Pranav Arora is a name that’s becoming more and more prevalent around the world in a variety of industry circles, and he is widely considered one of the most exciting up and coming entrepreneurs.
He was born in 1995 and has a very impressive history behind him, having worked at thriving companies since he was only 16.
Pranav started his career by growing his family’s business Just Funky into one of the global leaders in terms of international licensing arrangements.
Alongside this, Pranav is directly involved in the leadership of the private equity fund JMTD Holdings as well as Stunned Mind and the Just Funky Foundation which is a charity that helps young students.
Below, Pranav answers some questions about his experience and the important lessons he has taken from them.
Hi Pranav, can you tell us how you got started as an entrepreneur and how important your education was?
When I was 16 in 2012, I helped my parents with their new business Just Funky which was a firm selling lifestyle merchandise. In only a few years, we made the business global.
During this time, I also developed and sold my first company ‘Highly Educated’, and this was really exciting for me as a milestone.
In terms of my education, I did not enjoy school very much and left the University of Akron after a single semester. I have no regrets however because this allowed me to focus on ‘Highly Educated’ and make it successful.
What are the most important characteristics an entrepreneur needs?
Passion is definitely the most important characteristic for any entrepreneur because you will face a lot of hurdles no matter what industry you are in. If you don’t have the inherent passion for what you do, you won’t be able to persevere through adversity and come out stronger on the other side. Passion and commitment are hard to maintain when things look bad, but they pay-off in the long run.
I have also noticed that success in the business I work with comes from positivity and optimism, as well as employees having a good work-life balance. Positivity helps create future success, so having as much of it as you can is always good. At Just Funky, we seek to create innovate products that are of the highest quality possible.
What do you personally enjoy about being an entrepreneur?
I really like creatively solving business problems by designing long-term solutions that you can support with market research. I also really love the freedom of being encouraged to think outside the box and to give every idea a few minutes of thought and bouncing it off others. JMTD Holdings is a testament to this, because we work across so many industries we need to be thinking creatively and this is what makes each day enjoyable.
In your entrepreneurial experience, what’s been the biggest hurdle?
In my journey as an entrepreneur, the hardest aspect was head hunting the right people to join your team and put your trust in. Having leadership positions at Stunned Mind, JMTD Holdings and Just Funky means I am always looking at new talent and finding the best people I can for each role.
It’s super important that the people you hire are able to learn about and adopt the mission you are on. You want someone who sincerely comprehends the mission mission and values their place in it, rather than someone who is cynical and second guesses you.
Why is giving back to the community so important to you?
You should never forget about where you came from, because without kindness for those less fortunate then you then we’d have a pretty bleak world. This is why, when you accumulate wealth, it’s good to give back and share it with the community that helped make you who you are today.
This is exactly why we manage the Just Funky Foundation, our charity that helps local and international students. This is really emotionally rewarding for me and one of the highlights of my career.
Pranav Arora is well-known investor, philanthropist and entrepreneur who is making big waves worldwide. He’s only 24, but his wisdom and expertise when it comes to business is incredibly impressive at such a young age. For anyone interested in pop culture merchandise, head over the Pranav’s first business Just Funky now!
Thankyou to Pranav for taking some time out of his crazy work schedule to answer our questions.
Erik Horn has been a senior editor at Health News Tribune for three years. Fluent in French and proficient in Spanish and Arabic, he focuses on diseases and conditions He’s a born-and-raised Torontonian and spends most of his weekends in search of strong coffee and stronger Wi-Fi.