Hiren Hasmukh, CEO of Teqtivity, shares valuable insights for budding entrepreneurs. His advice includes embracing failures as opportunities for growth, emphasizing the importance of meticulous planning, and the courage to launch imperfect products to gather real-world feedback.
Teqtivity, a cutting-edge provider of IT Asset Management solutions, is transforming the landscape of technology inventory management for businesses across the spectrum, from startups to large enterprises. Teqtivity offers a comprehensive suite of tools designed to streamline and enhance IT asset tracking processes.
Hiren Hasmukh, CEO of Teqtivity, shares valuable insights for budding entrepreneurs. His advice includes embracing failures as opportunities for growth, emphasizing the importance of meticulous planning, and the courage to launch imperfect products to gather real-world feedback.
Q: Kindly give our readers an introduction to your business. Please include what your business is about and in which city you are located.
Hiren Hasmukh: Teqtivity provides an IT Asset Management solution to help businesses of all sizes, from startups to enterprise level in managing their IT inventory.
The business is located in Cerritos, CA (Los Angeles)
Q: Kindly describe yourself briefly (it should include your brief educational or entrepreneurial background and list some of your significant achievements).
Hiren Hasmukh: In 2004, I graduated with honors from the University of Advancing Technology with a BA in Multimedia, specializing in Web Design. My professional journey began in web and graphic design, initially working for an agency in Bakersfield, CA, right after college.
In 2007, I ventured into entrepreneurship by establishing Guerrilla Design & Advertising in Bakersfield, CA. The entrepreneurial spirit continued to drive me, leading to the founding of Blackstorm, Inc. in 2012. This Los Angeles-based agency focused on providing comprehensive services, including web development, digital marketing, graphic design, and branding solutions.
The turning point came in 2016 when the concept of the TeQube Smart Locker emerged, laying the foundation for the development of Teqtivity—a venture that would redefine the landscape with innovative solutions.
Q: What inspired you to (start a new business venture) or (make significant changes in an existing business)? How did the idea for your business come about?
Hiren Hasmukh: The business idea started in 2016 with TeQube. We wanted to provide a solution that helped software developers loan mobile devices quickly and efficiently versus visiting an IT support desk to request a device.
The TeQube Locker allows IT to automate the pickup/dropoff process for IT Assets. As the idea grew, I saw a need for a robust backend for locker reporting. The more we researched and brainstormed, the more we noticed that we could offer a full-blown ITAM solution to compliment the locker – this is how Teqtivity started. There are a lot of customizable and feature-heavy products in the market, but they come with a high price tag. The lower-cost products were not as flexible or feature-heavy. Our goal was to be in the middle area where we could provide a feature-rich product with the option to customize at an affordable price.
Q: What three pieces of advice would you give to budding entrepreneurs?
Hiren Hasmukh: Take failures as a way to grow – whether it’s with the initial product launch, feedback from clients, or losing deals, always use it as a way to improve and get better. Don’t dwell on the failures/losses.
Create a plan – without a detailed business plan, you’ll be unorganized, wasting money and time. Get an understanding of your objectives, goals, target audience, and competition.
Launch! Don’t wait for the product to be perfect. Your product will grow and pivot over time, so it’ll never be “complete.” The only way to get feedback and to grow your product is to get real-life feedback from customers.
Q: What are the top three skills needed to be a successful entrepreneur?
Hiren Hasmukh:
- Communication – whether a small or large team, being able to communicate is important
- Time management/Organizational skills – focusing on the small and large tasks at hand to meet the company’s goals.
- Creative/Critical thinking – being able to think outside of the box to analyze information to help make decisions.
Q: How many hours do you work a day on average?
Hiren Hasmukh: 10-12 a day
Q: To what do you attribute your success most?
Hiren Hasmukh: From a team standpoint – having a solid development team that was able to build the initial product, learn ITAM along the way, and improve the product with little friction.
From a personal standpoint – having the self-drive, patience, and discipline to see this through.
