In this interview, we have the pleasure of speaking with Dhruv Umesh Parmar, a highly accomplished and respected entrepreneur and Founder & CEO of Regel Motors. He is an automobile enthusiast who shares his insights on the industry, his journey to success, and the key factors that have helped him to achieve his goals. With his extensive knowledge and expertise, Dhruv offers valuable advice to aspiring professionals who seek to make a mark in the competitive industry. Get ready to be inspired by his story and learn from his wisdom through this interview below.
How did you start your entrepreneurship journey? Do you have some advice for beginners?
I have been an automobile enthusiast since a very young age and come from a family with a history in the automotive industry. As a result, I decided early on to pursue a career in the automotive field.
Initially, I began by trading off-road vehicle tires, and soon realized that there was a shortage in availability and an unstructured market for tires. I then saw an opportunity to create a structured market with the availability of every top tire brand, offering a one-stop solution for all off-road and overland enthusiasts.
For anyone looking to become an entrepreneur or pursue a career in the business field, it is important to understand that success requires hard work and effort. Many people will discourage you from pursuing your dreams, but if you believe in them, you should go for it. Follow your passion and do anything that you love to do.
Starting a new business doesn’t necessarily require a lot of funds. It’s important to start with a lean approach and grow your resources as your business grows.
What do you believe is the most crucial part of continuing business seamlessly?
The most important thing is your dedication and continual effort, without stopping. Try to stay self-motivated to keep growing. Yes, there will be ups and downs, but stand up and continue to work hard in the way you want to. Find ways to keep going seamlessly.
We saw that you are active as a leader in multiple companies. What are your goals through your companies and how do you plan to help individuals with it?
I believe in confidently doing business. Once you have a good grasp of one business, that’s when you can start understanding a second sector of the market. In a vast market, opportunities are abundant, but we have to fill the empty spaces that are not yet taken. Any solution that simplifies someone’s life and is trustworthy will make a difference.
Our company’s goal is to make people’s lives easier by providing solutions to existing gaps in the market and filling them with the right products. Having a first-mover advantage is always beneficial. By taking these steps properly, a company can eventually achieve financial gains, growth, and employee development. If what you do does not motivate you to push yourself, you are doing the wrong thing.
Describe yourself in one word.
Does employees’ energy and enthusiasm have a hand in business success? How do you plan to motivate your team to go an extra mile?
Employees are everything; every single contribution from each individual reflects on the company’s overall performance, whether they are a cleaner or a director, they are all part of the same chain.
Taking care of employees and providing a personal touch to their work always motivates them, and appreciating their efforts boosts their motivation to achieve goals even higher.
Some employees work well under pressure, while others do not. Understanding this and assigning work accordingly is necessary.
Occasional company outings, appreciation of work ethics, breaking down goals into smaller achievable targets, timely salaries, and respecting working hours are some of the best ways to motivate employees in the firm.
How would you describe your leadership style?
Being approachable, straightforward, and motivational about every small goal that ultimately leads to the big one.
Did you face any challenges during your career span? If so, how were you able to overcome them?
Challenges come and go, but it is important to be observant and focused during difficult times. Crying over mistakes can keep you a step behind market trends. So, when faced with a problem, look for alternative solutions directly. These solutions may not be the most rewarding, but they will not negatively impact the reputation or financial strength of the company. It is crucial to make the right decision at the right time.
Remember, there is always a solution.
Are you adapting to digital transformation? How is it helping your business?
Adapting to digital transformation is essential, and there are many platforms available to grow a company’s resources through digitalization. At this stage, it is a crucial aspect. We are moving towards an application-based solution and continually updating our websites to make them user-friendly yet elegant.
Digital growth in the last two years has increased our customer sourcing by over 37%, which is remarkable. It is clear that many people are digitally active and available.
To control the real-time business into a real-time digital business, it is important to have a dedicated team.
Do you use innovative ideas to be unique?
I believe that if you are not innovative, then you are just playing the “price game”. For a business to succeed and be globally visible, it must have an innovative factor that sets it apart from others. We need to bring something unique that no one else has brought yet. People, clients, and consumers want to see something that will attract them and differentiate us from others.
Where is your leadership going? What benefits do your clients are getting from your company in this competitive world?
I believe in creating a one-stop solution to cater to the needs of every automobile enthusiast in the world. Whether it’s for reviews, sales, information, pricing, advertisement, jobs, or anything else, we aim to offer everything under one umbrella.
For our existing clients, we offer very competitive rates and a guarantee that everything we sell is legitimate and not damaged. Maintaining this relationship has always helped us to create a better environment and build trust when dealing with consumers.