Sohrab Vazir
Consultant | Founder | Global Citizen | Writer
Tag Archives: Entrepreneurship
Patents: 4 Basic Facts
Patents are complex, and obtaining them is only part of the hurdle. As a business consultant working with innovative founders, I get a lot of questions about patents. While I am not a patent attorney, I will share 4 basic facts about patents that will give you an idea about protecting your intellectual property through this route. Obtaining patents is certainly a complex path. You must consult a patent attorney if you wish to do so. However, to get started, I will share 4 basic facts about patents that will give you an idea of what to expect. 1. Patents are expensive First of all, patents cost a lot. As an example, let’s look at the UK: Summary of Costs As you notice, the key costs are associated with patent attornies, which you must consult if you decide to file and register a patent. For more information on UK patent costs, check here. 2. Patents take time It takes time to register a patent. On average, you are looking at 1 to 2 years (although this may vary). However, the key principle is that, unlike trade marks, patents are more complex and time-consuming. 3. They are jurisdictional Similar to trade marks, patents usually cover a certain jurisdiction, for instance, the UK. If you wish to obtain multi-jurisdictional protection, there are higher fees. 4. Obtaining a patent is not the end Lastly, it should be noted that obtaining a patent is not the end of the line. Your competitors, often firms with more resources, will most likely seek to find a way around your patent or worse, get into a legal patent battle with you. And what must be noted is that these legal battles will cost you, a lot. If you are seeking to register a patent, it is important to consult a patent attorney. Working with me as your business consultant includes introducing you to one to ensure you obtain solid advice before making any decisions and investing your resources. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business. Now I help aspiring business owners and job seekers fulfil their potential.
How to start a business with no money
If you wish to start a business with no money, you have a difficult journey ahead. However, it is certainly not impossible. I will give you some realistic tips and steps that can help you start a business with little or no money. I personally comprehend the difficulty of starting a business with no money. Back in 2016, I was a 22-year-old graduate and embarked on the path of business ownership whilst I had less than £500 to my name. To make things worse, I was on a business visa in the UK and had to meet certain milestones, making it even harder. Read more about my story here. However, I eventually grew the business to over 30 UK cities and a team of four. Yes, I did have additional capital available to me, but the business’ foundation and traction was achieved with less than £500. Here are some options that may be worth considering if you want to start a business with no money. 1. Business grants Depending on where you are and your proposed business, there may be business grants available to you. Some grants provide a lump-sum payment, and some others cover a portion of your business expenses. 2. Credit cards & loans In the UK, you can search for grants via the UK government website here. This is a tricky one. I am personally against racking up debt, and certainly in the case where that debt is spent towards a non-certain outcome. However, starting a business is about taking risks. Therefore, this is an option worth considering. 3. Barter This is an option that is less often referred to. However, it is worth considering if you possess in-demand skills. Barter is essentially exchanging a good/service in exchange for the same. For instance, you may have solid writing skills. You meet a developer who needs a copywriter for a project. At the same time, you require an app. By exchanging skills, you can achieve certain outcomes towards starting a business with no money. These options are worth considering if you wish to start a business with no money. Although they may not be applicable to everybody, it’s important to not allow the lack of capital to deter you from pursuing your vision. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business. Now I help aspiring business owners with starting and scaling the ventures.
Why I hate LinkedIn?
