Exclusive Interview With Muhammad Safdar – CEO Prismatic Technologies
“Entrepreneurship is all about good planning, continuous learning, dedication to your work and utilizing the collective wisdom of your team”
The company’s tagline, “Bringing your vision to life, we establish and manage a world class team of developers,” accurately reflects what they have accomplished in the time span of just three years. During this time period, the co-founder; Mr. Muhammad Safdar has developed a wonderful enterprise in the world of software technology, starting with a single employee and growing to a flock of 22 extremely bright employees. He believes that if you try again and again, stay focused, learn from your mistakes, and work as an entrepreneur consistently & diligently, you are destined to achieve the milestones of your entrepreneurial journey. At this point in time, the team at Prismatic Technologies is specialized in creating bespoke software solutions for both the public and private sectors. They provide the highest quality services to ensure that their clients’ dream businesses become cost efficient and crucial decision making information is correct, updated, reliable, and available round the clock. They supply an abundance of immaculate services and innovative solutions at sustainable costs by combining powerful analytics with substantial research and experience.
Here is a wholesome narration of Mr. Muhammad Safdar’s interview (the Co- founder of Prismatic Technologies). He delved into his initial entrepreneurial journey and shared his opinions and advice on entrepreneurship, which he has gleaned through his sheer hard work and valuable experiences.
Tell us something about your initial entrepreneurial journey and the hard work and dedication behind it?
It all began when we attempted to solve our own record-keeping, financial reporting, and analysis problems. Existing systems were either prohibitively expensive not only at commencement but recurring annual cost was also exorbitant. I thought the same would have been being faced by others. As a result, I came up with a business idea for me and a solution for the clients that we could scale up to help others to ease pressure on their resources and make the initial and recurring investment more accessible to the general public. Therefore; the basic purpose was to provide solutions to our entrepreneurial clients who were facing same issues in terms of business management generally and financial management particularly. I believed that this initiative can contribute to making millions of people’s lives better. This is how we’ll collectively become financially strong and make the world a richer place at the same time.
What was the procedure for obtaining early funding for your company?
Before I started my business, I completed all of the necessary planning. I had initially created a business plan for the first six months. This has been implemented slowly and methodically. With the passage of time, I have expanded my workforce and increased my financial resources. I have committed my personal resources to establishing the company since I do not believe in taking out loans or seeking the venture funding.
There must be ups and downs in this journey. What did you do to manage them?
From technical meltdowns to resignation boom were my earlier worries and I dealt with them with patience and staying calm in the face of adversity. During my journey, I recognized one or more times that it had been a year and I had not achieved the output that I had expected. I have also made significant financial and time investments during this time period. I was about to give up. Then I gave myself another chance and set a three-month goal. It didn’t work again. But I kept trying and decided to give it another shot. Following that, I got clarity regarding my business. Hence, there were times when I think I have to make a final decision as technology is not my cup of tea but then I decided to put another focused effort for the next three months and it did the trick.
What is unique in your setup that differentiates you from your counterparts?
I believe in decentralization and allowing employees to plan, execute, monitor, and manage their own projects. Each division head has the authority to construct their own path to execution, and this strategy has saved me a lot of time and stress. Micromanagement is not something I believe in. My goal is to treat clients fairly and transparently and to always endeavor to accommodate and exceed their expectations.
What’s your greatest entrepreneurial achievement to be proud of?
It is my greatest achievement that I am working day and night to make my enterprise a beacon for others and to learn and improve. There are, nevertheless, modest accomplishments that we do not overlook. Furthermore, success is something you achieve incrementally throughout your entrepreneurial journey. If you are dedicated, diligent, and determined to achieve a specific goal, your efforts will be validated through a time when your objectives are met. You must choose the task that makes you happy and content.
In your opinion, what are the challenges that your company is still dealing with?
Clients normally assumes that the serviced provides know it already and there is no need for initial brain storming and interactive session to let him know what are their expectation regarding the solution. The problems start, when there is an expectation gap, this normally happens when we do not clearly set the terms of Timing, solutions, and cost requirements. As a result, there is a disconnect between the client and the solution supplier. This often happens to re-do a lot of work which may cause strain in client relations and cost overrun to make a good business into a cash-draining venture.
What advice would you provide to aspiring entrepreneurs?
Entrepreneurship is all about good planning, continuous learning, dedication to your work and utilizing the collective wisdom of your team. You must prepare a document to create a proper business model.
A business plan is required because nothing can be accomplished without planning and a strategy to achieve it. As an entrepreneur you have to wear multiple hats to run the show, if you are weak in any skill, you should not be hesitant to accept and must seek advice from a mentor, consultant in order to deal with obstacles. Furthermore, bring in creativity because a unique selling point is the backbone of your startup. Be true to yourself and never hide your weakness, if you cannot overcome it, try to engage someone who can do it better than you and make yourself accountable for all your mistakes, and keep moving.
Read another success story, Obstacles are Opportunities by the CEO of PNY Trainings.