With the high smartphone penetration rates and large young population, the GCC region continued to experience strong growth in mobile transactions in 2018, according to the 2018 Travel Insights Report jointly released today by Cleartrip and Flyin. The market recorded a 110% increase in mobile bookings as they represented one-third of all transactions.

The 2018 Travel Insights Report provides a comprehensive overview of the online travel sector in the GCC, as well as highlights significant shifts in the market dynamics and consumer behavior.

The market saw variations in average airfares as well as travelers' preferences in destinations, trip duration, and payment methods. Key findings of the report covering the January-December period include the sustained expansion of the industry, the rising trend of mobile traffic in major cities, and the growing popularity of travel coupons among travelers.

Sameer Bagul, Executive Vice President & Managing Director, Cleartrip Middle East, said: “We are excited to launch the fourth edition of the Travel Insights Report on the region’s online travel sector. Offering an exclusive and deeper understanding of the underlying trends in the market and consumer behavior, our report has established itself as one of the most respected and trusted sources for insights into the industry. The actionable data we provide will help travellers to plan and book their trips efficiently and enable businesses to develop solutions that cater to the evolving needs and expectations of customers. We will continue to explore new ways to further enhance our comprehensive survey and look forward to releasing our H1 2019 Travel Insights Report.”

“With advancements in mobile technology making travel more accessible to the region’s growing population, the online travel industry is headed for a new phase of growth. As reflected in our study, travelers' preferences are constantly changing, and therefore, it has become imperative for online travel agents to make investments into newer technologies such as machine learning and utilizing block chain capabilities to drive bespoke personalization and superior user experience. When we launched our mobile Progressive Web App (PWA) in 2018 our conversion rates increased by 67% as we continue to help consumers seamlessly make their travel bookings,” Mr. Bagul added.

Changing payment method preferences

Even though credit card still remains the dominant payment method in the online travel market, debit card transactions are on the rise. In the Kingdom, which has seen a spike in the adoption and usage of debit card after its central bank, Saudi Arabian Monetary Authority (SAMA), enabled the country’s made cardholders for online shopping last year, travel bookings using debit cards surged 280% year-on-year (Y-o-Y) to account for 45% of all bookings. In the UAE credit card transactions dipped to 72% from 81% in the previous year and debit cards usage increased from 19% to 28%.

Growing mobile penetration

Owing to the rising popularity of digital wallets and mobile apps, mobile transactions are quickly gaining traction among travelers. In Saudi Arabia, which had the highest rate of Mobile Booking Penetration (MBP) in the region, mobile bookings accounted for 38% with a massive rise of 233% from the previous year. Meanwhile, the number of transactions made on mobile devices increased by 56% in the UAE, whereas Oman recorded the second highest MBP in the region at 34%. Among mobile bookings in the Kingdom iOS share was higher at 71% compared to Android devices share of 29%. The company expects this number to grow in 2019 as ApplePay™ was launched in Saudi Arabia earlier this year.

Mobile has become a popular channel for travel planning and booking in major cities in the region. Kuwait City and Riyadh had the highest rates of mobile traffic and bookings at 81% and 40% respectively. Bahrain, Muscat and Dubai were also among the leading markets for mobile visitors in the 2018 Travel Insights Report.

Trending destinations

Reflecting their growing appetite for novel experiences, the region’s discerning travellers made trips to a wide variety of destinations within the GCC and overseas. Islamabad, Lahore and Brussels topped the list of trending international destinations for travellers in the UAE, while domestic travellers in Saudi Arabia favoured Gizan, Abha and Ha’il. Meanwhile, Istanbul remained among the leading family travel destinations during both summer and winter seasons.

Airfares in a flux

As crude oil prices continued to fluctuate in 2018, the region’s leading markets saw significant changes in airfare pricing. Average ticket prices were 10% and 6% higher in Bahrain and Kuwait respectively, while Saudi Arabia experienced an overall price decline of 7% due to growth of low-cost carriers such as flyadeal. As some of the large airlines reduced capacity from Kuwait, it recorded the highest average fare per person at USD 281, while Oman had the lowest in the region at USD 192.

