5 Ways To Think Like An Entrepreneur

What makes someone an entrepreneur? Do they carry a special token which differentiates them from others? Or is it the way they think? Well entrepreneurs are individuals who create something new and unique, an initiative, a business or a company. Moreover in order to become an entrepreneur one must think like one. A little bit of their knowledge can give you an advantage in your professional life.

  1. Entrepreneurs are experts at gambling. The main feature that makes entrepreneurs different from the average professionals is their rich appetite for risk. Entrepreneurs learn to weigh and assess risk and become comfortable with the idea that they must invest time and resources in new ideas. An entrepreneur should not be affected by the losses made from an unsuccessful startup. Instead they gain an unforgettable learning experience which enhances their skills and sets there base in becoming successful entrepreneurs.
  2.  Entrepreneurs tend to show signs of deep passion for their work. Mark Zuckerburg has said, “If you just work on stuff that you like and you’re passionate about, you don’t have to have a master plan with how things will play out.” This is a major tool which helps in achieving success in field. If you think how your life would be if you chose a different field, try to think how you can change your life with your field. Try to look for signs to make your field better. Could you translate your position to another industry? If you’re not passionate about your work try not to feel stuck. Instead try to think how you can make the best use of your skills.
  3. In order to survive business must come up with innovative ideas, so entrepreneurs have to use their time to come up with new ideas by constantly brainstorming. Lacking this ability makes one unable to become an entrepreneur. Steve Jobs had quoted that “Innovation distinguishes between a leader and a follower”. In order to brainstorm, try to schedule sometime in a week to come up with ideas. Eventually you will come up with an idea which differentiates you from others.
  4. Have you ever found yourself stuck waiting for responses in order to proceed forward? Entrepreneurs don’t and should not have a high tolerance for inefficiency. Making inefficient decisions makes entrepreneurs fail to realize their full potential. In order to overcome inefficiencies in organizations, entrepreneurs come up with ideas and try to implement them. Due to their continuous attempts they are able to minimize inefficiencies or in some cases they are able to eliminate it completely.
  5. The most important attribute of entrepreneur’s is their resilient nature. Even though they are realistic, entrepreneurs don’t take giving up as an option. In fact they use their failures as stepping stones in achieving what they could not. They tend to aim far beyond the sky because they know even if they can’t achieve their dream they will certainly achieve something when they try.

The main reason why entrepreneurs are different from others is because of their ability to think differently. For this reason they achieve more than an average individual could ever dream of.

By Hussain Jamshed








Startup Weekend Lahore FAQs

The following are the frequently asked questions regarding Startup Weekend Lahore:

Q. What is the registration deadline for Startup Weekend Lahore?

       A. The registration deadline for Startup Weekend Lahore is 14th February 2017.

Q. What are the timings for the event?   

       A. The event will start on Friday at 4 pm and will end on Sunday at 10 pm.

Q. What is the mode of payment?

      A. Mode of payment will be through bank draft, details will be communicated to the shortlisted applicants.

Q. What is the payment deadline for Startup Weekend Lahore event?

      A. Payment deadline will be disclosed to the shortlisted candidates. Participants will have ample of time to   process and submit their payments.

Q. Is there any refund policy for the payment in case I cannot attend the event?

     A. No, there is no refund policy. If you get shortlisted, please be sure before making the payment.

Q. What is the schedule of the event?

    A. You can view the schedule of the event from this link.

Q. Can I still apply if I don’t have an idea?

    A. Yes, you can apply even if you don’t have an idea. In that case, you can extend your expertise to people    who have an idea by joining their team.

Q. Can I pitch more than one idea?

    A. Yes. Prioritize your ideas, pitch your best idea and the one you have most prepared for first.

Q. Can I pitch my existing business idea?

    A. No. You can only pitch your existing idea if MVP (minimal viable product) has not been developed yet.

Q. Can all university students or professionals apply?

    A. Anybody with an idea which would help bring innovation and creativity  is more than welcome to apply.

Q. Will you be provided accomodation?

    A. No, but you will be able to stay over the 54 hours on venue.

Q. Do we need a team before applying to Startup Weekend Lahore?

    A. You may have a team but it is not a condition. If you have a team, each team member will have to register individually.

