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TRANSCRIPTION WITH SPEAKERS
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[00:00] SPEAKER_00: Welcome to Canada's podcast, the number one podcast for entrepreneurs by entrepreneurs.
[00:07] SPEAKER_00: Hello and welcome to Calgary's podcast on Canada's podcast network. I'm your host Mario
[00:14] SPEAKER_00: Toneguzi and joining me today is Raj Singh, who is founder and CEO of Fueled in Calgary.
[00:22] SPEAKER_00: Thanks for joining us today Raj. Thanks so much for having me.
[00:25] SPEAKER_00: Well let's start by asking you just a little bit about what Fueled is and what you folks do.
[00:32] SPEAKER_01: Sure, yeah so Fueled really is the Amazon of energy. So what we like to do is deliver an Amazon
[00:41] SPEAKER_01: like experience but really send you around heavy equipment. So how the process works is we would work
[00:47] SPEAKER_01: with energy and exploration companies as well as service companies, energy service companies.
[00:53] SPEAKER_01: They would consign equipment to Fueled. We then send technicians out to inspect the equipment
[01:00] SPEAKER_00: and we sell the equipment online all over the world. Okay so give me a little bit of the history of the company.
[01:07] SPEAKER_00: How did it start? When did it start? So the company started in 2013 as Fueled and then we pivoted about three years ago
[01:16] SPEAKER_01: when we saw an opportunity to really disrupt the way the secondary market was for equipment.
[01:23] SPEAKER_01: So yeah so the Fueled certified model as we call it where we actually go out and inspect the equipment and sell it online started
[01:28] SPEAKER_00: about three years ago. And what about your backgrounds? How did you get involved in this and what were you doing beforehand?
[01:39] SPEAKER_01: That was in the energy services business for quite some time so most my experience was on the capital equipment,
[01:47] SPEAKER_01: side of things on the compression and production business specifically. And that's really where I saw the opportunity to be able to do things
[01:55] SPEAKER_00: a little bit different. Okay and why this career path for you? Yeah it's a good question to myself.
[02:06] SPEAKER_01: The opportunity presented itself there was a market that was in transparent all and when we're dealing with such very technical and very expensive item
[02:19] SPEAKER_01: in a non-transparent market you really got me thinking that there was a better way to do things similar to the way things are being done on MLS for example
[02:28] SPEAKER_01: that is almost a perfect marketplace that's very transparent.
[02:33] SPEAKER_00: Okay so you know obviously it's been challenging times here in Calgary and in Alberta especially for the oil patch.
[02:41] SPEAKER_00: Tell me just a little bit about how business has been for you in the last couple of years and the impacts that A you know declining oil prices have had as well as obviously now the pandemic.
[02:54] SPEAKER_01: For us Mary we've been somewhat fortunate that the volatility in the business has actually been somewhat of a benefit for us.
[03:03] SPEAKER_01: What we've seen number one when times are volatile like they are right now we find that people are more likely to adopt new innovations.
[03:11] SPEAKER_01: So that's really helped us get market adoption. Secondly as sellers are more likely to sell equipment in this market where we've seen in past during boom times
[03:22] SPEAKER_01: companies are more likely to hoard equipment and sit on it for any day. In this market we're finding that sellers are much more likely to sell equipment which is perfect.
[03:32] SPEAKER_01: And then on the buy side of the equation there's always going to be a base load of production required in this business.
[03:37] SPEAKER_01: Energy is not going anywhere anytime soon regardless of what the narrative out there might make you feel.
[03:43] SPEAKER_01: But those projects now need to be done more quickly and more cost effectively so it's definitely helped us on the on the buy side of the equation.
[03:51] SPEAKER_00: You look forward Raj what's your what's your vision I guess for the company.
[03:57] SPEAKER_01: Well I think we still have a lot of work to do in the energy space we still have a lot of market to grab and market to create.
