Ram Krishnna Rao is an experienced serial entrepreneur, CEO of MarketOrders, and has 13 years’ experience in Forex, arbitrage, & online Bullion trading.
He is a qualified IBM blockchain developer and was named as a Top 100 European Digital Pioneer by The Financial Times & Google with his work as CEO at MarketOrders. His startup is reshaping the gold and diamond jewellery industry with the use of blockchain within supply chain processes. It aims to bring transparency, speed and trust to the jewellery industry, which is currently using outdated and offline processes.
After two years of research, Ram and his team recently released the MarketOrders White Paper, a 60-page document detailing what challenges the jewellery sector is facing, how it could benefit from blockchain technology and why it should embrace it now more than ever. It also describes MarketOrders’ plans and implementation of the technology into its own marketplace.
The release of the White Paper comes after MarketOrders overfunded on Crowdcube, raising over £430,000 with plans to modernise the antiquated jewellery buying process and elevate it to become more transparent and profitable.
Within three years, Ram’s business has been nominated for over 40 awards and got over 700 mentions in the press.
Where did the idea for MarketOrders come from?
The idea for MarketOrders came from some issues I noticed in the Gold & Diamond Industry:
• Selection: retailers are limited in the selection of the products they want to acquire because they need to buy consequent amounts of products to reduce the cost. They also usually select the products in an old fashion way which is on a catalogue provided by a salesman. Therefore, they don’t have access to all the designs available on the market.
• Timing: managing stocks can be difficult if the products take weeks to get delivered and their availability is limited. It doesn’t give flexibility to retailers who cannot adapt to the demand in real-time.
• Stock inventory: retailers can end up not having enough products at the right time or with products they don’t sell. In this case, they have to melt the gold down if they don’t want to lose too much money.
• Pricing: prices fluctuate due to the price of gold.
MarketOrders proposes to utilise innovative technologies to revolutionise the industry by bringing better transparency, reliability, wider selection, lower prices and delivery speed.
What does your typical day look like and how do you make it productive?
I start my day with some cardio and weight training followed by meditation. I then have the same breakfast every morning to minimize “decision fatigue”.
Workwise, I start the week by focusing on planning and management.
Tuesday and Wednesday are focused on marketing, communication and growth.
Thursday and Friday, I work on the company’s culture. I take off my Saturdays and spend time with my family. Sunday is the time for reflection, feedback, and strategy.
How do you bring ideas to life?
Ideas come to me at inconvenient times such as when travelling or at the gym, so I make sure I always carry a notebook or take notes on my mobile.
I am a true believer that action is the path to clarity; therefore, if you take the first step and it’s the wrong one, you learn what doesn’t work. If you take the first step and it’s the right one, then you make a bet on what the next move will be. This is exactly the path I took with MarketOrders.
What’s one trend that excites you?
I am very excited about artificial intelligence (AI) and practical deployment of the Internet of Things (IoT). I believe the world will see transformational changes in how technology impacts our businesses and our lives. Exciting times ahead!
What is one habit of yours that makes you more productive as an entrepreneur?
One of my habits that makes me more productive is using my mornings to focus on myself. It helps me get clarity and focus for the rest of my day.
What advice would you give your younger self?
Life is an unpredictable journey. Be strong and ready for anything. Be grateful for all the things that happen in your life – learn from them, grow and move on.
Tell us something that’s true that almost nobody agrees with you on.
Noodles make the best breakfast!
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
To be curious about everything.
Entrepreneurs need to be curious to be fully engaged with the world around them.
What is one strategy that has helped you grow your business?
Having the right team members on board to help grow MarketOrders. People usually don’t realise how important it is to have the right people for you and your business. Not only people with the right skills and experience but people with the right spirit.
What is one failure you had as an entrepreneur, and how did you overcome it?
Playing with ideas & procrastinating before bringing ideas to life. I overcame this by not hesitating to take action.
What is one business idea that you’re willing to give away to our readers?
• Dropshipping – an e-commerce business model in which you don’t have to manage any physical products – is in my view an easy online business idea to pursue.
• Meals-to-go businesses – for people who struggle to find time to cook nutritious and healthy meals. It’s so easy nowadays with shared-use, licensed commissary kitchens.
What is the best $100 you recently spent? What and why?
I invested in a new piece of software that will help me achieve better productivity!
What is one piece of software or a web service that helps you be productive?
My electronic calendar with appointment reminders/alerts.
What is the one book that you recommend our community should read and why?
The Everything Store, by Jeff Bezos
Truly inspiring and motivating! A must-read.
What is your favorite quote?
“By failing to prepare, you are preparing to fail”, Benjamin Franklin.
• Overcome procrastination by taking action
• Fuel productivity with a morning routine
• Prepare to be curious about all things
Carlyn runs the day-to-day publishing operation here at ideamensch and interacts with our awesome customers and entrepreneurs. She is likely editing this with a cat on her lap.