UK’S YOUNGEST MILLIONAIRE AT 19, AKSHAY RUPARIELIA , SHARES 10 TIPS FOR BUSINESS SUCCESS
Mr. Akshay Ruparielia is the Founder/ Managing director of Doorsteps.co.uk. He is Britain’s youngest millionaire. In 2018, at the age of 20, his company was worth £20 Million with staff strength of 15. After his GCSE’s, he started an estate agency, that changed how houses were being rented/ sold in the UK. He turned down admission in Oxford University to focus on Entrepreneurship.
He has been featured on many magazines and BBC. He answers questions on his business perspective and urges entrepreneurs to always focus on the WHY for every business they want to start.
Q: How did you start up and how were you able to pitch your idea to investors?
Akshay Ruparielia: That’s a broad question, but started with the “why”. Always start with the why. Why do you want to disrupt this industry, why do you exist, this sets the tune for culture and should be for all decisions thereafter.
I pitched to investors with the same why, and I still do.
Q: What is your grand vision?
Akshay Ruparielia: My Grand Vision is to make a difference. Currently, my vision is to be the number one estate agent in Britain and in future, it is simply to make a difference, change lives, and disrupt the status quo and make my family comfortable. Find yours with clarity and use it to drive you.
Q: How did you know that starting a business and pursuing the entrepreneurial life was for you?
Akshay Ruparielia: It has been about following my passion and having the risk appetite to pursue this passion. For me, it was to understand the opportunity and the timing of the opportunity, to disrupt an antiquated industry.
But don’t do it if you are not prepared to work. It is more a life than a job, failure could rear its head at any time, and I am aware of this.
Q: I have a business plan with so many ideas, but I am confused where to invest first
Akshay Ruparielia: Find the thing that: a) There is the biggest and clearest market opportunity (do market research),
b) Cheapest and easiest to test.
c) You can potentially build a fantastic team around it.
Q: How do you handle distractions and how do you set priorities?
Akshay Ruparielia: Very tough. But always go back to why you are doing what you are doing. If something is not ultimately conducive to your long term goal, it is a distraction. Eat the frog! Do the biggest, toughest task first and move from there.
Q: How do you get business partners (companies you work with) to take you seriously?
Akshay Ruparielia: Impress them with your product, service or story. Stories and individuals tell better than a brand or company. Hence Trump and Johnson being in the position they are today, they are together. People buy into them, not always their views (whether that is correct or not is a different story)
Q: Which book would you recommend reading?
Akshay Ruparielia: Haven’t finished yet, but still the “Chimp Paradox”.
Q: Is it wrong to think that you don’t belong between the flock of crowd?
Akshay Ruparielia: Nope, it is my favourite place to be.
Q: You get a business idea and you feel that it won’t work in real life, how do you overcome this?
Akshay Ruparielia: Have you asked people?
Customer is king! Do some market research, find comparable, get customer feedback and keep iterating to see how scalable it is.
Q: What not to do when making a tech start-up and a tech product?
Akshay Ruparielia: Don’t invest millions in the product without customer feedback; always work from the customer backwards.
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