Leena Madan knew that she and her husband, Yogesh Khandelwal, could build a better product and compete with industry leaders. She takes us through launching geoAMPS, becoming an entrepreneur and why she’d steal a little business mojo from Elon Musk. Check out our Entrepreneur Of The Day.
Name: Leena Madan
Company Name: geoAMPS
Title: COO (Chief Operating Officer)
Lioness: How long have you been in business?
Madan: We have been in business since 2010.
Lioness: Why have you chosen to dedicate yourself to this particular business?
Madan: We entered the industry because we saw an opportunity to support an unmet need in a critical industry. Based on our market analysis, the market opportunity was not large enough for large bob box software providers so we felt comfortable that our investment in this business will be well protected. The market was dominated by several small players that were not software companies and the product they were marketing was built out of their own needs and did not effectively support other companies and users. I knew that we could build a better product, given the years of experience we had in building similar software for other industries and compete effectively with the established players in this space.
Lioness: What makes business/product unique?
Madan: Our product is very configurable which allows companies to adapt the software to their own internal needs though configuration. This helps reduce costly customizations and reduces risk. We also provide the most comprehensive product within the space which allows clients to use a single system to replace, in some cases, 8-10 different systems that they were using to manage their work. This inherently brings efficiencies, reduces duplication and errors.
Lioness: You could have worked for anyone and would have been successful, why become an entrepreneur?
Madan: For someone like me that is every evolving and looking for new challenges almost daily, working for someone provides limitation that cannot be overcome. At the end of the day, you are limited by the vision of your department head, or company and their risk tolerance and openness to change. I wanted to go beyond what my role and responsibilities called for and the entrepreneur in me was raring to take charge of my own journey, being in the driver’s seat.
Lioness: What was your last, “why did I go into business for myself” moment?
Madan: I have that moment every time I take a vacation. As an employee, it was easy to detach from your work and take time off. A business owner can never completely turn off.
Lioness: Every female professional should have __________ .
Madan: A nice black dress, a pair of Manolo’s, a black credit card and her confidence … You will need these if you plan to conquer the world in style.
Lioness: If you could steal some business mojo from another mogul, who would it be and why?
Madan: Elon Musk’s ability to create a following for his most outlandish endeavors. Each business owner knows that a new business is a risky proposition and creating a following of employees and clients is not easy. Elon’s determination is unparallel and someone with that attitude will never fail at anything.
Lioness: What is your business motto?
Madan: What you give is what you get. If you have big dreams, dig in because you have some work to do.
Lioness: If you could give other entrepreneurs three tips, what would they be?
- Be prepared for a journey that is turbulent
- Never take your success for granted
- Share/Update your vision with your staff on a regular basis.
Lioness: Has there been a piece of technology or software that has been a lifesaver to you?
Madan: My iPhone, I can do most of my work from my phone, if needed.
Lioness: What is your goal for the next year?
Madan: 2019 was all about maturing the product and streamlining the onboarding process for new clients. 2020 is going to be about ramping up sales. Our goal is to double our sales in 2020.
Lioness: When someone is telling their friend about your business, what do you hope they say?
Madan: That our products are considered the gold standard for the marketplace and that we make technology cool and sexy.