Journey of a Serial Entrepreneur

Do your Employees Care?

Usman Sheikh — Sun, 08 Nov 2009 07:00:56 +0000

With time, as your startup grows, the need to hire more people and build and develop support structures will arise. This is a critical point in the life of any new business. A company’s employees are essentially word of mouth agents, who go out to their families, friends and acquaintances, and let them know what it is really like to work at your company. If your employees are disconnected from your business’ vision, are not aligned with the core values that the business is built on, and are just paid wages in return for the hours they put in….do you really think they will care?

People are your most important assets. Unfortunately, this mantra is just a mantra at many companies. I admit that as businesses get larger, keeping that close knit working environment becomes more challenging. However, that should not be used as an excuse to dilute the passion, the basis which the business was found on. Many talented individuals join smaller companies, not only to shine and stand out, but to be more than just another statistic at a larger company! As a small business, this is something we need to take advantage of and build a culture that not only rewards, but is transparent in operation.

The greater the level of buy-in by each person that works at your business, the higher will be their level of productivity. Before placing your customers as your number one priority, take a look at the people who work side by side with you everyday. Are their needs taken care of ? Do they feel like they are a part of the business that your team is creating? Answering these critical questions will not only result in a more motivated work force, it will result in happier customers, and in turn, happier investors!

Two Peas in a Pod

Usman Sheikh — Fri, 06 Nov 2009 07:00:43 +0000

There is no better feeling than working with team members who are in unison. A team where everyone knows where they are going, and how they are going to get there. Business becomes easier, simpler and a lot more fun. Even when the going gets tough, everyone is there to support each other and get through the rough patches. It becomes an even greater joy to do what you do, and this pushes you to push yourself even harder and faster.

Do places like this even exist in this world?

I truly believe they do. It is also true that harmony within teams does not appear magically one day. It is the result of a series of ongoing acts and events. It begins with picking the right partners and team members, followed by developing a vision that is supported by everyone involved, and lastly, a continuous effort to sacrifice personal desires and needs for the benefit of the entire team and greater good. It is all about team spirit and fervor. I have had partners in the past who could not make these personal sacrifices for the team and the greater good, no matter how well we got along with each other. This led to massive gaps in our relationships, and jeopardized the ability to move forward.

Harmony in the workplace is the common responsibility of everyone on the team. The leaders must however continue working towards re-inforcing the vision and values of the business. They do not however have the ability to solely create the desired level of harmony. If you are not happy with and within your team, think of ways to start making a difference today.

Continuous Improvement

Usman Sheikh — Wed, 04 Nov 2009 07:00:40 +0000

Is there a reason why Toyota continuously trumps its global competition year after year? The Japanese meticulously follow the philosophy of kaizen, which is the japanese word for “improvement”. It is a fascinating, yet simple principle. It has given the Japanese an edge over their competition in many industries. This holistic notion of not sitting still, rather continuously tinkering with a product/service to make it that much better, impacts hugely on an organization. When everyone is focused on improving several metrics by pushing the envelope, that is when true innovation takes place.

Apple could have stopped with the iPod enhancements after the first couple of generations. They had a product that was far superior to what the competition was offering, and had secured a market share that put them in a dominant position. Yet, year after year, the product kept getting better through gradual enhancements. Eventually, the product started to morph and further product lines were formed. Greater feature sets were made available, and they kept on cementing their lead in a market place replete with stiff competition.

It is a known fact that complacency kills. Not only in business, but in all aspects of life. The day we stop learning and wanting to improve ourselves, marks our eventual downfall. If you are a new startup, my advice to you is, release iterations of your product/service as quickly as possible. Start collecting feedback and listening to your customers. Keeping all of that in mind, make necessary adjustments and improvements in the identified areas. Rinse and repeat.

Why does your Business Exist?

Usman Sheikh — Mon, 02 Nov 2009 07:00:53 +0000

How is your business adding value to the industry you are part of ? What are you doing that is fundamentally different, or superior to what your competitors are doing? These are questions that all business owners should be asking themselves, on a regular basis. Way too many businesses are created without clearly thinking through how they plan to create sustained value for their customers. If the focus remains on just making money, there are many easier ways to do that rather than to own a business.

Thinking about starting your own business? Focus on how you will create value for each one of your target customers. What can you do to improve the current processes prevalent in your industry? Does your product/service solve a particular type of problem in the market place that has no viable solution currently?

If you cannot come up with a good reason why your business exists….it may be time to close the laptop, disconnect the phones, take out a pad and pencil and figure out what you want to accomplish, and whether this business is the correct vehicle to reach those goals.

Unexpected Connections

Usman Sheikh — Sat, 31 Oct 2009 12:49:05 +0000

I was helping a friend out by getting him some quotations on certain products he wanted to import from China. During my conversations with some of the suppliers, I was referred to a person who was based in Singapore and could be of help to my friend. When I got in touch with the person in Singapore, it turned out she was planning on entering the same business as my friend, and was looking for people to partner with! I got both of them in touch with each other and wish them the best of success in future endeavors. It is really fascinating how a cold enquiry could turn into so much more.

The world has a uncanny way of responding to our thoughts. It all depends on how badly we want to achieve the goals we set for yourself. The stronger our desire to push ourselves to reach them, the easier it becomes! This is not the first time something like this has happened. As it so happens one of my portfolio companies InnovoGS was established through such unexpected connections as well.

What it all comes down to is, we do have to know what we are looking for in life. You must at least have a vague idea even if you have not been able to crystalize it fully. Once we have this powerful image in our mind, it becomes easier to chart a path and come across people who will help you in this journey. The power of networking must never be underestimated!!

