As entrepreneurs, we should not be afraid to make decisions. The results could be right or wrong, but whenever the results are incorrect, we should learn from them and evaluate what could have been better.
1. Tell us more about Mustache Escape and your journey throughout.
Moustache Escapes has gone through various phases, and now it is all about being an experience-based company that offers exceptional, one-of-a-kind experiences to guests. In terms of the journey, we began as a backpacker hostel but eventually evolved into an entirely holistic, experience-based company. The company was founded in 2013, and it has now been in operation for more than nine years. As far as the offerings are concerned, we have different types of accommodation, trekking, experiential tours, and experiential products.
2. Overall, how would you describe your journey?
It was certainly rocky. Several external factors, including COVID, were also having an impact on the industry and Moustache. It was difficult for us at first because we had not been in the tourism industry since its inception. So, as the company's directors, we learned about tourism as well as the stage journey.
3. Can you tell us a bit about your background?
I'm a chartered accountant by profession, and I used to work with multinational companies based out of the USA as well as Europe. So, before Moustache, I worked in the industry for 14 years in various financial positions. Then we returned to our hometown of Jaipur, where we started Moustache, and began expanding into new dimensions.
4. How did you come up with this idea of having Mustache Escapes and having this tourism evolution
Everyone was always fascinated by this industry. That was also the case for me and my co-founder Abhishek. We got this opportunity in 2016, and then we moved back to Jaipur, knowing that tourism in India would increase due to the country's young population. There was a lot of demand, but not enough supply. The conceptual stay was not there at all. So that's how we got started with backpackers as well.
5. And how did you go about executing it?
So, the execution was difficult because, to be honest, it was a hit-or-miss situation for both of us to figure out what would and would not work. One of the constraints I mentioned earlier was that we were both new to the tourism industry, and it was time for us to learn what it was all about. So, yes, we discovered it's not easy, to begin with. We were still learning about tourism and its various aspects, but we tried. So, sometimes we failed, and sometimes we succeeded in finding a solution that the market would accept.
6. What are the challenges you feel like biggest challenges you face and how did you overcome that?
The
most difficult challenge was Covid-19 because overcoming that is not a
challenge specific to Moustache but the entire industry. There were a few
additional challenges that we faced because, as I previously stated, we were
unsure whether we understood the industry or not. But, yes, we did a lot of
research over time. We kept a close eye on the market and what was going on,
and we tried to push Moustache into those positions as well.
So, to be very specific, the challenge is that any industry, including tourism, looks for the demand for constant change. Any company can adapt to those changes and understand those changes. The need to adjust to those changes was critical. So, over the years, we've tried to figure out what the market wants, and if we don't change, the market will go somewhere else, leaving you behind. That's exactly what happened to us.
7. As an entrepreneur, what do you think are the important qualities that can make a person successful?
There
can't be just one quality that makes someone successful. However, I believe that one of the qualities
that entrepreneurs should possess is the ability to learn from their mistakes. As
entrepreneurs, we should not be afraid to make decisions. The results could be
right or wrong, but whenever the results are incorrect, we should learn from
them and evaluate what could have been better.
However, when we experience failures or things do not go as planned, we may want to abandon the project entirely. Successful entrepreneurs, on the other hand, will always look for alternative solutions to problems.
8. What are some of the important factors that you need for running a successful business?
There could be a lot of factors and a lot of attributes. I believe we need a team for that. The concept alone would not get you anywhere. We need the right team and the right person to execute your plan. You cannot accomplish everything on your own. There may be one goal but getting there will require thousands of steps. You can no longer take those thousand steps by yourself. You'll need an entire dedicated team who believes in the idea. So, one of the factors, in my opinion, is the team. The second factor is to conduct extensive research and back up your conclusions with numbers. That is my personality, and I would back up all my assessments with it.
There are many things you absorb from the market and the competition in the industry that you must simply feel and understand. Then, to make decisions, you must convert those things into numbers. So, you can make sound decisions.
9. What are your tips for first-time and aspiring entrepreneurs?
Simply devote all your energy to the concept or business you want to start. Maybe your decision is not going in the right direction. Don't be worried about it. You can be a successful entrepreneur if you believe in your project. People will look for your successes, but they will not see your 100 failures. However, once you are successful, everyone will regard you as a successful entrepreneur. So don't be concerned about those 100 failures.
10. How can one overcome the hurdle of lack of funds when starting up?
So many times, people want to start a business with the expectation of quickly scaling up to unfathomable heights. That is the essence of human nature. By tomorrow, we want to start a business and envision it as a multimillion-dollar enterprise. With that approach, there will always be a lack of funds because everything takes time. Even in business, we must start small. Depending on the availability of funds, we may need to take smaller steps over a longer period to become successful entrepreneurs or overcome the fund requirement constraint.
However, if you have a good concept and are doing justice to it, you will scale up slowly, but you will not have any difficulty arranging funds sooner or later.
- Deepak Agarwal (Instagram)
- Interviewed by Manjul Yadav
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