Business leaders in any country are the driving force behind its growth and development. Their visionary ideas, unyielding hunger for expansion, and a resolute can-do attitude catalyze national development. This is especially true for industries such as heavy equipment trading where leadership has to steer operations amidst multiple complexities.
Exceptional education coupled with strong business acumen is required to establish and grow an entrepreneurial venture in such fields. Emerging from the stellar pedigree of North South University of Dhaka and achieving a master’s degree from Cardiff University, UK, Muntasir Mostafa made it possible.
He is today the Managing Director of Essentials Group, a Dhaka-based multifaceted company with a global presence. With a vision to expand his family business into diversified sectors, and to fulfill his passion for working with emerging technology, he founded Essentials Trade Lines a decade ago, leading the company into the niche industry of heavy port and construction equipment. But this was just the beginning for him.
Choosing Entrepreneurship
With an unrelenting ambition and unshakable drive, Muntasir embarked on an atypical route from a science foundation to a prosperous career in entrepreneurship. After earning business degrees from the North South University of Bangladesh, he started his professional career as a business executive at a prestigious global software firm, wherein he merged technological aptitude with commercial acumen. Recognizing the importance of personal development, he sought an MBA from Cardiff University, UK, gaining a global perspective.
“The North South University is the top private university in Bangladesh and the right institution that can create many aspiring entrepreneurs and dynamic leaders with its unique culture and curriculum. “I feel extremely privileged to be part of NSU which undoubtedly played a crucial part in shaping my dreams and made me who I am today”, shares Muntasir Mostafa, Managing Director, Essentials Group.
Although he could have stayed back at a cushy high-paying position at any leading international corporate, he chose to return and take his hometown to the global platform. His return to Bangladesh marked a pivotal juncture as he spearheaded the expansion of a family business while harboring a fervent desire to pioneer in emerging technologies.
With an insatiable appetite for novelty and a penchant for niche sectors, extensive international travel became a classroom, garnering insights into heavy port and construction equipment market, leading to the formation of Essentials Trade Lines-an engineering startup that exclusively represents global heavy port and construction equipment suppliers.
In quest of further entrepreneurial adventure in North America, he delved into eco-friendly transportation, establishing IRIDE Infinite Technology, a Canadian e-bike manufacturing firm. His prudent business sense recognized the growing need for e-bikes, coinciding with Canada's eco-initiatives. His trajectory has been one of persistent pursuit, invention, and global vision. With an extensive career spanning many sectors, memberships in elite social organizations, and a dedication to environmental sustainability, he continues to reinvent entrepreneurship.
Overcoming Challenges
Before reaping the rewards, an entrepreneur has to tread a long path fraught with challenges to establish a position of recognition in the industry. The challenge becomes even more daunting when it is a niche sector such as that chosen by Muntasir. Picking the specialized industry of heavy port equipment, he was faced with extensive challenges right from handling the barriers to entry to securing dealerships and more. Being a distributor-based business, it presented a significant challenge in the form of the requirement to draw long-term dealership agreements with the world's top equipment manufacturers. Building an expert team of highly trained and dynamic engineers for early business development posed another major challenge. But it was nothing that Muntasir could not overcome.
“In the initial days, I had to establish strong relationships with both the foreign equipment manufacturers and the customers as well. There were financial challenges before I could secure the first few contracts with the customers and then we faced delivery and after-sales services challenges as well when we were dealing on behalf of world-class foreign manufacturers where everything had to be timely and perfect. But my team and I never stopped learning. Under my leadership, my companies have achieved several milestones, securing ground-breaking contracts in the major sea ports of Bangladesh that contribute to the growth of the country’s economy. Today, my company is one of the top five companies among port equipment suppliers in Bangladesh”, says Muntasir Mostafa.
Having established a strong foothold in the sector, he moved on to his second venture - an overseas project in the clean tech and e-bike industry. Navigating the complexities of securing startup capital and leveraging the government’s clean energy initiatives in North America, he strategically chose Canada as the hub for the e-bike venture, IRIDE Infinite Technology. Harnessing the potential of the growing clean-tech industry in the region and overcoming funding challenges, his team launched an eco-friendly transportation alternative in the region. Infusing smart technologies into IRIDE's e-bikes, aiming for consumer convenience and addressing practicalities like anti-theft measures through a smart app with real-time tracking, he developed something that nobody could match. IRIDE emerged as a promising venture, intertwining sustainability, innovation, and consumer needs in the evolving landscape of eco-friendly transportation.
Under my leadership, my companies have achieved several milestones, securing ground-breaking contracts in the major sea ports of bangladesh that contribute to the growth of the country’s economy
Inspiring Leadership
As an inspiring leader, Muntasir highlights the importance of a cohesive team, recognizing it as a cornerstone of organizational success. Beginning the entrepreneurial journey within a family business, his unwavering support network provided the bedrock for his ventures, both local and global. Proficiently overseeing day-to-day operations across diverse companies, his leadership thrives on a robust reporting system and collaborative directorship. Averse to traditional office settings, he encourages mobile work ethics, embracing long hours when needed while valuing frequent breaks for rejuvenation. Balancing dedication with periodic respites, his dynamic approach to leadership fosters an environment of motivation, efficiency, and healthy work-life equilibrium.
Having experienced the ups and downs of business establishment first-hand, Muntasir aims to inspire the future generations of entrepreneurs through some hard-learned lessons of his own. “Always Dream big and never stop dreaming! There can be failures, confusion, uncertainty, and risks which are part of the process but an entrepreneur must go for it with a precise vision. I have always dreamt of becoming an entrepreneur globally, where the possibilities are limitless in this dynamic era. Never hesitate to seek help and guidance from experienced individuals and tap into every relevant resource/network available out there. An individual must also have a tendency to give back to the community and to your team who has been part of your thriving journey as this mindset can raise one’s self-esteem and confidence which helps one to grow and diversify”, adds Muntasir.
An inspiring business leader with a visionary and employee-centric business outlook, and an exemplary alumnus of the North South University of Bangladesh, Muntasir has been a trailblazer, not only bringing about a change in his own industry but also striving to reshape the global business landscape.
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