Purpose makes you brave | Dr Gunwant Singh Mongia | TEDxFIIB

Purpose makes you brave | Dr Gunwant Singh Mongia | TEDxFIIB

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.

Factory Destruction and Rebuilding

  • 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.

Challenges in the Steel Industry

  • 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.

Introducing TMT Rods

  • 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.

Promotion and Expansion

  • 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.

Setbacks and Resilience

  • 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.

Recognition and Social Impact

  • 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.

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