Kalyani Akolkar, a trailblazing lingerie designer with a diverse background in swimwear, sleepwear, and athleisure, has embarked on a journey marked by resilience, growth, and continuous learning. Armed with a rich tapestry of experiences in fashion business growth and product management, Kalyani Akolkar’s entrepreneurial spirit shines through as she shares her insights in her latest series, “The Road Not Taken.”
In Chapter 2 of her series, Kalyani Akolkar delves into her entrepreneurial ventures, highlighting her foray into the world of small business ownership. In 2021, she embarked on a unique endeavor, establishing a small candles business that focused on crafting dessert-themed creations. Despite her initial lack of formal business knowledge, Kalyani Akolkar’s dedication and creativity led to notable success, garnering customer appreciation and participation in exhibitions.
However, recognizing the importance of acquiring formal training to further her entrepreneurial pursuits, Kalyani Akolkar made a pivotal decision to pause candle production and pursue product management studies at IIM Indore. This educational endeavor served as a transformative experience, deepening her understanding of entrepreneurship and product management while equipping her with invaluable insights into crucial areas such as differentiation, quality, testing, storytelling, budgeting, and strategic marketing.
Through her reflections, Kalyani Akolkar shares a wealth of invaluable lessons gleaned from her entrepreneurial journey:
Differentiation through Niche Focus: Kalyani Akolkar underscores the significance of offering specialized and unique products to carve out a distinct identity in a competitive market landscape.
Quality over Cost: She emphasizes the importance of prioritizing product quality over cost-cutting measures, highlighting the detrimental impact of compromising quality on customer satisfaction and brand reputation.
Thorough Testing and Trials: Kalyani Akolkar advocates for conducting comprehensive testing and trials before product launch to identify and address potential issues, ensuring a seamless customer experience.
Storytelling for Brand Identity: She underscores the power of storytelling in building a compelling brand narrative that resonates with consumers on an emotional level, fostering loyalty and engagement.
Budgeting Discipline: Kalyani Akolkar stresses the importance of meticulous budgeting and financial discipline for long-term financial stability and sustainability.
Strategic Marketing: She emphasizes the necessity of crafting a well-defined marketing strategy to effectively reach and engage target audiences, maximizing the impact of promotional efforts.
Continuous Investment: Kalyani Akolkar highlights the need for ongoing investment in both online and offline marketing, promotions, as well as raw materials and packaging materials during the initial stages of business development.
Kalyani Akolkar’s journey from candle maker to aspiring product manager serves as a testament to her resilience, adaptability, and unwavering commitment to personal and professional growth. Her willingness to embrace new challenges and pursue continuous learning underscores the essence of entrepreneurship – a journey marked by perseverance, resilience, and a relentless pursuit of excellence.
As Kalyani Akolkar continues to navigate the complexities of entrepreneurship, her insights and experiences are poised to inspire and empower small businesses and aspiring entrepreneurs alike, guiding them on their own paths to success. Through her series, “The Road Not Taken,” Kalyani Akolkar shares not only her personal journey but also invaluable lessons that resonate with entrepreneurs at every stage of their entrepreneurial endeavors.
