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On 31st Dec 2019, the government of Wuhan, China, confirmed a dozen cases of severe pneumonia. Researchers in China later identified Covid-19 or coronavirus as a new virus that has infected thousands of people in Asia. As recorded by Worldometer:
- In the past two months, the virus has spread to 109 countries
- Infecting more than 116,711 people across the world
- The death toll has reached 4,095 including 3,136 deaths in China only
The World Health Organization (WHO) declared Covid-19 or Coronavirus “a global health emergency.” The virus has not only affected humans but has adversely impacted the world economy and businesses with its uncontrollable outbreak. Its spread to Europe and the Middle East has started a fear of global pandemic. To which global financial markets are reacting strongly, and business leaders are questioning the growth and recovery of the world economy.
What Coronavirus Outbreak Could Mean to the Global Economy
With the start of the year 2020, the trade war with the United States left the Chinese economy to expand at a low pace in 30 years. In addition to this, it is estimated that nearly 4 million people lost their jobs in 2019. As if this was not enough for China to manage, the outbreak of coronavirus put a brake on the economy.
According to Standard Chartered, due to the lockdown in China, the virus could affect 42 percent of the economy. The banking industry may face non-performing loans of $1.1 trillion as the companies fail to make payments.
The outbreak is not only impacting China, but it is also crippling the world economy.
Let’s shed a light on the sector or businesses that are facing economic crisis globally.
Stock Markets
Global Shares take a hit
After the 2008 financial crisis, the world stock market started to experience a severe impact in February 2020. It was estimated that the impact would be limited to companies that have a direct and indirect connection with China.
Now, the virus has reached 109 countries, investors are worried about its impact on buying and selling shares. Investors are nervous; therefore, they are selling into an overvalued market to save profits. The US central bank has decreased interest rates. In order to make the borrowing cheap and to encourage people to spend in the share market. But due to the outbreak of the coronavirus, many companies have stopped their operations.
Global Manufacturing
China is famously known as “the factory of the world.” From 15 to 20 years, China has single-handedly managed the supply chain of international companies. Due to the coronavirus, this has been interrupted, and many global companies have shut down their operations.
For instance, Starbucks closed all its stores in the region due to the outbreak. Apple and Honda also closed their manufacturing unit in February.
In addition to this, more than 51,000 global companies have at least one supplier in the region affected by the pandemic.
Let’s not forget the tension between the US and China caused by the global trade war, and the manufacturing sector is already at a loss. We have to wait and see how coronavirus would impact the global supply chain in the coming days.
Oil and Gas Market
The outbreak of the coronavirus has impacted the oil market to hit the deepest level in oil production cuts. Organization of the Petroleum Exporting Countries (OPEC) are also having disagreements that have caused the prices to go more down.
Saudi Arabia ended up lowering the oil prices that fumed a price war causing U.S. crude oil prices to plunge by 25%. Since 2016, for the first time, U.S. crude oil barrel price went below $30.
According to the American Automobile Association, in the second week of March, the average national gas price has reached to $2.38 per gallon. This is the third week in the United States, where the gasoline stocks decreased, and demand has increased.
The oil price war has raised major concerns in the United States energy industry, and how they will manage the decreasing oil prices globally.
Travel and Tourism
The lockdown has also impacted the Chinese airlines as their planes are forced to stay on the grounds. Nearly $12.8 billion losses may be faced by the Chinese airlines, and the global airline industry is expected to lose $29 billion (IATA).
There has been a lot of trip cancelation, as China and Italy are facing serious lockdowns, and millions of people are quarantined. Entry in Iran has also banned due to the increased number of people getting infected.
Education
According to UNESCO, over 290.5 million students have been affected due to the virus outbreak in more than 22 countries.
- Italy- has been recorded as the most affected region in Europe, with 200 deaths. Therefore, they have shut down schools till 15th
- Spain- The government of Spain, has closed education centers from nursery schools to universities in Madrid.
- China has been in lockdown for more than two months; millions of students are home bound and relying on online learning
Coronavirus – an opportunity?
When there are losers, there are winners too. Coronavirus has shaken the whole world, and people are living in a state of fear. On the other hand, some people are also benefiting from this novel outbreak.
- Prices of a mask, hand sanitizers, hand-washed, etc. have been increased in no time boosting sales for health sector and pharmaceutical sector. Reckitt Benckiser, Getz Pharma, are some names who are on the winning side.
- Due to the lockdown, people are turning towards online shopping, which has increased the sales for e-commerce sectors such as Amazon and Ali Baba.
- Some business events have been shifted from real offline events to online, like Seedstars summit in Switzerland.
- Walmart sales were also increased as people shopped the necessary items in bulk, leaving the shelves empty.
- Given the closure of schools in certain regions due to health risks, distance education has flourished during this period
- Increase and improvement of domestic production and self-sufficiency.
- While the reduction of economic activities is harmful for economic growth, it is beneficial for the environment, we can observe a significant reducing of pollution and carbon emissions.
Coronavirus has impacted the world in the worst way possible, and as the numbers of the virus victims are increasing, the world economy will face more implications.
Following are some key points to keep in mind:
- Now is not the time for individual investors to take risk with the money, wait till the market settles. However, if you want to rebalance your portfolio by buying stocks to reallocate resources, the time is feasible.
- Keep your travel plans on hold, especially to the affected regions.
- Focus on post-crisis management in order to deal with the aftermath.
©Swiss Arab Entrepreneurs Platform
Information sources: Forbes, Al Jazeera, BBC, abc News.
Six Tips To Create A Winning Talent Strategy For Your Growing Enterprise
29 Feb 2020 Written by Admin AdminIt’s no secret that your people are the beating heart of your company.
Whether you’re a two-person pre-seed startup, or a 50-person strong Series B, a focus on people is vital.