For further queries contact you can email or you can inbox us at our Facebook Page








Startup Weekend Lahore Ed-Innovation FAQ’s

These are the frequently asked questions regarding Startup Weekend Lahore Ed-Innovation:

What is the registration deadline for Startup Weekend Lahore?

The registration deadline for Startup Weekend Ed-Innovation is 24th July 2016.

What is the timings of the event?   

The event will start on Friday at 4 pm and will end on Sunday at 10 pm.

What is the mode of payment?

Mode of payment will be disclosed to the shortlisted candidates.

What is the payment deadline for Startup Weekend Lahore event?

Payment deadline will be disclosed to the shortlisted candidates. Participants will have ample time to process and submit their payments.

Is there any refund policy for the payment in case i cannot attend the event?

No, there is no refund policy. If you get shortlisted, please be sure before making the payment.

What is the schedule of the event?

You can view the schedule of the event from this link

What does Ed-Innovation mean?

Ed-Innovation mean Innovation in Education. In education, innovation often results when ideas are applied to satisfy the needs and expectations of the students.

Can I still apply if I don’t have an idea?

Yes, you can apply even if you don’t have an idea. In that case, you can extend your expertise to people who have an idea by joining their team.

I have an idea but it is not education related, can i still apply?

Unfortunately, you may not apply if you don’t have an education related idea as participants have to follow the theme. You may, however, join hands with people who have an idea by teaming up with them.

Can I pitch more than one idea?

Yes. Prioritize your ideas, pitch your best idea and the one you have most prepared for first.

Can I pitch my existing business idea?

No. You can only pitch your existing idea if MVP (minimal viable product) has not been developed yet.

Can all university students or professionals apply?

Anybody with an idea to improve and innovate the existing education system in Pakistan is more than welcome to apply.

Do we need a team before applying to Startup Weekend Lahore?

You may have a team but it is not a condition. If you have a team, each team member will have to register individually.

For further queries contact you can email or you can inbox us at our Facebook Page

 








Startup Weekend Lahore is Back – This Time Bringing Innovation in Education

Have a great idea to make this world a better place through the power of education? Startup Weekend Lahore is the place for you! With Startup Weekend Lahore Ed-Innovation, entrepreneurs now have a great opportunity and a great way to pitch their ideas, find like-minded people and collaborate with venture capitalists with a mission to empower the education system in Pakistan.

With Startup Weekend Lahore Ed-Innovation, the main aim is to help people learn about entrepreneurship and to create solutions for the problems in the world of education. Startup Weekend Lahore ED-Innovation brings together people of all skill sets and experience levels to collaboratively launch tools, schools and learning spaces that re-imagine the future of school and education more broadly. The event presents a chance for participants to rub elbows with people of excellence in their fields, in the form of coaches, mentors and guest speakers as well as forge partnerships with other participants whose skills can propel their idea to greatness.

Over the last 5 years the education industry has had a huge wake up call. We realized that the way we educate ourselves and our next generation need to rapidly change. We want to bring together new innovators with new ideas, technologies and business models to bring our education a step further. Whether you want to found a company, find a co founder, meet someone new, or learn a skill far outside your usual 9-to-5, everyone is guaranteed to leave the event better prepared to navigate the chaotic but fun world of startups. If you want to put yourself in the shoes of an entrepreneur, register now for the best weekend of your life!

So mark your calendars for the 5th, 6th and 7th of August 2016 and start the brainstorming for a weekend that is destined to be unlike any other.








5 Habits to Polish Your Raw Talent for a Successful Start-up

In today’s world, to survive in the competition thriving in the global market surrounded by millions of intelligent and talented people, has become very difficult. It is very hard to come up with an idea so unique that no one has ever heard of it before. However, it is even harder to actually start working on the very idea and protect it from being stolen. One might have the talent to generate such an idea but in order to overcome the difficulties that arise during a start-up, one needs to adopt a certain set of skills and develop some habits. These will eventually enable a person to out-perform those with greater resources and talent in the market. Few of the numerous examples of such practices are mentioned below:

  1. Do your Homework:

Always be prepared. In order to deliver the best, first you need to become the best. You need to put yourself in your clients’ shoes and ask yourself that whether or not you would be impressed by your own performance.

