Month: March 2019

Entrepreneurship

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Description

Name: Ghada AlShaya

Event: Entrepreneurship

Date: 14 February 2019

Organizer: PNU – CBA

Speakers: Ms.Shahad, Ms.Hanan, Ms.Alanoud and Ms.Moudhi

Location: Business Administration Theater

  • Introduction:

This event was about entrepreneurship nowadays, what are companies that will sponsors, and two successful businesswomen, who are Alanoud the founder of Flamingo and Moudhi the founder of Healthy Dose. Ms.Hanan is an executive manager of Deem Al-Manahil. My thoughts before I attended the seminar that entrepreneur success by luck and gain the popularity because of their expensive preparation for the brand.

  • Definition of entrepreneurship:

Entrepreneurship is the process of creating a new idea and running a business that will change the marketplace. Entrepreneurs are people who create these businesses, often be small. (KENTON, 2019)

  • Entrepreneurs challenges:

Today, entrepreneurs are facing challenges before entry the market and during running their businesses. In 2012, it was hard for entrepreneurs to entry the market, but now it is easier. That does not mean there are no challenges at all. During the last five years, entrepreneurship environment developed into many periods. The first period was limited for traders and small businesses does not exist. There were logistics issues and restricted sectors that prevent anyone investing in it. Foreign competitors was a big challenge in the marketplace because they were providing the same local products at lower prices. After Small and Medium Enterprises General Authority (SMEA) creating in 2016, entrepreneurs can solve any issues and challenges with this authority.

  • How to start a new business:

Ms.Hanan mentioned steps that an entrepreneur need it to start a new business. First, the hardest step is how to make the right decision by searching about your passion and what you enjoy while you are doing it and try to make this idea creative. Second step is defining resources, either human or financial resources. Your team and relationships are the most important resources that an entrepreneur must consider them. Third, searching about courses and training that will increase your knowledge of what you are passion about. Then, involve in conferences and seminars about entrepreneurship and make relations with entrepreneur to take advantage of their experience. Lastly, make your business plan, which will help you to know every detail in your business. (ROBINSON, 2019)

  • What is Deem Al-Manahil Fund?

One of the entrepreneurship sponsors is Princess Madawi Fund (Deem Al-Manahil Fund). “It is private non-profit fund established upon an initiative by Al-Manahil Company to support Saudi women who have creative ideas by training, providing entrepreneurship program, and funding”.(Deem-almanahil.org, 2019) 

  • Stages to accept the business in Deem Al-Manahil:

To accept the business, it goes through multiple stages. First stage is doing the experiment in the real market to make sure target employees are interested in the business. Second stage is doing interviews. Third stage is training, which includes how to make business plan. Then, it get presented to businesspersons and entrepreneurs and if the business get their interest, they will accept it. Last stage, Deem Al-Manahil will invest in the business till 300K SR and provide package services. 

  • What makes the business successful?

Small things can make your business successful such as starting in college where you can build your relationships and expand it after graduate. You should focus on competitive advantage that will differ your business from others. In addition, working in small business before creating your own business would be helpful. It is not necessary that you have to study business. The most important thing is you have passion about something.

  • Competitive advantage:

It is a fact that there is no successful business without competitors. The percentage of competitors is differ from one business to another. Ms.Alanoud said,” to gain the competitive advantage, ask yourself what the special advantage I have that no one have and why customers should come to me not another business”.  Searching about businesses at the same sector that you want and think of their advantages, disadvantages and how to be unique and different. Some of them are copying other businesses, so they are inspiring others to develop their businesses.

  • Brand identity:

What makes the business unique is the brand identity and without it, the business will not be successful. Some people think that brand identity is just a logo, but it is more. It is expand to slogan, colors, bags and etc. Support brand identity with marketing, spend more money in it, make it clear and understood would affect your business in a better way. Video below interestingly explain it more.(Murphy, 2019)(YouTube, 2019)

Before I attended the seminar expecting I was not gain much knowledge about entrepreneurship, but the opposite happened it made me have an overview about it with the real examples of businesswomen followed steps of successful business. I learned that there are risks and struggles but with a unique idea, big passion and supportive institution for entrepreneurs it will make a successful business. There are phases before this journey start for examples create and run a business while studying in college and work in small business will help have some experience. For me, I think the most important things that taking in consideration are competitive advantage and brand identity besides having a creative idea.

As a business student running a successful business is a dream of mine, so I will look into something that I passion about and apply what I learned to start at early age. Now I know where I should go to get need advice and fund for my business. When I create my business, I will be aware of my target customers and competitors by developing my business in many ways. After the seminar, I got excited to learn more about entrepreneurs with hope to be one of them.

References