For each of us, there comes a certain point in our careers when we start aspire for something better. It is also the time during which we are inspired to do something new. Such a moment came in the life of Shrijay Sheth (an eCommerce industry veteran and an entrepreneur) in 2015. Sheth along with his friend, Naman Pipara co-founded a Legal Tech Company called LegalWiz.in.
Today, after 3 years since it’s inception, the company is amongst India’s topmost solutions provider for business professional services, taxation, and legal compliance.
Recently, we had the honor of conducting an interview with Mr. Shrijay Sheth. Given below is the complete unabridged interview.
Q. What inspired you to become an entrepreneur? Why should the younger generation aspire to be in this role and what would be your message to people aspiring to become an entrepreneur?
A. I come from a business background and always aspired to build a business by myself. However, I was committed to getting the required qualifications first, backed by solid experience. I have seen first-hand, the impact an entrepreneur can have on society and people at large – this and the inner desire to create something on my own – inspired me to become an entrepreneur.
These are exciting times to dream, envision and build – I strongly believe that the Younger generation should aspire to be entrepreneurs for the right reason.
Not only to earn money but to be change-agents, to create a lasting impact, to spur employment and grow as persons…thereby resulting in a solid contribution to the national economy. My message to aspiring entrepreneurs is – work very hard, be patient and invest in relationships
Q. What is the USP/competitive advantage of Legalwiz.in?
A. Our USP is the amazing customer experience we offer. For example, if someone opts for privately limited company registration, they will have a live order status update on their dashboard to keep a track on it.
We offer a full refund if the customer is not satisfied with our services. The entire cycle from the 1st contact to task completion is incredibly smooth with regular updates and continuous service.
This is borne out by our customers giving us a referral rating of 9.6/10. Over 60% of our business comes from repeat customers – they are our best ambassadors.
Q. Would like to throw some light on the startup scenario of the country?
A. Overall, I feel optimistic about it. In recent years, largely because of policy level push, the startup ecosystem has significantly evolved. Government departments, incubation centers at various colleges, and private clubs focused on startups and entrepreneurship have made startup conversations mainstream. It is common to find students to talk about innovation and entrepreneurship these days.
However, this also comes with some cost and high level of casualties. Startups are known to have a high death rate. Along with a lot of optimism, we as part of the ecosystem need to feel obliged to talk about the other side – educating, especially young students, that starting up is not a fashion statement and the journey is not for everyone.
Q. How has technology enabled you to scale up your venture?
A. Technology has helped shape our deliveries so that we offer a best-in-class CX. We are invested in technologies that help us build our business and deliver superior customer experience. Since the basic requirement of our business is delivering services online, technology becomes a core component for us.
After analyzing the market in LegalTech, Technology has helped us to plug loopholes and bridge gaps in the delivery process and serve our customers better. As we scale, we will continue to invest in technologies that help us shape deliveries better.
Q. Tell us more about your journey so far.
A. I am an eCommerce and Digital Commerce veteran with over 10 years of experience and three ventures to my name. With an MBA (Corporate Finance) from San Diego, I started my career in Corporate Finance and Accounting, then moved to Analytics and Strategy.
I now focus on legal tech and Digital Commerce. My extensive experience includes working with hyper-growing tech companies in California, like Qualcomm, LegalZoom.com, Bouqs.com, and MeUndies.com. My expertise lies in building subscription-based businesses.
Currently, I run the StartUp I founded – Legalwiz.in. I also contribute to the Startup ecosystem initiatives by speaking at various Startup events hosted by Headstart, PayU, eChai, CIIE at IIM-Ahmedabad.
Q. Who has been the inspiration of your life and what were your key takeaways from them?
A. Having roots in a family that has a generational legacy of running small businesses and having learned my business skills from my father, being an entrepreneur was almost a default choice. However, the journey has been inspired by many – starting from previous employers and co-workers, my encounter with best-in-class eCommerce businesses in California where I spent most of my professional career yet, and in particular all the great and lasting business groups on this planet like Tata and Virgin who cared more about the customer satisfaction over just making money.
Q. What are some of the challenges that you face on a daily basis? Would you like to share your thoughts on work-life balance for entrepreneurs in general?
A. One of the key challenges we face is that of entrepreneurs not having clarity on the nature of the services they want. Hence it is our duty as a firm to counsel them, after learning about their business & circumstances, about their exact requirements. Some components of our business are dependent on the response from the government departments and hence sometimes it becomes difficult to convince customers about the speed of response.
I am a firm believer in work-life balance and strongly believe that a rejuvenated, fresh mind can cope better with work-stress rather than an overworked one. That said, it may not be possible for entrepreneurs every time to take a break or give priority to leisure. Hence it is important to find joy in what you do, learning to cope better when working hard.
Q. What are some of your key priorities for your people?
A. My key priorities are that my team should enjoy their work and keep upgrading their skills to stay relevant in a fast-changing world. Training and reskilling are very much part of the organizational DNA at LegalWiz –to me; it is essential that my people stay ahead of the learning curve.
This helps them to emerge as better professionals and in turn, serve clients better. We also encourage them to develop healthy interests beyond work so that they equip themselves to handle stress and life better.