At Future Startup, we are continuously inspired by the resilience, vision, and wisdom of the entrepreneurs building the future of Bangladesh. Their journeys, often marked by immense struggle and profound learning, offer invaluable inspiration and lessons for aspiring and seasoned founders alike.
Over the years, we have had the privilege of delving into the experiences of hundreds of such leaders. Their insights, shared candidly, distill decades of venture building into powerful, actionable lessons.
In this article, we compile 20 profound lessons from 13 such founders on entrepreneurship, leadership, and life, drawn directly from their experiences:
1. Embrace Patience and the Long Game: Entrepreneurial success is not an overnight phenomenon; it demands unwavering patience and dedication over a sustained period.
Fahim Mashroor, Co-Founder and CEO of BDjobs.com, emphasizes this, stating, "Patience is critical. It is a long and tough journey. Patience and dedication are two elements that seldom fail." He adds, "we want to be rich overnight which is certainly not a good idea. You may find examples of shortcut success which is prevalent in our society but you should also look at the definite peril of this approach".
2. Passion and Purpose as Core Drivers: Building a lasting enterprise requires a motivation far deeper than mere financial gain. Passion serves as your most significant capital, driving you through challenges.
Habibul Mustafa, Co-founder of Khaas Food, articulates this, noting, "Building a business is not about excitement or motivation, it is about long-term commitment" and "This is not a job for me. This is what completes me".
Fahim Mashroor concurs, stating, "Passion is your biggest capital. Work for passion. Don’t work for some extrinsic motivation that often does not last".
3. Prioritize People and Cultivate a Strong Culture: A company's success hinges on its people and the environment it fosters. Investing in your team, empowering them, and building a supportive culture is paramount.
Hasnaeen Rizvi Rahman, Founder of Astha IT, explains, "as an entrepreneur, my primary allegiance is to my team. Some entrepreneurs are client-centric, but to me, my team is everything. I'd rather have challenging projects or difficult client relationships than problems with my team members".
Wahid Choudhury of Kaz Software echoes this, stating, "One major component of our culture at Kaz is that it is a relaxed environment. We always say "happiness first".
4. Flawless Execution is Paramount: While strategy and planning are crucial, getting things done with discipline and commitment is what truly drives results.
M. Manjur Mahmud, COO of DataSoft, asserts, "We shouldn't spend all our time planning. We should also focus on execution as well. Planning is easy... Execution is about getting your hands dirty and getting things done".
Rezwanul Hoque, CEO of Transsion Bangladesh, adds, "Having a good plan, a strategy is great but unless you execute a good plan would not produce any result. And execution is done by the people".
5. Focus and Avoid Spreading Too Thin: Resources, whether time, money, or energy, are limited. Concentrating these on core objectives is essential to avoid distraction and achieve meaningful progress.
Mahmudul Hasan Sohag, Chairman of OnnoRokom Group, advises, "I would ask him to focus and prioritize. At one point of my journey, I lost my focus for a couple of years and pursued too many things at once. Had we not done that, we would have done better in many other areas".
M Asif Rahman, Founder of ARCom, learned this too, realizing "that I made a mistake by spreading myself too thin".
6. Maintain Customer-Centricity and Embrace Feedback: Delighting customers and actively responding to their needs are powerful growth drivers.
Fahim Mashroor notes, "At BDJOBS.COM, quality has always been our first priority. We have always been serious about feedback from our customers and adopted and modified ourselves based on what our customers want".
Mohammad Rashed Ali Bhuiyan, Chairman of Star Tech, highlights, "We listen to our customers and tap into their knowledge... We are constantly speaking with our customers before making any decision and also to understand the market pulse".
7. Honesty and Integrity as Foundational Assets: A strong reputation built on honesty and integrity can be a more valuable form of capital than financial investment, especially in early stages.
Mohammad Rashed Ali Bhuiyan shares, "My capital was my reputation. The suppliers believed my commitment and gave me a lot of product support... I believe that honesty and commitment are the biggest assets for a business".
Rezwanul Hoque stresses that "integrity is an indispensable quality that many of us overlook... you need the 3-H namely Honesty, Hard Work, and Humility".
Learn Continuously and Embrace a Growth Mindset: The world, and business, are constantly evolving. A relentless learning mindset and deep domain knowledge are indispensable.
Amir Salihefendic, Founder and CEO of Doist, states, "you need to grow constantly. To this day, I spend a lot of time just learning and growing as a person. You need to have a learning mindset".
Raisul Kabir, CEO of Brain Station 23, advises, "Be a relentless learner. Gather domain knowledge and develop a deep understanding of your work and industry".
9. Challenge the Status Quo and Differentiate: To stand out in a competitive market, think from first principles and strive to offer something unique.
Amir Salihefendic shares, "Something that's worked is the thinking from the first principle, challenging the status quo, and doing things differently instead of doing the playbook that everybody else is doing. That has allowed us to build a competitive advantage over the years".