Over the years, I’ve come to hate LinkedIn with a passion. Sadly, a platform meant to foster connections, learning and employment opportunities has become the total opposite of its original purpose. I didn’t always hate LinkedIn. I used it for over 10 years and was active on the platform. However, starting my consultancy business shed some light on how useless (and irritating) it’s become. Plus, as my audience may be aware, I am an authentic individual and have adopted the same approach towards my work. Authenticity somehow conflicts with the way people use LinkedIn in the present day. And this is not the only reason that I hate LinkedIn. Allow me to list my reasons for growing to hate LinkedIn with a passion. 1. Mostly useless for business I’m a business person. Therefore, how I feel about a certain platform, individual or issue is not the sole determinant of my decision-making. However, what bugs me with LinkedIn is that it proved to be extremely useless for my business growth. I rarely, if ever, got a client from LinkedIn. I did have people expressing interest in my services, yet they all turned out to be dead-end prospects. The issue is that LinkedIn is filled with people/businesses trying to sell their services, and this makes you just another “salesperson”. There is hardly anything unique about you or your business seeking to gain prospects. For reference, I’m partially talking about those sales DMs that most of us receive in our inboxes. 2. Fakeness Fakeness and inauthenticity are essentially the core of most social media and networking platforms. Not only is LinkedIn not an exception, but it has become a champion of BS content and posts. And the worst part is that most people on LinkedIn believe they are unique, yet they are mimicking what everybody else is doing. 3. Virtue signalling Building on the last point, the virtue signalling on LinkedIn is beyond the scale. Let’s look at the immigration industry, one which I am familiar with. Most “professionals” in this sector are quick to post content on migrants’ rights and cultural sensitivities. I saw a post from an individual stressing the importance of getting foreign names right. Yet, this very same person ironically misspelt my name in a direct message to me. This made me think: “I’ll make a post about this just to demonstrate the fakeness of these people” and perhaps to emphasise the importance of getting other people’s names right as basic courtesy. And oh boy, I had these leaches jumping under the post condemning me. Not to mention that one of these people worked in the immigration sector too. 4. Constant sales messages Not a single day went by without me receiving some form of sales message on LinkedIn. And the worst part is that these messages are so generic and not personalised. 5. LinkedIn “influencers” Lastly, let’s talk about these “Top Voices” on LinkedIn who for the most part provide little to no value. I’m talking about those who share generic posts such as “pay your people more”, and “be kind” and having 10,000 people reacting to such posts as if they have paved the way for living on Mars. LinkedIn may be beneficial for some, but I grew to hate it more and more in the last few years. Perhaps it’s time for a new platform? One that is not centred around BS and vanity. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business. Now I help aspiring business owners with starting and scaling the ventures.
Why every international entrepreneur should work with a business consultant?
You are an international entrepreneur and want to start a business abroad. You may dread the various legal, commercial and perhaps cultural challenges ahead of you. Obtaining a visa, albeit a significant milestone, is only your first hurdle. I know how this situation feels as I have been in your shoes. I became an international entrepreneur in the UK following the competition of my master’s degree at Newcastle University. At the time, I identified a gap in the student housing market, which resulted in conceptualising and founding my former venture, StudyFlats. Within 4 years, I grew StudyFlats to 30+ UK cities, a team of four and we almost closed our first funding round until the lovely events of 2020 squashed the entire company (yes, painful). Nevertheless, I still obtained my Settlement/Indefinite Leave to Remain in the UK, also known as permanent residency. Throughout this entire time, I was fortunate to have friends and a powerful network to help me overcome some of the challenges facing every international entrepreneur. This was especially the case as I started StudyFlats with less than £500 and proofread students’ assignments in the first year to support myself and my business. However, not every international entrepreneur may have the network that I had. Moreover, I still had to make a lot of mistakes and go through extreme financial and mental pressure to grow my business. Yet, I could not identify a business consultant who specialised in working with overseas entrepreneurs (and decided to be the first one myself by the end of 2022). Let me tell you