Living in Fear

Usman Sheikh — Thu, 29 Oct 2009 07:00:17 +0000

Image by stumayhew

I met with three individuals today. All three were extremely pessimistic in their views of the way their life was progressing. They felt powerless, and had convinced themselves that there was no way that they could possibly bring and make a difference to their lives. They had essentially given in to their fears, and thrown in the towel. Life’s problems had won, and they had openly accepted defeat. Given that none of these three gentlemen were particularly young, they had also developed internal mechanisms to block out all alternative views on their current situation.

It was very sad to see. I am generally a very optimistic person, and do my best to always see the glass half full, rather than half empty. I refuse to give in to fears of the “what if’s” and “I can’t”. Life is too short to live in a state of fear and thus miss out on making each moment in your life count. I do believe everyone has their share of problems, as also that everyone has choices on how to deal with them.

It is easy to give up. It is easy to complain. It is easy to give in to your fears. To be able to stand up for yourself, live the life you want, takes courage, determination and patience. To stand up to be counted is definitely not the easiest of routes to take. However, it is one from which you will most likely derive maximum internal satisfaction, regardless of the outcome! We have to free ourselves from imaginary crutches we create for ourselves, which in turn paralyze us. If there is something that is limiting you from reaching your true potential, find out how best you can overcome it. Perhaps, the changes you bring to your life may end up freeing many others who need it as well.

Retaining Customers

Usman Sheikh — Tue, 27 Oct 2009 07:00:12 +0000

If your product or service appeals to a large demographic of users, it is more than likely that many of them value the features and benefits of your product/service differently. For example, if you sell an enterprise software to both schools and banks, I am sure the emphasis the bank pays to the security aspect of the software, is far greater than what schools may require. When situations like this arise, we cannot develop across-the-board customer retention and management strategies.

The first step you need to take in such situations is, list down the types of industry verticals you cater to currently. Next, if possible, do a brief survey of samples within each vertical regarding the features and benefits those customers value most. This will help you create a definitive list of items, which will in turn help you develop specific customer retention strategies. I have seen this simple step do wonders for companies in helping them boost returning customer rates.

Customer segmentation forces to you to drill down to the specifics of what your customers truly need and value. By placing one blanket over all of your customers, creates massive holes through which defection takes place, often, at an alarming rate. Remember, it costs a lot more to get a new customer than to maintain a better relationship with your current one.

How Much Longer?

Usman Sheikh — Sun, 25 Oct 2009 07:00:37 +0000

For my business to succeed?

For me to achieve my goals?

To realize my dreams?

Patience is a virtue commonly found in entrepreneurs, luckily! I read the story behind the Success of Guitar Hero recently, the story seems to be a repeat! I was under the impression that it was developed by a young company who found early success with their first game title. However, after reading the article linked above, I realized that overnight success stories are actually very rare. Most things one views as lucky ‘first time hits’, are usually the culmination of years of work and struggle.

There will always be exceptions to this, as is the case with everything else in life. These exceptions to the rule is what fuels enthusiasm, and willingness for us to explore different avenues. More often than not, the journey of an entrepreneur is one of hardship and struggle, until, they place themselves in the right place at the right time. As I have written in previous posts, to find and reach that special spot and niche takes years of experience , which then has to be addressed with a solution that is currently unavailable.

Eventually, only those with the patience and perseverance to succeed, last. Many become disillusioned along the way, and retreat to safer comfort zones. In the end, it is not about how much time it will take, it is about how much you want to achieve something extraordinary in your life.

Keeping it Consistent

Usman Sheikh — Fri, 23 Oct 2009 07:00:29 +0000

The business world is full of consistency measures ranging from ISO certification to six sigma implementations. In essence, we have to do our best to develop systems that enable us to provide a certain level of service or product, that is consistent in the long term. When a startup has reached a stage where it has released it’s product, or offered it’s service, an effort to standardize the processes involved must be worked at . Creating consistency and standardizing a product, is relatively more straight forward than bringing standards to service based businesses.

Running a service based business requires standardization processes to be created based on customer experiences. For instance, say your business provides consulting services in the realm of marketing. In this scenario every new customer has to be taken through similar processes to understand their needs and requirements. Next, the level of service that is delivered to the client, during and after the sales process should be meticulously tracked and paid attention to. Processes such as invoicing, feedback, reports, follow ups etc must all be standardized to a certain degree. This helps create an internal structure for your business which will be of great assistance when your business begins to scale.

Setting business systems and structures into place is not the most exciting of tasks. However, huge benefits will accrue from them after they have been created, for the long term. They also help create benchmarks which can continuously be improved and expanded upon.

Want it or Need it?

Usman Sheikh — Wed, 21 Oct 2009 07:00:36 +0000

When setting up a startup, the above is one of the first few questions that should be answered. Is the product/service that you plan to provide, addressing a customer’s want, or need? We do all however have our own vision of the customer’s wants and needs. This is really not something that we should presume to know and this important data should be obtained directly from prospective customers. This discovery process will help us to understand where a customer’s wants are originating from. For example, when a customer says he wants access to all his customer’s information on his mobile phone, we need to explore the why. It is in these follow up questions that we learn about the actual needs of the customer, which get subsequently translated into wants.

It is imperative that as a new business we address actual needs, rather than the “nice to have products/services”. When there is no urgent requirement that is being fulfilled by your product/service, it is that much harder to convince your prospects to buy it. This also places a massive burden on the limited resources a startup has to work with, and can be detrimental to it’s success. It is hence advisable and important before starting any new venture, to determine whether your business is actually catering to a need in the market place.