Interested in starting your own entrepreneurial journey in technology but unsure what to expect? Then read up on our interview with Vivek Madlani, Co-founder and CEO of Multiply, located in London, UK.

What's your business, and who are your customers?

Our business is Multiply, a digital solution for automating financial advice. We started the company in 2016 with the mission of helping people achieve their financial goals and improve their financial well-being. Our technology is designed to be faster and more affordable than traditional financial advice methods. Initially, we targeted individual consumers, but over time we saw more opportunities in licensing our technology to financial institutions such as banks, insurers, wealth managers, and advice networks. Currently, our main focus is on serving these institutions and helping them provide better financial guidance to their customers.

Tell us about yourself

I have a background in finance, with a degree in Maths and Philosophy and over 12 years of experience as a derivatives trader. During my last year in the industry, I had the opportunity to work with retail clients and help them with their financial needs. This gave me firsthand experience of the positive impact that financial planning can have on people's lives. I saw customers come in feeling anxious and confused and leave feeling much more confident and in control of their finances.

One thing that really stood out to me was the manual nature of the process, with advisers spending hours collecting and analyzing information in order to present solutions to their clients. This made it difficult for most people to access financial advice, as it was too costly in terms of time and money. This is what motivated Mike (my co-founder) and me to start Multiply - we wanted to automate as much of the process as possible and make financial advice more accessible to a wider audience. Our goal was to bridge "the Advice gap" and help more people achieve their financial goals and improve their financial well-being.

Personally, what motivates me the most is the opportunity to make a positive impact on many people's lives. Financial advice is all about helping people with their money and making their hopes and dreams a reality, and I've seen firsthand how powerful it can be.

What's your biggest accomplishment as a business owner?

As a business owner, our biggest accomplishment has been getting regulated to provide financial advice through an automated model. This process took years of hard work and dedication, as we had to build out our technology and establish high-risk and governance frameworks. It was a significant undertaking and something that no other company in the market had managed to do at the time.

Obtaining regulatory approval was a major milestone for our company, as it allowed us to offer a unique and innovative service to our customers. By meeting the high standards set by the FCA, we were able to demonstrate our commitment to ethical and responsible business practices. This accomplishment has allowed us to serve our customers with confidence and provide them with valuable financial guidance that they can trust. We are proud of this achievement and will continue to work hard to maintain our status as a regulated provider of automated financial advice.

What's one of the hardest things that comes with being a business owner?

One of the hardest things that come with being a business owner is managing your time and energy effectively. It's easy to get caught up in tasks that may not be the most important or impactful for your business, which can be a waste of valuable resources. That's why it's so important to regularly ask yourself, "What am I optimizing for, and is this the most important thing to be working on at the moment?"

There are always going to be competing priorities and demands on your time as a business owner, so it's crucial to be intentional and focus on what matters most. For us, two areas that come to mind as particularly important to prioritize are being closer to our customers and improving our hiring processes. By staying connected to our customers and understanding their needs and concerns, we can better serve them and create value for our business. Similarly, investing in our hiring processes ensures that we are able to attract and retain top talent, which is crucial for any organization.

Managing your time and energy wisely is essential for any business owner, and it can be a challenging balancing act. However, by staying focused on what matters most and being mindful of how you allocate your resources, you can better position your business for success.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

Starting, running, and growing a business is no easy task, and there are many factors to consider. Here are my top three tips for anyone looking to do so:

  1. Educate yourself: One of the best ways to prepare for the challenges of starting, running, and growing a business is to educate yourself. This can mean reading books on entrepreneurship, attending industry events, or seeking out mentors or advisors. Some books that I have found particularly helpful include "Founder to CEO," "The Hard Thing About Hard Things," and "Atomic Habits." These books provide valuable insights and practical advice for entrepreneurs at all stages of the business journey.
  2. Stay focused and organized: As a business owner, it's easy to get overwhelmed by all the tasks and responsibilities on your plate. That's why it's so important to stay focused and organized. I find that journaling, using tools like the "5 Minute Journal," can be a helpful way to stay on top of my goals and priorities. It's also important to have a clear plan for how you are going to allocate your time and resources and to be proactive about tackling tasks and challenges as they arise.
  3. Network and build relationships: Building a strong network of relationships can be incredibly valuable for any business owner. It can provide access to new opportunities, help you find talented employees, and offer valuable insights and advice. I recommend joining industry organizations like ICE and Technation as a way to connect with other business owners and experts in your field. These types of networks can provide valuable resources and support as you grow your business.

Where can people find you and your business?

Website: https://www.multiply.ai/
LinkedIn: https://www.linkedin.com/in/vivek-madlani-dipfa-a48321a5/

If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.

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