eChai with Nikita Sharma and Deepak Sharma, Co-Founders, Joydeep Vehicle Products
Our today's guests for "eChai with Husband-Wife Entrepreneurs" are Nikita Sharma and Deepak Sharma, Co-Founders, Joydeep Vehicle Products, which manufactures and provides engineering solutions to various OEMs like Tata, GM and Ford and few international companies. They also work towards other engineering sectors beyond automobiles and give specified solutions. In 2009 we found the gap between tier 1 and tier 2 suppliers and decided to foray into manufacturing of auto parts.
Here is the insightful and candid conversation with Nikita & Deepak. Join the conversation to ask any specific questions to Nikita & Deepak.
Early Years : When did it first strike you to begin this venture and why? Your Eureka Moment (the moment you decided to be an entrepreneur).
In 2009 we made out the gap between tier 1 and tier 2 suppliers in automobile sector and as Tata Nano plant drives into Gujarat we sense that Gujarat is not having automobile supplier base. So we decided to foray into manufacturing of auto parts.
Business Venture : What is your business model and what problems does it solve? What are market opportunities? How is it different from your competitors? How do you generate revenues ?
We manufacture and provide engineering solution to various OEMs like Tata, GM and Ford. We also work towards other engineering sectors beyond automobiles. We are professionally engaged in this sector from one decade and network is widening to attain the required Orders.
Sales : How did you make your first sale and how much time it took you from starting up to closing the first sale ? How long is your sales cycle ?
Our first sales was within first month to a 3 wheeler company which did well. Later the sales were never a problem for us with figures keep up and down.
Company Culture : What kind of culture exists in your organization? How did you establish this tone and why did you institute this particular type of culture?
we work like an eagle culture where most of the things depend on us and we took care for major decision making process. Still we have set the roles of employee to get the expertise in particular department.
Hiring - How did you hire your first employee ? And in general what's your hiring policy ? How important have good employees been to your success?
It is all that as a new company nobody wants to join us 5 years back. Some people with semi skilled experience joined us as a labor or supervisor and stayed over 5 years and adjusted to our high and low phases and now they execute our most of the projects and become asset of the company.
Those who like us stayed back and help us to hire more talent like them in their network.
Learning : How did you handle your disappointments and failures?
Different clients had different working patterns globally so it gave us the great opportunity to understand and learn the new skills of customer handling and fulfillment.
Vision: What's your vision for your venture. What do you want to accomplish in your life ? What are your future aspirations?
100X: To scale the company as advance manufacturing unit in innovation of new manufacturing technologies. Launch own unique product for automotive sector in market.
- To reach 100 crores by virtue of value.
- To serve 100 family’s
- To give scholarship to 100 students
- To plant 1000 trees for mother earth
Risks : Which was the boldest decision you ever made to have this venture work?
To invest capital for infrastructure. Poor payment terms (30 to 60 days after delivery) from automotive customers.
Also following questions are for both of you. We would love to get answers from both of you.
Partnerships: What are your views about having your spouse as the co-founder in your venture ? How do you overcome when you have a difference of opinion on work front ? How do you manage that :-)
Deepak: Of course having your spouse as work partner will reduce stress of internal issues in organization and you can completely discuss anything weird and superb both.
While I always work like a hunter to look for new orders, business and clients. She always work like a farmer to maintain customer relations to the best of results.
Nikita: It’s a fun to work with the one whom you love and can trust completely. One thing is always clear that we both are on the same mission to take our company at new horizons.
There is a always issue base fight for contrast in decisions but somehow we mutually reach to the best solution after a healthy discussion.
Work-Life Balance: How do you find a balance between work family and social life?
Deepak: It is lovely to discover that she pulls me out from the routine work and take me for outing rather than I take her out.
Nikita: Specified roles in home as well work place help us doing own job with less conflicts. I am lucky to have Deepak as a partner as he is not a typical Indian man and help me with house hold chores and kids related responsibilities.
In my case I am more active socially and always juggle life between work,home,kids and social function but that’s what make me feel satisfied at all grounds.
Finding a partner is tough, let alone finding a Life partner - how did you meet up for the first time ? What' your story ?
Deepak & Nikita: We met in a marriage of common friend in Mumbai and found each other completely opposite. At the first meeting Deepak is a calm and introvert guy where I am easy going and extrovert person. But that only fulfilled our lacking skills. We are a happy couple and proud parents of 3 lovely kids.
8 years old daughter and 4 years old twins (daughter and son).
If you were to give an advise to other husband-wife entrepreneurs starting up together, then what it is?
Deepak: Plan for long term and short term goals and be ready to come out of comfort zone and adjust both personal and professional works in all phases of life.
Nikita: Never discuss your business once you reach home to maintain healthy family lives. We discuss our plans for 10 min in morning meeting before leaving and at the time of drive back to home we discuss about personal plans and weekend entertainment.
Work for relationship to keep spark alive.