With record-breaking FDI and increasing levels of M&As in the MENA region, there’s never been a more pertinent time to invest in your talent strategy. With that in mind, here are a few tips to get your talent strategy heading in the right direction:
1-BUILD A TEAM TODAY THAT’S FIT FOR TOMORROW
The team you put together now will be executing your key objectives for the next two, six, and 12 months.
Who you hire now dictates what your company is capable of achieving between now and its next significant phase of growth.
If you begin to hire incredible talent, you’re sending a signal out that you’re ready for growth.
2- BUILD A HIGH-SPEED, HIGH-QUALITY RECRUITMENT OPERATION
Top talent will have offers coming from multiple companies. Interesting startups with strong ideas can miss out on the best talent by making the recruitment process too long.
Build a process that will test the capability and compatibility of your candidates without making it tedious for them.
In the time you are deciding after your fourth-round interview, your candidate could be tempted elsewhere.
3- LOOK BEYOND INCREASING CAPACITY
When facing the need to hit growth targets, companies can go on a hiring spree to increase capacity. This can help you achieve your targets no doubt; however, you face a battle to maintain the growth that warrants these hires, and the potential disruption of having to part ways with recent hires once you achieve your desired growth- a real demotivator internally.
Being transparent with hires from the start is one way to alleviate the potential effects of such a strategy; however, looking further than the short-term and investing in talent to take you beyond this is a healthier option.
4- LOOK BEYOND THE SKILLS GAP
Look for people who will add value to your culture. Be honest if your team is lacking in a certain area that you might want to improve- for example, if you’re naturally risk-averse, look to bring someone who will challenge this.
Look to add value in areas important to you and your leadership team.
5- UP-SKILL WHERE POSSIBLE
Your business will turn from needing generalists to specialists. There will be tough conversations to have with people who have got you to a certain stage, but can’t take you to the next level.
Where one person may have been wearing multiple hats before, you will be looking to bring in experts in these separate areas that may make that original person unfit fit for a role.
If you see potential in these generalists, look to upskill them where possible so that they can remain in your company.
These founding people offer much more than their skills, contributing hugely to your culture, if you can lift them up to the level you need, it’s a win for everyone.
6- CREATE CLEAR PROGRESSION FRAMEWORKS
People join high-growth businesses because they want growth too– as such, design scalable roles for people capable of growing.
To avoid increasing attrition rates, make it clear where people could get to in your company. Making these roles visible is a big motivator, and it will help you retain current staff and attract new talent.
The rewards of investing in hiring and managing talent as you scale are vast. With both funding and exits on the rise in the MENA region, the impetus to invest in talent is clear.
These little tips outlined are part of a larger exercise to consider your talent strategy, and be thoughtful when you’re looking to scale.
source: entrepreneur
Predicting the future of social media is always fun. Product managers make sure that their customers engage a lot more on their products than they did the previous day.
Hence the product’s features and tools are rolled out in a way that it offers more ways to connect, track and maximize a product’s online marketing performance.
Though there are lot of products being launched, only the best will endure.
I make my own predictions every coming year, then look back at them to see if I was spot on or way off. These are my trend predictions for social media marketing in 2020 and where things seem to be heading as we begin the next decade, based on my subject expertise and experience in 2019.
Influencer Marketing
According to the latest research, influencer marketing will skyrocket, with 59% of marketers planning to increase their influencer budgets in 2020.
Consumers always get confused when multiple ads are targeted towards them hence an influencer marketer builds that trust by reviewing the product and convincing them in their purchase decisions. These people can be friends and family, but the circle of trust has now grown to people they follow on social media, ranging from celebrities to niche artists and experts in specific fields.
Social media has always been great for small and medium sized business and startups, because it allows small brands with less budget to compete with brands on the same stage.
Many small and medium sized business don’t have the budgets to go after the “named” influencers, so we see a rise in the growth of micro-influencers in the coming ages.
Shopping on Social Media
Shopping on social media is a trend that began this year and is predicted to grow.
Through your fingertips you get to see the things you need without even making an effort to visit the ecommerce website. Now, with just a few clicks, you can go from seeing something you like while scrolling Instagram or Facebook.
Within a few seconds you can acquire a product by COD or via borderless transactions.
Many startups sell their products online since this platform reduces storage space and helps cut down the budget.
Stories Will Become the Marketers’ Darling For a while, Stories were exclusive to Snapchat, but then Instagram and Facebook Stories came out, and recently YouTube also started to show Stories.
Stories portray reality and consumers are more eager to see what are the latest and most interesting things that are happening with their brands.
Videos can be captured on the spot and Stories can be easily created which gives traction to authentic insights.
Stories offer a sense of urgency since they have a time limit of no more than 24 hours to boost sales and offer discounts.
Chatbots
When chatbots first came into the picture, customers only received pre-recorded answers to questions. Algorithms are improving chatbots’ effectiveness by “understanding” what users are writing to them. Brands no longer have to stock the bots with canned answers, as chatbots finds accurate answers online very quickly.
Chatbots can interact with multiple audiences at the same time. Multitasking is where humans do multiple things at the same time to save huge chunks of time. Soon, chatbots will take the jobs away from humans.
Improved Customer Service
This second part is dedicated to chatbots. Every day, the duration of the time that elapses from the moment a consumer initiates a call and until he establishes contact and expect an answer is indeed shortening.
We know that having a live 24/7 customer service team for every single business is a waste of resources.
Utilizing chatbot technology, in combination with your live staff, enables a type of round the clock coverage.
Although bots do not answer every single question, nor do they allow the personalization of talking to an actual human lots of time can be saved for the customer service workers by handing over the same repetitive questions, changes to addresses and passwords to the chatbots.
There are lots of improvements needed for an effective chatbots to run.
