The get-up-and-go for constructing a professional entrepreneurship crossways the world, Individual has to struggle and hard work.It is primarily hard to discrete the signal from sound. Starting-up any entrepreneurship, right signals open your start-up opportunities that leads you right direction. Starting new entrepreneurial initiatives in the local market, it’s difficult to understand the local business environment. To get the full texture of business profitability from Start-up, you surely have to understand your local market demands, customers’ preferences and so on. Without knowing these initial facts of start-up, you cannot progress towards your vision.
We regularly interview entrepreneurs and founder and makers, and one of the public questions we ask anonymously is how they advise young people approach the difficult job of building a company from scratch. Recently, we asked the same to serial entrepreneur Mostafizur Rahman Sohel and here what he has to say.
Set quantifiable milestones, Focus Persistently
“It is cool to get uncertain with smidgens when you start a firm but be conscious of disruptions. Focusing on your “key to success”, I think certain level of self-control and focus should be developed,” says Mostafizur Rahman Sohel.
“Start with a smart plan, smart in the sense that your plan must be measurable, specific, achievable, and accurate and time sloping.”
Dhaka has rapidly become a city of events and showcases and pitch competitions. There is a certain kind of sense of success in speaking at an event or winning a competition but that seldom adds value to any business.
As an early stage founder, your job is to protect yourself from these sorts of distractions and remain steady on your plans and objectives.
“You need to set milestones to achieve time to time. Start with what you want to achieve in a 6-month time frame and measure your achievement. Then continue doing it. Once you make a decision be confident and work hard.”
Be open to revolution
“Litheness is avital trait of a great entrepreneur. You get to evolve a lot over the years as an entrepreneur,” says Sohel. “You get to adjust, learn, unlearn and go through different kind of difficult situations and more. Only people who are ready to break and then re-build themselves can survive such a journey.”
In life and in business, only the modification is continuous. Your ability to anticipate change, deal with change, and adjust yourself accordingly will define your fate often. There are companies that have become obsolete because they failed to see the imminent changes impending.
There will be a time when you will need to change your idea, change yourself or team. Be bold and deal with it.
Learn about your idea, become a domain expert
Sohel drives on to recount some of his person experience: “My background was IT. I knew the ins and outs of this sector when I decided to start a software company. It helped me a lot. My clients and other stakeholders could not confuse me. If it was a garments factory, I doubt I would be successful. I hardly know about garments and how it workings.
“If you want to be an entrepreneur: you have to know what you want to do, what you want to achieve and you have to be very clear about that,” says Sohel, “it is a huge advantage to start with domain knowledge in your segment.”
He also added “I’ve seen numerous software firms and entrepreneurial initiatives and many of them had huge investment but ultimately failed just because of lack of expert know-how in their field. So, it is a prerequisite to have domain expertise in the sector you are going to flinch.”
However, I think you need to be a little crazy because only crazy people can take something challenging, risky and unrealistic as normal. I think a startup founder is someone who loves his initiative too much and crazy to make it materialize.”People often romanticize entrepreneurs but we know only a handful of successful entrepreneurs which is anything but representative. Sohel says: “it is hard to define an ideal founder. You can find all different kind of successful entrepreneurs.
In fact, I would suggest not to start in a sector with huge profitability and potentials that you don’t understand but to start in a sector that you know well but don’t present as potential as the other one.”