MANAGEMENT MANTRA
MANAGEMENT MANTRA - “Persistence Is A Virtue” - Pranav Dangi, Founder & CEO, The Hosteller
- Sharmila Chand
- Oct 06, 2024
Pranav Dangi strongly believes in the ideal of never
giving up and working honestly towards achieving the goals. No wonder, Mr
Dangi’s unique venture, The Hosteller, has emerged as India’s biggest brand-operated
chain of backpacker hostels. Mr Dangi, the founder and CEO of The Hosteller, has
reshaped the travel experience for backpackers with his innovative and
tech-driven hospitality solutions.
Mr Dangi holds a bachelor’s degree in computer engineering
from the Manipal Institute of Technology. His academic journey continued with
an MBA in finance from the Institute of Management Technology, Ghaziabad, and
at KEDGE Business School, specialising in finance.
With an impressive career spanning over nine years, Mr
Dangi has overseen the establishment of over 55 self-operated backpacker
hostels across the country, making The Hosteller India’s smartest hospitality
brand.
Before founding The Hosteller in January 2015, Mr
Dangi had gained valuable experience as a senior analyst at EY, focusing on
intangible asset valuation. His proficiency in financial data analysis and
mergers and acquisitions laid the foundation for his future ventures. With
diverse experience across multiple verticals, like wireless technologies,
mobile technology, technology integration and telecommunications, he brings a
dynamic approach to shaping The Hosteller.
In a wide-ranging and interesting conversation with Sharmila
Chand, Mr Dangi sheds light on his management principles and practices that
have always guided his businesses to achieve new goals.
Your
five management mantras
·
Persistence is a virtue: In any business, sticking to the core values and
never giving up is a trait like no other.
·
Hire before fire: To lead a business efficiently, always hire before
you fire. This enables your business to be protected in any circumstances.
·
Work with people intelligent than yourself.
·
Avoid procrastination: The biggest intangible loss in any business is due
to procrastination; think rationally, and arrive at a decision quickly.
·
Think long term: A good team is the one that thinks about the long
term while working on short-term goals.
A game that
helps your career
I would say that Chess is one game that helps me in
understanding more about business and life as well. It is a classic game for
learning short- and long-term strategies, moving your pieces such that your
strategies are successful, protecting your territories. It also teaches you
when to let go off a specific strategy (if that is not yielding results) and
moving on to the other and so on.
The turning
point in your career life
The turning point in my life came in 2013 when I got
introduced with the concept of “backpacker hostels” while travelling in Europe.
Secret
of your success
Though there is a lot to be achieved yet, however,
the secret to my success so far has been a very laser-eyed focus on what we
want to achieve (day to day) and not deviating from that focus at all.
Your
philosophy of work
Be true to your work, and the work will reward you
back. Work is never interesting; it is the person doing that work who needs to
make it interesting. Once one starts enjoying the work he or she does, the work
itself rewards the person in becoming successful.
A person
you admire who has inspired you
To be honest, everyone charts their own journey,
navigating through multiple challenges and getting rewarded during their work
life. Hence, I do not have a single role model. However, people like Elon Musk,
Jack Dorsey, etc inspire me as they have created products and services that
have impacted billions of people, and they have done this in their lifetime.
The best
advice you got
Hire the best lawyer that your money can buy.
How has
your journey been so far?
My journey has been quite exciting so far. We are a
category creator in the hospitality industry in India. Backpacker hostels never
existed in the country prior to 2013-14. Thus, introducing a new category,
educating the market, finding PMF, hiring and training the right people,
establishing various processes, etc are some things that we have done well
which has helped us in becoming India’s largest backpacker hostel chain.
Which
are your favourite books, and why so?
The Art Of Thinking
Clearly by Rolf Dobelli teaches one to think clearly and think
about many more things about life and business. The Joys Of Compounding by Gautam Baid teaches one to be
disciplined in life and with their investments.
Your fitness
regime
In the long daily work regime, I find myself
utilising the mornings well. My fitness regime includes a daily run for 45
minutes, coupled with a few exercises, followed by a healthy breakfast every
morning. At work, I like to keep myself moving continuously (except during
meetings).
How do
you maintain calm and peace in stressful situations?
It depends from situations to situations. However,
the leader needs to understand the root cause of any problem they face and
should try to work at resolving the root causes. Most of the leaders tackle the
problems as they appear. However, the solutions lie elsewhere, and an eye for
finding long-term solutions can help those situations not to occur again
altogether.
Your
business mantras for success
I would say that the biggest mantra for any entrepreneur is never to give up. Keep working
towards your goals with all honesty and integrity.
Lastly,
how would you like to define yourself?
I would define myself as a workaholic, probably
giving 12 hours at work each day (including Sundays). However, I like this way
of life – focused; give me the kick to improve continuously; help me connect
with many intelligent folks on their way; etc. Apart from work, I like to go on
long drives (over 2,500 km and spread over a few days), play sports and read.
Also, let me sign off by saying that my vision is to create The Hosteller as
the world’s largest smart hospitality and travel brand because my mission with
The Hosteller is to enable every able person to travel and see more in their
lives.
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