Parveen Panwar is the CEO at VIDAPTIV, an agency that helps brands engage users through actionable and interactive videos. He is passionate about online advertising and ad tech technology. He has created digital strategies for video branding campaigns and made them successful through distribution plans in the digital landscape. User experience matters, and VIDAPTIV’s video content keeps users engaged without having them leave the experience like traditional video concepts. Follow him at @ppanwar007.
Who’s your hero? (In business, life or both.)
Mahatma Gandhi. He was compassionate, believed in nonviolence and refrained from greed. He looked at difficulties as opportunities for service, and these are all qualities I try to incorporate into my life every day when I wake up.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
Patience is key. Success doesn’t happen overnight, and situations don’t always work out as expected. You must be patient, analyze your mistakes and move forward. The life of an entrepreneur can be seen as the hero’s journey in which you’ll face many challenges you must conquer.
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
When I started running my company, I tried to take on every task myself. I was juggling so many jobs, including bookkeeping, that the quality work was suffering as a result. The biggest problem I faced was delegating assignments to others. I felt I needed to get it done myself. I eventually learned that I needed to trust the experts in the area in which I needed help. It would have not only taken less time, but also added quality to my assignments.
What do you do during the first hour of your business day, and why?
I begin with yoga and meditation. Every business day is extremely busy and full of surprises. Practicing yoga and meditating get me into the right frame of mind, and both give me the strength to work hard. It’s a great way to start my day. I’m able to set priorities and organize tasks for rest of the day.
What’s your best financial or cash-flow related tip for entrepreneurs just getting started?
Build strong relationships with vendors and clients. Make sure to negotiate payment terms with both customers and vendors wisely. Don’t say yes to something you can’t deliver. For example, you don’t want customers to net 90 and vendors net 30, because it can cause cash flow issues. This will result in money coming out of your pocket and cause major issues with your company.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Don’t get distracted — stay focused on the core of your business.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
I consider a business successful if it can execute an idea from paper to reality. It’s not about the valuation, size or dollar value. It’s about implementation and customer happiness. Success is an on-going goal, and the entire team is involved in launching our successful products. Helping find a solution to a client’s problem and building a lasting relationship with them is all the success I can ask for.
BusinessCollective, launched in partnership with Citi, is a virtual mentorship program powered by North America’s most ambitious young thought leaders, entrepreneurs, executives and small business owners.
