Pratik Bachkaniwala (PGDBEM 2001-2002)
Pratik’s interest in entrepreneurship was kindled when he attended a summer camp at EDII earlier. Clubbed with an early exposure to business, the learning at this camp inspired in him the spirit for embracing entrepreneurship.
Pratik’s family is into manufacturing of textile machines. It is an engineering setup and their firm designs, develops and manufactures standard textile machines. They also customise machines as per their clients’ requirements.
The idea behind joining the PGDBEM course was to get proper training and skills for handling and promoting his family business. Pratik fondly recalls, “At EDII, I got a good hold on microeconomic analysis, project finance-related matters and other management skills. It was here that my plans got crystallized.”
Recalling his plan and ideas for taking his family business onto the next level, Pratik shares, “I thought on many levels and charted out a plan for the progress of my business. I started with incorporating better management techniques. This was done partly through understanding several project reports before finally implementing their strategies for expansion of the business. We identified and scrutinised opportunities for expansion and acquisition of businesses. The outcome of such a thorough and well-thought plan is in front of you. I have successfully acquired three businesses in the past seven years and have turned them into profitable ventures.”
In terms of garnering support from his family, Pratik has been the luckier one. With constant support and motivation from his family members, he has scaled newer heights by the day and has turned the scales in his favour, over the years. He adds, “My father was happy and looked forward to the implementation of my plans and was keen on handing over all major operations to me. His confidence in me was a major driving force. I knew that even if I stumbled anywhere, he was there to back me and push me further.”
But all was not a bed of roses for this lad. There was a time when he kept moving at a great pace but his family started fragmenting. Pratik shares, “Our family got split and business was divided. During that time, we faced severe crisis in adopting and getting familiar with the smaller, demerged units. The first few years were also difficult as there was financial shortfall due to change in management. Gradually though, we overcame the situation and business started falling in place.”
An important element of learning at EDII deals with handling crises and overcoming challenges. “The training at EDII pulled me through the crises,” remarks Pratik. And with diligence and perseverance, Pratik came out of the grim situation.
From a family business, Pratik has gone on to lead four companies today. As he shares, “I am managing four companies, of which two are fully-owned firms. They have a turnover of ₹25 crore and ₹6 crore, respectively. The other two companies are owned in 50% partnership and give me a return of ₹5 crore and ₹3 crore, respectively.”
With a steady growth and a good pace, expansion has been on Pratik’s mind constantly. With his entrepreneurial spirit intact and sight on distant goals, he is here to stay. The top priority at this point in time is to go public.
We wish him the best in all his endeavours.
For the youngsters, he shares his words of wisdom, “Have long-term goals and stay focussed on these goals. With perseverance, everything will eventually fall in place.”