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Karachi Entrepreneurial Meetup

Insanity is doing the same thing over and over  again while expecting different results. – Albert Einstein

Many entrepreneurs are oozing with ideas to discuss and implement across the world today, and many of them often find themselves stuck in a fix – unable to find a solution on how to do something or not sure on what are the best ways to approach a problem.

In Karachi, city, there are hundreds of budding entrepreneurs lacking a platform to discuss ideas and come to solutions, network in the community and get inspired. Some common issues faced are:

– Where to start?

– How to channelize the business development aspects?

– What about the payments?

– What form should the business be in?

– How to go about the hiring process? What are some hesitations in hiring people?

– How to go about alpha- and beta- prototyping?

– How to do needs analysis? How much is the market demand, if any?

In order for people with the right credentials to sit, discuss and resolve mutually, I am starting off a platform – the Karachi Entrepreneurial Meetup. If you are interested to make a difference and feel you really can add value while benefiting from a regular meetup exercise, please register your vote and contact details in the survey here.

I’ll be sorting out applicants and will send out an invitation to all the finalized candidates – the idea is to keep it meaningful, not necessarily a large event. I’d be happier to have 5 people who contribute to the cause than 25 who are there without any firm interest. I hope to get in touch with as many of you as possible so that we can make things happen around here.

 

Good luck Entrepreneurs!

 

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The Battle of Minds in the New Economy

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As paradoxical it is to know man seems to have mastered the beasts since ages despite its apparently weak physical build and smaller size, it is intriguing to understand accept that technology has and will only increase this mastery – in this new economy, no more is it about brick and mortar structures any more. I can imagine many corporation heads deriving a sort of satisfaction from that lovely facade, pleasant water fountain, the corner office and brigade of people reporting to the individual.
Hofstede’s study on cultural differences took into account the space being indicative of a particular cultural setting and the power reposed in a position – I wonder if the same study conducted now would keep such high importance on space- power distance is not as important as it used to be. With the possibility of reaching infinity in various spheres now becoming realistic, things are fast changing.

In this new economy, it’s about getting smarter – no more do you need a brigade of semi-competent, highly specialized individuals to run huge departments. Now, you need competent, versatile, technology-savvy, proactive, learning individuals. It’s all about the battle of minds in the new economy – whoever has the best minds would be the winner in the long-term.

Clearly, this would mean new types of work setting, more global cultural exchange, common business terms across a wider world, more emphasis on technology, more emphasis on innovation (not just the regular rut, but actual productive work delivery) and definitely newer, higher and remarkable compensation for those who qualify. Some years into the future, all jobs, except non-tradeable ones, would be benchmarked on global parameters as far as standard of craftsmanship, quality and pay are concerned.

It’s clear the coming decade is going to produce more millionaires than in any previous decade in human history – since every mind is a factory with growth and productivity as output deliverables, innovation being the point of distinction  and the channel (internet and the new media) becoming widely available, the way the world works is bound to change.

The age of industrial revolution is fast fading, the fixed-form factory work environment is obsolete. The sooner we accept it, the better it will be for our future.

The world is changing; the question is are you geared up for it?

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Ingredients of Entrepreneurship

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Entrepreneurship is a combination of three core things (however, please note that it’s not a recipe mix that will always bring out a great entrepreneur – it’s rather more like a perspective of looking at this concept encompassing various aspects of entrepreneurship):

Personality: Includes upbringing of a person, confidence, interpersonal skills, ability to think on the feet and solve issues all the time.

Opportunity: This is the break that one gets to have. Most people I know who are curious to become an entrepreneur seem to be waiting for this perpetually. I don’t think there’s anything such as a big break. Life keeps giving you opportunities all the time, and you can only make good anyone of them if you are ready to. Moreover, an opportunity could be an opportunity for you because of your experience or academic background or interest in a particular domain.

Risk: This is the most interesting part of entrepreneurship. It’s an entrepreneur’s second nature. Risk doesn’t mean going wild with your whims, but actually refers to calculated risks an entrepreneur has to take all the time.

But even with these three, there’s one thing that must be very clear in any business opportunity. That thing is summed up in this one question: “What’s the deal?”

Deal: is all about identifying the core of any business opportunity. It is difficult to focus on this and identify what’s the real deal in a business, but with time, good entrepreneurs command this almost instinctively. I’ll be writing more about “Deals” and deal-making in the coming weeks.

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It’s not about the lowest cost anymore

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When Michael Porter came up with Generic strategies, it was really a change in thinking. It seemed to be a different viewpoint compelling enough to be considered on its merit. The idea that any business can use one or more of the three core generic strategies (cost, differentiation and focus) came up as a revolutionary concept that consultants often focus on even today.

I often find people coming in asking how they can become the lowest cost provider in their domain of operation and seeking tips to achieve that end. I end up asking them about their businesses only to advise them not to invest their energies to becoming even lower cost provider as it’s not about the lowest cost anymore.

People often intuitively find it difficult to understand that low cost is relative and I keep quoting this example:

Suppose you have a German-educated and trained engineer working in an automotive plant who charges you 200 euros per hour and you also have another engineer from some place like Somalia, who is willing to work at 20 euros. Which one of them is the lower-cost provider?

The answer, my friends, is that you can’t ascertain yes. Most of the people get to the decision before analyzing the question, and say the Somalian engineer is the one, however, I have given no suggestion as to the creativity, productivity and skill set of the engineers yet.

Consider this additional information: If the German engineer finished work on 10 cars per hour, and the Somalian engineer needs 3 hours to finish only one car, how would the answer change now?

The German engineer is averaging you 20 euros per car, whereas the Somalian engineer costs you 60 euros per car. The latter ends up being thrice as costly as the former! Eye opening? Yes.

Moreover, we have not even considered yet the learning curve benefits, incremental quality improvements due to expertise, creativity, long-term relationship development factor, etc. that might accrue as a result of the right choice.

Please note that reference made in the above example was just illustrative and does not imply in any way superiority/inferiority of any person, place or education.

So even if you want the lowest cost, think out-of-the-box to figure out if that’s really the lowest cost solution for you.

Happy Value Buying!

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Does experience have a replacement?

However smart one might be and however talented one might be, irrespective of that the importance of experience can never be undermined. If you are lucky enough, you would realize this in only a couple of months after you join your practical life. People with experience have a far more firm grip on things and know better how to tackle things; but do we really need to look for a replacement for it?

The thing that differentiates human beings from other mammals is their ability to grow their knowledgebase on the shoulders of their ancestors. What it means is that ‘humans are humans because they learn not only from their own mistakes & experiences but also from the experiences of other fellow human beings.’

So, what needs to be done is to be human & learn from others’ experiences. If you are smart enough, you would be able to put others’ experiences to good use for the benefit of yourself, your organization and the entire humanity!

The bottomline is: Experience doesn’t have a replacement; but it need not necessarily be yours!