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An Entrepreneurial Venture

In: Business and Management

Submitted By zehraali90
Words 2080
Pages 9
HireLabs | Entrepreneurship | | An interview with Saleem Qureshi | | Submitted by:SYEDA ZEHRA ALI- BBA VIJAVERIA FAROOQ- BBA VI | 04-Mar-12 | |

Mr. Saleem Qureshi who is currently the owner of HireLabs has had a long entrepreneurial history. He had completed his degree in Finance from the University of Florida and while completing his education, his mind was already filled with new and innovative ideas for startups.
Saleem always had his intellect towards starting his own business and was never ready for a job. He wanted people to be working under him rather than him working under people. He came from a wealthy family as his father was the CEO of a bank, however there was no one in the family who had his own business. Saleem always had a natural inclination towards being his own boss and always wanted to walk on the road of entrepreneurship.
The first attempt:

His first business startup came in 1998 when he was only 20 years of age. The idea behind this was simple. The business was about e-currency to facilitate online transactions and make payments without the movement of physical cash, as the credit card culture had not become very wide spread as yet.
The idea needed an initial investment of Rs 17m and he was able to find five investors who were ready to fund the project. With this he launched the e- rupee in India and the e- riyal in Saudi Arabia. Getting this much money was not difficult because at that time the dot com bubble was at its peak and such ideas were being welcomed in U.S especially in Silicon Valley where Saleem could get his initial investors from.
However this first venture proved to be a big failure for Saleem. The entire money was wasted and the investors were extremely unhappy. There were major flaws in the business as they had no clear strategy or plan of action. The idea was good but the operational side of the...

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