Every entrepreneur has their own share of challenges and headwinds when they embark on the journey to starting their own business. Successful entrepreneurs take these challenges and learn from them, making them more resilient and agile and hence more likely to succeed in their ventures.
In their own words, Mohammad Jawabri and Omar Saleh share with us valuable lessons they have learned on their journey to entrepreneurship.
Omar Saleh, Co-founder & CEO of Khazna, shares this advice to fellow Fintech start-ups: Prioritise the people. A focus on teamwork can empower a group with the right mix of talents to transform the prototype of your great idea into a venture you always dreamed of. But if your team is not harmonised, then work can get very hard.
He added that Khazna understands the real importance of hiring for cultural fit. When evaluating potential candidates, consider whether their personal values and goals align with those of your business. After all, the people you bring on board not only represent your company to the outside world, but also have the power to shape your company's culture and values.
Some entrepreneurs get caught up in the hype of expansion and end up stretching themselves thin before their business is truly ready to take on bigger challenges. However, that is not always the wisest course of action, and it can lead to a range of challenges and setbacks. It is important to start with simple, basic products that do not scale and focus on getting a product-market fit that ensures your product solves the need of your buyer personas.
Product-market fit represents the point when you have a product that solves your customer’s problems well enough that they will pay for it. You need to know if your product has a realistic market demand, otherwise you could end up spending exorbitant amounts of money on scaling your product before you even know whether people will value it enough to pay for it.
Limiting beliefs are a surefire way to make your business fail. These assumptions often put unnecessary limits on what can be achieved and prevent us from exploring the full range of possibilities in the world of Fintech. There are many opportunities available in the industry which can be leveraged if you’re willing to take risks and embrace agile.
‘The opportunity is always bigger than you think, so it is imperative that you don’t limit yourself with what you think and don’t miss out on bigger things.’ Mohammed Jawabri, co-founder and COO at Lendo.
Ultimately, the key to rapid growth for start-ups is to be bold, creative, and willing to take on challenges in order to create value for customers and move forward.
Building and growing a start-up is challenging, and you need all the help you can get to carry your tasks successfully. However, with the right support, you will be able to find opportunities in challenges and build your very own success story.
As an entrepreneur, you can become demotivated and dejected easily, so a support system can help you carry the burden of worries and encourage you to not lose sight of your vision.
It’s also helpful to seek out companionship with other entrepreneurs who are going through similar situations and can empower you to see an opportunity in every challenge.
