Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with Dave Shah, Co-Founder & CEO at Wve Labs:
What does your company do?
A few years ago, I developed a food delivery app called Crave on Campus. As a young entrepreneur, I had neither the technical skills not the budget to develop the app to my standards. I ended up building my own development team and together we created a beautifully designed, high functioning app for very little money in very little time. That’s initially why I created Wve Labs: to fill that existing gap in the app development sphere for young entrepreneurs. Today, Wve is dedicated to efficiency, affordability, and quality across all project scopes and sizes. Our global presence allows us to work on projects 24 hours a day both decreasing the cost and time it takes to develop projects. But we don’t stop at development. Wve Labs offers the first end to end mobile application development service including every process from ideation to marketing.
What is your role? What do you enjoy most about your role?
Since co-founding Wve Labs two years ago, I have served as the Chief Executive. As CEO, I am in charge of managing the company from a macro perspective as well as strategizing future growth plans. My day-to-day duties include everything from communicating with my CTO, Ankit Purohit, to enhancing our client experience, to opening and designing new offices. We are also currently expanding Wve Ventures which involves meeting with some of the brightest entrepreneurs from universities across the nation. What I love most about my job, is leveraging the passion of talented individuals towards guiding them in achieving the future they’re pursuing both inside and outside the company.
What are the biggest challenges in your business right now?
Scaling, but not in the way you might think. In the past two years, Wve Labs has grown from a small group of four to a mighty team of over 100 people around the globe. Already, we are entering into another period of rapid growth. While these transformations have been incredibly exciting, they’ve also been tricky. Here’s why: We were founded to serve ambitious entrepreneurs with expansive visions dedicated to innovation. Even though we’ve grown significantly as a company, it’s important to us that we stay true to our roots. We don’t want rapid scaling to dilute Wve’s core mission: to help entrepreneurs that don’t necessarily have the financial resources or technical background to move forward. Even though our own costs are going up due to an increasing company size, we will always offer a tremendous discount on all development services to any current college student and/or graduate students.
If you could go back in time, what business advice would you give to a younger version of yourself?
Fail forward. Fail Early. Fail as fast as you possibly can and soak it all in. I’ve learned that failure is the best teacher. If you don’t fail, you learn. But if you do fail, you learn a hell of a lot more. There were times when I was younger, when I was afraid of failure. But fear is something we feel when embarking on any thrilling venture. In fact, fear saves lives day after day. Fear works hand in hand with survival. I wish I could have told myself that fear of failure, within the entrepreneurial world, is merely an illusion that most people have trouble embracing. Today I look my fears in the face and embrace failure. Once you can do that, you find that your fears and failures only make you and your business stronger.