Entrepreneur Qatar September 2015 | Training for the Boss by Entrepreneur Middle East

“Thank you, Mr. President” Entrepreneur Ziad Sankari distinguished at the White House

Training for the boss The low down on executive coaching

Get your skillset upgrade on a one-to-one basis I. The who, what and why of executive coaching II. How to choose the right executive coach for you III. Achieving measureable results from executive coaching

FOLLOW THE LEADER The (Massive) diversified portfolio

Sunil Vaswani

Finance Rajeev Kakar Education Poonam Bhojani Banking Dr. R. Seetharaman

Retail Ronaldo Mouchawar Logistics Huda Janahi Investments Maha Al Ghunaim

Luxury Anan Fakhreddin Telecommunications Osman Sultan Healthcare Sobhi Batterjee

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SEPTEMBER 2015 | www.entrepreneur.com/me | QAR15

september 2015

CONTENTS

Dr. R. Seetharaman, Group CEO, Doha Bank

INNOVATOR: Follow the leader

Regional head honchos talk strategy, industryspecific tactics, and professional challenges. The (massive) diversified portfolio Sunil Vaswani Telecommunications Osman Sultan Finance Rajeev Kakar

Education Poonam Bhojani Banking Dr. R. Seetharaman Logistics Huda Janahi Investments Maha Al Ghunaim Retail Ronaldo Mouchawar Luxury Anan Fakhreddin Healthcare Sobhi Batterjee

The low down on executive coaching

Training for the boss

Get your skillset upgrade on a one-to-one basis I. The who, what and why of executive coaching II. How to choose the right executive coach for you III. Achieving measurable results from executive coaching

“Thank you, Mr. President” Entrepreneur Ziad Sankari is distinguished at the White House for his work with his enterprise, CardioDiagnostics.

EDITOR’S NOTE By Fida Z. Chaaban

TECH: ONLINE ‘TREP

State of Payments 2015 E-commerce payment services company, PayFort, released this year’s State of Payments report highlighting all that you need to know about the region’s electronic commerce sales and trends.

SHINY

#TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado. Yes, it’s okay to want them all… and no, it’s not our fault.

Sunil Vaswani, Group Chairman, Stallion Group

september 2015 Entrepreneur

CONTENTS

september 2015

27 Henri Asseily, Manager Partner, Leap Ventures

36 Entrepreneur Ziad Sankari distinguished at the White House by U.S. President Barack Obama.

MARKETING

Marketing to a high-end consumer

Vincent Bastien, former CEO at Louis Vuitton and HEC Paris professor, analyzes how luxury brands command incredible pricing power and high profit margins.

Your signature style

Seven steps to cultivating a good employer image

Olympian and entrepreneur, James Clear, discusses a fellow Olympic medalist’s tactics for success: Dick Fosbury and the surprising power of being unconventional, and how it worked for him.

How not to scare the new guy

‘Trep gear

‘TREPONOMICS: PRO

Bayt.com’s Lama Ataya explains why branding your company helps you attract better quality talent.

Ronaldo Mouchawar, founder and CEO, Souq

Entrepreneur september 2015

SKILLSET

ESQUIRE GUY

Ross McCammon lays down the law on making new hires feel welcome at your enterprise- remember your first day at work?

50 #TamTalksTech: Galaxy S6 edge+

CULTURE: TRAPPINGS The executive selection for the entrepreneur on your list that has everything. Okay, maybe for a little self-reward as well.

CONTENTS

september 2015

Anan Fakhreddin, CEO, Damas

START IT UP: Q+A

It’s time to call in the pros

LIFE

Life is a marathon, not a sprint Mark Sephton says that you need to stop the “busyness” and remain productive. Here’s how you do it.

MENA startup mrUsta offers a platform for your service needs.

Q+A

A giant leap for MENA’s m-commerce space T-Pay founder Sahar Salama covers her bases with her startup, and they’ve gone MENA-wide.

Luxury brands command incredible pricing power and high profit margins

ECOSYSTEM

MONEY: ASK THE MONEY GUY

Tony Hchaime’s tips to rejig your success-ratio

Let’s get real

A viable solution for SMEs

The challenges this company’s founder faced as a “non-sexy” startup in the Middle East.

Amr Frkash says that your enterprise could benefit from mini-bonds in the MENA region.

LIFE

Don’t toil away at work-life balance; instead, optimize your performance.

ECON Healthcare, education and all consumer-related investment sectors are by far the most popular investment sectors in the MENA region nowadays, but how much is too much?

Osman Sultan, CEO, du

Entrepreneur september 2015

SUBSCRIBE EDITOR IN CHIEF Fida Z. Chaaban editor@bncpublishing.net MANAGING DIRECTOR Walid Zok walid@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net DIRECTOR Wissam Younane wissam@bncpublishing.net PUBLISHER Nehme Abouzeid MANAGING EDITOR Aby Sam Thomas CREATIVE LEAD Odette Kahwagi ONLINE LIAISON Kareem Chehayeb COLUMNIST Pamella de Leon COLUMNIST Tamara Clarke COLUMNIST Shoug Al Nafisi CONTRIBUTING WRITERS Lama Ataya Ziad Awad Vincent Bastien Amal Chaaban Iman Ben Chaibah

James Clear Ray Hennessey Simon Hudson Ross McCammon May Rostom

Kara Schoeffling Mark Sephton Brett Smyth Shelina Jokhiya Erika Widen

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MIDDLE EAST

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In addition to our print edition, we’re bringing you all sorts of industry news on our web mediums. Joining us online means getting relevant business and startup content in real-time, so you’re hearing about the latest developments as soon as we do. We’re looking forward to interacting with our readers on all of our social media and web platforms- like any thriving business, we’re looking to give and take. #TrepTalkME is already happening on all of our digi platforms, and all good conversations go both ways. See you on the web! EntMagazineME @EntMagazineME | @Fida Entrepreneur-me EntrepreneurMiddleEast EntMagazineME EntMagazineME EntMagazineME

Entrepreneur MARCH 2015

EDITOR’S NOTE

Rising to the occasion

A rare (learned) talent that can benefit you as a ‘trep

can start this edition by saying that I have seen this talent, this special something, in people from all walks of life. Being able to rise to the occasion is, often, what sets the winners apart from the losers. Rising to the occasion isn’t a quality that defies definition, in my opinion, it’s actually quite simple. It’s being able to smile and jest when necessary, but it’s also about being firm and maybe even a bit stubborn when you need to make your point. It’s about admitting with grace when you stand corrected, and it’s also about having a grand enough presence to hold people’s attention. You all know someone like this, you’ve all encountered people who seem to have a captivating way about them. That magnetic energy, that pull, is a skill that you can learn

with sincerity. Once you learn it (sincerely) and you’ve adopted it the way you might adopt a good physical habit (like sitting up straight), you can then apply it to your work. This month, I was prompted to write this by seeing one of these rare and regal people in action. This person isn’t regal by title, but rather regal by bearing. And that is worth so much more. Special people often know intrinsically that they are special- and it doesn’t mean that they were born with it, it means that they saw a glimmer of possibility in themselves that they worked on and that they cultivated. So work on it, cultivate it, and finally, at the very least try to rise to the occasion. The more you apply new skills, the more they appear to others as your inherent talents.

Remember, it isn’t just about being charming (although admittedly that does have a great deal to do with it), it’s about being able to stand up straight, square your shoulders, look someone in the eye, and then get it done. I’m breaking my own rules here by underlining text in print, but that’s the essential point. To get it done, you need to rise to the occasion, every single time. It’s tough, I won’t say it isn’t. But it’s worth a try.

#EntMETreps

Do you know a MENA region entrepreneur, startup, or SME that we should be watching?

Post your suggestions with the hashtag on Twitter or Instagram @EntMagazineME

Entrepreneur september 2015

Fida Z. Chaaban Editor in Chief @fida editor@bncpublishing.net

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IN THE LOOP

The New Suez Canal

Egypt splashes cash at a time of economic difficulty and security concerns

gypt has been experiencing a plethora of economic problems, and the many regime changes and recent security concerns with the Islamic State has only been adding fuel to the fire. That being said, August 6 marked the inauguration of the Suez Canal- or rather, the new Suez Canal. In what seems like a bid to win back the optimism of investors and those interested in doing business with Egypt, the expansion project of the Suez Canal was sped up to be completed sooner that was originally planned. While the project was started on August 5, 2014 and was expected to take five years to finish, President Sisi however shortened the deadline to three years, before finally setting in stone a one-year timeframe. The canal’s expansion consists of quite a few touch-ups, starting with a new 35-kilometre

going through economic turmoil, that’s because it is just that. The Suez Canal’s expansion cost Egypt US$8.4 billion. While the Egyptian Armed Forces supervised this project, over 80 engineering firms were involved in its construction as well. This included international organizations from the MENA region, Europe, and the United States, as well as local ones such as the private Egyptian firm Orascom Construction Industries and the state-owned Arab Contractors. What also doesn’t comfort

wide lane. Those familiar with the Suez Canal will probably know that it only had space for one lane, meaning that ships sailing in from the opposite direction usually had a 11-hour waiting time. The new lane also (almost) doubles the number of ships that pass through daily. The second major component is the addition of not one but six new tunnels for cars and trains to connect the isolated Sinai Peninsula to the rest of Egypt. Prior to that, there was only one highway. In addition, the Egyptian government also plans to turn the area around the canal into a hub for manufacturing and shipping. But if the project sounds like a costly one The first ship at the entrance of the new Suez Canal. The first three ships included Apl of Southampton, to be completed in just traveling from Jeddah to Port Said, Maersk Cheerness of Luxembourg, traveling from Singapore to the U.S., and Mayssan of Bahrain, traveling from Jeddah to Italy. one year by a country

Puerto Rico’s debt crisis could change everything

hat’s worse than being a small island anticipating a tropical storm? A small island that is also dealing with a massive debt crisis, which could change its political status. Ever since 1921, Puerto Rico was paradise for doing business, as the U.S. territory (not an official state) enjoyed many years of American federal tax advantages. However, that all changed as of 1996, when it was decided to phase all that out over a 10-year period. That didn’t go too well, and things

Entrepreneur september 2015

many is that while officials says that the expanded canal can boost annual revenues to around $13.5 billion by 2023, this would require the economy to grow much faster than the vast majority have been anticipating. But could what appears to be an industrial zone near the canal be Egypt’s saving grace? This particular component at least appears to be off to a good start, with President Sisi and Russian President Vladimir Putin agreeing to set up a Russian industrial zone 12 months ago.

started to crash by the time phase-out period ended in 2006. Puerto Rico’s recent economic history has been unfortunate to say the least, but on August 3, its government defaulted for the first time in its history after failing to pay a US$58 million debt. The island was only able to pay back $628,000, a percentage so small that you don’t even have to bother doing the math. To make matters worse, the money is mostly owed to ordinary Americans, rather than financial institutions, in the form of municipal bonds which are exempted from San Juan, Puerto Rico federal income taxes. Throughout Puerto Rico’s many years of economic misfortunes and capital mismanagement, the government hiked taxes hoping to balance debt. As a result, Puerto Rico’s middle class has been diminishing so quickly, you could say it’s fallen off a cliff.

Unemployment in Puerto Rico is at 12.6% as of June 2015, and only 40% of adults there are currently employed or searching for work. About 50,000 Puerto Ricans are leaving for the U.S. mainland every year, according to a report released by the Pew Research Center 12 months ago. That’s among most rapid population loss in the world, and Puerto Rico isn’t going through any civil wars, violent uprisings, or other security crises. What about Puerto Rico’s political status? Well that’s just it. It’s not officially an American state, nor is it an independent one. Despite having some sovereignty, it’s ultimately controlled by the United States government, even though its citizens don’t enjoy all the same rights and benefits that Americans living in the 50 states do- so it’s basically a colony. Among Puerto Ricans is an intense debate of what its status should be: bid for American statehood, maintain the status quo as a U.S. territory, or secede, for lack of a better term. Polls show that most of the population want Puerto Rico to become an official U.S. state, but the independence movement is growing.

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

Training for the boss

The low down on executive coaching

Get your skillset upgrade on a one-to-one basis By Martin Braddock

PART ONE THE WHAT, WHO AND WHY OF EXECUTIVE COACHING Can an entrepreneur be helped in his or her journey? As one of my clients once said, “I don’t need a psychologist. We Type-A entrepreneurs don’t talk about this kind of stuff. We solve problems and push ahead.” When it comes to an entrepreneur considering executive coaching, the obvious question is how can this make you perform better? Executive coaching can be viewed as a somewhat amorphous profession since executive coaches aren’t psychotherapists who will explore the past for solutions to the present, nor are they management consultants tasked with, say, fixing part of a company. Rather, they are people without prescribed credentials -often with a wealth of experience in the client’s specific field- who have won trust through experience or reputation to guide a client to an agreed-upon life, career or business goal. Surely entrepreneurs don’t need to be coached, as by natural inclination and desire, they coach and lead others? In a contemporary context, coaching has A coaching relationship must be built on trust. It’s not an optional extra, it is essential for the client to have trust in his or her coach and vice versa. Like any relationship, bridges of trust can take time and are to be earned.

Entrepreneur september 2015

increasingly developed into a more independent discipline and launched many professional associations such as the Association for Coaching, The International Coach Federation, and the European Coaching and Mentoring Council. The aforementioned groups have helped develop a set of training standards for those who practice executive coaching professionally. The concept of supporting an individual on their journey to get them to where they want to be remains a frequently used reference in the practice of executive coaching. I am fortunate enough to work with clients across a broad range of business sectors who have been and remain highly successful individuals, so the added value they have gained has often been through them making changes to how they do things, rather than why they do things. One client asked, “You’re not going to change my personality, are you Martin?” My response was that if I was that talented, I’d be on a world tour in support of David Copperfield. No, the reality is that small changes in behaviour can often facilitate previously unachieved heights! Coaching successful entrepreneurs requires something extra. A good executive coach needs to become a partner,

whose investment in their understanding of their client’s or coachee’s (a term I personally dislike!) challenges needs to be matched. Matched, in terms of the coach’s ability and preparedness to understand, face up-to and challenge their client’s thinking and methods, particularly at the most difficult times and speak with integrity and honesty. This is where trust comes into play. A coaching relationship must be built on trust. It’s not an optional extra, it is essential for the client to have trust in his or her coach and vice versa. Like any relationship, bridges of trust can take time and are to be earned. Nonetheless, the

quicker a level of trust can be established, the easier it will be for the real issues to be discussed and therefore, the more value the client can extract from their coaching program. How will the client know they have gained from the process? When they know that the coaching has helped them work through challenges that have enable them to transform their learning into tangible results in their business. In short, it can be summed up simply by saying that coaching can and does help people achieve what they want to achieve, and admittedly that coaching can be a disappointing experience if you choose the wrong coach.

What does it take to be coachable? By Toddi Gutner

1. Take a risk. This kind of a risk is different than the type of risk it takes to start a company. Many coaching newbies are concerned about losing themselves or their company direction as a result of too much external advice. But keep an open mind and realize this is a new experience that may be out of your comfort zone. Give yourself six months as a tryout period. 2. Identify areas of growth. If you’re comfortable, ask those closest to you (not necessarily work cohorts) for feedback on areas that you would like to develop- it could be driving an effective meeting, making public presentations, or managing and motivating employees. 3. Choose wisely. “Relationships work best when the coach’s style and experience matches the needs and preferences of the leader,” says Rick Miller, executive coach and author/ founder of All-In Leadership. Ask for recommendations from executives and business owners who’ve been coached. Find someone who is an expert in the

areas where your company is struggling. Regularity of interaction can range from weekly to monthly to periodically, based on need. 4. Remember the ‘iceberg’ rule of feedback. “If you show that you’re willing, able and eager to accept criticism and advice, the coach will be more comfortable giving you the whole story (the full iceberg), versus just a bit of feedback (the tip of the iceberg),” says Michaelis. Listen carefully and ask clarifying questions. Make sure you’re being very open to new ideas and fully understanding and considering the feedback and suggestions. “Once you’ve worked with a coach and trust him/her, ask her to address any other issues that have been noticed- what are your blind spots and how might they be holding you back?” says Michaelis. Keep in mind that while you should listen carefully and consider ideas with an open mind, if the rationale for an idea doesn’t make sense, always trust your instincts.

See this article in its entirety at Entrepreneur.com

TREPONOMICS

the person will add value. Make a choice not only on the breadth of experience they have -measured by the number of years of experience- but more importantly the depth of relevant experience. The number of years of coaching experience while on the surface is helpful, is not the only thing you should be focused on.

PART TWO HOW-TO CHOOSE THE RIGHT EXECUTIVE COACH FOR YOU I’m making the rather bold assumption that some of you might consider commissioning an executive coach for your professional lives. So how do you make the right choice? What are the important factors to consider in making such a decision? I often find myself with potential clients explaining my approach and providing them with an insight into my particular style and methodology. I do this with the intention of helping them make the right choice. The reality is that it is a very personal decision, for both client and coach. It’s also a very important decision, if the experience is to be a positive and fruitful one. Think about what sort of person you’re looking for, and set out questions that you can answer. Do you prefer someone who will constantly push you to find your own answers? Are you looking for a more prescriptive approach- meaning that you will receive feedback and ideas on how to resolve your issues, but also persuade

you to find your own ideas to make the solution your own? A tip here: a really good coach knows how and when to use both approaches. Six key questions to determine your best executive coach fit 1. What areas am I seeking coaching support in? For example, you may find yourself in a situation, (an acquisition perhaps), where you are experiencing challenges in the leadership of new associates. There are an abundance of ‘life coaches’ and equally as many former executives, neither of whom are necessarily appropriate for business or organizational leadership coaching. Think carefully about what your needs are, and be clear on the areas you feel that you need support in. 2. Does my coach have relevant professional experience? Identify a coach who has had enough experience that you feel that

3. What results have they achieved? Choose a coach who can answer questions about and evidence the results that they have helped their clients achieve. Also, present an area where you feel challenged and ask your coach how he or she would approach it. Coaching should take place to some extent right there and then, during your initial “chemistry meeting”. Is the coach presenting a credible and convincing approach to your challenge, and is your intuition telling you that it would work? If so, you’re probably talking with the right person. If not, move on and look for another coach– don’t feel compelled to continue! 4. Are they interested in my business sector? It sounds obvious, but make sure the potential coach has (at the very least) a basic understanding of your industry. If they don’t, assess their genuine level of interest in learning about your world of work, and their ability to learn and understand it quickly. A good coach will close their knowledge-gap quickly through research and good lines of questioning. 5. Am I clear on what the contract with my coach will cover? Ensure there is a written contract, signed by you and the coach before commencing the program. As a minimum, this should

include: • Timelines and deliverables that work for you. Most contracts are for 6-9 sessions of 1.5-2 hours each. Ideally, these are held on a monthly basis. • A confidentiality clause or a non-disclosure agreement to protect your sensitive information. • Reviews on progress against objectives. There should also be a review of coach performance in supporting you goal achievement. 6. Do we have chemistry? This is the essentially the most important question from you that requires a resounding affirmative if you are going to go ahead. This is often referred to as the “Chemistry Session,” a term used extensively in the coaching space. This is the first one-to-one meeting that you’ll have with your potential coach. This is your opportunity to pose the five questions I’ve suggested, and measure the cohesion between your needs and your coach’s fit. If your coach has answered your questions satisfactorily up to this point, then you need to decide if you feel comfortable with this coach. Is their style compatible with yours?

Be careful here- compatible means compatible, not necessarily the same! In fact, if you feel that you share too many characteristics, then the partnership may be too comfortable and lack the challenge that you may need to make progress. Most importantly, you need to feel comfortable enough with your coach to be able to arrive at a position of trust, otherwise you won’t be able to open up and you won’t get the most out of the experience. Without trust being established, the experience is likely to be of limited

september 2015 Entrepreneur

TREPONOMICS to you. As we know, trust is earned, not given. It is the coach’s job to facilitate the relationship with you to reach a point where you can trust each other completely during the coaching program. Once secured, then with all of the other five boxes ticked, the coaching experience will become a true partnership that can continue beyond the completion of the coaching program. The result? A phenomenally rewarding partnership for both you and your coach.

PART THREE ACHIEVING MEASURABLE RESULTS FROM EXECUTIVE COACHING In section two, I offered some tips on how to choose a coach. Now, we move towards the business-end of matters and focus on how the right coach can help you achieve measurable results from your coaching program. You may be familiar with the term soft skills. It’s a phrase that populates many leadership and management books. But what does it really mean? Davenport University says that “soft skills refer to a cluster of personal qualities, habits, attitudes and social graces that make someone a good employee and compatible to work with. Unlike hard skills, which tend to be specific to a certain type of task, soft skills are broadly applicable.” An accepted definition can also be found on Wikipedia: “Soft skills is a term often associated with a person’s “EQ” (Emotional Intelligence Quotient), the cluster of personality traits, social graces, communication, language, personal habits, friendliness, and optimism that characterize relationships with other people. Soft skills complement hard

Entrepreneur september 2015

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

skills which are the occupational requirements of a job and many other activities. They are related to feelings, emotions, insights and (some would say) an ‘inner knowing’: i.e. they provide an important complement to ‘hard skills’ and IQ.” You may say that this isn’t fresh news. Maybe you hold the view that your IQ and hard skills are two of the primary factors or drivers that influenced your specific entrepreneurial qualities. This may be true, but it’s extremely unlikely that you don’t recognize (even at a basic level) that handling people as well as you handle investment opportunities is vital to success. So, logically (and dear reader, please stay with me on this), that if you agree that balancing your soft skills with your hard (technical) skills is important, then, you may still ask the question: “How does having a coach help me to develop these socalled soft-skills?” Using soft skills to achieve hard results Well, a coach can help you develop your interpersonal and leadership skills that are necessary to create change and growth in your business, and enhance your ability to understand, influence or persuade people by gaining a deep understanding of your behaviours. High performance businesses are led by high performance individuals. The success of their leadership is partly intuitive and partly learnt. Understanding your own preferred behaviours, like why you work the way you do (and why other people often work completely differently from you), spans both intuition and can be facilitated by supportive, but challenging leadership coaching. Having a clear understanding of your own

and others preferred behaviours enables you to develop a more well-rounded view of yourself and of your unique leadership qualities. It can really help when you can modify your behaviour to get a result. Have you ever asked yourself the metaphoric question: “Why do I have to keep banging my head against a brick wall to get a result which is easy for me to see, but none of those around me get it?” Working with a coach can act as a catalyst for your own ability to understand why a particular strategy isn’t working, and how to modify your approach to get results from other– before you cut your head too badly against that wall (or knock yourself out)! One thing that is guaranteed, is that if you continue to bang your head against the wall, the result will be obvious; it is up to you to change your behaviour and/or strategy if you want to change others’ behaviors around you! A coach could also utilize a behavioral profiling too; that can act as a ‘mirror’ so you can see what others see in you. One of the many tools available, that helps to facilitate this self-understanding and understanding others is Life Orientations (Lifo®). Lifo® is a practical methodology that describes human behaviour by Identifying four distinct styles with different drivers and motivations that generate different behaviour patterns. It is these behavioural styles that are essentially the key drivers behind your own soft skills and your unique leadership ‘brand’. Enhancing your brand can be achieved by enhancing your ability to adapt and using different behaviours to get the results you want. Working with Lifo® accredited coaches can help in developing new behaviours

which will lead to better leadership and higher performance. Using Lifo® in conjunction with your own coach can enable you to know when to pull on a different behavioural style to get the desired ‘hard’ results. In summary, working with a coach on developing your soft skills can help you: • Minimize the pain of implementing organizational change • Understand and manage the personality clashes that can occur • Understand how to reach successful outcomes quickly and effectively • Identify why some people seem so difficult to deal with, and how to overcome that • Dramatically improve results by applying different behaviours • Create high-performance teams by managing people’s strengths So have no doubt: applying soft skills can help you achieve hard results.

