Pranav Arora is a highly-regarded philanthropist, entrepreneur, venture capitalist and investor. Pranav is involved in a wide number of different businesses and industries, including wealth management, real-estate and consumer goods. Currently, he is chairman and on the board of directors for several well-known multinational corporations, including JMTD Holdings (a financial consulting firm) and The Just Funky Foundation, which is a charity organisation that offers support to young students.
Fortunately for us, Pranav was able to take some time away from his entrepreneurial endeavours and answer a few of our questions.
Pranav, where did your entrepreneurial journey begin?
My journey into the world of business and entrepreneurialism began when I was 16. In 2012, I helped my parents develop and grow a successful lifestyle firm called Just Funky. After only a few short years, Just Funky had grown into a world leader in the international licensing industry. At the same time, I had already developed, grown and sold my first company. Suffice to say, it was a quick and rewarding learning experience for me.
What do you think are the most important qualities an entrepreneur needs to thrive?
A very important trait to have is attention to detail. You need to be very observant when analysing documents, trends and changes in the market. At the end of the day, your business strategy is responsive to the market, so misinterpretation can be very costly. You must be quick at learning from your mistakes.
Most importantly, however, you simply must have a strong passion for what you do. Operating a business is tough work, filled with long hours, stressful meetings, lots of mistakes and setbacks. Often, what keeps you going through these times is your passion. If you are committed and passionate about what you do, success will follow eventually. Likewise, it’s also very important to be positive and optimistic. Positivity, much like passion, breeds success and innovation. If you want to be a successful entrepreneur, you need to stay focused, positive and passionate about your business mission.
What is the primary goal at Just Funky and your other current ventures?
Just Funky is a family-owned business dedicated to innovation and transformation. As a result, our end goal is always focused on devising the most innovative products on the market at the highest level of quality attainable. With a team of over 110 people at our headquarters in Wooster, Ohio, we believe that anything is truly possible with hard work, dedication and passion.
JMTD Holdings is a boutique private equity fund which is focused on creating superior long-term returns for shareholders through a unique structure of diversified public and non-public holdings.
We unite an entrepreneurial vision with the experience to turn opportunities into realities.
JMTD Holdings has interest in multiple company’s including consumer goods, manufacturing, wealth management, and has invested in Intellectual Property portfolios constant of patents and trademarks which generate royalty’s.
How do you foster an enriching and beneficial workplace environment?
A strong, inclusive and free workplace environment is incredibly important to the long-term success of any business, regardless of industry or sector. From my work experiences, your ability to be a leader is one of the strongest determining factors. I didn’t stop working hard after helping build Just Funky; in fact, I proceeded to create Stunned Mind, which is essentially the sister company to Just Funky. Stunned Mind is a very successful eCommerce business that is committed to providing dedicated collectors with all their obsessive, pop culture merchandise. Our team knows that customers value the convenience of being able to search out one distinct, reliable retailer for all their merchandise needs. Like Just Funky, the corporate culture at Stunned Mind is built off the back of effective leadership, coupled with freedom, work-life balance, flexibility and enjoyment.
What are some of the recent technology developments happening at Just Funky?
Well, one of the big new developments happening at Just Funky is the development of our new app called Deciph-AR. Basically, Deciph-AR brings fans their favourite characters and brands to life using AR technology, also known as augmented reality. The app was officially launched at the Licensing Expo in Las Vegas, United States earlier this year. It attracted attention from fans, businesses and investors from all over the world.