Entrepreneurship and SME

Assignment# 4

Semester# 6

Section: A

BBA

Submitted by:

Faryal Razzaq

Mehrunisa

Tehreem Zafar

Ramsha Shahid

Sara Irum

Submitted on: 21st April 2017

Submitted to: Ma’am Sara Aslam

 Waqas Zaki
“Come Join the Hands, Change The Portal Change The Lives.”
World is in the pace of technology. Every day the human being wants to have the innovative
technology that not only handles his work but also provides him the sense of ease. Waqas Zaki is an
IT specialist. After completing his studies from University of Central Punjab, he joined the university
as a Professor of IT in 2014. One day his student came to him and claimed that he was not able to
learn the quiz as he missed the lecture and none of his friend was ready to explain him due to their
busy schedules.

Waqas Zaki always had a dream to explore such an idea that it would find the place in the heart of
facilitators and become an inspiration for all. The problem of the student becomes an opportunity for
him. He consulted the idea of making a user friendly portal for students and teachers with other
professors of the IT department. Few young and energetic professors agreed to work with him for 2-3
hours in evening on his idea to make such user friendly software portal in which there would be easily
access to teacher’s lecture, course books, paper pattern, attendance & display of leave quota,
teacher consulting timings, assignment/project, submission A/C, record of marks, daily/monthly
feedback A/C, timetable, roadmap, Community service/internship and jobs opportunity A/C,
participative events opportunity A/C and etc. Similarly teacher’s are also provided the ease to
mark their attendance online, assign tasks/quizzes to students, invitations of events, salary A/C
with all required information, declarations of bonuses and other facilities, leave quotas,
daily/monthly feedback to students, easy grading facility, easy work on thesis during vacations
through portal SKYPE option that connects teacher with students.

A year later the software was ready to facilitate the students. Waqas Zaki consulted the Dean of UCP
Bilal Sarwar and sold the old portal software to FAST University in 2015 for Rs. 6 million. The new
portal software was installed in UCP databases and the amount from FAST University was given to
the entrepreneurial team of Waqas Zaki. Waqas Zaki and his team members of IT department are in
the name of visiting faculty of UCP and they have opened the company where these people properly
work to generate user friendly portal software’s for the Universities. Waqas Zaki shared with us that
they have been given the contract from COMSATS and SKANS to prepare the same portal software
like UCP. Hence his art of turning the idea into the viable business helped him to step the ladders of
entrepreneurship.
 INTERVIEW

Question#1

Being an entrepreneur of IT technology, what were the potential strengths

that helps you overcome weaknesses and hit new market opportunities that
declines the level of threat?
The phase of the IT market is surrounded by many strengths and weaknesses, but it depends
on the passions and thrill of the entrepreneur that how he would make his strength an
opportunity to reduce the threats in the market.

As discussing about the early phase of making user-friendly software, the biggest strength of
my venture was that we all were IT specialist and understands the know-how of making
the software’s. Every team member contributes in the financial terms and we were easily
given the loan by the bank to execute our idea smartly. Every team member worked
efficiently and effectively and there were not time bound that is usually the main constraint
of the conventional businesses. In the meantime, my team members contacted many
universities and we were given the project of making the same software for many other
universities. The orders of new software’s gave us the boast to make the remarkable product
in the market.

But every business either it is entrepreneurial or conventional is not perfect and has some of
the weaknesses. In spite of the team of IT specialists, we were the first to make such software
so there was the threat that the software may fail in the market and we all had to face the
burden of loans. My team members were also working as the visiting faculty, so the biggest
weakness was that we were not putting all of our time and efficiency in the project.

Opportunities are something that declines the level of threat in the market, but the not
completely finishes the threat from the market. All of my team members were alert to the
opportunities and visited many of the universities to not only regain the mark of
appreciation, but to receive the further projects of making the software’s. In this manner the
biggest threat that comes to our way was emergence of the new software before our steps
in the market with reduced cost and price effectiveness. Moreover the threat of virus in
our software’s also required our increased attention to execute the project devotedly.

