Entrepreneur Magazine Q&A with Mustafa Abbasi

Entrepreneur Magazine: Mustafa, thanks for taking the time today! You’ve had quite the journey—Zolo’s rise alone is the stuff of entrepreneurial legends. Let's start from the top: how did real estate even enter the picture for you? Was this all part of some master plan, or did you just stumble upon it like someone accidentally joining the wrong Zoom call?

Mustafa Abbasi: Thanks for having me! Honestly, there wasn’t some grand blueprint. It was more about recognizing an opportunity and thinking, “Why not?” Real estate can be this ridiculously complex maze, and we saw an opportunity to simplify it. It’s a lot like entrepreneurship—if you can see the gaps and find solutions, you’re already halfway there. Real estate just happened to be the space where we could make an impact.

Entrepreneur Magazine: Well, you certainly nailed that with Zolo.ca. You’ve turned it into Canada’s largest digital real estate brokerage. What’s been the key to making it work? And please, spare us the overused “hard work” and “dream big”—we know those are just table stakes.

Mustafa Abbasi: No clichés here, don’t worry. The real answer? The founding team. We built Zolo by assembling domain experts in every area necessary to create an amazing digital business. My formula for Zolo’s success was centered on achieving measurable results and sustainable growth. While vision and innovation are crucial, the true test of a business lies in its financial health. Managing the P&L with precision and a relentless focus on profitability was non-negotiable. At the end of the day, the numbers tell the story. It's about balancing strategic investments with disciplined cost management to drive consistent performance and long-term value, but we also had a secret weapon on the team: Ryley Best, Co-founder of Zolo, he wasn’t just another tech expert; he was an entrepreneur, who had already made waves in the tech world by conquering the online dating market in the UK and selling his company to the Daily Mail prior to Zolo. His vision was crucial in building a platform that not only scaled but truly transformed how people buy and sell homes. It was this combination of diverse expertise and disruptive thinking that made all the difference.

Entrepreneur Magazine: But before all that, you went from real estate to contracting for the U.S. Department of Defense. Quite the leap! How did that experience shape your approach to business?

Mustafa Abbasi: Yeah, it’s not your typical transition, but the principles are the same. Contracting for the Department of Defense, working with the US military was like business on a whole other level. The stakes were high, and failure wasn’t an option. You learn to build trust, deliver results, and hit deadlines—there’s no room for excuses. We took that same discipline into everything we did afterward, whether it was Zolo or any of our other ventures. It taught us that consistency and trust are everything. No matter what business you’re in, people need to know they can count on you to deliver. But beyond that, one of the most important things we learned was the importance of velocity. How fast you can move and react to obstacles will dictate your company’s future. In the business world, speed is often the difference between leading the market and getting left behind. The ability to adapt and pivot quickly is what keeps you competitive.

Entrepreneur Magazine: That’s a great insight. Speed and agility are crucial, especially in today’s fast-paced environment. Let’s talk about Zolo’s big moment in 2022—its sale to Questrade was a monumental achievement. What was that like for you?

Mustafa Abbasi: Surreal, to be honest. It’s one thing to build a business, but selling it is a whole different game. We were essentially handing over something we’d nurtured for years. You want to make sure it’s in good hands and that the vision will continue. There was a mix of emotions—excitement, and nerves, but more than anything, it was a collective win. Zolo’s success was never about one person; it was the result of years of dedication from the entire team. And, of course, it made for some pretty interesting dinner conversations when we could say, “Yeah, we just closed the biggest M&A deal in the Real Estate Industry” in a humble way of course.

Entrepreneur Magazine: I’m sure it did! But what’s next for you? I’m guessing you’re not the type to kick back and count zeros.

Mustafa Abbasi: Definitely not. There’s always something new on the horizon. I’m still heavily involved in taking Zolo to the next level with Questrade, this is a priority but I’m also working on some exciting projects that take us into new spaces. One of them is DataForce, a data analytics company focused on crime data, transforming how we use information to drive decisions across various sectors. Think of it as taking the power of data and making it accessible and actionable for everyone, from businesses to the general public. And I also ventured into high-end real estate development in the Caribbean, partnering with Sotheby’s International Realty & Hunter Milborne. So, yeah, we’ve got our hands full, but that’s how we like it. If you’re not always looking for the next challenge, you’re not really in the game.

Entrepreneur Magazine: Data analytics and Caribbean luxury real estate? That’s quite the combination. What’s the driving force behind those projects?

Mustafa Abbasi: We like to keep things diverse! With DataForce, it’s about harnessing the potential of data to solve real-world problems. We saw a gap in how data is used and wanted to make it more actionable. Whether it’s helping businesses make better decisions or improving community safety, data has the power to change outcomes. As for the Caribbean, the luxury market is booming, and we saw an opportunity to create something truly exceptional. We’re talking high-end developments that cater to a global clientele. Both projects are about tapping into emerging trends and creating long-term value. But those aren’t the only things on the horizon. We’re exploring several new projects, most of which involve leveraging technology to disrupt and innovate across different industries. That’s the essence of entrepreneurship—spotting opportunities and moving on them.

Entrepreneur Magazine: You seem to have found the perfect balance between data crunching and working in paradise! Last question—what’s your biggest piece of advice for aspiring entrepreneurs?

Mustafa Abbasi: Don’t play it safe. Safe is just a slow road to failure. If you’re not willing to make people uncomfortable or take risks, you’re not really an entrepreneur—you’re just a manager. Focus on building a strong team and surround yourself with people who challenge you. And don’t forget the importance of resilience—things will go wrong, and it’s your ability to bounce back that determines your success. Oh, and one last thing—always have coffee on hand. You’d be surprised how many breakthrough ideas come out of late-night brainstorming sessions with the team, fueled by caffeine.

Entrepreneur Magazine: Bold words! Mustafa, thank you for sharing your journey with us. We’re excited to see what’s next.

Mustafa Abbasi: Thank you. The best is yet to come!