Nand Kumar, a man with surplus experience in business development who has worked with many reputed companies and has played a crucial role in providing a business perspective that aims to help them grow their business. Now he is taking a turn in his career as an entrepreneur and building his brand from the scratch. So MyTravaly, interviewed him to get an insight into his life as an entrepreneur and discuss his experiences. We had ample questions in mind like what it has been like to work with Staycart and any advice he has for other budding entrepreneurs.
On asking, he told us several things which are very useful for newly budding entrepreneurs.
1. Can you please tell us more about the staycart? What is the company all about and what is its vision?
The Stay Cart is a one-stop-shop for all the hoteliers. We cater to all the needs and services required to scale the business of a hotel. The Stay Cart is a Revenue Management System that aims to ease down the management of hotels and revenue management in order to scale their business exponentially.
2. The idea of this business is rare and unique. How do you see this as a successful business idea? What was on your mind in the first place?
I had decided it long back when I was working for an aggregator. In the rase of aggregator to show maximum inventory under their banner, our hoteliers have suffered a lot in terms of not having freedom of selling the rooms as per demand in their micro market or say about not able to sell the room if there are a micro-level issue in the rooms.
It was not easy to get the money into their account even after having good occupancy in the hotel as the amount is always stuck with the aggregator, penalty charges, and other issues. It was too quick for me to understand that there is a need for one single platform in which revenue management, digital marketing, offline sales, and operation support can be provided for which hotel owner will be happy to pay some fixed amount as he will get all the support what an aggregator provides in franchise model against the huge commission.
3. What was the most difficult situation you have come across as an entrepreneur? What kept you motivated this long?
Abandoning another career. If you're going to dedicate yourself to starting and nurturing a business to success, it's going to be nearly impossible to simultaneously manage another career and financing, team building, too many competitors, and many more.
4. Do you believe that the definition of' Leader' always keeps changing from time to time?
Yeah. I believe that. You know, I am never a leader. I am a person who believes to work with the team and always tries to balance the other thing as well as contributing my own thing. Where people in both come together and grow together. Probably I will learn certain new things from you because every unit, every human being is unique.
5. What do you think about the future of hotel agencies?
I have no rights to predict their future but I feel if hotel agencies can hold a good chunk of inventory by giving good ARR, timely payment and fair reconciliation sheet to the hotel owners as the OTA does,
It would be good for both the hotel agency and hotel owner if the rooms are sold at the right price with less commission and a huge discount.
6. What's your vision for an employee or an intern whom you would like to hire for your company? What's that one quality you want in that person?
Professionalism, Honesty, and integrity, Innovative ideas, Problem-solving abilities, Ambitious, Dependability, reliability, and responsibility. I hope I have not asked much as these are the few quality which makes a good employee.
7. So, in one of your posts on LinkedIn we saw you have commented that hiring for a startup seems to be more difficult than preparing a pitch deck for investors. Why do you think it's so difficult?
Yes, it is very difficult to hire the Right Person at the Right time and NO one knows who you are, need to Brand yourself, startup identity, Digital presence & Big companies have more to offer.
8. How did you manage your personal and professional life? How do you set your priority as an entrepreneur?
I priorities my time, I have set working hours and I stick to them, I plot some personal time.
9. What’s the one thing that you want to say to all the young entrepreneurs or the people who want to become an entrepreneur?
Do work you care about. There's no doubt that running a business takes a lot of time, soak up knowledge from smart people, find solutions to the right problems, Own your mistakes & cheers you are already an entrepreneur.
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