Business Upside [BU]: How do you manage risks while staying open to opportunities?
Adam Azim [AA]: By staying informed. Deep literacy. There is a difference between knowledge and information, and that difference is determined in large part by deep literacy. Information can be misleading. But deep literacy and knowledge saves us from being misled. Risk is always mitigated by what you know. Risk-taking is actually an informed initiative where the range of possibilities and outcomes are known to a person. Ignorance and uncertainty stems from a lack of knowledge and as a result the range of possibilities and outcomes are largely unknown, or they simply do not exist. Also, what underlies risk-taking is a principle called “the principle of maximizing expected value.” The principle holds that “the total value of an act equals the sum of the values of its possible outcomes weighed by the probability for each outcome.” Which means first and foremost, before you act or take on a risky initiative, you should know the possibilities and the range of possible outcomes and their value and probability. This also means that there is a stark contrast or difference between risk and uncertainty or ignorance. In terms of staying open to opportunities, I think opportunities arise as a matter of luck and fortune for the most part, but then again, there are things you can do to improve your luck and fortune. There is always the option of letting go of one opportunity and wait for something better down the road. And everyone will weigh that option differently.
[BU]: How do you identify and attract the right talent to build your team?
[AA]: My team is essentially my wife and family. We started off as what one would call a “mom and pop” enterprise. The time to attract a broader team will be when we turn the “mom and pop” enterprise into a machine like we mentioned in an earlier interview. That transition to a machine will of course take time. But then again, it is inevitable, given that there is no choice but to keep growing or go under in a capitalist society. The entrepreneur is placed into what one scholar called a “structural location.” In a word, class. And if the entrepreneur does not conform to the “rules” of his class or “structural location,” then the entrepreneur is “driven under.” It follows that you have to identify individuals who will not drive your enterprise under if you are looking to broaden your team.
[BU]: What sacrifices have you made to reach where you are today, and were they worth it?
[AA]: My sacrifices were largely the result of culture and lifestyle. There is of course a difference between modernity and tradition. The social world itself is essentially made up of a core divide between modernity and tradition. Natural science deals with the natural world. Social sciences deal with the social world. Afghanistan – which is where my parents came from – is the most traditional culture in the world. Thus, my challenge for the most part was striking a fine balance between modernity and tradition. To come from a traditional background and yet conform to a wholly modern society was the biggest difficulty for me, and it is still the biggest difficulty for me. This should not have been the case given that I was born and raised here in the United States. But it simply played out that way. But of course, entrepreneurship gave me the space and time to figure out how that fine balance can be struck. It is still a work in progress. But it seems to have gotten a little bit easier with time. To let go of a modern lifestyle when I completed my student years in order to find a lifestyle that is constituted by a balance between modernity and tradition was the biggest sacrifice I have made thus far. It was a very painful sacrifice as well. But at times, I think there was no choice. It was perhaps largely out of my control as well, because of cultural and religious factors.
[BU]: What role does resilience play in entrepreneurship, and how do you cultivate it?
[AA]: Resilience but especially confidence is the name of the game. And it is all cultivated in the mind. It is all mind work. Having the right mentor or spiritual guide will of course help. But then again, you embark on the life journey alone. And that life journey is largely a learning experience.
[BU]: Can you share a moment where you almost gave up but decided to push through?
[AA]: If it were possible to give up, I would entertain the idea of giving up. But there is no choice. It is not possible to give up. Therefore, I never entertained the idea of giving up.I simply entertained the idea of being patient and optimistic.The government will not spoon-feed me. Therefore, at every moment, you maneuver, and you make moves and see what arises out of it all. You throw everything you have at the world, and you see what sticks. And that happens day in and day out. It becomes a routine. It goes on and on.
[BU]: What role does your personal network play in achieving business milestones?
[AA]: My personal network built the basis or foundation for me, and my task is to solidify the machine or structure which is situated on top of that basis or foundation. One of my friends equated it all to a hundred-story skyscraper, where the elevator takes you up to level fifty, and then you end up having to take the stairs to level one hundred. I found that to be a very wise analogy or metaphor.
[BU]: How do you handle financial challenges, such as funding or cash flow management?
[AA]: It is about the hand you are dealt with, and you how play it. Life is a game. It is not necessarily about how much you have or make. It is about how you manage it and use what you have, or as we just said, how you play the hand you are dealt with.
[BU]: How do you keep your passion alive during routine or mundane tasks?
[AA]: I am into trying new restaurants and just leaving everything behind and taking my wife to go walk somewhere or visit somewhere. To simply get out of the house. There is really not much to do where I live here in the DC-Metro area. As a result, sometimes, I have to think through what it is to make life less depressing and mundane and redundant. It is of course necessary to except boredom and redundancy. Life is not always fun and exciting. Nor am I necessarily a person who is governed by passion. I used to be. Now, I am largely governed by reason as a result of my education and experiences, and as a result, my life is largely a life of contemplation. But of course, the basics are important as well. In the end, it really is all about the basics. Trying new foods, going somewhere new, going out on occasion, pleasure in moderation, all have to be considered and kept in mind.
[BU]: If you could collaborate with anyone in the world, who would it be and why?
[AA]: There are certain academics or intellectuals in places like Chicago and New York who I would love to engage with and deal with if I could. In terms of business and entrepreneurship, I am open to anyone who proves to be worthwhile. It is largely a matter of chemistry and mutual understanding. But in terms of discourse and social engagement, or socializing, there are certain academics or intellectuals in Chicago and New York who I would love to meet and engage with.
[BU]: How do you ensure your business stays aligned with its core values?
[AA]: It is largely a matter of moderation and temperament and thus not being reckless and flamboyant.It should be about substance over appearance, and quality over quantity. There is a huge difference between risk-taking and recklessness, as we suggested before. Moderation or balance between asceticism and pleasure is always considered to be the “golden rule” or the core virtue or value in all religions and thought systems. I assume this would be the right answer to this question.
More Information
Company URL: www.adam-azim.com
LinkedIn URL: http://linkedin.com/in/
