Fares khalidi has worked in corporate finance for over 15 years in FP&A, sourcing, and Six Sigma. He has built analyses systems and tools to give senior management greater insight to relevant KPIs. Over the years, small costs saved can equal big dollars for a corporation and Fares has saved companies millions by making them visible and controllable. Fares founded nXus after observing the arbitrary method that a meeting destination was chosen. He realized, once again, there was an opportunity where money could be saved by increasing transparency and creating a platform that allowed companies to research and see their costs to make data driven decisions.
Entrepreneurial Role Models:
Fares’s grandfather
When business started difficulties overcame:
“How do I sustain myself during the time that I commit to doing this project or this venture and that it becomes profitable and generates income for me? And the challenge for me was at what point do you quit the job because this kind of job, this kind of venture that I was undertaking required full-time. At some point I had to split and that was a very difficult decision for me. So getting your financials in order, understanding how much you have to spend on a monthly basis both for your home as well as for your business, getting those spreadsheets together, crunching the numbers and talking it over with your significant other is very important”…[Listen for More]
Favourite Books:
Lean Thinking: Banish Waste And Create Wealth In Your Corporation Book by James P. Womack and Daniel T. JonesFavourite Quote:
“It’s not whether you win or lose it’s how you play the game. It’s that you can learn from winning so that you can continuing, you can learn from failing and at the end of the day they are keeping score so you have to keep going”
Recommended Online Resources:
- LinkedIn – is a business and employment-oriented service that operates via websites and mobile apps. Founded on December 28, 2002, and launched on May 5, 2003, it is mainly used for professional networking, including employers posting jobs and job seekers posting their CVs.
- Professional associations of LinkedIn – the professional networks of the groups within LinkedIn that you are concentrating on both gives you exposure and knowledge of what they are talking about, what they might do and also gives you that platform to put it out there to them
Best Advice to Other Entrepreneurs:
“when you are ready to start presenting to people, your product and your idea, your vision, your business plan, make sure that you know it inside and out because you don’t have that confidence in what you are doing nobody else will guaranteed”…[Listen for More]
More About Fares khalidi:
Neil’s Quote at the Beginning:
“There is no substitute for hard work.” Thomas Edison, entrepreneur and inventor
Other Quotes From the Chat with Fares khalidi:
- “why can’t we do it here? What do we need to get it done here? Who do we need? Right let’s go ahead and do it”
- “get your finances in order, do that budget with your wife, with your husband, with your significant other and really spend time figuring it out because lasting as long as you can is a very key thing in getting a business going. If you know how long you have to get something going, if your time is short it just makes the fire under you hotter so you move faster and you know to move faster. And if you have an idea that’s going to take time for it to actually get moving you will be able to understand where you are going to be in one month, in three months, in five months, in six months. I think that’s critical, cash is king. Otherwise you will properly find yourself in a situation where you have to go and find the full-time job and you won’t be able to fulfil that dream”
- “you just have to keep going and keep trying. There are people I have tried to talk to 10 times and each time was given either no answer or no or stop calling me or something like that. But at the end of the day you find a way to get around and contact that person because you believe and you know that whatever it is you are offering is really important and you hope that they will be able to respond. So, perseverance is probably the number one.”
- “If you can’t get something done one way can you get it done another way and should you? Absolutely you should”
- “lean thinking is all about looking at processes and trying to understand why do you do what you do, and what can you take out that will make the process faster or more efficient? What do you put in will give you quality flags or something like that?”
- “Lean thinking started a revolution about how do you get from A to B in an easier quicker way without bogging yourself down with what’s historically been done. And that me is a very powerful thing”
- “you don’t always have the luxury of data the luxury of time and you have to make a decision. If it feels right if you can say the margin of error is around 20% go for it”
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