Welcome to Entrepreneurs of India #startupstories episode 71
There are entrepreneurs and then there are innovators. The ones who bring the idea of ‘out of the box’ to life and engage it with reality. Vorq Space is an idea that was born in the mind of its founder Akshit Mehta, a law graduate.
This Mumbai based firm rents out fully furnished creative, convenient and comfortable work-spaces to individuals and groups serving multiple office-space requirements. In an age where there is a rise in the number of freelance creative professionals, Vorq Space provides the right platform to engage in work, meeting or discussion. They have packages and rooms for every need, from a desk for one for a month to a conference room for an hour. They’ve got it all!
Apart from providing room for you to work, meet or discuss they also lend you their team of experts to support you on crucial matters, which has often aided the clients here. The spaces are not simply fit for your need of the hour but also designed with an intention to bring out the best in you.
Now this is a business that is certainly addressing a gap in the market. Vorq Space strives to create a work culture that reflects the diversity of entrepreneurs, designers and artists by providing an environment that encourages networking and growth.
1) How did you get your idea for this business?
A lot of people hear the phrase “Behind every successful man, there is a woman”. I BEILEVE in it. Having my family’s real estate background, it never occurred to me that we could monetize real estate in such a manner as well. It was my wife, Karishma, who gave me the base ideation of using the real estate advantage and providing spaces to people who just wanted to work without worrying about the overheads.
2) Why is “now” a good time for this idea to exist?
In the recent past, there has been an exponential increase in the number of startups. Most of these startups work from the confinement of their home, without having access to the basic amenities, infrastructure and network. This increase has fuelled the Coworking industry, in a positive manner and has helped it grow. Coworking Spaces are becoming more affordable & flexible for startups and are providing the perfect environment for them to flourish. Coworking is proving to be one of the most ideal workspace solution for all kinds of businesses ranging from freelances to larger corporations. With the multitude of services and community driven ecosystem at affordable pricing and such flexibility, coworking spaces has given the serviced industry a whole new approach.
3) What was the reaction from your family when you first decided to become an entrepreneur?
The reaction from my family, was a mixture of reactions, though on the positive note. There was a lot of confusion, as we have a family owned real estate business, which has been all set up and all I would need to do was to take it forward, but when it comes to being an entrepreneur, you need to do things from scratch. There was a lot of encouragement from my family once I had the idea up and going, and the same continues to this day.
4) What was your biggest mistake in business and what did you learn from it?
As per my knowledge, there hasn’t yet been something I would call the “Biggest Mistake”. But, yes there have been a few minor mistake I have made in this business. One of them, which I would like to throw light on was, that when I began execution of the idea, I had not yet studied the market very well, due to not having enough time in deciding whether to start Vorq Space soon, or to wait a few more months and then execute the idea.
Though, it did not affect the business a lot, but it has taught me a lot along the journey in this business. Every time I take a decision now, the first thing I look into is waiting and studying my peers before coming to a conclusion.
5) What is your biggest obstacle in the next 12 months and how will you overcome it?
Currently, the coworking industry is still a growing industry and needs to yet be mastered. The needs of today’s business era should be supplied before the wants. Meeting this needs, is a difficult task, as needs keep changing with time.
Over the next few years, the sector will see an increasing need for coworking spaces from larger businesses, as corporate occupiers embrace a more dynamic coworking culture or shorter and lower-risk leases. From the looks of it, Coworking is powerful enough that I don’t see it as a dying industry. It is here to stay and to set a base for the future of work.
6) What habits contribute to your success?
I forced myself to step out of my comfort zone and connect with who I am. And most importantly, I cut ties with things, situations that no longer served me, helped me or enhanced me. It wasn’t easy. It was the hardest thing I have ever done. In order to work on Vorq Space, I really had to commit myself to limit useless social gatherings, to stop wasting hours on tv series or even travelling the world. I was hard on myself — but I needed to be.
Few rules I would follow:
Stop being an idiot
Learn how to engage in a genuine manner
HUSTLE until your eyes bleed.
Turn into someone you were always meant to become.
7) If you had the opportunity to start this business again what would you do differently?
As I mentioned in the earlier question, I would study my peers, understand the market & industry more that I did, and then set up without having to face ay teething issues in the start of the business.
8) What is your favourite inspirational quote?
In a gentle way, you can shake the world – Mahatma Gandhi
9) Where do you find inspiration?
This, I find from my father. He also has been an entrepreneur back in his days, when he shifted to Mumbai (then Bombay). He still does give me a lot of encouragement and inspiration to keep moving forward, no matter what.
10) What is your favourite book?
From Zero to One by Peter Thiel
11) What advice would you give to someone starting out?
Most people are bloated with ordinary thoughts and mindsets They’re so full of average that they have no more appetite. But you have to have an appetite for extraordinary Beyond what people are doing – think beyond them.
There will always be doubters, and people trying to put you down so they can feel higher, but you have to stay true to yourself. Believe in your mind. Have some tunnel vision. Then one day you will have your moment. Because anything is possible if you just believe!
Feed your dreams. If you can suffer through setbacks, through pain, rise up with resilience once again, and again, and again!
Vorq Space is giving wings to the many new-age dreamers and doers by creating a one of a kind work-space allowing creativity and collaboration. A good business is not just about making profits but also about providing a service that makes life easier.
Vorq Space has resolved a problem that a large community had been facing. Akshit Mehta leveraged on his family’s real estate business to build on his startup. It certainly was not easy to tread away from the family’s established line of business. There is always an easy path, but people who follow that path seldom become entrepreneurs.
Connect with Vorq Space on Instagram here.
Check out the book recommended by Akshit!
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