Coffee Chat with Lak Chahal

Introduction:

Born in India and later moved to England to live with his brother, this entrepreneur embarked on an inspiring journey filled with challenges, growth, and success. His brother's prosperous business became a source of inspiration as he navigated through language struggles while attending school. As he grew older, he obtained his degree, all the while witnessing his brother's business flourish. Encouraged by his family's entrepreneurial legacy, which included an uncle who achieved success in England as far back as 1952, he decided to follow a similar path.

The Start of a Thriving Career:

Thriving in the business environment in England, the entrepreneur's cousins also ventured into entrepreneurship, laying the foundation for his own aspirations. He took on various roles in different companies, driven by the desire to make money and explore diverse fields of work. Eventually, he found himself at a crossroads, faced with a decision between a well-established company and a start-up venture. Opting for the latter, he found that as the start-up company grew, so did his own personal growth. Despite not making significant money initially, the opportunity to learn and work in different areas was invaluable.

The Birth of Binary Stream:

With determination and ambition, the entrepreneur played an integral role in growing a small team of 2-3 individuals into a thriving group of 35 people. At the age of 27, he assumed the position of director in the company. Later on, in 1996, he made a significant move to Canada. In 1998, after working for a couple of years, he co-founded Binary Stream, a company that would leave a lasting impact for over 23 years.

The Core Idea - Simplifying Complex Business Processes:

The vision behind Binary Stream was to simplify complex business processes in enterprises. Understanding that the backbone of a company lies in its financial information system, he aimed to create a cohesive solution to manage taxes, inventory, manufacturing, and other crucial aspects. The ultimate goal was to provide managers and leaders with reliable data to facilitate informed decision-making. The company's approach was to adapt complex processes and make them applicable to different industries, including healthcare and technology. By offering an all-encompassing ERP solution, Binary Stream revolutionized business management.

Challenges and Advice for Aspiring Entrepreneurs:

The entrepreneur faced numerous challenges throughout his journey. Starting a business, the financial aspect is difficult. Having to work for money to survive as well as grow the company. He overcame this challenge by working hard, trusting the process, and being patient. Another challenge he faced was that when starting a business, you have to do everything yourself. A business only starts with 1-2 people and doing everything yourself is difficult. He overcame this challenge by having great management. First hand he learned and I quote, "You'll only know what you know and what you don’t know you don’t know." This means that when starting a business, you will come into it only having the knowledge you have. Recognizing this, he learned the importance of constant learning and self-improvement, he advised aspiring entrepreneurs to be true to themselves, treat others with respect, and assume that others may possess greater knowledge. Being humble and understanding people through emotional intelligence were key to building successful teams and businesses.

Finding balance between work and personal life was another vital aspect of his advice. By maintaining a clear separation between the two and pursuing personal interests, he managed to enjoy life outside of work, ensuring long-term sustainability for his career and well-being.

Motivation to Become Better:

Having this coffee chat with Lak Chahal has taught me that creating a business is difficult but a business can become successful through risks and overcoming challenges. This chat also humbled me showcasing that I will never be the best. There is always room for learning and having more knowledge, without this, I would never be able to improve and become successful. His success story opened my eyes and that if I work hard like him, I would become equally successful.