The 60-40 Rule that Shaped Bewakoof’s Founder’s Thinking
As entrepreneurs, we often find ourselves torn between short-term gains and long-term sustainability. In the startup world, it’s easy to get caught up in the urgency of meeting quarterly targets and pleasing investors, only to sacrifice our values and relationships in the process. But what if there was a way to strike a balance between these two extremes? For Prabhkiran Singh, the founder of Bewakoof.com, it was the 60-40 rule that helped him find this equilibrium.
In a recent conversation with Ascendants, Prabhkiran reflected on the 60-40 rule, a simple yet powerful philosophy that has guided his approach to business relationships. Inspired by NVIDIA’s co-founder Jensen Huang, the idea of “rough justice” has been instrumental in helping him prioritize long-term fairness over short-term wins.
So, what is the 60-40 rule? In essence, it’s a mindset that suggests that 60% of the time, you should focus on being fair to your partners and stakeholders, while the remaining 40% can be spent on achieving your own goals and ambitions. Sounds simple, right? But the beauty of this rule lies in its ability to shift our focus from immediate gratification to long-term sustainability.
For Prabhkiran, the 60-40 rule has been a game-changer. As the founder of a rapidly growing e-commerce company, he has had to navigate complex relationships with suppliers, partners, and investors. But by adopting this philosophy, he has been able to build trust, foster growth, and cultivate sustainable partnerships.
One of the key benefits of the 60-40 rule is that it encourages entrepreneurs to prioritize fairness and transparency in their business dealings. In an industry where relationships are often built on quick fixes and short-term gains, this approach can be a refreshing change. By focusing on long-term fairness, entrepreneurs can build trust with their partners and stakeholders, which is essential for sustainable growth.
Prabhkiran’s own experience is a testament to this. When Bewakoof.com was still a fledgling startup, he faced a challenging situation with one of his suppliers. Despite being a small company, Prabhkiran’s team had invested heavily in a particular product, only to find that the supplier was unable to deliver on their end. Rather than putting pressure on the supplier to meet their commitments, Prabhkiran chose to prioritize fairness and worked with the supplier to find a mutually beneficial solution.
This approach not only saved the day but also earned Prabhkiran’s team a reputation for being fair and reliable. As a result, the supplier became a loyal partner, and the two companies were able to build a strong and sustainable relationship.
The 60-40 rule is not just limited to business relationships, however. It can also be applied to our personal lives and interactions. By adopting this philosophy, we can build stronger, more meaningful relationships with our friends, family, and community.
So, how can entrepreneurs apply the 60-40 rule in their own businesses? Here are a few key takeaways:
- Prioritize fairness and transparency in your business dealings. This means being open and honest with your partners and stakeholders, and being willing to listen to their concerns and needs.
- Focus on long-term sustainability rather than short-term gains. This may mean making sacrifices in the present to achieve a greater benefit in the future.
- Build trust by following through on your commitments and being reliable. This can be as simple as meeting deadlines or delivering on your promises.
- Be willing to adapt and adjust your approach as needed. The 60-40 rule is not a one-size-fits-all solution, and entrepreneurs must be willing to adapt to changing circumstances and priorities.
In conclusion, the 60-40 rule is a simple yet powerful philosophy that can help entrepreneurs build trust, foster growth, and cultivate sustainable partnerships. By prioritizing fairness and transparency, focusing on long-term sustainability, and building trust, entrepreneurs can achieve a greater sense of fulfillment and success.
As Prabhkiran Singh’s experience has shown, the 60-40 rule is not just a theoretical concept, but a practical tool that can be applied in real-world business settings. By adopting this philosophy, entrepreneurs can build strong, resilient relationships that will serve them well in the long run.
Source: https://ascendants.in/business-stories/60-40-rule-bewakoof-founder/
