What does it take to run a successful business? Experience, age seniority or a person who has the right skills to handle not only the company but also to deliver?
Shristi Banka, founder partner and CEO of Banka and Banka CFO Services Limited Liability Partnership (LLP), tells us more.
Banka has always believed in the fact that the biggest ambitions in life are only accomplished when you have the will to work hard, without the fear of failure. She has lived by this example since day one and it helped her when she thought of a mere idea and turned it into a successful, social entrepreneurship venture. Banka’s venture intends to focus on maximising gains in social satisfaction to boost the start up eco-system in India.
Banka’s company provides all professional services to individuals and organisations that don’t have access to reliable financial, accounting and legal, commercial expertise. “My aim is to provide finance effectiveness services to my clients across industry verticals and sizes with a primary focus on young organisations,” she adds.
At 24, she is quite young, yet Banka has plenty of experience in terms of financing and accounting. The spirited youngster says that all of this was possible only because she grew up in a family of CAs.
“Right from my childhood, our household had conversations regarding accounts and everything in finance. At the back of my mind, I knew what I wanted to do when I grow up,” Banka says.
The entrepreneur has a well-rounded work experience ranging in areas of international taxation, internal audit, direct tax litigation, mergers and acquisitions, due diligence and capital market transactions like IPOs, qualified institutional placements, rights issues and debt offerings.
So what makes her a good entrepreneur? Banka says, “We live in a different millennium, yet people still cling on to traditional ways of executing businesses. People who have a very traditional approach often frown upon my age. But I think age is something that should not bother you at all. The younger generation bring value to any organisation, not only because we are energetic but because our approach is very contemporary.”
When it comes to her company, the younger staff is helping the older team to transit from a very traditional way of working to a contemporary one. “Back in the day when you would visit a CA’s office, you would find heaps of files scattered around with tonnes of books. But now we don’t follow that pattern anymore and have replaced all of it with technology which is more convenient and even transparent to use,” she says.
When asked what should youngsters keep in mind before becoming an entrepreneur, Banka replies, “Firstly, do not rush your decision. It not only needs a lot of time and dedication but also the right type of education and qualification. Don’t start your own business because you think it is a cool idea. After the ideation process, sit down and think if it truly has a profit model. Secondly, clients are important, so you need to keep them close. The employees are equally important. Be open to feedback from industry veterans. It is also important to believe in yourself and not give up on your idea.”
The dream of starting your own business comes with challenges as well. The first one being leadership. “People find it difficult to accept a young person as a leader, but this is your chance to prove yourself and prove them wrong. People will use loopholes against you, so be determined and work hard to be proactive through the day. Get things done according to your schedule or plan to always be on time, that way you earn respect and trust of your colleagues,” she emphasises.
With such hectic lives, it’s equally important to balance me-time. The entrepreneur finds her balance through her popular pop culture page on Instagram that has over 200,000 followers. “I am very passionate about writing poetry, I believe that it is my creative getaway from a very technical world. For your own well-being, it is important to take a break sometime -- read a book, write or just disconnect from your work. When you bounce back you have a different perspective altogether and feel more energetic,” Banka concludes.
