work passionately and always listen to your surroundings.
• Create a positive and empathy-driven culture. 
• Trust your team. Your team is the biggest asset you have. 
• Always surround yourself with positive and progressive people in life. Don’t waste time on petty issues.
• Relationships are key to success. 
• Believe in sharing. Sharing takes you a long way.
• Finally, stay humble, objective, and do not give up.