“As an entrepreneur, every day is different and dynamic. A typical day involves juggling multiple responsibilities, such as overseeing operations, meeting with clients, analyzing financial reports, and brainstorming new ideas. However, one thing that remains constant is my commitment to ensuring the success of Ostellar and providing a top-notch experience for our customers.”
In an exclusive interview with Nanda Kumar, he walks us through his journey and the nitty gritty of his life as an entrepreneur.
About Nanda Kumar
Rising industrialist and serial entrepreneur Nanda Kumar is well-known in the luxury lifestyle and real estate industries. In addition to starting and growing his family’s business, he also founded Ostellar, a luxury dormitory brand that targets female students. The engineering training Nanda Kumar had in both India and Belarus contributed to his successes. He has been able to build an international network that he uses to spark innovation and growth because of his powerful ties with representatives from China, Belarus, the UK, Israel, Hong Kong, and Singapore.
Inception of Ostellar
So, we inquired about how Ostellar was founded. It was Nanda’s ardent drive to enhance the lives of female students and young professionals that served as the motivating factor for Ostellar. Ostellar is an opulent dormitory brand designed specifically for women. Nanda set out on his entrepreneurial journey to build a brand that offered a safe and comfortable living environment for women, all made possible by drawing on his engineering experience and enthusiasm for making a difference.
Nanda conducted comprehensive market research to find a major market need for cost-effective, high-quality accommodations for women solely to make this vision a reality. Ostellar was established to meet this demand and provide female residents with an unmatched living experience since it is founded on the belief that every woman deserves a safe and inviting place to call home.
How does Ostellar stand apart from its competition?
“At Ostellar, we believe that our unique value proposition lies in our commitment to providing safe, comfortable, and affordable women-only accommodations. We strive to create a home away from home for our customers and offer a range of amenities and services that cater specifically to their needs.”
They distinguished themselves from their rivals in one of the key ways by focusing solely on the female market. They provide a safe and private environment for women, allaying any concerns regarding security and privacy that are commonly connected with traditional dorms and shared living spaces.
With an online booking system and smart room amenities that offer comfort and ease of use, Ostellar also leverages technology to enhance customer satisfaction. They also stand out from their competitors because of their individualized approach to customer service, which aims to foster a sense of community among their clients and build lasting relationships with them. Promoting social relationships through a range of events and activities, help the residents feel a part of the community and connect. Due to its mission to provide women with a safe and comfortable living environment, its emphasis on technology and customer service, and its attention to community building, Ostellar stands apart in a crowded market.
What were the challenges on the journey?
When Nanda Kumar first started his company, he faced numerous obstacles. These difficulties include finding capital, attracting and retaining talented employees, and surviving a brutally competitive industry. Nanda Kumar overcame these challenges, nevertheless, by taking a flexible and proactive approach, looking for guidance, and consistently inventing.
But how do they manage risks?
Nanda employs a proactive strategy to proactively identify and reduce potential risks since he is aware of how important risk management is to successfully manage a firm. Regular risk assessments are carried out at Ostellar to identify potential risks and weak spots for the company. They also create elaborate backup plans to lessen the effects of any potential unforeseen situations.
Additionally, he ensures that the business has adequate insurance coverage to protect against potential losses or damages. Ostellar also follows all relevant regulations and compliance requirements to reduce the risk of legal and financial liabilities. By prioritizing risk management, Nanda ensures that Ostellar is well-prepared to handle any challenges that may arise while striving to achieve its business objectives.
How does Nanda Kumar measure success?
At Ostellar, the success of the company is determined not only by its financial performance but also by the positive impact it has on the lives of its customers. Among other major accomplishments to date, they have been acknowledged as a top brand of female-only dorms in the industry.
When asked about the most inspiring time in his journey, he shares,
“One of the most inspiring moments of my entrepreneurial journey was when we received our first positive customer review. It was a validation of our vision and hard work and motivated us to continue providing the best possible service to our customers.”
What are the plans for the future?
When asked about their future goals, Nanda comments that they want to break into new markets, provide cutting-edge amenities and services, and collaborate with subject matter experts to raise their client’s standards of living all around. To accomplish these goals, they look forward to utilizing its extensive worldwide network, investing in cutting-edge technology, and hiring qualified personnel.
What are the lessons he has learned?
Reflecting on his journey up to this point, he feels that failure is necessary for continuous growth and success and that every setback opens up a door to opportunity. Nanda has learned from his past experiences to persevere through difficulties, take calculated risks, seek guidance, and be open to learning from both achievements and mistakes.
A parting note from Nanda Kumar to budding entrepreneurs
We asked about his thoughts on staying up with the trends. Nanda believes it’s essential to follow market trends and technological improvements if you want to be inventive and competitive. At Ostellar, they prioritize lifelong learning and make a significant investment in going to pertinent conferences and events, signing up for newsletters and magazines from their sector, and networking with industry leaders. They use the information they gather from various sources to produce new goods and services and improve their current ones.
Moreover, he adds,
“Balancing the demands of running a business with personal life and other obligations can be challenging, but it is crucial to avoid burnout and maintain overall well-being. To achieve balance, I prioritize delegating tasks, setting boundaries, taking breaks, and engaging in activities that help me recharge and stay focused.”