Purpose makes you brave | Dr Gunwant Singh Mongia | TEDxFIIB

12 Apr 2024 (8 months ago)

Gunwant Singh's Entrepreneurial Journey

Gunwant Singh expresses admiration for his father, who emphasized selflessness and sacrifice for personal growth.
Gunwant Singh's business journey began with a small wire nail factory, where he and his family managed all aspects of the business.
His father handed over the management of the factory to Gunwant Singh, marking the start of his entrepreneurial career.
While his father and brother set up a new rolling mill unit, Gunwant Singh took full responsibility for running the existing factory.
He handled the entire process from production to sales, using an old scooter for transportation.
Gunwant Singh maintained close involvement with the factory his father was establishing.

The factory, completed in December and operating in January 1984, was looted and destroyed during the riots following Indira Gandhi's assassination.
Despite the loss, the family decided to rebuild the factory and start over.
Gunwant Singh and his team revived a factory in a remote and dangerous location despite various challenges.

In 2000, the steel industry faced a downturn, leading to decreased demand and low prices.
The traditional business approach was no longer effective, and continuing on the same path would have resulted in business failure.
Gunwant Singh's family business struggled, with the factory incurring losses and family members pursuing different endeavors.
At the age of 38, Gunwant Singh faced the challenge of managing the factory alone.

Gunwant Singh realized that the existing product was not fetching a good price in the market, leading to losses.
He enhanced the quality of steel rods by introducing TMT (Thermo-Mechanically Treated) rods in the market.
They replaced old machines with new ones and acquired a bank loan to facilitate this transition.
Initially, the TMT rods faced challenges in the rural market due to people's familiarity with traditional rods.

Realizing that steel was not typically advertised, Gunwant Singh decided to use advertising as a strategy.
They began advertising their product, and it gained attention from people in the surrounding areas.
Gunwant Singh started promoting himself by using his own photo holding a rod, considering it a necessity since there were no other options.
Despite people telling him he was wasting money, he continued because he was seeing results.

In a moment of overconfidence, Gunwant Singh attempted to take over a larger unit than his own, which was in financial trouble.
He lost a significant amount of money due to a dishonest business partner who forged signatures and created legal issues.
Despite the major setback, Gunwant Singh remained determined and had more confidence compared to a previous difficult situation in 2000.
His wife played a crucial role in understanding business matters and providing unwavering encouragement during challenging times.

Gunwant Singh gained recognition and was invited to various programs as a chief guest.
Touched by the situation of a schoolgirl who could not continue her education due to financial constraints, Gunwant Singh offered to support her education, and she went on to complete her MCA.