They will be the major game changers in the automation industry in 2020; offering time, cost and savings efficiency, and enabling wise use of company resources.
Hence these are the main technology pivots in social media. A lot of new tools and shifts will take place in 2020, but in terms of actionable marketing potential, these are the areas where I predict to see the more relevant shifts.
Hopefully these notes will help you make your strategic approach.
source: bentrepreneur.biz
Here's what entrepreneurs need to do to avoid costly mistakes down the line.
Many people aspire to start their own business, but succeeding in the commercial marketplace is easier said than done.
Companies led by inexperienced people unfamiliar with the legal requirements they need to fulfill are particularly susceptible to failure. Nevertheless, many business owners jump into the competitive marketplace without doing enough research when it comes to covering their legal bases.
Don’t start a business without first thoroughly preparing yourself.
Here are eight legal requirements you need to fulfill when you start a business, and the costs associated with letting these important concerns fall by the wayside.
1. Protect your personal assets
The most important thing to consider when launching your own business is how you intend to protect your personal assets. No budding business owner wants to think about failure, but the truth of the matter is that many new companies struggle to earn a profit and collapse.
Even those that are successful might find themselves the victim of an unjust lawsuit that eats up time, money and energy.
To avoid a lawsuit being the end of not only your business but also your personal financial security, it’s imperative to protect your assets by forming an LLC. A limited liability company, as the name implies, limits the degree to which you as the business owner are liable for damages incurred by customers. Thus, a customer who sues your company after receiving a faulty product or inadequate service won’t be able to touch your personal finances or bank account.
Take plenty of time to research forming an LLC, as this is a lengthy process but an essential one that must be done by the books.
2. Check if you must publicize your company
Depending on where you live and where you intend to open your business, you may face extra hurdles when forming an LLC or similar legal entity.
Some states and cities require that you publicize news that you’ve formed a company by posting a statement in a local newspaper, for instance. Failing to take this step could result in a stiff fine or a refusal on behalf of state authorities to recognize your new business.
At least three states have newspaper publication requirements: Arizona, Nebraska and New York. Residents of those states should pay special attention to the rules.
3. Understand you must insure your workers
In most states, business owners (particularly those with more than five employees) are legally required to insure their workers in a number of ways. Offering worker’s compensation insurance to those who are injured on the job and incapable of providing for themselves, for instance, is required in most of the United States.
Many amateur business owners attempt to cut down on the costs associated with running a company by mitigating their insurance rates, but understand that skimping out on worker’s comp could seriously backfire and cost you dearly.
can have, as it keeps you safe from generic claims of wrongdoing and will ensure you can keep the lights on should you be sued.
If a customer is walking between the aisles of your store before slipping and injuring their back, your general liability insurance is going to be what kicks in to protect you after they sue you for damages. Similarly, if one of your products is defective and harms the user, general liability insurance will guarantee that your business doesn’t have to close its doors while reworking its entire manufacturing and logistics process.
5. Ensure you’re not violating trademarks
Trademark and copyright violations aren’t something that can or should be shrugged off, so every budding entrepreneur should take time to ensure that the name they’ve chosen for their business isn't already trademarked. If you launch a new company and begin advertising your operations without checking if your name is already taken, you could receive a cease and desist form or even a subpoena in the mail.
Formally register your name with the U.S. Patent and Trademark Office if you want to sleep soundly at night, convinced that your business’ name is yours and yours alone.
6. Don’t forget about taxes
Now that you’ve clarified that your name is permitted and you’ve purchased expensive insurance, it seems only natural that you should get down to business.
Before you can open your doors, however, you need to address the issue of how you’ll be paying federal taxes. Unless you want the IRS knocking on your door, you’ll need to apply for an Employer Identification Number online via a holding company, which will allow the U.S. government to differentiate between your business and others when collecting what it’s owed.
Take some time to browse the EIN page on the IRS website if you’ve not taken care of this already.
7. Check if your industry needs licensing
These days, there are few generic businesses left, as specialization is the key to success in the modern economy.
Certain industries require you to attain a license before opening your doors, however, so don’t think you can leap straight into a specialized area without doing your homework beforehand.
Check out a list of professions that require licensing across the United States and ensure that your documents are up to date if you want to avoid legal trouble.
Medical professionals, legal experts and other professionals in important industries should take special precautions when checking their licensing requirements. Malpractice lawsuits can be ludicrously expensive, so don't skip this step.
8. Hire a good lawyer
Finally, every business needs a good lawyer to call upon when things inevitably go wrong. In this day and age, it’s only a matter of time until you're dealing with a lawsuit, and when the subpoenas arrive you’re going to want solid legal expertise to rely on. Thoroughly vet the lawyers in your area and don’t be afraid to ask them why they’re the best choice for your business.
Always remember that lawyers who can’t answer your questions in a satisfactory manner won’t be capable of seriously defending your business. Invest plenty of time, energy and money in finding the right legal experts to help protect your business, and your new company will be up and running in no time.
source: entrepreneur
Middle East and Africa firms to spend $30bn on digital transformation this year
29 Feb 2020 Written by Admin AdminExperts caution that the region is facing a talent shortage, which could delay the process of digital transformation.
Organisations in the Middle East and Africa are expected to spend $30 billion (Dh110.1bn) on digital transformation this year, driven largely by industries such as banking and energy.
“Total IT [information technology] spend in the MEA will be $90bn in 2020 and one-third of this will directly go towards digital transformation initiatives,” Jyoti Lalchandani, group vice-president and managing director for MEA and Turkey at International Data Corporation, told The National.
The Massachusetts-based research company is expecting significant growth in technology investment in the coming years and projected that spending will grow at a compound annual rate of 18 per cent in the region over the next four years.
