My Rating - 5 out of 5 stars
Publisher - Penguin Random HouseGenre - Business
Publishing year - 2024
Language - English
ISBN - 978-0-143-46810-3
Pages - 304
Book Review -
I recently delved into The Earnicorns: Stories of Rare Profitable Unicorns by Dhruv Nath, and it was an immensely inspiring and educational read.
Having read Funding Your Startup by the same author in May, I was already familiar with his insightful, engaging, and humourous writing style.
This new book did not disappoint, providing valuable lessons and inspiration through the success stories of four remarkable companies.
One of the most compelling aspects of this book is how it challenges the common notion that internet-related businesses are often loss-making.
Instead, the author showcases the stories of Naukri.com, Zerodha, Dream11, and Zoho - companies that have not only achieved profitability but have also become market leaders in their respective fields.
From Naukri.com, I learned the power of resourcefulness and determination. Sanjeev Bikhchandani started the company in humble surroundings, using second-hand computers and furniture, yet grew it into a giant with a dominant market share. This story is a testament to how starting small and thinking big can lead to incredible wins.
Zerodha's journey, led by Nithin and Nikhil Kamath, highlighted the importance of bold customer-centric decisions. Their choice to eliminate brokerage fees was revolutionary and disrupted the stock brokerage industry, underscoring the impact of daring innovation.
Dream11's rise, under the leadership of Harsh Jain, illustrated the value of perseverance and vision. Despite initial scepticism and resistance, he built a thriving fantasy sports platform, one of its kind in India; showing that staying true to one's vision and pushing through obstacles is crucial for entrepreneurial success.
Zoho's narrative was particularly inspiring due to its social impact. His founder Sridhar Vembu focused on hiring and training young people from rural areas who lacked access to higher education contributed not only to community development but to creating a pool of talented programmers within India. This story exemplifies how businesses can be both profitable and socially responsible.
Dhruv Nath utilized the PERSISTENT model in this book just as he did in his previous book, but he also introduced a new model, the PERFECT Attitude. I found both models to be incredibly insightful, as they uniquely encapsulate the founders' journeys and the broader business landscape.
PERSISTENT MODEL:
P - Problem
E - Earnings Model
R - Risks and how you will mitigate them
S - Size of the market
I - Innovation
S - Scalability
T - Team, starting with the founders
E - Entry Barriers
N - Niche
T - Traction
PERFECT Attitude:
P - Perservering
E - Ethical
R - Responsible
F - Flexible
E - Willing to do Everything
C - Customer oriented
T - Builds Trust
The lessons I gleaned from this book are numerous, and I plan to share them in a separate article soon.
Additionally, the book is filled with fascinating anecdotes of ups and downs that I was previously unaware of, and I'm sure many readers will find them equally enlightening.
It has significantly enhanced my understanding of what it takes to build a successful business and has motivated me to think creatively and boldly in my own endeavours.
This book is rich with real-world examples of creative thinking, determination, and resilience, making it a valuable read for aspiring entrepreneurs, but also for those who are keen to know about how a company becomes a unicorn; in this book, we say Earnicorns.
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