If you haven’t heard the name, Pranav Arora, then you’re more than likely to hear the name in the next few years. Born in 1995, Pranav is one of the world’s up and coming entrepreneurs, having been involved in several global businesses since he was a young teenager.
His first foray into the world of business was with his family’s own, Just Funky, which is a merchandise company and one of the global market leaders when it comes to international licensing arrangements. In addition, Pranav has been directly involved with JMTD Holdings (a private wealth and financial company), as well as The Just Funky Foundation and Stunned Mind.
Pranav answered a few of our questions about his entrepreneurial experiences and the industries he has worked in.
Pranav, how did you get involved in the world of entrepreneurialism and how important was your education?
Well, for me it all began back in 2012 when I was 16. I assisted my parents with their new business, Just Funky, which was a lifestyle merchandise firm. After only a few years, the business was global. While doing all this, I had sold my first company, called “Highly Educated”, which was obviously very exciting!
In my opinion, school wasn’t the most important thing to me. I attended Wooster High School and graduated in 2013. I then went on to study at the University of Akron, however, it never really kicked off for me and I ended up leaving after a semester. This gave me time to focus on “Highly Educated”, which I had been working on since I was in high school.
In your opinion, what does it take to be a successful entrepreneur?
I think the most important thing you need to have is passion. Working in a business that you created from the ground-up can be emotionally taxing. There will be times where you doubt your efforts and your strategy. However, being passionate and committed to what you are doing will see you through.
Furthermore, our success has largely been off the back of our positivity and optimism, even during low periods. Remaining positive is important because it often engenders further success and innovation. At Just Funky, our mission is to produce the most innovative products on the market, while maintaining high quality and affordability.
What do you like most about being an entrepreneur?
I really enjoy being able to solve business problems. Designing effective, long-term solutions is a big part of being an entrepreneur. Another central component of being an entrepreneur is the need for creativity and the need to think outside of the box. My experiences at JMTD Holdings has been a testament to this fact. JMTD Holdings is a privately-owned firm based in Ohio. We work across a variety of different business areas, including IP (intellectual property), trademarks and patents. Behind the scenes, there’s a lot of creative thinking and management, which I certainly love. It makes every day different, new and exciting.
In your time as an entrepreneur, what would you say has been your biggest challenge?
In my experiences, the toughest part about running a business and being an entrepreneur is finding the right person for a specific job or role. As the CEO of Stunned Mind, Chairman of the Board of Directors at JMTD Holdings and the Head of Division at Just Funky, acquiring and developing internal talent is a big part of what I do.
If you have a specific vision or mission that you want your business to achieve, it is paramount that everyone within your team is on the same page. I’ve made mistakes in the past when it came to hiring and maintaining internal talent. A person who is negative and cynical in the workplace is someone you don’t want to work in your team.
How important is it to give back to the community?
It’s important to never lose sight of where you came from. If you come upon great success and business fortune, it is important that you share those riches with those around you. This mentality compelled me and my family to start The Just Funky Foundation. Our charity is a non-profit organisation, which assists young students both locally and abroad. As the Vice President and Chairman of the Board of Directors for the foundation, I find this role to be most emotionally rewarding.
Pranav Arora is a highly-regarded philanthropist, entrepreneur and investor, whose esteem will only to continue to grow with time in the industry. At just 24 years of age, Pranav’s business acuity and skill will only continue to develop. If you are interested in pop culture merchandise, make sure you check out Just Funky today! We’d like to thank Pranav for taking some time away from his business to answer a few of our questions.