With more number of industries, such as banking and energy, leveraging new technologies to transform their operations, “there would be a significant rise in digital transformation spending” said Mr Lalchandani.
The banking and finance industry will spend $13.23bn on technology this year but IDC forecasts this figure will reach $15.4bn by 2023, growing at a compound rate of 4.7 per cent.
Resource industries - including oil and gas mining - will spend $5.33bn on technology this year. This is predicted to grow to $5.79bn over the next three years.
Dubai Internet City, one of the investment zones in the emirates, foresees lack of good talent as a hindrance in the ongoing digital transformation drive.
“Our government is pushing digital transformation in a big way and positive results are before everyone… Dubai Internet City is also playing a crucial role in attracting new talent and technologies,” said Ammar Al Malik, managing director of DIC.
But we still need to do more and the industry is facing a talent shortage,” said Mr Malik.
Currently, more than 25,000 people are working at DIC and the authorities expect this number to reach 40,000 in the next six to seven years.
Korn Ferry, a Los Angeles-based management consulting firm, predicted that there will be a global tech talent shortage of more than 85 million people, which is roughly equivalent to the population of Germany, over the next ten years.
This could result in $8.5tn in unrealised revenues, it added.
A talent shortage will impact the region in two ways, said Mr Lalchandani.
“It will slow down the investment and force the companies to automate more.
I won’t say that with automation there will be job cuts … rather, it will lead to job rationalisation as new kinds of jobs will be created and companies will be required to upskill their current staff,” he said.
Technology firms agree there is a skills gap in the region that is pushing back the speed of digitisation.
“Our regional customers face a lot of skill shortage … especially in the fields of performance-oriented jobs that involve quick trouble-shooting, analysing huge data and predicting future trends,” Charbel Khneisser, Europe, Middle East and Africa director at Riverbed Technology, said.
“This is slowing the pace of digital transformation efforts,” he added.
California-headquartered Riverbed has more than 1,000 clients in the Middle East, with Saudi Arabia and the UAE – the Gulf’s largest economies – its biggest markets.
“To minimise the impact of talent shortage on the companies’ bottom line, we provide them monitoring tools or software to perform various tasks,” added Mr Khneisser.
source: thenational
Abdallah Chatila, a successful Genevan entrepreneur originating from the country of Cedars
26 Feb 2020 Written by Admin SAE|
Born in 1974 in Beirut, Abdallah Chatila fled the civil war with his family at the age of 2 years old. After living in Italy and France, the family moved to Switzerland in 1988. A graduate in gemology, Abdallah Chatila joined the family business of fine jewelry in Geneva in 1995. In 2006, he published "The Diamond Niche", which has become a reference in this field. Two years later he created the first diamond investment fund. In 2006, he began working as a property developer and quickly became a key player in the canton of Geneva. He is now president and sole shareholder of m3 Real Estate, a management company created in 1950, which he helped position as a "private real estate banker". It thus makes investments in the residential and commercial real estate, catering and more recently, the hotel industry. With the company Rachaya Holding which he founded in 2007, Abdallah Chatila diversified his activities: diamond industry, contemporary art, health, insurance or new technologies, and has even entered into the Chinese caviar trade. Gemologist, entrepreneur, investor but also philanthropist, Abdallah Chatila created in 2011 the Sesam foundation. It thus supports educational and socio-cultural projects, mainly in Geneva but also in Lebanon. With a wealth estimated in 2018 by Bilan magazine at more than 200 million CHF, Abdallah Chatila is among the 300 richest in Switzerland. |
On a rare sunny day during Geneva's winter, we met Abdallah Chatila at the headquarters of his real estate group, m3 Real Estate, whose premises reveal his passion for art. Successful entrepreneur and jack of all trades, he welcomes us as a simple man, dressed in jeans and a T-Shirt decorated with a smiley.
Swiss-Arab Entrepreneurs: How did you become a "serial entrepreneur"?
Abdallah Chatila: I learned the commercial spirit from my father, but he was very conservative and careful, while I am careful but not conservative. You have to know how to seize opportunities when they arise. I wanted to do a lot of things, and when I started making money with real estate, it got me started on all kinds of projects. I was lucky to be successful! These are sequences of circumstances. It all depends on the opportunity and the people around you. My strength is that I am not afraid of losing. I do a lot of things hoping to do them well. But I am realistic and I accept both loss and gain. When we have multiple projects we can more easily imagine failing and we take more risk.
SAE: Based on your experience, what advice would you give to other entrepreneurs? According to the literature, 80% of entrepreneurial success is based on psychology and the mindset and 20% on strategy. What do you think?
AC: Yes of course, everything is mental and a matter of perception. To hesitate is normal, I hesitate too. But at some point, you have to decide whether to go ahead or not. The problem with people who are too hesitant is that they end up doing nothing at all. You have to study your file, do a market study, make comparisons, but then you have to make a decision. I make my decision quickly. You have to believe in what you do and do what you believe in.
In business, it is essential to know how to lose in order to win. I experienced failure. But only once, with the bankruptcy of the company I made with my brother, a new watch brand. At 24-25, we were too young and inexperienced for such a complicated enterprise and such a heavy task.
Sharing your experience is important to motivate others. I coach people every day. In jewelry, I understood the importance of knowing how to manage information flows. My philosophy: to attach to people rather than things.
SAE: Entrepreneurship is gaining importance in the USA, Europe and elsewhere. How do you see the entrepreneurial world of tomorrow?
AC: If entrepreneurship has always existed, it is much easier today to have ideas. The Internet and social media play an important role and generate many new ideas. They allow you to be inspired by what others do and make people want to do business. But to be an entrepreneur, you also need to have money and therefore be able to borrow from banks or find investors. To find investors, you have to enter insider circles. As for the banks, they must be open and ready to support entrepreneurs.
