Most entrepreneurs only have some of the characteristics often mentioned but fill in the gaps with the team they put together.
The perennial question is whether entrepreneurs are born or nurtured. Increasingly there is a viewpoint that many people want to be entrepreneurs and that talent can be nurtured.
Passion vs. profitability Passion is a great motivator, provided it is founded on logic. If the idea is feasible, entrepreneurs should follow their passion; it will carry them through the tough times. However, if the market is telling you that the idea is bad and no profit can be made, it may be time to listen and change tack.
• The marketing campaign is developed in-house by the manufacturer and lacks objectivity. • The product is untested by consumers and only the company can assert its benefits. • The Website is the primary place to order,
Passion is a great motivator, provided it is founded on logic. If the idea is feasible, entrepreneurs should follow their passion; it will carry them through the tough times. However, if the market is telling you that the idea is bad and no profit can be made, it may be time to listen and change tack. Risk assessment The market is an unforgiving arbitrator. The business idea must satisfy the needs of a customer. Many products fail to satisfy the market. Some reasons for failures include: • No market research on the product or the market has been done. • Most of the budget was used to create the product; little is left for launching, marketing, and selling it. • The product is interesting but lacks a precise market. • The product’s key differentiators and advantages are not easily articulated. The product defines a new category, so consumers or customers will need considerable education before it can be sold. • The sales force doesn’t believe in the product and isn’t committed to selling it. • Because the target audience is unclear, the marketing campaign is unfocused. • Distribution takes longer than expected and lags behind the launch. • Sales channels are not educated about the product and thus are slow to put it on shelves. • The product lacks formal independent testing to support claims.
but the product description is unclear and the site isn’t fully functional.
• Build your dream team with friends; you need people with specific talents to complement the team.
How to capitalise on 2022 No matter what your business is, there are opportunities for both SMEs and large enterprises because of the World Cup. Business owners should actively engage in research and brainstorm on the potential opportunities. Construction projects, related to the World Cup facilities, will present the major opportunities in terms of new stadia, infrastructure, and new hotels among others. However, there will be many service requirements in design, IT, hospitality and tourism, sport and other education services, to name just a few.
However, entrepreneurs should not be afraid of failure. If you study the biographies of many of the today’s most successful business heroes, you will find a personal story of failure and recovery. It is not important that you failed but what matters is how you pick yourself up and learn from the experience.
Startups may wish to diversify their service or product offerings after researching about the market opportunities leading up to 2022. Additionally smaller companies, with limited resources, might wish to partner with overseas vendors who might have specific expertise and greater financial muscle.
Dos and don’ts Dos
The population in Qatar is expected to rise from 1.7 million in 2012 to 2.1 million in 2022, which in itself presents additional opportunities. So what are we waiting for? let’s begin!
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Put the customer first all the time. Listen to your customers. Conduct quality market research. Test the market before you fully launch. Involve potential customers at the early design phase. • Provide the maximum value consistent with the sales price.
Don’ts • Believe your own marketing PR. • Underestimate your customers. • Assume “ because I can make a better mouse trap, the market will agree”.
About The Bedaya Center is a partnership between Silatech and Qatar Development Bank. With the tag line “for entrepreneurship and career development” it has a prime focus to encourage young Arabs to set up their own businesses and look to the many opportunities presented by the World Cup 2022.
English version - February 2012