Indranil Choudhury and Siddharth Singh

How To Successfully Start And Run A Business In A Niche Market

in Entrepreneur by

After noticing a niche that hadn’t been explored in the regulatory compliance space in terms of third party support, entrepreneurs, Indranil Choudhury and Siddharth Singh wanted to make the most of this discovery. Therefore, in 2007, they along with two other founders founded ‘Lexplosion Solutions Pvt. Ltd.’; a company that simplifies complex legal issues and breaks the concepts down to businesses. Since most businesses don’t have much time to learn and understand legal concepts, Lexplosion comes in really handy for them.

Our work in the compliance sphere has been recognized and awarded by NASSCOM and Deloitte. Our client portfolio boasts of some of the biggest names in the technology, pharmaceuticals, healthcare, and telecom space.”




Exceptional Accolades

Since its inception, Lexplosion has achieved several milestones. They launched their first flagship product, Komrisk; a cloud-based compliance solution for large enterprises. The entrepreneurs say, “Our work in the compliance sphere has been recognized and awarded by NASSCOM and Deloitte. Our client portfolio boasts of some of the biggest names in the technology, pharmaceuticals, healthcare, and telecom space.”

We started Lexplosion after more than 15 years of working in the legal space. At the outset, we had thought that business would come to us effortlessly. However, running an enterprise is a different ball game altogether, and had to work hard to bring business.”

The start-up roller coaster

However, it wasn’t a smooth ride for the entrepreneurs. They say, “We started Lexplosion after more than 15 years of working in the legal space. At the outset, we had thought that business would come to us effortlessly. However, running an enterprise is a different ball game altogether, and had to work hard to bring business.” Everyone they approached had asked about their client base and they always had to fall back on their past experience as lawyers to reveal their credibility. Moreover, they began their endeavor in 2007 right before the economy crashed in 2008-09. Although having been affected drastically by the crash, making them question themselves about the decisions they’ve made, they stuck to their decision and make it a renowned company in the industry.

Stick to your core strength. Before starting a venture, knowing the space is of utmost importance. Apart from playing to strengths, budding entrepreneurs should also spend a lot of time in individual research that would help them understand the rudiments of the industry.”

Passing on wisdom

Being successful in their field, they advise aspiring entrepreneurs by telling them to understand what they’re good at. They say, “Stick to your core strength. Before starting a venture, knowing the space is of utmost importance. Apart from playing to strengths, budding entrepreneurs should also spend a lot of time in individual research that would help them understand the rudiments of the industry.” They also tell us that entrepreneurs should not be in a hurry to grow their company. A company takes time to grow, and just like expecting a one-year-old baby to dance, one must not have unrealistic expectations from their company either.

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