ROZEE.PK CEO, Monis Rahman hailed Pakistan's improving entrepreneurial environment during a key Facebook live session. The live session, as part of the series "ROZEE Power Talks", focused on the subject of start-ups and how to ensure their success.
The talk, titled "What makes a Successful Start-up?" identified that there is no fixed formula for success, it is however, built upon a set of aspects. The first and probably one of the most critical aspect, is to choose the right founding team. Things go wrong in a start-up, they always do, and how you get out of such situations is determined by the quality of the founding team. Their will, resilience, passion, flexibility and creativity is vital. They share in your vision and beliefs and are as synced to their ebb and flow as you. Simply put, the founding team is what separates a successful business venture from a failed one.
Second up is resource management, another key variable in the life of a start-up. This extends to both cash flow and people. If you're starting off with a funds constraint, be efficient- Utilise shared office space, get used equipment, be smart. When it comes to building a workforce, find people who join your idea, believe in it and go the extra mile to make it happen.
Thirdly, an issue that frequently derails start-ups, is over complication. Instead of a market-centric, iterative approach, most start-ups become hung up on making their products feature-packed. The right approach is quick, focused execution - build products, test and validate them and launch them quickly, get feedback and iterate. Circling back to the first point, the presence of a great team can make this an even faster process, since they will use customer validation data and tweak the model till it becomes viable. A mediocre team can drop the ball here and make even the most profitable idea fail.
Monis Rahman drew on examples from both from his personal as well as professional experience throughout the interview, while also answering questions from the audience at the end of the session. "ROZEE Power Talks" is yet another initiative by ROZEE.PK to provide a platform for knowledge seekers and budding entrepreneurs to learn from industry leaders. Through this platform you can meet the Industry leaders online, hear them talk live and get your queries answered.-PR