After the failure in 2019, India is now basking in success with its effortless lunar landing of Chandrayaan 3 on August 23, 2023, at 6:03 p.m. IST.
This space mission not only achieved its objective of studying the lunar surface but also propelled India to become the fourth member of the elite moon club comprising the former USSR, the US, and China.
India is the first country to reach the moon’s south pole.
From thriftiness to innovation, this epoch-making event offers invaluable lessons for startups and entrepreneurs.
Persevere Despite Setbacks
ISRO didn’t let the failure of Chandrayaan 2 discourage their resolution. Instead, it meticulously analysed past missteps and drew lessons from them. Embodying the very essence of “Try, try again until you succeed,” it pressed on with unwavering determination.
This, according to the executive director and co-founder of Eruditus, Ashwin Damera, manifested “the true spirit of entrepreneurship”.
From inception to tasting the first joys of success, the journey of startups is characterized by a higher possibility of failures than achievements. In such a challenging landscape, entrepreneurs can take a cue from the virtues of resilience, tenacity and innovation exhibited by the scientists of ISRO.
Alluding to the setback faced during Chandrayaan 2 and the subsequent triumphant landing of the Vikram Rover in one of his social media posts, Aman Gupta, Co-founder and CMO of Boat, found a perfect parallel between the success of ISRO and entrepreneurship. “Chandrayaan-3 is our comeback story,” he said.
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Build a Dedicated Team
Just like a blockbuster movie is the outcome of the entire crew’s collective effort, hundreds of ISRO scientists toiled behind the scenes of this landmark mission and transformed it into a resounding success.
Building a similarly devoted startup team is of utmost significance. While experience truly matters, as a hiring manager you must hire those applicants who are genuinely excited about your vision. Passion is contagious and it inspires loyalty through thick and thin.
Risk Mitigation
Like Rome wasn’t built in a day, the dream of Chandrayaan-3 was actualised after shunning numerous risks.
In the same vein, startups navigate within a dynamic realm, facing diverse challenges like income uncertainty, extended work hours, and the possibility of loss. However, taking calculated steps curtails the scope of growth.
In the words of Jeff Bezos, “You want to be ambitious enough that your plans seem a little crazy to outsiders.”
Startups, therefore, should strategically embrace calculated risks. Incorporate risk management approaches, including contingency plans, to avert potential pitfalls. Foster an ethos of resilience and unwavering determination within your team, empowering them to persistently aim for the nascent dream.
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Strategic Planning and Astute Budgeting
Globally acknowledged for its adept planning and budgeting, the triumph of Chandrayaan-3 rested upon meticulous planning and dedicated financial management.
Similarly, startups should begin their journey by formulating a comprehensive budget and a strategic course of action, flexibly adjusting these plans in response to the ever-evolving market landscape.
Stay abreast of the times
The scientific community at the Indian Space Research Organisation (ISRO) had engaged in a perpetual process of knowledge enhancement for Chandrayaan-3.
Likewise, within the dynamic landscape of startups, staying updated on the latest market trends holds significant advantages. Startups, therefore, should cultivate a culture of perpetual learning to secure a competitive edge.
August 23, 2023, is indeed a momentous day etched in the heart of every Indian. Highlighting the nation’s remarkable prowess in pushing the boundaries of space exploration, Chandrayaan 3 inspires us to never give up on our dreams.
