The SkillKrafter Academy: Crafting Success Stories in the Entrepreneurial Arena. An Interaction with the founder Mr. Ajit Panicker
Tell us a bit about yourself and your background. What inspired you to start your own startup?
I am an ardent and dedicated explorer of life, proudly christening myself a “Life Inventor.” In my role as a Life Inventor, I have made it my mission to empower individuals to embark on a remarkable journey of self-transformation, both in their personal and professional lives. I wear multiple hats as a Life Skills Training Facilitator, a Motivational Speaker, and a Best-Selling Author, having penned 11 books that now grace the market. Additionally, I serve as a Transformation Coach, guiding individuals to unlock their full potential.
My journey began as a Salesman, peddling holiday packages, and evolved through various roles such as Showroom Sales Officer, Sales Manager leading a team in the banking sector, and later, as a Relationship Manager catering to businesses, SMEs, and self-employed professionals, selling loans. I further ascended as a Premier Wealth Manager for an international bank, managing the financial portfolios of High Net Worth Individuals and High Net Worth Clients.
After a decade in Sales and Relationship Management, I embarked on my first entrepreneurial endeavor, founding Celeb Financial Planners Global (CFPG), a Celebrity Financial Planning Company. Our vision was to provide ethical advisory services to celebrities and empower small business owners and self-employed professionals to grow their wealth. Unfortunately, this venture eventually had to be closed down due to diverging interests among my business partners.
Undeterred, I embarked on a new journey, honing my skills and exploring various avenues that aligned with my competencies. My passion for public speaking and my ability to understand human behavior and emotions led me to participate in numerous workshops and seminars. It was during this time that I took on my first training project as a freelancer for an insurance company, which proved to be a resounding success. This experience ignited a vision to rekindle my entrepreneurial spirit, and I knew that I needed to master my skills before I could truly make a difference. This marked the inception of my journey to become a trainer, facilitator, and coach.
Over the years, fueled by my passion for writing, I published my first blog and authored 11 books between 2016 and now.
In May 2022, I embarked on my second business venture, establishing The SkillKrafter Academy, a Professional Training and Coaching Services Company.
On a personal note, my life is graced by a wonderful family, including my wife, twins, mother, brothers, and their families, spread across different corners of the country. Although I was born in Kerala, my upbringing predominantly took place in the northern regions of India, particularly in Lucknow and Delhi, where I pursued my entire education, from school to MBA.
My journey to build a substantial brand traces its roots back to my school days. As mentioned earlier, I made an attempt once, but it resulted in failure. I was determined to be fully prepared before venturing into a second startup. Thus, I invested 12 years in honing my skills and knowledge to navigate the uncertainties and intricacies of the business world, mastering crucial elements such as communication, people management, leadership, negotiation, presentation, and public speaking.
Tell us a little about your team. Who are the core team members and the total strength of your team?
The SkillKrafter Academy is a team of 10 members with two of us who are majorly running the show and the rest 8 of the other core team members support us in HR, Digital Marketing, Planning and Administration.
The other most significant team member is Puneet Parashar. He is an accomplished international training and management professional, and a skilled ‘people developer’ adept at developing talent at multiple levels for more than 25 years. His illustrious experience as a facilitator, coach, and performance management professional with large multinational companies in India & Middle-east adds a huge value to the company. He is also a Certified NLP Practitioner and Professional Firewalking instructor for the last 15 years. He brings with him experience in people management, leadership, sales, and learning & development.
Other than the Core-Team Members The SkillKrafter Academy have more than 1750 Trainers and Coaches who are empaneled with us for our training projects. We also have referral partners who give us a regular supply of business leads and digital marketing partners who collaborate with us to help us with qualified leads.
Briefly describe your startup and the problem it aims to solve.
Our startup is currently operating within the realm of B2B, where we are dedicated to providing profound training and coaching services to our esteemed clients, ranging from corporate giants to renowned colleges and universities. We take immense pride in offering three pivotal services:
- Empowering Corporations through Life Skills Training
- Bridging the Transition from Campus to Corporate World – Nurturing and Preparing Students for the Professional Realm
- Guiding Business Leaders – Coaching CXOs of Corporate Enterprises and Family-Owned Businesses
Our mission is to elevate the capabilities of executives, managers, leaders, and business proprietors, facilitating their transformation into exceptional professionals of global repute. The SkillKrafter Academy focus lies in addressing challenges pertaining to capabilities, competencies, and skills. We emphasize the cultivation of skills and attitudes over mere knowledge, an approach that enhances cognitive prowess, augments personality, and refines aptitude.
