There are few entrepreneurs who dare to envision a 50-year goal for their business and have the tenacity to pursue it relentlessly. Ankur Daga, Founder & CEO of Angara, has proven that with unwavering determination, a deep-rooted mission, and a commitment to long-term thinking, one can overcome seemingly insurmountable challenges and create a lasting impact in the world.
Ankur’s journey began with his time as a consultant at McKinsey & Company in New York, where he learned the value of a structured and methodical approach to problem-solving. However, when he decided to venture into the jewelry industry with his eCommerce startup, Angara, he faced the challenge of adapting to the organized chaos inherent in the world of startups.
One of the key challenges Ankur encountered in the early stages of Angara was finding the product/market fit and establishing trust with customers who were hesitant to buy fine jewelry online. Ankur and his team needed to educate customers about the benefits of buying fine jewelry online and the extraordinary beauty of colored gemstones, which had been overshadowed by the dominance of diamonds in the market.
The turning point for Angara came when the company almost ran out of cash. This near-death experience forced Ankur to reevaluate the company’s focus and narrow it down to two core elements: colored gemstones and customization. This strategic shift allowed the company to concentrate its resources and efforts, ultimately paving the way for its success.
To overcome the various challenges he faced, Ankur relied on three crucial factors: grit, a customer-centric approach, and surrounding himself with exceptional talent. He believed that by staying true to the company’s mission and leveraging the abilities of his team, they could overcome any obstacle. “Our shared belief in our mission and in our team’s ability to overcome all obstacles provided the fuel to fight,” Ankur states.
Ankur’s key learnings from his journey include the importance of testing ideas cheaply and often, being comfortable with failure, maintaining cash flow, prioritizing customer satisfaction, and focusing on a limited number of projects to ensure the highest quality. He also emphasizes the importance of staying agile and adaptable in a constantly changing world.
Today, Angara is a global success story with around 500 team members in 10 offices across the US, Europe, and Asia. The company has received numerous accolades, including the Best Online Jeweler award from Newsweek. Despite the company’s growth, Ankur remains humble and committed to his mission.
Ankur’s advice to aspiring entrepreneurs is to prioritize cash flow positivity, maintain a relentless focus on customer satisfaction, and hire the best talent available. His success story serves as a powerful reminder to entrepreneurs and CEOs alike that with unwavering determination, a deep-rooted mission, and a commitment to long-term thinking, one can overcome seemingly insurmountable challenges and create a lasting impact in the world.
Through his visionary leadership and steadfast dedication to the mission of Angara, Ankur Daga has not only transformed the fine jewelry industry but also demonstrated the power of long-term thinking and commitment to a purpose. His story is an inspiration for entrepreneurs everywhere, showing that with passion, resilience, and the right mindset, any dream can become a reality.
If you would like to get in touch with Ankur Daga or his company, you can do it through his – Linkedin Page