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Wednesday, July 27, 2011

A Serial Entrepreneur Becomes A Millionaire From An Accidental Startup

Monis Rahman, serial entrepreneur, accidentally launched Rozee.pk when he needed to find more programmers for his startup.



Having started a few other ventures in the past (one of them Edaycare.com that attracted $2.5 million from investors but later ran out of money), Rahman was in the middle of a social networking site startup (Naseeb.com ) that would be the Friendster for Muslims living in the United States and United Kingdom, when he stumbled upon the need for his current business.

He was in need of more programmers and support staff for his matchmaking site (Naseeb.com) and buying ads was getting to be too expensive. This is when he decided to build a job search website and name it Rozee.


Soon this new website was generating more traffic than his business website.Other companies were joining in, paying $29 for single ads and $20,000 for advanced services. He now found himself running two businesses.

The BreakDown

His Start-Up Costs: $60,000 + $75,000 ($25, 000 from LinkedIn Co-Founder Hoffmann, and 2 others)
The Sacrifice: Moving back in with his parents, doing some of the programming himself
His revenue model: His dating site (Naseeb.com) $40 for annual memberships, the job search site (Rozee.pk) $29 for posting
Strategy: Although operating globally, he registered his parent company in the U.S. to make it easier to raise money
His Struggle: Sales team employee turn-over, collecting payment from customers

When interviewed by Forbes Magazine, Rahman admitted to pulling in $1million in sales.

The lesson: keep your eyes and ears open because there could be a business model waiting to be built from your accidental startup.

Cheryl Isaac is a personal business start-up strategist who contributes to Forbes here and blogs about Making Business Personal here.  

2 comments:

Thanks so much for this, it sure inspired me to keep going with my online business.

You're welcome Jillian. Glad you found the post helpful.

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