It took a little bit of convincing to finally get out of Puneet Goyal the whole story behind the formation of his own company. With utter modesty, Goyal recalls how he, along with his brother Nitin Goyal, started a garments company right from scratch in 2017, which has already scaled considerable growth.
Entrepreneurship runs in their blood, what with their grandfather and father dealing in food grains and steel respectively. Goyal and his brother followed their footsteps and were associated with a garments brand till 2014 in management capacity, as they were three equal stakeholders in that company. “But we separated from that company and thought of starting our own in 2017. We had a falling out with the management due to a trust deficit. We felt betrayed, so we left.”
The separation was the least of their worries. The business which started operating in January 2018 was originally supposed to begin in 2016. But courtesy of demonetization, discussing loan applications was perhaps not the primary concern of banks, as well as that of the general public. “Just getting to step into the bank felt like a battle won. The chaos and slowdown really delayed our plans. All we could do was wait and watch.” Perhaps due to his self-effacing demeanour or just plain bad luck, when he approached banks in 2017, he was treated with a little bit of suspicion. “Bank employees there didn’t think of us as people who’d pay them back. It was only after they made some enquiries about me and my brother that they realised we’re good for business.”
This is exactly the kind of reputation he’s looking forward to cultivating for himself – something people could trust and bank upon. “I want my products to be known for their quality. We put all our effort into making the best quality products in the business. Rest follows” says Goyal calmly. Goyal’s father demanded only one thing from him: Not to besmirch their family name for business. “We never cut costs by cheating anyone, or paying late. Honesty is prime in our business. Even when we’re bargaining, we ask the seller to give us a price that is profitable for them as well.”
His company, barely two years-old, is taking well-established businesses head-on and although it hasn’t even broken even till now, the confidence and optimism in his voice is reassuring. “We’ve made our presence felt in ten states for now, and are focusing on strengthening our hold there. People are already asking for our products, so I think we’re on the right track.” While his competitors in Ludhiana might be winning the short race, Goyal’s eyes are set at the finishing line of the marathon. “Companies here are not well organized; they work with a very chaotic chain of command. We, since the beginning, have set a very professional hierarchy and organization. I want our company to go beyond what anyone in Ludhiana has achieved.”
Goyal has expanded his perspective of business by interacting with other stakeholders attached to his company. “We were always an inward-looking, isolated business. But with the Growtharator programme, I’ve interacted with our suppliers, understood their situation as well, and my mindset has really broadened.”
Having gone through a lot himself, Goyal selflessly offers his experience to help next generation entrepreneurs. “If anyone aspiring to be an entrepreneur is confused as to what to do or how to do it, just read our label and call. I’ll be more than happy to help.” He told us how someone who consulted with him finally received a raise he deserved and called to tell Goyal about it. Perhaps this, and not just the profit margins, is the growth that Goyal is really looking for.
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