Mentee Performance Assessment

Entrepreneur Baseline Information

Name Kratika Doshi

Email H19143@astra.xlri.ac.in

Phone Number 8989503737

City Indore

Age 25

Gender Female

Name of venture KolourDart

Age of the Venture Planning Stage

Form of Venture Sole proprietorship

Number of co-founders 1

Number of Employees 1

1. Describe the Product/Service and its uses

Product: Exclusive online community of artists (painters, designers, art & craft enthusiasts)

Problem: Artists often find it very difficult to reach the right set of audience to showcase talent,
build network and capitalize on talent. They face issues such as
“How do I find my target market?
How to get into galleries?
How to build connections?
I have a ton of likes and followers but no customers!”
With the rise of social media, every artist is trying to build a community of their own and majority of
them are failing at it.

Benefits: This exclusive platform will connect the artists with the right set of audience. It will serve
as an integrated platform for small, medium and big professional and non-professional artists.

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2. Name the Industry you are operating in
Creative Industry

3. Describe your business in terms of

a. Value created for customers:

Artists: Introducing artists to their right target market with the ability to showcase and sell work.
Finally resulting in artists NOT UNDERSELLING THEMSELVES.
Audience: Identifying the right artists for customized jobs and reduced trouble of looking for the
perfect piece of art all over the world and also learn new art skills via the platform.

b. Market size, Customer base and Customer segments addressed:

Artists - Amateur, proficient, accomplished, advanced
Audience/learners - Looking to buy products or services (Gen Z, Gen X, Gen Y, Baby Boomers)

Market Size: ~2 Crore (1.5% of population)

c. Differentiators – your USP

1. Two-way active communication between artists and audience
2. Collaborate with fellow artists for work
3. Identify nearby art events
4. Customize services as per demand
5. Individual profile for each artist: Showcase work on our platform, receive ratings, customize
services

d. Revenue streams
1. Listing fee received from artists on registration (INR 500 every 3 months)
2. Transaction fee charged to customer on buying product/service (3.5% of transaction amount)
3. Advertisement revenue from featured artists

4. Describe your Competition

Name of
Strength Weakness
Competitor
 Already a community of  No way for direct two-way
25,000 artists communication between artists
 Associates artists to brands and audience
Platform For  Covers performing art and fine  No demonstrated presence of
Artists art both artists amongst the audience
 No option for dynamically
viewing upcoming opportunities
 Lesser opportunities for small,

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 home-based artists
 Provides best venues and  Does not cater to fine arts
businesses to present your art  Only limited to the entertainment
SkillBox
and music industry
 Caters to musicians and
artists, enthusiasts,
professionals and technicians.
 Dedicated artists profiles
section
 Established artists on platform  An auction house instead of an
 International auction house integrated platform
with auctions, exhibitions,  Caters only to established artists
properties for sale
SaffronArt
 Online and live auctions
 Services including art advisory,
private sales, appraisals and
valuations, and specialized art
storage
 Provided opportunities to all  Not specific to fine arts, very
kind of freelancers cluttered
Fiverr  Has a huge audience base  Not India specific
 No separate profiles for artists
 No option to collaborate with
fellow artists

5. Sales and Revenue

Revenue from Sales Profit/Loss

Year Remarks
(INR) (INR)
Assumption: Onboarding 200 artists in
year 1 (Listing fee of Rs 500/- for 3
months) + minimum transaction charges
on sell have been accounted for
Expenditures are inclusive of capital costs
2021 4,00,000 2,72,500
(website development, licensing, and
registration, etc) + fixed costs (IT
maintenance digital marketing, domain
hosting, delivery logistics) + variable costs
(product delivery)
Assumption: Onboarding greater number
2022 8,00,000 4,25,000
of artists

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 Expenditure: Salaries + other things
mentioned above
Major spend on digital marketing
Assumption: Establishing a strong
community of atleast 1000 artists
2023 20,00,000 ~10,00,000
Expenditure: Extra due to increased team
size

6. Expenses
1. Development of website and application
2. Digital Marketing
3. Delivery logistics for products
4. IT maintenance
5. Salaries

7. Team

a) What is your Team size?

Currently the team size is only 1. But soon it is planned to be expanded to

Technical support – 1 person

Sales and marketing – 1 person

Operations support – 1 person

b) Who are your key team members and what are their strengths?

Currently I am the only person working on this. I have been painting for the past 15 years and have
been running my own art venture under the name KolourDart since the past two years. I have sold
paintings worth INR 10 lakhs, including international sales in countries such as USA and UAE. I
actively take art workshops and have taught over 500 people so far.

c) What are your top 3 goals for the next two years?

a. Acquiring customers, marketing & sales, revenue growth

b. Hiring a team, retention, and motivating your team

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 c. Raising money: equity or working capital for your business
d. Managing growth: processes, systems, people, and managing cash
e. Any other

d) What are your top 3 challenges to attain those goals?

1. Bringing artists and the right audience to the platform
2. Connecting artists with the right business, identifying business opportunities for artists
3. Building a seamless and user-friendly website/application for integration

e) Please assess areas where you think focus is currently required in your business:

Strongly
Areas Agree Disagree
Agree
a. I have adapted the latest Technology
adequately to improve my business
processes.

b. My Team is competent and capable

of helping realize my vision.

c. Our Product is well-received and

meets the requirements of my
customers fully well.
d. I have a good sense of the potential
Market and how to develop my
customer base.
e. My Business Model is clear, robust
and working well; it is geared to
support the desired growth of the
business.
f. The Location of my business is ideal
and provides access to a large
customer base.

g. I am aware of and able to fulfil all

legal Compliances as required.

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h. The Capacity planning for my
business is adequate and can be fully
utilized.

i. I am involved in day-to-day
operations of my business.

j. I have set up all the requisite systems

and Processes for smooth operations
of the business.