This is the case in France where state aid is also available. Entrepreneurship therefore has a cultural effect but also a political effect. In Switzerland, it is very difficult to borrow from banks for entrepreneurial projects and there are not many state support programs. The Ecole Polytechnique de Lausanne (EPFL) is a good example. Supported initially by the cantonal state, it has set up a business incubation structure, offers grants and meetings with investors.
SAE: How do you view the Arab world and its needs in the fields of economics and entrepreneurship?
AC: The problem in the Arab world is that people are caught between the traditional world and the modern world. Religion is taking up more and more importance, the economy is blocked and political instability is dominant. All this makes foreign investment difficult. Political instability is a major risk for investors. Even Arab countries with natural resources find it difficult to attract them.
The region is also experiencing a flight of people and capital. I myself am a child of a family who had to leave his country like many others in the Arab world. The people who live in Europe and Switzerland are used to a well-defined and structured economic and legal system. Despite their patriotism, people are selfish and will not invest their money in an unstable country just because it is where they come from. Transfers from Arab Diasporas are generally intended for the consumption needs of their families and not for investment. An investor with a choice will look to other countries.
Certainly, there are investments in the Arab world. But they are limited to certain sectors such as tourism or energy, whereas the investment needs are enormous. Entrepreneurship cannot thrive without an appropriate policy framework and a supportive ecosystem. Internal policies need to help attract investment. And the issue of political instability should absolutely be addressed to create a stable and attractive environment, which is essential for any investor.
SAE: The 4th industrial revolution and digital economy are underway. At the same time, some economists predict an economic crisis within one to two years. How do you prepare for it?
AC: We believe in digital and we invest a lot in it. This is the big change to expect for the next 5-10 years. In the digital hotel era, online platforms are obviously competitors, but that doesn't scare us. However, we have no concerns for our real estate sector: our clients are people who want to live in their apartment or work in their office.
Economic indices cannot go up constantly. Fluctuations are common. The current economic and political instability is causing uncertainty and causing markets to fall. But what happened in 2008 and what is happening now are two completely different things. A crisis is possible but in the form of a market correction of a past period of excessively good economic indices, and not the explosion of a bubble. Experience over the past ten years has shown that after the fall, everything started to go up. The stock markets have doubled, everything has doubled and it is therefore normal for a correction to occur at some point. Either way, today's cycles are short - one or two years - and the economies will recover quickly. Central banks also have the means to offset the crisis. We are also fortunate to live in Switzerland, a place that many consider a refuge country. As we saw in 2008, real estate business was difficult for a year but it quickly recovered.
فيس بوك، علي بابا، أوبر وغيرها الكثير من الشركات الريادية الناجحة، التي بدأت بفكرة، لتتحول فيما بعد لشركات هي الأكبر من نوعها في عالمنا اليوم. عادةً ما توصف تلك الشركات الريادية التي حققت نجاحات على نطاق واسع، بأنها ثمرة أفكار مبتكرة وخلاقة ولم يسبق لأحد على الإطلاق أن قام بعمل مشابه لها، لكن هل حقاً هي كذلك؟
في الحقيقة إذا قمت بالبحث عن تاريخ تأسيس معظم الشركات الريادية الناجحة ستجد أن الكثير من مؤسسيها لاحقتهم دعاوى قضائية بتهم "سرقة فكرة المشروع" أو أن شركات أخرى كانت بالفعل تقوم بنشاط مشابه، وفي بعض الأحيان يكاد يكون مطابق للنشاط الذي تقوم به الشركة. ففيس بوك مثلاً لم يكن أول وسيلة تواصل اجتماعي في العالم بل أن أول منصة التواصل الاجتماعي كانت منصة six degree الأمريكية والتي بدأت نشاطها في عام 1997، أي قبل خمسة سنوات من انطلاق فيس بوك (2003) ليس هذا فقط بل أن فكرة منصة six degree لم تكن في الحقيقة تختلف كثيراً عن الفكرة التي انطلقت منها فيس بوك، فهي كانت تعتمد على مستخدمين يقومون برفع ملفاتهم التعريفية على المنصة التي تمكنهم من التواصل مع المستخدمين الآخرين المشتركين في المنصة التي وصل عدد مستخدميها في الولايات المتحدة لأكثر من ثلاثة مليون ونصف مستخدم وذلك في عام 1999، وهو العام الذي بيعت فيه الشركة بقيمة 125 مليون دولار أمريكي، لكن الشركة لم تستمر طويلاً حيث أعلنت عن توقف خدماتها في عام 2001، أي قبل عامين من انطلاق منصة فيس بوك التي حققت نمواً مطرداً في السنوات اللاحقة لينتقل نشاطها منذ العام 2008 إلى معظم دول العالم ولتصبح خلال أقل من عقد منصة التواصل الاجتماعي الأكثر شعبية في العالم بعدد مستخدمين يفوق ال2 مليار و700 ألف مستخدماً حسب أخر الإحصاءات وبقيمة سوقية وصلت بحلول عام 2020 لأكثر من نصف مليار دولار أميركي.
