Ever wondered why did that never worked out? What was missing? Yes, we overthinkers do this ALL THE TIME. But what good did it do to us?
Kuch bhi nahi, bas blood pressure badhta hai.
But Parth Makwana, whose 3 ventures failed, but instead of dwelling on them, changed the direction of his life by setting up a company where others can fulfill their dreams. TST Technology provides tech-based, customized solutions to entrepreneurs who want to make a positive change in the community through their products and services.
Parth, the founder and COO of TST Technology, follows his motto, “Your business is my business.”
Managing the Company Without External Funding
Bootstrapping the company from savings and then reinvesting the revenue earned back into the business.
Initially, the savings went into buying good quality laptops and software. After a couple of successful small projects, the revenue was used in hiring and getting new equipment.
Parth mentions to Moneymint, “It has been a constant cycle of working, earning, investing back in the business, growing, working…and so on.
Early Life and Background
Gujarat-based Parth Makwana holds a bachelor’s degree in computer engineering from Vishwakarma Government Engineering College.
He has a keen interest in entrepreneurship, and before TST, he has tried his hand at a couple of other ventures, like starting a perfume company, founding an e-commerce store, and starting a blog on entrepreneurship.
Moreover, he has gathered experience while working as a freelance writer, and as an intern at Digital Media Agencies, and an edtech company which delivers stationery.
What Inspired Him to Start the TST Technology?
Parth wanted to help people by providing products that can solve long-term problems. He wanted to build an environment where his team can grow and achieve their life dreams.
“I wanted to help people, like the invention of WhatsApp and Excel did. Becoming an entrepreneur put that responsibility of innovation and execution on me.”
Moreover, he realized that his previous ventures failed because he did not have a website or a mobile application for the same. This hits the idea that there are several such Parths out there who are facing the same issue.
So, he decided to become the anchor for them by creating tech products and providing tech services to them.
Thus, in July 2021, in the 3rd year of his college, Parth Makwana laid the foundation of TST Technology along with Hiren Kalariya and Daxesh Italiya.
The company develops custom software, SaaS products, and mobile applications.
Mission: To provide high-quality technological solutions with quality SaaS products to entrepreneurs.
Vision: To support deserving entrepreneurs with the power of technology and empower society and uplift quality of life.
TST provides technological solutions like:
- Mobile app development
- Customized software development
- DevOps as a service
- IT consultancy
- SaaS product development
- UI UX Development
- Virtual CTO
- Web development
TST turns entrepreneurs’ ideas into reality with the help of technology because Parth always wanted to do something to help people through technology.
Parth further shared with us, “We stand out because of our rich customer experience and quick and innovative solutions. Thanks to this, we have achieved expertise in 20+ industries from 7+ countries over 3 years.”
Wow, man! 👏🏼
Started with just 3 team members (founders only), currently, the company has 35+ teammates in dedicated departments for major tech functions, which is led by the core team.
Working Model, Strategy, and Revenue
The company follows a B2B business model to make customized solutions for the clients.
Their pricing module ensures transparency and is as follows:
- Fixed charges for MVP.
- Monthly model for features in the Scope of Work (SoW).
In the words of Parth, 27.5% of the clients come from referrals from previously satisfied clients. Next, they use LinkedIn and education-based email marketing. Moreover, the team attends networking and associations to spread brand awareness.
Delivering good quality services since day 1, the company’s first project earned 6 figures revenue. Currently, TST Technology’s revenue is Rs 2 crore annually, generated from its in-house products and multiple national and international clients.
Challenges and Solutions
Initially, it was difficult to get clients and those who agreed were unsure of their skills.
Another challenge was to hire qualified teammates because 3 college students pe kaun hi bharosa kare.
However, Akash (first full-time client) trusted them and their skills. He brought big projects to the company and patiently worked with them.
Then Anshu and Jay (interns who joined in initial days) believed in the company’s mission and are still working with them as senior teammates.
Parth says, “It’s probably cheesy, but it feels like we were successful because of the universe, and we believed in our vision.”
At times, when clients make late payments or no payments, managing cash flow is challenging. Paying salaries comes first, and during such situations, things became tough for the company.
“There have been times when we didn’t have enough funds to process our team’s salary, but we managed somehow. After all, team comes first,” Parth recalled.
So, did he want to give up?
“I’ve never wanted to give up,” Parth says.
The Importance of Customers
In growing the business, Parth valued customers’ feedback. He takes feedback from clients as well as his teammates on a monthly basis or when the company hits an important milestone.
He says, “The feedback is recorded (often in his diary) and in the quarter planning meetings, points from feedback are chosen to make the TST Technology experience better for our clients and teammates alike.”
One such client (one of the initial client) came to TST Technology through a common friend. He was unhappy with his prior experiences with other IT companies but TST’s work quality reinstilled his trust.
Parth highlights, “Till date he has recommended 20+ projects to us. These kinds of true recommendations make us sure that we’ve succeeded in living by our mission statement.”
So, we saw how a startup founded in the 3rd year of college is generating Rs 2 crore annually by helping other entrepreneurs fulfil their dreams. It is true we can only rise by uplifting others and not pulling them down. With further aim of expanding his reach to many such entrepreneurs, Parth is all set to revolutionize the tech industry with his to-the-point customized solutions.
Don’t Forget: Founder’s Take
Dear Readers, Parth Makwana wants you to explore more and achieve more.
It is okay to make mistakes.
Do not worry and keep dwelling on past mistakes. Learn from your mistakes and move forward.
As Parth shared with Moneymint, “Don’t dwell and fret too much on the mistakes of the past. Just learn from them and do well in the future.”
Value to Mentorship and Networking
Parth considers networking as an essential tool to stay up to date with market trends and new innovations. With proper mentorship, you should learn from the experience of your mentor. This, will help you to avoid the same mistakes and grow fast.
Avoid getting over-attached. This includes your clients, teams, places, projects, and even your path (no one knows when you need to take a new one to achieve your goals). WHAT?
Yeah, we all know as the saying goes, परिवर्तन प्रकृति का नियम है.
What Skills Makes You Successful?
The visionary founder highlights the ability to take calculative risks, an important skill to become a successful founder.
Another skill we need is quick decision making because as a founder, your team looks at you for timely decisions.
Stay away from myths. Some common ones that Parth came across were,
- You will be your own boss, and don’t have to listen to others.
- You won’t need to work anymore.
- You will make quick money.
In his entrepreneurial journey, he realized that all this is just blah blah blah…! 😒
What insights actually he got was:
- Entrepreneurs need to serve society.
- A leader has to listen to the community.
- Entrepreneurs have to lead by smart and hard work.
If you are also looking for a solution, TST Technology is here.