Some routes originating from the region have seen fluctuations in airfares last year. While Jeddah-Dubai recorded the highest increase at 25%, the Jeddah-Cairo route witnessed the greatest decline in airfares at 19%. In addition, micro-trips have taken off as a new trend in the region’s travel industry. Ha’il and Kuwait appeared to be the cheapest getaways from Riyadh and Dubai respectively last year.

The report also indicates that Sunday is the cheapest day for travel, whereas prices increase on Thursday. Furthermore, February is the ideal month for budget travellers with average fares falling 16%.

Sustained market growth

With lower airfares, increased connectivity and fewer travel barriers, the GCC continues to witness an increase in the number of travellers. In 2018, the industry posted a robust Y-o-Y growth of 7%, while Saudi Arabia emerged as the fastest growing market with a solid 10% expansion.

Source: menaherald

Abu Dhabi will commit up to 1 billion dirhams ($272 million) to support technology start-ups, it said on Sunday, in a dedicated hub as part of efforts to diversify its economy.

U.S. tech giant Microsoft will be a strategic partner, providing technology and cloud services to the businesses that join the hub as the capital of the United Arab Emirates continues its push to reduce reliance on oil revenue.

Abu Dhabi derives about 50 percent of its real gross domestic product and about 90 percent of central government revenue from the hydrocarbon sector, according to ratings agency S&P.

The emirate launched a 50 billion dirham ($13.6 billion) stimulus fund, Ghadan 21, in September last year to accelerate economic growth. Ghadan means tomorrow in Arabic.

The new initiative, named Hub 71, is linked to Ghadan will also involve the launch of a 500 million dirham fund to invest in start-ups, said Ibrahim Ajami, head of Mubadala Ventures, the technology arm of Mubadala Investment Co.

The goal is to have 100 companies over the next three to five years, Ajami said. “The market opportunities in this region are immense,” he added.

Mubadala, with assets of $225 billion and a big investor in tech companies, will act as the driver of the hub, located in the emirate’s financial district.

Softbank will be active in the hub and support the expansion of companies in which it has invested, Ajami said, adding that Mubadala is also aiming to attract Chinese and Indian companies, among others.

Mubadala which has committed $15 billion to the Softbank Vision Fund, plans to launch a $400 million fund to invest in leading European technology companies.

Incentives mapped out by the government include housing, office space and health insurance as part of the 1 billion dirham commitment, Ajami said.

Abu Dhabi will also announce a new research and development initiative on Monday linked to the Ghadan 21 plan, according to an invitation sent to journalists.

source: Reuters

Managing Director and Head of Brokerage at CI Capital, Karim Khedr, anticipated Egypt to gain a substantial amount of foreign direct investments (FDI) by the end of 2019 which is the last year of Egypt’s economic programme with the International Monetary Fund (IMF).

“Egypt’s investment climate is improving remarkably. The authorities are implementing the subsidy reform which is very important not only for foreign investors but also for the state budget,” Khedr informed Daily News Egypt.

Subsidy was a very considerable burden on the Egyptian budget, so the reform will allow the country to increase its spending on other key areas such as education and health, added Khedr.

Egypt aims to attract as much as $11bn in FDIs in fiscal year 2018/19, up from $7.9bn in the previous year, said Planning Minister, Hala El Saeed in August 2018, adding that FDIs are expected to reach $20bn by the end of the government’s development plan in 2022, driven by ongoing economic reforms.

Foreign investors want to ensure that reform plans are going well, in cooperation with the IMF which approves the confidence of the Egyptian economy’s outlook, mentioned Khedr, echoing the importance of the FDIs to bring the capital into the market, knowhow, in order to create job opportunities and increase the consumption that positively affects GDP growth.