Martin Braddock is an Associate Director of Performance Development Services (PDS), based in Dubai. He has over 25 years senior management experience within international blue-chip and privatelyowned fast growth organizations. He held positions with Land Rover, Rank Xerox, BET, and the RAC, managing mergers and acquisitions across Europe and the U.S., and he has also led the turn-around of two SME businesses as CEO and MD. Braddock coaches throughout the MENA region across a range of sectors including financial and business services, healthcare, manufacturing, energy, automotive and engineering services, pharmaceutical, and retail. Braddock holds a diploma in Advanced Executive Coaching accredited by The International Coach Federation.

QATAR Enterprise Agility Awards 2015 OF THE YEAR in association with

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INNOVATOR

FOLLOW THE LEADER

Regional head honchos talk strategy, industry-specific tactics, and professional challenges Nine of the region’s CEOs across different sectors who have impacted the market and continue to shape MENA’s corporate trends… and our pick for Chairman running a truly global conglomerate

The (Massive) diversified portfolio Sunil Vaswani 18

Entrepreneur september 2015

Finance Rajeev Kakar Education Poonam Bhojani Banking Dr. R. Seetharaman

Retail Ronaldo Mouchawar Logistics Huda Janahi Investments Maha Al Ghunaim

Luxury Anan Fakhreddin Telecommunications Osman Sultan Healthcare Sobhi Batterjee

FOLLOW THE LEADER

Regional head honchos talk strategy, industry-specific tactics, and professional challenges

EDUCATION

Poonam Bhojani Founder and CEO Innoventures Education

““To me, innovation is every time we are able to find a lateral solution to a linear problem.”

“

oday’s competitive environment dictates that profit is viable over the long-term only if quality in education is being delivered,” says Poonam Bhojani, when discussing the line educators need to toe between focusing on profits versus looking after aims that serve the greater good. As the founder and CEO of Innoventures Education, Bhojani has played a pivotal role in the inception and leadership of a number of schools and nurseries in the UAE. She has her work cut out for her now more than ever, since the debate over the quality of education in the UAE is now raging across online forums, social media, and in the daily newspapers. One of the hotter points of contention has been the ever-climbing cost of putting children in quality educational institutions, and to this, Bhojani points out that amongst other factors, good quality instructors cost good money: “You need to keep in mind that private education in this part of the world gets no subsidy. We have to also manage global competition for talent, and locally we have to compete with other real estate asset classes like retail, hospitality and healthcare for getting real estate for schools. Besides, we are unique as an industry in Dubai, where our main cost of inputs (teachers) are subject to inflation in global markets, whereas our selling price is controlled by local regulation.”

Despite the fact that Bhojani’s business is in education, she says that like any other industry the money will come only after you deliver on your marketed value add. “In any business, if the focus is on quality, the financial outcomes come on their own,” adds Bhojani. And her focus is on qualityshe says that her day-to-day challenge is the positive growth of their substantial student body, and by this she doesn’t mean numbers, she means prioritizing every student’s individual wellbeing.

“You need to keep in mind that private education in this part of the world gets no subsidy. We have to also manage global competition for talent, and locally we have to compete with other real estate asset classes like retail, hospitality and healthcare for getting real estate for schools.” “We will start the new academic year 2015-2016 with approximately 8000 students across our nine nurseries and four schools. The challenge is in ensuring that for each student, each and every school day is as meaningful and full of learning as it possibly can be.” Bhojani’s work in this sector saw her become the President of the Middle East International Baccalaureate Association of Schools in 2008, and she continues to serve on its executive commit-

tee today. Prior to her career as an educationalist, Bhojani worked in the technology sector for over 16 years, with her work taking her to several countries across three continents. Over the course of her career, Bhojani has seen a number of corporate and entrepreneurial leaders come and go, and she says that there are discernable qualities that set the good leaders apart from the great ones. “This can be summarized in a few ‘Cs’: commitment, collaboration, communication, clarity, and compassion. A great leader is one who is respected and followed; this can be commanded but not demanded. A great leader is one who has a vision for what the business should be as well as the ability to achieve the same. A great leader is one who can lead by example from the front and one who cares for all stakeholders.” A hands-on CEO, Bhojani says her chief priority rests with ensuring high quality experiences for the children enrolled at the many Innoventures institutions. “My focus has always been on ensuring that all decisions we make are student-centric. I am completely involved each day in ensuring that all staff members are able to maximize their potential in delivering the best possible quality of education to each and every child. I am fortunate to have a wonderful and dedicated team that ensures that Innoventures Education is able to deliver our promise on education. After all, each day we are engaged in building the future of our most valuable assets: our 8000-odd students.” And on retaining her best and brightest team members? It’s simple, says the CEO; awarding respect and appreciation is “paramount to retaining quality managers,” and ensuring proper division

Poonam Bojani, CEO, Innoventures Education

of labor paired with instilling every member of staff with a sense of ownership over the business can go a long way. “Appropriate delegation through a model of distributed leadership is essential so that people can develop ownership and experience the success of their initiatives. I am truly fortunate to be working with a dedicated team that will do what it takes in delivering the best for their students.” Do you think the word ‘innovation’ is being overused?

“No, I do not believe this, as the importance of innovation cannot be undermined in a world where change is the only constant and especially in education, where we try to impart the skill of critical thinking to our students. Innovation is key to the success of any business operation especially in a fast developing global city like Dubai where dreams have known to come true. UAE is blessed with visionary leadership that nurtures and rewards innovation. To me, innovation is every time we are able to find a lateral solution to a linear problem. I also consider the usage of technology as a vital tool in driving innovation.”

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Dr. R. Seetharaman, Group CEO, Doha Bank

BANKING

Dr. R. Seetharaman Group CEO Doha Bank

conceptualized that you need not have to be ““Ithe biggest to be the best. You can be small, but

you can be the best. You can have a differentiated vision; you can have differentiated thinking on redefining the institution.”

t’s one thing to have visionary ideas about leading your organization, but it’s another ballgame together to actually have those dreams put into practice. However, Doha Bank Group CEO Dr. R. Seetharaman is someone who can proudly claim to have done both in his career- ever since he joined the establishment 13 years ago, the bank has, under his leadership,

Entrepreneur september 2015

grown into becoming one of the most influential financial organizations in the Middle East region. “Back in 2002, Doha Bank was not looking for a simple management- they were looking for transformation,” he remembers. “The board had envisioned clear-cut objectives, and they wanted to redefine the bank.” For Dr. Seetharaman, this task was something that he was especially interested in

doing, given how the industry then was being influenced by the forces of technology, regulation and globalization. “The whole dynamics of the banking business model was changing,” he says. “Conventional banking was changing, and the new generation model was coming. And my experience was well suited to that- even though I was a qualified accountant by profession, my passion was more toward technology. In my earlier assignment as head of technology operations [at the Bank of Oman], I had experimented as such with customer-centric values that triggered improvement in the market share. So it was easy for me to come to Doha Bank with conviction and transform the institution, especially in a market that was just getting set… The supportive market, the vision of the board, and the experience we had were all

converging to deliver on the journey.” The changes Dr. Seetharaman brought about at Doha Bank touched upon a variety of spheres- these included everything from moving the bank away from a wholesale philosophy to cater to its retail market clients, to making it the frontrunner in Qatar (and the region as well) in terms of bringing

“Irrespective of your considered vision, you have to produce the earnings. No shareholder is going to give you a free lunch, unless you have responsible returns coming in. So you have to produce maximum returns to shareholders, which we managed to achieve.”

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about advanced web and mobile banking solutions for its customers. (“What all we have innovated, others have replicated,” Dr. Seetharaman notes.) The Group CEO also made it a priority to convert Doha Bank from being a Qatari bank to one with a more global presence. “Unless you go global, being a local bank, the opportunities are limited,” he explains. “We started redefining the strategic options for the bank- when the local market has become global, we have to go global… So apart from strengthening the local market operations and improving the retail, wholesale, corporate and overall operation efficiency of the bank, I started thinking about redefining its international presence.” With this target in mind, Dr. Seetharaman oversaw the process of Doha Bank expanding from its base in Qatar to other Gulf nations like the UAE and Kuwait, alongside the set-up of the bank’s representative offices in countries like Japan, Singapore, Turkey, South Korea, China and several others. Dr. Seetharaman’s contin-

“Creative values are important- that’s an excitement for any business. Sustainability is what entrepreneurs should be looking atthe vision should be long-term always. Focus on building a reputation- the success of entrepreneurship is all about a conscious, progressive measurement of your goodwill. Once you have goodwill, the rest follows through.”

ued focus on ensuring Doha Bank saw sustainable success helped the bank perform consistently not just in the “boom” years from 20022007, but also during the global financial crisis of 2008, and from there, onward to its current market situation today. “Irrespective of your considered vision, you have to produce the earnings,” he explains. “No shareholder is going to give you a free lunch, unless you have responsible returns coming in. So you have to produce maximum returns to shareholders, which we managed to achieve.” But FORGING GERMAN-QATARI TIES AHK QATAR BEEFING UP INTERNATIONAL BUSINESS RELATIONS how exactly did he manage to do that? “I conCREATE ceptualized that YOUR OWN you need not SUCCESS have to be the BEDAYA CENTER’S REEM AL-SOWAIDI biggest to be the ENCOURAGES QATARI YOUTH DR. R. SEETHARAMAN best,” Dr. SeethLEADERSHIP, SUSTAINABLE SUCCESS IS IT TIME TO araman says. AND SUPPORTING SEEK OUTSIDE ENTREPRENEURSHIP “You can be HELP? THE HOW-TO CHOOSING small, but you A CONSULTANCY GET INCUBATED, FUNDED, SERVICE FOR AND SCALABLE can be the best. YOUR BUSINESS THE NEXT You can have a GENERATION OF differentiated QATARI vision; you can BUSINESS have differentiLEADERS AYSHA AL MUDAHKA ated thinking on BELIEVES IN redefining the YOUR POTENTIAL institution. And that’s how the transformation [of Doha Dr. R. Seetharaman, Group CEO of Doha Bank, featured as the

STRATEGIC ALLIANCES

772312

595000

MAY 2015 | WWW.ENTREPRENEUR.COM/ME | QAR15

Entrepreneur Qatar May 2015 cover interview.

LOGISTICS

Huda Janahi

Huda Janahi Founder and CEO Global Group

“I changed the rules.”

rom a homemaker to a successful businesswoman in the male-dominated environment of cargo services, Bahraini national Huda Janahi bested the odds stacked against her as a woman in the closed-off logistics sector. According to Janahi, when she started her business, “they rejected my license,” because she was a woman. Customs clearance was only granted to men when she first put her application through, but fortitude of personality and a desire to succeed caused Janahi to question established customs regulations. Requesting an explanation as to why she was denied the necessary Bank] was showcased.” What’s also important to note when tracking Doha Bank’s impressive growth is that it never stopped with this process of redeveloping and realigning itself with the changing dynamics of the market- as Dr. Seetharaman put it: “When you have to build the brand equity, you have to keep working at it- I mean, [we need] consistency and sustainable returns, more than anything else.” When asked if he had any advice for entrepreneurs looking to make it big in business, he was quick to answer with a rundown of tips, one after the other. “I always believe innovation is a must,” he says. “Creative values are important- that’s an excitement for any business. Sustainability is

clearances, she ultimately credits her persistence and determination for enabling her to become the first woman in Bahrain with this license- the required customs clearance. “I’m proud. I changed many things in my country because I am insistent.” While female entrepreneurs in the Middle East still face big challenges in accessing capital, the most successful like Janahi will always find a way. From launching her company with a modest US$4000, Janahi puts the current day valuation at approximately $16 million. what entrepreneurs should be looking at- the vision should be long-term always. Focus on building a reputation- the success of entrepreneurship is all about a conscious, progressive measurement of your goodwill. Once you have goodwill, the rest follows through. And you cannot build goodwill without transparency, commitment and innovation. You can’t sustain anything unless you have value streaming responsive to all stakeholders. So, if I have to advise entrepreneurs, I’d say, be innovative, be creative, be transparent. Sustain your values- have a committed, responsible value creation for all the stakeholders… And as entrepreneurs, you have to have shared values and shared leadership: it’s not I. It’s We.”

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ishings of SGH nor the luxury, just the minimum needed to concentrate on healthcare itemsَ ُ that brings the cost down. I will President and CEO concentrate only on Saudi German Hospital Group primary and secondary care, which “I want to build as many hospitals as possible and treat as many people as possible. In 2013, we treated is less-complicated two million people, and performed approximately and less-expensive. 150,000 surgeries. To me, that’s an achievement.” I will get medicines free of charge, don’t want to talk about SGH). “When patients call me, because I buy money. Who cares about I connect the CEO of the hosmedicines for my pital and the doctor in charge. that? Do you care? I organizations in The patient tells them about don’t. That’s not why big amounts and I I’m here. That’s not why the problem. This process tell my suppliers, works because my staff realize we’re all here. We’re here to ‘Look, you’re going that I am always available, help people, our customers.” to give me mediSobhi Batterjee, President and CEO of Saudi German Hospital cines free of charge leading them to take better If you want to talk about for Group, featured as the Entrepreneur Al Arabiya June 2014 for this social busicare of the patient. When the cover interview. the for-profit health industry ness.’” Batterjee with the President and CEO of man in charge is accessible, says that while it has nothing push society forward. If a new Saudi German Hospital Group, it’s a fantastic culture,” he to do with SGH and that the person joins, they can scratch says, continuing to discuss his take it from us, you had better institution’s name will not come up with a clever strategy particular checks and balances any CSR program they don’t appear, he’s adamant that it like off the agenda overnight. system. beforehand. Sobhi Batterjee needs to be done, and he’s There’s no CSR these days, completely foils our plans, got the resources and human but there is social business, and summarily dismisses “There’s no CSR these capital to make it happen: “I’ll and this is run by social enthe idea that this interview days, but there is social trepreneurs. Social business use some of my staff to donate should be about how you can business, and this is run means creating a business for time free of charge, I’ll use make one of the most lucrative by social entrepreneurs. the community that is sustain- some of our construction supindustries work for you. No, he Social business means able.” Here Batterjee goes pliers to give me materials at won’t talk to you about how creating a business for into a rather long explanation 50% cost because we buy bulk the healthcare group turns an the community that is about how large-scale moneyfrom them for our for-profit impressive profit across the sustainable.” making corporations need to hospitals, but here I tell them GCC, and no he won’t give you re-evaluate their priorities and this is for Allah’s sake.” After 30 minutes of listening details about the cost of his whether or not they actually Perhaps the most important to SGH’s animated President, latest venture in Egypt and want to help society, as opthing that Batterjee stressed what kind of feasibility studies you might start to reconsider posed to just white-washing on is that the bigger the how modern day companies were commissioned. So scrap their images. He defines company, the more they can approach CSR. “This is a big whatever ideas you have going social business as “a separate use that to mitigate how much subject. For God’s sake, there in to meet Batterjee, and instead let him do what he does entity away from the mother social business gets done: is no longer anything called best: lead. company, functioning on its “This is about using your orgacorporate social responsibility! It’s like saying I’m going nizational equity, brand name, Batterjee, an engineer by own, that provides services to send a fax- it’s outmoded. education, is the first person and products that are low-cost economy of scale, to build CSR is a method of polishing another hospital that is low to admit that healthcare is that can help less fortunate a company’s image. Emaar, for cost that can give consultation “foreign” to him. “I’m not a people. I use my engineers example, can build homes for to the less fortunate people, doctor, but I love this busiand my architects- we are a ness,” says Batterjee, smiling. the less fortunate. They can and instead of taking AED600 healthcare developer not just He is theatrical (in a good leverage their power, weight, for this service, we can give hospital operators- we design way), bold (like most effective and development to bring it to the patients for AED10. hospitals, we build them, we leaders), and basically either costs down by building nice, That is called social businessequip them, we staff them, the CEO of your dreams (if you functional, affordable homes. and that is the new way of the we operate them, and we own perform up to his standards), This is sustainable and that them. So I can use that organi- world. That will create jobs, zational knowledge to develop or your worst nightmare (if is social business- it’s not a that will treat people, and it low-cost hospitals. These you demonstrate a lack of temporary thing like CSR. It’s will give them products or hospitals won’t have the fininterest or passion toward a sustainable model that can services.”

HEALTHCARE

Sobhi Batterjee “

“

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TELECOMMUNICATIONS

Osman Sultan CEO du

is paramount to our business ““Collaboration strategy, and this includes having a healthy

cooperation with our customers, as much as we have with our staff and business associates. In simple terms– we listen.”

“

nnovation is a revolution that has gripped the global society. It is all about modernization, originality and improvement. It’s a new mindset that we all must adopt– and it’s brilliant. Innovation is a key factor to succeed in today’s business world, given the rapidly increasing needs of our clients across the board and the tough competition we are experiencing from emerging disruptors, not originally associated with telecommunications.” That’s du CEO Osman Sultan’s take on what seems to have become the buzzword of choice of the MENA region’s C-suite- but unlike so many of his peers, Sultan is someone who can actually say that at his company, he has indeed put his money where his mouth is. “At du, we have a solid focus on innovation, as we believe that it is the key to sustainability

du office training

Entrepreneur september 2015

and progress,” he explains. “This year, we created the role of Senior Executive Officer of New Business and Innovation to drive the theme of innovation across all aspects of our business. Our aim now is to foster a connected society, and empower business acumen within leaders throughout the company.” Sultan’s insistence on innovation being a core factor of his business makes more sense when one realizes the dynamics of the operations he runs. “du is the fastest growing telecommunications provider in the Middle East region- what this means is that we have to stay abreast of innovation. Maintaining pace with the latest technologies in this industry, as well as others that are converging onto the digital highway is challenging.” So how does du go about ingraining such a culture within the company? A customer-

centric approach is key, of course, but Sultan also notes the importance of having employees who are keyed into the overall organization’s vision. “At du, we aim to offer a seamless service for all our customers, regardless of them being enterprise, mobile or home customers,” he explains. “Hence, we all have to be aligned in our goals, throughout the organization- working as one well-oiled machine. To achieve this, we try to maintain the spirit of family, by supporting our staff with a variety of internal initiatives aimed at increasing engagement levels.” But Sultan admits that finding (and retaining) employees who are up for the job at hand is a hard task. “The biggest challenge is not finding talented and capable people; it is finding people who are adaptable to change, who are willing to innovate and who are skilled at creating ideas and opportunities that drive business in a positive direction, so that it outpaces the competition,” he says. “The challenge does not just come with finding great staff; it’s about nurturing them, so that they give their best to the organization. Maintaining quality and performance amongst employees is a vital aspect of our business. At du, we provide our staff with a great package, together with a clear career path. We are committed to employee engagement, which is why we support a number of social causes where our committed staff can volunteer.” And the results of du’s efforts in this regard are easy to see- with an employee engagement level of 4.29 out of 5, du is today in the 65th percentile of Gallup’s global benchmark for the same. The company has also been twice awarded the Gallup Great Workplace Award, and Dubai

Women’s College declared du to be the “Employer of the Year” for three consecutive years. “At du, we truly strive to be the employers of choice, which is why we get the best out of our staff,” Sultan says. “We believe that great leaders create leaders– not followers.” Given that response, one has to ask: so what exactly are the factors that make a CEO a great leader? “In this day and age, three things come to mind– foresight, flexibility and adaptability,” Sultan replies. “In the relatively short span of time that I have been in this position, the winds of change have blown in several directions. The Internet culture has undergone a transformation, and we have had to adapt by offering a host of new products and services to ensure that we stay ahead of the game. As an example, we are venturing into cloud based and machine-to-machine services in order to keep abreast of the Internet of Things. With all these developments, and seemingly overnight changes in technology, one cannot have a pre-disposed mindset, if they are to lead a team the size of du successfully. In addition, a leader has to be just that– a team player and a positive influence who dispenses constructive advice and guides

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his team. A great business leader has to have a familial character amongst his staff.” Again, Sultan is someone who practices what he preachesbesides trying to stay as close as possible to his team, he also maintains an open door policy at his office. Osman Sultan, CEO, du

From a business standpoint, Sultan is keen on building du up to be in line with the UAE’s Smart City Vision, and one of the company’s initiatives in this respect that he has taken a particular interest in has been WiFi UAE. “My personal belief is that connectivity is

the right of all UAE population,” Sultan says. “In order to provide this connectivity, and exponentially enhance the quality of life in the UAE, we implemented WiFi UAE, an initiative that provides access to WiFi in public areas for all UAE residents. WiFi UAE is

already available in over 200 footfall locations including Dubai Metro, Dubai Tram, Dubai International Financial Centre, Knowledge Village, Dubai Media City, Emaar Boulevard, Global Village and du shops. We will continue its roll out until we ensure that all areas throughout the UAE are covered.” Of course, WiFi UAE is just one of the many innovative drives that du has been spearheading in the country, and given its recent association with the Global Innovation Index (GII), one can expect several more such initiatives from du to pop up in the near future. “We want to support the creation of an environment that could unleash the potential for innovation for all in a sustainable manner, and lay the groundwork for societal change and develop a framework for cohesive synergies through collaboration,” Sultan says. “Our commitment to innovation is ongoing.”

du by the numbers As of Q2 2015, fixed and mobile data generated the biggest growth for du, in terms of revenues.

> Mobile data revenues increased by 4.9% to AED719.3 million from Q2 2014 (AED685.9 million). > Fixed revenue climbed 20.2% to AED649.8 million as compared to Q2 2014 (AED540.7 million). > Mobile data now represents 31.1% of mobile service revenues as compared to Q2 2014 (29.4%). > As per market date released by the UAE Telecommunications Regulatory Authority, du’s mobile subscriber market share in the UAE has been consistently above 45% since September 2011. Year-over-year, du’s mobile market share data has been 48.7% in 2012, 47.4% in 2013 and 46.3% in 2014.

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THE MASTER ORATOR

Osman Sultan’s public speaking tips for execs

As anyone who has listened to Osman Sultan speak can attest, the du CEO is a gifted orator. Since one of the requisites of being a great leader is (arguably) being a good speaker, we asked Sultan to share his thoughts on how one can master the art of public speaking- here’s what he had to say.

1. Ditch the podium “The idea of a podium may seem appealing, especially to people without much public speaking experience; it gives them something to hold on to, and a place to put their written speech; however, as much as a podium may seem like a positive addition to the stage, there are a lot of negative associations with the podium. For the speaker, it ties them to one place and stifles any movement away from the podium. More importantly, it becomes a physical barrier separating the speaker from the audience, which on a psychological level can foster feelings of mistrust and unapproachability amongst the listener. When an orator shows all of themselves, the listeners feel that they are more open and thus place more trust in what they have to say.”

2. Avoid industry jargon “Language can also create barriers. It’s remarkable how the tool with which we communicate can easily alienate our listener. Orators must ensure that their use of syntax is effortless, uncomplicated and easily understood. Avoid the use of insider references that might only be understood by a few of the listeners, to avoid creating distance with others. As a public speaker who is an expert in the field about which they are speaking, stay clear of abbreviations. While you are the expert, your audience is not expected to know what, for example, IP, B2B or BSS/OSS stand for, hence speakers have to simplify their use of terms to engage the entire audience and not just a part thereof.”

