Arman shares his inspirations for creating a startup that sells bar and party accessories. He tells us about funding for the startup and the supportive college environment which made this endeavour possible. Being an entrepreneur he also tells us how he managed highs and lows.
Most of our readers are law students and young lawyers. How will you introduce yourself to them?
My partner and I are both 4th Year Law Students at Jindal Global Law School. We are from Kolkata and Jalandhar respectively and met at Jindal itself. From then on we have been best friends, roommates and now even business partners. We love the work we’re doing, we love law school and are keen sports enthusiasts and like all of you out there we love watching Suits and Game of Thrones and are heavily into TV Shows and Movies.
Why did you decide to study law?
Both of us had very different reasons to study the law, Ashwajeet felt it would be great to know the law from a business perspective and always had the entrepreneurial passion in him, I on the other hand love public speaking and if I were to do law it would surely be litigation.
Tell us about your college life? What do you guys do for fun?
Haha, that’s a controversial question, lots of things, most of them not allowed on our residential campus. On campus we spend time with friends, play a lot of sports and right next to Jindal there are two theka’s called “Chowki” and “Beeswameel” which we frequent even if it is in the middle of the day to grab a beer and brainstorm.
How do you think Jindal Global Law School is different than other law schools? Do you think that being there sort of helped in conceiving E- Shack?
I think Jindal Global Law School is awesome much to the contrary opinion many of my peers from the National Law Schools might have. We are bunch of young hardworking kids who really want to make it big and the institution guarantees that exposure. I don’t know if the institution necessarily helped us in coming up with the idea but it has been both an advantage and disadvantage. The attendance requirement has been a problem for us because we keep travelling out to Delhi and Jalandhar for work and of course the odd days when we just don’t wake up for class. Our friends and professors have been great so that has been an advantage.
Coming to E- Shack, how did that happen?
I don’t remember exactly because we were hammered and in Bangkok, just kidding we used Beer Bongs and played Beer Pong at my father’s 50th Birthday and realized that there was a void in India as far this segment was concerned. We came back skipped our internships and launched eShack after 4 months of hard work.
Why the name “E- Shack”?
It was a rather difficult decision. We asked people for help and suggestions and wanted to make it interactive. Finally we chose eShack even though it was Bar and Party Accessories it because it was broad enough to expand to other verticals which we have done now. We have launched a line of T-Shirts and want to expand to other verticals, which we can under this name.
A roller coaster ride or a pleasant journey in woods, what describes your journey so far in a better way?
A fine line between the two, there are days where we on a roller coaster and there are days we just sit back and relax enjoying the fruit of our labour.
Managing classes, projects etc. etc. and running a business. How do you guys manage that without having a clone?
As I said earlier our friends and professors have been extremely kind and supportive. We make plans, schedules and execute them well in advance. As partners we have an understanding of who does what, when and how and that makes it easy to balance everything. Since we say on campus most of the time we have two trusted employees who run the warehouse and extremely supportive courier agency that makes sure things are in flow while we aren’t around.
How is a typical day like for you guys?
A typical workday would be extremely hectic. We have to attend our classes and maintain a 75% attendance as well as do projects, take surprise tests and examinations and manage our law school studies, which are getting tougher by the year. In between classes we make calls, dispatch products, handle the warehouse. Post classes we handle invoices, marketing, PR and taxes and late in the evening we satisfy customer queries and plan the strategies for the next day and week. Since we divide our work well and meet timelines we are able to stay afloat. We usually brain storm late into the night so the only thing we really lose out on is sleep.
Initial investment is a big issue for any start- up, how did you guys manage that? Are you guys bootstrapping?
We weren’t born with a silver spoon in our mouths but we had it a little easier than most entrepreneurs. Our start up funding came from our parents. It’s not like we asked them and they said here you go, it was a fun process. We pitched our ideas to them, heard their criticisms, revised our plans and went back with projections and made them believe in the idea and us more than we even did before taking the funding. After that we have been bootstrapping and haven’t taken a penny more.
Every business has a target market, how would you define the ambit of E- Shack’s market? Do you think students form a major market segment for E- Shack?
With our product range we have been able to cater to varied preferences and tastes. Even though we showcase only 14 products we have manage to have a little something for beer lovers as well as tequila and vodka aficionados. Also some of our products such as beer bongs and beer helmets cater to the younger generation and crowd whereas whiskey stones and alcohol dispensers have found a slightly older clientele thus covering a wide audience.
How has been the profit/loss ratio of E- Shack so far?
I won’t answer that because I don’t think a figure can define either the work we’ve put in or the results till now or what we can achieve. We’re happy where we are and have a long way to go.
Not intending to make it sound like a 5 year government plan, but yet, where do you guys see yourself five years down the line?
Retired!
Last but not the least, what would be your advice to your fellow students and dreamers?
There is no right time to start up. It’s a gut feeling an instinct that tells you to take the plunge and when you feel that its best to jump right in. Even if things don’t go your way remember that as an entrepreneur one needs to adapt and innovate and things do always fall into place. Do things the right way, always and it will get you farthest. There are no short cuts in life.