“We saw a significant improvement in the external sector including the tourism sector’s revenues throughout 2018 which is very important for the availability of hard currency,” mentioned Khedr, noting that Egypt’s economy is still facing some challenging.

The high interest rates’ environment, inflation, and subsidy for some products are all challenges for the authorities in 2019, said Khedr, noting that finding solutions for these challenges are key elements to guarantee that these economic programmes are successful.

Additionally, Khedr said that his corporation aims to expand regionally in 2019, yet it depends on available opportunities, affirming that Egypt is a key major market for CI Capital.

“Investment banks expect Egypt to take over large interest of the foreign investors’ interest over the next couple of years as a result of Egypt’s economic improvements and future potential. Foreign investors’ positive outlook for Egypt was clear over our latest third annual MENA investor conference where many investors were there,” mentioned Khedr.

However, Khedr said that Egypt’s implemented reform measures don’t have the full positive impact on the investor’s views to invest in Egypt yet, as there are other challenges that still face the economy such as high inflation rates, adding, “we hope that the interest rates will decline sometime in 2019, which will encourage investors conduct increased business in Egypt.”

The Central Agency for Public Mobilisation and Statistics (announced earlier in December 2018 that the annual inflation rate hit 15.6% in November 2018, compared to 26.7% in November 2017.

CI Capital is an investment bank in Egypt with market-leading investment banking, securities brokerage, asset management, and research franchises.

source: Dailynewssegyptailynewssegypt

Microsoft and Telecom Egypt, an Egyptian telecom company has entered into a partnership, where the tech behemoth will extend its cloud network in the North African country. The announcement was made on Wednesday at the World Mobile Congress 2019.

As a part of the partnership, the telecom will improve the performance and boost reliability for the customers of Microsoft services by delivering low-latency connectivity around Egypt.  The partnership will help Microsoft to cater to the local market in Egypt and will help to boost connectivity in the Middle East too.

With the new development, the country will get a direct connection to Microsoft’s global infrastructure. It will improve the delivery process for many services for customers.

For delivering its services inside Egypt, Microsoft will use its latent network optimization while its network investment will boost capacity.

The newly upgraded network connectivity in the country will integrate the tech behemoth’s global network to transatlantic and trans-Arabian paths.

Apart from that, the new development will speed up connectivity in the North African region and also help to enhance connectivity to the new Microsoft cloud regions in the UAE and South Africa.

The global network of Telecom Egypt was created with the help of investments that were carried out in private international submarine cable systems and consortiums.  The company has become a choice for content partners because of its reach and capacity in the international platform.

The country’s ideal geographic location across the sea has helped the company to connect over 11 cable systems from the east and 13 from the west.

source: Thesiliconreview

Emirate attracts over $21 billion in foreign capital in just three years

Dubai: Dubai is officially the world’s most popular destination for foreign companies looking to invest in smart technologies.

From 2015 to 2018, the emirate attracted a total of $21.6 billion in foreign direct investments for artificial intelligence and robotics, said to be the highest in the world.

Most of the investments came from the European Union and the United States (US), accounting for $5.7 billion and $3.9 billion, respectively.

The figures were released in connection with the Annual Investment Meeting (AIM) 2019, which will be held in Dubai from April 8 to 10. The event is the world’s leading platform for FDI, aimed at facilitating strategic networking and promoting investments.

The UAE is looking to increase capital inflows from foreign companies, to sustain the economy. In late 2018, a UAE decrees was issued to promote and develop the country’s investment environment and attract FDIs in line with national development policies.

According to the law published in the Official Gazette, a foreign direct investment unit is to be established in the Ministry of Economy. This will be “responsible for proposing foreign direct investment policies in the country and determining its priorities, and setting up associated plans and programmes, and work on their implementation following their approval by the UAE cabinet.”

Organisers of the upcoming annual investment meet said the latest data indicate that Dubai is fast emerging as the global destination for investment in smart technologies.

