From living in slums to running a corporate empire, here is Firoz Merchant’s journey to success
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00:00Age of 7, I cannot say I'm a support or supporter, but just working with the father to, you can say, like, sustain and survive with the father.
00:11Like, how to, what to do, what is the best possible, what I can do for the family.
00:15The life started improving the age of, if I don't make mistake, from my age of 12, 13, 14. Gradually, gradually, the life change and things become better.
00:27Not like, you can say, like, the very good, but at least it looks better.
00:33In 1980, I got married. When I got married, I came to Dubai for honeymoon with my wife.
00:40And I visited to Gold Souk. When I saw the Gold Souk, it was a lot of, it was impressed me.
00:47And something feeling like, why not the one family member move out of the country abroad, someone, which I decided, I will go and I talk to my parents.
00:57They laughed on me and they said, don't talk nonsense. What you are talking, you don't know.
01:02But thereafter, I keep continue, continue, continue to convince my parents.
01:07And one day, they agreed and they convinced. And they said, as you wish, whatever you like, please do.
01:13But don't expect anything from us. You know, our financial status is not that much strong, which we can support you financially.
01:21But yes, our good wishes, our blessings are with you.
01:25First, I came on the visit visa. I came alone, just, and I came here and I was staying into the Gold Souk sharing.
01:32I spent some time there alone. Thereafter, I took one small flight. I called my family, my wife and my daughter and my son.
01:40Thereafter, I established my company under the name of Pure Gold. I took a license under the name of Pure Gold.
01:46When I came here, thereafter, I started to do the brokerage, which I learned from my father, how to close the deal.
01:53And I learned from my father, like, how to be as a doing a business, as a broker or as a business.
01:59When I go to the Gold Souk, I see there's so many shop and there was so many stores there.
02:03So, I go and ask them, you want a gold bar? They said, yes, I want gold bar.
02:07Then same time, I know there was a three, four, the wholesaler.
02:10Then I go to that wholesaler and I ask about, I have the customer, they wanted to buy.
02:15I kept my commission, let's say five dirham per piece, I kept my commission.
02:19But finally, I didn't have the money. So, the seller said, where is the money?
02:23I said, don't worry, send someone with me. And then once I send someone with me,
02:29when we give delivery, you take the money and whatever my commission, give it to me.
02:33So, he agreed, that's nice person. That's very important to understand the business concept.
02:38My father always teach me, believe into the line of the long term relationship
02:46and believe into the line of the long term. Don't go for the short.
02:51If you go for the short, maybe you will succeed, but it will not last long.
02:57Very good. The Sikh, what I got from my parents, my father, he told me.
03:02So, gradually, gradually, I got my business established.
03:06Like 1989 today, you can say 2019, almost 30 years.
03:11But yes, after four, five, seven years, my business was in a very good peak.
03:16Very good business. Gradually, gradually. In even though 1998,
03:20I was the person which I did very high, I did the highest import in UAE gold.
03:27Out of 600 ton, the pure gold did 110 ton gold import in UAE in 1998.
03:34So, just to understand, in the period of time of 10 years, the pure gold company,
03:39one company did out of 600 ton import 110 ton, which is record.
03:44Government have a record in custom.
03:46The things always happen with the business principle, business model, business,
03:55how you doing, what you are doing in the business.
03:58The business always, what I understand, it based on your intention.
04:07What you have intention, one.
04:09Secondly, thereafter, what you have the policies of the companies.
04:14The policy like when you do the business, always do the business with the good integrity, good intention.
04:23If you do with the good integrity and good intention, almighty lord always give you support and success.
04:30So, these things, if you stay busy in your business, like says, if you put your roots strong,
04:36then the foundation will be very strong.
04:39That things very important to understand.
04:4220 years before, 10 years before or 15 years before, the market was different.
04:47Today, market change. New player came in the market.
04:51Lot of competition, lot of challenge, but it's good.
04:56When I see the challenge or when we see the competition, we always believe it's good for us.
05:01Challenge and competition always teach us.
05:05We learn from the competitor and we learn from the challenging market.
05:09Market is not easy and market will be never easy.
05:13We have to always prepare to sustain ourselves to be in a market with the market, the strategy and the market mantra.
05:23Everything is possible in the world.
05:25Who started in age of 7 years with the zero money and today he is having a corporate business or having a one empire business.
05:33So, that means everything is possible.
05:35There is nothing impossible in the world.
05:38How you will take and how you lead is a very important.
05:44There is nothing impossible.
05:46My mother always teach me one thing from the childhood, which she told me, Firoz, try to understand the poor, poverty.
05:54What is a poverty? We pass from the poverty.
05:57Always be a kind, generous, be a good human being.
06:02Whenever you get opportunity and chance to help the society, please move forward and do.
06:09So, you know, like example, when I told my parents, they said, we don't need anything.
06:14If you wish, you can support the people into society.
06:18In 2008, we started.
06:20Everybody knows the global economic crisis came in the world and a lot of the people financially got in trouble like the debt crisis.
06:30And we started to support the prisoners from 2008 till the today we are doing.
06:36And we supported approximately, if I don't make mistake, almost 15,000 people.
06:41We released from 2008 till the day from the prisons.
06:45From 2008 till now?
06:47To 2018, yes.
06:49And even though it's 2019, we are looking same thing.
06:52And what we do, we do work under the guideline of the government, working with the government.
06:58Whatever we do, we do with only the guideline and advice and support by the government of the country.
07:05The people forget the forgotten society.
07:08People do the social work, charitable work in different area.
07:13But nobody want, nobody focus in that area like the who are into the prisoners.
07:18They are not a criminal.
07:20What I understand that death is not a crime.
07:23Death is, everybody wants to sustain and survive and have the commitment of the life.
07:28But unfortunately, something happens, something in the life which they cannot honor.
07:34And unfortunately, they have to face the punishment.
07:38So, I said, why not to support these societies?
07:41Nowadays, the people wanted to make a challenge to each other into the race.
07:47Don't go into the race.
07:49Believe into the real life.
07:53What you have, satisfied.
07:56And thereafter, you plan what you want to be.
07:59Do proper research.
08:01Do proper plan.
08:03Don't do over commitment.
08:05Don't give any commitment.
08:08Don't do over borrowing.
08:11Don't spend money without your earning.
08:15Even though if you have the earning, spend the money very reasonable amount.
08:21And save some money for the good or bad time.
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