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A Short Entrepreneural Journey of mine with Tips for Startups

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How to start any type of initiative which has described what qualities you must have and what you should do and what you should not. Also briefly described what i am doing and how i failed several times

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A Short Entrepreneural Journey of mine with Tips for Startups

  1. 1. If you have an idea, execute now or never A.M.Ishtiaque Sarwar Managing Director Soft Tech Innovation Ltd. Founder MUTHOFUN | eBiponon.com | aamarPay
  2. 2. Inspiration  My Inspiration is my Father, who is a Senior Lawyer at Chittagong.  He said to me in one fine morning “I am a self made person, I don’t work for anyone else I do it for myself and for you, as you are studying in IT so you cannot continue doing job for so long” then I asked what I should do then? The answer is “SOFT TECH INNOVATION”
  3. 3. Determination  Most of my relatives and family members thought that I wont be able to do anything in my life as I was not a good student but an average one.  So it has forced me to do something with determination that yes I can do and I will make it happen at any cost if it takes decades to reach.
  4. 4. Passion  What ever I do, I do it passionately and I am happy with it. I don’t run for so many thing at a time but passionately doing / full filling my plan one by one. Establish that and then get into another task.
  5. 5. Dedication  I started my first venture in the year of 2005 as a sole proprietor company, later converted into a private limited. Which is now Soft Tech Innovation Ltd for offering web solutions.  I started my second venture in the year of 2008. Which is known as MUTHOFUN for offering VAS & Messaging Solution. This was nearly failure venture according to my wife. She suggested me to shut it down, In return I said have patience, wait and see.
  6. 6. Dedication  I started my third venture eBiponon.com in the year of 2011 but considering massive investment I kept it paused and started at September 2012.  I am starting my long planned (since 2011) venture Online Payment Gateways for Bangladesh this year named as “aamarPay” under joint venture partnership with a UK based company where I am holding 51% share 
  7. 7. Challenges I Faced  Lack of good dedicated human resources.  Lack of sufficient fund  Huge competition of similar enterprises  Low price bid by other providers  Clients are not willing to pay on due time  Various types of Technical Error / Barriers due to policy and other relevant issues
  8. 8. Fail twice thrice or even thousand times  If you execute an idea into reality it may not work every time as you expected so it may fail or may not act the way you expected. So do not give up but hunt for new ideas or reshape your old ideas with a new execution plan.  I have 2-3 failed ideas / business too 
  9. 9. 12 things that will convert your ideas in to reality  Believe in yourself  Create your own personal advisors  Embrace risk as your best friend  Be extremely patient  Learn how to sell your vision  Be passionate what you are dealing with  Be purposeful  Have focus on your goal  Always make your idea better, best  Make Work/Life Balance a Priority  Build a legacy around your idea
  10. 10. Bangladesh Perspective  If you are planning a new business / idea few thing you should do in Bangladesh perspective  Study the market needs and problems you will solve.  Make your product / service bit more innovative than others  Make your pricing model competitive but not too low  Stay customer focused / centric  Bring innovation / diversification in to your ideas and keep your customers within your hand grip so that they come back to you again and again.  Keep a backup plan always and do not start two thing at a time.
  11. 11. There is no tomorrow, do it now  “The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.” – Nolan Bushnell, entrepreneur.
  12. 12. Thank You Open for Q/A