3. Create a narrative “A speech should have a logical flow, where every element enriches the content, however it should also compel the listener through the use of inspired language and concrete adjectives that will transcend the audience. Humans are visual creatures, and using heightened language will enhance the audience’s visualization of the speech. The story element will make the speech tangible, allowing the listener to engage with the speaker, and understand their point of view. For example, if the speaker were discussing the success of a change in policy, they might explain it in the form of a story

Osman Sultan

about the every-man worker who benefits daily from the change, thus humanizing the policy.”

4. Be animated “When speaking with an audience, engagement on all levels is important. Orators should use gestures in their vocal deliveries to enhance their speech and reinforce the points to the listener. An example of this is if openness and honesty within a business is being discussed, the gesture of open arms and open palms should follow. In the listener’s mind, the speaker is showing that they have nothing to hide.”

5. Use multimedia support “The use of visual multimedia tools will enhance the content being delivered, and engage the audience with the subject matter contained within the speech. The discourse can benefit by being enhanced with a short video, for example, which enables a message to come across more clearly as it is supported with text, image and voice over, and it will change the pace of the presentation for the audience. Using an interactive slideshow is an additional way to increase listener engagement, however, images that are too complicated may lose the audience attention. Finally, avoid using too much text in the presentation slides; audiences find it difficult to concentrate on simultaneous text and speech. Use visual aids to support the content of the presentation, and enhance it with interesting and engaging subject matter.”

6. Engage with your audience “Having an inspired, actively engaged audience is a rarity; event permitting, if the audience questions a speaker in the middle of a presentation, allow them to do so. If their question will be addressed later in the speech, engage with them regardless by acknowledging that their query will be addressed. However, if the audience is one that just listens, open the floor to them at the end of the speech. Inviting audience participation and discussion derives maximum interest from the listeners; pepper the discussion with additional points to your speech to make the discourse even more effective and rewarding. The end of any presentation should always leave the audience with thoughts- they should be feeling inspired, reflective or be galvanized into action. If, at the end of a speech, one of these three reactions is achieved, the orator has triumphed.”

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LUXURY

Anan Fakhreddin CEO Damas

““What really contributes in making a CEO a great leader is

representing the brand values and the mission and vision of the company, and promoting these values across the corporate culture. These traits enable the organizational culture to be well-aligned and adaptable to market trends.”

nan Fakhreddin, CEO of Damas International Limited and an executive member of the company’s board of directors, already had years of experience across the precious metal and gemstone industry sectors prior to joining the Dubai-headquartered jewellery company. Fakhreddin, credited with realigning the business, retail and product strategies of Damas, doesn’t shy away from the ever-increasing competition. Many global mainstay jewellery brands figured that the Middle East was ripe for their wares and set up shop quite a long time ago, so how does Damas deal with market contenders for their client-base? “The success of a brand depends on its ability to adapt,” says Fakhreddin. “We also have to accept that competition will always be there. At Damas, the key to dealing with this is our aim to seek excellence in everything we doespecially when it comes to our consumer touch points such as products, shops, sales force, website, customer service, and providing true value as a brand.” Providing true value, according to the CEO, means localizing international tastes and trends in jewellery, continuously innovating in terms of design, and keeping to the brand’s guarantee to deliver high standards of production and materials, which, in this case, are precious metals and gemstones. “Our clients have

an eye for luxury and quality, and they know what to expect from a name such as ours. The search for new designs never ends; we examine the international fashion standards and adapt this for our Middle East clientele. Quality is [also] an essential part of our product offering and service proposition- we have enriched the idea of a jeweller to a jewellery retail concept that delivers high-end products and a wide range of collections to all of our clientele. We continuously research opportunities and trends that can help us grow, expand our offerings and engage with our key customer base.” Prior to joining Damas, Fakhreddin acted as the Managing Director at the World Gold Council for Middle East and Turkey. For nine years in the GCC, he also served as the Director of Diamond Trading Company, a member of De Beers Group. His responsibilities for both of the aforementioned senior management positions included tactical market penetration to encourage consumer adoption of jewellery and increasing interest in the market both regionally and internationally. In 2011, his demonstrated leadership track in the sector saw him appointed Chairman of the Gold and Jewellery Group in the UAE, focused on promoting Dubai as an international frontrunner of the fine jewellery market. But promotion,

especially in luxury segments, is often considered a doubleedged sword. The delicate nature of marketing to a luxury client can be challenging- too much and you might cease to be considered an elite soughtafter item, too little and your brand name may not attract the clientele that can afford your business’ luxury goods or services. “Damas markets its offerings at two levels; the first is the corporate level, which is constantly reminding our customers what Damas stands for. The second marketing level is collection specific, where we communicate products to a targeted audience creating awareness of these unique offers and driving sales for a wide segment,” Fakhreddin explains, citing a 2014 report that put total top of mind awareness for all segments at a whopping 92%. For all types of businesses, it is important to reevaluate existing processes and procedures, then innovate to improve on the status quo, and Damas has acted no differently. “We recognize adaptability to trends as a key to success and decided to optimize two of our internal procedures, namely, inventory planning and our new product development (NPD). Today, our inventory system is a process that monitors the performance of all products based on which future merchandising is planned. Inventory can be kept at optimal levels without stockouts. The NPD represents a team of dedicated jewellery specialists who constantly monitor trends and purchasing behavior to ensure that the product selection at Damas is innovative and unique.” The company also went for a clientfacing overhaul, and undertook remodeling efforts in 2013 to enhance shopping experiences and cater to perceived client interests. “We decided to remodel our stores by moving towards a two-store format

Anan Fakhreddin, CEO, Damas

retail strategy. Our Damas boutiques offer some of the most prestigious international brands globally, while Damas Collections showcase a variety of innovative Damas brands and collections. Both store formats offer gold jewellery, diamonds and pearls in an array of high-end designs.”

ASK THE EXEC What are some communication strategies that you found effective?

“It actually depends on the nature of the entity. When we were listed with NASDAQ, communication with stakeholders was sensitive and had legal requirements. Now as a privately-owned company, our communication with stakeholders is more focused. In general, we always make sure that all stakeholders are fully aware of the developments that occur in Damas. Our policy is to maintain transparency; we have a very strong corporate governance implemented across the business supported by a transparency policy. Under these two umbrellas we conduct our stakeholder communication based on the business needs and our tools vary from reports to one-to-one meetings. At specific times, trade-wide meetings are called, similar to our meeting in Basel a couple of years ago to update our Swiss watch and jewellery suppliers on the recent developments in Damas.”

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RETAIL

to think of Souq as a startup helps us innovate, then great.” As one of the MENA region’s most visible entrepreneurs, Mouchawar is much loved on the startup circuit, mostly beFounder and CEO cause in addition to his huge Souq success story, he has made himself highly accessible. He “The feeling of going to work to solve problems is participates regularly as a in my DNA- the things we are trying to solve now speaker at conferences, and he are not the same things we were tackling two or encourages other MENA ‘treps three years ago. That part of being an entrepreneur to do the same: “It’s kind should never go away.” of also about building your onaldo Mouchawar startup. The founder and CEO own personal network. When even laughs when he stands still thinks of you decide to share, you also corrected: “I guess that’s true; learn. Fadi [Ghandour] and Souq, the mammoth enterprise Souq isn’t really a startup Samih [Toukan] are definitely that it is today, as a anymore, but if continuing catalysts for us in multiple ways. They were the early entrepreRonaldo Mouchawar, founder and CEO, Souq neurs, and you can learn a lot from them, and what works and what doesn’t. They’ve gone through quite a bit, and having them participate in events always draws a lot more people.” This ‘trep’s advice also starts at home in terms of not just participating in the ecosystem, but actually helping it grow and become more intermeshed. Souq has several arms that are entrepreneurial endeavors of and within themselves, and the verticals are even branching out to be bigger than what was originally conceived. The company has acquired many smaller enterprises, and that’s also part of developing the ecosystem. Some of the startups are integrated into the larger Souq model,

Ronaldo Mouchawar “

Entrepreneur september 2015

while others are encouraged to “aspire to lead and grow, and that means developing their own revenue models and branching out.” Mouchawar is quick to point out that while support for entrepreneurship in the region has increased greatly over the past two years, there is much more to be done in terms of accessible funding and barriers to entry. “There are many businesses who are localizing international ideas and dealing with the challenges of that, and there’s a lot of new ideas coming off the ground. I think investors would invest, but the plan has to cover the market. I see many people focusing on UAE or Jordan, and while those are good markets and easy to start in (because you have the human capital to execute those ideas), the big wins are executing in the region’s more difficult areas, [like] Saudi Arabia, Egypt, some of the bigger markets in the region. We’re still not there in terms of the funding ecosystem, but I think it’s up to the entrepreneurs to believe in their ideas, and raising capital is part of what entrepreneurs need to do. If the business plan is solid enough, you will find people able to raise capital, and there are many more people who managed to raise recently more than before. When we started Souq and when Samih [Toukan] started Maktoob, there was definitely a big gap, and there was very little belief in the ecosystem.” Mouchawar adds that if your business concept is exportable abroad, that’s a surefire way to get investors to jump in. Launched in 2005, Souq is now the largest online shopping portal in MENA. Part of the Jabbar Group, Souq, as an online marketplace constantly injects oomph into their business, not just by offering a multitude of products, but

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Regional head honchos talk strategy, industry-specific tactics, and professional challenges

by offering sought-after items exclusively. The recent launch of Huawei’s Honor 6 is a good example of one of these retail-coups: the smartphone was exclusively available on Souq, and Mouchawar himself participated in the glitzy Yas Island launch. Mouchawar also points out that as Souq operates across multiple countries, each country team is innovating to meet areaspecific challenges, since these things vary from nation to nation. Lebanon’s issues are not Oman’s issues, and while some challenges do cross over logistically speaking, for the most part each Souq domain has to tailor operations according to what needs present themselves. But there are some areas that require stiff management and strong guidelines- like stakeholder communication and the financial side of the enterprise, regardless of size. “As a startup, with the growth rates we have, we’re very rigid on the finance side,” Mouchawar explains. “You have investors and you want to make sure that all of your reporting is as accurate as possible. On that side of the fence, you have to be very rigid, and quite aggressive in enforcing these procedures, and make sure that you are

Ronaldo Mouchawar at the Huawei Honor 6 launch in Abu Dhabi, UAE

definitely reporting. In terms of innovation, there is always going to be some problems as the business scales and you need to innovate around them. If innovation goes away, the business will definitely suffer- you have to look at things as problems and solutions at every step of the business. The feeling of going to work to solve problems is in my DNA- the things we are trying to solve now are not the same things we were tackling two or three years ago. That part of being an entrepreneur should never go away.” Mouchawar won’t comment on Souq’s speculated valuation, nor will he discuss the pervasive regional talk of Souq as the region’s first unicorn, as he says it’s not his focus. So what is? “Creating a workforce, creating massive opportunity, and we have a team of over 2,500 people. For me, it’s the joy of offering jobs in IT, e-commerce and technology in the region Ronaldo Mouchawar, distinguished with several awards in the that’s really sphere of business, was also presented with the Arab Social Media Influencers award in the shopping category by H.H. amazing. The Sheikh Mohammed bin Rashid Al Maktoum in March of this year whole fact that for Souq’s online market penetration and pervasive presence I have someone on the Internet. The ‘trep holds a Master’s degree in Digital Communications and a Bachelor degree in Electrical and Computer walk into our

What is your opinion on the gender gap between men and women in MENA’s entrepreneurial ecosystem?

offices, and they say they couldn’t imagine such a great ambience- that’s promising.” Mentioning a few of the hot ongoing entrepreneurial debates in MENA, he isn’t in agreement with what seems to be the majority opinion. “I think every company has a destiny and lifecycle, and at one point there is a plan of how a company returns value to their investors in the form of some sort of an exit. We should not, as entrepreneurs or investors, be averse. Some companies can give profit and dividends as a return, and for some exits makes a lot of sense; I don’t think there is a right or a wrong time. So I wouldn’t say that we let Talabat go too early, Aramex went IPO, Maktoob was sold, we have a unicorn- it’s about what is right for the business and when the investors think it is the right time.” Moucha-

“If you see our team at Souq, about 50% of our top tier executives are women. We have lots of women [in upper management] across categories- analytics, customer service, fashion. In our organization, women are empowered, and I always tell my team to promote this. I’m a big believer in women in entrepreneurship, and I think it’s a place they call home. A lot of women in the region are embracing entrepreneurshipDesigner-24, Nabbesh, Souqalmal, Mumzworld.com, all founded by women. I think women in this region are sometimes more comfortable working for themselves, and I think this drives them. Women are detail-oriented and great managers. The rates here of women in entrepreneurship might not be exactly like abroad, but even if you look at Silicon Valley there isn’t as many women especially in technology. If you go beyond tech, there’s a lot of women.”

war admits that while he has seen some entrepreneurs hold onto their idea too long, potentially missing their respective windows of opportunity, it’s not the prevalent scenario and that entrepreneurs need to really understand what their investors are seeking from them, and choose their next steps accordingly.

Engineering from Northeastern University in Boston, and has experience in both the tech side of things, and actually managing businesses- both of which he put to work at Souq.

september 2015 Entrepreneur

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Regional head honchos talk strategy, industry-specific tactics, and professional challenges

Rajeev Kakar, Managing Director and CEO, Dunia Finance

FINANCE

Rajeev Kakar Managing Director and CEO Dunia Finance

“Dunia provides a holistic solution to empowering SMEs, as we understand all the struggles they go through from the very start.”

“

hile it was launched in 2008 as a partnership between Fullerton Financial Holdings, Mubadala Development, Waha Capital and A. A. Al Moosa Enterprises, Dunia Finance today has come into its own as a financial institution that boasts of not just an impressive customer base of over 187,000 users, but also of noteworthy revenue figures as well- in July this year, the company reported a record half-year net profit of AED119.6 million, with an operating income of AED335.3 million. With numbers like that, it should come as no surprise that there are a lot of eyes on Dunia right nowvarious news outlets suggest that UAE Exchange, KKR & Co. and Majid Al Futtaim Holding are among the many firms that

are currently considering a bid for the Abu Dhabi-based consumer finance firm, with a Reuters report in August noting that Dunia may be valued at more than US$680 million. With its targets including both mass market and mass affluent segments through its consumer financial services side, and SME and small business customers on its business finance side, Dunia’s product range includes loans, credit cards, financial planning services, deposits and more. So what have been the factors that have led to Dunia’s success? Rajeev Kakar, Managing Director and CEO, Dunia Finance, boils it down to a strategy involving three main elements. “Firstly, our unwavering commitment to the customer and ensuring they are at the heart of everything we do- we will go the

extra mile for our customers in order to enrich lives and deepen our relationship with them,” he says. “Secondly, it is the result of the expertise and commitment of all our employees, who are able to provide all our customers with the service they deserve and expect, as well as innovating to help develop new ideas, financial products and solutions. Thirdly, it is the result of our excellent research, analytics, IT and CRM infrastructure, which gives us a competitive edge and helps ensure we’re operating at the cutting edge from a technological perspective. We have invested heavily to transform our technological capabilities, through the introduction of leading mobility solutions and social media channels, which enables deeper customer insights and allows for rapid deployment of customized offerings.”

But besides the above points, it’s also important to take note of Kakar’s stewardship of the Dunia brand for its success in the market- Kakar has 27 years of experience in the banking market, with his last role prior to Dunia having been as the Regional Head and CEO for Citibank’s Global Consumer Bank, managing the Middle East, Africa and Turkey region. He’s also got an entrepreneurial streak in him- besides coming from a family of entrepreneurs, he has also launched several startups, and so, it shouldn’t come as a surprise to learn that he uses entrepreneurial principles to run his business as well. “In my case, I see entrepreneurship as a product lifecycle,” he says. “So, I invest my time, passion and money in building those products. I follow the same strategy at my organization… At Dunia, we believe that innovation should be at the forefront of what we do. Ideation is an ongoing theme and is integral to our DNA. Our distinctive customer focused approach ensures that our products are directly relevant to the customer’s needs. Continuous innovations in technology necessitate continuous evolution to keep pace with the changing times, and we understood this early on with our earlier innovations, such as electronic statements and instant utility bill payments.” Kakar also notes the importance of having a good executive team in place for the success of any venture- and for all you entrepreneurs out

Dunia Finance recently reported a record half-year net profit of AED119.6 million 30

Entrepreneur september 2015

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there, this is especially good advice as your startup scales up. “In the early days of setting up your own enterprise, it is natural to try to own as much of the ‘to-do list’ as you can yourself,” Kakar explains. “But, as your company grows, this becomes more challenging. And, in fact, trying to do too much, without tapping into other skillsets and experiences, is a mistake. That’s why hiring a great team around you, especially the executive team, is so important.” Incidentally, this is a principle that Kakar has put to use at Dunia as well. “I truly believe that building a career path and helping someone find a job is about taking chances, or employee responsibility, and providing opportunities, which is the organization’s responsibility,” he says. “We are all about empowering people, enabling success and enriching lives. We do not want to be a traditional financial services company seeking to maximize profits alone. We also want to hire talented people that can contribute to the success of our business.” And it’s a strategy that has worked out well for Dunia: “For us, talent is a true differentiator,” Kakar says. “Several key members

of our original launch team are still with us, celebrating milestones as a family. This makes me very proud as the founding CEO of the business.” Given his track record in business so far –which has been, by all accounts, quite an illustrious one- what does Kakar think makes a CEO a great leader? “Over the course of my career, I have learnt three things that have led me this far: hard work, integrity, and an unwavering commitment to continue learning,” he says. “It is very true that being a successful CEO is more than just being a strong leader of people. You have to be able to master the science and art of CEO-ship- that combination of knowledge, experience, and leadership that results in a truly effective chief executive officer. A CEO’s success depends on the capacity to fulfill all this, as well as the definitive responsibility, which is leading the company boldly into the future, and inspiring and guiding the entire team to achieve good results. These different factors, when [put] positively in place, can transform a company’s results significantly, improving self-esteem, creativity and execution of any strategy or initiative.”

Executive speak

Rajeev Kakar on the UAE’s entrepreneurial ecosystem

“The UAE market and the global economy needs a generation of job creators, and not job seekers, who are entrepreneurial, innovative and equipped to start new ventures, lead enterprises of the future, and to establish a new momentum for growth that our world so critically needs. The market here is hungry and in need of such people. If you can combine an entrepreneurial approach with gaps in the market, you will be onto something truly exciting. That’s what we have done with Dunia, and we’re now

trying to encourage the next generation to think the same way and become leaders. As a company, we truly believe in empowering people, enabling success and enriching lives. That is what this business is really all about. From a more operational perspective, Dunia provides a holistic solution to empowering SMEs, as we understand all the struggles they go through from the very start. As such, we provide a range of solutions– business services, specialized

INVESTMENTS

Maha Al Ghunaim Vice Chairman and Group CEO Global Investment House

“We have seen a lot of startups fail simply due to the lack of a feasibility study, and a clear and viable business plan. Spend time to understand the market, the clients, and most importantly the competition, and create a business idea that will give you a competitive edge.”

“

ollow your passions and start a business that you love, and give it all you can,” advises Maha Al Ghunaim, the Vice Chairperson and Group CEO of the Kuwait-based Global Investment House (GIH). Al Ghunaim’s company was the very first Kuwaiti organization to be listed on the London Stock Exchange, and today manages a formidable US$4.3 billion in assets. Back when it was launched, Global was a small startup, with only a very determined woman at the helm. Today, the company plays a key role promoting investment opportunities across the Middle East through its brokerage, asset management, and investment banking divisions. In fact, GIH’s private equity funds –one of

services, transaction services, as well as essential financial services solutions to small and medium sized firms, including credit cards, flexible loan facilities, secured and unsecured loans, wage protection solutions, fixed deposits and labor guarantees at attractive terms, tenors and rates tailored to suit their specific requirements. As an organization that believes in continually learning and developing people’s skills at an early stage, we also launched the Dunia Young Business Leadership three years ago, which has been a big success ever since. Through

Maha Al Ghumaim

which, Global Buyout Fund, distributed $15 million to its investors in August- have distributed a total amount of more than $473 million since its inception. The company is now working on launching a Middle East-focused Secondary Fund (the first of its kind in the region), as well as a platform to invest in the healthcare market of the GCC and Turkey. this program, we are giving students exposure to a broad skillset and empowering them to take charge of their own future. They have the chance to engage with industry leaders and real-life business practitioners, giving the students an authentic feel for life in the commercial world. We want these young people to experience the ups and the downs of doing business, as well as learning about the essential skills needed to succeed, so that they are prepared and ready to be the next generation of business leaders, both in the UAE and in our fast evolving world.”

september 2015 Entrepreneur

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Sunil Vaswani, Group Chairman, Stallion Group

Regional head honchos talk strategy, industry-specific tactics, and professional challenges

THE (MASSIVE) DIVERSIFIED PORTFOLIO

Sunil Vaswani Group Chairman Stallion Group

“When the world thought Africa was a risky place for business, I saw the opportunity, and backed my efforts with full commitment and perseverance.”

s the Group Chairman of the Dubaiheadquartered Stallion Group, Sunil Vaswani may be one of the most influential business leaders in the Middle East, Africa and Asia regions today, but more than 25 years ago, he was –like most of you entrepreneurs out there- just a man with a vision, wanting to make the most of an opportunity he had envisioned. At just 21 years of age, Vaswani believed that his father’s Nigeria-based trading business –a modest operation at the time- had the potential to be much bigger than what it was then, and time has certainly proved him right. “When we got going, we identified key products and services that impacted people’s daily lives, and developed a business model that delivered them to the mass population at high quality and fair pricing[these included] staple food, nutrition, transportation, fertilizers, FMCG products, banking, clothing and several others,” Vaswani explains. “The other strategy was to collaborate with world leading companies in delivering their expertise to the underdevel-

Entrepreneur september 2015

oped African markets.” With those principles governing the company, the Stallion Group has today grown beyond its African borders into the Middle East and Asia (the Group currently has a presence in 18 countries), and is today a diversified business conglomerate with multiple business lines that include automobiles, commodities, food, agri-business, industries and services. “Currently, our top sectors are agri-commodities and agriculture, automobile assembly and distribution, food products and industries,” Vaswani reveals. “We are also developing substantial new revenue streams for the future in the areas of gas-based heavy industries, infrastructure, healthcare, education and others.”

“We typically associate with the best organizations in the world in the areas of production technologies, distribution of products and services. Today, Stallion is an example of how a business can succeed in Africa in a highly ethical and compliant manner.” As these things often seem when examining them in hindsight, Vaswani’s journey

with the Stallion Group may sound like a breeze right nowbut it was hardly, if ever, that. “This was more than 25 years back, when Africa was full of people looking to meet their everyday needs, while other parts of the world had moved rapidly in economic development,” Vaswani remembers. “I was determined to align myself with the socioeconomic needs of Africa, and create a bridge with other parts of the world for its growth and prosperity.” Again, Vaswani’s location is a key thing to remember when considering his business acumen at the time- Africa was not, as it is commonly referred to nowadays, the hot new market to be explored, and businesses were wary of setting up shop in the continent. But that was the gap that Vaswani took advantage of. “When the world thought Africa was a risky place for business, I saw the opportunity, and backed my efforts with full commitment and perseverance,” he explains. “I took over my father’s trading business with his kind blessings and a burning ambition to take make it big, [and] more importantly, to make a positive impact on people’s lives. Establishing businesses and running them in a sustained manner, in some of the world’s most complex markets, can be highly challenging. The ultimate success however has given us a healing touch, outweighing the difficulties faced in the process.” But that is not to say the 45-year-old, 10,000-employee-strong Stallion Group is content to sit on its laurels either- it aims to continue making big investments in Africa, while also growing its presence and reach in the Middle East and Asia. “Our focus now is to be at the forefront on Asia-Arab-African trade flows and investments; we are >>>

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Regional head honchos talk strategy, industry-specific tactics, and professional challenges

â&#x20AC;&#x153;There have been several defining moments in my life; I take things as they come and try to be dispassionate to impactful events that happen around me, positive or negative. The nature of the markets we operate in provides us with a raft of risks and problems. I try my best to look at them as learning opportunities to make us better.â&#x20AC;?