لا تعتبر حالة فيس بوك مجرد استثناء عن باقي الشركات الريادية الأكثر نجاحاً، فشركة أوبر أيضا والتي تعتبر أكبر شركة لخدمة سيارات الأجرة في العالم، لم يكن مؤسسها " ترافيس كالانيك" أول من فكر باستخدام السيارات الخاصة كبديل عن خدمات سيارات الأجرة العمومية، بل كان قد سبقه إلى ذلك شركة SideCar بسنة على أقل تقدير، فشركة أوبر قامت على فكرة الحصول على تجربة ركوب سيارة لموزين يقودها سائق خاص، وهي خدمة كانت تقدمها شركات خاصة بتأجير سائقي سيارات الليموزين، وما قدمتها شركة أوبر هو تفعيل هذه الخدمة عبر تطبيق على الهواتف الذكية الأمر الذي جعل من استخدام الخدمة أكثر سهولة بالإضافة إلى انخفاض تكلفتها مقارنةً بشركات تأجير سيارات الليموزين التقليدية، وفي الوقت الذي كانت فيه شركة أوبر مشغولة بتوسيع نشاطها في الولايات المتحدة الأمريكية، كانت شركة SideCar تقدم تطبيق مخصص لأي شخص يريد أن يقوم باستخدام سيارته الخاصة كسيارة أجرة، أي أن الهدف الأساسي من الخدمة هو الحصول على خدمة توصيل بطريقة أكثر سرعة وسهولة من استخدام سيارات الأجرة العمومية، ما حدث لاحقاً أن صاحب شركة أوبر " ترافيس كالانيك" أعجب بفكرة SideCar واعتقد بأنها فكرة سوف تحقق نجاحاً كبيراً فيما لو استثمر فيها، وهو ما حدث فعلاً حيث اكتسحت خدمة أوبر الجديدة سوق خدمات سيارات الأجرة وتوسعت أعمالها خارج الولايات المتحدة لتشمل كندا وأوروبا وأستراليا وفي الأعوام القليلة الماضية امتدت لتشمل دول الخليج العربي ومصر والعديد من الدول الأخرى حول العالم، بالمقابل فإن شركة SideCar قد توقفت عن تقديم خدماتها في عام 2015 بعد أن أنهكتها المنافسة مع شركة أوبر.
وهنا يطرح سؤال لماذا تنجح شركات وتفشل أخرى، حتى لو كانت الشركات الناجحة ليست صاحبة الفكرة الأساسية؟ في الحقيقية تتعدد الإجابات بحسب كل حالة، ففي حالة شركة أوبر خلص مسح رسمي قامت به حكومة ولاية "ماهاراشترا" الهندية بأن 80% من المستخدمين الذين يفضلون أوبر عن باقي شركات خدمات سيارات الأجرة يرجعون السبب لسهولة عملية الحجز على تطبيق أوبر مقارنةً بباقي خدمات سيارات الأجرة الأخرى، أما في حالة فيس بوك فالأمر يبدو أكثر تعقيداً، لكن العديد من المختصين يرجحون السبب في قدرة منصة فيس بوك على جمع العديد من الخيارات والميزات والخدمات في منصة واحدة وذلك بخلاف باقي منصات التواصل الاجتماعي.
غالباً ما تتركز الأسباب في فشل الشركات الأولى صاحبة الفكرة في أمرين: أولاً عدم نضج الفكرة لعدم فهم متطلبات السوق الفعلية، والتسرع في تقديم الخدمة أو المنتج، الأمر الذي يجعل من أي رائد أعمال أخرى أن يقتنص الفرصة لتقديم نفس الخدمة أو المنتج لكن بصورة أفضل تلائم السوق ومتطلبات المستخدمين، أما السبب الثاني فيتعلق بعدم وجود استراتيجية ناجحة لمواجهة المنافسين والتطوير المستمر في الخدمة أو المنتج، وتعتبر كل من شركة يا "Yahoo" التي انتهت لصالح شركة جوجل، ونوكيا التي تقلصت حصتها السوقية لصالح شركات أخرى كسامسونغ وآبل وغيرها، نموذجاً عن الفشل في وضع استراتيجية ناجحة لتطوير المنتج والمحافظة على الحصة السوقية وتوسيعها.
في الختام لا يهم إذا كنت أول من نفذ الفكرة بل المهم أن تكون الأفضل فيها، فالقول بأنك أول من فعل شيئاً ما هو إلا مضيعة للوقت. إذا قمت بذلك بشكل صحيح، فسيعلم الناس أنك كنت أول من قدمها لهم.
International Compliance Association partners with the European Business Association to offer qualifications in Ukraine
02 Feb 2020 Written by Admin SAEInternational Compliance Association (ICA), the leading professional body for the global regulatory and financial crime compliance community, announces it has partnered with the European Business Association (EBA) to offer its qualifications to compliance and business professionals from all backgrounds and sectors in Ukraine.
ICA will be offering its certificates in anti-bribery and corruption, regulatory and business compliance, customer due diligence and diploma in governance, risk and compliance in partnership with EBA. The partnership is in line with both associations’ ongoing missions to help organisations conduct business in the right way and grow through the adoption of internationally recognised best practice. This new initiative also aims to empower and enable the business community in Ukraine to upskill its employees and safeguard its business from criminal, financial and reputational risk.
The global economy loses $3.6 trillion to corruption each year, having a devastating impact on business and society. In Ukraine corruption is estimated at 2 percent of the country’s GDP, which equates to $2.6 billion, according to last year’s figures. This figure is even higher when lost investment, tax payments, and other revenue-raising opportunities are considered.
ICA has a long history of providing international certifications that combine global best practice with regional insight and delivering training and education in an engaging and accessible way. The focus is always on real-world application of knowledge so that individuals can perform better in their roles.
Helen Langton, CEO, ICA, commented: “I am excited about the opportunity to bring the breadth and depth of ICA’s international experience to Ukraine and work closely with EBA to provide best-in-class training and qualifications to their members. ICA qualifications are designed to equip today’s regulatory and financial crime compliance professionals with the skills they need to manage and mitigate risk in all its forms which in turn contributes to business growth and helps drive Ukraine’s economy forward.”
Anna Derevyanko, Executive Director, EBA, added: “The Association unites more than 1,100 businesses. Every day we work together with international partners, Ukrainian state officials and institutions to create a stable and reliable business climate in the country and strive to reach new goals to make the voice of modern business in the country stronger. We have a wonderful and professional team – in Kyiv, Lviv, Odesa, Dnipro and Kharkiv – to give our members the highest level of advocacy, besides, developing educational programs and CSR projects, where big businesses share their experience with small ones. But there is always a room for change and qualitative transformations and this joint qualification is our next ambitious goal to help drive Ukrainian business forward.”
