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 are vital.
Second 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.
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.