[04:03] SPEAKER_01: So definitely expanding internationally is something that's that's high on our radar and something that we did have plans to do this year and obviously COVID disrupted that that plan but we'll jump back on that next year when we're able to do so.
[04:19] SPEAKER_01: So yeah so expand expand globally within energy and then also apply our model into different into different verticals and that's something that we're strongly looking at right now.
[04:30] SPEAKER_00: Maybe you can explain that what do you mean by different verticals what kind of areas.
[04:35] SPEAKER_00: So today we've been very focused on energy and production equipment.
[04:39] SPEAKER_01: We see the next potential vertical being heavy equipment construction equipment mining equipment and then possibly agriculture.
[04:48] SPEAKER_00: Okay then super that have you got a history of entrepreneurship in your family like.
[04:56] SPEAKER_00: And there's curious of where this you know where's it come to the genesis of that for you.
[05:02] SPEAKER_01: Yeah I wouldn't say history entrepreneurship but definitely a history of grind in hustle and my family my parents immigrated here in the 70s and 80s and and did whatever it took to be to be successful.
[05:18] SPEAKER_01: So I definitely have that as a background not necessarily our ownership my dad's an engineer my mother is a physician but I watch them grind it out for a long time the same way that we've grinded you know had to grind out for the last few years to get to where we are today.
[05:35] SPEAKER_00: What's your biggest I guess like for being an entrepreneur.
[05:40] SPEAKER_01: Mine mine biggest like it is something that I actually discovered in as we built the old but it's to build culture.
[05:47] SPEAKER_01: It's something that I've become extremely passionate about and I've been at other companies before where I've been a leader but it's very difficult to build to build culture within a specific group.
[05:58] SPEAKER_01: But for me it's been extremely exciting and a true passion for me to build a culture for fuel that I think that for for any entrepreneur should be exciting.
[06:09] SPEAKER_01: How many people you have been your company by the way.
[06:12] SPEAKER_00: We are as of yesterday we are we are nine people.
[06:17] SPEAKER_00: Okay and when you talk about building culture what what does that mean and what does that entail.
[06:23] SPEAKER_01: Well for me it was somewhat selfish I mean I wanted to make I wanted to make work feel as comfortable as home I spend a lot of time at work I love work.
[06:32] SPEAKER_01: But I wanted everybody to feel the same way so that was sort of the starting point.
[06:36] SPEAKER_01: The starting point was to make to make work feel like home and make it a place where you want to go and to remove that sick feeling you sometimes people sometimes get on Sunday nights where they're dreading coming to work on Monday.
[06:49] SPEAKER_01: Yeah we really wanted to delete that.
[06:51] SPEAKER_01: So that was that was truly the starting point for how we established how we established our culture.
[06:57] SPEAKER_01: And I guess the next one was really crystallizing our values so our values are transparency integrity family and fun.
[07:06] SPEAKER_01: And their values that are that are simple they're simple to live by the values that that that I want to have myself where I want my spouse for my kids to have.
[07:15] SPEAKER_01: So really really living those values as a as a company has really helped us to live by that culture.
[07:21] SPEAKER_00: Okay what is it on the flip side what is it that you don't like about being an entrepreneur.
[07:27] SPEAKER_01: Well I think sometimes you know it's I think sometimes it can be a lonely place.
[07:33] SPEAKER_01: It's not always smooth sailing as it might appear to be on the outside.
[07:37] SPEAKER_01: And sometimes it is it is a difficult place to be that being said with the right team like we have now it makes those days a lot easier than they were in the early days when it was just when it was just me.
[07:49] SPEAKER_00: As you were starting up the business Raj what were some of the biggest challenges you faced in starting up fueled.
[07:58] SPEAKER_01: I think you know some of the biggest challenges are challenges that that are I think somewhat inherent in the energy business is trying to get adoption of a new way of doing things.
[08:08] SPEAKER_01: So we got a lot of knows early on and we also got a lot of people saying we wouldn't be successful trying to try to do business in the way that we wanted to do business.