But entrepreneurs are someone who is made from the risk; they are risk takers not the risk
adverse. In spite of many threats and weaknesses, my efficient and effective team used their
strengths to hit the opportunities in the market. In the next year we all are planning to come
up with something new that would further make our mark in the market and declines our
threats.
Question# 2

There are common myths about entrepreneurs. How would you disagree
with the myth that “entrepreneurs are young and energetic” by sharing
your experience of making user-friendly portals for universities?
When I discussed the problem with my team members, most of them were in between 32-35
years because UCP hires the experienced professionals. This age people are not young but
their experience increased their attractiveness and devoted my attention and I requested them
to be my team member. This is totally a mistaken believe because the people till the age of
35-37 are risk takers and have the potential to innovate something.

When my team members were asking for loans from banks on the basis of their
creditworthiness, bank was more interested in knowing about their experience in the field,
their mature age that is the sign of honesty for the bank, their record of success, their
reputation as the bank customer and the university professor. I think that a young
entrepreneur lacks all of these things, so in order to become an entrepreneur the person needs
to have the above mentioned certifications.

When we were making these user-friendly portals, the experiences of my team members
helped me a lot as most of them have already worked on the software’s and were handling the
old software of the UCP. Their mature age helped me to take the informed decisions, their
record of success helped me to analyze and forecast the success of my project. The team that
was making my venture was very honest that helped me to complete my dual responsibility
and ensure the progress of my work as no one would leak the secrets of trade.

As far as my journey of entrepreneurship I have seen that the qualities of older people are
more attractive than those of the younger, but I have also kept some of the youngsters in the
idea generating phase of my work that helps me think on the gaps and the problems of the
market. Youngsters are also important, but old is gold.

Question#3

Sometimes opening the window of opportunity pushes hot waves of air. Do

you feel that there were some potential trends that hinder your ways in
making software?
Yes, your words are quite true from the perspective that in the start the entrepreneur is not
sure and has to face many breakers of ups and downs. Sometimes, this weakness also lead
him to the failure of his venture, but the efficiency, active performance, alert to opportunities
and the circle of his strengths keeps him apart from these things.

In this case of making my first software the first trend that hindered my way was the
economical. Entrepreneurs are risk takers and also require the money to execute their idea, so
the major constraint was the access to the financial resources and to make the budgeted
software that would be easily sold in the market. The market wants affordable and long
lasting idea and this thing kept us to be price sensitive from the customer perspective.
Secondly I had to build the minds of my team members by giving the concept of world as the
technological village in which teacher is connected to the student anywhere and anytime, so I
had to face the technological trends as there was less acknowledgement of the technology,
its use and its ease for the society.

Some part of our society has left behind in the technology because of the social trends that
has makeup their minds that it would leak the secrets just as the society of China that keep
their people apart from the technological apps. Same in Pakistan, few people consider the
technological apps as the destruction of environment and the peace structure. Politically
Pakistan is not the stable country and now if we want to sell our software’s outside the
Pakistan we need to think twice in terms of regulations and taxations that increase our budget.

Question# 4

Your idea is recognized as timely innovation by the universities. What are

the other characteristics of the valuable idea that gives strong direction to
entrepreneurial success?
Yes, the IT member of the FAST University regrets that why we were not the first to make
this and hence they provided the letter of appreciation to UCP IT department for producing
such entrepreneurial team. It was the timely innovation and hence we would also produce
other software’s by considering the need of the time.