The AI industry’s economic contribution by 2030 is forecast to reach 33.5 per cent locally and 45 per cent globally.

“Digital growth is significant to the growth of the economy. In the UAE, it is in line with UAE Vision 2021, which aims to position the country as a top spot for tech investments,” said Dawood Al Shezawi, CEO of annual investment organizing committee.

“Disruptive technologies like AI, blockchain, internet of things (IoT) boost the productive capacity of countries and also the global GDP. To maximize its benefits, countries need to integrate new avenues that will drive more investments in these solutions,” added Al Shezawi.

Global players in the investment community, as well as high-ranking policy makers, leading academics and celebrated financial experts, are expected to attend at the upcoming annual investment meet.

Source: gulfnews

Source: gulfnews ublish LLC 2019. All rights reserved.

10 Reasons to Invest in Jordan

1. Unique and Strategic Location

• Situated at the convergence of Europe, Asia and Africa.
• Transportation hub of the Middle East.
• Access to the Red Sea through the Port of Aqaba, and other ports via neighboring countries.

2. Stable Political Environment

• Dedicated and stable leadership in the Hashemite monarchy, supported by a democratically elected Parliament.
• Guaranteed freedom of belief, speech, press, association and private property.
• Firm commitment to private enterprise system.

3. Free Market Oriented Economy

• Economic policies based on outward-oriented, private sector led approach.
• Ongoing privatization of major state-owned enterprises.
• Significant advances in structural and legal reform.

4. A Package of Incentives and Exemptions to Encourage Investment

• Projects are exempted from income and social services taxes by 25%, 50%, or 75% for a ten year period, depending on the location of the project.
• Imported fixed assets are 100% exempted from customs duties and taxes.
• Imported spare parts for fixed assets can be exempted from fees and taxes.
• Additional exemption from customs duties and income tax is granted for the expansion, modernization, or development of existing projects.
• Hotels and hospitals may purchase furniture and supplies without customs duties once every seven years for renewal purposes.

5. Access to Major International Markets

• Duty and quota free access to the US market through the Qualifying Industrial Zones (QIZ).
• Duty free access to EU markets.
• Access to more than 10 Arab countries through the AFTA.
• Bilateral agreements and favorable protocols with over 20 countries.
• Member of the Multilateral Investment Guarantee Agency (MIGA).

6. Free Zones and Industrial Estates

• The Free Zone Corporation manages two fully operational industrial parks in Aqaba and Zarqa, and two more under construction in Amman at the Sahab Industrial Estate and the Queen Alia International Airport.
• Five private free zones in Jordan employ over 2,500 people in industries such parks in Amman, Irbid and Al-Karak.
• Newly opened private industrial parks, including Al Tajamouat, Ad-Dulay1 and Gateway.

7. Qualified and Competitive Human Resources

• Abundant workforce. Young and highly educated population.
• 87% of the population is literate.
• 17% of Jordanians receive higher education.
• Highly competitive wage rates.

8. World Class Infrastructure and Communications

• State telephone company operates on a commercial basis, and is expected to privatize 40% of company in the near future.
• Choice of privately-owned Internet service providers.
• Direct Royal Jordanian flights to 47 Major Cities in Europe, the Middle East, the Far East, North Africa and North America. Served by 26 international airlines.
• Modern highway network Major trucking lines ensuring the movement of raw materials to and from the port of Aqaba as well as into and from ports of neigh boring countries.
• Jordan's port of Aqaba acts as a strategically located gateway to Jordan, the developing Red Sea region, and the Middle East as a whole.

9. Attractive Investment Climate

• Income and social services tax exemptions for up to 10 years.
• Total customs exemptions on imported fixed assets.
• Ease of licensing and registration procedures.
• Revenues on exports are exempted from income taxes.
• Export industries are not subject to customs duties on imported raw material.
• Free repatriation of capital, profits and salaries.