– Ends –
About the European Business Association
The European Business Association (EBA) was established in 1999 with the support of the European Commission, and acts as a platform in which members can discuss and find solutions to common problems affecting business in Ukraine. The EBA members come from 59 countries and 97 sectors of activity and together create about 2 million jobs. Today the Association is not about only large companies, but also represents medium-sized businesses. Every year, the business community brings around 400 problems or initiatives to the government and more than 60 percent of those problems are successfully resolved.
For more information visit: https://eba.com.ua/en/
For any media inquiries or interview requests, contact:
Oksana Myronko
Head of Communications
European Business Association
T.: +38 063 63 86 871
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
About the International Compliance Association
The International Compliance Association (ICA) is the leading professional body for the global regulatory and financial crime compliance community. It has enhanced the knowledge, skills and behaviour of over 142,000 professionals in 153 countries either through their internationally recognised portfolio of professional qualifications (awarded in association with Alliance Manchester Business School, the University of Manchester) or through accredited in-company training.
For more information visit: www.int-comp.org
For any media inquiries or interview requests, contact:
Slavka Atanasova
Content Marketing Manager
International Compliance Association
T: + 44 (0)121 362 7747 (2306)
M: +44 7561 525126
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
Business ideas for Women Entrepreneurs in Dubai to start their own Business in 2020
30 Jan 2020 Written by Admin AdminFor more than a decade, business in Dubai is flourishing and expanding by leaps and bounds. Dubai has rapidly achieved its position as the global city that is the first choice of entrepreneurs for launching their dream business.
But more than a few people -especially of the Western hemisphere can not help but wonder about the fate of women in the country.
As the UAE is a country that predominately is of Arabic ethnicity and thus is Muslim. That makes them believe that Arab women are not allowed to work or do any forms of business because Islam prohibits it.
Well, the preconceived notions of the world are not all TRUE!
What they do not know is Islam was the first religion that gave rights to the Muslim women, not only that it also empowered women to do as they please. A woman in the UAE is free to do any business that she wishes to do so long as it is within legal bounds.
That is the only restriction. Otherwise, women entrepreneurs are more than welcome to turn their business idea into a reality and turn it into a profitable business venture.
In fact, women are key to the economic future of the UAE.
As a woman who is setting up a business in Dubai, the business specialists recommend that you should not invest in a business that requires significant capital investment or a lot of heavy-lifting to make it a success. Instead, you should spend your precious time and money on small but profitable business ideas so that you can divide your attention equally between your family and work.
Best Small but Profitable Business Ideas For Women Entrepreneurs in 2020:
If you are a woman entrepreneur, wanting to start a business in Dubai, then here are ten business ideas just for you:
Boutique:
Even though there are multiple boutiques in Dubai to the point that the market is saturated. Still, there is always a need and demand for pretty, unique and trendy clothes at an affordable price.
Furthermore, as Dubai is the commercial capital of the world, consumers are increasing day by day. Hence, if you have a passion for fashion, you will quickly be able to find a niche for yourself in a short time. And start making a profit.
With a sound understanding of the latest fashion trends and a reliable supply, you can easily start a business in Dubai.
The boutique business can also be done online all you need for that is an E-commerce license and you are all set.
Alteration and Fitting:
An alteration and fitting business is a simple but profitable business idea. That can be operated from your home. All you need is a sewing machine, and the skill to work it. This business is fit for women entrepreneurs or “mompreneurs” as they are lovingly dubbed.
With the smallest capital investment, the alteration business setup can be initiated. You can do this business on the side so that your focus and attention can remain on your children, and still, you will be able to turn in a handsome profit.
Renting Out Costumes and Formal Clothes:
Costume rentals and Formal clothes are two separate business ideas but are of similar nature that’s why they are paired here.
Renting out costumes is a well-received business in Dubai. As various schools, nurseries, kindergartens, theatre and ballet companies require costumes for their performances and it is cheaper for them to rent the outfits for an evening instead of buying them.
Similarly, Formal wear rentals are in-vogue right now as people prefer to rent the evening wear rather than buying them as it saves them a lot of money.
This business idea can also be started at home i.e a working example of a home based business in Dubai with minimum investment. By providing steady and trustworthy service, you can establish yourself as your local school or your neighbour’s go-to supplier.
Interior Decor Store:
A good eye for art can be easily converted into a lucrative business opportunity. If you possess this quality, then you can start your own interior business in Dubai. To set yourself apart from your competitors, you can try to add in a little bit of a twist, i.e. infuse local art, culture and crafts into your natural flair for design and decoration.
As a woman in business, this is a fantastic opportunity as people will take your advice earnestly as most believe that women are the absolute authority when it comes to interior decorating! You can use this for your advantage.
Event Planning Agency:
If you enjoy planning family get-together or just like planning, then you may be looking at your next profitable business idea, i.e. an Event planning and management agency. Running the agency requires excellent organizational, managerial and planning skills that are imperative if you are seriously considering to start this business in Dubai.
As with every business, it is fundamental that you deliver a reliable ,on-time and dependable service to maintain the customers you have gained.
You should acquire a event management license to make your business legal.
Graduating from university in events management or a related major is a bonus, but it is not required.
Open A Wedding Consultancy:
Similar to an event management business, if you have exceptional planning skills and can handle the immense pressure of working on a tight schedule, then you can open a wedding consultancy.
Over the past decade, the need for wedding consultants has sky-rocketed.
Nowadays, people are too busy with juggling their personal and professional life that they have zero time to stress about the necessary details that come with wedding planning.