[08:17] SPEAKER_01: So I think that was probably one of the most challenging things was to get that early early adoption.
[08:24] SPEAKER_01: Fortunately we had some very strong customers who guided us through that and you know a big thing for us was just making sure we listen to those customers.
[08:33] SPEAKER_01: I think sometimes as entrepreneurs we think we have the best ideas and we will we will do whatever is possible and sometimes you even die with that idea because we think it's right for us.
[08:45] SPEAKER_01: Currently on a necessity we listen to customers and they helped us guide and shape our vision.
[08:52] SPEAKER_00: When you look at leadership and entrepreneurs who are leaders what makes a good leader in a company?
[09:01] SPEAKER_01: I think it's probably different for different companies. For me I think it is authenticity. I think it's humility. I think those two things are super important to get the trust of your people especially as a small team.
[09:17] SPEAKER_01: People want to know that their leader is being honest with them and good time to end bad.
[09:21] SPEAKER_01: I think if people say you wear your heart and you are sleeping that is something that I have definitely done through this business.
[09:28] SPEAKER_00: Okay then. Now when you talk to fellow entrepreneurs, other business owners right now in Calgary.
[09:37] SPEAKER_00: What is the sense of the mood that you get for how people are out there right now?
[09:42] SPEAKER_01: I think it's a bit of a mix because there are some people that have done extremely well through COVID and the crisis and the energy crisis that's out there.
[09:54] SPEAKER_01: But I'd say in general I think there is an overall sense of unknown. People don't know what to expect next year.
[10:01] SPEAKER_01: In 2019 we were excited about 2020 and 2020 it looks like we're excited about 2021.
[10:09] SPEAKER_01: I think unknown would probably be the one word I would use in conversations with other entrepreneurs.
[10:14] SPEAKER_00: And speaking with other entrepreneurs, any pieces of advice you would give them to deal and cope with these times that we're in?
[10:23] SPEAKER_01: I think one thing that I've come to that gives me some comfort is nothing's permanent.
[10:31] SPEAKER_01: None of this is what we see right now is permanent and there will be better times.
[10:35] SPEAKER_01: I think that's important to remember and hang on to because otherwise there can be dark days and those dark days there's a light on the other side.
[10:43] SPEAKER_01: And it might be cliché but it's true and when we've been through it we've been through it this year.
[10:48] SPEAKER_01: I mean it's nothing is permanent things will get better.
[10:53] SPEAKER_00: Yeah. Now as you look throughout your career during that time, is there anything that sticks out in your mind of the best piece of advice you've ever either heard or been told or read about being an entrepreneur?
[11:12] SPEAKER_01: That's a good question. I think again for me I probably take it back to listening to the customer,
[11:18] SPEAKER_01: Qtually, acutely listening to the customer and never thinking you're smarter than them.
[11:23] SPEAKER_01: To me that's been a big one. My dad has been in sales for a long time and something that he taught me was he had two years in one mouth and to use those with the customer.
[11:33] SPEAKER_01: It's something that I think is very, very important for entrepreneurs.
[11:36] SPEAKER_00: Yeah. What about everybody talks about work, life balance these days.
[11:42] SPEAKER_00: You know it's always tough for an entrepreneur obviously. How's your work life balance?
[11:48] SPEAKER_01: Yeah, but it's still something I'm trying to figure out. Both my wife and I are both entrepreneurs so it makes it extra challenging.
[11:55] SPEAKER_01: Again, I would probably take it back to culture. I've created a workplace that we've created a workplace that is a lot like home.
[12:05] SPEAKER_01: So my kids come to the office on the weekend with me. My kids, when they have the Friday off, they'll come in to the office.
[12:14] SPEAKER_01: But also I'm also trying to do my best and making sure I'm not missing kids activities and doing all that other stuff, which you have to do early on in starting a business.
[12:24] SPEAKER_01: How old are your kids, by the way? They are eight, six and two three boys.