10. High Quality of Life

• Amenities of modern life are readily available and affordable.
• High quality public and private education provided in Arabic, English, and French.
• Health services in Jordan are of international standards at reasonable rates.
• Developed network in community, active local and international business associations and cultural centers.
• Traditional festivals, cultural entertainment events, and a wealth of archeological sites.
• Excellent clubs and restaurants.

Source: exchange jordan

Given how uncertain and volatile the global economic and political landscape currently is, with market uncertainty pervasive and investor confidence deteriorating, global private equity firms are on the lookout for stable, new markets where they can be certain not just of promising returns on investment but also an investor-friendly regime.

As a result, the UAE, with its pro-business environment, excellent infrastructure, relatively diversified economy and political stability, is quickly emerging as a preferred investment destination, renowned international investors Laurence Fink and Henry Kravis said at a panel discussion hosted at the Majlis Mohamed bin Zayed.

The discussion, entitled Adnoc as a catalyst for foreign direct investment: a global investment perspective, was held at Abu Dhabi's Al Bateen Palace on Sunday and was attended by Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince Court, as well as other dignitaries.

Fink and Kravis' remarks were extremely topical considering that just hours earlier, their respective firms, BlackRock and Kohlberg Kravis Roberts & Company (KKR), had signed a landmark pipeline infrastructure investment agreement with Abu Dhabi National Oil Company (Adnoc).

The agreement is set to unlock $4 billion in value from Abu Dhabi's crude oil pipelines and marks the first infrastructure partnership between leading global institutional investors and a national oil company in the Middle East. It is certain to pave the way for further significant foreign direct investment (FDI) into Abu Dhabi and the UAE.

Kravis, co-founder, co-chairman and co-CEO of KKR, kicked off the panel discussion by saying he was delighted to take part in this discussion of Adnoc's "capital modernisation" agenda and the "vision for economic transformation" of His Highness Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

Kravis, who co-founded KKR in 1976 and is known as one of the pioneers of the private equity industry, said Sunday's landmark deal "sets an important precedent in the market that can demonstrate the potential for value-add foreign investment across UAE".

With approximately $200 billion in assets under its management, KKR invests capital across the world with the aim of being a partner in supporting economic development, growing companies and meeting the needs of its clients.

Fink, the founder, chairman and CEO of BlackRock, said it was "a privilege to be asked to be part of the Majlis", adding that "information exchanges such as this bring investors and countries together and create a closer community."

Fink is one of the most respected investors and business leaders in the world. He founded BlackRock in 1988 with seven partners, and under his leadership, the firm has grown into a global powerhouse in investment management. Today, BlackRock manages more money than any other investment firm in the world, with around $6 trillion in assets under management.

Kravis and Fink, whose firms are at the forefront of global infrastructure investing, went on to discuss global investment trends and opportunities for partnership in Abu Dhabi and the UAE and the importance of FDI in the country. FDI in the UAE has increased by 21 per cent between 2015 and 2017 to reach $10.4 billion. The United Kingdom, India and Saudi Arabia are the main investors in the country, with the bulk of the funds concentrated in the trade, real estate, energy, finance and insurance, manufacturing and construction sectors, the Majlis heard.

During the course of the discussion, Kravis and Fink covered key trends that affect the global and Middle East investment landscape. Drawing on their experience in investing across American, European, and Asian markets, the international investors discussed the potential for FDI and how their firms approach emerging foreign investment destinations like the UAE. The Majlis also heard why BlackRock and KKR decided to invest in UAE infrastructure assets, and why they feel it is becoming an increasingly attractive global investment destination.

Earlier in the day, Kravis and Fink joined Dr Sultan bin Ahmad Sultan Al Jaber, UAE Minister of State and Adnoc Group CEO, to sign a pioneering, multi-billion dollar investment partnership agreement between Adnoc, KKR and BlackRock. Under the terms of the innovative agreement, the investors will pay around $4 billion for a 23-year lease in the 18 pipelines that carry crude and condensate. Sovereignty of the infrastructure and the management of the pipeline operations will remain with Adnoc.