  1. Always be eager to learn:

You need to realize that you don’t already know everything and that there is always some room for more improvement. Look up to you peer for the very purpose as well as respect the opinion of your sub-ordinates.

  1. Redefine your goals:

When you achieve something don’t let that stop you from aiming even higher. With the passage of time as you learn from experience, there’s a need to redefine your goals as well as your strategies aiming at achieving those goals. Each time aim for something even bigger and better.

  1. Develop strong work ethics:

Success does not come from talent alone. There is a dire need to have strong work ethics and high moral standards. This means full commitment towards your job and being competent enough to fulfill every requirement. Moreover, along with respecting whom you work for, you should respect those who work for you. Your integrity should show through your work and people should not only be drawn to your work but should also trust you.

  1. Be optimistic:

You should have a positive mental attitude. One tends to face several problems after embarking on the journey of starting a business venture. Thus, it is very necessary that one should not lose temper in case of any hardship or problem. In order to be successful there is a need to stay positive and motivate others to work hard even in the case of a failure. It is only a person with a positive mindset who can see opportunity even in a challenging situation.

 








Registration Details

The registration fee per participant is PKR 1500.

Payment methods:

Bank Draft or Pay Order,
to be made in favor of “Lahore University of Management Sciences”. Please email us the scanned copy of the bank draft/pay order at reg.startupweekend@gmail.com along with your name, names of team members (if any), and name of company/institution.
NTN Number (if required) is as follows: 0453627-4

Bank Transfer.
You can deposit the registration fee (i-e PKR 1500 per person) at any MCB branch all over Pakistan to the following account: 1388-03-01-00133-8.
Please email us the bank deposit slip at reg.startupweekend@gmail.com along with your name, names of team members (if any), and name of company/institution.

Please do not use the ATM transfer service. If you are unable to transfer the amount via bank transfer, then kindly use the method of bank draft/pay order.

Unique IDs will be assigned and emailed to each delegate after a proof of payment is received.








5 MISTAKES TO AVOID WHEN STARTING UP

  1. Allowing belief to overwhelm your startup idea

Owning a business is not for the weak-hearted. The day-in and day-out workload of starting up can be monstrous as compared to any kind of laborious hard work you have done before. So do not bow out and try desperately to get over the  enamored and extravagant idea of your startup that you had in your mind and try to grind out a practical business model.

  1. Giving in to what customers propose instead of the spreadsheets

Your idea might pull substantial demand and render you into relying solely on what the customer has to say. This might work most of the time, for some specific startup ideas. But if your idea does not belong to this specific list, the only thing you should trust are the spreadsheets. Make sure your plan is feasible.Do the math, guarantee that the demand is tantamount to the sale and then move on. Customers are capricious, they might change any time.

  1. Risking a family’s property or retirement fund

Your family would always want the best for you. Do not get carried away if you ask them to fund you by selling a property or something and they nod without a seconds hesitation. They might be irrational while doing this because they would trust you and your idea blindly but you should make sure that you yourself are rational as you are the one who knows the startup inside out. If you think the property/funding is worth more than your startup, look for alternative sources.

  1. Miscalculating the time needed to launch

You might be too excited to get it all started. You might just want to launch the idea and be all curious about  what the people have to say about your idea. But do not get overwhelmed by this excitement. Do keep a buffer zone of about 10 to 15 days before you finally present the idea to the masses. You would lose nothing and gain 10 extras days which would not hurt. You will definitely open up on time and have ample time to go thoroughly through everything again.

  1. Equating personal experience with business expertise

Being a good cook would not guarantee a successful restaurant. Being a good mechanic would not guarantee an up and running workshop. Running a startup or business and being expert in what your business has to offer are totally different things. Committing this logical fallacy can hurt so be cautious.