As our B2B model gains momentum, we harbor aspirations to expand into the B2C arena, encapsulated by two compelling words: “EdTech Revolution.”
Our vision revolves around making the pursuit of knowledge not merely enjoyable but an integral facet of our very being. The SkillKrafter Academy startup is committed to guiding individuals in making informed decisions regarding what to learn, how to learn, from whom to learn, when to learn, and where to learn. We envision a tailored journey for each individual, meticulously monitored to ensure genuine and lasting transformation.
Can you share the story of how your startup came into being? What motivated you to pursue this idea?
The idea of a Learning Platform as a Startup has been simmering within my mind since 2016. It was during this time that I began closely observing the executives, managers, and leaders within the various companies that were my clients. What I witnessed was a glaring and poignant Skills Gap that I believed could be addressed in a profound manner. Regrettably, many companies treated Learning and Development (L&D) initiatives as mere box-checking exercises, a common corporate lingo.
The top brass in these organizations gave minimal priority to the cultivation of learning and the development of their employees’ skills. They expected their employees, who already dedicated the majority of their waking hours to the workplace, to return home and willingly engage in further learning through courses and workshops. However, only a scant 1-2% of individuals possessed the self-motivation and determination to invest their time and effort in learning after the rigors of their workday.
It was at this juncture that I contemplated the idea of embedding learning into the very fabric of their lives. This led to the inception of our B2B model, an endeavor to convince and implore companies that the development of their employees’ skills is paramount if they seek improved revenues and profitability for their organizations.
I eagerly shared this vision with numerous individuals, both from the client’s side and my acquaintances, seeking understanding and hoping to find a partner or a group of like-minded individuals who could join me in launching this venture. Sadly, no one stepped forward.
Consequently, I took the leap of faith and embarked on this journey solo, leveraging my personal brand equity as a Life Skills facilitator, Motivational Speaker, Best-Selling Author, and Transformation Coach. I have dedicated 15 years to this vocation, having trained over 150,000 individuals and invested more than 80,000 hours in training and coaching for over 50 clients.
As time passed, I continued my quest for the right people to invite into the core team, and gradually, The SkillKrafter Academy began to take shape.
What were the initial challenges you faced while starting your business, and how did you overcome them?
We feel we are still in the early stages of our journey, and as with any budding enterprise, we face a set of ongoing challenges. The biggest among them is the task of securing qualified leads, which, as in most businesses, poses a formidable obstacle. Thus far, our foray into Digital Marketing has failed to yield the results we had anticipated. A substantial portion of our business is rooted in word-of-mouth referrals, accounting for approximately 95% of our clientele.
The second formidable challenge we confront pertains to the conversion of these qualified leads. This endeavor differs significantly from selling to individuals, as it necessitates a meticulous evaluation of numerous parameters before a company commits to engaging our services as a training vendor. As a consequence, the journey from lead qualification to the issuance of a purchase order typically spans a time frame of at least 2 to 3 months.
In our initial months, we grappled with yet another challenge: the acquisition of suitable training resources for specific projects.
In response to these challenges, we have adopted a proactive strategy. We are now forging partnerships with digital marketing agencies and individuals to help us generate leads. We recognize that improving our conversion rates hinges on increasing the number of client interactions we have each day. Indeed, the more clients we engage with, the greater the potential for successful conversions.
What sets the SkillKrafter Academy apart from others in the same industry
Unwavering Ethical Values: Our unwavering commitment to ethical principles underpins everything we do, fostering trust and integrity in all our endeavors.
- Unparalleled Transparency: Transparency is not just a principle for us; it’s a way of life. We believe in open communication and accountability at every step of the journey.
- A Leading Pool of Training Resources: We boast an industry-best repository of training materials and resources, and most experienced trainers and coaches, ensuring our clients are upskilled by the best.
- Dedication to Excellence: Our relentless pursuit of excellence is the driving force behind every project, as we are resolutely committed to delivering nothing short of the very best.
- Keeping Our Promises: Our word is our bond. We stand true to our commitment of fulfilling promises made to our valued partners.
