How To Thrive In Developing Economies- Top Ten Success Rules From Saleem Ghauri
Saleem Ghauri is the IT entrepreneur from sub-continent; who is the CEO & founder of NetSol Technologies Ltd, The Biggest software exporter from Pakistan. He termed as the Bill Gates of Pakistan due to his pioneering software business. Once started in 2 room office in Lahore; His company is now serving Fortune 500 companies around the world with listing on Wall Street, USA. He is providing enterprise software solutions for 41 plus years now.
If you want to be a tech entrepreneur or you want to make a business setup in under developed country or region? This is your how to serve Fortune company from under developed or developing country, also this is answer for how to run IT or tech business in developing or emerging economies.
1. Luck Is Temporary, Retention Is The Key
If you are starting or have started any startup, anywhere in the world. Someone may get better facilities, chances and support and some may not get anything at all. This luck thing is temporary, the key to develop sustainable successful startup is the hard work for retention of that luck provided factors. Sense, modify and adapt to changing requirements.
2. Accept & Be Honest About Your Wrongs
Wrongs can be your business shortcomings, missed opportunities or mistakes. Don’t be defensive about these. Be open and honest about such wrongs with your customers or clients. This will create transparency and eventually help to build trust with your clients. Don’t be defensive about your answers against every client requirements, be straightforward. They will respect you more.
3. Learn Very Quickly From Whatever You Do
Always be upright in whatever you do. If you don’t learn for the sake of development, you can’t retain clients for long time. Be ahead of your client’s requirement.
4. Adapt Quickly To Change
Things, customers & markets are in ever evolving condition. Be quick to respond to those changing indicators. Sometime, successful businesses got failed not because of their popular products but due to their late response to change factors around. Nokia was world mobile leader in 2007 but their non-recognition and lack of sense of changing requirements cost them their empire just in few years.
5. Work Around Your Limitations
Your place of business, your business funding, your sourcing, your facilities may be very limited or may be near to zero. But make your limitations your biggest strength. Accept your reality and work to solidify your strengths. Those limited yet unmatchable strengths can alone create big opportunities for you, inspite of having limitations around.
6. Level Up Your Game
Size doesn’t matter, you can serve any big company of the world. Just accept challenge given by your client and level up your game. Don’t ever level down for others. Take your time seriously and manage your time well. Set your standard and don’t ever compromise on those standards. Try to find & fill institutional voids.
7. Change Plans To Meet Your Expectations
Starting or taking first step towards bigger goals is easy but key for success is to bear the pain of initial failures and stay firm for your goal. Everyone starts with idealism and big dreams, but things mostly goes differently. This might need change in plan. Therefore, always have a flexible personality & plans to cater every possible situation.
8. Find Meaning Of True Success
Re-define success for yourself. It is not about achieving materialistic goals rather it is more about caring about people and what people actually think about you. Then who is successful? A person with whom people love to talk, in his or her presence and after his back. Values are the most important success factor.
9. Hire Limited, Pay Well & Be Them Responsible
Look after your people, they will bring fortune for you. Never cut off people’s value. If you are a small business or startup founder and want to have a spare time for more executive or macro level goals then follow these three steps; train & educate your workforce, give them responsibilities and let them micro manage all things for you and lastly, value them properly.
10. Do Something Valuable & Good Toward Society
If you got success being in under developed society. Then being privilege & responsible entrepreneur give back something good towards your society. The concept of Sustainable & CSR compiled business seems not so feasible or relevant for under developed economies. But sustainability is becoming essentials for every region with time.
Bonus: Don’t Rush Into Things, Have Patience
If you want to upgrade yourself from ordinary to good to great. Then mind it great things always take time. Have higher goals, make your solid plan and then stick to your ground. Patience is the key for long term sustainable success.