Some businesses require a comprehensive approach while operating in their respective industry. Keeping up with the industry dynamics is one of the major challenges that every business faces at one point of time. But it is still no excuse to ignore the market trends and go without making the considerable changes in the modus operandi of the business. Technological advancements affect every business paradigm in its own way. To ensure continuous growth, a sense of awareness related to what is necessary today is important. The same applies to the logistics business.
A company that is dwelling in the logistics space and embracing its dynamics with grace is ezTruck. It is a B2B intra and inter-city truck aggregator that is moving forward with a vision to revolutionize the unorganized and fragmented transportation industry catering to the mines of India. Let’s read how it is going to achieve this feat in the words of Mr. Kali Rath, Founder of ezTruck.
What was your vision behind your startup? Tell us how the idea came about.
Vision:
ezTruck is a marketplace for Intra & inter-city freight services dedicated to the Mining Industry. The idea is to help transporters increase the utilization of the trucks and have better access to demand from the mines thereby reducing idle time & also ensure that these trucks DON’T return empty by optimizing the network of clients using tech & analytics. On the business side, the platform will help the mines & businesses use freight more efficiently &
effectively.
Apart from the regular GPS-enabled freight management, ezTruck enables their clients to track & be in touch with all the trucks. On the other hand, the transporters have the opportunity to increase the number of trips based on real-time information and it also
ensures that the transporters get return pickup as approximately 90% of the truck used in the mines return empty which results in almost 50% loss in revenues.
How the idea came about:
The Indian logistics sector is poised to surpass $307 Billion by 2020.
Despite the huge market & transaction volume, there isn’t a single player that’s providing a dedicated solution to the mining industry.
ezTruck offers a dedicated marketplace catering to the Mining industry.
Businesses (Mines) can easily find fleet/ trucks based on their specific requirement, book them instantly & track/ manage the movement of the trucks.
Fleet/ truck owners get a proper load for their trucks with the minimum wait time (including loading, unloading & return loading), route optimization, driver convenience, return loads making the trip more economical & highly optimized for better output.
What services/products/solutions do you offer?
- Instant vehicle allocation to Mines & Businesses
- Live Vehicle & load tracking
- Route planning & optimization
- Health & Safety tracking & management (both trucks & drivers)
- Fuel, pumps & speed management & optimization
- Vehicle diagnostics & service network management
- Spare parts dealers network for trucks
- Insurance (Vehicles, Drivers & Load)
- Fleet & driver management & optimization
What were the challenges you came across during the inception of your startup?
Every startup founder knows from the outset that there are going to be obstacles. But
sometimes, they can still surprise you — whether that’s because you just didn’t anticipate them, you’re unsure of the best way to respond, or you don’t yet have the resources you need to address them properly.
Here are some of the main issues to watch out for, so you can plan ahead and know what to do when they crop up:
Money
Let’s get right into it: yes, you need money. Unless you’re remarkably lucky and the cash flows in straight away, either from sales or investors, money is going to be an issue sooner rather than later.
Neglecting marketing and sales
Are you putting enough resources into marketing and sales?
Some startups think they can ignore those two functions completely and hope that word of mouth will be enough. Or if they’re a SaaS company, they might believe that sales will grow organically online and that IRL sales and marketing teams aren’t needed.
Lack of planning
It’s amazing how many startups falter because they ‘forgot’ to plan. Or maybe they really did plan, but they just didn’t cover all the bases.
Finding the right people
Certain skills are crucial not only for your business to survive but also for it to grow.
Knowing the exact skills you need — and how to get those essential people on board — might be the determining factor in how well your startup thrives.
Time management
In startups as in life, there’s never enough time. There are a million and one decisions to be made and only 24 hours.
So start by eliminating or minimizing distractions — anything that gets in the way of running your business.
Your Founders
It’s hard to believe, but a startup’s founders — the very same people who passionately nurtured their idea from nothing to a business — may actually be contributing to its woes.
While the founders may have developed a great product and set the wheels of the whole venture in motion, they can’t do everything.
Scaling up
So your products or services are experiencing phenomenal growth lucky you!
But now you’re finding yourself with a whole new set of headaches as you try to scale to match this increased demand.
Your comfort zones
Growing a startup can feel like taking one step backward for every two steps forward. It takes grit.
In the beginning, you’re going to need to wear a lot of different hats (metaphorically
speaking, at least). And you’re going to have to push yourself to go outside your comfort zone on a regular basis.
Competitors
No matter how great your products or services are, it’s a crowded marketplace.
And it’s growing all the time: you won’t be the new kid on the block for long, and new rivals can quickly alter the playing field.