a little truth: as an international entrepreneur, you are at a disadvantage. You are taking risks and are also investing your key resources, time and money. If it fails, you are the only one losing. Risk is a core part of entrepreneurship, regardless of what type of entrepreneur you are. However, the risk is even greater when you are an entrepreneur and also have to comply with immigration rules and milestones. And this is one of the reasons why every international entrepreneur should work with a business consultant. Working with a consultant such as myself will help you in the following ways: Minimising risk My first advice to any entrepreneur is to have a thorough understanding of the market in which they seek to operate. This requires: Many international entrepreneurs lack one or both of the above, and it often results in disaster. The right business consultant will help you minimise risk as they possess both of the above factors. Cultural gap In life, and especially in business, everything boils down to relationships. You may neglect this factor. However, if you fail to communicate with your stakeholders the right way, you are destined to fail. The way business is conducted differs in each country. You may be a skilled entrepreneur, yet lack the cultural grasp of doing business in a country other than yours. Business consultants who work with international entrepreneurs (at least the right ones) will comprehend the importance of this point. Additionally, they will be able to help you successfully navigate the cultural landscape. Commercial expertise Entrepreneurship is a game of unlimited challenges. You fix one aspect, and the other crumbles. This is a brutal reality that you must accept. Additionally, various considerations must be taken into account. Let’s look at a few: By working with a business consultant, you will delegate some of these to them. This is not only sensible from a business perspective, but also essential for you to be able to overcome the personal and professional challenges that you will have to face. These are some of the reasons why every international entrepreneur should work with a business consultant. If you are an international entrepreneur and want to work with a consultant, get in touch with me today. I am the UK’s first and #1 independent business consultant who has been through the immigration journey himself. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I did so by obtaining an endorsement from Newcastle University under the Tier 1 Graduate Entrepreneur Scheme. Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (replaced by the Innovator Founder Visa). I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other migrant entrepreneurs, such as myself, with their businesses.
Start a business, but not for the wrong reasons
If you are planning to start a business, it is important to understand “why” you are doing so. Each venture has its own “why” and mission. However, some reasons are the wrong ones to begin with, and I will talk about 3 of them in this piece The motivation to start a business vary for each founder or founding team. You may be seeking to offer an innovation, improve an existing process, or fill an existing market gap. However, as a consultant, I have noticed a new wave of “aspiring” business owners who are seeking to become entrepreneurs. Yet, their reasons for doing so are shallow and lack a valid commercial basis. Some of the common themes among these wrong reasons are: 1. Not wanting to have a boss The mindset of starting a business so you can not have a boss to answer to is a dangerous one. You are indeed in charge of everything and there is not a superior that you have to be accountable to. Nevertheless, I learnt that even as a business owner, your customers and other stakeholders are your boss. These are parties that you must keep happy and be accountable to. Thus, the idea that by being a business owner you will forfeit accountability is incorrect. 2. Getting rich quickly I am not denying that businesses are commercial entities. Hence, making money is the primary motive. However, entrepreneurship should not be viewed as the gateway to getting rich quickly. This is unlikely to happen rapidly in the case of most businesses and it will take time, risk, resources and patience. If you are unwilling to invest the abovementioned into starting a business and are looking to make a quick buck, you may be in for disappointment. 3. Ego and vanity Lastly, if starting a business is a tool to stroke your ego and “show off”, you are in for the wrong reason. My philosophy is that the first step towards starting a business is to drop your ego and adopt the mindset that you know nothing. These are 3 common wrong reasons for starting a business. Before doing so, make sure that you have a clear “why” and emphasise the commercial context of starting a business. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business. I now help other entrepreneurs, such as myself, with their businesses, and mainly with obtaining endorsements from the endorsing bodies.