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Regional head honchos talk strategy, industry-specific tactics, and professional challenges

“We run diversified businesses across many sectors, and the biggest satisfaction [for us] comes from the socioeconomics impact of our businesses– local value addition, providing employment, fostering ancillary industries, community welfare programs, local human skills development and others. Stallion can claim to have positively impacted the lives of millions of people directly and indirectly through the above means, in addition to be their trusted supplier of products and services.”

partnering world-renowned companies taking them to the African and Middle East markets,” Vaswani says. “Our development in Africa will largely be based on optimal utilization of local resources, in the areas of agriculture, heavy industries and others, producing products and services that substitute imports.” And how does Vaswani anticipate the road ahead to be like? “We operate our business with well-set objectives, great teams and high perseverance. I believe nothing is impossible. We are customer-focused, and are passionate about giving them a fair deal and with consistency. We are strict about ethics and compliance; this has helped us tide through several challenges we have faced in the markets, through frivolous allegations and other matters.”

Stallion Group facilities

Of course, Stallion’s track record holds it in good stead for the future. Despite the legal issues that have dogged the company (the latest of these was in August, when Nigeria’s House of Representatives ordered a probe into an alleged tax evasion by the company), Stallion has managed to get

past such controversies, and instead maintain its focus on further growth and development. For instance, the company today, to its credit, continues to boast of an impressive list of multinationals as its partners. “For instance, we have collaborated with the likes of Nissan, Hyundai, Stallion Group facilities

Entrepreneur september 2015

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Regional head honchos talk strategy, industry-specific tactics, and professional challenges

Volkswagen, IVECO, Ashok Leyland and other auto majors to assemble their passenger and commercial vehicles,” he says. “We typically associate with the best organizations in the world in the areas of production technologies, distribution of products and services. Today, Stallion is an example of how a business can succeed in Africa in a highly ethical and compliant manner.” But while Africa remains a key concern for Stallion, Vaswani says that the Middle East is also in the company’s sights for further growth. “We aim to consolidate our presence in sub-Saharan Africa, and enhance our presence in Turkey and the GCC, UAE specifically within the GCC,” he says. “In Dubai, we are establishing an Africa-specialist organization that would facilitate trade and investments into this exciting continent. We aim to leverage our years of experience operating in these complex markets, and forge partnerships with renowned global companies to fuel growth.” Vaswani’s plans for the future of his business may seem rather expansive for all of you smaller-scale entities out there- but the methodologies he uses to put such strategies together is something that entrepreneurs would be wise to emulate, be it when looking for new market opportunities, or when looking out to raise funds for their respective enterprises. “Any new business or expansion starts with a thorough evaluation of the consumer’s needs- tastes, volumes, competition, mega trends that determine future demand for that product or service,” Vaswani explains. “Thereafter, we try to create a major entry impact that could put off competition and provide us a major initial push for market share. Forging the right supply/technology

Stallion Group facilities

“Establishing businesses and running them in a sustained manner, in some of the world’s most complex markets, can be highly challenging. The ultimate success however has given us a healing touch, outweighing the difficulties faced in the process.” associations is another key factor for success, as well as keeping the momentum going throughout until we reach the desired market position. Once we have a workable business plan, typically, it is not too difficult to raise funding internally or externally, given your past track record of success and proven credit worthiness.” With respect to his leadership style, Vaswani is someone who believes in walking the talk. “I believe a leader should lead by example,” he notes. “[A leader should have] clarity in vision and its articulation, building and empower-

ing the right team, [and the] perseverance in taking matters to their logical conclusion.” And this is the formula he uses to motivate his employees as well. “I believe the best way to be inspired is by efforts leading to successful conclusions, on a sustained basis,” he explains. Of course, given the sheer scale of the business he runs, Vaswani is also quick to emphasize the importance of delegating tasks- and this is something that should be kept in mind by entrepreneurs who, when starting up their enterprises, often try to do everything by themselves. “Stallion Group, having evolved into a fledgling multi-business conglomerate, is being managed by professionals with defined authorities and responsibilities,” he reveals. “My involvement is predominantly at a strategic level, leading the group management team and not on the day-to-day activities. However, I get informed on the key parameters that govern the performance of our businesses. Our leadership team ensures the compliance

with board directives and objectives.” Given his own entrepreneurial chops, Vaswani seemed especially eager to encourage anyone who wanted to follow in his footsteps in the world of business. In terms of advice for entrepreneurs, Vaswani was rather concise- but his pointers are pretty clear too: “Articulate your vision, plan well and pursue your ambitions with wholehearted effort- anything is possible.” And what about hurdles that might come along the way when pursuing one’s goals? “I have considered failures as opportunities to learn,” Vaswani replies. “Of course, you do your best to avoid them, but the absorption of a failure with a positive learning spirit could add immense value to your future capabilities.” In fact, according to Vaswani, such “failures” are often where new prospects for business come up. “I have seen challenges and problems often opening up new avenues of opportunities and uncharted territories,” he says. “You just need to be alert to spot them.”

september 2015 Entrepreneur

innovator

Founder and CEO of CardioDiagnostics, Ziad Sankari, with U.S. President Barack Obama at the White House

“Thank you, Mr. President” Entrepreneur Ziad Sankari distinguished at the White House

s a ‘trep, there might be almost no bigger validation of your success and innovation than having an award presented to you by a head of state, and that validation only increases when your enterprise is based in a highly competitive and developed market. Ziad Sankari, the founder and CEO of CardioDiagnostics, had that honor in May of this year. Speaking at the White House, President Barack Obama discussed “empowering pioneers like Ziad Sankari,” noting how the young entrepreneur had first gone to the U.S. on a Fulbright scholarship and later won a competition that earned him seed funding to develop his invention, a heart-monitoring technology that clips to cloth36

Entrepreneur september 2015

ing waistbands. “Today, he is improving the way we respond to cardiac incidents, which will have enormous ramifications not just in places like Lebanon, but potentially all around the world,” the President said, before thanking Sankari for “helping to save lives.” And how has being officially applauded by the White House impacted CardioDiagnostics’ business? According to Sankari, demand increased immediately afterward, and the company had to speed up recruitment to keep on top on the new-found consumer base. “The recognition was a remarkable moment in the progress of CardioDiagnostics. It has raised the bar for us to deliver more and more,” Sankari said. “Although the cardiac industry in general is

thought of as mature, our particular segment -wireless cardiac monitoring, long-term off-hospital monitoring- is quite nascent and hungry for innovation. Innovation in technology and business model have been the keys to [our] success in the advanced U.S. market.” At the age of 17, Sankari lost his father to heart failure, and that is what first spawned the idea for his invention. “The idea of monitoring patients with heart problems started after the loss of my father in 2003,” he explained. “My education in computer engineering exposed me to the use of technology and modern communication to real-time monitoring of patients. [The] first prototype appeared as part of my final year project in 2007; technology was improved during my graduate education in the USA from 20082010. Then, a more advanced prototype appeared in 2011 through Stars of Science, a reality TV program sponsored by the Qatar Foundation. My first endeavor was raising money from Berytech fund

and launching CardioDiagnostics in 2013.” Currently, the largest segment of the company’s business comes from the U.S., followed by Saudi Arabia, Kuwait, and Lebanon, with Sankari adding that the Turkish market is next on the expansion agenda. The company’s devices, currently manufactured in the U.S. are FDA-approved, but at the outset, the biggest challenge faced by CardioDiagnostics was the “access to high-quality standardized manufacturing, which is required to produce a world-class product.” Sankari says that CardioDiagnostics’ innovations are two-fold: “creating a unique technology that allows dummy sensors to turn into lifesaving tools by leveraging the power of real-time analytics and cloud technologies. Our second innovation is building a lean business model to run an otherwise capitalintensive operation.” As someone who’s extremely interested in the startup space, Sankari says that there has never been a better time to be an entrepreneur. “Never have I read about a period in time that startups and innovation had that much attention,” he said. “Never have we seen that many unicorns being born in [such] a short period of time.” While he is keen on self-enrichment, he doesn’t necessarily believe in the work/life balance debate in the established sense, instead referring to a “work/life integration,” a mixture of social and learning time that he says works well for him as an active ‘trep. A big fan of Elon Musk, Sankari dubs the entrepreneur’s ideas like Tesla and SpaceX as being “very bold and beyond this era. He acts upon his thoughts and dreams.” What about tips for ‘treps looking to successfully penetrate a challenging enterprise space? “Analyze the market carefully, focus on innovation, exceptional customer service is key to success, and find the right partnerships.”

WT18789

The “Emerald Palace Kempinski Hotel Palm Jumeirah” is developed by and the Hotel Units are sold by Sunrise Properties Limited, companies independent from the Kempinski group, and the “Kempinski” name is used by the developer under a license from Kempinski Hotels SA. The role of the Kempinski group is limited to the management of the hotel.

TREPONOMICS

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

Branding your company helps you

The 2013 Bayt.com Personal Branding in the Middle East and North Africa poll has shown that managing one’s online presence and creating a powerful brand is more important now than ever, with nine out of 10 respondents turning to the Internet to search for people they’ve just met or are about to meet, and 70.5% of them saying they have changed

their mind about a candidate based on their online presence. At the same time, 41.5% of responding companies always research new hires online before hiring. Today, we’re seeing more and more job seekers use the Internet as a place to search for jobs and conduct employer searches. This trend is set to increase year over year and we’re predicting that on-

attract better quality talent

Seven steps to cultivating a good employer image By Lama Ataya

Entrepreneur september 2015

infographics © bayt.com

n employer’s brand is what shapes the perception of a current employee, a potential employee or a former employee with regards to your organization. It is what sets you apart from other employers and defines you as a great employer to work for– an employer of choice or “top employer.” Similar to marketing a product, a necessity in today’s world is marketing yourself and your company.

line searches will soon become the most common job-search activity among applicants. Job seekers are well aware of the importance of the web for their hiring prospects, and so should you. Looking at results from the same poll, we can see that 92% of respondents think that personal branding increases their career opportunities, with the most important benefits being the ability to showcase their skills (23.2%) and connect to their target audience (21.1%). Being able to distinguish themselves from others in their field (14.7%) and becoming an expert or thought leader (13.2%) are also important.

How top companies are pushing their brand to the top Fortune Magazine ranks Apple as the world’s most admired company. What is it that makes Apple so grand? What is it that urges the world’s prime talents to fiercely strive for a job at Apple? It’s much more than perks and benefits, it’s the image that Apple imprints in people’s minds, the means they use to connect with them on an emotional level, the way they position themselves as not only a global seller and manufacturer of state-of-the-art gadgets and software, but also as a global top employer. All this combines to formulate the company’s “employer brand.” Bayt.com, on the other hand, has just been awarded one of the top 10 companies to work for in Asia by the Great Place to Work® institute. The award goes only to companies that do the impossible to make sure their employees are happy and engaged at work. We had previously been awarded the Great Place to Work in the UAE award four years running from 2011-2014. Top companies to work for are ones

that have successfully built trust-based cultures, developed strong relationships with employees, and have put in place programs to develop their workplace. Bayt.com’s mission has always been to improve people’s lives, and what better way to do that than ensure its very own team is receiving everything it needs to grow and prosper while working in an environment where teamwork and creativity can flourish and ideas can be shared freely. Our employees will tell you that Bayt.com is not just a company; it’s a family. Job seekers are well aware of the importance of the web for their hiring prospects, and so should you. Looking at results from the same poll, we can see that 92% of respondents think that personal branding increases their career opportunities, with the most important benefits being the ability to showcase their skills (23.2%) and connect to their target audience (21.1%). Being able to distinguish themselves from others in their field (14.7%) and becoming an expert or thought leader (13.2%) are also important.

Building your own employer brand It is fundamental for employers to take a holistic approach to branding throughout all activities related to the employment process as the ‘’perceived’’ power of a company’s brand is directly representative of the ‘’actual’’ power of the brand. A few tips below: 1. Manage job postings with diligence

More often than not, jobseekers are drawn to minuscule particulars of the job– they wish to discover all there is to know about it and no amount of detail is superfluous. As an employer aiming to have your employer brand prevail, make sure all vacancies you publish (online, in the newspaper, etc.) comprise a thorough and eloquent job description. Throw

september 2015 Entrepreneur

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

in supplementary excitement stimuli here and there about perks and benefits and other development opportunities. Include your logo and a brief and concise narrative of who you are, what you do as a company and what the company stands for. Incite candidates to want to join you and to want the job no matter what! Let everyone know that you are hiring while putting your best resources and efforts into making it a pleasant experience for job seekers. At the same time, make it very clear that you are firmly and steadfastly committed to your employees by expounding on such items as company culture, retention programs, employee satisfaction surveys and employment standards. Differentiate your company in the job posting by expounding on not just all the items you require of prospective candidates but also all the items that make your company a preferred place to work. One of the key benefits of the web is that it allows you to create profiles on different platforms that all reflect your company’s unique brand and message. A cohesive brand is especially important when you’re reaching out to and trying to attract top talent. The simplest thing to do in order to figure out your online reputation is to Google the name of your company.

2. Manage your company website with diligence

With typically no less than eight hours of work a day, five days a week in the same office, a company becomes an employee’s second domicile and its staff becomes, voluntarily or not, a second family. According to the What Makes a Company an Attractive Place to Work? poll, 76% of professionals will always turn to the Internet to research a company when considering a job opportunity. Therefore, you can undoubtedly count on

Entrepreneur september 2015

prospective candidates to pay your website a visit to dig into details that would ease their hearts and minds. Make sure your website is a winning one! This is not simply a matter of using the right graphics, colors, images, backgrounds and formats. You need to make sure your vision, mission statement, values and culture are all very clearly and concisely articulated. Show potential candidates why they should and would want to join your organization and the benefits they will reap once part of your team. Including pictures and videos and biographies of your existing staff/management and keeping content up-to-date would also contribute to make your website even more compelling and your vacancies even more in demand. 3. Manage candidate job applications with diligence

Hiring managers and recruiters all over the world receive gargantuan masses of job applications every single day, some of which may be appealing enough to call the subject in for an interview, and others of candidates who could be unqualified, overqualified or simply totally irrelevant. However, this does not imply unfit candidates can be ignored and left in the midst of uncertainty. An employer aiming to have their employer brand prevail does of course use all means available to screen and qualify talent and source only the best, however they do, as well, take the time to actually reply to all applicants, regardless of whether or not they were successful enough to proceed to the next stage. In fact, there is nothing more frustrating to a candidate than not being acknowledged by a company after putting the time and effort to research it, apply to it, and trust it enough to want

infographics © bayt.com

TREPONOMICS

to join it. Your employer brand is calling you to take action: a simple, “Thank you. You have not made it to the interview phase,” will not only ease the candidate’s doubt, but it will also showcase the professional and dedicated person that you are, and the respectful and considerate organization that your company is. Brand yourself the right way– make every point of contact with the outside world a professional one!

5. Manage employees with diligence

Nothing can boost an employer brand better than having existing employees willingly want to brag about your organization! Satisfied employees often tend to volunteer to tell stories about their company’s unrivaled success, unique culture, and exquisite bundle of values. Make your employees happy: reward them when due, support them when needed, and leave the doors open for communication at all times just so they know they can come to you for both positive and negative feedback. Transparency, integrity, support and gratitude are what talents are after in their quest for their ideal employer today.

4. Manage job interviewees with diligence

6. Have a compelling online presence

They have developed interest in your company, they have researched your line of work and your culture and liked it, they have succeeded in getting to you via their carefullywritten job application, and they are now here for the interview. Your employer brand has, hitherto, been on the right track, but it does not end here! The interview represents the perfect setting for you to convey an exemplary image about your company and yourself. Do be on time, do be professional, do be friendly and most importantly, do put the interviewee at ease. Remember, you are not simply making a mere business transaction. You are aiming at recruiting a “relationship” before recruiting an employee. Always aim at guaranteeing a winning relationship via the recruitment process whether the prospective employee does or does not get the job. Solid recruiting relationships translate into a more solid employer brand!

One of the key benefits of the web is that it allows you to create profiles on different platforms that all reflect your company’s unique brand and message. A cohesive brand is especially important when you’re reaching out to and trying to attract top talent. The simplest thing to do in order to figure out your online reputation is to Google the name of your company. Are the top 20-30 results positive? Are there any negative customer reviews? Prospective employees should be able to look at any one of your profiles and get a good feel of what your company is about. In addition to having elaborate, well-thought-out online and social media profiles, you need to create a company profile on a high traffic, leading job site. 80% of professionals check a company’s online profile before applying to its advertised jobs, as revealed in the Social Recruiting in the Middle East and North Africa poll.

7. Actively engage with job seekers online

It’s important to reply to your online followers quickly and diligently. Never ignore or delete their comments. You can also ask for their opinion or feedback. The same social media poll revealed that 55% of professionals feel they are more likely to be hired if they are active online.

Lama Ataya heads the Marketing department at Bayt.com and within that role is also responsible for communications, content, community experience, and corporate social responsibility.

september 2015 Entrepreneur

TREPONOMICS

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

Five top tips to help you tap into Generation Y Make your business brand more appealing to millennials By Brett Smyth

Desperate to belong but fiercely independent, digitally connected but socially aloof, the millennial generation presents a conundrum that both marketers and businesses are desperately trying to figure out. This new generation of driven, educated and highly-skilled indi-

Entrepreneur september 2015

viduals is rapidly taking over the worldâ&#x20AC;&#x2122;s workforce, iPads and hashtags in hand, forcing enterprises to reevaluate their value propositions and find new ways to break through the seemingly impenetrable force field that surrounds Generation Y.

Raised in the age of advertising and educated during the digital boom, millennials are equal parts savvy and cynical, and unwilling to settle for anything less than what they perceive to be their right to eternal happiness. Given these lofty expectations, job-hopping has become the norm, the days of long-term employment and retirement benefits now firmly relegated to the past. As such, businesses have lost the upper hand in the recruitment game, and now have to work much harder to nab and keep the world’s brightest stars. Whereas in a previous era, throwing money at the problem might have solved it, this generation is much harder to buy. You see, millennials seek purpose over payouts, flexibility over financial stability– they believe that work should fit into their lives rather than the other way around. In short, engagement no longer comes with a price tag. So how do you appeal to this new breed of employee, and foster the type of loyalty and engagement that ensures they don’t run off to your closest competitor after six months of “padding the CV”? Luckily, there are ways to make this “me culture” work in your favor. Here are five top tips to help you tap into Generation Y: Be flexible Work-life balance is incredibly important to millennials, and many simply don’t see the need to be office-bound for eight hours of every day when they have plentiful communication devices at their disposal. Businesses are slowly adjusting to this burgeoning need for flexibility, and many are in fact starting to see significant benefits as a result. After all, why force a night owl to sit at a desk from 9-5 when you could get much more out of them after dark? Millennials might be driving this trend,

but businesses are the ultimate beneficiaries, so don’t be afraid to embrace a more moderate approach to working hours. Focus on existing employees A generation raised in an age rife with multi-platform advertising is largely impervious to marketing tricks, so if you want them to stand up and take notice of your business, word of mouth is the way to get there. Peer reviews have taken the world by storm, largely thanks to the inherent cynicism of this new generation, and that applies as much to the working world as anywhere else. So get your current employees talking about your business –whether you do this by offering new benefits, implementing free lunches or enforcing remote working is up to you– and the millennials will soon come knocking. Get digital We’re best equipped to reach our potential in an environment that feels familiar, and for the millennial generation raised in a connected world, that environment is the digital arena. Far more comfortable in front of a screen than an actual living person, millennials thrive in the online space, which is why collaborative tools like Slack and Yammer have gained tremendous popularity over the past few years. Similar in nature to networks like Facebook and Twitter, these applications allow employees to interact, collaborate on projects and connect with one another in a way that feels comfortable– and if your millennials feel comfortable in your organization, they’re a whole lot likelier to stick around in the long run. Listening and learning With rapidly dwindling attention spans, millennials are no longer responsive to passive acquisition of information.

If you ever feel like you need to drive your Facebook usage figures through the roof, just hold a one-hour, Powerpointbased training session for a group of Gen-Yers. Today’s workforce wants to learn by engaging, interacting and collaborating with others, so it’s important that you offer them a forum through which to do so. Encourage innovation, schedule time for the development of new ideas and give your millennials a chance to have their voices heard. Not only will this keep them happy and help them to feel recognized, but it’ll also boost the likelihood of learning and expose your enterprise to a world of creative ideas that might surprise you. Think with your heart Saving the world is a priority for many a millennial- you’re unlikely to find anyone in today’s generation who isn’t supporting some cause or the other. So for Generation Y, a company’s commitment to CSR can play a huge role in deciding whether or not they sign on the dotted line. Giving back has become an increasingly significant factor when it comes to both employee acquisition and retention– not only does it help to round out your employer value proposition, but it also assists in boosting morale throughout your ranks. So

don’t be afraid to get involved in your community, and to publicize your efforts within the walls of your organization. Better yet, get your employees involved, and you’ll soon see your engagement rates ticking up swiftly. Brett Smyth is the CEO of EngageME, a company founded in 2013 based on his deep-seated drive to make a difference. Using a unique combination of strategic smarts and creative capabilities, EngageME works with businesses to create collaborative cultures of success, using innovative, unique and impactful solutions to unlock employee potential and drive positive transformation. In its short lifespan to date, the company has already received numerous accolades, and Brett was nominated as one of five finalists for the Young Entrepreneur of the Year Awards in the UAE in 2013. Brett’s passion for adventure has fueled his career, which has seen him bring real and lasting change to a diverse range of organizations across the globe. From London to New York, Dubai to Doha, Brett has brought his unique brand of communications, organizational psychology and change management consulting expertise to the table. Along the way, he also managed to pick up an MBA from the prestigious London Business School, and gave himself Ivy League accreditation in the process, with a full-time exchange to Tuck Business School at Dartmouth College in the States.