Q: How do you go about marketing your business? What has been your most successful form of marketing?
Hiren Hasmukh: Word of mouth/referrals have been the most effective lead source for us. People who have used the tool have either recommended us to other companies or brought the tool into their new jobs.
Other marketing includes Google Ads and attending conferences related to ITAM.
Q: Where did your organization’s funding/capital come from, and how did you get it? How did you obtain investors for your venture?
Hiren Hasmukh: The company is 100% self-funded.
Q: What is the best way to achieve long-term success?
Hiren Hasmukh:
- Define your goals
- Stick to your plan (however, don’t be afraid to make some changes along the way as you learn)
- Be patient
- Create a positive culture with your team
- Don’t focus 100% on the money
Q: Where do you see yourself and your business in 5 – 10 years?
Hiren Hasmukh: We’re hoping to be a recognizable brand name in the ITAM industry.
The company will be at least 4 times the size with a larger product team, sales team, management, etc.
Q: How important have good employees been to your success?
Hiren Hasmukh: Our employees are the key to our success. Without our development team, we would not have a product. Having a good team of employees, whether in the engineering or sales department, will be the biggest reason for our company’s success and growth.
Q: How long do you stick with an idea before giving up?
Hiren Hasmukh: Depending on the idea, the timeline will vary. All of our ideas, whether related to the product, growth, marketing sales, etc., are evaluated to ensure they’re directly related to our goals – if the idea fits the plan but doesn’t show results, we’ll evaluate on a weekly, monthly basis and determine if we need to pivot or shift gears.
Q: What motivates you?
Hiren Hasmukh:
- Seeing our product grow with more features
- Positive feedback from our customers
- Positive feedback/validation of our product from other industry leaders
Q: How do you generate new ideas?
Hiren Hasmukh:
- Research (market and competitor)
- Feedback from clients
- Industry news
Q: How do you define success?
Hiren Hasmukh:
From a company/team perspective:
It would be in building a company with a great culture – I want everyone to be happy when they start and end their workday.
From a product perspective:
Getting to a place where we are a recognized company in the ITAM space
being valued and getting positive feedback from all customers throughout their use of our product
Q: How do you build a successful customer base?
Hiren Hasmukh: Provide excellent support. You can have a great product, but I feel you also need to provide great customer service, support, and ongoing communication to build a relationship with your customers.
Q: What is your favorite aspect of being an entrepreneur?
Hiren Hasmukh: Seeing a product grow from the initial planning to launch.
Q: What has been your most satisfying moment in business?
Hiren Hasmukh: The moment we signed our first customer and became a player in the ITAM space.
Q: What do you feel is the major difference between entrepreneurs and those who work for someone else?
Hiren Hasmukh: I feel the major difference is that entrepreneurs take more risks.
Q: What kind of culture exists in your organization? How did you establish this tone, and why did you institute this particular type of culture?
Hiren Hasmukh: I am working towards building an open culture where people can freely express themselves, work independently, and grow personally and professionally. When your employees and teams are happy, they will be more productive and naturally help the organization grow.
Q: In one word, characterize your life as an entrepreneur.
Hiren Hasmukh: Passionate
Q: What are your hobbies? What do you do in your non-work time?
Hiren Hasmukh: I have been volunteering for the HDSA (Huntington’s Disease Society of America) Los Angeles Chapter since 2011 and am currently the Chapter President. I spend a lot of time volunteering with planning events, board development, and management. Here is a little more about my story: https://greaterla.hdsa.org/news/-letstalkabouthd-with-hiren-patel
Q: What sacrifices have you had to make to be a successful entrepreneur?
Hiren Hasmukh: The job security of getting a paycheck every 2 weeks from an employer.
About Teqtivity
You don’t have time to waste on a run-of-the-mill product. Our development team customizes Teqtivity to fit your specific business requirements, so you can maximize your ROI. Whether you need unique status rules, custom reports, or integrations with other business tools, our team of experts can help you get it done.