Interested in starting your own entrepreneurial journey in business development but unsure what to expect? Then read up on our interview with Suhas Deshpande, CEO of Innoventive Business Solutions Inc., located in New Westminster, BC, Canada.

What's your business, and who are your customers?

Innoventive Business Solutions Inc. is a boutique management consulting firm focused on helping businesses excel. We excel at addressing common business challenges, enabling cost optimization and resource maximization. We promote sustainable growth and success by leveraging proven industry best practices and client-specific technology solutions. We are focussed on the electronics, electrical, food, pharmaceutical, and biotech manufacturing industry. Our customers are mainly small to medium size businesses.

Tell us about yourself

Over the last three decades, I have been tasked with solving several complex business problems across a variety of industries, including electronic and electrical components, process control instruments, control systems, instrumentation, Solar, and CCTV. Almost all my experience has been with start-ups and new ventures or focused on business transformations.

At the peak of the first wave of the COVID-19 pandemic, my career as an employee came to an abrupt halt. Even though this was a global phenomenon, having never experienced such job loss in my over 30-year career, it was certainly not easy to handle. I was planning to slow down over the next couple of years but didn't really have a firm plan in place. After exploring the job market and applying for various positions, it was clear that with the subtle ageism, commonly known as "being overqualified," the situation was not conducive to finding suitable employment. Things were certainly exacerbated by the pandemic. After a lot of groundwork and market research, it became obvious that the quality consulting space is extremely crowded, with many well-established consultants. This allowed me to shift my focus from typical QMS consulting to providing value above and beyond what my competitors offer. With my cross-functional background and experience repeatedly delivering measurable results across industries, the lack of comprehensive software solutions to manage common pain points was glaring. Initially, I began to discover opportunities to conceptualize, design, and develop a custom QMS solution to address these challenges. Fortunately, I was approached by several niche software providers that offered excellent products and services to address these specific industry challenges. This provided me with a unique ability to provide tremendous value to the SME industry. By connecting companies with leading solution providers and providing necessary guidance on implementing best practices, I have helped businesses address chronic problems at optimal cost.

This is not my first rodeo in the world of business. In the early 1990's I founded a business along with my mentor in India. The reason I originally embarked on this journey was my passion for solving complex problems. Growing up in India, I knew first-hand the problems the lack of consistent electricity caused to individuals. After graduating from university, I noticed how this also affected businesses and their ability to operate - especially hospitals, private doctor's offices, and goldsmiths. We designed, developed, and produced emergency power sources from scratch during the 1980s and generated a ton of demand, no pun intended. We continued to search for complex problems industries experienced that lacked reliable solutions. We then designed a solution and ensured it satisfactorily addressed the original problem. Some of these solutions included a level controller for high-temperature corrosive water used for engine testing at Kirloskar Cummins, a motor winding failure protection device for TELCO maintenance division (Tata!), battery voltage monitoring and alarm device for Voltas fork-lift, and Flame Front Generators for process plants to prevent air pollution.

The Flame Front Generator was a major milestone, as it was an import substitute that we developed from scratch, just based on a catalog and the end application. We worked hard to successfully complete four projects, supported by many in the family and network. As I was preparing to expand and fully jump into business, our customer stole the IP and handed it over to a competitor and did not pay our dues for a long time. That was a major setback and wiped out all my hopes for venturing on my own.

What's your biggest accomplishment as a business owner?

What I love is I am able to share my extensive experience in the quality domain, helping SMEs benefit from the best practices I developed over the decades and, at the same time, finally have a work-life balance. I am doing what I like and love on my schedule and get paid for that. I am also able to give back by coaching and mentoring young professionals.

What's one of the hardest things that come with being a business owner?

Consulting is certainly hard, challenging, and very exciting all at the same time. It is not for everyone since there is a lot of rejection, many disappointments, conflicts, and a total misfit. I had my share of clients who never paid for the extensive work I did for them in the beginning, so basically, people took an undue advantage in the early stages.

Another challenge was the periods with little or no income when I was finding clients or existing clients had stopped spending. It was exacerbated by the pandemic. You have to spend the fixed costs, including marketing, even when you are not making money. So one needs to be financially and mentally prepared for this at the beginning and during uncertain periods.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

  1. Be very clear about what you are offering and to whom ( Ideal Client Profile).
  2. Get your family on board with the plan and use them to hold you accountable.
  3. Have a razor-sharp focus rather than trying to hit all corners ( size, type of industry/clientele, geography, etc.).

Where can people find you and your business?

Website: https://innoventivesolutions.co/
Facebook: https://www.facebook.com/profile.php?id=100071922135125
LinkedIn: https://www.linkedin.com/company/innoventivebusinesssolutions/

If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.

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