Pankaj Arora is the co-founder of iTechnolabs Inc, Canada. As a strategic thinker and visionary professional, he diligently faced multiple challenges and took up lots of opportunities in the pursuit of professional excellence, and handled operations of Mobile and Digital Payment companies. He successfully turned his passion into work and started Own Software Development Company in Canada. Being updated with the latest development trends in technology and using the tools of automation, he strives to lead businesses to the next level and offer reliable mobile app and website solutions.
With 8 years’ experience in the fields of product development, IT, project management, along with proven abilities in generating business ventures profitably on a global scale. Apart from this, he has complete knowledge of catering to industries like health care, finance, eCommerce, etc.
Within the overall professional tenure, he has successfully met as a turnaround expert; has been consistent in offering mission-critical outcomes and translating vision into action by employing my strategic abilities and intuitive skills. He is best known for his motivational and leadership qualities as he always lives by ‘out of the box thinking’ approach.
Where did the idea for iTechnolabs come from?
It was not a spontaneous thought but years of research, learning, and personal reflection to turn my passion into work. As a tech-savvy person, I always had a keen interest in knowing about the software market and how it will respond to the new advancements. Now, I ensure that whatever I do next is big enough to impact the industry and people working in it for years to come.
What does your typical day look like and how do you make it productive?
A typical day for me is well-balanced but quite schedule-driven. I make sure to give time to my health, have a quick breakfast with my family and get on with checking all the emails and note them up. Once that is done, the entire day is a mix of team meetings, calls, and staff meetings. Nowadays, we are booked with virtual meetings and teleconferences much more than earlier.
How do you bring ideas to life?
I believe thinking, planning, and implementing go hand in hand. Also, I keep an idea journal or notebook to pen down anything that comes to mind to avoid forgetting any main ideas. Apart from that, I do communicate with my team and give them some execution ideas to support the follow-up!
What’s one trend that excites you?
The entire e-commerce industry is rapidly growing, and it’s turning people into more productive and encouraging them to take up new challenges, which is exciting! Honestly, there is just a lot happening in the world right now, and how quickly things are evolving, it’s stunning!
What is one habit of yours that makes you more productive as an entrepreneur?
It may sound cliché, but not procrastinating. Growing up, I was taught the value of not letting off the challenging parts of a project. So, ever since a young age, it has been a massive part of me being productive.
What advice would you give your younger self?
Listen and learn. The more you listen, the more your knowledge expands as you never stop educating yourself.
Tell us something that’s true that almost nobody agrees with you on.
You can have anything if you put your mind to it. Life isn’t about compromises.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
Take objective criticism seriously. If you don’t seek some blunt feedback from those you trust and let yourself be open to it, it will come from someone else at an inappropriate time and probably in front of an audience. This possibly may cost you in some way!
What is one strategy that has helped you grow your business?
Building a talented, passionate, and well-skilled team and not being afraid to pay them well according to their potential. If your team feels appreciated, they will definitely be motivated to work harder and better with you.
What is one failure you had as an entrepreneur, and how did you overcome it?
Oh, I definitely experience multiple failures. In the software industry, you need to stay updated with the trends, new strategies, all upgrades are available, and a lot more. Certainly, it can be overwhelming, and no one ever experiences success on the first attempt. It’s imperative to have willpower and thick skin to accept your failures. I try to overcome failure by acknowledging it and then starting the next project.
What is one business idea that you’re willing to give away to our readers?
There is a lot going on in my head as I’m always trying to create new ideas. However, I want to create software that can help people from remote areas to promote their small businesses and earn a better livelihood.
What is the best $100 you recently spent? What and why?
Dinner with my team after a long time. We have been working hard over the week, and everyone needs to hear a genuine “thank you” and to get a free dinner from the boss every now and then.
What is one piece of software or a web service that helps you be productive?
I believe Google products like Google Chrome, Gmail, Google Docs, Sheets, Meet, and Calendar are handy and an absolute blessing. Having all our tasks in one place is a game-changer as working on multiple things at once can be overwhelming and might lead you to skip a few things. Working on Google shared drives help our team to organize projects, collaborate well, and sort all the tasks by priority.
What is the one book that you recommend our community should read and why?
I recently read “The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It” by Michael Gerber. As small businesses are surfacing all over the world these days, I wanted to learn more about how to help them enter new markets.
What is your favorite quote?
“Business opportunities are like buses, there’s always another one coming.” – Richard Branson.
I live by this quote as life is all about new opportunities. So, I believe one should never be disheartened if something doesn’t go how they want at the first attempt. If one thing doesn’t work, there’s always something else that will work.
Key Learnings:
● Never procrastinate.
● Accept your failures and strive for better.
● Seek out for feedback to always keep improving.
● Opportunities are always coming, no matter what industry.
Mario Schulzke is the Founder of ideamensch, which he started a decade ago to learn from entrepreneurs and give them a platform for their ideas.