Vibhav ParikhFounding team member of Fox Counsel Published On: Wednesday, July 27, 2016 Views 3104
“Compound interest is the eighth wonder of the world. He who understands it, earns it... he who doesn’t... pays it.”
Vibhav Parikh did Bachelor of Commerce (B.Com.) from Jai Hind College. Being passionate about finance, his research paper also got published in the SIES journal during his graduation year. He accumulated vast experience in finance sector by working for companies like FRR Forex Pvt Ltd, Duesberg Bosson Financial Services Ltd and more. Being an entrepreneur at heart, Vibhav founded Fox Counsel, which is a tool that helps students estimate the cost of studying abroad and gives them their specific break-even period.
Please provide a brief overview of your product/ service.
Fox Counsel, is an online calculator that helps students estimate the cost of studying abroad and gives them their specific break-even period. Fox Counsel is a unique, not for profit venture and is built to ensure that students across India and the world make the correct financial decision.
The calculator lets students find the year they break-even using a financial algorithm (back-end system using the discounted payback period algorithm) along with the crucial loan payment schedules and expected salary ranges.
Fox Counsel is built uniquely. An individual in the USA and an individual in India would have different break-even years for the same university. This is because Fox Counsel uses a financial concept of opportunity cost and ensures that the output is as close to reality for the specific user.
Hence our tool/calculator is automatically tailored to the user.
What inspired you to build the above product/ service?
An investment in education abroad is the single most expensive investment made by an individual/parent. But there is no device/tool to show how viable this investment is.
Hence, I developed a calculator that would give a user a quick and easy understanding of the expenses that goes with an education abroad and also show when the user would break-even.
The inspiration was to inspire students to make an informed decision.
What is your life mantra?
Risk is being alpha
What was the most challenging part of your journey till now?
With a small team, it is often difficult to ensure your product reaches the target audience effectively. With over 20 million international students, we have a huge target market to tap into. We have developed plans to grow on a step-up basis.
How did you overcome those challenges?
Nevertheless, we have ensured continuous growth in our path towards recognition. We aim to form networking nodes across countries who would, in turn, grow the calculations. With Quora, Fox Counsel has developed wide recognition across nations. We plan to leverage our network in other cities to ensure continuous growth in traffic.
Share some details about the investments that you have been able to fetch for the business till now.
Currently, Fox Counsel has not reached out to angels/investors for funding
How do you protect yourself from the problem of Brain Drain?
My company runs on the fact that Brain Drain is a real phenomenon with more and more Indians travelling abroad for further studies. This has been proved time and again by research reports.
But, according to the founder, Vibhav Parikh, brain-drain is like a business life-cycle. Eventually, there will be a time when the cycle reverses. Also, the net number of graduates/post-graduates staying back in India is still positive.
My company does not have attrition control practices.
According to you, what are the three qualities an individual must have to achieve success?
- Plays a sport
- Supports irrational thinking
- Employs Japan’s JIT (Just-in-time) manufacturing technique in real life
Every quality must bind to form a resonating character.
Which online tools/ services/ apps do you use the most and would like to recommend as well?
- Reddit – Recommend
- Duolingo – Recommend
- Uber/OLA – Recommend
I’m also a part-time carpenter and I would highly recommend real tools, such as – a drilling machine, hand saw, and some wood to cut into.
Share any one habit which you think makes you more productive.
Reading books that relate to your professional field. Always gives you an edge.
Share any one habit which you wish to change in yourself.
No habit so erroneous that I would like to change.
Answer in less than 50 words
- One tip to success:
To be honest, I wouldn’t know. I’m still on the first step.
- One mistake you believe every individual must avoid:
Obsession with ROI (Return on Investment). Entrepreneurs should not be thinking like Private Equity Principals or Angel Investors. Individuals should concentrate on how to achieve a positive ROI rather than the ROI itself. Returns can also be qualitative. A measure that cannot be measured
- One most important lesson that you have learnt till now:
“Time is money” is a famous quote everyone has heard of. But according to me, “Patience is a money multiplier.” Patience is a strong virtue. At a young age, it is wise to be aggressive and constantly in motion. But there must be patience in stages
What are your plans for next 3 years?
- Ensure the most optimum output from the calculator
- Ensure pan-India acceptance and use of our calculator
- Tie-up with renowned counselors to ensure a wholesome experience for users
If you get a chance to start your career again what would you do differently this time?
Be more ruthless. Let’s be honest, we don’t live in a pond. We live in an ocean filled with big sharks. Either be a shark or be part of a school of fish (least likelihood of being eaten).
What are your top three getaway destinations?
- Getaway destination 101: Home
- Scuba Diving
- Any pub with a pint
Share a quote that inspires you the most.
Albert Einstein: “Compound interest is the eighth wonder of the world. He who understands it, earns it… he who doesn’t… pays it” This quote is not widely known but in one line it encompasses everything one needs to know about money.