Mudassir Sheikha: So we want to start focusing people on the right KPS and then growth will happen. Four of us sat down, Magnus, Sara, me, Saba, and we basically wrote down what we called the boundary conditions. The entire company is looking at these numbers. So that person can translate and say look, hes ambitious. So just like the buses that we had in the subcontinent where you open a thing, it tells you this is the nearest bus station, go ahead walk to that bus station, the bus will be there at this time. Mudassir Sheikha: You know, we havent tracked it fully yet, right? You know, you can be ambitious in Pakistan and you can be ambitious in Egypt and you can be ambitious in Saudi, right? He offers tips on how to prepare for the changes in the CEOs role by sharing how he adapted as processes broke and he struggled to balance family obligations. Published Wed, Jun 16 2021 3:40 AM EDT. You cannot have the same level of person, quality, systems, all of that, at each local branch. Now, I dont know how long we followed that contract, which was sort of the sad part. So we made some progress on it and if you think of our position, our strategic position vis a vis others in the industry, you know, we ar a local player that has to compete with someone that has more money. : I think the big turning point was when we started going to new markets, which is when we started having people that were running different cities that were away from us. Can we help you with anything? And we started that exercise. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your email address will not be published. Thats when people really look and see. That puts a huge tax on you, individually, right? Shikhar Ghosh, Marilyn Morgan Westner, Mudassir Sheikha and Matt Fischer. https://hbsaccelerate.wistia.com/medias/cscc8k9qrv?embedType=async&videoFoam=true&videoWidth=640. So these are the four things that well do to win. There will be some cultural nuances. Then you have to sort of make sure that it gets embedded in every aspect of the organization. : Theyre output oriented. You know, all of that. Or a formal recruiting process? So how do you deal with that? And the third one is theres some things that the country or Dubai needs to control, right? Justin D. Martin | on Twitter: "If Qatar's Sheikha Moza is Anything outside of it, we want it to be as local as possible. At least, I never did it. So thats the way we are approaching those things which require more scientific planning, thinking, and doing. : So youve got to take each of these values that you had, in some ways, which is sort of this is the way I want people to feel in many ways, right? How does $15b compare to net worth of 100 richest Qatari men? And you know, you worked at BCG and I spent some time at Mackenzie. This is the culture that we want to build. [16], In May 2019, Careem announced the acquisition of UAE-based bike-sharing startup Cycle which will re-brand as Careem Bike. [14] In August 2018, Careem said they would be launching bus services, starting with cities in Egypt in December of the same year. From the moment that Mudassir Sheikha and Magnus Olsson first decided to launch their own start-up in the Middle East, they knew they wanted to build something both "big and meaningful." Almost a decade into their journey with Careem, they are succeeding beyond the wildest expectationson both counts. : And when we even got the right people in place, you know, we got them from different backgrounds and different places, and we didnt do enough upfront to define the culture that we wanted. I profile people and startups contributing to the Pakistani technology entrepreneurial ecosystem. So people are working really, really hard. And in the very beginning, even the people that were doing different things were sitting very close to us, so we knew everything that was happening. Mudassir Sheikha: Now, on the family front, I think it was the first couple of years we had set expectations with our wives, that its going to be very, very tough for the first two years. And then you started looking at examples of things that happened before and then you start building conviction, right? Personally as well, but also reinvent the way that youre doing things. Maybe this thing that were doing will not even materialize. Mudassir Sheikha: Yeah, I think its a good question. The movement of things as well. But for you, it feels like its more that this is what you have to do to be competitive, but from a pure sort of market share and all of that perspective. Define the values and the culture that you want to create. Keep improving and stay humble. : Yeah, because one thing you have to realize is there are some net worth effects in this business. : Experience is an interesting one, right? Six months later, competition does the same thing. And this is not just in growth, but this is in everything. When did you shift or start shifting towards the input rather than the output metric? That would have saved us a lot more time and effort down the road. Shikhar Ghosh: Yeah. : So if you compared that vision to any existing company, whos the closest analog? 1. : But for example, if you have something that says that people who work for us should have opportunity. ", Leadership Coach & Educator, Fortune 500 Executive. What is the quality of customers that were giving him which is measured by the ratings that he gives to the customers. Interview: Mudassir Sheikha CEO & Cofounder of Careem, the $1 Billion And even if they find those local opportunities at the same time as us, were able to prioritize them much before them. And then things would break again and wed buy another six months and then things would break again. Mudassir Sheikha: And our answer is that we will win by being more local than them. So if your competition is a lot bigger than you, then youre not even providing a competitive service to the customer or the captain. Mudassir Sheikha - UAE Mudassir Sheikha: And on the captain side, similar KPIs. But even at relatively high levels in that organization, you had no idea what a business was producing, right? Lets hire people that will run this country. : The people processes, the structure. The numbers dont change immediately. So this is something that we didnt pay enough attention to at the beginning, that in hindsight we would pay more attention to. He grew up in Karachi, Pakistan, before graduating from the University of Southern California with a degree in economics and computer science and then completing a masters degree in computer science at Stanford. Mudassir Sheikha: where I think the burden becomes higher is sort of to reinvent yourself. But the question is why minutes and not hours or days, right? And I just have to trust that the person on the scene is going to do that? A Karachi born Mudassir Sheikha was taken aback when he discovered that Pakistan has only one billion dollar company, outside the oil and gas industry, that is an FMCG company. