Since winning the Commercial Category at the Enterprise Challenge in 2021 Mahid Miah has seen huge success with his businesses MYLAB and Slikk while continuing his studies at the university. We caught up with him about his experience and his best tips for students entering this year.
Introduce yourself and your business.
My name is Mahid Miah, I am an entrepreneur currently pursuing a Law degree. I founded MYLAB, a business that specialises in providing logistical support to other businesses, helping them efficiently deliver their services or products to customers all over London. Additionally, I have expanded my entrepreneurial ventures by launching an ethical fashion care brand called Slikk Fashion Care which is in its product development stages.
Tell us about your experience entering the Enterprise Challenge.
Participating in the Enterprise Challenge was a great experience. I entered the competition with my business concept, which aimed to solve a pressing problem in the world of logistics and deliveries. Winning the commercial category of the Enterprise Challenge was a significant validation of my idea and a tremendous boost for my entrepreneurial journey. It provided not only funding but also valuable resources and mentorship to help me refine and expand my business. Since winning the Enterprise Challenge, my business has grown, and I now have multiple clients throughout London.
What was your experience of starting a business while studying, and what do you think are the benefits?
Starting and running a business while studying is definitely not easy, but that doesn’t mean it has to be hard. It all depends on how complex your business is and the kind of resources you’ll need to get it running. Still, it’s best not to overcomplicate things and I would advise starting small, so you don’t end up throwing away a ton of money. That means using resources that are low-cost, free, or already available to you. So, what I’m saying is think about having that fancy office once you’ve actually made some money.
The biggest benefit of starting your business while studying is that you’ll give yourself a head start and learn from mistakes earlier rather than later. You’ll also get to network with like-minded people and your potential customers.
What’s the biggest lesson you learned from starting a business?
The most significant lesson I learned from starting a business is the importance of resilience and adaptability. Entrepreneurship is filled with ups and downs, and unexpected challenges are a constant reality. Being able to adapt to changing circumstances, being consistent, being patient, and learning from failures is essential for long-term success.
One thing I always tell myself is ‘If your business doesn’t evolve then it will soon dissolve’.
What advice would you give to students entering the Enterprise Challenge this year?
If you’re entering the Enterprise Challenge this year what I would strongly say is, while your goal is to win, don’t make it your only goal. Winning a competition doesn’t dictate whether your business will be a success or not. Only you get to decide if your business is a success or not. Great businesses are born from great entrepreneurs, so it’s the person behind the business who is the real star.
Mahid’s TOP TIPS:
1) Make sure you’re solving a problem with your business.
2) A good idea doesn’t mean a good business, so make sure it’s viable.
3) Believe in your business.
4) You’re not better than someone that’s already done it. Ask for help. Talk to your mentor.
5) ‘If you never try you’ll never know’, so go for it and have fun!
What have you been working on after the Enterprise Challenge?
After winning the Enterprise Challenge, I have continued to focus on growing my businesses, expanding our client base, and improving our services. Additionally, I launched an ethical fashion care brand, which aligns with my commitment to sustainability and social responsibility. My goal is to establish this brand and promote ethical fashion practices in the market. Oh, and I’m just finishing up my degree too!