The partnership "paves the way for further significant foreign direct investment in the UAE", Dr Al Jaber said. "Adnoc has been undergoing a significant business transformation, underpinned by innovative partnerships and investments that are key to unlocking and maximising value across our full portfolio."

Following the wise guidance of the UAE leadership, Adnoc has been transforming into a more commercially-focused and performance-driven organisation and has hit significant milestones regularly over the last three years. Today's deal with BlackRock and KKR represents the next major step in the delivery of this smart growth strategy, demonstrating its expanded partnership model and more proactive management of its assets and capital. The Abu Dhabi government-owned oil giant received an AA long-term credit rating, the region's highest, from Fitch Ratings last week.

Source: khaleejtimes

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• Even if you've invested 10 or 20 years in your current profession, you can still successfully pivot to become an entrepreneur.
• Starting a business is like having a baby—there never really is a “right” time.

You haven’t missed the boat

Many people think that entrepreneurship is a young person’s game. This assumption is probably because when people think of successful entrepreneurs, the ones that immediately come to mind are college dropouts like Bill Gates, Mark Zuckerburg and Michael Dell. However, college dropout entrepreneurs are the exception, and there is data to back it up. A study by the Kauffman Foundation led by Syracuse University professor Carl Schramm revealed that the average entrepreneur was 39 when he or she started a company. Not only that, Schramm said that “Americans who are 35 or older are 50% more likely to start a business than are their younger counterparts”. Also, recent research led by Javier Miranda of the U.S. Census Bureau and Pierre Azoulay of MIT indicated that for the top 0.1% of fastest growing new businesses in the U.S., the average age of the founder in the business’ first year was 45. So, in a nutshell, it’s never too late to become an entrepreneur. In fact, it could be an advantage to start a business mid-career.

Mid-career entrepreneurs are more successful

Starting a business mid-career could be an advantage for many reasons. The Kauffman Foundation study found that entrepreneurs starting businesses mid-career were five times more likely to enjoy success five years later than entrepreneurs starting businesses right out of college. This is because management experience is great training to become an entrepreneur. Once you’re in your 30s or beyond, you’ve acquired strong skills, contacts and industry-specific knowledge that you can apply to a new business. You are more likely to be financially stable so that you can potentially self-fund your new company, allowing you to incur minimal debt and have greater stability. Mid-career entrepreneurs are also more successful than younger founders because it takes time to get to know yourself. Throughout your career, you learn what you like and don’t like with each position. By the time you launch your business, you have a better understanding of your strengths and weaknesses as well as what you need to feel fulfilled as a human being.

Noteworthy mid-career entrepreneurs

Even if you've invested 10 or 20 years in your current profession, you can still successfully pivot to become an entrepreneur. Here are some examples of people who famously shifted careers later in life:

• Vera Wang was an editor at Vogue for 17 years before she became a famous fashion designer at the age of 40.
• Jeff Bezos had a successful career in computer science on Wall Street and took on top roles at numerous financial firms before launching Amazon at the age of 31.
• Ray Kroc spent his career as a milkshake-device salesman before buying McDonald's at the age of 52.
• Bernard Marcus was fired from hardware store Handy Dan at the age of 48 along with his coworker Arthur Blank. The duo later started a rival retailer, Home Depot.

There is never a right time

Starting a business is like having a baby—there never really is a “right” time. It has nothing to do with how old you are, and most likely you will never feel completely ready. The biggest key to get started is to confront the initial fear associated with transitioning from a corporate career to entrepreneurship. Most people today can expect to change careers three to seven times during their working lives. Being in your 30s, 40s or beyond can be a great time to start a business, especially if you’ve planned ahead financially and have a solid support system around you. So, if you are considering becoming a mid-career entrepreneur, it’s never too late. As C.S. Lewis once said, “You are never too old to set another goal or to dream a new dream.” Dream big, plan well and great things will happen.