And with the dawn of social media, creating a perfect wedding filled with whimsy and fantasy has escalated. All of these reasons have created a need for professional wedding consultants. Women entrepreneurs can consider opting for this business idea to capitalize.
Open a Pet Store:
Another low-cost, high-reward business idea is opening a pet store. This pet store can sell food for dogs, cats , birds and fish. Also, it can have cute little accessories and knick-knacks as an added attraction.
Homemade Cookie Baking E-Service:
This e-service eliminates the need for renting a space exclusively for business purposes; this is especially marvellous for mom-entrepreneurs who are juggling child-rearing with their professional lives and are trying to support their families.
Designer Throw Pillows:
All you need to start this business is an eye for detail and a knack for creating unique designs. You can produce throw pillows by employing various distinctive ways, that will give each of your creations an exclusive look and will appeal to a particular niche of customers who are willing to pay an excessive amount to get their hands on them.
Customizable T-Shirts:
Recently, customizable T-shirts business has turned into a lucrative business opportunity, so as a woman entrepreneur, you should consider this business as your debut in Dubai business sphere.
All you need to start this business is: A digital printing machine and some plain t-shirts.
If you are a women entrepreneur who has a dynamic business idea, then Dubai is the place for you to launch your business.
In case of any queries hire business setup Consultants, they will guide you effectively.
source: kwsme
Unless you’ve been living under a rock, you are sure to have heard of artificial intelligence (AI) and machine learning (ML): it is the current buzzword, and every technology company worth its salt talks about how AI is going to transform everything.
The strange thing is that most business leaders, especially in consumer businesses, claim to be excited about AI, but they will be hard-pressed to give a tangible example of how AI has been used in their business, or what difference it has made to business performance.
So, is this all just hype, or is there some real impact that AI is going to have on businesses? If you think about your everyday life, it is almost certain that AI-based technologies are an integral part of your everyday experience.
See content and posts that you like on social media? Powered by AI algorithms.
Talk to your smartphone assistant to search for answers, or set a reminder? AI again. Order food on a food aggregator app, and chat with customer support? You’re likely talking to a machine for the first few minutes.
If you watched the latest Google I/O, you’d have seen the new Duplex AI, where it can have whole conversations with real humans, and do things like book appointments for you.
AI is slowly but surely transforming the way consumers experience the world by allowing for personalized and easy experiences.
The algorithms are able to gobble up the vast amounts of data created every second, and use it to predict and take decisions on what is most likely to be relevant and appeal to different people.
This is leading to consumers increasingly living in an “easyverse,” an easy universe of connected and seamless experiences.
What’s more, AI and ML gets better at its job as it learns from data and interactions.
For any business to survive, being able to be part of this easyverse, and provide consumers with the experience they have come to expect is critical. To be able to compete, deploying AI is going to be mission critical.
So, what are the areas where AI is likely to have maximal impact in the short-term? While there are several long-term bets being made, from self-driving cars to cyborg technology or robots as friends, here are a few of the tangible competitive advantages consumer businesses should be looking for immediately.
1. Quicker, better insights
Say a business wants to know why sales are down the previous week. The traditional way would have taken a team of analysts a few days to come up with answers, and the accuracy of these answers would be limited by what questions have been asked. With AI, tens of thousands of questions can be processed, and the impact of these factors on the business can be assessed in mere seconds.
It can throw up surprising insights on what action is likely to have most impact on the business. This can be an incredible advantage in a fast moving and evolving environment.
2. Personalized and connected experiences
AI can learn from your consumer’s behavior, and make predictions of what they may like.
This allows for the most relevant products and recommendations to be served up.
In various studies, it has been proven that personalization improves conversion by as much as 30%-50%. Think big marketplaces like Amazon, where each customer sees a different set of products and recommendations based on what is most relevant.
This is now easily possible on your brand website!
3. Better, 24x7 customer service
Deploying AI as chatbots and using natural language processing algorithms as call agents means that they can do a credible job of handling and resolving the vast majority of routine queries that typically hit customer service centers. This allows for quicker resolution, 24x7 service, lower cost and, of course, happier customers!
4. Automation, personalization of campaigns, and marketing ROI
Marketing is typically an area with a lot of spend and where it is difficult to keep track of return on investment (ROI).
As American marketer John Wanamaker famously said: “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” With AI tools, it is now possible to manage campaigns on an individual level, with each consumer being put on their personalized lifecycle, with messaging that is almost unique, tailored to their unique behavior and needs.
It is also possible to track thousands of signals across the marketing lifecycle, both in traditional and digital media to continually optimize the marketing mix and improve sales performance and marketing ROI. Indeed, the holy grail for any marketer!
5. New powerful streams of data from offline stores
The past decade has been a story of online marketplaces and e-commerce stealing consumers away from offline retail.
While convenience and easy experiences are an important factor, with the advent of omni-channel retail, offline retailers are able to hold their own and, in fact, have an edge in providing consumers with a great experience.
A big gap however, continues to be the amount of data available, and how it can be used to create personalized experiences, and to optimize the business. In the online world, you know who is visiting the mobile site or app, what they are looking at, how much time they are spending, and so on and so forth. This was typically information that was just not available offline.
Now with AI tools including computer vision and natural language processing, it is possible to anonymize and track visitors to store, generate style profiles, track trends, identify hot zones and in effect create an offline clickstream.
This data can have profound impact on the consumer experience and business results- with sales impact of upwards of 10%!
These are just a few of the key areas where every consumer business should be looking to deploy AI-powered solutions so as to be able to win with their consumers.
There are several reasons as to why, a lot of businesses are not able to make meaningful progress in driving digital transformation that delivers results, let alone deploying AI within the business; but that is a conversation for another time!
source: entrepreneur