Startup funding: a simple guide
Navigating the world of startup funding can be a daunting task for founders. Securing the right type of cash injection at the right time is crucial for your startup. This comprehensive guide will walk you through the various stages of startup funding, the types of funding available, and best practices to attract investors. What is Startup Funding? Startup funding refers to the money that entrepreneurs raise to launch and grow their new business ventures. This funding can come from various sources, each with its own benefits and requirements. The primary goal is to secure enough capital to cover initial costs, sustain operations, and scale the business until it becomes profitable. Stages of Startup Funding 1. Pre-Seed Funding Pre-seed funding is the earliest stage of funding, often coming from the founders themselves, friends, family, or small angel investors. This stage focuses on developing the initial business idea, market research, and creating a minimum viable product (MVP). 2. Seed Funding Seed funding is the first official equity funding stage. It helps startups conduct product development, market research, and business model validation. 3. Series A Funding Series A funding focuses on scaling the product and user base. Startups use this funding to optimize their product offerings, expand the team, and enter new markets. 4. Series B Funding Series B funding is used for scaling operations, including expanding the market reach, hiring additional team members, and improving technology. 5. Series C Funding and Beyond Series C funding and subsequent rounds are aimed at scaling the business rapidly, developing new products, entering international markets, or preparing for an acquisition or IPO. Types of Startup Funding 1. Bootstrapping Bootstrapping involves funding the startup using personal savings or revenue from the business. It allows founders to retain full control and ownership but can limit growth due to limited capital. 2. Angel Investors Angel investors are high-net-worth individuals who invest their personal funds in startups in exchange for equity. They often provide mentorship and valuable industry connections. 3. Venture Capital (VC) Venture capital firms invest in startups with high growth potential in exchange for equity. They typically get involved in later stages (Series A and beyond) and provide significant funding along with strategic guidance. 4. Crowdfunding Crowdfunding involves raising small amounts of money from a large number of people, typically via online platforms like Kickstarter or Indiegogo. It’s an excellent way to validate market interest and gain early customers. 5. Grants and Competitions Grants and competitions offer non-dilutive funding, meaning you don’t have to give up equity. These are often provided by government programs, non-profits, or industry competitions. 6. Bank Loans Bank loans are traditional funding methods where startups borrow money and repay it with interest. This option does not require giving up equity but does require a solid business plan and creditworthiness. Best Practices to Attract Investors 1. Develop a Solid Business Plan Investors need to see a well-thought-out business plan that outlines your vision, market analysis, revenue model, and growth strategy. Ensure your plan highlights the potential return on investment. 2. Build a Strong Team A talented and dedicated team is crucial for success. Investors are more likely to fund a startup with a strong leadership team that has relevant experience and a proven track record. 3. Create a Minimum Viable Product (MVP) Developing an MVP demonstrates your ability to execute your idea and provides a tangible product for investors to evaluate. It also helps validate your business concept in the market. 4. Network and Build Relationships Attend industry events, join startup incubators, and use online platforms like LinkedIn to connect with potential investors. Building relationships can lead to valuable introductions and funding opportunities. 5. Show Traction Demonstrate market demand and your startup’s potential by showing early sales, user growth, or partnerships. Traction proves that there is a viable market for your product or service. Conclusion Understanding how startup funding works is essential for any entrepreneur looking to turn their business idea into a successful company. By familiarizing yourself with the various stages and types of funding, and following best practices to attract investors, you can secure the capital needed to launch and grow your startup. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I now help other entrepreneurs, such as myself, with their businesses, and mainly with obtaining endorsements from the endorsing bodies.
