Does A 4th Generation Entrepreneur Inheriting A Public Company Have It Easy? Mangalam Worldwide’s MD Chandragupt Mangal Answers

Chandragupt Mangal, MD, Mangalam Worldwide

Family-owned businesses in India are as old as the country itself. They constitute a substantial portion of the country's GDP. However, it is common for questions regarding incompetency and undue privilege to arise in discussions regarding family-owned businesses. The notion of subsequent generations of a family having it easy is widespread, leading to the formation of biases and stereotypes.

Considering these typecasts and acknowledging his privilege, Chandragupt Mangal believes that inheritance is a bit more complicated than how it is perceived. Taking over the management of Mangalam Worldwide as the public company's MD, the 25-year-old is the 4th generation entrepreneur in the family.

In the conversation that follows, Chandragupt talks about his undeniable privileges, the importance of education, balancing personal and professional lives, and more.

You are officially taking over the company as the Managing Director. For how long have you been associated with the company?

I have always taken a keen interest in the company's state of affairs before officially taking up the position of Managing Director. There was a brief gap when I moved to the US for my graduation. From manufacturing to marketing, I have been involved in almost all operations of the company's steel vertical since I returned in 2019.

We can all agree on the fact that you have access to more resources as you're joining a family-owned business. How important is formal education if your career doesn't necessarily depend on it?

Formal education is important regardless of what fate has in store for you and what career path you choose. I completed my BBA from the Kelley School of Business (Indiana University), and it has significantly helped me in the decisions I make today. As I was certain about joining the family business, I took up subjects like Economic Consulting and Real Estate and studied them, keeping the company's operations in mind.

Having said that, the importance of practical experience and exposure should never be denied. I believe it is important for every aspiring entrepreneur to obtain hands-on experience along with theoretical knowledge.

Your LinkedIn bio reads that you aspire to set up your own startup. Is there any conflict of interest as you join your family business? Are you open to considering the possibility of a startup?

It is an old bio that I still haven't removed from my profile. While I wasn't always sure about what kind of business it would be, I have wanted to manage and grow a business enterprise since I was a kid. Experiencing the goings-on of my family business without any expectations resolved my doubts over time and motivated me to join the company.

While there aren't any plans of working on a startup yet, I wouldn't let a lucrative opportunity go if something interesting comes my way in the future.

Being young and independent, you must have fresh ideas and strategies for your company. Are they always implemented effectively, or do you face restrictions because of the company's longstanding culture?

I don't feel that my vision and ideas are restricted. Naturally, not every single idea pitched by me sees the light of day, and that is how it should be. I work with highly experienced and senior professionals whom I trust completely when it comes to making decisions that matter.

25 is a fairly young age to shoulder the responsibility of being a public company's MD. People your age often have a lot going on in their personal lives. How difficult is it for you to balance both worlds?

Initially, I found it difficult to find the middle ground and establish the right balance between my personal and professional lives. Every phase of life has its own demands and requirements. One should never compromise on this front. However, it is equally important to put your skills to use and secure the future of the family you will be building in the years to come.

While I struggled to find the right balance for the first two years, things have become much smoother lately. I have learned to go with the flow and find myself in a comfortable space.

As you said, you have been working with a bunch of senior and experienced professionals. How has the change in your company's management upon your arrival impacted your relationships with the stakeholders?

Honestly, it is difficult to convince professionals in their late 30s and 40s about the capabilities of a 25-year-old Managing Director. I would be lying if I said that the company's stakeholders weren't taken aback by my joining the company.

However, more interactions with them made them realize my potential without me having to justify my position. I have always believed in letting my work do the talking and making people around me sense the maturity therein. Moreover, the senior stakeholders have been in the game for so long because of their competence and skills. I have a lot to learn from them.

What plans do you have for your company's future?

The steel vertical of the company has a good manufacturing base. I intend to capitalize more on the same while getting into more value-added products. Managing a debt-free company with 100% organic growth has its own challenges. Considering this, I plan on increasing the profit margins wherever required to improve cash accruals.

Moreover, we live in the age of digitization, and I intend to take the company's tech infrastructure up a notch to increase its efficiency.

Let's do a thought experiment. When you have kids in the future, would you want them to continue the legacy further and become 5th-generation entrepreneurs?

I had never thought about that until now! My first thought will always be to see my children continue the company's legacy and explore new horizons. However, I wouldn't let my emotions get the better of me and encourage independent thought. My family gave me complete freedom to choose what I wanted to do in my life. I could have stayed in the US and chosen a different career path. While a part of me would want my children to take the baton from me, I'd let them write their own success stories!

In conclusion, what advice do you have for people your age who are finding a sense of direction and motivation?

If it weren't for my parents, who helped me navigate through life at a young age, I would have definitely found myself directionless. It is extremely easy to get swayed by temptations in your 20s and lose a robust perspective on life. Considering the little experience I have, I'd like to encourage people my age to stop resisting the need to be responsible. People often tend to ruin their future while running away from responsibilities at a young age.

The earlier you start, the better it is for you and your loved ones.

About Mangalam Worldwide

Mangalam Worldwide Ltd is a prominent manufacturer of stainless steel led by Mr Vipin Prakash Mangal, who serves as its Chairman and Executive Director. The company traces its roots back to a group founded in 1942 and was officially incorporated in 1995. With a wide range of products, including stainless steel billets, ingots, blooms, round bars, seamless pipes, tubes, flats, strips, and more, Mangalam Worldwide has established itself as a trusted name in the industry. Mangalam Worldwide has retained a debt-free status since its inception, relying solely on its own resources to fund its operations.