Muneeb Maayr, the CEO and founder Bykea, recently shared some great advice for young entrepreneurs on startup success. He was speaking at an event called Duck Stories where founders share and celebrate mistakes and the times when things didn’t go quite according to plan.
“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 also informed that one of the key reasons why startups fail is their lack of focus on core strengths and the wish to do it all at once. “Going big is and should be everyone’s dream but we must not get carried away and lose our focus. We can always scale up once we have carved our niche and our foundations are strong,” he said.
Muneeb also shared his personal ‘duck story’ where his resilience and commitment to the idea of Bykea eventually turned it into a big success. “We also had troubled beginnings where we fell, went back to the drawing board and pivoted, and then returned with a stronger and more viable strategy to make Bykea the household name that it is today.”
In a matter of years, Bykea has grown to become one of the largest platforms in Pakistan, connecting its driver-partners to millions of users spread across Karachi, Lahore, Rawalpindi, and Islamabad. Today, Bykea is a mega network of motorbikes serving transport, logistics, and payment services.
Bykea’s services help move people, parcels, and payments efficiently in a safe, reliable, and inexpensive way utilizing bikes as the mode of transport which outnumbers cars by three times in Pakistan and is also suitable for the congested streets and narrow alleyways of Pakistani cities.
“Bykea was launched on three basic principles,” Maayr said. “First, take the technology and make it relevant to a major portion of our population; second, convert the existing possessions of people i.e. motorbikes and smartphones into income-generating assets; and third, solve the transport problem in the three major cities of Pakistan.”
About entrepreneurial success, Muneeb further informed that startups normally 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 true resolve, says Muneeb, that you can succeed as a young founder.