How I started a tech startup with ÂŁ500 & scaled it to 30+ UK cities
Following the completion of my master’s degree, I founded a tech startup called StudyFlats. Within 3 years, I scaled this PropTech company to over 30 UK cities, with a client base in over 50 countries. As a solo non-technical founder, the idea for StudyFlats seemed far-fetched at first. My business idea was first put to the test when I spoke to Newcastle University. I was an international student in the UK on a visa and therefore had to obtain the correct visa. I pitched the idea to Newcastle University and managed to receive an endorsement for the Tier 1 Graduate Entrepreneur Visa scheme. This was the former equivalent of the former Startup Visa in the UK. The first year The first year was one of the most difficult years of my life. I was a 22-year-old graduate, with a laptop and £500 in my bank account. Not to mention that I had no coding knowledge/background and thus could not create the website myself. I was getting quotes upwards of £10,000 from agencies to create StudyFlats’ website. Needless to say, these were not an option and I was stuck. At the same time, a very dear friend of mine from University, introduced me to a developer who agreed to complete the backend functionalities, whilst I learnt the other parts, especially SEO as I knew I’d heavily rely on it. In the meantime, I was proofreading students’s assignments and dissertations to fund the business and my daily expenses (living in a single room with shared toilets that year was no fun at all). The lesson that I learnt was: where there’s a will there’s a way. I had no option but to grow this company despite all the hurdles. The second & third years year In the second and third years, things began to improve. By the second year, StudyFlats operated in 10 cities. However, this is also when a major competitor began scaling with £70m of funding! It is also worth noting that StudyFlats worked with contractors/freelancers during the second year. Hence, there was no “team” at this point and I essentially did everything that was needed. However, I adopted 2 strategies that gained a unique competitive advantage for StudyFlats, which was integral to its growth. These were: By the end of 2019, we were a team of five, operated across 30+ UK cities, consulted 1000+ students from 50+ countries, and had investors approaching us themselves. March 2020: goodbye And this is where the brutal reality hits: you can do everything right and things can still go south. With the events of 2020, I was reluctant to maintain the company’s operations for that period as it seemed extremely unpredictable and possibly a recipe for liability. Additionally, we needed cash to maintain the company’s operations, yet this was simply not possible as we paused our operations. By 2021, I considered relaunching the company’s operations. However, after considering several factors including the desire to do what I do now as a consultant, I made the very difficult decision that every founder resents. However, I see StudyFlats as a learning experience, the driver of my settlement in the UK and an opportunity that was missed due to factors outside my control. We live and learn, it is what it is. Starting and scaling a (tech) startup is not for the faint-hearted. It involves pain, uncertainty, disappointment, rejection and loneliness. But in the end, it can all be worth it, as it was in my case. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I now help other migrant entrepreneurs, such as myself, with their businesses, and mainly with obtaining endorsements from the endorsing bodies.
Advisory Programs now LIVE
In today’s dynamic business landscape, personalized guidance and support are invaluable assets on the path to success. Recognizing the diverse needs of individuals and enterprises, my tailored advisory programs are designed to empower migrants, founders, and enterprise alike. Let’s delve into how these programs can unlock potential, foster growth, and drive innovation. Empowering Founders Entrepreneurship is a journey fraught with challenges and opportunities. The programs equip founders with the tools and insights they need. Whether to navigate the complexities of employment or scaling a venture. From refining business models to accessing funding and market expansion strategies, I work hand-in-hand with founders to turn visions into reality. With personalised mentorship and actionable guidance, I empower founders to build resilient and impactful businesses. Empowering Migrants For migrants navigating new territories, my advisory programs offer a roadmap to prosperity. From navigating cultural nuances to accessing opportunities, I provide personalised strategies and mentorship to facilitate integration and success. By harnessing individual strengths and aspirations, I help migrants to thrive in their new environments and contribute meaningfully to society. Empowering Enterprise Innovation lies at the heart of every successful enterprise. The advisory programs offer tailored solutions to drive innovation, growth, and competitive advantage. Whether it’s optimizing operations, exploring new markets, or fostering a culture of innovation, I partner with enterprises to unlock their full potential. Through strategic guidance and implementation support, I enable enterprises to stay ahead of the curve and seize opportunities in an ever-evolving marketplace. At the core of my advisory programs lies a commitment to empowerment, growth, and impact. By tailoring my approach to the unique needs of migrants, founders, and enterprise, I unlock new possibilities and drive sustainable success. Join me on this transformative journey and unlock your full potential today! About My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats.I did so by obtaining an endorsement from Newcastle University under the Tier 1 Graduate Entrepreneur Scheme (similar to the current Start-Up Visa). Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (which was replaced by the Innovator Visa). I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other entrepreneurs start their businesses.
