EQ, IQ & GQ, all important in business: Aman Gupta on BluSmart crisis
The recent crisis faced by BluSmart, a prominent Indian electric vehicle (EV) rental company, has sent shockwaves throughout the startup ecosystem. The company’s sudden shutdown has left many employees and investors wondering what went wrong. Amidst the chaos, entrepreneur Aman Gupta, co-founder of Boat and other successful ventures, took to social media to offer a valuable lesson to founders and entrepreneurs. In a post that has gone viral, Gupta emphasized the importance of EQ, IQ, and GQ (Governance Quotient) in business.
Gupta’s post, which has been viewed thousands of times, reads: “BluSmart situation is tough…But also a reality check for all of us in the ecosystem.” He added, “For all founders, here’s the biggest takeaway: Compliance and ethics aren’t boxes to tick…They’re the foundation.” These words of wisdom come at a critical time, as the Indian startup ecosystem is reeling from the sudden collapse of BluSmart.
The crisis at BluSmart is a stark reminder of the importance of EQ, IQ, and GQ in business. Emotional Intelligence (EQ) refers to the ability to recognize and understand emotions in ourselves and others. It’s essential for building strong relationships, resolving conflicts, and making informed decisions. IQ, or Intelligence Quotient, measures one’s cognitive abilities, including problem-solving, reasoning, and memory. While IQ is crucial for strategic decision-making and innovation, it’s EQ and GQ that often make the difference between success and failure.
Governance Quotient (GQ), a term coined by Aman Gupta, refers to the ability to govern oneself, one’s company, and the ecosystem. It encompasses values such as accountability, transparency, and integrity. GQ is the foundation upon which EQ and IQ are built. It’s the ability to set clear goals, make tough decisions, and prioritize long-term success over short-term gains.
Gupta’s emphasis on EQ, IQ, and GQ is particularly relevant in today’s fast-paced business environment. With the rise of startup culture, entrepreneurs are often under pressure to innovate quickly and scale rapidly. However, this can lead to reckless decisions, poor governance, and a lack of attention to ethics and compliance. The consequences of such an approach can be devastating, as seen in the case of BluSmart.
The company, which raised significant funding from investors, including Blume Ventures and Ola’s Ankit Jain, was touted as one of the most promising EV startups in India. However, its sudden shutdown has left many wondering what went wrong. An investigation by the Economic Times revealed that BluSmart had failed to comply with various regulatory requirements, including those related to vehicle registration and insurance. The company’s lack of attention to governance and ethics ultimately led to its downfall.
Gupta’s post is a sobering reminder of the importance of EQ, IQ, and GQ in business. It’s a call to action for founders and entrepreneurs to prioritize governance, ethics, and compliance, even in the face of intense pressure to innovate and scale. As he wisely noted, “Compliance and ethics aren’t boxes to tick…They’re the foundation.”
In conclusion, the BluSmart crisis serves as a stark reminder of the importance of EQ, IQ, and GQ in business. Aman Gupta’s words of wisdom offer a valuable lesson to founders and entrepreneurs, emphasizing the need to prioritize governance, ethics, and compliance. As the Indian startup ecosystem continues to evolve, it’s essential that entrepreneurs prioritize EQ, IQ, and GQ to ensure long-term success and sustainability.
