The Journey So Far

I read somewhere Tim Ferris decided to drop out of his MBA from Stanford and spend the $400,000 it would've costed, on an investment portfolio. That was his version of acquiring the on-ground lessons he may have learnt from his MBA. When I read that, I felt the same way. Not to say, I was/am going for an MBA to Stanford, but just the journey I am similarly setting out on for myself.?

In December 2017, I met Nagin Ansari , with whom I set up Backspace the following year. At the age of 23, I decided it was now time for me to take the leap towards becoming an "entrepreneur.” In the past 3-4 years, we've worked with some fantastic founders and teams. These have included individuals who are challenging the status quo and creating a category of their own. Along the way, it's safe to say the learning for myself has been tremendous. But have the learning and experience building stopped? Definitely not.?

Behind the scenes, from around the same time Backspace was made, was a second venture/idea waiting to be shown to the world - Alt Academy . In May 2021, Alt was ready to be built and begin claiming its space in the world. Having started off my career in the education space and returning to it with Bilal Hameed has been another pivotal moment for me. During the pandemic, talk around Edtech accelerated, as expected. But how come this didn’t come up during the lockdown, when we would supposedly be “most successful”? Well, that might require another blog.?

But the reason I'm writing this, is to document the 8 key lessons I've learnt along the way, which I feel are a) underrated and b) might be of help to those aspiring to begin their own entrepreneurial journey.

1. It’s never really the right time.

Now more than ever, in a down market, the elders of the family might advise to stay put and avoid taking on any risk. The truth is, the risk factor never really calls preceding its visit. What matters more is whether you are ready to take the step, if you have the stomach to face the ups and downs and most importantly, the strength to dedicate yourself to the cause/mission you're going to subscribe to. If thoughts around the last two sentences have some "ummms" or "uhhs", that's cool. Because it’s never really the right time to dive into something. The markets don't always have to be performing at boom levels because the reality is that there's your existing life too that needs consideration. I've personally realised the scales are rarely ever going to balance out ideally in this decision making process. You'll just have to trust your gut and promise yourself that you will ensure the scales don't tip over completely.?

2. Be patient with the process and yourself.

If I had a dime for every time I was given this advice, I probably wouldn't need to be working... But it's true. Things take time. Even though competition suggests you work with speed, you don't want things to be rocky. The faster you run. the harder you're going to fall. At times you're going to have to rush through the ideation process and often the development process as well. But if that cycle repeats itself consistently, you're probably not going to have much juice left in you to keep going. Whenever I sit down to remind myself to slow down and be patient, newer ideas come my way. Clarity comes with that as well. Allow yourself the space and time to clear out your vision. You'll also learn something new about yourself or those around you, which might be super valuable to help you exceed your goals. So why not just let something run its course and accept that we can't control everything?

3. Plans matter but don't shy away from iteration.

I learnt this the hard way. I prefer structure. I feel comfortable with planning. I also know a plan could easily be wiped out. One of the values at Alt is "To have a relentless drive for excellence.” In other words, keep aspiring to do better. Just because something is done doesn't mean it can’t be improved.? And I'm sure product designers will understand this. At Backspace, we made 4 iterations of our in-house creative workshop. All 4 of them sold. But with each new iteration, we improved our process of running the workshop. At Alt, our content format has remained the same but with each new iteration, we've observed students feeling more engaged just by virtue of adjusted delivery styles. So in short, keep your eye on the long term prize but be comfortable with changing up routes and highways.?

4. Fundraising is only just the beginning.

Till recently, my opinion on all the news associated with fundraising was that it seems too good to be true. We've seen startups raise round after round and then, unfortunately, been forced to wind up. This is to acknowledge that times are changing, yes, but the root of this lesson highlights for me my lack of awareness of how founders treat the capital that has been raised. Before you get the first cheque in, ask yourself what needs to be done to ensure you don't need a second one. Aiming for scale is great but what about creating a solid foundation? How are you going to work towards ensuring the problem you're aiming to solve really does reach a sustainable solution? The capital you acquire isn't yours and in my opinion, should be treated with respect and care from before you even get it. How you make that capital work for you is the challenge but most importantly, working towards not needing another round to keep the shop open is super important and an underrated idea.??

5. The people on the bus really do matter. Co-founders, advisors, investors, team members, customers. Everyone.

Every business is a people’s business, whether it’s tech, commerce, retail, or design. You don't just need to find people who have the right skillset to help you accelerate but the right attitude and heart for it. At Alt and Backspace, we hire for attitude and heart. Skills are important but can also be learnt. Having an innate drive to go higher, a positive attitude and willingness to subscribe to the vision at hand is difficult to find. And if you can find folks with that, hold on to them. Enable them. Coach them. You'll need them the most when times are difficult for you. And if you're doing this the right way, you'll see how this trickles over to your customer's experience. If your company isn't happy, your customers won't be either. Think about them the way you think about your family. Are you doing the best you can for those that are also using your product??

6. Stay true to your roots. Without results marinating, people are only banking on your vision and your actions.

Remind yourself about why you started what you have. Remember: the first handful of individuals you brought on took a gamble when agreeing to join you in your journey. Respect that and hold on to it. This doesn't mean don't pivot. Just be clear and aim to foresee the direction you're going in. And yes, I'm not naive to ignore the fact that pivoting might be required to stay afloat. But is there an overlap with what you're doing today versus what you set out to do at the start of the journey? Before diving into a problem to solve, you've built up the skills, expertise and insights to be able to solve that problem in the first place. So don't go seeking "scale" because it’s sexy. It’s cool to solve a problem that isn't a high scale one, as long as you're completely satisfied with the fact that you can do a great job at it. This same lesson was captured in Episode 30 with Zain Umar on Behind The Grind.?

7. Don't let past successes get to your head. Each venture has its own process and experiences to learn from.?

This was a personal struggle when transitioning from Backspace into Alt Academy. Because of how well we did, how hard we worked, the insights we gathered from clients and their own ventures, I felt the same playbook of lessons could be applied here at Alt. It took me a few months and many battles to realise that I can't copy-paste a solution from the past. You can be fully aware of the dynamics of the industry, but it doesn't mean a similar one can be replicated in a different one. It can be, situationally, but not always and perhaps not as effectively. I spent ample time reflecting on this and came to the conclusion: I had to go back to my old ways of working - just unlearning and relearning.?

8. You are also part of the "people" at the "core of it". Take care of yourself.

Nothing more to read here. Just that. Take care of yourself.?

The idea behind this blog came up in September of this year. It took me a few weeks to really narrow down what I’ve learnt and would love to hear what lessons you’ve learnt along the way too. Lessons you feel will stay with you for your journey ahead.?