So you need to put yourself in a potential customer’s place and see how you stack up. What makes your company different? What makes your products special? What makes your brand unique? Why would someone choose you over your competitors?
Poor management
One thing startup definitely can’t afford is ineffective management. A management team that worked well in the initial stages may find itself struggling as the startup expands, as they’re tested by anything from poor sales to market conditions.
Lack of Mentorship
You may have a great product or idea, but lack the necessary guidance, market experience, or knowledge to take it to the next level. That’s where a mentor comes in, with the wisdom and confidence to help you clear those roadblocks that are holding your startup back.
Is your company bootstrapped or have you received funding or do you plan on approaching investors?
Yes, My startup is bootstrapped and we are approaching multiple investors.
As the founder/CEO, what is your opinion on the current landscape of startup culture in India?
India is quickly becoming a leading global startup hub. Rising numbers of entrepreneurs, incubators, international and local VCs, and multinational corporations are turbocharging the development of a burgeoning tech scene. In fact, the numbers of startups in India are
expected to nearly quadruple from 3,100 in 2014 to over 11,500 by 2020. Here’s a look at some of the key differences in business styles, models, and approaches I’ve noticed along the way, and what they can teach us.
To Fail or Not to Fail
In America, failure is often seen as a natural stepping stone on the road to success. People
may go to school to study one thing, take a job doing another, and then move around between companies and industries throughout their careers. The U.S. seems to celebrate comebacks as much as initial success. That’s not how I experienced failure growing up in India. In India, failure is frowned upon in every instance. When I failed a few times in my early education, the sense I got – and had to fight against – was that failure was the end of the road, not a bump in the road. This tendency has no doubt led to the demise of many promising careers for countless entrepreneurs – and perhaps stopped many from even daring to try in the first place.
Show Me the Money
In the U.S., startups can secure funding on the basis of a strong concept, often without revenue or a set business model. Companies have the opportunity to prove their value proposition and test products extensively before releasing them to the market.
Company Building
In the U.S., where competition for talent is often fierce, startups aim to recruit the best
employees by offering perks and providing a great company culture. I’ve also experienced how the entrepreneurial spirit is widely valued for employees within the American startup
culture, perhaps first famously embodied by which used “20% time” to encourage employees to pursue side projects in innovation.
Is the Customer King?
Businesses in the U.S. are renowned for creating a great customer experience – the idea being that loyalty and repeat business is cheaper than acquiring new clientele. India is also known for customer service, but in a different way: employees of outsourced call centers, often trained to implement standards prescribed by companies from other nations. When it comes to startups, however, Indian companies aren’t prioritizing how to delight customers and improve retention rates in the same way as their American counterparts. Recent studies suggest that Indian firms risk losing significant business due to a lack of adequate customer service. There’s a tremendous opportunity for both startups and established companies to build and improve customer loyalty in India by adopting practices that are now considered standard within the U.S.
He & She
The U.S. has a long way to go in achieving gender equality in the business arena, but as this article points out, there has been a recent groundswell of support for female entrepreneurs.
India lags behind in employment for women. According to a report by Genpact, women are still greatly outnumbered by men, comprising about 25% of the total workforce, with only 15% of companies having women on their boards. Some say that this is large because traditional cultural norms encourage marriage and familial duties, rather than career and entrepreneurship.
India’s Moment
The U.S. has long benefited from being the world’s melting pot, attracting ex-pats who carry business lessons from their native countries and apply them in America. But today, it’s an
exciting time to be an entrepreneur in India. Resources for startups are growing, internet access is exploding, and educational initiatives for the startup community are expanding
exponentially. Access to networks of mentors and advisors – which had been severely lacking
– is becoming easier.
According to you, how important is it to be updated with technology as per your industry sector?
Software and Information Technology Spotlight
More than 40 percent of the $5 trillion global IT market is in North America, primarily the
United States. The industry accounts for $1.8 trillion of U.S. value-added GDP (more than 10 percent of the national economy) and 11.8 million jobs.
The latest movement involves technological advancements and the impact these advancements have on factories and workforce demographics. Many changes in the
manufacturing industry have come from consumer demand. New technological advances in manufacturing have helped to better meet consumer demand.
How do you strategize on scaling your company in the future?
Here are five critical steps to scaling your business:
- Evaluate and Plan. Take a hard look inside your business to see if you are ready for
- Find Money. Scaling a business doesn’t come free
- Secure the Sales
- Invest in Technology
- Find Staff or Strategically Outsource
Scale’ is increasingly being used as shorthand for ‘scale-up’ (“to grow or expand in a proportional and usually profitable way”) and as a noun that means “proportional growth especially of production or profit” and/or ‘a large market position.’