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. This scholarship will allow LUMS to reward the high performing undergraduate scholars at the Syed Babar Ali School of Science and Engineering (SBASSE), inspiring and nurturing a vision for . Define the values and the culture that you want to create. Im going to give a promo code that gives people 50% off for the next 10 trips. So I can tell you that Karachi has grown five point three percent from last week. You go through that deck, you know, I think in literally half an hour, you get a very good sense of what this organization stands for. So these are the four things that well do to win. What does it mean? How do you balance these two things? : What did you expect it was going to be when you first started? So they say, you know, you can focus on profitability like you focus on jet You need it in order to keep the business and so on. Careem is the first unicorn in the Middle East and a game-changer service for the region. [6] Following the acquisition, Sheikha continued as CEO of Careem and assumed the role of board member and advisor. So then you dont have to look at these numbers because everyones looking at these numbers. In fact, they were helping us-. You know, pricing is a pretty complicated, sophisticated topic that has far reaching implications if its not done right. So it was very incremental and as it fired up, we solved it. Sheikha gave himself the ambitious time period of just six weeks to roll out the first iteration of Careem and be in the market at the earliest. He received his bachelor's degree in Computer Science from Lahore University of Management Sciences and later went on to obtain a Master of Science degree in Computer Science from Stanford University in 2007. It has been a company that measures its growth rate in increments of 15 minutes across multiple countries, cultures, and the services it offers. The idea for a transportation service oc. Thats the default one. Mudassir Sheikha: When you start thinking of this a bit more, the more you think of these things and the more that you discuss these things, you start building more conviction behind them as well. But my view in looking back at this is it would have saved us a lot more fires. : When we raised our CVC, we actually promised ourselves that we will get away from that mindset, that were not going to keep patching things because that whole debt was starting to catch up to us. And what gets done in Dubai, which is our head office. So you want them to behave differently if its a critical problem versus its not a critical problem, and so on. And on the customer side, for example, experience is a function of, you know, when you open the app, is a car available? Then we empower them to the right resources to do this and we support them and do this, right? Growing at a rate of nearly 30 percent per month turned Careem, a mobile-based ride-hailing service, into the first unicorn of the Middle East. Mudassar Sheikh Net Worth 2023: Wiki Bio, Married, Dating, Family When [inaudible] was picking up a call and speaking to a customer, I could overhear [inaudible] because he was sitting next to me. Maybe this thing that were doing will not even materialize. Fiance, Age, Net W Who is Bernice Burgos? But youre building a structure to do that. Before McKinsey, Mudassir spent a decade in the Silicon. What are the things that surprised you about that transition from when you go to knowing everything thats happening and acting on each of the things that are blowing up, to knowing that Im not going to know a lot thats happening? Now, that vision has been defined. Shikhar Ghosh: But there are common systems, right? You understood the business completely. You understood the business completely. The task and the challenge of getting that right was not as I was nave on that front. : So the two things that I would do differently is one, more upfront. : Yeah, so a lot of the interviews are done, if theres a very local candidate, the results are done by the local person, right, thats going to be the manager for that person. And this was an initiative that was started by her. You know, one of our first things was driven by our mission and values. Mudassir Sheikha: So the ambition initially was actually not so big. Careem has been competent from the day it rolled out its MVP. [3], In 2012, he left McKinsey & Company to form Careem with ex-McKinsey colleague, Magnus Olsson from Sweden. Mudassir Sheikha: And the second framework is if the function is not done at a city level, what role does the country or Dubai play for that activity, for that function. I get on the phone and I ask for a bus and a bus comes? : So what does that mean? You know, we feel its okay to ping our databases every 15 minutes, thats fine. On day one, literally on day one, one of the first things that we did was we created the first version of our values. Mudassir Sheikha: So the day looks like start at four. [50], Careem has been a supporter of Cricket for a Cause and has supported the league's efforts to raise funds for children in developing nations. So thats when Magnus and I would have to be a lot more involved in the business. We want to be the platform that enables internet commerce in this region. So if theres an activity that needs to