Atul Shinghal (Scripbox) on Planning for Failure

Atul Shinghal , founder of Scripbox , shares his inspiring journey of self-discovery and growth. From a humble yet privileged upbringing to becoming a successful entrepreneur, his story is one of constant adaptation and resilience. In this conversation, Atul reflects on pivotal moments in his life, offering insights on personal development, overcoming challenges, and embracing change with an open heart and unyielding spirit.

Check out the video of the conversation at i-journeys.com/atul or read on for insights.

Childhood and Early Education

Born into a privileged yet frugal upbringing as an "army brat," Atul's early life was defined by movement and change. At the tender age of six, he was sent to boarding school, a transition many would find daunting. Yet, young Atul embraced it with an openness that would become a hallmark of his life. He was adaptable, avoided regrets, and didn't carry grudges.

"I typically avoid regrets. I typically avoid looking over my shoulder. I mean, it sounds saintly, but I don't carry a grudge. It just isn't in my ecosystem."

His schooling was a tapestry of seven different institutions, a constant shift that might have disrupted others, but Atul thrived.

"... depends on how friendly and affable you are. What are you looking for? Some deep connections happen in a two, three month period."

Despite the challenges of changing schools every couple of years, he made lifelong friendships and learned to navigate different social settings with ease.

Navigating Academic Challenges

As Atul progressed through his schooling, he faced academic challenges. He experienced a significant setback in grade ten when he received unexpectedly low marks. This moment was pivotal in shaping his approach to failure.

"It hits you hard. That was a change curve. Shock, denial, anger, then acceptance."

Instead of succumbing to despair, he used this setback as motivation to improve, ultimately achieving much better results in subsequent years.

Experiences at IIT Madras

His time at IIT Madras brought another humbling experience. Landing in naval architecture, perceived as the "dumbest guy" in the hierarchy, challenged his ego.

"It is all your own self-image, which is, I mean, it's a coloured glass view."

Atul recognized the presence of individuals far more capable than himself, a realization that fostered humility and a focus on his strengths. Rigorous academics and active participation in sports marked his time at IIT.

"I think what IIT taught you was, apart from a phenomenal network of friends, was the numerical ability, the ability to solve problems at pace, the structured analytical thinking, the ability to take exams at short notice."

Journey to IIM Bangalore

After completing his engineering degree, Atul pursued an MBA at IIM Bangalore. His choice was driven by a desire to further his education and expand his career opportunities. At IIM, he found a community of like-minded individuals who shared his aspirations.

"The only thing I remember is making a brilliant set of friends. We are all on holiday together even now."

This camaraderie enriched his experience and the importance of relationships in personal and professional growth. His journey through IIT and IIM was not just about academic achievements; it was about forging connections that would last a lifetime.

Lessons from the Corporate World

Atul's transition to the corporate world, marked by his stint at Madura Coats, was a masterclass in learning by doing. He immersed himself in every aspect of the business, from packing boxes in warehouses to selling thread in remote villages. These experiences taught him the value of hard work, ethics, and empathy.

"The first is management training. I wish other companies did this more. One year of training, and you must do every job in the company."

He understood what it meant to be in the shoes of a retailer, making sales calls in forty-eight-degree weather. Such experiences taught him humility and the importance of understanding the ground realities of operations, lessons that would stay with him throughout his career.

Lessons from Standard Chartered

After several years at Madura Coats, Atul transitioned to Standard Chartered, where he encountered a different corporate culture. This move marked a significant shift in his career, as he was now part of a global organization with a more structured approach to banking.

"Standard Chartered was a phenomenal experience. The learning curve was steep, and I realized that working in an MNC meant lower input and higher output."

His role challenged him to adapt to a fast-paced environment where he had to make quick decisions and think strategically. The exposure to international markets and diverse teams broadened his perspective, preparing him for future entrepreneurial pursuits.

The Entrepreneurial Leap and the Death of a Dream

The seeds of entrepreneurship were sown during a challenging period abroad, where Atul learned the importance of due diligence and having an exit plan.

"Think about what failure could look like, and what your exit plan would be if that failure happened."

This experience, coupled with his time at Standard Chartered and Capital One, culminated in a pivotal moment. While at Old Mutual in South Africa, Atul was tasked with building a digital venture from scratch. It was a journey of exhilarating highs, culminating in creation of a state-of-the-art contact centre and a comprehensive business plan.

"Probably one of the most proud moments of my life. We were so far ahead. In 2008, we would have gone live with a venture with banking, general insurance, and life insurance all blended into one."

However, the global financial crisis intervened, leading to the heartbreaking decision to shut down the project. Standing before his team of 250 people, Atul announced the death of their dream.

Yet, it was also the germination of a new beginning.

Rising from the Ashes: Embracing the Entrepreneurial Spirit

Returning to India, Atul initially considered a sabbatical, but the entrepreneurial spirit rekindled. Partnering with his friend, he co-founded Probe Information Services and, later, Scripbox, fueled by a desire to build something meaningful in the burgeoning Indian landscape. The journey was filled with challenges, but his unwavering belief in the mission kept him focused.

"I always believed that India was booming, and the next twenty, thirty years belong to India."

Under Atul's leadership, Scripbox grew to become a trusted name in the investment space, helping countless individuals navigate the complexities of personal finance.

The Pillars of a Meaningful Life

Reflecting on his journey, Atul shares four key principles that he believes are essential for a fulfilling life, irrespective of one's chosen path.

• Humility:

"Don't confuse who you are with what you do."

• Curiosity:

"The curiosity to learn, the curiosity, what will happen if I do this, having a plan, thinking about options is critical."

• Lack of Fear of Failure:

"If you're always scared of that, boss, this could go wrong, you'll not do things."

• Respect and Gratitude:

"Complete gratitude, complete respect for everybody around."

Key Learnings

• Defining Failure and Knowing When to Stop: Atul learned that failure is not a sign of personal inadequacy but rather a part of the journey. He emphasizes the importance of knowing when to pivot or stop—understanding that continuing on a failing path can be more detrimental than acknowledging when a venture has reached its limit. This mindset helped him move forward rather than holding on to something that no longer served its purpose.
• It's Not a Venture That Gets Shut, It's a Dream That Dies: Atul's experience with the closure of his venture at Old Mutual underscored a profound truth. It's not the business that fails; it's the dream that dies. This realization allowed him to emotionally separate himself from the setback, viewing it as an opportunity to forge new dreams and begin afresh.
• Turning endings into Beginnings: Atul’s ability to adapt seamlessly to changing circumstances—whether it's a corporate restructuring, a venture’s failure, or a shift in life’s direction—has been key to his resilience. He advocates for embracing the end of a chapter with grace, knowing that letting go is often the first step in creating a new path.

Atul’s story reminds us that setbacks are inevitable, but they can also be the most profound teachers, shaping us into the individuals we are meant to be. His life is a beacon, illuminating the path for those who seek to navigate the complexities of life with grace, humility, and an unshakeable spirit.