Recently, the CEO and founder Bykea, Muneeb Maayr, addressed a crowd at an event called Duck Stories. Founders of different companies come here, and share and celebrate mistakes, along with the times when things didn’t go quite according to plan. The founder of Bykea also shared some great advice for young entrepreneurs on startup success.
“Customer segmentation is the key to startup success,” shared Maayr. “Young founders may struggle to differentiate between their brand’s various demographics, but with the right customer segmentation, they can target the right consumers with the best strategy,” he added.
Muneeb further spoke about one of the key reasons behind startups failing is their absence of focus on core strengths and the yearning to do it all at once. He advised that although going big is and should be everyone’s ultimate goal but new entrepreneurs should not deter from their focus. They can always scale up once they have marked their presence in the market and their foundations are strong.
The CEO further shared his personal ‘duck story’ where his resilience and dedication towards the idea of Bykea ultimately transformed it into a huge success. They also had shaky beginnings where the company had shortcomings, but the team turned the situations around, and then returned with a more effective and viable approach to bring Bykea to heights of success, according to Maayr.
Bykea was introduced on basis of three basic principles, first, the make the employed technology relevant to a major portion of Pakistan’s population; second, transform the existing possessions of people i.e. motorbikes and smartphones into income-generating assets; and third, work out the transportation predicament in the three major cities of Pakistan.
About entrepreneurial success, Muneeb further informed that startups usually have limited budgets that need to be spent with extra caution. It’s only with a focus on your niche, conviction on your proposition, and pure resolve, says Muneeb, that an entrepreneur can thrive as a young founder.
Source: Pro Pakistani
Image Source: Digital Pakistan