be done, the first place that it actually should be done is the city. : You know, why not 10% a month? : So this is reinventing yourself and reinventing the way that you do things, every few weeks, every few months. Is it right? So that says that this is by far the most effective sort of way that you can do it. So it takes them longer to prioritize. Careem Co-Founders | Mudassir Sheikha & Magnus Olsson - YouTube So the first two years we bought, and I think somewhere in the second or third year, and it coincided with me having twins and I think there was something happening in Magnuss life as well, where I think the wives forced a discussion on us. : So well hopefully create these type of initiatives-. And these values we protect, even if the culture says otherwise, well protect these values and well push these values down on culture. Fundamentally, we . These are the values that we stand for. And then what was also happening in the early days is we had no customer service. Can we help you with anything? : And a lot of the values around taking ownership start to kick in and people are like, look, this is an opportunity. So just like the buses that we had in the subcontinent where you open a thing, it tells you this is the nearest bus station, go ahead walk to that bus station, the bus will be there at this time. So if you believe that your competitor is targeting these type of growth rates, then you cannot be targeting less than your main competitor. Is it wrong? Four of us sat down, Magnus, Sara, me, Saba, and we basically wrote down what we called the boundary conditions. Mudassir Sheikha: Yeah, because one thing you have to realize is there are some net worth effects in this business. : Now the first two, well win by being local and well win by being speed automatically translate into empowering the front line as much as possible. Both companies apps will also continue to operate under separate brands. Versus what is it that someone on the ground has the autonomy to make their own choices. So these are the experience KPIs both for the captain and customers. [47][48][49] According to investigations conducted by the company, there was no initial evidence of fraud or misuse. Europe, Menlo Park, China), Where the person is located (e.g. : So by going through that exercise of putting these down, you started building conviction. You know, all of that. Or a formal recruiting process? We need to help them if theyre not doing it. Now youve got a sales force, theyre doing their thing. And that seemed like a big business in the Middle East back then, right? Were we giving people feedback on the values? Why such high growth rates? And then you have to come up the next play, right? The next year it was why just the GCC? So focus on these two things and growth will happen. Taxi drivers organized several protests and sit-ins demanding that the Egyptian government intervene to halt the activities of the TNCs. : So literally for the first few months of Careem, we kept phones with us when we were sleeping so if someone calls at three a.m., the phone that rings is the phone that is next to me and it wakes up my wife and it wakes up Magnuss wife as well. Friday is the day that I-. [40] And who's more known worldwide for their important work, Moza or a bank CEO? What were the things that surprised you that as you grew, you know, what were the things that you came in and said, well, this is sort of different from what it was, what I was thinking it might be? [8], In 2015, the company acquired a Saudi-based home service company and Abdulla Elyas joined Careem. Right? Just, you know, a typical weekly calendar sort of thing. So we were giving people feedback. You go in, you show the boarding pass, youre in. So the default role that a country or Dubai plays is advisory. Shikhar Ghosh: What did you expect it was going to be when you first started? The acquisition of the entire company means that these shares will be acquired by Uber as well creating millionaires. And youre coming at midnight. Mudassir Sheikha: Yeah. : So last topic that I want to go through is as youve grown, the issue of you know, what do you keep in the central place that you can learn from everybody? And so youre going to go through similar cycles of growth. Regulators are typically national. Theres a lot of learning that happens across all these markets thats common, even though theres differences. Mudassir says that when the offer came up, he and Magnus looked to their original purpose for guidance. Hundreds of Careem millionaires after staff share in $3.1 billion Uber : One is like, look, youre not at home much, so youre leaving at six a.m. sometimes, many times. So we made some progress on it and if you think of our position, our strategic position vis a vis others in the industry, you know, we ar a local player that has to compete with someone that has more money. Thats when people really look and see. Give feedback to our colleagues to keep growing them, and to drive progress in our communities. Shikhar Ghosh is a serial entrepreneur, angel investor, and Professor of Management Practice at HBS. It drops you at a predetermined location. : Some of the people processes is another part of it. This was not translated to what it means for the different functions because I think if you sit down and think of it, you can do the translation, right? [39] We want to be the platform that enables internet commerce in this region. : So, you know, all of that is driven by the external world, right? Mudassir Sheikha: And the second thing which has happened, and you know, we had a conversation six months ago where I think you said something very interesting. Mudassir Sheikha: So in the Careem operating system, one of the principles is invest in experience to get growth. Mudassir Sheikha: So, I think there is some Thats a great question. If we become cheaper, they will match our prices and go even below because thats the game they can play. Mudassir Sheikha and Magnus Olsson are the founders of Careem, the largest ride-hailing platform in the Middle East.
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