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in the loop World’s first 3D printed office set to come up in Dubai

Google to reorganize into new company called Alphabet

www. abc.xyz

By Ray Hennessey

ay goodbye to Google. Say hello to Alphabet. Google Inc. says it is creating a new operating structure under a newly formed umbrella company it is calling Alphabet Inc. Co-founder and current CEO Larry Page will lead the new company, while Sergey Brin, the other co-founder, will serve as president. Google itself will be an operating unit and get a new CEO: Sundar Pichai, who had been running Android and Chrome. It’s not just a name change, but a reorganization of the company. In a blog post announcing the change, Page said they wanted a “slimmed down” version of Google, with other businesses, such as Life Sciences and the Calico biotech unit to be their own operating companies. Each unit, Page suggested, would get its own CEO. Page sought to position the move as a further move toward the technologydriven disruption and innovation he, Brin and Google have all long espoused. “We did a lot of things that seemed crazy at the time,” Page wrote. “Many of those crazy things now have over a billion users, like Google Maps, YouTube, Chrome, and Android. And we haven’t stopped there. We are still trying to do things other people think are crazy but we are super excited about.” Yet, the move positions Google as far more traditional than disruptive. Many companies have found that a conglomerate model -which is essentially what Alphabet will be- helps manage the overall company better by putting key executives in charge of the underlying companies, leaving the top management to focus on making the company work as a whole. Indeed, Page, in his blog post, said as much. “In general, our model is to have a strong CEO who runs each business, with Sergey and me in service to them

as needed,” he wrote. “We will rigorously handle capital allocation and work to make sure each business is executing well.” That also gives shareholders an advantage. Now, Alphabet can more easily spin off these units into their own public companies, with existing holders getting some shares. Indeed, the history of business shows that periods of consolidation with large conglomerates is generally followed by times when companies split off some of their holdings. While the structure of Alphabet isn’t unusual, the timeline to create such a massive conglomerate is nothing short of breathtaking. Google is a company not yet old enough to buy beer, founded officially in 1997. Two years later, it opened its first official office, with just eight employees. Then, growth exploded and within five years, the company went public. At the time, it even disrupted that process, holding an auction-style initial public offering so more retail investors could buy shares. The company, just before the Alphabet announcement, is now valued by the market at US$444 billion. Alphabet Inc. will replace Google Inc. as the publicly-traded entity, the company said. All shares of Google will automatically convert into the same number of shares of Alphabet. And, why the name Alphabet? “We liked the name Alphabet because it means a collection of letters that represent language, one of humanity’s most important innovations, and is the core of how we index with Google search,” Page wrote. “We also like that it means alpha-bet (Alpha is investment return above benchmark), which we strive for!”

“If you build it...” (or print it) Dubai releases designs for 3D printed office

ou’ve heard of a 3D printed engine, a 3D printed bionic arm, and hey, even a 3D printed pizza. Well, Dubai is now upping the ante. The Emirate has put forward designs for an office building that will be constructed using materials from a 3D printer. According to a statement released by the UAE National Innovation Committee, the one-story prototype building will have approximately 2000 sq. ft. of floor space, and will be printed layer by layer by a 20-foot tall printer. While the use of 3D printed structures is expected to reduce construction time by 50-70% and labor costs by 50-80%, the building itself is set to be assembled onsite in a few weeks, with interior furniture and components also planned to be 3D printed using a mixture of reinforced concrete, gypsum reinforced glass fiber, and plastic. The project is a result of a partnership between Dubai and WinSun Global, a China-based 3D construction company that was behind the first 3D printed six-story villa in the world, as well as international architecture and engineering firms Gensler, Thornton Thomasetti, and Syska Hennessy. The building will serve as a temporary office for the staff of the Museum of the Future, an initiative by H.H. Sheikh Mohammed bin Rashid Al Maktoum, while the Museum is being constructed. But are we prepared for the ripple factor that may come with the development of this project? In 2013, New Statesman suggested that 3D printing on a construction level could affect architecture “at the expense of integrity.”

See this article in its entirety at Entrepreneur.com

september 2015 Entrepreneur

TECH

State of Payments 2015

this industry heavily priorities paid searches at 44%.

E-commerce’s influence in MENA grows

E-Commerce’s market size gets bigger and bigger

By Kareem Chehayeb

Of all the different markets in the region covered, the one that is expected to grow the most is the e-commerce market. While its current market size is already rather large, given the obstacles to change consumer trends when it comes to online payment, its market size is expected to grow by US$6.4 billion by 2020. This means that the e-commerce industry in the MENA will be valued at about $13.4 billion, almost twice as large as it was in 2014 when it was at $7 billion. Of the countries studied, the UAE’s industry has the largest market share in the region at $2.3 billion, and is expected to grow to $4.4 billion by 2020. channels. In the growing indusSEO is vital for online sales try of marketplace services, SEO Saudi Arabia and Egypt are both is the most important marketing rather large as well, currently at Unless you’re in the entertainaround $1.5 and $1.4 billion rechannel at 26%. While offline ment and events industry, channels, referrals, and social SEO still plays a pivotal role spectively, and are each expected media are considered imporin increasing online sales and to grow up to $2.9 and $2.7 improving brand visibility. In billion by 2020. tant (each at 13%), they aren’t the region’s airline market, SEO The other studied markets are considered anywhere near as is given top priority, alongside certainly growing as well, just resourceful. In the travels and social media, email marketing, not as substantially. The region’s tourism market, SEO is second and offline marketing channels, airlines market size is projected to user reviews, but only by making it more important than to grow from $11 billion in 2014 2%, and understandably so. content marketing. It’s a similar to $16.2 billion. While it comes However, SEO isn’t considered case with the e-commerce to no surprise to see the UAE an online sales booster at all in WHAT IS ASEOMAJOR PAYMENT industry, where and social ONLINE and Saudi Arabia’s already large the entertainment and events CHALLENGE? media are the two top marketing industry. The report shows that market shares grow, it appears

-commerce payment services company PayFort released this year’s State of Payments report, highlighting all that you need to know about the region’s electronic commerce sales and trends. The report focused on the UAE, Saudi Arabia, Egypt, Lebanon, Jordan, and Kuwait, giving a balanced analysis on six popular but very different markets. The 2015 State of Payments report focused its regional analysis on five markets, including e-commerce, airlines, and tourism. It also looked at consumer trends, including payment methods and social media popularity. Whether you’re trying to maximize online sales or whether you want to make sure your e-commerce (or m-commerce) payment solution will be a regional hit or not, these are some of the major takeaways from the report that shouldn’t be ignored.

that Egypt is also heavily investing in its airlines industry, with a projected growth from $1.9 billion in 2014 to $2.8 billion in 2020. While Lebanon and Kuwait are both expected to grow by $0.2 billion by 2020, Jordan isn’t expected to experience any substantial growth. Largest buyer age-group: 26-35

Perhaps this isn’t much of a shocker, but it’s still worth mentioning. 26-35 year-olds are the largest online buyers in the region in all countries, and by a huge amount. Apart from Lebanon, where 26-35 year-olds make up 34% of online buyers, the UAE, Saudi Arabia, Egypt, Kuwait, and Jordan’s 26-35 year-olds make up at least 42% percent of online buyers. In Egypt, they make up 50% of all online buyers. While it makes sense to see those between the ages of 36-40 and 41-50 years settle somewhere between 15-20%, it is probably most startling to see 18-25 year-olds not exceed the 18% mark. Apart from Saudi Arabia, where 18-25 year-olds make up 25% of online buyers, other countries have much smaller amounts, most surprisingly the UAE at only 10%. While it is surprising to the see the UAE, the country

"Cash on delivery can be crippling for small ecommerce companies due to the costs and high return rates. Many firms are struggling to get to grips with this local challenge."

WHAT IS A MAJOR ONLINE PAYMENT CHALLENGE? "Cash on delivery can be crippling for small ecommerce companies due to the costs and high return rates. Many firms are struggling to get to grips with this local challenge."

13%

16% 16%

13% 32%

26% 13%

Fraud

Acceptance Ratio

Cash-on-Delivery Alternatives

Increase Payment options for Customers

Increase Trust on Checkout with End Users

Fraud

Acceptance Ratio

Cash-on-Delivery Alternatives

Increase Payment options for Customers

Increase Trust on Checkout with End Users stateofpayments.com | 08

Entrepreneur september 2015

Source: State of Payments report by PayFort

13%

32%

26%

MARKET SIZE - 2020

“It’s going to be much easier to be an SME”

"Entertainment and Events is still a relatively small market in the Middle East and we predict 2020 revenues top out at $200 million. Growth is driven by the UAE which is the hub for concerts and cultural events in the region."

PayFort acquires White Payments

he July acquisition of White Payments by PayFort has all the signs of becoming a huge turning point in the MENA’s somewhat blossoming e-commerce industry. PayFort’s presence in the region has been growing extensively, but its client base has mostly been in larger businesses and institutions. But startups won’t feel left out for long, now that they have acquired White Payments, whose key selling point is the simple and quick setup process for startups and small businesses. “PayFort is phenomenal at handling larger merchants: airlines, governments- all sorts of crazy, large merchants,” explains White Payments founder Yazin Alirhayim. “But the same process doesn’t exactly apply to smaller merchants. This is something we’re very good at. This [deal] allows PayFort to span the entire spectrum, and as startups grow, they can still operate within PayFort. For White, we see this as an opportunity to leverage banking relationships that PayFort already has in the region, and grow faster than we would have been able to do alone.” PayFort Managing Director Omar Soudodi added that more announcements are in the offing. “You’ll definitely see PayFort ramp up its presence in the entire GCC very soon. We’re looking at Bahrain, Qatar, Kuwait. There’s Jordan and Lebanon as well. Of course some markets will be launched closer than others- end of this year, early next quarter, etc.” says Soudoudi.

$200 million Arab World

$152

$16

$10

million

UAE

KSA

Egypt

Kuwait

Lebanon

Jordan stateofpayments.com | 25

LinkedIn, for example, is huge in Lebanon and is more popular than Twitter and Instagram by 6%. It also exceeds Twitter in the UAE, and only falls behind by a few percentage points in other markets, except for Saudi Arabia where it doesn’t seem to be a huge hit. Presence on Google+ is important too, given that its popularity across those six country ranges between 30-38%. One thing is for sure though, Instagram keeps on getting more and more popular. While the results only show its rising popularity in certain markets, it’s just a matter of time before it makes its way out of a deadlock with LinkedIn, Google+, and even Twitter in some of the other ones.

on Delivery (COD) method still dominates payment methods for online purchases. PayPal? Forget about it. Only 1-6% of consumers use it as a payment method. Oddly enough, Lebanon’s at about 2%, even though PayPal isn’t compatible with Lebanon yet, if ever. Paying directly with a credit card isn’t that popular either. It’s currently the most popular in the UAE at Facebook and Twitter still just 39%. Lebanon and Kuwait rule social media– for now are right behind it at 38% and Of the six countries surveyed, 36% respectively. CashU is also Facebook and Twitter are still mentioned, which is a popular the two most important social prepaid online and mobile paymedia platforms. However, it looks like things could change ment method; but its popularity a bit in the coming years, so doesn’t exceed 4%. There are entrepreneurs should take note also “other” payment methods, of this if they want to maximize but those percentages are small, their online sales. Facebook is a bar Kuwait’s, which is at 20%. must; apart from Saudi Arabia The elephant in the room where its popularity is at 67%, is still COD, and it makes the COD still most popular its popularity in the other five other payment methods look like payment method countries exceeds 80%, and rodents. It’s the least popular in Perhaps it’s almost sinister to goesSOCIAL past 90% inMEDIA Lebanon and Kuwait with only 41% popusave this fact toBE the end, with BIGGEST WHICH CHANNEL WILL YOUR FOCUS FOR ONLINE Egypt. Twitter is still quite all the relatively positive news larity, but is the most popular SALES AND CONSUMER ENGAGEMENT? popular in the region, but falls about online purchases and the among over half of UAE online "Facebookfar is far and awayFacebook, the most important channel for ecommerce companies while happening Instagram has outstripped as theSaudi runner Arabia’s up. In 2016, Instagram behind and has e-commerce industry buyersTwitter at 51%. may well take pole position." several social media platforms in the region. It’s important to COD popularity is at 59%. COD almost equally as popular. remember that the dreaded Cash has found a cozy home in Egypt, Omar Soudodi and Yazin Alirhayim in the region with the largest e-commerce market have a smaller percentage of young adults buying online than the other surveyed countries except for Kuwait, it is expected to see these numbers grow across the region as the online payment solutions develop further and consumer trends evolve.

41% 23% 13%

Facebook

Twitter

Google +

Instagram

Others

with its popularity at 72%. That said, that’s not a surprise, given that credit card ownership is very low there. It looks like the most successful e-commerce payment solution will be the ones that target consumers who don’t own a credit card. Time to be creative.

september 2015 Entrepreneur

stateofpayments.com | 09

TECH

#TAMTALKSTECH From reimagining your workspace to a new wearable, this edition’s choices showcase some tech that we’d like to call our own.

Steelcase Gesture Chair

Work it

Steelcase’s equips the office of the future

Steelcase introduced concept products for the intelligent office at NeoCon 2015. Armed with feedback from the IPSOS-Steelcase consumer survey and the latest research in neuroscience, the company combined modern design and technology to help you think and feel better at work. The Brody WorkLounge contains a seat sensor that activates a red light around its perimeter, signaling to others that the unit is occupied. It also includes audio controls that allow you to choose from a selection of sounds that play from speakers embedded

in the headrest. Is your office always cold? Steelcase has a solution for that too. Brody WorkLounge had a heated lumbar option to keep you warm and comfortable. If you crave a more minimalist work space, how about a chair upgrade? Gesture Chair monitors posture, sitting habits, stress level and displays data on a nearby iPad. This smart seat, made in conjunction with Darma technology, even coaches you on how to sit better. With productivity and better physical support in mind, Steelcase is working to deliver the office of the future.

Brody WorkLounge

Entrepreneur september 2015

Cutting edge

Samsung releases Galaxy S6 edge+

Samsung unveiled the Galaxy S6 edge+ with a host of innovative new features. While hardware upgrades like 4GB of RAM, an advanced camera system with quick launch capability and embedded wireless charging technology are all welcomed, it’s the software additions that put the new device over-the-top. Samsung leveraged the unique design of its predecessor to make the Galaxy S6

edge+ more user-friendly. It features the new Apps edge for easy access to your favorite apps, and enhanced People edge for easy communication with preferred contacts. From the edge screen, users can quickly find an app or their pre-set contacts to send a message or place a call. Galaxy S6 edge+ is the perfect blend of form and function. An added plus to the great specs? It looks damn good.

Not so secret, after all

Hack reminds users that there’s no such thing as privacy online

Galaxy S6 edge+

Leaps and bounds

Acer launches its first wearable

Acer helps you leap into the age of wearables with its new fitness tracker, Liquid Leap. It’s a simple, sleek accessory that tracks activity and displays notifications from your phone. Liquid Leap pairs with devices running iOS 7 or Android 4.4 and also features a touchscreen, music controls and has up to a week of

battery life to keep you connected. The attractive, textured wristband is button-free and comes in five lively colors. The device works with Leap Manager, an app where your activity data is stored and managed. Are you considering a splash into the world of wearable tech? Then get your feet wet with Liquid Leap.

Ashley Madison, the now-beleaguered online dating portal for people already in committed relationships, has now become the world’s most famous un-kept secret. The site, whose tagline is “Life’s short, have an affair,” was recently hacked, exposing private data belonging to millions of its users. The news reports of the size of the hack vary from 30 million users to 37 million users, and at the time of writing, class-action lawsuits against the parent company behind AshleyMadison.com had also been filed. The hack has been attributed to competitors, “the morality police,” and there’s even speculation of an internal leak. Regardless of how it happened, Internet users should beware: whether you’re shopping online for a used car or a tryst with someone else’s spouse, your digital footprint is not private and never truly safe.

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Acer Liquid Leap

Tamara Clarke, a former software development professional, is the tech and lifestyle enthusiast behind The Global Gazette, one of the most active blogs in the Middle East. The Global Gazette has been welcomed and lauded by some of the most influential tech brands in the region. Clarke’s goal is to inform about technology and how it supports our lifestyles. See her work both in print regional publications and online on her blog where she discusses everything from how a new gadget improves day-to-day life to how to coordinate your smartphone accessories. Visit www.theglobalgazette.com and talk to her on Twitter @GlobalGazette. september 2015 Entrepreneur

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‘Trep trimmings

rom better goods to boardroom wardrobe bests, each issue we decide on a few items that make the approved executive selection list. In this edition, we present our choices from the Hardy Amies Autumn/Winter 2015 collection, some great hardware for ‘treps who like it off the cuff, and best in class pocket squares by Eton. All of the items we’ve selected are within your reach: hit up Bloomingdale’s in Dubai, UAE.

The executive selection

The great outdoors Hardy Amies AW15

Designer menswear brand Hardy Amies gives a nod to adventurers of the highest order (you’ll have to pardon the pun) with the newly-launched Autumn/Winter 2015 collection: mountaineers. The House’s Creative Director, Mehmet Ali, mentions that this season’s inspiration looks to

Mount Snowden in Wales, immortalized by some of history’s great artists, from painter J. M. W. Turner to poet William Wordsworth. Boasting a Savile Row HQ, Hardy Amies even incorporates climberstaple mountaineering tube rope as part of the graphic design- all this is, of course, put forward in great lines and superior cuts. Onward and upward, ‘treps! www.hardyamies.com

THE LOOK AT THE OFFICE

AT THE EVENING AFFAIR

Pick pocket Eton

We’re seeing pocket squares everywhere lately -from boardrooms to the après-work watering holes- so we’ve chosen a few that we think make a statement. Gentlemen looking to add a bit of personality to the “dark suit look” can opt for an attractive (and wellmade) pocket square by Eton. We suggest choosing one in charcoals and one in accents of red for two completely different vibes. www.etonshirts.com

Entrepreneur september 2015

Hardy Amies AW15

Off the cuff Tateossian

Hardware can make or break your boardroom look, and Tateossian promises to help you out by giving you a range of cufflinks to choose from. For the more conservative crowd, Tateossian’s simple, clean-lined geometrics in silver and black work nicely, and for those looking of you looking to add a little flair, the knot-braided, finely-worked set should do the trick. Another notable piece in their collection: the tie-pin. www.tateossian.com Tateossian at Bloomingdale’s Dubai

MAGES COURTESY Bloomingdales’s Dubai

Editor’s pick Cogs and wheels The engineers among you might get a special kick out of this set of particularly eye-catching cufflinks. Tateossian’s four-colored metal workmanship flatters a variety of shirt and suit shades, and bring a bit of whimsy to even the sternest banker’s suit. An added bonus? Some of the cogs and wheels actually turn (we tried them out just to make sure!).

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Van Cleef & Arpels and Officine Panerai boutiques in Paris, France next to the Park Hyatt Paris Vendôme

Marketing to a high-end consumer

Luxury brands command incredible pricing power and high profit margins By Vincent Bastien

years ago, a group of European luxury brands, famous but small at the time, decided to use the opportunity of globalization to grow significantly beyond the small circle of their happy-but-few historical customers. To do so, they needed to implement a marketing strategy, but they quickly discovered that while the usual marketing strategies would help them grow, they would also put them out of the luxury bracket. So, they decided to implement a totally new business strategy, which lies behind the nonstop success of those brands. All this is detailed in The Luxury Strategy1, the book that I co-authored with Jean-Noël Kapferer, based on my own experience with Louis Vuitton- one of the leaders of this strategic move. For this article, I will focus on the marketing aspect of this strategy, and, more precisely, on what we named “the anti-laws of marketing.” In fact, we coined the term anti-law of marketing to designate the counterintuitive managerial principles, which made these brands command their incredible pricing power and margins. 1 Bastien, V. / Kapferer, J-N. (1st edition 2009/ 2nd edition 2012): The Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands – Kogan Page

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Reaching your client The first step is to understand that in the so-called luxury market, there are three possible strategies, which I named in my book as luxury, fashion and premium. The difference between these three strategies is huge. It does not change much in the eyes of most basic consumers, at least in the short-term. But when one has to manage a brand, the difference is pivotal. In fact, if you decide to implement a fashion or a premium strategy, the classical marketing styles works pretty well. But if you decide to implement a luxury strategy, you need to reconsider all the aspects of your marketing management. A. The luxury strategy aims at creating the highest brand value and pricing power by leveraging all intangible

elements of singularity- i.e. time, heritage, country of origin, craftsmanship, man-made, small series, prestigious clients, etc. B. The fashion strategy is a totally different business model: here, heritage, time, are not important; fashion sells by being fashionable, which is to say, a very perishable value. C. The premium strategy can be summarized as “pay more, get more.” Here the goal is to prove -through comparisons and benchmarking- that this is the best value within its category. Quality/price ratio is the motto. This strategy is, by essence, comparative.

The luxury strategy was originally developed for the broadly defined luxury market, and it is there that you can find it the most today as well– in fact, it’s the most efficient strategy in this market. It is seldom met on other markets, One of the major anti-laws of marketing looks like heresy to classical marketing theory. After all, isn’t the credo of all well-managed companies to be customer-oriented? Shouldn’t any marketing plan start by summarizing the voice of the consumer? Yes, but only for those brands that do not follow the luxury strategy.

even though it can be very successful there, as brands like Apple and Nespresso have demonstrated. There are 24 anti-laws (see the full list at the end of this article); here I analyze four that require an in-depth treatment. ANTI-LAW #1 Forget about positioning because luxury is not comparative In consumer marketing, at the heart of every brand strategy, you will find the concept of positioning, of the unique selling proposition (USP) and the unique and convincing competitive advantage (UCCA). Every classic brand has to specify its positioning, and then convey it through its products, its services, its price, its distribution and its communication. Positioning is the difference that creates the preference for a given brand, over the one that it has decided to target as a source of new business and whose clients it is going to try to win over. Nothing is more foreign to this approach than luxury. When it comes to luxury, being unique is what counts, not any comparison with a competitor. Luxury is the expression of a taste, of a creative identity; luxury makes the bold statement “this is what I am,” not “that depends”– which is what positioning implies. It is identity that gives a brand that particularly powerful feeling of uniqueness, timeless-

ness, and the necessary authenticity that helps give an impression of permanence. Chanel has an identity, but not a positioning. Identity is not divisible, it is not negotiable– it simply is. Luxury is superlative, and not comparative. It prefers to be faithful to an identity rather than be always worrying about where it stands in relation to a competitor. Maserati Quattroporte in Dubai ANTI-LAW #3 Do not pander to your tural reason why traditional customers’ wishes One marketing is prohibited in the of the major anti-laws of luxury strategy: using market marketing looks like heresy studies to listen to the consumer leads to a regression to to classical marketing theory. the mean. And luxury must After all, isn’t the credo of be different. Luxury brands all well-managed companies are cultural forces. Luxury is to be customer-oriented? about taste education. This Shouldn’t any marketing is why it flirts so much with plan start by summarizing art, avant-garde art. Luxury the voice of the consumer? brands do not aim at being Yes, but only for those popular (that is to say, liked brands that do not follow by everybody today), but >>> the luxury strategy. This does not mean being deaf, of course, but the function of luxury brands is to create dreams, not to answer to problems and needs. Luxury is a non-necessity made desirable: it sells promotion emotions (self elevation, pleasure, recognition), not prevention emotions (risk reduction, absence of problem and discomfort). Promotion emotions lead to thrill, excitement and delight. Prevention emotions lead to security, confidence, and satisfaction. There is another struc-

Richard Mille boutique in The Dubai Mall, Dubai, UAE september 2015 Entrepreneur

instead aim at setting the long lasting standards of taste for tomorrow. Capitalizing on what the majority of average present targeted consumers declare they like today is not the route to build the future Louis Vuitton bag. We must surprise the customer, bringing something he or she was not expecting. What luxury sells is excitement, new territories; not security, not problem reduction. Think about the first iPhone. ANTI-LAW #10 Communicate to those whom you are not targeting Luxury has two value facets– luxury for oneself and luxury for others. To sustain the latter facet, it’s essential that there should be many more people that are familiar with the brand than those who could possibly afford to buy it for themselves. In traditional marketing, the keyword is

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return on investment. In advertising for example, the media plan must concentrate on the target consumers and nothing but the target consumers– every person reached beyond the target is a waste of investment money. In luxury, if somebody is looking at somebody else and fails to recognize the brand, part of its value is lost. It is essential to spread brand awareness beyond the target group, but in a very positive way– brand awareness is not enough in luxury; it has to be prestigious. ANTI-LAW #16 Beware of celebrities This third anti-law has been received with surprise by many professionals and executives in the luxury sector- after all, when one browses through the pages of glossy magazines, celebrities are everywhere in the advertisements, as

The Ascots & Chapels boutique in Dubai, UAE

Entrepreneur september 2015

Fendi boutique in Hong Kong

well as in the pages relating who attended what select event sponsored by a luxury brand. Celebrities are to be used with caution in the luxury strategy. They are not to be used as selling agents for new customers to buy the product through an imitation model (“I want to buy the bag because this celebrity has it.”)– this is the fashion business model. They must be used, when used, as a testimonial (“This famous person is also using my bag, staying in the hotel I went to last year.”) for existing customers– it comforts the status of being an extraordinary product for a usual customer, which is also an ordinary product of extraordinary people. Implementing the luxury strategy beyond the luxury market When you consider those anti-laws, you see that they define a whole consistent and original marketing strategy– the luxury strategy. You also see that this strategy is not limited to the existing luxury market, although it is the place where it is the most relevant– hence its name. Apart from the 12th anti-law (“Luxury sets the price, price does not set luxury.”), the word “luxury” does not appear in their expression. This

means that the marketing strategy defined by those laws can be implemented beyond the luxury market. For instance, Apple, which is not a luxury brand, has been immensely successful in applying the luxury strategy in the computer and phone market, where the pure luxury market is just a niche, even though it can be a beautiful one, as Vertu has demonstrated for mobile phones. As soon as you have a unique product and service, this strategy is worth to be considered. It can also be used when you are facing scarcity of human talent– McKinsey is a very good example in the consulting business. Or when you are facing scarcity of resourcesthink of the problems of sustainable development, and the example of the Tesla strategy in full electric cars. Think also of the issues of agriculture and bio-food. In fact, the luxury strategy is often the best business model to make sustainable products or services profitable at the launch phase. celebrities are to be used with caution in the luxury strategy. They are not to be used as selling agents for new customers to buy the product through an imitation model (“I want to buy the bag because this celebrity has it.”)– this is the fashion business model.

fendi boutique image © tungcheung / shutterstock | louis vuitton outlet image © tonyv3112 / shutterstock

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The 24 anti-laws of marketing The anti-laws are a good way to illustrate the uniqueness of the luxury strategy 1. Forget about positioning; luxury is not comparative. 2. Does your product have enough flaws to give it soul? 3. Don’t pander to your customers’ wishes. 4. Keep non-enthusiasts out. 5. Don’t respond to rising demand. 6. Dominate the client. 7. Make it difficult for clients to buy. 8. Protect clients from non-clients, the big from the small. 9. The role of advertising is not to sell. 10. Communicate to those whom you are not targeting. 11. The presumed price should always seem higher than the actual price.

