MANAGEMENT MANTRA

MANAGEMENT MANTRA - “Persistence Is A Virtue” - Pranav Dangi, Founder & CEO, The Hosteller

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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