Most notably, our unwavering determination to facilitate the growth of our learners, clients, partners, and employees both personally and professionally remains our core objective.
What is your unique selling proposition, and how does it benefit your customers?
Our Unique Selling Proposition is that we employ Experiential Training Methodology and Tools that can easily help adults climb up on their individual learning journeys, and upskill themselves.
We follow our trademarked model called A-D-D ( Assess – Design -Deliver).
It helps them understand and have hands-on on the concepts that have been taken up in the training while being in the training and see how they do and get individual feedback from the facilitator there itself.
The SkillKrafter Academy provides 4 levels of training and hence help the individual become an expert in that particular skill.
Could you explain your startup’s business model? How do you generate revenue?
Our business model is Business-to-Business (B2B). We engage with corporate entities and educational institutions, highlighting the numerous advantages our training programs offer to their employees and students. Subsequently, we undertake training initiatives on a national scale.
Our clients remunerate us based on the number of training sessions we conduct for them, and they typically make an initial payment of 30% to 50% of the total cost.
Our primary source of revenue comes from the professional fees paid by our clients. This revenue, after deducting our expenses (comprising training costs and fixed project-related expenses), represents our net profit for that specific project.
Are there any innovative or unconventional strategies you’ve employed to monetize your startup?
Nothing Unconventional. We believe in doing business by following Simple Conventional Rules of Business, and keep only one thing in mind, that Business is NET PROFIT. Focus on it and the business falls in place.
Every startup faces challenges. What have been the major challenges you encountered, and how did you tackle them?
In the presence of formidable competitors such as NIIT Learning Systems, Centum Learning, and Hero Mindmine, our focus lies in mastering the art of overcoming challenges and positioning ourselves as the superior choice for securing larger and more impactful projects. Through a meticulous analysis of these industry giants, we have discerned several areas of opportunity where we can offer innovative solutions. As we continue to address these identified loopholes, we are confident that our client base will progressively expand, ushering in a new era of growth and success for our organization.
Can you share a specific difficult moment in your entrepreneurial journey and how you overcame it?
It’s challenging to pinpoint just one challenging moment over the past year and a half because nearly every day presented its own set of difficulties.
What have been the most significant lessons you’ve learned as a startup founder?
The Most Valuable Lessons I’ve Learned as a Startup Founder:
- Thorough Planning: Plan meticulously, revisiting and brainstorming with your core team.
- Effective Execution: Execute with precision and confidence.
- Preparedness: Maintain backup plans and resources for unexpected challenges.
- Embrace Challenges: View each obstacle as an opportunity for daily learning.
- Resilience: Consider setbacks as potential million-dollar ideas in the making.
- Adaptability: Don’t hesitate to discard near-final plans if they forecast losses.
- Team Trust: Believe in your team’s talent and intuition while reserving the final decision for yourself.
- Investor Timing: Delay involving investors in the early stages of your business.
- Scalability: While you can grow substantially without technology, achieving 1000X growth demands technological advancement.
- Multichannel Approach: Rely on both online and offline business channels; avoid overdependence on one.
- Continuous Learning: Keep upgrading your entrepreneurial skills and knowledge.
- Extensive Reading: Dive into extensive literature about other successful businesses to enhance your own.
- Cost Control: Avoid unnecessary fixed costs like fancy offices and furniture in the early stages.
- Profit Focus: Prioritize improving your business’s net profit over scaling up and valuation race.
- Realistic Expectations: Gradually enhance your business metrics, avoiding undue pressure on your team for rapid turnarounds. Be reasonable and patient.”
Is there a piece of advice you wish you had received before starting your entrepreneurial journey?
If this question had been asked around 12 years ago, I would have been eager for a plethora of advice on various aspects. However, today, my primary concern is sustaining a consistent influx of new, high-quality clients. While I acknowledge the fundamental principle of meeting more clients to convert them, I am in search of innovative strategies to attract and engage clients for my business.
What have been the key milestones for your startup “The SkillKrafter Academy“ so far?
Our major accomplishments can be summarized as follows:
- Successfully onboarded over 20 new corporate clients to our business.
- Achieved remarkable revenue growth, surpassing a 100% increase month-on-month from May 2022, consistently for the months of May, June, July, August, September, and October.
