Chintan Vasani - Being Prepared for Unexpected Challenges and Being Adaptable to New Technologies and Processes Are Crucial Factors (Founder Partner of Wisebiz Group)

A successful entrepreneur should always be open to learning. It's crucial to be involved in all aspects of the business while having structured processes in place.

1. Tell us more about your company and your journey.

I'm Chintan Vasani, Founder Partner of Wisebiz Group.Wisebiz Group operates in two verticals:- Wisebiz Realty: A real estate market research, strategic planning, and closure management company handling 18 ongoing projects in Mumbai MMR. We have a team of over 100 real estate enthusiasts.- Wisebiz Developers: A real estate developer based in Mumbai, focusing on cluster development in Mumbai MMR. We currently have 5 ongoing projects in Mumbai's Western suburbs.

I also hold the position of Vice President at Brihanmumbai Developer Association YUVA, one of the strongest and biggest real estate developer representations in India. Additionally, I serve as a committee member of NAREDCO Nextgen National.

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

In 2014, we observed a significant amount of unsold inventory in certain group projects. This prompted the inception of Wisebiz Realty. We started by engaging in 3 SRA Projects and successfully sold 1500 apartments within a year. Our success lies in implementing the right processes and executing them effectively on the ground.

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

The highest challenge we've encountered is the attrition rate in the real estate sector. To address this, we've proactively recruited individuals from non-real estate backgrounds and implemented strategies to keep our staff motivated and engaged.

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

A successful entrepreneur should always be open to learning. It's crucial to be involved in all aspects of the business while having structured processes in place. The organization should be driven by processes rather than individuals, and the entrepreneur plays a vital role in establishing and maintaining this framework.

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

Being prepared for unexpected challenges and being adaptable to new technologies and processes are crucial factors. Building a strong team is paramount, and although it may take time, it's a worthwhile investment in the long run.

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

Gain experience by working in an organization to understand the business landscape before venturing into your own enterprise. Network and collaborate with like-minded individuals, attend industry events, and seminars to stay updated with industry trends. Additionally, having a financial cushion of at least 6 months' worth of funds is advisable.

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

A solid business idea that solves a problem can attract multiple avenues of funding. As mentioned earlier, having a financial reserve of at least 6 months allows you and your core team to focus on growing the business. Meeting with banking professionals to explore various funding options is essential. Additionally, obtaining a sanction from financial institutions, even if funds are not immediately required, can provide a safety net for the business.

Bio

I am Chintan Vasani, Founder Partner, Wisebiz Group

Interviewed by - Siddhi Pancholi

Edited by- Arunangshu Chatterjee