5 MISTAKES TO AVOID WHEN STARTING UP 

1) Allowing belief to overwhelm your Startup idea
 
Owning a business is not for the weak-hearted. The day-in and day-out workload of starting up can be monstrous as compared to any kind of laborious hard work you have done before. So do not bow out and try desperately to get over the enamored and extravagant idea of your startup that you had in your mind and try to grind out a practical business model.
2) Giving in to what customers propose instead of the spreadsheets
 
Your idea might pull substantial demand and render you into relying solely on what the customer has to say. This might work most of the time, for some specific startup ideas. But if your idea does not belong to this specific list, the only thing you should trust are the spreadsheets. Make sure your plan is feasible.Do the math, guarentee that the demand is tantamount to the sale and then move on. Customers are capricious, they might change any time.
3) Risking a family’s property or retirement fund
 
Your family would always want the best for you. Do not get carried away if you ask them to fund you by selling a property or something and they nod without a seconds hesitation. They might be irrational while doing this because they would trust you and your idea blindly but you should make sure that you yourself are rational as you are the one who knows the startup inside out. If you think the property/funding is worth more than your startup, look for alternative sources.
4) Miscalculating the time needed to launch
 
You might be too excited to get it all started. You might just want to launch the idea and be all curious about what the people have to say about your idea. But do not get overwhelmed by this excitement. Do keep a buffer zone of about 10 to 15 days before you finally present the idea to the masses. You would lose nothing and gain 10 extras days which would not hurt. You will definitely open up on time and have ample time to go thoroughly through everything again.
5) Equating personal experience with business expertise
 
Being a good cook would not guarantee a successful restaurant. Being a good mechanic would not guarantee an up and running workshop. Running a startup or business and being expert in what your business has to offer are totally different things. Committing this logical fallacy can hurt so be cautious.







Profile of a Successful Entrepreneur

Entrepreneurship is all the rage these days, but do you have what it takes to be a successful entrepreneur?

A lot of the personality traits necessary to succeed in one ventures on his or her own are well known; hard work, appetite for risk, integrity, competitiveness, growth-oriented mindset, resourcefulness. However, there are other subtle, less talked about characteristics that are equally important to succeed in a very competitive entrepreneurial world and we shed some light on them here.

Successful Entrepreneurs are Fearless

All successful entrepreneurs are fearless. The one thing that most commonly stands between a successful entrepreneur and a person who will get kicked around all his life into becoming what others want him to be, is the fear of failure. Entrepreneurs know that this is not an impregnable hurdle. They face it, embrace it and celebrate it.

Successful Entrepreneurs are Perceptive

It takes a lot of savvy, heightened awareness and good judgement to identify a viable business opportunity and figure out how it can be transformed into a high growth business model. Entrepreneurs are therefore extremely perceptive individuals who can foresee the potential in solving a problem they experienced themselves or reported by someone around them. These same insights also serve to fuel their passion and lay the foundation of a startup. Entrepreneurs use their perceptive powers to dream and craft a vision that will guide them through the rest of their entrepreneurial journey.

Successful Entrepreneurs are Informed

After identifying a viable business opportunity, entrepreneurs need to accumulate intelligence about their venture. Market size, customer preferences and behavior, competitive landscape, pricing options, decision makers and key influencers in the market as well as prospective customers, potential partners, distribution options, legal and regulatory landscape, etc; all such things need to be known to succeed in this high-risk, high-rewards business. This information needs to be validated by actually getting out of the building and interacting with potential customers. Lousy entrepreneurs are informed by untested hypotheses. Good ones extract intelligence out of market-validated results.

Successful Entrepreneurs are Charismatic

Entrepreneurs need to be charismatic. It takes a lot of charm and drawing power to sell one’s vision to co-founders, employees, partners, investors and early customers. Entrepreneurs are not necessarily the most articulate in a public setting but they are still very good communicators and very passionate about their vision. Good ones need to learn to connect with people and infect them with that passion, energy and vision of the future.

Successful Entrepreneurs are Lean

I am a big fan of The Lean Startup methodology and I think all entrepreneurs need to embrace the essence of it. A lean startup is not a cheap business, but one that is more methodical and scientific about growing the organization with a keen sense of order and priorities. I have seen so many entrepreneurs start developing a product in a vacuum only to discover there never existed a market for what they have built. A lean entrepreneur, on the contrary, recognizes the value of customer discovery and validating his hypothesis about the business model very early on in the business’ life-cycle.

