Current Director of Raycon Group and Co-Founder of Co-Working space Work loft, Soha Parekh, shares insights with PEAKLIFE Women’s Inspire on being an entrepreneur and how it has transformed her life.
I wouldn’t put it as women feel challenged in business but yes we need more women entrepreneurs. It is important from both the social and economic points of view.
1.) How did the idea of your business come about?
We started in 2015 when the co-working business was already on the rise in the USA and the concept of co-working had just entered India. We are in fact one of the earliest entrants in the Indian co-working market. We wanted to create an intellectual community where knowledge sharing is the key and not just the infrastructure. When people from different sectors, with varied knowledge and experience work under one roof, it adds to the overall productivity level.
That is when we came up with WorkLoft. The vast experience and talent in real estate of our parent group Raycon gave us the essentials for running a co-working business and has been a major factor for our success in the industry.
At WorkLoft we focus on community building and creating an environment that helps young entrepreneurs evolve with their interaction with like-minded people and networking. Nowadays, millennials or young startup owners spend almost 10 hours or more in their office; hence it is imperative to create a comfortable space with a positive outlook.
2.) What was the driving force for you to become an entrepreneur?
The most rewarding part and the driving force of being an entrepreneur is seeing the way how your ideas and business have evolved over the years. The driving force is when you realize that there exists a market gap and you know that you can do something about it. This gives meaning to your effort.
3.) What are the skills required to be a successful entrepreneur?
According to me, perseverance and patience are the two important skills every entrepreneur must possess. As an entrepreneur, you are always trying to push the boundaries, and then moving onto the next thing. But you need to have a lot of clarity. Being able to visualize what can result from that clutter makes all the difference. Further, you have to be willing to take on risks when you venture into an untrodden path. This is where your perseverance comes to the test.
4.) Are there any mistakes or regrets you have or you think could have been avoided?
We have been expanding aggressively so I would say as of now we do not have any regrets.
Perseverance and patience are the two important skills every entrepreneur must possess.
5.) What advice would you give to young women who want to be entrepreneurs or start a venture of their own?
The first step is to get clarity on what you want to do and then set a clear path to make that happen. You must lay all the possible scenarios out in front of you, from best to worst, so you are mentally prepared when something happens. In order to win big, you have to take calculated risks.
But the most important thing is you must enjoy what you do.
6.) Do you think women feel challenged in business?
I wouldn’t put it as women feel challenged in business but yes we need more women entrepreneurs. It is important from both the social and economic points of view. Fortunately, the number of women entrepreneurs in our country is growing. Currently, around 14% of the entrepreneurs in India are women. Given the right opportunities and proper environment, women have excelled in different spheres of life.
7.) What’s your favourite aspect of being an entrepreneur?
My favourite aspect of entrepreneurship is to see how time and effort can shape a business idea into reality. Further, it amazes me how the idea evolves during its journey when we compare it to its origin. The constraints of the market pose challenges, and your understanding keeps giving new shape to your original idea.