12. Luxury sets the price; price does not set luxury. 13. Raise your prices as time goes on, in order to increase demand. 14. Keep raising the average price of the product range. 15. Do not sell. 16. Keep stars out of your advertising. 17. Cultivate closeness to the arts for initiate. 18. Do not relocate your factories. 19. Do not hire consultants. 20. Do not test. 21. Do not look for consensus. 22. Do not look after group synergies. 23. Do not look for cost reduction. 24. Do not sell openly on the Internet.

Vincent Bastien, currently a teacher of luxury marketing strategies, holds a Master of Sciences from the Polytechnique School of Paris and a MBA from HEC; and is also alumni (SEP) of Stanford Business School. Bastien started his career in the Group Saint-Gobain in 1972, where later he became the CEO of Saint-Gobain Desjonquères. From 1988 to 1995 he was the CEO of Louis Vuitton. In 1995 he headed the Beauty Branch of SANOFI (Yves Saint-Laurent, Yves Rocher, Nina Ricci, Sanofi Beauté) and was the CEO of Yves Saint Laurent Parfum. In 1998 Bastien joined Vendome Luxury Group as the General Director of Lancel. Having left the luxury industry, Bastien directed Smart Valley, a startup IT consultancy group, and later was CEO of Quebecor World Europe. He is the author, with Jean-Noël Kapferer, of a book on luxury strategy in French (Luxe Oblige) and in English (The Luxury Strategy).

Louis Vuitton outlet in Beijing

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Don’t toil away at work-life balance; instead, optimize your performance Tony Hchaime’s tips to re-jig your success-ratio

By Shoug Al Nafisi

f you’re looking for more hours to add to the day, then you’re doing it all wrong. In an attempt to manage ourselves effectively, we write out schedules and push things around, hoping the shuffle would clear up some space. Well, what do marathon runners and full-time employees have in common? Other than the run, there’s a whole lot more you’ll need to be in control of in order to move forward. Financier, investment banker, wellness coach, mentor, and Ironman triathlete, Tony Hchaime has taken a go at it. His methods are more than a call to get you to work out or think right; it’s an active way of life that allows you to work at full capacity whenever you want to. “I don’t separate personal life from career and performance goals in the traditional sense,” Hchaime says. “I see success in personal life as one of multiple pillars of success, and each pillar is equally important. I plan my personal life just like I plan my professional life, and equally importantly, my self-development. The goal came first: achieve more in all aspects. The how came next: educate myself in the arts and sciences of psychology, behavioral change, productivity, and efficiency. Today I continuously learn, apply and teach principles in all three [areas] to advance my and others’ lives.” After a very successful career run followed by several knockdowns, Hchaime devised his own plan to attend to (and excel at), all aspects of his life- not just his career. Whether you’re an exec or a ‘trep, Hchaime advises you to “never settle.” And how have his athletic endeavors changed his outlook? “I often draw on the skills and techniques I learned as an endurance athlete and coach to be more effective at work. These include manipulating my nutrition for maximum sustained energy, breathing exercises for stress management, productivity, making every minute count, and much, much more.” Living a career-driven life, it’s a given that entrepreneurs have their ups and downs. How do you propose to handle setbacks when they seem to be beyond your control? Tony Hchaime

Entrepreneur september 2015

This is probably the biggest obstacle entrepreneurs face

on a daily basis. Acceptance of failure is a key success factor, and the ability to use that failure as a bouncing board for better attempts is critical. While a minority of entrepreneurs have an innate invincible mindset, many don’t, but they still have the opportunity to become extremely successful. The trick for such individuals is to build a strong support network consisting of a mentor, success beyond professional life that creates self-confidence and can be used as fuel alongside passion, and the use of triggers as a psychological tool. For example, I’m a big fan of using visual cues of the “why” that is the foundation for your venture. The fourth is evidence; do your research and trust the numbers– it’s objective and independent from your emotions. As a wellness coach, you’ve probably met with many people who are looking to improve their circumstances. What are the greatest self-management misconceptions you’ve come across?

Without exception, the biggest hurdle I come across when it comes to high performance is the self-defeating thought of “it can’t be done.” The reason I’m a >>>

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In your opinion, is it time management that helps most or is there another way of making it all happen?

I don’t believe in time management, because time is something you cannot control. What you can control are your energy and productivity. I can get more done today in five hours and feel energized afterwards than I did in 10 hours three years ago. I strive to achieve more per hour rather than just allocating hours, which is commonly referred to as time management. What is the greatest challenge you’ve come across and how did you handle it?

Typically, entrepreneurs rarely have time to read dozens of books to learn the various aspects of business needed to succeed. No one can be an expert in everything, yet a venture cannot thrive on the quality of its product alone. Having a network of mentors who can help you transform your business from ideal to thriving business is critical.

big fan of reading biographies is because I can use real-life examples of people who demonstrated time and time again that ‘it can be done.’ In fact, the message I often articulate, which is equally important, is that “it can be done by anyone,” as long as you’re willing to put in the effort to learn the skills and acquire the tools. Whenever faced with an obstacle, always ask yourself: “How do I acquire the skills to get over it?”

Entrepreneur september 2015

What are three tips you’d give to entrepreneurs living the fast life?

First, get off the treadmill, take a step back, assess, plan, then act, and do this every single week. You will be shocked at how many hours and how much energy you waste on non-critical tasks- in my experience, up to 70%. Second, never lose sight of your “why.” Put it front and center: it’s your biggest source of energy. Put it on your desktop, as the wallpaper on your phone, as a Post-it in your car, and on your bathroom mirror. Third, sleep and hydrate. Sleeping less than seven hours per night has been shown to reduce cognitive ability by ~30%. Being dehydrated does the same. So imagine the impact on your business if you don’t get enough sleep or water.

I’ve always been fortunate enough to find the will and energy to stand back up when life knocked me down, and I got knocked down quite a few times in the past 15 years. However, the biggest challenge was standing back up after an entrepreneurial venture failed two years ago, costing me two years of my life and sending me tumbling down the professional ladder. Rational and analytical thinking, self-education, and most importantly, support at home from my wife are the reasons why I was able to not only recover from that episode, but to thrive in all aspects of my life once again. I believe in having the right environment and support system to thrive. What are elements of your environment that are most relevant, and what kind of support system keeps you going?

I fully agree that one cannot thrive without the right environment. There are many elements that are key, but I’ll focus on the three I believe to be the most critical. 1. Legal framework. Let’s face it, whatever your venture is, you need to be able to finance it, generate revenues, and move cash around. This is a key reason why some countries in the re-

gion continuously fail to achieve their potential in entrepreneurship. 2. The vote of confidence from your significant other.

Building a business drains energy and time, and every person directly affected by it needs to believe in the business almost as much as the entrepreneur him/ herself. Many ventures fail because of the toll it takes on their marriage/relationship, so communication and a shared sense of belief is absolutely key. 3. Mentorship. Typically, entrepreneurs rarely have time to read dozens of books to learn the various aspects of business needed to succeed. No one can be an expert in everything, yet a venture cannot thrive on the quality of its product alone. Having a network of mentors who can help you transform your business from ideal to thriving business is critical. What are your top three books for ‘treps?

That’s a tough one! I read a lot and there are many books I consider to be essential reading. Autobiography: Total Recall by Arnold Schwarzenegger, productivity: The 4-Hour Workweek by Tim Ferris, self-development: The Power of Full Engagement co-authored by Jim Loehr and Tony Schwartz.

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personal and professional development. Set clear and measurable goals and objectives to accomplish your mission with deadlines to reaching them.

Life is a marathon, not a sprint

Mark Sephton is an international personal mentor to entrepreneurs, basing his program on a GPS system with eight key fundamentals. This system reveals blind spots, efficiencies and deficiencies, and is used to find your “inner sniper” to improve your instinct, producing devastating results in your own revolution of discovery. It is hard to see the picture when you’re in the frame. Changing the way you think through culture and mindset shifts and introduced to game-changing habits helps increase your productivity and skyrocket your personal brand. www.marksephton.com

How to stop busyness and remain productive By Mark Sephton

verybody wants a piece of your time; be wise about whom you choose to give it to. Explore curiosities, but be intentional and do everything with purpose. According to research, your brain will attempt to “simulate” real productive work by avoiding big projects and focus on small, mindless tasks to fill your time. Don’t allow your time to be choked up with busyness! Don’t accept tasks just because someone will pay you for it. Only accept tasks that are in line with your passions and strengths. Be mindful of this, and you will soon find yourself more productive, and less busy. Take time to reflect. Reflection is one of the most important tools for personal growth. It’s helpful to take time out and take stock of how you’re performing, what you’re involved in, what’s taking up your energy and focus. Discover what motivates you; your personal mission statement.

Don’t be busy, be productive

Stop multitasking! Multitasking dilutes your focus and execution. When you’re doing more than one thing at any one time, you’re not giving all your energy to anything. Focus on the most important thing at that moment to save energy in the long run. Unless you cut yourself in half, you can only physically be in one place at any time. Know what matters to you and center your thoughts on that. The only way to make your life extraordinary is to know what extraordinary means to you. Once you know what matters, set your priorities accordingly. Tips on finding balance 1. Take care of yourself. Get

enough rest. Exhaustion and sleep deprivation results in poor decision making. You will not only protect but absolutely increase the reputation of your brand by coming from a place of rest, recovery and focus.

2. Focus on one thing at a time. Find that one thing and

become an expert in that one area of focus. Rid yourself of those duties that no longer stimulate your passions or give you the opportunity to flex your skills. 3. Ensure technology serves you. Don’t be a slave to the

distractions of social media and every device that you own. 4. Secure your downtime.

Take regular time to just switch off. Carve out regular breaks or take time to reflect, unwind and enjoy the fruits of your labor. Often when we take timeouts we tap into our real inventive genius. 5. Find order in your purpose. Write down your

mission statement. This encapsulates your purpose and values. Your mission statement sets the direction for your

‘Trep talk ME THE BUSINESS Rula Galayini THE ‘TREP Founder and designer Rula Galayini Q What do you think about the state of crowdfunding and crowdinvesting in UAE? A “It’s a relatively new concept here in the UAE, but has recently been gaining more popularity. Investors see it as good way to become part of an interesting concept with a minimum investment capital. They gain an emotional sense of ownership that is both motivating to them, and productive to the entrepreneur. There is also an aspect of giving back to the local economy that is quite noble. Typically, investments were poured into telecom and service industries, but slowly unconventional industries are being considered, providing solutions to entrepreneurs from diverse backgrounds.” www.rulagalayini.com

september 2015 Entrepreneur

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Your signature style

Olympic medalist Dick Fosbury and the surprising power of being unconventional By James Clear

ick Fosbury took a moment to meditate as 80,000 people looked down at him from their seats in Mexico City’s Olympic stadium. The fans at the 1968 Olympic Games didn’t know it at the time, but they were about to witness not only the setting of an Olympic record, but the complete revolution of a sport.

Just three or four years earlier, nobody in the world of athletics had even heard the name Dick Fosbury. As a long and lean teenager from Oregon, Fosbury was just another kid interested in track and field. He wanted to compete in the high jump, but he had failed to clear the height required to participate in a high school track meet during his sophomore year. Shortly after, Fosbury had a stroke of genius.

Entrepreneur september 2015

You see, the high jump is a simple event. The athletes jump over a bar and whoever jumps the highest wins the event. Usually, each athlete will toss their body over the bar and crash onto a padded landing pit on the other side. Like most schools in the 1960s, the landing pit at Fosbury’s high school was made of woodchips and sawdust. Before his junior year, however, Fosbury’s high school became one of the first to install

a foam landing pit and that gave him a crazy idea. What if, instead of jumping the conventional way with his face toward the bar, Fosbury turned his body, arched his back, and went over the bar backwards while landing on his neck and shoulders? THE “FOSBURY FLOP”

Fosbury’s new style was criticized at first. One local newspaper said that he looked like “a fish flopping in a boat” while another called him the “World’s Laziest High Jumper” and ran a photo of him sliding over the bar backwards. By 1968, however, Fosbury was the only one laughing as he used the unconventional technique to win the NCAA championship and qualify for the Olympic Games in Mexico City. By the time the games were finished, Fosbury not only set a new Olympic record by jumping 2.24 meters (7.35 feet), but also changed the entire philosophy of the sport. Within 10 years his technique became the de facto standard for

Dick Fosbury

By 1968, Fosbury was the only one laughing as he used the unconventional technique to win the NCAA championship and qualify for the Olympic Games in Mexico City. By the time the games were finished, Fosbury not only set a new Olympic record by jumping 2.24 meters (7.35 feet), but also changed the entire philosophy of the sport. Within 10 years his technique became the de facto standard for high jumpers everywhere. Nearly every gold medal winner and major record holder in the last 35 years has used the “Fosbury Flop.”

RIGHT APPROACH, WRONG ENVIRONMENT

high jumpers everywhere. Nearly every gold medal winner and major record holder in the last 35 years has used the “Fosbury Flop.”

DIFFERENT ENVIRONMENT, SAME APPROACH

Fosbury’s story offers two lessons that extend far beyond the world of high jumping. First, his success came during a period when the environment of the sport had changed, but everyone was still following old patterns of behavior. Even though the switch to foam landing pits allowed athletes to experiment with a wider range of jumping techniques, everyone continued to do the same old thing until Fosbury came along. This is exactly why you see startups completely disrupt established industries. Take the transportation company Uber, for example. Taxis were the standard way to get around town for decades. At some point, mobile phones and constant Internet access became the norm in our daily lives, but everyone continued to flag down taxis and pay for them the old fashioned way. The environment had changed, but the behavior stayed the same. Then one day Uber came along and said, “Use your phone to request a car, we’ll pick you up wherever you are at, and you can easily pay through your phone.” Today, Uber is said to be the biggest taxi company in the world. This is lesson one: when the environment around a task changes, a new and better way to do things is usually possible.

The second lesson that Fosbury’s story reveals is that even great strategies require appropriate environments. About three years before the Fosbury Flop began its rise to fame, there was a high jumper named Bruce Quande from a little high school in Montana who was experimenting with a backwards jump technique. Why has no one ever heard of Bruce Quande? Because he stopped competing in the high jump shortly after trying his new technique. Maybe he lost interest. Maybe his school didn’t have the right landing surface. The only reason we know he tried is because someone discovered an old photo of him going over a bar backwards 50 years after it happened. There is no debate that Fosbury’s technique is the best approach to the high jump. It immediately outperformed every other method and it has been the standard in modern high jumping for decades now. But even though Bruce Quande had the right idea, he didn’t have the right environment to turn that idea into a success. Good ideas are like seeds. Plant them in fertile soil with the sun and water they need and a little idea can explode with growth. Toss them on rocky ground and even the best strategies will struggle to take root. Environment matters. If your methods are constantly fighting your surroundings, then progress is difficult. That is lesson two: you can’t expect a great strategy to work well in the wrong environment. FIND YOUR OWN FLOP

I’m a big believer in the power of personal science. Simply put, you have to be willing to experiment with new ideas if you’re serious about discovering what works best for you.

Dick Fosbury found success because his sport had switched the landing material and he was willing to experiment with a new jumping style. Let’s consider some common situations where experimenting with new approaches would serve us well. Here are some examples: • A smart high school student gets good grades without studying. When they go to college, however, the environment changes and the workload increases. To find success in the new environment, they need to change their study techniques. • An athlete stops playing sports, but continues eating as if they are still training each day. If they want to avoid gaining weight, they need to adjust their eating habits to match their new lifestyle. The situation has changed, so they need a new approach. • A busy parent takes a new job with a longer commute. They try to squeeze in their workout routine just like before, but they end up feeling rushed and drained. The environment has changed and they need to find a new method to keep exercise part of their life. We all face changing environments at work, at home, and in our relationships. The key is to be aware of when the landing material changes, so that we can experiment with new jumping styles and discover what works best. Take the transportation company Uber, for example. Taxis were the standard way to get around town for decades. At some point, mobile phones and constant Internet access became the norm in our daily lives, but everyone continued to flag down taxis and pay for them the old fashioned way. The environment had changed, but the behavior stayed the same. Then one day Uber came along and said, “Use your phone to request a car, we’ll pick you up wherever you are at, and you can easily pay through your phone.” Today, Uber is said to be the biggest taxi company in the world.

James Clear writes at JamesClear. com, where he uses behavior science to share ideas for mastering your habits, improving your health, and increasing your creativity. To get useful ideas on improving your mental and physical performance, join his free newsletter JamesClear.com/newsletter. To have James speak at your entrepreneurial event contact him jamesclear.com/contact.

september 2015 Entrepreneur

TREPONOMICS

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

How not to scare the new guy The Esquire Guy on making new hires feel welcome By Ross McCammon

or the new employee, little that happens on the first day is indicative of the workplace, the people who work there or the job itself. It’s like a long, boring preface to an otherwise exciting book. The first day of a job is irrelevant, and it blows. But there’s another kind of first day that happens on day one: the first day of being a boss to the new person. But not just a boss- a mentor, a friend, a guide, a protector. The manager’s job on the employee’s first day is to mitigate the one thing every new hire fears: awkwardness. Which is a simple, generous, short-term act that has long term implications. Because if you get the first day right, the new person will never forget it. The First Hour

The first hour should be worked out in advance. Maybe even well in advance. “Before the person even starts, we send a fruit basket,” says Roger Lee, co-founder of PaperG, a San Francisco-based advertising technology company whose staff tripled in size last year. “So by the time that first day comes around, they feel welcome and excited.” Maybe not excited. It’s a fruit basket, after all. But they will feel welcome. And feeling welcome is everything.

All employees want something to do. There is no emptier feeling than that of being bored at work. It’s effectively prison: You have nothing to do, and you have to stay where you are. So give the new person something to do. Even if it’s just, “Can you start thinking about this?” Or “Have a look at this and let me know what you think.” Work. If the first day diminishes an employee, a proper task will ennoble them.

The fruit basket isn’t just a nice thing to do. It’s an emblem of preparation and care. Which is all any new person wants to see and feel when he or she walks in the door. An activated email account is a fruit basket. A clean workspace is a fruit basket. Being greeted at the door by the person who hired you is a fruit basket. An effusive introductory email is a fruit basket. These things make an employee feel valued from the outset. A job offer doesn’t fully do that; the gestures do. You can’t underestimate how important expressions of appreciation are, because you can’t underestimate how intense it is to walk into an office for the first time. Nobody remembers how weird this is. We forget that an office is a tribe, and encountering a tribe for the first time is highly unsettling. You don’t speak the language. You don’t know the customs.

KEY TECHNICAL MATTERS Whoever did the hiring should do the first-day greeting of the new person. And the awkward introduction tour. And possibly the lunch. And the pointing out of the restrooms. Note: The new person doesn’t

Entrepreneur september 2015

need to be accompanied to the restroom. The new person should be given something to do. Reading the employee manual is not one of those things. The new person should be told about any important quirks of the office.

How the coffee machine works... That the vending machine doesn’t accept coins... That printing is discouraged... The deal with that guy over there. When introducing the new person to individual employees,

say, “This is Deb.” Don’t call Deb “The New Lindsay.” Because Lindsay isn’t deceased. She just works at another company. Anyway, Deb was Deb before she got here, and she’s going to be Deb when she leaves. “Hi, Deb!”

as you get comfortable in an office. They’re not familiar with the grumpy guy in the corner who doesn’t smile. Someone needs to say, ‘That’s Bob, that’s how he is.’” The new person should be told about Bob. The new person should be told about other strange things. We’d like to propose that the new person be given a list. And that list should be called ‘Things You Should You can’t underestimate how important expressions of appreciation are, because you can’t underestimate how intense it is to walk into an office for the first time. Nobody remembers how weird this is. We forget that an office is a tribe, and encountering a tribe for the first time is highly unsettling.

Jessica Miller-Merrell, CEO of Oklahoma City-based Xceptional HR says, “I think anytime you’re in a life transition, which a new job is, it’s very important for the employer to put on a good face but create a more formal process. [The new hire] doesn’t know the nuances or personalities or the certain things that you know

Know About This Office.’ It can be emailed, handwritten or spoken out loud. But these things should be shared. Or you could make a complete set of briefing books, like the guy who’s responsible for welcoming the first family to the White House does. “The initial one I gave to the incoming first lady when I met with her was intended to start a conversation,” says Gary Walters, chief usher at the White House from 1986 to 2007 and maybe the most fastidious and prepared first-day manager in America. “Preparation is the most important part. We have to be in a position to allow the family to feel comfortable from the time they walk in the door.” You don’t need to make a set of briefing books, but you do need to provide information. Every new employee should be afforded the same kind of courtesy as the first family.

A Few Words on Lunch

Take the new person to lunch. Or have someone else take them. Not taking the new person to lunch is a shunning by the tribe. It’s humiliating and lonely. Expense it. And Maybe Give Them Some Work. Like, Actual Work.