Successful Entrepreneurs are Resourceful

Growing a business requires resourcefulness as well. Not just to build a world-class team but also to reach out to investors, partners and customers as well. A good network is one of the most crucial assets of an entrepreneur, but more importantly, the ability to leverage that network effectively can be the difference between a failed and a successful startup. An entrepreneur will have to tap into his friends and family network to raise initial seed money for the venture. He will need to tap into the college or professional network to recruit good talent. He will need to be knowledgeable about tools and resources needed by his venture. He will leverage his contacts to approach business partners and investors for the startup. An entrepreneur is constantly fire-fighting and improvising and making the best out of every situation. All of this requires resourcefulness of mind, ideas, people and assets.

Successful Entrepreneurs are Tenacious

High-growth businesses require unyielding and strong-willed drivers with nerves of steel. While they need meticulous planning, even more importantly, they need leaders who have the ability to quickly react and adapt to constant feedback from the market. Conception of a business to an IPO or exit is almost always a very long roller-coaster ride with high highs and very low lows. Good entrepreneurs have the tenacity to absorb all the shocks and shield the rest of the organization from the bumps of that journey.

Successful Entrepreneurs are Patient

The high school I went to had a motto: Perseverance Commands Success. Almost all successful entrepreneurs I know of seem to subscribe to that mantra. Building a business is not the same as building a product. While products can be built in weeks or months using a lot of open source tools and frameworks out there, businesses are built over years, without exception. Successful entrepreneurs are not crap shooters, they are chess players and think and act long term. It’s pivotal for a good leader to be aware of the fine line behind which he must persevere and beyond which he must pivot and adapt. The only way to know where that line draws is to be in constant touch with the market and customers.

Successful Entrepreneurs are Caring

A successful entrepreneur knows how to love! He needs to care for his company, his employees, his business partners, his investors and most importantly, his customers. The hallmark of all successful, long running, profitable businesses has been customer service and the loyalty that accompanies happy customers. Successful businesses shoot for 25-40% of their revenue to come from repeat customers. Companies, like Zappos, best known for their customer loyalty attract more than 75% of their business from repeat customers. Their tag line? Powered by Service.








Don’t Be a Boss, Be a Leader

If you’re here, you are most probably thinking of starting up. If you do start up, you’ll be working with a team and here are a few pointers on how to deal with the team because I am assuming you’ll want to keep them motivated.

All of you new heads, don’t confuse the words “boss” and “leader”.  A leader can be your boss but a boss is not always a leader. Though it’s hard to self evaluate, here are some Do’s and Don’ts you should keep in mind.

  1. Evoke Respect Instead of Fear:
suViR5v

Your subordinates should feel free to share anything with you from new ideas to expand the horizons of your business to even merely appreciating what you do for them. No need to scare your team to get them to work.

  1. Focus on People to Focus on Work:
A

People working for you are what make up your organisation. If you focus on keeping them happy, there is a high probability that  your business performance will enhance.

  1. Don’t Micromanage, Delegate:
W9rSChx

Have a little faith in your team! It is very important to delegate so that the employees don’t feel demotivated merely because you do not trust them with important decisions. Job satisfaction plays an important part in raising employees’ performance.

  1. Try to Own Your Business Not Just Run It:
own-it-624x351

While it is very important to delegate responsibility, it is equally important to take part in whatever is happening. After all,  it is YOUR start-up. Thus, instead of stepping with fear, take initiative!

  1. Reprimand Rather Than Scream or Shout:
10405390_1212148235477901_5970222476849532739_n

No one has the right to humiliate anyone else, especially not in public. Constructive criticism is healthy but whatever you want to say to your employee, you should tell him/her in person.

  1. Be Confident About Your Ability to be a Good Leader:
85_451

Last but not the least; you should be confident about what you are doing. Stay calm and enjoy the ride of experiences that being a leader brings. If you know you can be a good leader, you will eventually be one.