Careem co-founders Mudassir Sheikha and Magnus Olsson give their advice for those of you with the entrepreneurial itch:
1. “SOLVE LOCAL PROBLEMS.” Focus on solving problems specific to where you are located, instead of trying to copy other enterprises may be doing in other parts of the world.
2. “HIRE AWESOME, AWESOME, AWESOME, AWESOME PEOPLE.” Make your people part of your business’ journey; make them part of its success as well.
3. “STAY FOCUSED AND AGILE.” Keep your eye on building one profitable business, instead of dabbling in a variety of them and losing your focus.
4. “ITERATE LIKE CRAZY.” Be receptive to customer feedback, and utilize it to build a better version of what you may have originally envisioned.
5. “DO WHAT YOU DO REALLY, REALLY WELL.” Deliver on what you promise your customers- and exceed their expectations. If you can do that, then that’s amazing.
6. “STAY INCREDIBLY LEAN AND BOOTSTRAP.” Not only will it allow you to live longer before you need capital, but it forces you to do the right thing, forces you to focus, forces you to prioritize.
7. “FIND PEOPLE WHO CAN BRING IN MORE THAN MONEY.” When looking for investors, look for ones who can provide you with smart money- they should be as committed to growing the business as you are.
8. “WHEN RAISING FUNDS, START EARLY.” Build a relationship with investors even before you need the money- this will help you shape the product and business you’re building, and this will give them the opportunity to see you in action as well.