As talking about the other characteristics of the valuable idea it should be attractive. You can
make an idea attractive by appealing to the needs of the market and hence filling up those
gaps. We made our idea attractive by linking the student directly to the teacher at any time
and thus providing the ease to the teachers that their attendance would be marked on the basis
of timely recording of the routine lectures. Secondly the idea should be durable and hence it
should have the feature to last long until the innovation of the new software. While making
the software my whole team was concerned at the lasting feature and the smoothness of the
data base and the entire programming feature of the software. With the completion of this
software the idea generating panel is now thinking of making software with unique features
and hence it would be launched in the next two years. The idea should be such that it would
anchor generator to convert it into the viable business that puts the person on the ladder of
the entrepreneur.
Question# 5

The student’s problem identified an opportunity way for you, but what
were those ways that helped you generate the idea of user-friendly
software? Share your experience.
I really thank to my student who became a well-wisher for me and my team success. Yes, if
my student did not share his problem with me I would not be able to generate an idea but this
idea generation process was not so much easy and hence it took a lot of time.

Firstly I gathered all my fellow friends at the tea party who were interested to work with me
and during that friends gather we conducted a short brainstorming session in which we tend
to think the problems of the students and hence I encouraged my friends to come up with an
idea tomorrow that would became our first step towards our venture. Next day, we all
gathered in the lunch break at the cafeteria and hence everyone gave his idea of making
specific software’s. When I specified the features of my software everyone appreciated me in
my focus group. We all planned to personally research on my idea in library, internally
in UCP and externally in other universities. This process took almost 15-20 days and
hence after the idea generation process we moved to our next idea of getting finances and
starting our entrepreneurial venture in which we would work after the university hours till

8-9p.m.

Question#6

You are currently working with UCP and you also run your business of IT,
what keeps you motivated and how you manage time for your family?
Being an entrepreneur, I have to manage my life and time. As you know that this is 21st
century, century of technology so this becomes really hectic for me. There is hardly any
motivation for me but being an idea generator and the leader of my team keeps me motivated.
Sometimes I have to work day and night when there are some tricky parts in the software, due
to which my family really gets upset, I myself miss my family but I have to be sincere
towards my work.

I am very punctual and I strictly follow my designed schedule. On Weekends I don’t do work
and completely give time to my family.

Question# 7

A consistent change in technology and in IT sector with time, how this

affect your work?
As we all know that with the passage of time there are vast changes which keep on occurring
in this field. Being an entrepreneur we take huge risks. If I fail and stop than this is not the
quality of an entrepreneur. I believe in ‘tenacity beside failure’, I am person who design
backup plans before starting something. We have to spend a lot of money on Research and
Development part as we need to keep our selves updated about the changes which will be
occurring in the market with the passage of time.

The most threatening part for us is that the hacking system. As we all are aware about the
hacking people and how they use technology thus we have a fear that this could be really
threatening for our business.

Question# 8

Currently your idea is very much successful but how you are further going
to carry out your future plans for the growth of your business?
I strongly believe in my present and future, I want to work so hard in my present that when
I see myself in my future I could say that my hard work had paid off. I am currently
working on my new project and with the passage of time when the changes occur in IT ill
work on it and keep on improvising the changes along with my unique ideas.

Who doesn’t want to achieve success, as I have achieved my primary goal which was the
recognition of my idea, now my focus is on making money so that my colleagues can earn
enough.

Question# 9

Are you going to sell your software to international companies/

universities?
I am currently selling in Pakistan. In future I am thinking about making software for the
company for which I have invested some money in research section. My team will be
working on this as we see the problem I will generate idea and thus opportunity.

Secondly if international universities want to purchase them than, why not?. I never let an
opportunity go, so if they want than ill for sure work with them. As there systems are bit
change so I have to make some important changes accordingly.

Question# 10

Something new or different you learned, after becoming an entrepreneur?

Life has totally changed. I am a visiting faculty in UCP. I have to manage thing now which I
never bothered about before. Achieving the goal is not easy, you have to work in order and
then only you can achieve what you want. Now I have lot of patience and I am now harder
working. One important thing is that as we have to climb stair and then reach at the top of the
building, this is how we reach our destination. Your success won’t come to you, it is you who
have to work and get to it.

Thank you!