Let us stitch for your nest- Stitchnest by Rishabh Goyal
StartupEd had an exclusive interview with Rishabh Goyal, Founder of Stitchnest. Read his story below.
Q1. Tell us a little bit about your background, education? And what made you come up with the name ‘Stitchnest’ for your startup?
Just like every middle-class boy, I completed my engineering, managed to get into an MNC, and kicked off my life in the workforce. Just 5 months into the job I realized I wasn’t cut out to be an employee and decided to start my own company STITCHNEST.
STITCHNEST came into being with a vision to provide quirky home furnishing products with a touch of classic.
Q2. Why not go for a mainstream job rather than going for your own startup?
I come from a business family and the concept of a job was always very foreign to me. After working for an MNC I had zero job satisfaction and very less sense of achievement. Since I was always looking for opportunities to start something up, the decision to leave the job was not very difficult.
Q3. What was your Eureka moment? What was your big moment?
It’s been only 3 years since I started my business, I feel that it is too soon for me to say that I have had a Eureka moment. I have reached milestones, but I am still waiting for “the moment” to arrive.
Q4. What is the problem statement or the gap that you feel is there between you and the market?
Currently, we are offering a small range of products that only center around one aspect of home décor. I hope to soon become a ONE STOP SHOP for our customers around the globe. If a customer likes a theme of ours, I would want to offer them an entire range centered around that theme so that they don’t have to consider other brands to provide something in a similar theme.
Q5. What is your definition of success? And what was the toughest challenge you have faced till now?
The biggest challenge I believe any startup faces is finding the right person for the right job. It took us about 1.5 years to find the right people to hold important positions in the company. Surrounding and associating smart dedicated people to my company is the toughest challenge I have faced.
Q6. If you get a chance to invite anyone from the world to have dinner with you, who would it be? And why?
Mukesh Ambani will definitely be the first person, and the reason being that I want to know how it feels to be having an influence over the masses in such a diverse country, apart from running such huge businesses.
Q7. Considering the Covid-19 situations, what are the few things that you feel your business needs from an incubator in the ecosystem?
One thing this lockdown has taught me is that ‘never put all your eggs in one basket’. It made me realize that I should start something apart from Stitchnest. I started to explore different industries and fields that give you bulletproof finances despite what the situation is. A startup should always be your main focus, but to grow personally, there always should be something that keeps you stable. Market research and market capturing is still a weak spot for me. Had I had a better understanding of it, or some help, I would definitely have made that my stronger forte.
Over the years we have seen many brands come, capture the market but could not retain themselves. I want Stitchnest to capture the market and retain itself.
Q8. What are the skills that you think you have that make you a complete entrepreneur? What are the qualities that you have?
I believe my strongest skill is that I can keep my team motivated and navigate us through difficult situations. I might not have the right skill to solve certain problems but I do find the right person to solve them and encourage them to keep doing the good work. I also believe I am good at understanding my customer base and keep evolving our product based on the growing markets. When my team is struggling with a certain task or having certain inhibitions of doing it, I make sure that I take up the load and help them out through the entire process, personally.
Having worked all the fields alone, during the startup, I am hands-on with everything that comes my way.
Q9. What is that one piece of advice you want to give to the entrepreneurs out there?
Perseverance. Find your driving force, find what motivates you and makes you persevere through the journey of a startup. To me, my driving force is my fear of mediocrity, I have lived a very mediocre student life, I don’t want the rest of my life to be mediocre.
“Entrepreneurship is all about everyday losing, everyday winning.”