By Saket Bagda, Co-founder & Director, KnoDues
Founded in 2015, Gurgaon-based KnoDues is a Smartphone app which helps the user record shared expenses and to keep a track of all dues. Flawlessly integrated with the user’s phonebook, the app is Google’s material design which is visually appealing, simple to explore and easy to work. It also ensures to mark the buddies expense and upgraded consequently and immediately.
Two individuals, who have developed a close friendship over a long period of time, through sharing the same hostel room during college days and then going on to share an apartment while working, decided to sail on a journey to find a solution to a problem that the duo had been bothered with for almost 8 years - Shared Expenses Management!. While the journey on how we arrived at the solution is another interesting story. However, for now, the focus is on the roadblocks that faced during the journey and how we overcame the biggest challenge that lay ahead of us.
Sahil Sethi and I are both MBAs with specialization in Finance and our graduation is in the field of commerce. The best solution that had in mind for our problem was a simple to use and yet effective mobile app. However, there was a major challenge ahead – becoming Tech Entrepreneurs with absolutely zero knowledge of the Tech side of things.
“If you hear a voice within you saying ‘you are not a painter’ then by all means paint and that voice will be silenced.” - Vincent Van Gogh
Here is a list of specific pointers that helped take the plunge into an ocean of the unknown:
Idea Validation: Having agreed on the solution we wanted to offer to our users, we went all out for an in-depth idea validation amongst the target users. A proper market research with in-depth interviews (albeit on a small scale) helped us get the conviction that this app is a must needed product. This conviction gave us the required motivation and enthusiasm to ensure that there was no looking back. The crux is, to keep your venture going; you need absolute confidence and conviction in your idea – from both – within yourself and the outer world.
Self-Belief: Having the confidence & self-belief, not only that we can go ahead and do it, but also the relentless spirit that we have to do it – no matter what! I believe that self-Belief is a must have quality for all entrepreneurs who want to go on to change the World! And so, as the saying goes “Where there is a will, there is a way”.
Getting to Know the Right People: Having a zero-knowledge of the Tech end of things and yet deciding to go ahead with a venture which is completely based on technology is most definitely a risky move. However, if you took the risk and during the journey, you will be lucky enough to meet the right set of people. There are people who belonged to the industry, who had experience, and most importantly, were ready to support & guide you.
Perseverance: From heated discussions about the smallest details of product design and features, frustration when you know something's not perfect, to extreme joy when little things fall in place – there is one thing you can’t lose and that is being persistent in doing something despite facing difficulties or delays in achieving the desired results.
Optimum utilization of resources: In a bootstrapped start-up, one has to do every single little thing – no task is a small task. One has to treat the start-up as his/her own baby and wait for it to grow with time.
Continuous Learning: One should personally enjoy doing things only when you learn something new every single day! As I might still not be a techie, but I am pretty confident that soon, I would have a good understanding of the tech side of things – which would probably translate into better technical planning and execution for future features and functionality of the product.
“Whatever the mind can conceive and believe, the mind can achieve” – Dr. Napoleon Hill, author of Think and Grow Rich.