Maybe you grab a drink after work. Maybe you have a quick chat in the office. The point is that the welcome is a daylong thing. I’m glad you’re here is the message that needs to be expressed. You might even make it the actual message. Because “I’m glad you’re here” is exactly what someone wants to hear at the end of a weird day. It’s direct, reassuring and generous. The whole first day should work that way. Anyone can make an invitation; that’s what the job offer is. The hard part is the welcome. But if you handle it right, the welcome settles the nerves and demystifies the tribe. And it establishes the most important factor in business: trust. See this article in its entirety at Entrepreneur.com

THE INTRODUCTORY ALL-STAFF EMAIL: A TEMPLATE (It’s OK to be effusive. And a little off-topic. And brief.) I’m very excited to welcome ______. She comes to us from ______ where she ______. (This part can be long.) She has the important task of ______ and will work closely with ______. Apparently, she ______ (snow skis, collects and presses flowers, does orienteering, dabbles in hapkido, etc.). I couldn’t be happier to have her here.

september 2015 Entrepreneur

TREPONOMICS

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

Professional development

Five reasons going to a conference abroad is a must for SMEs By Iman Ben Chaibah

o go to that conference or not to go; that’s always the question any startup or SME owner asks themselves every time they get to know about a great conference, course or exhibition in their domain coming their way. I know that because I always struggle with that question myself. And I’m not talking about the one-day free events in your home city, because it’s much easier to decide on allocating your time when no travel is involved. A conference in your hometown can be evaluated by asking yourself if the content is relevant to you and your business. Is the networking quotient of this event going to prove valuable? If you answer no to either of these questions, then skip the event and instead use that time to finish the load of work that seems to be ever-increasing.

As an SME, it’s always hard to carve out the time to attend anything, because we always have a full plate of must-do items, overdue items, wishful items, and the array of new-thinking items that you’d like to devote your

Entrepreneur september 2015

limited time and resources to. Not to mention, with sometimes limited cashflow, you will think twice before deciding to spend your hard-earned funds on a course. You might spend that money instead on the company’s development,

forgetting that your development is part of your enterprise’s development. Although I try to always go to two conferences abroad yearly, I always struggle to confirm my attendance until the month before. This is partly due to projects in progress or possibly the financial commitment, but I’m always reminded why it was important after I’ve gone. Here are some of the reasons why your professional development matters: Even though going to a course abroad can be intense and perhaps even tiring, it’s time away from your daily grind, a whole new (inspiring) environment, and a break from routine. This makes you come back with fresh perspective and full of energy to resume work on a high note.

1. Familiarizing yourself with new trends Although I keep up with the international journals in my industry, still, every time I attend a new conference/course abroad, I find a whole new set of trends and practices that I wasn’t aware of. It’s not because

I’m outdated, it’s simply because different markets develop what works with them, and you can learn a whole lot from that, and apply it to running your business in a more effective manner. Also, being updated through reading sometimes doesn’t give you the full picture as hearing the stories and experiences directly from the sources themselves. 2. Knowing that my struggle isn’t unique to me! I find that a lot of my current challenges and difficulties in running the business (whether I was conscious of them or not) are often shared by the industry. There are always so many, “Oh my God, you too! I thought I was the only one!” conversations, and let me tell you, sometimes, with all the struggles of running a new business, it feels very lonely. So finding that you aren’t alone in those struggles (and that sometimes there is a way out of them) is definitely worth making it to an event!

Being away at a conference/course means that I have very little time to rest at the end of the day, and I don’t have much time to access my laptop. This forces me to find a way either to delegate tasks (maybe grooming a person for a bigger role), or to find a way to automate the repetitive things that don’t require a human touch. 3. A whole world… of contacts Needless to say, as with any event, you will grow your network of contacts of people in the industry. Only with this will you be able to expand internationally. Consider the value of knowing and being exposed to the other attendees, and the speakers and trainers. This fresh international network allows you the opportunity and chance to learn more, and potentially develop collaborations with enterprises outside of your home ground. 4. Stripping away repetition and redundancy Being away from the office makes me see what tasks I may have been committed to on a daily basis that are repetitive and unnecessary routines.

Being away at a conference/course means that I have very little time to rest at the end of the day, and I don’t have much time to access my laptop. This forces me to find a way either to delegate tasks (maybe grooming a person for a bigger role), or to find a way to automate the repetitive things that don’t require a human touch. This has worked wonders in clearing my schedule for more important and pressing work. as with any event, you will grow your network of contacts of people in the industry. Consider the value of knowing and being exposed to the other attendees, and the speakers and trainers. This fresh international network allows you the opportunity and chance to learn more, and potentially develop collaborations with enterprises outside of your home ground.

5. It’s a break Even though going to a course abroad can be intense and perhaps even tiring, it’s time away from your daily grind, a whole new (inspiring) environment, and a break from routine. This makes you come back with fresh perspective and full of energy to resume work on a high note. Now that I’m back from my recent course, I’m full of new ideas, redrafting additional plans for the remainder of this year and growing the company’s 2016 and 2017 year plans even further. It was definitely worth it, as was every professional development event abroad I’ve made the time to attend. Iman Ben Chaibah is the founder of Sail Publishing, a digital publishing house for online magazines and ebooks, and Editorin-Chief of the Emirati Sail Magazine, an online magazine about community and culture written in English by Emirati columnists. Iman is a multi-award winner in digital publishing, entrepreneurship, and literature. She started her career in IT with the private sector, climbed the corporate ladder from a programmer, to a project manager, all the way to a senior manager in IT before she decided to leave her safe job and take the risk of running her own company in the field of publishing, a field she’s always been passionate about.

Pinpointing Palestinian ‘treps Silatech collaborates with PNB to launch entrepreneurial ecosystem map

espite being under occupation, Palestine does have an entrepreneurial ecosystem that is slowly but surely becoming more dynamic. Palestine For A New Beginning (PNB), a coalition of private and public sector institutions that collaborate for Palestinian entrepreneurial ventures, and the Qatar-based social initiative Silatech have launched the Palestine Entrepreneurial Ecosystem Map, an interactive map that reveals and categorizes the different players in the ecosystem, whether they’re SMEs or VCs in the finance sector, or even accelerator or incubator programs. A huge plus about this map is that each business on it is hyperlinked to its website, with Silatech and PNB hoping that better communication will lead to more instances of entrepreneurship in Palestine. The map can be accessed directly on www. palestinemap.info, and it can also be seen on the Silatech website as well as job portal, Palestine Ta3mal (Palestine Works), a joint initiative between Microsoft, Silatech, and the Palestine Ministry of Labor.

september 2015 Entrepreneur

franchise

Executing the business rebrand The co-founders of Freedom Pizza have left the franchise safety net By Pamella de Leon

stablishing a franchise brand in the region takes a lot of hard work, but getting out of that comfort zone to launch your own venture demands guts. The former UAE franchise owners of NKD Pizza, Ian Ohan and Robbie Vitrano, are going through the latter scenario after they ended their franchise agreement to found a new brand called Freedom Pizza. A “fundamental breach by the franchisor occurred,” says Ohan, CEO, Freedom Pizza, as he explained the reasoning behind why they left the NKD Pizza setup. He felt that the franchisor wasn’t delivering to the standard they believe should be the foundation of F&B businesses, and he wanted to return to upholding

Entrepreneur september 2015

their core values. But disconnecting from the franchisor wasn’t a piece of cake either. “We were faced with increasingly compromised situations that culminated in our contract being fundamentally breached, forcing us to make the most difficult decision of terminating our agreement,” Ohan remembers. “We talked about what mattered to us as individuals, and distilled it down to Freedom [Pizza].” Calling this step one of his hardest decisions in his career, Ohan says that his passion is in building businesses that are “deeply connected” with customers and community. Freedom Pizza brings this vision to life as it’s a locally-owned brand that offers a “delicious, honest pizza with a culture that cares,” embody-

ing ideas close to him such as trust, generosity, honesty and a spirit of collaboration. Talking about their newly-launched brand, Ohan asserts that it’s essential to have a cohesive story and philosophy, pointing out that companies often erroneously think that branding is simply having a catchphrase or logo. According to him, “a brand warrants attention on a consistent basis, [and] represents something [the] consumer [can] connect with and wants to be part of.” Freedom Pizza focuses on its strong commitment to the founders’ vision, culture and business ethics, how they support local entities to support local communities, and in turn, help people lead Currently, the company’s focus is on establishing the brand locally and regionally, with five outlets across Dubai (Al Barsha, Dubai Marina, Dubailand, Downtown, and Mirdif), a team of almost 300, and its first Abu Dhabi outlet opening in the next month or so. For now, GCC-penetration is a goal in the company’s expansion plans.

Talking about their newly-launched brand, Ohan asserts that it’s essential to have a cohesive story and philosophy, pointing out that companies often erroneously think that branding is simply having a catchphrase or logo. According to him, “a brand warrants attention on a consistent basis, [and] represents something [the] consumer [can] connect with and wants to be part of.”

healthier lives. As its brand strives to depict “moments of freedom,” Ohan says everything from the visuals, to the language and the quality of food and service executed by Freedom Pizza embodies that. “Your brand is not what you say it is, it [is] what they say about you and is a direct result of what you, and every member of your company does each and every day.” Now for the ever-pressing question that all F&B businesses seek to answer, how do they plan to attract and retain consumer attention in the market? Ohan maintains it’s about delivering on their promise of a “delicious, honest pizza that you can

feel good about, in freaky-fast time.” Also, they’re determined on establishing a strong digital presence to demonstrate the convenience of being a Freedom Pizza customer, and also as a way to tap into the growing millennial demographic. Currently, the company’s focus is on establishing the brand locally and regionally, with five outlets across Dubai (Al Barsha, Dubai Marina, Dubailand, Downtown, and Mirdif), a team of almost 300, and its first Abu Dhabi outlet opening in the next month or so. For now, GCC-penetration is a goal in the company’s expansion plans. “We’re excited at the prospect of building our own

‘Made in the UAE’ [brand], and taking it global.” His advice to ‘treps thinking of launching their own venture? “Start with your vision, find your passion, do right by everyone. Work to deliver the absolute best product or service. Work hard and work smart. Surround yourself with likeminded people who have the same approach [as] you do. Don’t compromise on quality, business ethics, [and] follow through. Work hard, not because you have to, but [because] you are building something that matters.”

Freedom Pizza partnerships Working within the entrepreneurial ecosystem Freedom Pizza’s brand exemplifies ethical and sustainable locally-sourced ingredients, so naturally –excuse our pun- it partners with UAE brands to use clean, natural ingredients as much as possible. For its fresh organic vegetables, it sources from Greenheart Organic Hearts, while Skinny Genie provides its gluten-free pizza crusts. Freedom Pizza also uses Italian-style artisan cheese products made in the UAE with locally sourced milk. The recent addition to its local partners is Savarin, a company specializing in gourmet desserts, which will provide Freedom Pizza with desserts made with fresh and natural ingredients- so no artificial flavorings and preservatives.

september 2015 Entrepreneur

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ask the money guy | vc viewpoint | your money | ECON

How much is too much? Money is definitely flowing into Dubaiâ&#x20AC;&#x2122;s consumer sector By Ziad Awad

ealthcare, education and all consumer-related investment sectors are by far the most popular investment sectors in the MENA region nowadays. This applies to both the private equity and public equity investors. And the (surprising?) success of the Marka IPO is only one of many signs of this investment frenzy. First, letâ&#x20AC;&#x2122;s discuss why these sectors are so popular. Then we can try to judge whether it is still time to invest or if the investment appetite has driven valuations up and increased competition to the point where the investment thesis no longer holds. Why are consumer related investment sectors so popular across the Middle East? There is a set of positive reasons (the pull), as well as a set of negative reasons (the push).

Entrepreneur september 2015

THE PULL

Here are the top three reasons why investors love to invest in the consumer related sectors in the MENA region: 1. The demographics MENAâ&#x20AC;&#x2122;s population offers a number of characteristics that are very supportive for economic growth in general, and for the consumer sector in particular. The percentage of young people in the regionâ&#x20AC;&#x2122;s population is extremely high relative to the rest of the world. According to the World Bank, the percentage of the population aged between 0 and 14 years old is around 30% in both Egypt and Saudi, the two most populous countries in the region, and, unsurprisingly, most popular investment destinations for consumer related sectors. Compare this to 19% in the USA and 13% in Germany. The populations are growing at rates above global averages. While Saudi Arabia is growing at 1.9% and Egypt at 1.6%, the United States is only showing 0.7% and Germany a mere 0.3%.

growing populations and also politically motivated in the wake of the Arab Spring episodes. And for those concerned about the recent oil-price fall related cuts, the SWF reserves, tax and debt raising capabilities of most of the sovereigns, offer ample backup for supporting further spending for many years to come. 3. Socioeconomic evolution Potentially, more impactful that the quantitative evolution of the regional population is its qualitative change. The following are key socio-economic facts that are key for investors in the regional consumer sector:

A. Urbanization High levels of urban population drive certain consumption patterns such as packaged and frozen food, eating out and the use of health and fitness facilities. Not surprisingly, the levels of urbanization of desertdominated countries such as the UAE and Saudi are at 85% and 83% respectively, just above the United States, which is at 81%. On the other hand of the development spectrum, Egyptâ&#x20AC;&#x2122;s urban According to the World Bank, the percentage of the population aged between 0 and 14 years old is around 30% in both Egypt and Saudi, the two most populous countries in the region, and, unsurprisingly, most popular investment destinations for consumer related sectors.

population stands at 43%, according to the World Bank. This represents a potential huge reservoir of additional consumers. Compare this for example to other emerging market giants such as Turkey (73%) or even Indonesia (53%). B. Increased number of single households This is directly linked to urbanization and ties into the same consumption patterns (packaged food and dining out). C. Rise in female participation in the labor market More women in the workforce means more disposable income for households as well as more demand >>>

www.data.worldbank.org/region/MNA

High levels of urban population drive certain consumption patterns such as packaged and frozen food, eating out and the use of health and fitness facilities. Not surprisingly, the levels of urbanization of desert-dominated countries such as the UAE and Saudi are at 85% and 83% respectively, just above the United States, which is at 81%.

2. Government spending Despite the fall in oil prices, government spending remains high in the region and is focused on supporting the consumer and infrastructure sectors. Education and healthcare have been in particular highlighted in the budgets of various countries including Saudi Arabia. This spending is both natural given the young and

september 2015 Entrepreneur

ask the money guy | vc viewpoint | your money | ECON

for packaged food and restaurants. The ratio of female to male labor force participation rate is 32% in Egypt, 26% in Saudi Arabia (up from 24% in 1999), and 51% in the UAE. Without comparing this to the 82% observed in the USA, even a continuation of current growth levels, particularly in Saudi, should be a supportive factor. D. “Western” food While this is a global phenomenon, with much debated implications on health and diets, it has been a major driver of consumption patterns. Burgers are a well-documented subject, but consider the following statistics on the consumption of coffee. According to the International Coffee Organization, the world consumption of coffee grew

at a CAGR of 2.3% from 2011 to 2014. In the same period, it grew at 8.6% in KSA and a whopping 121% in Egypt! E. Increased focus on health and fitness With the “Western” food consumption patterns quickly comes a renewed focus on health and fitness. This includes an appetite for healthy foods and diets, but also a higher propensity for going to the gym, the spa, etc.

THE PUSH

There are also “negative” reasons for investors to focus on the consumer sectors. There are growing pools of cash dedicated to investing in the regional companies. However, investors are relatively conservative and are generally

looking for defensive sectors. The consumer sector, including healthcare and education, is much less cyclical than other sectors, such as real estate and financial services, which still make up very large parts of the market capitalizations of regional stock markets. With this strong push and pull, it is easy to understand the enthusiasm for these sectors. Here is an illustration of this point, this time focusing on the food production sector: the Gulf Organization for Industrial Consulting announced investments in the GCC food industries grew

at a CAGR of 14.8% during 2010-14. The number of factories grew to 1,965 at CAGR of 5.2%, while labor force rose to 238,825 workers at CAGR of 10.6%. The sector represents c. 12.1% of total manufacturing, 6.2% of its investments and 15.6% of its labor.

According to the International Coffee Organization, the world consumption of coffee grew at a CAGR of 2.3% from 2011 to 2014. In the same period, it grew at 8.6% in KSA and a whopping 121% in Egypt!

Education Every evidence we observe points to still insufficient supply of quality education across key parts of the GCC. On the other hand, while we have a multitude of investors on the lookout for education investment opportunities, we very rarely see any offer of such investments, at least not in a mature and investment-ready format.

World coffee consumption In thousand 60kg bags Calendar years

2011

2012

2013

2014

CAGR

139 364

143 099

147 495

149 162

2.3%

Africa Asia & Oceania Central America & Mexico Europe North America South America

9 186 26 316 4 974 49 311 25 618 23 958

10 089 27 894 5 035 49 532 25 730 24 820

10 621 29 397 5 028 50 621 26 931 24 897

10 809 30 023 4 973 50 291 27 674 25 393

5.6% 4.5% 0.0% 0.7% 2.6% 2.0%

Exporting countries Brazil Indonesia Ethiopia Mexico Philippines Vietnam India Venezuela Colombia Thailand Madagascar Dominican Republic Honduras Guatemala Haiti Côte d'Ivoire El Salvador Peru Cuba Costa Rica Others

42 788 19 573 3 333 3 383 2 354 2 150 1 600 1 829 1 650 1 341 856 454 378 345 340 340 317 274 250 220 279 1 522

44 196 20 178 3 584 3 387 2 354 2 175 1 694 1 917 1 650 1 439 1 108 435 378 345 340 340 317 272 250 220 277 1 538

44 951 20 146 4 042 3 463 2 354 2 175 1 869 1 917 1 650 1 470 1 148 415 381 345 340 340 317 275 250 220 278 1 557

46 144 20 771 4 167 3 656 2 354 2 175 2 025 1 917 1 650 1 561 1 213 395 383 345 340 340 317 275 250 220 219 1 571

2.5% 2.0% 7.7% 2.6% 0.0% 0.4% 8.2% 1.6% 0.0% 5.2% 12.3% -4.6% 0.5% 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.0% -7.7% 1.1%

96 576 40 765 22 044 7 015 3 695

98 902 41 018 22 232 7 131 3 767

102 544 41 875 23 417 7 435 3 775

103 018 41 648 23 761 7 494 4 033

2.2% 0.7% 2.5% 2.2% 3.0%

World total

Importing countries European Union USA Japan 78 Entrepreneur september 2015 Russia

THE QUESTION

Are these sectors still offering attractive investment opportunities or have some of them entered a “bubble” stage? The answer is not straightforward.

Healthcare Healthcare has a multitude of sub-sectors such as hospitals, clinics, equipment, pharmaceuticals etc. The same dynamic seems to apply in the hospital and clinic sectors as in education where we see much more buyers than any willing sellers. On the pharma and medical equipment front, the picture is more fluid as this is more of a trading market, with most pharmaceutical products being imported, while the emerging regional pharma industry is also geared towards the export market. F&B (Note: This covers a very broad range of sub-sectors) As far as the food manufacturing and distribution value chain is concerned, there seems to be

money

an ongoing demand to replace imports with locally produced quality products. With higher quality standards being imposed by governments such as UAE and KSA, we expect this sector to continue growing in a healthy manner. Again, we see slightly more buyers than sellers in this sector. In my mind, it’s the restaurant sector that is the most cause for concern. Up to probably two years ago, the investment oversupply concern was focused on the very high-end of the market, also known as fine dining. This sub-segment is characterized by iconic brand names, generally imported from the West and a heavy dependence on bar sales. This creates two major issues from an investment perspective; the “iconic” nature of the brand means that each concept can be rolled out only once per city (unless you are London and can support two Nobus for example). Think of all the DIFC supper club destinations as survivors and the countless others which have come and gone or about to go. With only a handful of cities in the entire MENA region capable of supporting such brands, the upside and scale potential of any of these concepts is extremely limited from an investor’s perspective. The dependence on bar sales creates in turn two hurdles for investment: I. Licenses are only available in limited locations and in limited cities. Even then they are very “risky” as they can be pulled for a variety of reasons and with very little notice. II. A limited investors universe willing to back concepts that rely on bar sales due to the popularity of Sharia-compliant investing in the region.

Add to this that the attraction of these types of brands is strong for certain nonfinancial minded investors. They often end up overpaying for them (for nonfinancial reasons), resulting in an investment landscape that is at the same time quite expensive and has paradoxically more sellers than buyers. Having realized the challenges of investing in fine dining, F&B investors woke up to the potential of investment in the “casual dining” sector. This low to mid-range sector includes everything from “fast food” chains up to the higher end family restaurants. The success of the sales of stakes in Shakespeare to NBK Capital, Kudu (a Saudi fast food chain) to Abraaj and TPG or Bateel to L-Capital Asia are demonstrations of the ongoing appetite of private equity firms for this subsector. The question is whether these are good investments or not. Of course only the test of time will tell but market talk seems to indicate that the valuation on Kudu for example was very “frothy,” to say the least. More concerning is some of the action we are seeing at the smaller deal-size end of the market. One can no longer count the number of burger, cupcake and other junk food chains opening or looking to open in the region. We are definitely sensing a glut on this front from the investor side, while the number of chains looking to enter the market (tempted by the above-mentioned success stories) is ever-increasing. This phenomenon of early

movers making a successful investment and exit, followed by a gold-rush of a myriad of copycats is typical of a bubble and worth mentioning. One consumer sector where we see a mixed picture is the health and fitness segment. Some early attempts at creating high-end gyms have not been successful. More recently, there has been mixed reports about some gym closures, while other outlets report full occupancy and are raising their prices. Buyer beware applies as always. While the consumer driven sectors offer great macroeconomic fundamentals, no investment should be made blindly. A good macroeconomic foundation is only the start of a good investment thesis; the next steps include a careful study of the exact sub-segment and geography where the business operates, and a detailed analysis of the business plan and the valuation being offered. Indeed, valuation is often the key, as a good valuation can mitigate the risks of an investment, while overpaying for an

investment can all but erase the value that the investor is hoping to create. Ziad Awad is the CEO of Awad Capital, an independent Dubai-based, DFSA-regulated financial services firm specializing in M&A, corporate finance and capital markets advisory. Ziad has more than 20 years of investment banking experience, and has advised on around US$100 billion of M&A and half a trillion of capital markets transactions, mostly for sovereign borrowers including the U.K., Germany, France, and Belgium. Prior to founding Awad Capital in 2013, Awad held a number of senior positions with Bank of America and Merrill Lynch in Dubai, and with Goldman Sachs in Dubai, London and Paris. His career spans M&A, with specializations in industrials, energy and power, as well as the debt capital markets and trading businesses.

http://data.worldbank.org/region/MNA http://www.ico.org/prices/new-consumption-table.pdf International Coffee Organization, July 2015 http://www.reuters.com/article/2015/02/04/kudu-ma-abraaj-tpg-idUSL6N0VE3AX20150204 september 2015 Entrepreneur

October 25th - 26th 2015 9th Annual CFO Strategies Forum MENA

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Staying loyal

Prashant Khattar wants to help your business retain customers

www.infiniasns.com

By Kareem Chehayeb

usinesses work tirelessly to fortify and maximize their consumer loyalty. It’s more relevant than ever today, with competition more intense than ever. Infinia Managing Director Prashant Khattar describes the need for consumer loyalty using what I think is the most accurate word: “crucial.” After over a decade of work experience in the financial industry, Khattar established Infinia Services & Solutions in 2011 in the UAE, hoping to become the ideal consultant for consumer loyalty and payment solutions for businesses. But what inspired Khattar to start this B2B service? Simply put, it’s the current state of affairs in the MENA region’s flourishing markets that led to the establishment of Infinia. “The current customer has a privilege to shift very easily between brands, and so, retaining a customer is a constant effort,” explains Khattar. “It challenges marketing strategies to innovate in communicating with a customer.”