[12:30] SPEAKER_00: Oh boy. You must have a lot of fun.
[12:35] SPEAKER_01: Yes. Yeah. It makes life. Bring them in the office. It makes for some disruptive days, but they love it here.
[12:41] SPEAKER_00: So what do you do then to, you know, obviously busy busy work schedule busy at home life?
[12:47] SPEAKER_00: What do you do to find that inner piece, you know, in terms of what you want to do on a personal level? Do you have different hobbies or passions or interests?
[13:00] SPEAKER_01: I mean, a lot of I think when a lot of parents see your hobbies become your hobbies are now your kids hobbies.
[13:06] SPEAKER_01: Yeah.
[13:06] SPEAKER_01: When a kid's sports is definitely one playing squash, something that I've gotten into more recently and something that I'm trying to bring to our team at fuel is meditation and something that I feel very, very, very strongly about is mental health and making sure that everybody takes a time to focus on mental health.
[13:25] SPEAKER_01: We've gone as far as putting a putting in a meditation slash restroom in our office because I thought it's something that is extremely extremely important and has been, has been, I guess, swept under carpet and passed.
[13:41] SPEAKER_00: Yeah. How did you come to that? Like, where did this idea to do the meditation come from?
[13:48] SPEAKER_01: My wife is my wife, I used to make fun of her because she likes to she likes to do meditation in yoga and so I made fun of her for a lot of years and then I was having trouble sleeping actually and it was one thing that really changed my ability is to to sleep and stay asleep was meditation.
[14:05] SPEAKER_01: And so it was really the first hand experience and the success I had with it that sold me on it and it's funny because not when I bring it up with our with our bring it up with the team everybody has the same issues.
[14:17] SPEAKER_02: Yeah.
[14:17] SPEAKER_01: It's just what I want to talk about.
[14:19] SPEAKER_01: I mean, even other business owners, I'm part of a some business groups, so we've talked about topics like this and when those topics come up it's amazing how many people actually have the same issues but something in the past I don't think people are comfortable talking about.
[14:33] SPEAKER_00: Yeah, it's funny because I know even this morning I was talking to a company that puts puts out a monthly health index and and you know the results are continuing to slide downwards in terms of people's mental health in in this country.
[14:50] SPEAKER_00: I guess, you know, for entrepreneurs, this is something that's obviously that has to be taken care of right because if you're a leader of a company, you got to really make sure I guess your mental health is taken care of right.
[15:05] SPEAKER_02: Absolutely, absolutely.
[15:07] SPEAKER_00: You know, when you look at Calgary, you know, in the city, what makes it a good place to do business, I guess right now, even with all the challenges that are out there.
[15:19] SPEAKER_01: I think, you know, Calgary, I still strongly believe Calgary is one of the best cities in the world to start a business.
[15:24] SPEAKER_01: I think the networking aspect of Calgary has always been something that's really helped businesses get off the ground.
[15:33] SPEAKER_01: We are a hotbed of innovation in the city and it's becoming more and more, becoming more and more a hotbed of innovation.
[15:40] SPEAKER_01: So we do have an ecosystem that's ready for new innovation and then the networking component just helps to put fire to those businesses.
[15:49] SPEAKER_01: It's a very tight tight business community that again helps to get businesses off the ground.
[15:56] SPEAKER_00: Okay, great.
[15:57] SPEAKER_00: Raj, is there anything else you want to mention that I didn't ask you about?
[16:02] SPEAKER_01: No, it was awesome. I really appreciate you having me having me on.
[16:05] SPEAKER_01: There was a lot of fun.
[16:07] SPEAKER_00: Okay, super. Thanks a lot for joining us today, Raj.
[16:10] SPEAKER_00: Thanks so much.
[16:10] SPEAKER_00: Okay, that was Raj Singh who is founder and CEO of Field in Calgary.
[16:16] SPEAKER_00: This has been Calgary's podcast on Canada's podcast network with Mario Tony Guzi as your host. Thanks for joining us today.
