Successful companies are the fruit of many things done right. You have to get lucky. The timing has to be right. An idea ahead of its time rarely succeeds no matter how potential it appears. Product has to find a market. The team needs to be excellent to execute the idea. And a long list of other things.
We don’t have empirical evidence for why some startups succeed while others fail. However, studies suggest several common denominators that separate successful companies from the ones that fail.
For example, finding product-market fit, which in simple terms means there are customers for the product you are selling. On the other hand, co-founder disputes are among the common causes of startup death.
If you are into startups and venture building, this is common knowledge. But knowledge is rarely useful unless we understand the context and use them.
Founded in 2017, Misfit Technologies provides tech solutions to companies across industries including telecom, FMCGs, e-commerce, travel, B2C, etc in the Asia Pacific region.
Before its incredible success, team Misfit successfully raised investment from angel investors in Bangladesh, India, and Singapore, and put together a structure that eventually helped the company expand to multiple countries within a short period.
In a recent interview, we asked Munimul Islam, CEO and co-founder of Misfit Technologies Limited, this question: what are some of the things that worked for Misfit in the early days and what can other founders learn from its success? His answers offer useful insights into venture building: