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Mbbs 27 Jul, 2024
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Studying abroad is often seen as a gateway to academic and professional growth, but for some Indian students, it’s also a springboard for entrepreneurial ventures. Balancing the demands of academia with the challenges of running a business might seem daunting, but several Indian entrepreneurs have managed to excel in both arenas. This article highlights the inspiring success stories of Indian entrepreneurs who started businesses while studying abroad, showcasing their innovative ideas, determination, and the unique challenges they faced.
Bhavish Aggarwal, co-founder of Ola, one of India’s leading ride-hailing platforms, began his entrepreneurial journey while pursuing his Master’s degree at the University of Michigan. Originally from a background in engineering, Aggarwal and his co-founder, Ankit Bhati, started a car rental service during their time abroad. This venture laid the foundation for Ola’s future success.
After completing his studies, Aggarwal returned to India and launched Ola in 2010. The company quickly grew to dominate the Indian ride-sharing market, expanding its services to include food delivery and financial services. Ola’s success has been marked by significant funding rounds, international expansion, and a diverse range of services beyond just transportation.
Innovative Idea: Starting with a car rental service abroad helped Aggarwal understand market needs and operational challenges.
Networking: Aggarwal’s exposure to international business practices and connections made during his studies played a crucial role in Ola’s growth.
Ritesh Agarwal’s entrepreneurial journey began while he was pursuing his undergraduate studies. Studying at the University of London, Agarwal noticed a gap in the hospitality industry. He started a small hotel booking platform to cater to budget travelers. This initial venture provided him with valuable insights into the hospitality market.
In 2013, Agarwal founded OYO Rooms, a budget hotel network that aimed to standardize and improve the quality of budget accommodation in India. The company’s unique approach and technology-driven model quickly gained traction, leading to rapid expansion both within India and internationally. OYO Rooms is now one of the largest hotel chains in the world.
Market Understanding: Agarwal’s experience in London gave him a global perspective on the hospitality industry.
Adaptation: Leveraging the insights gained from his initial venture, Agarwal successfully scaled OYO Rooms to a global audience.
Gaurav Munjal, co-founder of Unacademy, India’s largest online learning platform, began his entrepreneurial journey while studying at the University of Pennsylvania. Munjal, along with his co-founders, started a small online education platform to address the gaps in the Indian education system.
Unacademy, initially a YouTube channel, evolved into a full-fledged online learning platform offering a wide range of courses and study materials. The platform’s success can be attributed to its innovative approach to education and its ability to attract top educators and students. Unacademy’s growth has been marked by significant investments and expansion into various educational domains.
Educational Innovation: Munjal’s experience abroad helped him identify and address gaps in the Indian education system.
Growth and Expansion: Unacademy’s evolution from a YouTube channel to a leading education platform highlights the potential for online education.
Deepinder Goyal, the co-founder of Zomato, began his entrepreneurial journey while pursuing his MBA at the University of California, Berkeley. Goyal started Zomato as a restaurant discovery platform during his time abroad. The idea was inspired by his observations of the dining and restaurant culture in the US.
Zomato, initially launched as a restaurant discovery platform, expanded to include food delivery, restaurant reservations, and more. The platform’s success in India and international markets is a testament to Goyal’s vision and ability to adapt and innovate. Zomato has become a major player in the global food tech industry.
Cultural Insights: Goyal’s exposure to international dining culture influenced Zomato’s development and expansion.
Innovation and Adaptation: Zomato’s success is a result of continuous innovation and adaptation to market needs.
Naveen Tewari, the founder of InMobi, an Indian mobile advertising and discovery platform, started his entrepreneurial journey while pursuing his MBA at Harvard Business School. Tewari and his co-founders saw a growing opportunity in mobile advertising and began developing their business while studying.
InMobi has become a global leader in mobile advertising, providing innovative solutions for advertisers and app developers. The company’s success can be attributed to its early entry into the mobile advertising space and its ability to innovate and adapt to changing market conditions.
Early Innovation: Tewari’s early focus on mobile advertising positioned InMobi as a leader in the industry.
Global Reach: InMobi’s success demonstrates the potential for Indian entrepreneurs to compete on a global scale.
The success stories of Indian entrepreneurs who started businesses while studying abroad highlight the potential for combining academic pursuits with entrepreneurial ambitions. From Bhavish Aggarwal’s Ola to Ritesh Agarwal’s OYO Rooms, these entrepreneurs demonstrate that with determination, innovation, and effective time management, it is possible to excel in both academia and business. Their experiences offer valuable lessons for aspiring entrepreneurs and underscore the opportunities that studying abroad can provide for launching and growing successful ventures.
1. How did these entrepreneurs manage to balance their studies with running a business?
Balancing studies and entrepreneurship requires strong time management and organizational skills. These entrepreneurs often leveraged their academic resources, such as networking opportunities, mentorship, and industry insights, to support their ventures. Many also built their businesses around their academic schedules and focused on time-efficient strategies.
2. What challenges did Indian entrepreneurs face while studying abroad and running a business?
Challenges included managing time effectively, navigating cultural differences, understanding local regulations, and building a network in a new country. Additionally, they had to adapt their business models to different markets and handle the pressure of academic responsibilities alongside their entrepreneurial efforts.
3. What skills did these entrepreneurs develop during their studies that helped them in their businesses?
These entrepreneurs developed valuable skills such as problem-solving, innovation, leadership, and networking. Their studies also provided them with insights into international markets, advanced business practices, and technical knowledge that were crucial for their ventures.
4. How can Indian students who want to start businesses while studying abroad find support?
Indian students can seek support through university incubators, entrepreneurship programs, and networking events. Many universities offer resources such as mentorship, funding opportunities, and access to industry experts. Additionally, joining entrepreneurial clubs and participating in business competitions can provide valuable support and exposure.
5. What are the benefits of starting a business while studying abroad?
Starting a business while studying abroad provides exposure to international markets, diverse perspectives, and innovative ideas. It also offers opportunities to build a global network, gain practical experience, and test business ideas in a new environment. This experience can be a significant advantage in the competitive global market.
6. How did these entrepreneurs use their academic experiences to benefit their businesses?
Academic experiences provided these entrepreneurs with access to cutting-edge research, industry insights, and a network of professionals and mentors. They often used their academic projects, internships, and collaborations to refine their business ideas and strategies. Additionally, their exposure to international best practices and technological advancements helped in scaling their ventures.
7. Are there any specific industries or sectors where starting a business while studying abroad is particularly beneficial?
Certain industries, such as technology, e-commerce, and digital media, can benefit significantly from the international exposure and innovation available while studying abroad. These sectors often require a global perspective and are rapidly evolving, making them ideal for entrepreneurial ventures.
