Zainab Talha 
Nov 23, 2024
An image of panelists at a session at Institute of Business Administration Karachi on November 22, 2024. — IBA Karachi/Instagram
“In today’s age, stress, depression, and several other negative aspects in youth are often highlighted, but what usually remains unnoticed is the potential of young people to achieve big and their willingness to do something for the nation and themselves,” remarked Karim Teli, Managing Director at Pakistan Dairy Products – IGLOO.
Organised by the IBA’s Centre for Entrepreneurial Development (CED) as part of Global Entrepreneurship Week (GEW), a distinguished panel of investors from Shark Tank Pakistan offered entrepreneurs insights into transforming innovative ideas into successful ventures.
Shark Tank Pakistan: An innovative platform for businesses
Produced by Grenlit Studios, Shark Tank Pakistan is a unique platform that offers a dual opportunity: for investors to discover promising ventures and for entrepreneurs to showcase business presentations to a panel of investors, known as “sharks,” who decide whether to invest in their companies.
“Our motivation for creating Shark Tank Pakistan was to raise the bar for content in Pakistani media, which often falls short of showcasing the country's positive and insightful image,” said Muhammad Rizwan Siddiqui, Cofounder and CMO of Grenlit Studios, the platform behind Shark Tank Pakistan.
Throughout its 12-episode run, the show aims to spotlight more than 45 innovative businesses. Siddiqui also shared the programme's latest milestone: achieving the biggest-ever deal in the history of the Shark Tank franchise.
The discussion also covered various topics, including the importance of innovation, building a strong brand, and securing funding.
Think of an idea for your business
The first step to building a business is to think of an idea. As an entrepreneur, it is essential to be genuine and passionate about the brand you are creating. If anyone’s sole motivation is profit, without a genuine desire to solve a problem or meet a need, sustaining the journey in this competitive market will be difficult.
What sets a product, brand, or business apart from the rest is thinking outside the box and coming up with something truly unique. The key to success lies in identifying the Unique Selling Point (USP).
“Entrepreneurship is a mindset, and one needs to be a doer and have passion to do something new,” Siddiqui noted.
“The starting point for any successful business is you, your passion, drive, and commitment to creating something meaningful," added Rabeel Warraich, Founder and CEO of Sarmayacar, Pakistan’s leading venture capital firm.
Bringing business ideas into practice
Bringing ideas into practice requires more than creativity; it demands confidence and perseverance. It is essential to test your idea with people you trust and seek their honest feedback to determine whether your concept has potential.
Once you have validated your idea, it is time to take action. However, building a business is a legacy that requires patience, dedication, and hard work, Teli emphasised.
The panel highlighted that entrepreneurs can support their journey by seeking mentorships, utilising online resources such as podcasts and in-depth guides, and exploring incubation centres and programmes offered by various universities, including IBA-CED.
The right time to seek funding
“The moment one thinks of an idea is the perfect time to start a business, but for funding, the most effective way to finance a business is through generating one’s revenue,” Warraich stated.
However, there might come a point when you identify a gap between your business’s current revenue and the resources required to take it to the next level. This is when external funding might become necessary. Self-belief and a clear vision are crucial in securing funding, as it is unlikely others will invest if you lack conviction in your business.
Businesses that investors prefer
Investors typically prefer revenue-generating businesses. Warraich noted that investors tend to favour less capital-intensive and operationally simpler businesses that offer promising returns.
For example, Warraich highlighted Simpaisa, a less capital-intensive business from Sarmayacar’s portfolio that enables merchants to process payments for Apple Stores and Google Play Store for digital streaming and gaming services.
On the other hand, businesses like Bykea, though highly visible, require significant operational intensity and capital, making them less appealing to certain investors.
Create your place in the global market
With a population of 250 million and ample opportunities within the country, entrepreneurs should focus on establishing a strong foundation locally before expanding globally. Rather than obsessing over international markets from the outset, concentrating on dominating the local market can pave the way for natural growth and eventual diversification abroad.
“When you prioritise going global from the outset, you risk diluting your attention and focus. A recipe for success lies in becoming a master of what you are good at, to achieve sustainable growth,” Warraich remarked.
Growing online businesses
When asked how to grow an online business, Teli remarked: “To grow an online business, it is important to focus on targeted advertising, by identifying your audience by demographics such as gender, age, and interests.”
Moreover, a great customer experience, enabling purchases through digital methods and offering cash-on-delivery options, can ultimately lead to repeat sales. By employing such digital tactics, businesses can strengthen their position in the online marketplace.
