Solve a big problem. The reason big problems are so important to be solved is that once you solve them, half of the battle (or even more) is won
At Mypoolin, we have a consistent and strong belief that a very significant aspect of building a business is keeping the fundamentals strong. The fundamentals are not just the core pillars for making the company stand as an entity, but also serve as defining the form as the firm emerges from its initial amorphous self.
When we started the venture last year, we had some basics in mind and an initial direction to proceed on, but we could not define those at that time.
For the first timers, we are the social payments product company of the country. We enable seamless peer-to-peer transactions and group transactions for all use cases, varying from movies to events to parties to outings to rent and more.
Over the past 12 months, the product has grown both qualitatively and quantitatively. Starting from transactions just worth a few thousands per month to achieving a high growth rate currently, we are intent on making this product an integral part of your social lifestyle.
Let us dive into the fundamentals that help in shaping up –
1. Solving a big problem
The reasons big problems are so important to be solved is that once you solve them, half of the battle (or even more) is won. Not only does it ensure that the product can deliver, it also gives incentive to the user by default to explore and use the same. Once you hit a raw nerve and resolve a crucial pain point, you ensure that the barriers to adoption are now as low as they can be, from the point of view of motivation of the user. And at the same time, when the vision is big, everyone in the team is driven as well to execute on it and be a part of it.
2. Simplifying a challenging solution
Well, it is one thing to say and another thing to build on it. After defining the problem and realising the challenge in front, we started iterating on the product and building it piece by piece. All along some factors and pointers helped us in defining the direction of the product –
· What exactly does the consumer desire? (Putting ourselves in their shoes)
· Does our solution present itself in its simplest form? (Analysing)
· Are users really feeling empowered by using it? (Observing and tracking)
The above pointers will answer that whether the customers have the necessary ability to utilise our solution or not. And at the same time, since we are combining two domains of the internet viz — social network and payments into one; the product tends to become intricate in terms of its engineering. This in turn makes sure that the ability of the team is tested as well to its full potential for making the product really polished.
3. Discipline, Focus and Fun
Another key fundamental in running a growing company, especially in the complex and sensitive infrastructure of payments, is the presence of discipline and focus. This applies to both the phases-
· Developing the product &
· Tracking the results quantitatively
At the same time, fun is always a part of the equation and the hidden gem at times for everyone to appreciate the mission as a team. This goes sub-consciously in line with the concept of ‘humane touch’ that we so strongly propagate as part of solving the payments problem in the world.
Wish to join one of the fast-growing ventures in the intricate, growing and powerful domain of fin-tech? Ping us directly at hello@mypoolin.com
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