THE EXECUTIVE SUMMARY
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[REALLY]
An efficient communication structure is a basic need for a streamlined (and more profitable) business, and can prevent setbacks IN THE SHORT-TERM AND IN THE LONG-TERM
Hasan Haider, CEO, Tenmou
Dr. Melodena Stephens Balakrishnan
Professor of Entrepreneurship, Karlshochschule International University
“As your organization grows, silos might develop within your business which could lead to inefficiencies, miscommunication and loss of trust. If this happens, you should focus on effectively and skillfully coordinating between various personalities, expertise and management levels. Concentrate on creating a strong corporate culture where the business’ vision and values for the future are deeply embedded. A survey by McKinsey&Company suggests that those leaders who create a sense of ownership amongst their frontline staff fare better during periods of change. Work closely with other stakeholders to develop a structure to help to manage decision making too– try to avoid the paralysis that sets in through too many meetings that have no outcome except frustration!”
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An effective delegation schema together with measured growth is needed for venture sustainability Beschir Hussain, co-founder and CEO, hellofood Middle East
Beschir Hussain Co-founder and CEO, hellofood Middle East
“As an entrepreneur, you will not be able to do everything yourself if you want to grow and scale your company. You have to hire people, train them, give them responsibilities and the opportunity to succeed and fail. When you start a business, you tend to do everything yourself in the beginning. You start giving away responsibilities to your employees with the growth of your venture. What if the venture grows too fast though? If you have to onboard 20 people in a quite short period of time rather than five or 10, it becomes hard to define the transition and the level of control you need to give away. In these cases, I learnt to be more introspective and adapt before it is actually required.”
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Look at your acquisition prospects with a realistic eye, and don’t fall into the trap of building to exit
“You need two things in order to have the prospect of an acquisition– an existing relationship with your potential acquirer, and showing the acquirer that buying your startup makes more sense than doing it themselves.”
Hasan Haider CEO, Tenmou “While there is an active M&A ecosystem in the U.S. of established players acquiring smaller startups for between US$20 million and $50 million, we haven’t seen that emerge in the region yet. Therefore, starting a startup in the MENA region while purely looking at
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the exit isn’t feasible as yet, and startups should be more focused on growth and sustainability for now. IPOs, even in a much more developed ecosystem such as the U.S., are quite rare occurrences, and it will take a lot of capital to build up a startup in order to reach an IPO exit in the region.”
If you want your idea to succeed, there is no substitute for extensive research and development Haneen Dabain Founder, Pricena “You need to research the market, the competition, and develop your unique differentiator before jumping on your idea. Make sure you have a unique (or better) solution than what is currently offered. For sure, testing, failing and iterating is what entrepreneurship is about, but proper research and planning is also important to increase your chances of success.” january 2016 Entrepreneur
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