Developing Infinia was definitely capital-intensive. Khattar says that the development process, which took over a year, required “heavy investment in terms of time, effort, knowledge and capital,” especially given that the initial team consisted of just him and his two partners. He now has a much larger team, which he describes as being “highly talented and motivated,” with its members spread across different countries. “Infinia is headquartered in UAE,” Khattar explains. “We have a business team of 30 professionals in sales and marketing.” And the rest? “Our technology, delivery and operations team is based out of Mumbai and includes over 100 personnel.” Despite the massive growth in such a short period of time, Khattar tells me that Infinia required no angel investors, and that he isn’t considering the idea for the foreseeable future. That’s quite impressive.

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I asked Khattar to talk more about Infinia’s different solutions it offers for potential clients. The founder tells me that the company’s offering of “redemption content” is most preferred by customers, noting the importance of having a “versatile” loyalty platform. He uses technology as an example of an avenue that can be taken to improve a loyalty platform. This particular service covers everything, from marketing to e-commerce. Khattar also claims that Infinia’s payment platforms stand out from the e-commerce and m-commerce crowds, and one main element stood out for me: the consultation factor. As hired consultants, Infinia helps set up and manage the >>>

Infinia Managing Director Prashant Khattar

september 2015 Entrepreneur

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payment platforms. But that’s not all. Inspired by the “growing adoption and usage of social media applications” across the MENA region, Khattar seems to be true to his word about wanting to stay innovative, mentioning social media payments via Facebook and WhatsApp. With this kind of activity with online and mobile payments, I asked Khattar about how he thinks the “dreaded” Cash On Delivery (COD) payment method could be eradicated from the MENA region. However, I had to rephrase the question, given that he wasn’t part of what I thought was a region-wide consensus- he actually believes that COD plays a vital role in the ecosystem, and it can be reformed to become more convenient. Khattar adds that COD is an “integral” method of payment, saying that for some products, customers would want to pay after they have “received and inspected the product.” For its part, Infinia offers a reformed COD solution, where customers could pay with credit card rather than cash. With Infinia’s services appealing to several markets and industries, it appears that the financial sector

makes up the vast majority of their clientele. That said, despite building a strong relationship with banking and other financial institutions since 2012, Khattar says that Infinia has also been able to make “very strong inroads into the telecom and the retail services sectors in 2014.” He also hopes to build stronger ties with businesses in the hospitality and travel sectors. Having said that, they’re already quite busy, with over 30 clients to date. This year is a big year for Infinia, with Khattar sharing some of their big expansion plans, both within their platform and their geographic presence. He lists “Africa, South Asia, South East Asia and Eastern Europe” as areas being considered for Infinia’s expansion, and he also mentions the hard work being put into expanding Infinia into the telecom, retail, and hospitality sectors. Despite the plans to regionally expand, it is questionable whether Infinia would move their headquarters away from Dubai- after all, Khattar believes that the Emirate is the best city in the MENA region to be an entrepreneur.

“We invest in stars!” Four startups in MENA that nailed an investment These four startups all have one thing in common: they managed to pitch successfully for investment by Jabbar Internet Group. Chairman Samih Toukan’s primary reason for injecting capital into these MENA startups? “They all have a great team, and unique business models in our region.” Arabiaweather.com This site offers free subscription for local weather news, and some news on topics like nature, science, climate, health, ecosystems, and space.

Officerock.com This site is an online marketplace based in UAE for office needs catering to SMBs and larger entities.

Instabeat.me Founded by a swimmer, this wearable tech startup was developed to monitor heartrate and swimming performance. It’s essentially a Fitbit for watersport enthusiasts.

Samih Toukan, Chairman, Jabbar Internet Group @SamihToukan

Designer-24.com Users can rent high-end designer attire, with free delivery and pickup. The user is sent two sizes of the same gown to determine the best fit.

Learn more about Jabbar’s support of MENA-based startups by visiting Jabbar.com

september 2015 Entrepreneur

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Let’s get real

The challenges we faced as a “non-sexy” startup

By Shelina Jokhiya

ou always hear about the challenges for tech and innovative companies when starting their company- from getting investors, dealing with competition from other tech savvy companies and hiring the right talent. Not many hear about the struggles of SMEs and solopreneurs that start up in the region (like us at DeCluttr ME) and have no aspiration to expand to have more than a 1000 employees after a year and sell up later for billions. So here are a few of our struggles:

1. Getting the word out Professional organizing is a huge industry in the U.S, and Europe, but very few had heard of decluttering here. I knew it would be a difficult concept to explain to people here when I first started it in 2013 (plus it was not innovative or tech sexy), but I had no idea I would have to deal with “eye-glaze face” as often as I did when I first started. Through social media, networking and writing blogs and articles, I was able to spread the concept to a wider audience quickly. In less than a year, I was able to get clients who appreciated what I did and needed my help desperately. (Plus it didn’t hurt when Marie Kondo brought professional organizing to the global forefront this year.) 2. Being lean No, I’m not talking about “leaning in” with other female entrepreneurs. I am talking about being lean with your spending when you start up. You might have a big amount of share capital in your bank account when you start up, but it does not mean you have to use those funds! These are examples of how I have saved or how I did not spend money on my business since founding the company: A. We didn’t buy fancy office furniture. Buy secondhand furniture or hit up Ikea. You really don’t need that fancy spinning CEO chair when you start. B. I advise people to visit my website. Most of my funds have been spent to create a user-friendly uncluttered

Free service Canva used to create artworks

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Through social media, networking and writing blogs and articles, I was able to spread the concept to a wider audience quickly. In less than a year, I was able to get clients who appreciated what I did and needed my help desperately.

website. Use the money on the site rather than spend money on printing brochures (they only get thrown away). C. I use online virtual assistants to help me with my admin work. D. Make the most of the services available on Fiverr. I have engaged a video editor in Costa Rica and an artwork creator in Macedonia to help my business. E. Use the free service Canva to create artwork for my blogs. F. Pay for photos using one of the US$1 per photo sites. Once I have made my first million dollars, I will go out and celebrate at a high class restaurant using the company’s petty cash, but for now I am enjoying how lean my business is running. Full disclosure: I did spend a silly small amount for advertising in a newspaper, it was the biggest waste of money for my business. But we are all allowed to make mistakes. To help me become a better salesperson, I found a business mentor. She showed me how to focus on my sales technique with potential clients and also how to market myself online and offline.

3. Forming a company I found forming the company very simple as I was a solicitor and company secretary in my previous life. The reality is anyone can form a company on their own. You just have to fill in many forms, hand in copies of all your IDs a few times and provide a packet of passport photos. The difficult part of forming an SME is paying the high license fees. If you are a solopreneur with no investor or million-dollar trust fund, the startup license fees are hard to swallow. (The renewal fees are slightly easier to swallow.)

Even if you do form the company and pay the huge license fees, you then have to try and open a bank account. Many banks expect you to leave over AED100,000 in the bank account at all times. That AED100,000 could be used to build your company! After all that, you are expected to rent an office to maintain the trade license. Rent in UAE is not getting any cheaper from what I have seen. There are always articles stating that the DED and free zone authorities and banks love SMEs, but I have to yet to see the love for SMEs from a financial point of view.

www.decluttrme.com | www.canva.com

4. Being a rubbish salesperson I’m not a natural salesperson. Some of us have the selling ability, and some of us recoil in horror at the thought of pushing someone to buy our product or service. I have always disliked the hard push by salespeople, so I had to think of a way to sell my products without annoying potential clients. To help me become a better salesperson, I found a business mentor. She showed me how to focus on my sales technique with potential clients and also how to market myself online and offline. 5. It’s no 9-5 job Being an entrepreneur, I’ve found I tend to work outside of the normal 9-5 structure. When I am with a client, I will work from 9-5 helping them to declutter and organize. However, once I have finished with them, I still have to deal with the numerous emails, admin, and running of the company. That means I can still be working at midnight or even later catching up with my business related tasks. Talking (and tweeting) to other entrepreneurs, I have found that many of us burn

the midnight oil, but you are never warned that you could be working much longer hours than when you were an employee for a corporate. These are a few challenges I have faced over the last few years, but the joy I get from running this company far outweighs the challenges that are occasionally encountered (except maybe the license fees). Talking (and tweeting) to other entrepreneurs, I have found that many of us burn the midnight oil, but you are never warned that you could be working much longer hours than when you were an employee for a corporate.

‘Trep talk ME THE BUSINESS JadoPado THE ‘TREP Founder Omar Kassim Q What do you think are some exciting trends emerging in MENA? A “The quality of startups in general has started to pick up, and the type of products that are rolling out are getting better and better. In some way or form, the region tends to emulate trends that are taking place elsewhere, usually with a regional twist (e.g. Magic, the texting service that blew up a few weeks ago in the Valley versus The Wasta, a local variant). We’re yet to see concepts invented in the region that are being emulated elsewhere, but it’s a matter of time!” www.jadopado.com

september 2015 Entrepreneur

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A giant leap for MENA’s m-commerce space T-Pay founder Sahar Salama covers her bases

By Kareem Chehayeb

ith much talk about the MENA region’s e-commerce industry, some might assume that all’s quiet on the m-commerce front. Wrong. There’s T-Pay. Founder and General Manager Sahar Salama founded T-Pay relatively recently in January 2014, inspired both by regional problems and developments. At first she noticed what she describes as the “convergence of the IT and telco sectors,” the latter being her area of expertise. With that, she was inspired to tackle a problem that entrepreneurs across the region have been trying to sort out. “Credit card penetration is low, mobile penetration is high and the conversion rate for buying online digital goods through a credit card is low,” says Salama, leading to the eureka moment. She realized that sales could increase if consumers pay by including their transactions to their monthly mobile telephone bill; simply by entering a mobile phone number. The founder saw it as a more cost-efficient and safer way than the dreaded Cash on Delivery (COD) method, and reaches a much wider audience than credit cards. With T-Pay covering almost the entire MENA region, I could only assume that the development process was difficult and tiresome. It was. “We needed to change mindsets in order to succeed,”

Entrepreneur september 2015

says Salama, elaborating that the regional telco business models wouldn’t allow something like T-Pay to fit in. That means that these companies had to shift the focus of their business models from strictly

“value added services” to give them some space to become what she calls a “payment enabler for third parties.” Of course, there was also the tech side of things. Fortunately for Salama, T-Pay was able to partner up with an operator in Egypt, and worked closely with them for a while. The startup’s founder admits that she “knew that the only way this would work is to become real partners for the operators and offer them technical and operational assistance throughout this transformation.” The hard work did pay off, though. They’ve

partnered up with 20 operators thus far. As is to be expected, developing T-Pay was capital intensive. “Most of our initial investment went into product development,” but says that this was important in creating “a valuable, versatile and scalable product.” It was a successful gamble too. In less than two years, T-Pay’s presence is region-wide, and Sahar Salama and her team were able to wind down their marketing costs. Most of T-Pay’s capital goes into their technical and sales team, their “main area of investment at the moment.” Salama also told us about TPay’s investors: the company’s initial funding came from OTVentures and its subsidiary company ArpuPlus. She was much less explicit about ROI, but claims that the number of transactions through T-Pay are “multiplying monthly month-on-month.” I found the response valid, given T-Pay’s positive reception across the region. Salama mentions that T-Pay “covers all the operators” in Egypt, Saudi Arabia, Jordan, Qatar, the UAE, and even Palestine. They also “have 70% coverage” in Kuwait and the tiny island GCC state of Bahrain. What puts them above the T-Pay founder and General Manager Sahar Salama

www.tpay.me

rest of their e-commerce and m-commerce competition? The founder gives credit to two main factors, starting with “the phenomenal consumer reach we were able to achieve in the 18 months.” Sure, TPay’s a unique platform, and I completely see how it could be appealing to consumers across the MENA region. That being said, I’m still baffled by how fast a concept like this could be adopted across many countries in less than two years. That’s where the second key factor comes in, which I think will be a more effective bargaining chip for T-Pay’s future ambitions. Salama claims that they “are literally there at the doorsteps of our partners, whether merchants or operators,” allowing them to cooperate with them on a closer level to make the most out of T-Pay’s services and provide them with whatever help is necessary from a technical or >>> sales angle. When asked about which market in the MENA region has been most enthusiastic about T-Pay, Salama listed Saudi Arabia and the UAE, as well as Egypt, known for a relatively low credit card ownership rate despite its large population. T-Pay’s marketing strategy is simple as the startup has to deal with a narrow audience: mobile operators and merchants. “Our marketing strategy for this phase focuses on businesses and are mainly business-to-business (B2B) activities,” she says. That means that if you’re at a MENA startup conference, keep your eye out for Sahar Salama and T-Pay. Given the service that T-Pay provides and how it works, it appears unlikely that this marketing strategy would change anytime soon, but Salama has hinted that the next phase would including directly reaching out to consumers. Future plans for T-Pay are simple: expan-

sion. The objective this year is to “aggressively push to go live with operators in the rest of North Africa.” That said, she also plans to keep pushing merchants to get on board in countries that T-Pay has already set up in. T-Pay sounds like a platform with conviction, and Salama sounds nothing short of ambitious; so I asked her if she sees T-Pay as a solution that could finally

put COD to rest, or if she sees it more as a stepping-stone to changing consumer trends in the region. Her answer might have been a reality check for all of us. T-Pay’s market penetration hasn’t reached what she calls the “physical good e-commerce sector,” asserting that it will continue to rely on COD for a long while. I personally think that a direct carrier billing m-com-

merce platform like T-Pay will be most successful for apps, music, and other software, but who knows where it will go in the future, given the region’s budding ecosystem for ‘treps in the tech sector. Salama lists Dubai, Cairo, Amman, and Beirut as the cities with “firstrate fertile environments” for tech. Her advice to those ambitious entrepreneurs? “It’s all about people!”

september 2015 Entrepreneur

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MrUsta car

It’s time to call in the pros

mrUsta offers a MENA-based platform for your service needs By Pamella de Leon

t’s not too hard to see what makes mrUsta so appealing to its 350-odd client base. Let’s put it this way: if you’ve ever had to frantically search your contact list or ask friends for recommendations of a maintenance company after one of the pipes in your apartment bursts, mrUsta can come to the rescue. As a platform that aims to provide an easy way to find service maintenance companies or quality trades people based on customer feedback, from air conditioning services, to electricians, painters, plumbers, cleaning services, moving companies, appliance repair and more, mrUsta can be your go-to place in ensuring services. Initially bootstrapped by its founders, mrUsta now has several revenue models in development. The first revenue stream is to charge the Ustas

Entrepreneur september 2015

(which refers to the service providers, as it means ‘master’ or ‘guru’ in Arabic, Turkish, etc.) for leads, following a pay per lead model, whether

it’s a call, message or they reply to a job posting. Another is the advertising route for companies to secure an ad space in relevant categories to clients in need of its services and products. The third revenue stream is by creating reports based on data for companies to find and know their demographics. In terms of investors, Ibrahim Colak, founder and CEO of mrUsta, says the company was on the lookout for “smart money”i.e. an investor that would not only invest, but also understand the business’ model and vision, and has a strong industry network. “We raised a seed funding round of AED1.3 million led by Amjad Ahmad [former CEO of NBK Capital Partners, a private equity firm in MENA],” says Colak, adding that over the past 12 months, the team has been pitching to investors motivated by the substantial growth both from users and service providers. With respect to mrUsta’s business value proposition,

for clients, the platform provides a trusted source of local service providers based on reviews and ratings in a convenient way, saving users time and money. For Ustas, it’s providing an online presence for them, allowing for visibility and also to generate new client leads, plus the startup can present them with a targeted audience seeking their services, which in turn, increases the prospect of gaining customers. Colak asserts that, compared to other local and regional concepts, mrUsta’s forte is that it provides different services based on customer ratings in an easy way and ask quotations from a variety the startup uses various recruiting methodsone way is physically going to a company’s headquarters and getting them to visit the site, offering a “recommend your Usta” option for clients and online sourcing through the startup’s interns, with “roughly 20%” registering themselves organically. The main criteria that the team ensures Ustas have is that they are a legitimate Usta, ensuring it by meeting them face to face.

of service providers. From the Ustas side, the startup uses various recruiting methodsone way is physically going to a company’s headquarters and getting them to visit the site, offering a “recommend your Usta” option for clients and online sourcing through the startup’s interns, with “roughly 20%” registering themselves organically. The main criteria that the team ensures Ustas have is that they are a legitimate Usta, ensuring it by meeting them face to face, whether they have a website, a working phone number and if the company has been mentioned elsewhere online. Colak is active in the MENA entrepreneurial ecosystem, having represented mrUsta at ArabNet Dubai 2015 and Step Conference 2015. Is this part of mrUsta’s marketing tactics? It seems so, as driving brand awareness is their key marketing strategy. “We want everyone to know mrUsta and associate it with local service providers,” says Colak, adding that the team uses both traditional and digital media and relies heavily on wordof-mouth marketing. Besides

that, enhancing client experience is also part of their focus area: “Our ultimate aim is that whenever someone in the region needs a service provider, mrUsta will be their first stop.” And it’s a strategy that seems to be working, as Colak claims that the startup, even with a limited marketing spend, has had positive traction over the last year of operation. According to the CEO, from the 1500 Ustas listed from launch, it went up to 3500 listed companies in 200 categories. From the client side, currently, there are 350 users, with 35-40% contracting the companies over the site. What do they have in mind for the future? Now that they’ve raised their latest round, their plans center on technology improvements, client marketing and Usta development. An update of its website with an improved user experience, along with mobile apps for iOS and Android, increasing marketing efforts, and building closer relationships with existing Ustas and acquiring new Ustas are also next on the agenda.

MrUsta founders

FOUNDERS The startup has four founders: 35-year-old CEO Ibrahim Colak has a background in engineering and marketing and digital marketing and approached his ex-colleagues to develop the concept. 34-year-old CMO Dunia Othman is also a co-founder, whose experience is on marketing and business development. There’s also 32-year-old CTO Onur Tepeli who has experience in software development from different industries such as

finance to telecom, while 40-year-old CFO Serhan Yazici’s background includes roles in civil works and project management in international blue chip companies.

they will not find you. Each of these clicks is potentially a lost customer.”

CHOOSING AN INVESTOR “We strongly believe that to create and develop a successful DIGITAL SAVVY company, you need “As cliché as this may sound, the world to have talented team members with is becoming digital. complementary Consumers are relying more and more on skills. We were seekaccessing what they ing investors with need online. The gen- extensive experience and expertise in deerations that didn’t know life before Inter- veloping and growing net are now becoming companies. We also wanted someone who decision-makers and major consumers. So shared our vision and passion for mrUsta.” if you are not online,

STARTING A BUSINESS IN GCC >“Research the market extensively, [to] fully understand how things are being done now and what are the issues- look at similar concepts.” >“Your partners/co-founders are essential, they need to truly believe in your concept and be committed to be with

you. At the same time, your skills [need to] complement each other. >“Understand that no matter what, there is no one-size-fitsall. The GCC has many things in common, but at the same time you can’t just copy and paste a concept.”

www.mrusta.com

TOP THREE TIPS IN PITCHING FOR STARTUPS RESEARCH “Know your concept and target market in detail including key facts and figures.” TAKE IT As a learning experience “Learn from every pitch session by noting all questions, reactions and observations made by potential investors.” KNOW YOUR USERS “Understand your audience and their track record well.”

september 2015 Entrepreneur

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A viable solution for SMEs Making the case for mini-bonds in the MENA region

By Amr Frkash

ne of the main reasons behind the Arab Spring in 2011 was the dissatisfaction of the masses with the economic conditions. Taking a closer look at the policies of the Arab countries before the Arab Spring, it is evident that many countries were following and pursuing economic growth strategies; however, in reality, those strategies failed to reach the lower quartile of the populations. With increasing unemployment rates and the tumble in oil prices post revolutions, the new administrations were left with a tougher job to stimulate their economies and pave the way for a future of hope. The magical word of SME then surfaced again, and it was proposed by many to offer a helping hand to rebound economic activity and help ease the increasing unemployment rates. But it’s one thing to propose solutions, but it’s a whole other ballgame when it comes to execution. The SME sector has -not only regionally, but

Entrepreneur september 2015

internationally as well- always suffered from disintermediation. Banks’ lending activities have always favored big-ticket transactions, leaving the SME sector always struggling for credit to grow its activities. Enterprises’ growth is always dependent on the amount of investment in growth assets (fixed assets that generate future revenues), and doing that requires medium to long term financing that is very scarce to find for SMEs. Traditional short-term financing is never a trouble to source for SMEs; however, longer term financing has always been a hindering factor that keeps medium-size enterprises from growing to become large ones, and small companies from growing to their next levels. Often times, SMEs remain hanging in their positioning without breaking through to the next level. G20 meetings have stressed in 2014 the need to stimulate job creation and GDP growth, and this can never happen without a real game

changer in the way lending activities are perceived for the SME sector. Apart from investments in the infra sector as a definite driver for economic growth, the SME sector comes in equally as a savior and more governments are realizing its importance. The SME sector is one of the top priorities for the European Bank for Reconstruction and Development (EBRD) to develop in the southern and eastern Mediterranean (SEMED) region as it represents the backbone of the economy, and it is the source of much needed job opportunities. Since 2012, EBRD has providing specific credit lines with a value of more than EUR380 million for SMEs in Egypt, Jordan, Morocco and Tunisia, in addition to donor-funded capacity building. International financial institutions (IFIs) including the EBRD are placing great attention not only on funding activities, but also on advisory and capacity building for SMEs. The role of IFIs cannot be more important in the current transition period, as many Arab countries are finding it difficult to kick-start economic activity and thus traditional and innovative solutions are very much needed. The relatively new product “mini-bonds” has not yet been introduced in the MENA region, and thus shedding some light on the topic might create the noise needed for such a market to breakthrough in the region. According to Capita Registrars, the industry, which accounted for £90 million in 2012 worldwide, is expected to reach £8 billion by 2017. Yes, that is ca. 88 folds, and without a doubt, this can’t be taken lightly. So what are mini-bonds? They are the mini version of corporate bonds, with a twist of lighter structures and infant regulation. The attractiveness of mini-bonds lay within the fact that these

bonds offer the hungry individual investor higher rates than the conventional banking deposit rates. In addition, mini-bonds require much less regulatory requirements that have attracted not only small businesses, but larger ones as well. However, for that latter reason, mini-bonds unquestionably have a higher risk element, which explains the higher returns. Mini-bonds, unlike corporate listed bonds, are non-transferable, which leaves investors stuck for the whole term, while in the case of listed bonds, the transferable element caters, as well as an “ejector seat” option. The MENA market can benefit out of this emerging asset class, to curb down its high unemployment rates, reorganize the funds’ flow between deficit and surplus units in the economies. Creating this new channel of funding can have with no doubt its shadow of mini-sukuk (Islamic version) that can further furnish those that prefer Sharia complaint financial instruments. Financial disruption is here to stay, and make no mistake, mini-bonds/sukuk are receiving much support in the west as a viable solution for SMEs, and so should be the case in the MENA region. Amr Omran Farkash is a principal with the European Bank for Reconstruction & Development (EBRD) and is based in Cairo, Egypt. He previously held posts with Huawei as its Middle East & Africa Structured Finance Director and before that worked at HSBC’s Investment Banking division in London. In addition, he has worked for USAID and Arab African International Bank. Amr holds an MSc in Banking and Finance from the Business School of the University of Leeds and a BA in Accounting and Finance from the American University in Cairo.

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