- Expanded our roster by enlisting the expertise of over 1500 trainers and coaches into our empaneled trainer base.
- Expanded our reach by delivering training in over 100 cities across India throughout our journey.
Are there any particular achievements that you are especially proud of?
While there may not be a specific milestone to highlight, the true measure of our success lies in the feedback we receive from both our clients and learners. When they express how our learning interventions have been not only beneficial but life-changing, it reaffirms that we are making a significant impact. Our daily achievement is in the transformation we enable in the lives of those we serve.
How do you plan to scale your startup in the future?
Our goal is to roll out our Signature Programs in 2,500 cities across India, initially targeting 434 cities with populations exceeding 1 million. These programs will primarily be conducted as offline events, aiming to connect with a total of 10 million individuals.
It’s important to note that this outreach doesn’t encompass our broader reach expansion plans, which will be achieved by launching our EdTech initiative through a B2C model.
Can you share some insights into the strategies you’re employing to ensure sustainable growth?
Our strategies are held under strict confidentiality. We are aware that competitors of all sizes are closely monitoring our every move. Stay tuned as our innovative strategies gradually unveil themselves in the market.
What advice would you give to aspiring entrepreneurs who are just starting their journey?
I would offer these six essential pieces of advice to aspiring entrepreneurs:
- Thorough Planning: Ensure meticulous planning for your business venture. A groundbreaking idea alone won’t suffice. You’ll require the essential resources to initiate and sustain your initial challenges, which are inevitable.
- Start Small and Pilot: Begin with a small-scale launch and run a pilot before fully committing to your business. If your feasibility study and market research suggest a different direction, be open to rethinking your approach.
- Prioritize Real Customers Over Investors: Avoid rushing to attract investors to scale up your business right from the start. Instead, focus on introducing your business, products, and services to genuine customers. Build a strong brand and goodwill.
- Market Vigilance: Continuously monitor the market landscape, study your existing competition, and keep an eye on emerging players. Understand their strategies and evolving models, but don’t lose sight of your unique vision. Their goals may differ from yours.
- Networking and Knowledge Sharing: Attend seminars, workshops, and conferences within your industry. Interact with fellow professionals to expand your offline and online network.
- Build Personal Brand Equity: Invest in enhancing your personal brand online, especially on platforms like LinkedIn. Strive to become one of the top voices in your field, enabling you to influence and attract new clients to your business.
Are there any resources or books that you found particularly helpful in your entrepreneurial endeavors?
1. THE ENTREPRENEUR MIND BY KEVIN D. JOHNSON
3. WHO MOVED MY CHEESE? BY SPENCER JOHNSON
4. RICH DAD, POOR DAD BY ROBERT KIYOSAKI AND SHARON LECHTER
5. THE 7 HABITS OF HIGHLY EFFECTIVE PEOPLE BY STEPHEN R. COVEY
6. THE HARD THING ABOUT HARD THINGS BY BEN HOROWITZ
Where do you see your startup in the next 5-10 years?
I envision The SkillKrafter Academy as the unequivocal leader in global learning by 2033.
However, before we claim the top spot on the global stage, we at The SkillKrafter Academy are committed to being the foremost choice for professional training and coaching services and products, catering to both the B2B and B2C sectors.
What is your vision for the future, both personally and for your company?
On a personal note, I envision myself standing among the top 10 global leaders, spearheading the educational powerhouse known as the SkillKrafter Academy, dedicated to meeting the learning needs of people worldwide. I foresee making significant contributions to our country’s GDP and actively participating in policymaking to realize the vision of my idol, Dr. APJ Abdul Kalam, in transforming Bharat into a developed nation across all metrics by 2030 and elevating it to the pinnacle of global excellence.
My aspiration includes dedicating substantial time to guide, mentor, and coach the youth of our nation, enabling them to evolve into world-class professionals through my signature programs.
Is there anything else you would like to share with our listeners, any upcoming projects, or initiatives?
We are on the brink of unveiling our impressive array of 24 signature programs, which will reach out to an extensive network of 2,500 cities across the nation. These programs meticulously craft individuals to be both personally and professionally empowered. Their goal is to transform you into a resilient and world-ready person who can gracefully confront life’s challenges.
Our mission is to equip them with the skills to not only bounce back after each setback but to keep progressing consistently.
