Zomato CEO Deepinder Goyal said that he strongly believes that wanting to make “a lot of money” is a very bad reason to start a company. At the Startup Mahakumbh in New Delhi, he advised entrepreneurs to be led by passion and drive when they are starting to build a company. He said, “I see a lot of founders starting a lot of companies, and I ask them why did you start this company, and the answer is ‘I want to make a lot of money’… I don’t think that works, because that leads to bad governance calls… that’s not the purpose with which you should start a company.
Starting a company just for money cannot work as it may lead to “bad governance calls”, he said.
Zomato CEO’s advice to entrepreneurs
If you wish to become an entrepreneur, Deepinder Goyal has an advice for you. He said, “You should be so passionate about something, you should be willing to risk your life for it, only then you are able to build a company of your dreams. That’s the only piece of advice I have… do it with passion, don’t do it for money.”
Deepinder Goyal on Zomato’s success
Talking of Zomato, he said that the company has a culture of embracing disruption and being paranoid in order to evolve and stay ahead and the reason for the success of the company is always thinking “how do we disrupt our own businesses”, he said.
“Zomato has a business plan competition going within the company, which is going to offer funds to a small team which will disrupt the businesses that we are in, and that could lead to Zomato version 5 or Blinkit version 2,” he explained.
Will Zomato deliver using drones?
Deepinder Goyal shot down a suggestion from the audience about drone delivery for Zomato and said “it is not going to work out”.
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