The executive chairman and founder of the QI Group of Companies is a successful entrepreneur. Dr. Vijay Eswaran has invested in the direct selling business, financial services as well as retail, hospitality and education sectors. QNET, which is the group’s flagship, was established by Eswaran in 1998.
Today, the global company uses the e-commerce model to market its products. The executive contends that when he was establishing the company, he envisioned a new model that would merge the power of direct selling with the internet. Read more: 3 More Years: NYCFC Owners Man City and Vijay Eswaran’s QNET Extend their Partnership
Before incorporating the corporation, Vijay says that together with his partners, they deliberated on the factors that would set them apart.
At the end of their discussions, they settled on numismatics and precious metals model that was anchored on the thriving European market strategies.
To this end, they secured the right of selling the commemorative coins, in 1998, for the upcoming Sydney Olympics, which would be held in 2000. Although they came in the business late, they knew that they had less time to market and sell their products effectively.
Vijay posits that initially, their competitors were amused by their late entry. By the year 2000, their company ranked among the three leading distributors in terms of sales volume around the globe. Eswaran says that their competitors had not factored in the penetration of web-based sales with the impact of direct selling.
Vijay posits that when he started his entrepreneurial journey, nothing was working in his favor. He did not have family, connection or funding. At the same time, Asia was under a severe economic crisis. To this end, no one believed that he could succeed in business. The shrewd entrepreneur says that he was optimistic that he would not waste his life making money for someone else.
He contends that he was lucky to have found like-minded partners. Vijay argues that the direct selling business has many setbacks given that the industry faces perception challenges.
The businessman asserts that success is interwoven with challenges. To Eswaran, success and failure are part of the same growth path in his personal and professional life.
Vijay Eswaran posits that his leadership style is anchored on a principle that his father taught him while he was growing up, service above self. Although QI Group is a global business, its soul remains to be that of a small company.
Eswaran says that one lesson that he has acquired over the years is that it is not corporations that become successful, but the people in them.