Learning never stops – for entrepreneurs. This is even truer as they need to continuously learn from their mistakes to not repeat them in the future and to learn from them. One entrepreneur looks back on a great opportunity to get us some wisdom.
In 2010, as a founding member of Saraii Village, an eco-tourism lodge in rural Sri Lanka, I spent almost a year preparing to officially launch this start-up. Being one of the four members that initially worked on this idea, I got an opportunity to travel extensively around Sri Lanka to do market research and competitor analysis. I was also solely responsible for the financial projections and future investment structuring of this project.
Sometime I reflect on finding out what I was missing as an entrepreneur, compared to the founding CEO in this particular case? What were the factors that made her stick to her guns and defy all odds to make her idea a success and what were the things I didn’t think about or envision? In my opinion, the five Ps that made Saraii a successful venture, despite the bumpy ride of its initial entrepreneurial journey, are the following:
Passion: Compared to the people in the starting team, the founding CEO had more passion for the core business model and its future. She was internally driven and sincerely believed in the idea, right from day one. I remember an instance during one of the early entrepreneurial pitch sessions, when a potential investor asked us –“Do you think this business model will work and why”? Her answer to the question was divided into two parts, the first with a logical explanation and the second part saying -“My gut instinct says so.”
Perseverance: Even though three of her initial team members left, basically because they did not believe in the idea enough, she never gave up, and leaned forward alone. Understanding that there might be some flaws in the initial business model, she tweaked and pivoted the business model until she got it right. She had to face numerous unfavourable business challenges, but getting up every time she failed made her learn many new things about the venture and the industry it operates under.
Partners and local knowledge: It’s always important to have strong local partners and market knowledge in the place of your operation. Having a strong local network and knowhow about market trends help you attract clients and suppliers efficiently and contribute to your venture’s cash flow in the long run. The founding CEO being a native Sri Lankan was able to manage her social capital accordingly.
Promotion: In the hospitality and service based industry, niche promotions play a vital role in business growth. Saraii has been successful by playing its marketing card right from day one. The team has mastered the art of leveraging social media for promoting itself for targeted, defined market segments. Additionally, Saraii was also fortunate enough to get word of mouth promotions from its early clients on social media.
Positioning: Learning and positioning your product right can take your venture very far. Despite being located in Sri Lanka, where the “highlight” is always sun and beach, Saraii offers neither. Being an early player in the sustainable tourism space, Saraii took the risk and differentiated its products from other offerings. It created a product that complements and adds an “extra” topping to the stereotypical beach side vacation.
Profits: At the end of the day the financial sustainability of your venture matters. To ensure financial viability, the founder carefully planned their future investments for capital expenditure. To confirm that there is no shortage of capital, capital expenditure expenses were done in phases and carefully calibrated.
The largest of our ground abodes is the Superior Mud Chalet that stands apart and alone but is best placed for privacy, comfort and simple relaxation. Lovingly designed with antique doors and windows and its own private bathroom this is a home by itself for couples wishing to just stay in and enjoy the peace and quiet or for the lazy guest looking for a quiet read, a comfortable bed and breakfast in bed.
The spacious area of the Superior Mud Chalet also makes it perfect for groups of friends wishing to spend their holiday time together. The chalet has its own collection of board games and books and a great collection of tea and coffee that will keep you up for those late night conversations.
The road to Weerawila was enchanting. It runs across a great reservoir; when we crossed, we were able to see the last light of the setting sun as it reflected off the water. It made the already beautiful scenery even more splendid.
At the end of the road, I encountered a sight similar to that of a child's dream of an imaginary palace in the sky, a magical kingdom with houses built into the tops of the trees. Although it would seem as though I am narrating a portion of the Peter Pan story, I assure you that this place is real. Saraii village is more than just a tourist destination; it is the embodiment of the unadulterated "essence" of nature. It is a sanctuary that houses both spiritual wisdom and natural wonders. As I looked up at the cluster of houses hanging above my head, I found myself lost in the magic of this village in the trees.
Immediately after arriving, we were greeted by a host of staff whose smiles were bright and warm. The Tree Top Room boasts the largest bedrooms of any such camp or lodge in Sri Lanka. The furnishings and decorations are exotic; the room designs are related to the theme of the establishment, connecting with nature. The meticulously crafted straw roofs add a rustic and humble touch. Living in my tree fort, high above the ground, was a truly "elevating" and inspiring experience, one that I will never forget.
Saraii village sits serenely on the border of Yala National Park in the southern part of Sri Lanka; this area is home to an abundance of wildlife. Being a passionate admirer of nature, I thoroughly enjoyed my stay; this place provided the perfect balance between comfort and nature. I was moved by the simplicity of the village. There was no hot water for showering, and meals were purely vegetarian. I spent only one night in the tree tops, but it was a night to remember. Dinner was no different. I still remember, vividly, the lantern-lit dinner in the garden, enriched by the symphonic sounds of elephants trumpeting nearby. When darkness fell, I did what I enjoy doing most, looking at the stars, but this time I was able to enjoy them from my home in the trees. Pollution is a word that most likely doesn't even exist in Saraii village; the sky is so clear that it is possible to see the cloudy band of the Milky Way galaxy.
The next morning, I set out into the wilderness to meet up with one of the most majestic creatures in this world, the elephant. In my next article, I will give you an insight of my encounter with the pachyderms.
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