There’s a famous quote by Steve Jobs: “The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle”. Starting a venture is just like planting a sapling. To begin with, we have to spend a great deal of our time and money. Subsequently, we must preside over it while anticipating nothing in return. Be that as it may, our start-up flourishes; it makes all the patience and hard work substantial.
Another thrilling episode of “Coaching through COVID” kicked off on 1st July 2020, which constitutes a captivating conversation and Q & A session between Mr. Suneel Sarfraz Munj, co-founder and director of PakWheels, and Mr. Nabeel Qadeer, Business Coach. A comprehensive discussion about the inauguration of a company took place, as well as its failures, risks, and what it is that young professionals and embryonic entrepreneurs need.
Suneel Munj graduated from LUMS in 2002 with a major in Economics, and in 2005, with Masters in Business Administration (MBA), majoring in Marketing. Despite being a part of his family business, he always aspired to start up his own venture. He had an avid interest in cars, and right after the completion of his undergraduate degree, in 2003, he founded PakWheels, partnering with Mr. Hanif Bhatti. Starting with a mediocre community-based website that allowed people to share their reviews and thoughts about automobiles, PakWheels is now the leading virtual marketplace for car shoppers and sellers in Pakistan by offering services that customers buy, sell, or research automobiles. The site also provides users with automotive reviews, shopping advice, as well as comparison tools for car financing and insurance information.
The session began with the first question by Mr. Nabeel Qadeer for the youngsters: How important it is for a young entrepreneur to land into something that he loves doing?
The first and foremost point he deliberated was that for a juvenile, who’s about to start his venture, must have immense dedication; indulgence about the business sector; king-sized knowledge; have the right set of mind; and aptitude to build a right-minded team. The only way to discern whether what appeared to be an extraordinary thought in your mind can turn into a worthwhile business is to delve deeper into our notion. Set aside the efforts to centralize all the components that probe into setting up our new business. Doing work that has meaning to us will provide an inducement required to get through grueling and unbridled times that are an inescapable part of building any new venture. As an entrepreneur, the significance of doing work that pleases us, and provides contentment cannot be overstated. However, a founder’s valor is a key to ensure that the business prospers.
Every venture starts with an idea. Whether we have an idea for a new product or a service that will transform an industry, our inspiration is a great start. However, it takes a whole lot of money and not everyone has significant amount of investment to disburse and bootstrap his way to a successful business. How should a person act in such a situation?
Mr. Munj answered this question by asserting that we must plan our capital according to our means and begin with a small idea to start a venture. Instead of becoming too fixated in accumulating funds, we must try to invest in a venture where even lower capital is required, for our comfort. “If you have 10 Rupees to invest, invest it in a startup which requires 3 Rupees. It’s better to be the king of a smaller market rather than being the cockroach of a bigger market.”
Moreover, to withstand flexibility in the business and minimalize the strain in handling it, we must only put in what we can afford to lose. If we are only willing to execute a bigger idea and expect to get a specific return, there is a stout chance that we may never be able to take the plunge and launch the business we always dreamed of owning. Picking up a small target and outperforming with intense hard-work and dedication will not only pave the way to a prodigious goal but will also boost our self-actualization and morale.
However, many start-ups fail to become successful. The most important thing to realize, as stated by Mr. Munj, is that having a failed business does not mean we are deemed as a failure. It’s an opportunity, which every single individual must avail. It’s an opportunity to take all we have learned and apply it to a new venture. We have to get back up and move forward. There are humongous amounts of risks involved with being an entrepreneur, and accepting failures with a shift in perspective will result in greater success in the end.
“Success isn’t always about greatness. It’s about consistency. Consistent hard work leads to success. Greatness will come.”- Dwayne “The Rock” Johnson
Furthermore, Mr Munj’s secret to success in hard core competitive market was none other than luck. He further added that luck is something we have no control over, so we need to put in with extreme hard work to see what and how we can mend ourselves as an entrepreneur. Hard work is the most imperative attribute and a crucial ingredient to true success. There is no short cut to success.
Moving towards the closing note, Mr. Munj emphasized upon our engrossment in intricacies about comparing ourselves with someone who is perceived to better off. Such comparisons are based on appearance, health, intelligence, ability, social status, wealth, being fluent in English, or having professional attire. Dwelling too much on these judgments would leave no outcome other than deteriorating our self-esteem. It’s okay to be imperfect – it’s not the end of the world. However, a better focus must be on what we already blessed with, our strengths, and work on them to our best advantage. We must work towards finding our best self to develop greater emotional resilience, a stronger sense of self, increased empathy and compassion, and generally a contented life.