We recently had the privilege of interviewing Muhammad Umar Farooq Rana, Founder and CEO of Alchemative. With a commitment to build solutions for everyday problems using technology, Muhammad Umar has built his organization, which has led an e-commerce revolution in the GCC region.
In this insightful interview, the CEO shares his perspective on unconventional ways to seek guidance, tackling challenges, and emerging trends, while offering invaluable lessons for aspiring entrepreneurs. As the CEO of Alchemative, Muhammad Umar has played a crucial role in shaping the organization’s current position and shares the plans for the organization, attracting the top-talents in the team, and encouraging innovation at every step of their functioning.
Major Milestones
We started the interview by asking, “Can you share key milestones and turning points in your journey as an industry leader or entrepreneur?”
Muhammad Umar Farooq Rana
Muhammad Umar responds, “There are a couple of milestones which I consider turning points in my journey as an industry leader or entrepreneur. One significant milestone occurred in 2015 when I found myself struggling to build my business without a background in business, finance, marketing, or sales. It was a challenging time, and I felt overwhelmed by the knowledge and skills required to succeed in these areas. In search of a solution, I turned to reading business books, which have always been my salvation. Through these books, I began to realize that I didn’t necessarily need to possess all the knowledge and expertise myself. Instead, I could leverage the talents and skills of others by hiring or partnering with the right people.
This realization was a game-changer for me. It gave me the confidence to move forward with my business, knowing that I didn’t have to be an expert in every aspect of running a company. Instead, I could focus on my strengths and rely on the expertise of others to fill in the gaps.”
He added, “Another significant turning point occurred in 2016 when a challenge was shared with us to create a business intelligence (BI) solution. At the time, I had no prior experience with BI, and it would have been easy to shy away from the opportunity. However, I had full confidence in my team’s ability to figure it out, and I knew that we couldn’t pass up on such a valuable opportunity for growth.
These milestones taught me valuable lessons about the power of collaboration, leveraging the strengths of others, and embracing new challenges. They have shaped my journey as an entrepreneur and industry leader, reminding me that success is not solely dependent on individual expertise, but rather on the ability to build a strong team and adapt to new opportunities.”
Spark Behind This Journey
We were curious to learn more about the factors that inspired Muhammad Umar Farooq Rana to start his organization. So, we asked, “What inspired you to start your own company or venture in this industry?”
Muhammad shared, “I have always had a desire to create solutions for everyday problems using technology as a tool. After a failed attempt at working in my father’s company, I made the decision to start my own.”
Encouraging Innovation And Creativity
Fostering innovation within the organization is paramount for ensuring its success. We asked, “How do you foster innovation within your company? Can you provide an example of a successful innovation initiative?”
He responds, “Two elements of our culture have helped us foster innovation. First, we consistently listen to our customers’ unspoken expectations and proactively develop solutions to meet them. Second, we embrace experimentation and are not afraid of failure. Additionally, we encourage intrapreneurship and have an internal equity program.”
Retaining The Bright Minds
Another major factor that needs due consideration while operating a business is having the right team in the organization. So, we asked, “How do you attract and retain top talent in your organization?”
Muhammad Umar Farooq Rana shared, “By fostering an inclusive and open environment that welcomes ideas, we empower individuals to go above and beyond. We also offer opportunities for both technical and financial growth at each individual’s own pace.”
Seeking Guidance Via Unconventional Methods
We further asked, “How important has mentorship and networking been in your professional journey?”
Muhammad Umar continued, “Throughout my professional journey, I have often felt like an unfortunate person when it comes to mentorship or networking. Being introverted by nature, I never had the natural inclination or desire to actively build a network or seek out mentors. As a result, I had to find alternative ways to learn and grow in my career. Books, podcasts, and other self-learning materials became my trusted mentors, playing a crucial role in guiding me and shaping my path.
Of course, this approach also comes with its challenges. Without the guidance and support of a mentor or a strong network, I have had to be self-reliant and proactive in seeking out resources that align with my goals and aspirations. It has required discipline, determination, and a commitment to continuous learning.”
He added, “Nevertheless, I firmly believe that mentorship and networking can take many forms, and the traditional methods are not the only path to success. While I may not have had the opportunity to be mentored by a specific individual or build a vast professional network, I have found immense value in the knowledge and wisdom shared through books, podcasts, and self-learning materials.”
Adaptability Amidst Market Risks
While challenges are an inevitable part of the business, with the correct strategies they can be handled and mitigated at the right time. So, we asked Muhammad Umar Farooq Rana, “How do you assess and mitigate risks in your business?”
Muhammad Umar replied, “In order to ensure the success of new activities, we prioritize conducting basic research and performing What-If analysis. These preliminary steps enable us to anticipate potential outcomes and make informed decisions. Furthermore, we recognize the importance of portfolio diversification as a strategic approach to shield ourselves from the unknowns and mitigate risks. By diversifying our portfolio, we spread our investments across different sectors or asset classes, reducing the impact of any single event on our overall performance. This approach allows us to navigate through uncertainties with more resilience and adaptability.”
Adapting To The Emerging Trends
To learn about how the organization ensures staying updated with all the latest market trends, we asked, “How do you adapt your business strategy to capitalize on emerging opportunities and industry shifts?”
He shared, “Personally, I am constantly in learning and exploring mode. I also encourage teams to explore and learn, often making it part of their key performance indicators (KPIs). This ensures that we can identify trends and begin building our service or product for the future. In the event that we fail to understand something, we rely on our ability to respond quickly.”
Suggestions For Aspiring Professionals
Beginners starting in a similar field will find it inspiring and helpful to hear from an expert like Muhammad Umar Farooq Rana. So, we asked, “What advice would you give aspiring entrepreneurs in this industry? What key lessons have you learned along the way?”
Muhammad Umar Farooq Rana shared, “I strongly believe in the utmost importance of starting early and expediting the process of bringing innovative ideas and cutting-edge products to the market at the earliest possible stage. Consequently, I firmly advocate that every aspiring entrepreneur should diligently acquire and proficiently implement the invaluable principles and methodologies of the Lean Startup approach.
Furthermore, it is of paramount significance to meticulously discern and comprehensively analyze the underlying problem before embarking upon the arduous journey of ideating and devising a well-thought-out solution to effectively address and resolve said problem.”
Long-Term Plans We Asked Muhammad
We ended the interview by asking, “What are your long-term goals for your company? How do you plan to remain competitive in the evolving business landscape?”
“Our long-term goals are focused on building solutions for the digital commerce industry, and we are committed to this for the foreseeable future. We plan to prioritize building a culture that fosters innovation, future thinking, discipline, purpose-driven mindset, customer-centricity, autonomy, and data-driven execution.” Muhammad Umar concluded.
Connect with Muhammad Umar Farooq Rana on LinkedIn.
Find Alchemative on LinkedIn or visit their website to learn more.
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