H E L L O F R I E N D S,
I am here today with an interesting conversation with Prashant Desai, author of the book The biography of a failed venture. Prashant, a chartered accountant earned substantial experience in corporate world before venturing into his own. A passionate professional, who loves wearing multiple hats currently spreading knowledge as a health influencer through his social media channels. Below is the extract of his thoughts on writing books, entrepreneurship & journey of life.
My View:
What made you share your story with the world?Prashant: It was during the first Covid lockdown, when I deeply
reflected on why my business failed. Until then, I was blaming the universe to
having conspired for my failure. When I saw my daughters in the lockdown, I
realized that it was not my wealth that I lost, but theirs. I owed them an explanation as to why and how they lost their wealth. And I wanted to be
brutally honest. Not hide behind, say for example, I failed because I was
aggressive, but go deeper as to why was I aggressive. It was more like a journal,
hand written. I also researched on entrepreneurs like me who failed and their
why. Surprisingly, many stories on why businesses failed but not one by the
failed person itself. And I was surprised. Mistakes have such power to teach.
And yet, people don’t share. Because mistakes are shamed by society. I decided
to change that social narrative. And attempted to honestly share mine.
My View:
How much time did you take to complete the book?
How challenging has it been to express all those emotions of a shattered dream in
the form a book?
Prashant: It took about nine months to complete the book. The challenge was the incentive to hide and not go deep. When I had to write about the financial blunders, being a CA, it was a challenge to accept, and write. It was challenging to revisit the death of my father and my best friend, who I wrote in the book. It was an emotional roller coaster.
My View:
Though you were writing your own story, were
there any challenges as an author while completing the manuscript apart from
living those emotions once again? Any go- to -man in your journey as an author
so far?
Prashant: My first boss Mudar Patherya played an important role in
editing anything that was boring, confusing and loathing. He was ruthless. He
also pushed me to go more deep with my why. He never judged me, but would
always say, even to my mistakes, kya baat kar raha hai…Shucks…yeh toh
bolna hi chahiye!
My View:
At a personal level which are your favourite
start up stories that you feel probably played a part in you taking the plunge
too?
Prashant: Kishore Biyani and the rise of Future Group. Having lived
that and spent so much time with him personally, his dare to dream big inspired
me. And Rakesh Jhunjhunwala. Once Bhaiya told me, it doesn’t matter whether you
are right or wrong, what matters is how much money you make when you are right or
lose when you are wrong. That I went all in was defined by my true belief in
what he said. And Jignesh Shah. It was the bonuses that I received during my
tenure there that helped me gain the confidence to attempt to build a truly
Indian sports brand. I have been an Eklavya to all of them.
My View:
What are your favourite genres while selecting a
book? Can you name a few books which have been a guiding force in your life?
Prashant: It has always been autobiographies and non-fiction. Jonathan
Livingston Seagull, The letters of Warren Buffett, The psychology of money,
Atomic habits, Leonardo Da Vinci and Benjamin Franklin by Walter Isaacson,
Lifespan, The rise of superman, The Glucose revolution, Why we sleep…so many of
them!
My View:
How challenging was it for a finance guy who got
into retail business to pursue his biggest dream?
Prashant: Not very. I was in flow. I kept walking and things fell into
place. The challenge was not much into building the product, the stores or the
brand, the real challenge was the mindset. I was too arrogant. That led to my
downfall.
My View:
Who has been your biggest critic/admirer(s) in
your journey so far?
Prashant: My daughters, my wife, my close friends and people I don’t
know. Random people who paid and bought my book and wrote to me thanking me for
sharing my story. I feel the honesty connected remotely too.
My View:
What according to you is the biggest challenge
that an entrepreneur faces throughout the journey?
Prashant: His belief. All behaviour is belief driven. Belief is like a
coin. On one side there is confidence and on the other over confidence. How will the
coin flip?
My View:
There have been quite a few valuable insights in
the book with respect to doing business. What will be your suggestion to any of
the budding entrepreneurs who want to take the plunge or already have taken?
Also what’s your take on the best possible ways to deal with the heartbreak of
an entrepreneurial journey?
Prashant: After my failure I have realized, you start a business for
the right reason. Either you are passionate about a product or a service or
solving a problem in the world. If neither, then don’t. Don’t do business for
the sake of being an entrepreneur.
There is no best way. I chose to pull the plug off the
ventilator, even my child was a year old. That was my way. Everyone’s way
should be their way.
My View:
Now after sharing your story with the world do
you regret that lot of things could not be done the way it could have been to
make your dream successful or you feel the satisfaction that at least you gave
it your best?
Prashant: Given another chance, I would start for the right reason,
not to create valuation. I would start small, make mistakes, correct and when I
feel that risk-reward was in my favour then go all-in. My biggest regret was
that I started business when I was at the peak of arrogance.
My View:
What’s next for author Prashant Desai and entrepreneur Prashant Desai?
Prashant: Na tum jaano na hum!
My View:
You run a YouTube channel with finance related content? Is the world of creator economy your next destination or it’s just another medium to share your learning with the world? Can you elaborate on that for our readers to understand what sort of content are available in your channel?
Prashant: I have pivoted from a financial influencer to a longevity
sherpa. I have read and learnt a lot through science on why we age and why we
don’t have to. There is a lot we all can do today to live 100+ but healthy and
disease free. Eat less often, sleep more, exercise, supplementation etc. Today
we have technology to measure, monitor and upgrade our health that can add
decades to our life by pushing back diseases. I share two aspects: the science
and the hacks on my Instagram account @itsprashanrtdesai and on my LInkedin account: itsprashantdesai
Instagram : https://www.instagram.com/itsprashantdesai/
LinkedIn : https://www.linkedin.com/in/itsprashantdesai/
Click Here for my review of his book The Biography Of A Failed Venture.
Image credit: amazon.in
Design credit: Bala Kumar
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