Entrepreneurship Profiling and Innovation

Question: Discuss about the Entrepreneurship Profiling and Innovation. Answer: Introduction The recent turmoil in Middle East has left any country in the Middle East from facing an economic crunch. The youth in these countries especially economically developed geographies like Oman have looked towards reduction in their dependency for crude as a means of business. The entrepreneurs have ventured into tourism, logistics and telecommunications. Let us look at one such personality Qais Al Khonji and understand how entrepreneurs operate in Middle East. About Qais Al Khonji Qais Al Khonji, is a 35 year old entrepreneur from Oman. He has a background in banking and has also worked in his family business. Qais went ahead and established five operations. The first company that was launched failed and Qais has mentioned that he learnt a lot from the experience. This made him venture into a core investment analysis lab for the oil and gas domain and another trading company. In our discussion with him he tells us how a business can sustain in Oman and what are the dos and donts Innovation taken up by Khonji Khonji believed in the philosophy of two Ss as far as Omani market is concerned. He told us about the power of Small and Slow in the business market. Small reflects innovation and differentiation. Hence it should be a small idea but very well differentiated. In the context of slow it reflects the perseverance required to sustain and continue. He talks about the difficulty in getting the first order processed or converted into revenue. The costs are huge initially. The market timing and product timings are very important in the Omani context. Key Learnings from his personality We could easily see that Khonji has a dynamic risk taking personality. He broke away from the family business to set up his own enterprise. He also shows immense leadership quality when it comes to his most successful business in the spectrum of EOR enhanced oil recovery. When we talk about what are his suggestions for entrepreneurs in Oman he clearly suggests that making a start in the services sector is better since the quality of service can be improved leading to repeat customer base. Product establishments takes more time than required. This has made the entrepreneurs in Oman even more inclined towards achieving targets that are driven by differentiated solutions. Then there is a reference about the best combination for any entrepreneur is the culmination of technology skills with finance skillset. Then comes the patience and belief in ones idea this will help in guaranteeing success for any entrepreneur. Lastly he talks about the aspect of practicing rather than studying to learn. He says business is about experimentation and practice. Personal Entrepreneurial Competency Analysis The competency analysis was conducted for Khonji and as per our analysis we have the following results as depicted in the graph below: We can see that Khonji is higher on the aspects of risk taking and demand for quality and efficiency. This he already spoke about in the discussion with us. He is optimistic and likes challenges. He is extremely perseverant especially with respect to results and waits in case the results are negative. He is also committed to setting targets and perseverant in achieving them even when the results are ambiguous in the beginning. He is revenue oriented and looks at profits as a means for taking the company ahead. He is a true innovator as we can see from some of the businesses. We can also see that Khonji scores high on confidence and information orientation. This factor has made him a well-rounded personality even when failure is encountered. This is also related to the efforts made by the entrepreneur in achieving growth in financial business after initial hardships and failures. He has innovated even in the ailing Oil and Gas industry to come up with a profitable venture. The scores also show that Khonji is high on morality and values planning and hard work. Conclusion This profile tells us about the issues faced by entrepreneurs in Oman and what they must focus on. The other issues are related to drop in oil prices and its impact on the entire Middle East economy. Then comes the effect of innovation oriented businesses that will impact the global issues faced by the company. This has made the entrepreneurs in Oman even more inclined towards achieving targets that are driven by differentiated solutions (Chavali 2016). There are a number of learnings that we grasp from him but most importantly he talks about the aspect of practicing rather than studying to learn. He says business is about experimentation and practice. This is the critical aspect of the learnings of our meeting him. References Sidani, Y. M. (2016). Working Women in Arab Countries: A Case for Cautious Optimism. InHandbook on Well-Being of Working Women(pp. 689-701). Springer Netherlands. Al-Muharrami, S. (2015). Interest rate in Oman: is it fair?.Humanomics,31(3), 330-343. Chavali, K. (2016). Dynamics of Women Entrepreneurs in Sultanate of Oman-Opportunities and Obstacles.International Review of Management and Marketing,6(1).