CEO Insights Magazine

First generation entrepreneurs, as the name implies, are the very first members of their families to go out on their own and start a firm. As a result, individuals seldom seek guidance from those they consider to be the most reliable sources. They may have learned the ropes after a few years on the job, but owning a company is an entirely other game. They may not have someone to turn to for advice for a while, unlike in an office setting where they would have access to mentors like their supervisor and more fellow management. To thrive as an entrepreneur and overcome these obstacles is a difficult endeavour in and of it self. But entrepreneurs who are really invested in their work will succeed despite the odds, and a prime example of this is Arjun Singh, the Chairman of Arcon Project.

Arjun founded Arcon Project without any previous experience as an entrepreneur or knowledge of the real estate market, and he is now one of the most well-known entrepreneurs in the industry. In addition, over the last decade, Arcon Project has grown to become one of the most successful real estate firms in Bihar, despite facing many difficulties along the way. This growth was spurred by Arjun's vision and leadership.

Below is an excerpt of Arjun's exclusive interaction with CEO Insights magazine.

What factors influenced you to establish Arcon Project? How has the company's journey been so far?
I am a first-generation entrepreneur, and my company's mining and trade activities started in 2005 also, a

steel facility was established in 2006. Since those two businesses did so well, we decided to launch Arcon Project in 2011 as our construction and real estate division.

More over, after 10 years, we have established ourselves as a front runner in the real estate business, collaborating with the government on projects for organizations like NTPC, Power Grid Corporation, and NHAI. As a real estate company, we have built two shopping centres in the Indian state of Bihar. Following that, we built a large number of homes for low-income families throughout eight or nine states in India as part of the government's Pradhan Mantri Awas Yojana initiative.

Reflect on some of the major challenges you have experienced in your journey so far. How did you overcome them and what did you learn from them?
The biggest obstacle for me was that I had no business experience and knew nothing about starting a company. As a result, this section of my journey dealt with a topic that was quite distinct from either corporate social responsibility or the potential of businesses. And in our case we had no idea how things were done in advance before starting a construction project, but with the support of experts, we got by.

The ability to take calculated risks is essential to my role as a leader, and it's ingrained in me. I include myself among those who like taking measured risks, but sometimes we have to fight against enormous obstacles in the dark, such as when the real estate market was hit by the unexpected demonetization in 2016. The demonetization caused a severe shortage of currency and

halted building and the real estate sector. After that, the market faced a serious impediment during the pandemic, when many building projects were temporarily halted.

As the breeding ground of your company, how has been Bihar favouring you so far in your operations?
We have access to skilled manpower in Bihar. The real estate market in Bihar is flourishing, yet there is a significant imbalance between supply and demand. There is a need for 80,000 new homes annually, but regional builders can only manage to complete 12,000 each year. This leads us to believe that there is a significant void that needs to be filled.

What has been the success mantra that constantly helps you arrive at positive outcomes?
As a company, we are dedicated to doing business honestly and with integrity. I believe that our high level of time management and discipline are the major reasons for our success.

In light of your strong experience, what advice would you give to the budding leaders in the real estate industry?
First and foremost, I would tell aspiring real estate agents to focus on the neighborhood, the lifestyle, and the demographics of the people who would be living on the property. In today's market, without the proper supporting facilities, house and business purchases are unlikely. To attract and retain residents, your housing society must first provide a desirable environment.

Arjun Singh, Chairman, Arcon Project
Arjun, as the company's founder and leader has guided Arcon Project to become one of the most successful real estate companies in Bihar, despite several obstacles.