Uncharted Territory: Running a Startup in the Corona times
Running a startup is a challenge in itself. In these uncertain times that challenge has doubled if not tripled. To learn more on how to run a startup during the current circumstances, in our latest webinar, MAGNiTT CEO, Philip Bahoshy hosted Elie Habib, Co-Founder of Anghami.
Amongst the various discussion topics, Philip and Elie explored:
The importance of frequent communication and being connected with teams
Elie shares the steps he took in the earlier stages and how he may have been perceived as “overreacting”. He believes that if “we control it [the situation], it is better than it controlling us”. Elie takes pride in communicating the “why” to his team to ensure that they do not feel as if they are being forced into taking any actions out of their comfort zone.
Philip talks about how his team have tried to maintain a positive culture in the workplace, including virtual yoga sessions to help keep morale high.
Why company-wide alignment is important to implement initiatives
Elie uses Facebook platform Workplace with his team where they can share project ideas and discussions – a small conversation on Workplace can result in an active project.
Philip discusses how mental health is being heavily affected in this current climate and Elie gives tips on how to manage stresses whilst building a startup in this current environment and managing team culture. Tips include creating a routine and sticking to it – the more you stick to it, the more you realise that whatever is happening around you, you still have a sense of ownership.
How data plays a key role in getting people on board
Elie voiced that data and metrics from February to May will be able to provide investors with great insight into viewing how startups are handling the crisis. Elie and Philip discuss how startups should seek engagement over growth during this current time.
The avoidance of unnecessary expenditures to pursue short-term growth
Another topic of discussion was managing costs. Elie talks about now being a good time to review what you are doing. He discusses potential investors viewing what you did during the COVID-19 period, and getting due diligence and an understanding from this.
Elie and Philip also examine fundraising, specifically avoiding it if you can and focusing on building revenue and maintaining a business (but also that at times fundraising makes sense, as businesses need to grow and build capital). Some companies may have thought about fundraising earlier this year but the current crisis has caused a change. Elie shares that investors are also affected, having to take care of their startups first and looking externally after.
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Other topics included whether now is a good time to start up a company, how to handle being one year in and struggling and if in the current climate we’re creating new norms, including too many video calls. Elie's very cute dog, Lilly makes a guest appearance becoming the first pet to appear on our Webinar! And more.
To check out the full discussion, watch the Webinar below now.
Here are some insights from the polls we launched during the webinar:
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