Caroline is a business & life coach who enjoys helping people escape their 9-5 jobs so.

Source: Forbes

Being a business owner doesn’t necessarily mean being an entrepreneur. If that was the case we wouldn’t need a new and such a complicated word. If you Google “entrepreneur” it will tell you that an entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit. However, economists and some of the most successful entrepreneurs would disagree. According to economist Joseph Alois Schumpeter (1883-1950), entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success. Peter Drucker who is well known as the father of modern management enriches the definition by emphasizing “change” and “opportunity”. He defines the entrepreneur as “someone who always searches for change, responds to it, and exploits it as an opportunity.”

The word entrepreneur itself originates from the French word “entreprendre” meaning “to undertake”.

Having met thousands of entrepreneurs from many different countries and cultures and being one myself I came up with the Entrepreneurship Mix 8P’s. And if the word itself seemed complicated back then when I was studying the course “Entrepreneurship” for my exams, today I can say that being an entrepreneur is way more complicated than that.

So here are the eight P’s that I believe set successful entrepreneurs apart. The magic is formed by the intersection of most or even better all of the traits so the order is irrelevant.

1. Passion

Passion is the key source of energy, motivation and hard work. It is the driving force for every entrepreneur. It is what fuels the moving-mountains attitude and belief that anything can be done. It is what defines the famous “WHY” of the Golden Circle of Simon Sinek. If you are passionate about something you thrive to succeed, you love what you do so much that you want to do more of it. And the more of it you do the greater the chances for succeeding, thus getting better than the rest in your area.  In his book Talk Like Ted, Carmine Gallo states that passion is the key to mastering a skill. After analyzing hundreds of great speakers and presenters he claims that passion is the one thing in common for all. To use his phrase, which I love, I believe that successful entrepreneurs know “what makes their heart sing”

2. Perception

The story of Bata is the ideal example of this key trait. Bata shops can be found all over Africa, even in its most remote parts. The story behind is that by the end of the 19th century, Africa was opening up its market. Many shoe manufacturers sent their representatives to Africa to see if there was any business opportunity in this emerging market. The majority of them returned home, saying, “Nobody in Africa wears shoes. So, there isn’t any market for our shoes there.” All except for the Bata sales team who reported enthusiastically, “Nobody in Africa wears shoes! So, there’s an enormous market for our shoes in Africa!” The market conditions were the same for everyone and yet it was a matter of perception of the opportunity.

It was the same for me when I was launching the first deal platform in Macedonia at a time when less than 1% of the population was shopping online and e-commerce barely existed (no legal framework, lack of trust, a small share of people with payment cards etc.) Most of my friends with whom I shared the idea though that the market is not ready and the timing is not right and yet my company (Grouper.mk) became a success shortly after launching and today is known as the game-changer of e-commerce in Macedonia.

3. Potential

Research shows that the brain capacity of an average person is far greater than its usage. The most successful entrepreneurs are willing to sacrifice hours of sleep and skip social activities with friends in order to invest in their potential. They don’t waste countless hours scrolling on social media or gossip, they feed their brain with quality content, they surround themselves with successful people. They are always curious about new things. And while there are differences in the potential that each of us possesses the good news is that our brains can be trained.

But before this kind of “on purpose” training happens, it is worth mentioning that it all begins with our parents. First with their DNA (which is not in their control) and second with their home growing and teaching (for which they are fully responsible). According to one study by Rauch Foundation 85% of the brain develops until the age of 5. Therefore the environment of a child’s earliest years can have effects that last a lifetime. Therefore governments and entrepreneurship development programs that seek to create more and more entrepreneurs in this world should start by teaching parents how to raise entrepreneurs or people with an entrepreneurial mindset who will use their potential and thrive, instead of pushing accelerators and incubators to find or create entrepreneurs during later stages when brain elasticity is lower.

