This article summarizes the conversation with Mr. Deeptesh Prabhugaonkar.
Mr. Deeptesh Prabhugaonkar is a young entrepreneur from Goa. Having a background in Mining Engineering the 24 years old manages his family business and a recently established biofuel industry.
Let’s learn more about him.
About his background,
He was 15 years old when mining in Goa came to an abrupt halt. The interference of the supreme court in excessively running mining activities led to the suspension of mines and thousands of natives lost their only source of income overnight.
Prabhugaonkar family owned 2 trucks working for transporting the iron ore. Since there was no use for the trucks, they traded them and bought JCB excavating machines. Lending the JCB machines on hire became their family business.
After completing his education, he and his brother founded the Sairath biofuel industry, which employed over eight people.
What inspired him to start a business and not take a job?
Instead of finding a job after finishing his education, he started his own business because he always wanted to do something extraordinary and the inner spark could not make him settle for less.
The fact he couldn’t become a millionaire doing a 9 to 5 job was the primary reason for founding his own company. The scarcity of jobs for engineers was also a factor.
What inspired him to start the biofuel industry?
A college project research led to the conclusion that biofuel will see a rise in demand because of scarce coal and another alternative. Managing waste is a big problem and mainly overlooked.
Despite having high energy value, bio waste mostly lands up in a landfill or some waste management plant or just simply gets burned down. Seeing the potential to convert the waste into fuel he began experimenting on the waste. After trying different combinations of raw materials he came up with the right recipe that generated enough heat to use as fuel.
How does the industry work?
This innovative idea needed innovative machinery, so they designed and build custom machinery with help of the engineers from Gujrat and launched Sairath biofuel industries in 2019.
They receive the raw material from the local market, dairy ranch, and agricultural fields. While keeping the composition of the raw materials and the manufacturing process secret, Mr. Deepesh said that the fuel is in high demand and is primarily used for high-pressure boilers.
Setting up an industry
To get a business off the ground in India, he said, a lot of administrative work is involved. The ease of doing business is still not as good as in western countries. But the startup India initiative has made it a lot easier for new entrepreneurs to chase their dreams.
How to tackle the competition in the business?
There are no businesses without competition, competition brings out the best from the producer or seller. Competition is necessary for customers to get the best value for their money.
The best way to tackle the competition is to stick to your strengths and continues serving as per your USP. there will be plenty of new trends in the market coming and going but having a good understanding of the market will always put you in the front seat.
What is the most important skill an entrepreneur should have?
As per Mr. Prabhugaonkar, the ability to take risks is the biggest skill an entrepreneur can have. The majority of vibrant business ideas with the potential to make a successful business out of it die in the mind or on paper itself and never become a reality.
He said to try it on a small scale, see if it works, and then expand it. He also said that communication skills are as important as other skills. Good communication makes a business much easier.
Message for middle-class youngsters
Dream big and work on those dreams. A lot of people dream of the life they want, but only a few take action and make it a reality.
The process of starting a business is similar to learning a new skill – as you progress, you will realize there is a lot to learn. And the point here is not to get overwhelmed but to stay focused and continue learning.
Along the way, you will face a lot of challenges, but don’t give up because of them. Be stronger than every problem. Seek advice, ask questions, be humble and grow under the shade of love and honesty.
This was the summary of the interview with Mr. Deeptesh Prabhugaonkar, cofounder of the Sairath Biofuel industry. A big thank you to Mr. Deeeptesh for his time and hope you enjoyed this article.