Ashraf Kaiser, Founder of Benchmark, advises, "talk about differentiation and think about differentiation and work on differentiation. They have to offer something different".
10. Gain Practical Experience Before Starting: Aspiring entrepreneurs can significantly benefit from working in established companies to understand operational realities and develop crucial skills.
Mohammad Rashed Ali Bhuiyan suggests, "My primary advice would be to gain experience by working in established companies before starting your own venture".
M Asif Rahman uses an analogy: "Could you win a race without any practice? Could you simply show up, run, and take first place? Of course not. Yet, in the world of startups, that's what many people try to do".
11. Responsible Capital Management and Frugality: How you allocate funds determines long-term sustainability. Be frugal, and connect investments directly to revenue generation.
M Asif Rahman highlights, "Many founders allocate funds without a clear connection to revenue generation. This is an area that demands greater attention".
Ashraf Kaiser recalls, "At Benchmark, we never tried to be flamboyant... Instead, we have tried investing in people, investing in developing systems and processes, in technology and so on".
12. Strategic Networking and Partnerships: Building a strong network and forming strategic partnerships with influential individuals can open doors and accelerate growth, even if immediate benefits aren't apparent.
Hasnaeen Rizvi Rahman notes, "Another strategic move that has benefited us is partnerships with influential people... I have given away parts of my company to many people for free. I haven't received any instant benefit. However, I have inevitably received benefits after six months or a year".
13. Adapt to Market Changes and Emerging Technologies: The business landscape is dynamic. Proactively understanding and adopting new technologies and market trends is vital for competitiveness.
M. Manjur Mahmud explains, "The world of technology is changing fast. Technology is a different world. Here today’s most innovative technology goes obsolete tomorrow".
Fahim Mashroor emphasizes, "market changes all the time and competition will always be there. Our priority is to keep evolving".
14. Implement Structured Employee Growth and Ownership: As companies grow, clear structures for career progression and profit-sharing foster a sense of ownership and motivate employees.
M Asif Rahman's WPDeveloper "distributes most of our profits to all of our employees—everyone, from the chef to every team member". Raisul Kabir's Brain Station 23 implemented a system where "everyone in the organization has a grade, a level, and several increments like bank and government offices".
15. Open Communication and Constructive Feedback: A healthy organizational culture thrives on open, honest communication, including the ability to give and receive constructive criticism without fear.
Raisul Kabir learned, "I should be more proactive and direct about communication" and "We fight with people we love and close to because we have trust".
Wahid Choudhury's hiring process at Kaz Software includes creating "a debate" to see "how a candidate objects—if they do it nicely... or whether they just accept it".
16. Build Products to Solve Your Own Problems: A powerful approach to product development is to address issues you personally experience, making you the first and most knowledgeable user.
Amir Salihefendic famously "created Todoist in 2007 to manage his own tasks".
M Asif Rahman shares, "One big secret is that we never build products because there seems to be a market. We usually build products to solve our own problems".
17. Balance Intensity with Sustainability to Avoid Burnout: While intense effort is necessary, optimizing for long-term sustainability and personal well-being prevents burnout.
Amir Salihefendic likens it to a pro athlete: "When we think about work, we bring in that intensity... Afterward, you also need to recharge, because if you don't do that you burn out".
Hasnaeen Rizvi Rahman also makes sure to "allocate time for myself. I won't let myself burn out".
18. Partnerships Require Respect, Sacrifice, and Clarity: Successful business partnerships demand mutual respect, a willingness to sacrifice for shared goals, and meticulously documented terms to prevent future misunderstandings.
Mohammad Rashed Ali Bhuiyan states, "Respect and sacrifice are key to making a partnership work".
Nizam Uddin warns, "No matter how good your partners are and how strong your relationship is with them, make sure everything is written down with absolutely no ambiguity at all".
19. Live in the Present and Be Grateful: Beyond the pursuit of external achievements, finding contentment in the present and expressing gratitude contributes to a fulfilling life. Mohammad Rashed Ali Bhuiyan advises, "We should live in the moment and be grateful for our current state... We should be thankful for what we have". M Asif Rahman reflects, "I realized instead of running after money and luxury, we should spend more time reflecting on things that can make our souls happy".
20. Build a Strong Brand and Cultivate a Global Mindset: A powerful brand creates a "pull" effect, drawing customers and talent. For global aspirations, adopting an international identity and strategy can overcome local perceptions.
Hasnaeen Rizvi Rahman notes, "The best type of sale is when you sell while you sleep. Auto sales. That is pull sales. You pull like a magnet. It only happens when you have a really good brand". He also observed that when saying Astha IT is a "US-based company with an offshore center in Bangladesh... everyone gets happy".
To find similar gems of entrepreneurial lessons, explore our The Art of Enterprise and Founder Story interview series.