4. People

When talking about people in companies I always like to quote Zig Ziglar – ‘You don’t build a business. You build people, and people build the business’. People make good or bad decisions. Every single business depends on people (regardless of industry). That marketing manager that made that lousy decision to approve those ugly billboard designs, that salesman that negotiated the best deal that broke the sales records, that customer care person that impacted your perception about a particular brand. Every single thing in life depends on people. The success of a company, of a business unit, of a whole country, depends on the people. Even when we travel and explore new cities our opinion about that city is not solely affected by the beautiful nature or the architecture but people living there play maybe the most significant role – their energy, culture, attitude, hospitality influence our impressions.

Every entrepreneur, leader or manager with a vision needs a team that supports its vision to make it a reality. It is up to the ability of entrepreneurs to find the right people, to communicate the vision, to attract talent, to invest in building and sustaining their skills set, their energy, attitude and positivity.

5. Persistent Learning

Since I was a little girl, my mother taught me to strive for knowledge and be the best at whatever I do. She would say “You can have houses, cars, and wealth but one day it can all be gone. The world is not always righteous. The only thing that no one can take away from you is your knowledge. If you have the ability to acquire knowledge, to be a fast learner you will always be able to generate new income and build new things.”

And today, to add to my mother’s lesson I would say that another thing that no one can take away from us is our passion.

Persistent learning means learning anytime, anywhere from everyone. Outstanding entrepreneurs are able to absorb valuable information and knowledge for everyone like sponges. Being a fast learner is a must for entrepreneurs in today’s faster than ever changing world.

6. Permanent Change

Everybody wants change but nobody wants to change. The resistance to change is in our human nature but the faster we train ourselves to accept and adapt to change the faster we will become better. Successful entrepreneurs are flexible, they can adapt and change quickly. The ability to perceive change as a positive thing, to react and adapt to it is one of the most powerful skills. As Charles Darwin said “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” Or as Michael Jackson says “I am starting with the man in the mirror and I am asking him to change his way… If you wanna make the world a better place take a look at yourself and make the change.”

7. Perseverance

Imagine you have departed towards your very desired travel destination. You have planned and fantasized about that magnificent place for so long. You start your journey and suddenly there is a big rock standing on your way. So what do you do? If you have some strong friends you might call them to help you push the rock away. If you don’t have any strong friends your solution might be to climb it. But you don’t know how to climb. So you take climbing lessons and come back with your new skill and climb that rock and continue the journey. It is the same in business. The “rock” symbolizes any kind of obstacle you might face (it be a financial issue, can be a marketing issue, you name it). The “strong friends” are the contacts, networks and people you have in life that can help you out. The “climbing lessons” is any new skill that you don’t know at the time or are not interested in but you go and learn it because that is your only way to continue towards your goal.

During the past eight years of extensive hard-work, overcoming barriers, removing rocks, dealing with all sorts of situations, making decisions, working with different characters and meeting people from all over the globe I learned a lot. In fact today I am grateful for all the struggles, for all those ‘rocks’ on my way, for every problem solved (that seemed unsolvable at the moment) because it made me more flexible, adaptable, resourceful and more knowledgeable. It simply helped me gain a competitive advantage and be a better and stronger person.

Nothing in life comes easy (at least success and good things). If you have a mission, if you have a passion it will not be easy. The road will be bumpy, the will be rocks on the way, some of them will be light, some will be super heavy but if there aren’t any rocks one thing is sure – you are not on the right road. It won’t be easy and we should ask for easy because that way no one will be able to copy what we create.

8. Proactiveness

Most people only do what they are asked, meeting the very minimal requirements and expectations (or even worse some under deliver). They need to be delegated and even micro-managed. Successful entrepreneurs initiate – they see the bigger picture and foresee the circumstances. They are proactive instead of reactive, they play offense, instead of defense. And this is what makes them hard to replace in any given environment.

Source: Forbes