LONDON — Paresh Davdra, the cofounder of RationalFX and Xendpay, has built a business with a billion pound turnover from next-to-nothing.
Davdra cofounded RationalFX, a foreign exchange business, in 2005. Last year the London-based company processed $A12.6 billion of payments for customers and had revenues of $A2.28 billion.
Business Insider caught up with Davdra to hear about how he and cofounder Rajesh Agrawal built the business and to get Davdra’s tips for other budding entrepreneurs.
Here’s what advice he has to offer to those just starting out:
- Persevere: “As long as you’re doing the right things and you keep doing them, it will pay its dividends.”
- Get the right people: “Work with people that are not just like minded but are perhaps more qualified than you because that will help you up your game and move you in the right direction.”
- Watch your cash: “Cash flow is something that always comes up. You have to be very careful to manage your cash. We have to ensure we’re growing but we’re not getting too excited, which isn’t always easy. That’s always a big challenge in any business.”
- Plan your exit: “Have some sort of exit strategy in mind. Think about where do I want to go with this, where do I want to be in five years, 10 years, or 15 years time?”
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