Neeti Goel - Be a Doer Not Just a Dreamer (Social Entrepreneur from India)

 The most important quality of a successful entrepreneur so the germination of an idea is not enough for the right action, the right decision at the right time is extremely important. Destiny is something that is not in our hands but hard work and perseverance are, so when we put a hundred percent concentrated effort into anything that we put our mind to we can make it happen.

1. Tell us about yourself and your journey.

So I am Neeti Goyal I am from Chandigarh and from an industrial family my father was one of the top 100 industrialists in Punjab, always been brought up in a very protected environment and always very secure so life was very different there when I got married in Bombay and I did my Masters in accountancy and I was here joined my husband's business but he’s into manufacturing Pharmaceutical his name is Pranay Goyal 2 years down the line I realize that you know there was no space for me in his business because he whether I go to work.

I don't it really didn't matter and I wanted my own space somewhere where I could do things and I could feel that yes I was bringing a change so that’s when for two years I researched into the hospitality sector and I met consultants, I met restaurant owners, I saw spaces I researched on different cuisines this is almost 12 years back when after two years of research I came up with my first venture which was NOM-NOM PAN-ASIAN cuisine.

2. How did you come up with this idea and go about executing it?

I was always a very social person, a peoples person and I always wanted to do something that involved personal relations, PR, or talking to people I thought hospitality was a good field for me because it's not only about serving good food it's a complete experience from the time a customer enters into your restaurant to the time the customer leaves and I was always very interested in you know creating experiences that I thought that let me try my hand at hospitality. 

I am from an accounts background and I have two children my daughter is 20 and my son is 18 my daughter, Anika Goyal is doing Hospitality Management from Raushan Switzerland and my son is going to the UK to do his undergrad at Westminster University, his name is Avya Goyal.

3. What has been the biggest challenge that you faced and how did you overcome that?

For a Woman, the biggest challenge is to prove herself, unless a woman proves herself you are never taken seriously whether it's her home, her staff, or her workplace so the first biggest challenge was to convince everyone at home that I was making this switch from accounting to hospitality and they were like you don't know anything about hospitality and it is not gonna work out and I was determined that when you put your hundred percent effort or mind to something you can definitely make it happen then the second biggest challenge was to earn that respect, from the staff to take you seriously because when a woman who is into hospitality is never really taken seriously. 

The staff thinks that, oh ! she just has too much money and she just wants to blow it up and they try to take you for a right they don't want to listen to you unless you actually come on hard on and they know that ok she is there for good and she knows what she's doing so it takes a while to make that mark, to create that mark but definitely I think these two has been the biggest challenge and of course, hospitality itself is a very challenging line because from attending award functions you end up spending nights in police stations and there are so many departments almost about 32 licenses, there are always issues it's not easy running a hospitality business it's been like a roller coaster ride for me also but now I’m quite hands-on and I feel that I’ve got a good grip of it.

4. What do you think are the most important qualities of a successful entrepreneur?

The most important quality of a successful entrepreneur so the germination of an idea is not enough for the right action, the right decision at the right time is extremely important. Destiny is something that is not in our hands but hard work and perseverance are, so when we put a hundred percent concentrated effort into anything that we put our mind to we can make it happen. We need to work as a team if you think that we are going to Boss around and other people are going to work for us it doesn’t work anymore so I think an entrepreneur also needs to be empathetic towards his workforce, towards his people or her people and most importantly the right action, the right timing and the right decision is the most important.

Secondly, patience is one of the virtues that we all need to have because sometimes we make hasty decisions and just in the thing of doing things on time that kind of decision spoils the bucket so patience is extremely important for an entrepreneur just wait for the right time, the right action, the right decision, if things are not moving just have patience things will happen the way you planned it you just have to wait for that right moment. Also, a good entrepreneur is somebody who will motivate the team, and who’ll take the team toward a successful venture. A whole team is like the four tires of a car if all of them work together, then only the vehicle will move forward, and it’ll be smooth sailing.

5. What are some of the most important factors for running a successful business?

One of the most important factors of running a successful business is to be adaptable to change because things change, times change, people's preferences change, days change new innovations come, the most important is that we have to keep ourselves updated with the new innovations with the new changes and incorporate them in our business when we don't do that then our business becomes redundant so this is very important to run a successful business and of course, the virtues of honesty very very important, because it reflects on an organization, loyalty of a customer, is extremely important and that is only going to come when we offer them the right experience.

Another important aspect of running a successful business is team building, so don't just fill in positions because you have to hire somebody, and wait for the right candidate. The worst kind of decision is when you hire the wrong person for the job just because you are not finding the right person may be it is not the right time and you need to wait but hiring the wrong person for the job can really mess up your business so I think a right decision is to build a strong team which is a base of a successful business.

6. What are your tips for first-time and aspiring entrepreneurs?

It t is not easy to start a business but always remember when everything seems to be going against you an airplane also takes off against the wind. So to all the Aspiring entrepreneurs out there, the first Mantra is to research and spend a lot of time whether it's two months or years I took 2 years only researching the business that I wanted to do. Do a market survey, meet people, take their opinions, see your target audience, the city where you’re starting the business see what the target audience is, where they are living, and how your product will be accepted by them.

Then plan your finances, Because a lot of times we overlook a lot of expenses, working capital, or even you know the expenses for a smooth operation for the next six months so that's something that really needs to be planned. The third thing the strong manpower, and the right team to execute the project which is key to a successful business so we need to find the right people.

Don’t worry about being successful just work towards making your work significant success will naturally follow. Also never start a business just to make money, start a business to make a change, and money and funds will follow.

7. How can one overcome the hurdle of lack of funds when starting up?

The secret to getting ahead is to start, so if you feel that funding has been a problem, you need to wait and raise the funds you need, or you may need to rechart your course. For startups, it can be challenging to find angel investors in today's time. In such cases, it might be best to use your own funds and start small, gradually scaling up. 

If funding has been an issue, the ideal approach is to start at a micro level and expand operations according to cash flow and available funding. In the second phase, you could consider raising funds from friends and family or reinvesting your profits to grow your business. In the third phase, you can explore options like angel investors and institutional investors when your business has grown significantly. However, as an entrepreneur, it is essential to find solutions to challenges and seize opportunities rather than being afraid of them and staying at home. Remember to be a doer, not just a dreamer.

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Interviewed by - Aarya Gode