What are the attributes that make up a successful entrepreneur?

This question which is often pondered upon can be answered in various ways. A risk taker, somebody who can persevere through all odds, one who has an in depth knowledge of the domain, somebody privy to the burning needs of an industry, one who constantly strives to achieve more; factors such as these are often listed when talking about the prerequisites to be a successful entrepreneur. However, it is uncommon to find all of these attributes in one single person. But defying that notion is Rakesh Nangia, the founder of Nangia & Co, a tax advisory firm which is today a formidable name in the Indian taxation industry. The organization deals with a broad range of professional issues related to various industries, with a special expertise and forte in taxation issues related to the oil and gas industry. The firm that has been in the industry for 32 years now has slowly yet steadily built a name for itself not only on a local but on a global level. Captaining Nangia & Co’s journey to conquering the industry is Rakesh who has always been a fearless visionary. Armed with the required industry knowledge and a desire to be an equal partner to its clients, he has always marched on, claiming one victory after the other. However, like every first generation entrepreneur, his journey has not been devoid of its challenges. To get a better understanding of Rakesh and Nangia & Co’s story, let us rewind three decades back.

Ascent to the Top
The foundation of the firm was laid in 1984, a time when entrepreneurship was a concept unknown to most. It was a time when going down the beaten path of doing a regular 9-5 job was the norm as it brought a sense of security. Being the risk taking visionary that Rakesh is, he founded the firm in his home town Dehradun. Gradually yet steadily, the business grew and during the 90’s Nangia & Co was the top taxation firm in Dehradun. In 1992 Rakesh realized that the time was ripe to expand the reach of the firm. Delhi was chosen as the new arena for the firm’s battle to greater glory as it was geographically closer to Dehradun and also an economic power house. The company’s initial functioning in Delhi was very humble. Operating from a small room with a capital of mere Rs. 2 lakh as capital, Nangia & Co began its ascent to the top. This is the stage where Rakesh’s risk appetite and perseverance bore fruit. Working hard, physically and mentally paid off when Nangia & Co got an opportunity to work with a multinational organization as its client. This served as a major feather in the company’s cap as an international client validated the quality of Nangia & Co’s services. Since every Oil & Gas company was subjected to international taxation in Dehradun, Nangia & Co’s strategic positioning in the city served as further impetus for the company to be chosen by clients. By 2005, the market needs and challenges had transformed and Nangia & Co, decided to branch out to serving clients in segments other than oil & gas.

There has been no looking back since as the company has grown from strength to strength. What had started as a one man operation in Dehradun has today transformed into a formidable boutique firm that offers 360 degree services to clients across verticals. Nangia & Co helps national as well as international clients with corporate taxation, professional taxation, international taxation, indirect taxation, transfer pricing, litigation support, corporate governance, entry level strategy, risk advisory, IFRS services, corporate financial advisory and audit & assurance/ mergers & acquisitions.

The firm specializes in helping international clients in their operation within India.“80-85 percent of our clients are international names. We have an office in Singapore and the firm is affiliated to transfer pricing global network of 50 members from 50 countries, and we have a tie up with countries with which we have a reciprocal relationship,” adds Rakesh.