Are online courses useful for people starting their own business?
If you are thinking of starting your own business, then you may have considered completing online courses. In recent years, there has been an unprecedented surge in the provision of online courses, especially around starting your own business. However, are they useful? Or simply useless? The answer to the above is: it depends. Online courses can be useful for people who want to start their own business. However, you must use them in the right way and with the right intention. Let me answer this question differently. Generally, with business, you are preoccupied with three key questions: The question is whether an online course would be appropriate for and beneficial in answering those three questions. Online courses are useless for the “Why” There are a myriad of courses on “business mindset”, “growth hacks”, “growth mindset”, “billionaire mindset” and so on. These promise to give you the right mindset to make your billions (and yes, it is most definitely utter BS). I believe that any entrepreneur should start a business out of their instinct. They should not need any person or entity telling them why they should start a business or get into the right mindset of setting one. Entrepreneurship is a journey of evolution Understanding the context of this article demands an understanding of the philosophy of entrepreneurship. Entrepreneurship is inherently defined by risk and uncertainty. It is unconventional. There is a reason why the majority do not pursue this path, despite not necessarily loving their daily jobs. It is about understanding and accepting that you are taking a massive risk. You can do everything right, and it can still fail. Therefore, beginning this journey under a guided course is the wrong way to approach this path. Online courses are good for the “What” and the “How” Now that we have clarified where online courses for starting a business are not helpful, let’s consider the other side. I elaborated on a few points concerning entrepreneurship. Here are an additional 2 that are relevant: skills and knowledge. Implementing, managing and executing a business venture demands certain skills, and it may be specific to each founder and business. This is where online courses “may” be helpful for people starting their businesses. So long as you identify the following: Let’s look at an example below (me): Sohrab wants to start an online consultancy business. His main way of getting clients is online through his website and Google search. Therefore, Sohrab needs to understand Google Analytics to analyse his website’s performance. In this case, an online course on Google Analytics could be helpful for Sohrab. Starting your own business can be daunting. Need help? About My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I grew my business to over 30 UK cities, and a team of four prior to 2020. Currently, I help other entrepreneurs start their businesses.
Choosing a business bank account: what to consider?
One of the questions that most business owners will ask themselves is how to choose a business bank account. Choosing a bank account should always be thought through, especially for business purposes. There are plenty of business bank account options available these days. And like scarcity, abundance can also make things complicated. This is particularly the case with the emergence of digital “challenger” banks such as Starling & Monzo. As a business owner for almost a decade, I have learnt a thing or two about business bank accounts, and I want to share them with you today. Your business structure This is mainly a case of being self-employed or running a company/partnership. If you’re self-employed, a simple personal account may suffice, so long as your expenses/income is clear, so perhaps a separate personal account would be most suitable. However, when it comes to companies /partnerships (regardless of the type), you must get a business bank account. Business transactions Your business transactions are important when choosing a bank account. Specifically, consider the following concerning your (anticipated) transactions: -Average value -Frequency -Location(s) involved in your transactions -Charges by the bank Depending on your answers to the first two aforementioned points, certain banks may appeal to different customers. Therefore, it’s important to get an overview of your forecasted transactions and compare them against the offers available. Your rights upon possible account restrictions Every bank will have its own policies regarding account restrictions. This is a common occurrence and can happen for a variety of reasons, including compliance and investigations. For example, this has been a common issue among digital nomads because many do not have a fixed address. Hence, it’s important to understand the account’s terms and conditions regarding such scenarios. Business support Check to see if the business bank account offers additional support. You may not necessarily need it, but it can be helpful for some. Tide is an example of such an account, offering services such as company incorporation, support in accessing funding and so on. These are 4 things to consider when choosing a business bank account. Make sure you research your options carefully to avoid any regrets down the line. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats which I scaled to over 30 UK cities. I currently help other entrepreneurs and businesses of all size across several domains. For my credentials, please see here.