Entrepreneurship is hard. In emerging economies, its REALLY hard! With the lack of a conducive ecosystem to support early stage technology entrepreneurs and non-existent institutional capital of any sorts to speak of, most startups get nipped right at the bud. Having built a multi million dollar technology company from the ground up in exactly such an environment with no resources and/or external funding, here's my quick take on the ingredients needed to be successful.

1. The Truth About
Entrepreneurship
Babar Ahmed
CEO, Mindstorm Studios
… in emerging economies

2. • Entrepreneurship is AWESOME!
• Not for everyone…. its HARD!
• Which is why… its REWARDING!
• Has the ability to change lives… yours… and others!
Entrepreneurship
YOU

3. Entrepreneurial Success
0%
20%
40%
60%
80%
100%
120%
The Entrepreneur The Team An idea Upfront Capital Ecosystem Luck
Ingredients for Entrepreneurial Success
Relative
Importance

4. Success – The Entrepreneur
The Struggling
Entrepreneur
YOU
• Why are you doing it? What’s the “wrong” you
want to right?
• Will you sell your car when you can’t pay next
month’s salaries?
• Can you work 16 hours a day 7 days a week?
And at dinner? And in your sleep?
• Do you have blind faith in yourself that you can
succeed?
• Do you take crazy risks in your daily life?
• Can you handle repeated failure?
• Can you socialize with strangers, make new
friends, and network easily?
• Can you easily admit you are wrong?
• Are your communication skills top noch?
• And the list goes on…
Key Takeaway
NOT for everyone!

5. Success – An Idea
• You rarely end up doing what you actually start with
• Technology is constantly changing – if your ideas
aren’t you’re already lagging behind
• Don’t get hung up on your idea – be adaptable
• SHARE your ideas with as many people as possible
• Its much MUCH more about execution
Bean Paste and
a Rice Cooker!
Key Takeaway
Experiment quickly, eliminate
even more quickly

6. Success – The Team
The Struggling
Team
YOU
• There is no “I” in team
• Work with people better than you, smarter
than you
• You cannot do all the work
• You CANNOT do all the work!
• A startup team member is ALSO an
entrepreneur – but maybe with fewer risks
• Startup team members that share risk and put
the venture together are Co-Founders
YOU
YOU
YOU
TEAM
TEAM
TEAM
YOU
Key Takeaway
In a good team, 1 + 1 + 1 = 111

7. Success – Upfront Capital
Developed World• To innovate and create disruptive
technology, you need venture/risk capital
• Without capital, you are always running after
money rather than focusing on building
something cool
• Hence services vs. products – you choose
• Your business/revenue model is NOT as
important as your users (at first) (Facebook,
Twitter, Paypal, Instagram, etc.)
Important Fact 1: In the vast majority of the
Developing World, there is no venture capital
Important Fact 2: You live in the Developing World
CAPITAL
Developing World
Your Options:
a) Friends and family money
b) Angels (wealthy individuals)
c) Build a services company
Key
Takeaway
Money is REALLY
hard to come by!

8. Success – Ecosystem
Electricity
Transport Infrastructure Legal
Developed World – mostly organized
YOU
YOU
YOU
TEAM
TEAM
TEAM
IDEA
IDEA
CHUMP
CHANGE
Pakistan – huh?
Electricity
Transport Infrastructure
Legal
Key Takeaway
Entrepreneurs have it tough.
You have it REALLY tough!

9. Success – Luck: Things can go wrong!
YOU YOU
YOU
TEAM
TEAM
TEAMIDEA
IDEA
CHUMP
CHANGE
From…
YOU
TEAM TEAM TEAM TEAM TEAM
IDEA
.. to this…
.. to this…
Uncontrollable
Market
.. and then this…
.. and FINALLY..
Key Takeaway
Multiple points of
failure that you
don’t necessarily
control

10. Entrepreneurial Success - Recap
0%
20%
40%
60%
80%
100%
120%
The Entrepreneur The Team An idea Upfront Capital Ecosystem Luck
Ingredients for Entrepreneurial Success
Relative
Importance

11. • Zafar Khan
• CEO, Sofizar
• Search Engine Commerce/Marketing/Analytics
• $1M to $30M to $150M revenue over 7 years
Entrepreneurs – Made in Pakistan
• Jahanzeb Sherwani
• Founder, iTeleport
• Mobile applications and technology
• Converted his weekend hobby into a meaningful VNC
application and made millions of dollars selling it

12. • Farhan Masood
• CEO, Solotech Corp
• Biometric hardware/software
• Pakistani college drop out to offices in 7 countries,
$10Million in cash injection, and counting!
Entrepreneurs – Made in Pakistan
• Yasser Bashir
• CEO, Arbisoft
• Web + Mobile + Enterprise software technology
• Amongst fastest growing companies in Pakistan – over
200 employees (mostly engineers!) and counting in
Lahore, revenue in the millions of dollars

13. • Faizan Buzdar
• CEO, Scrybe
• Web based productivity tools
• Went viral, funded by Adobe, LMKR
Entrepreneurs – Made in Pakistan
• Irfan Virk
• CEO, Gameview Studios
• Mobile game development
• Created $1million/month earning game- sold company
for $60 million!
• 350+ employees in Lahore + Karachi

14. Entrepreneurs – Made in Pakistan

15. In Conclusion…
Email: babar@mindstormstudios.com
Web: www.mindstormstudios.com
• Don’t be afraid to fall
• Don’t let the negativity of others pull you down
• Believe in yourself and push yourself to the limit
• Dream BIG – otherwise get a job
• Don’t keep waiting…. indefinitely
“While one person hesitates because he feels inferior,
the other is busy making mistakes and becoming superior” - Henry C. Link
“Great spirits have always encountered violent opposition from
mediocre minds - Albert Einstein
“Doing what others cannot is talent. Doing what talent cannot is genius”
“Success comes to those that dare to dream dreams, and are foolish enough
to try and make them come true”
“Regret for the things you did may diminish with time; regret for the things
you didn't do is inconsolible”