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August 1 2021 1:32 PM ˚

‘No.1 Mentor Worldwide’ shares secrets to success

Entrepreneurial coach and growth specialist, Fahed Qteishat. (Photo: Handout from Fahed Qteishat)
Entrepreneurial coach and growth specialist, Fahed Qteishat. (Photo: Handout from Fahed Qteishat)
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AMMAN – Entrepreneurial coach and growth specialist Fahed Qteishat estimated that “only 30% of enterprises succeed in Jordan and the Middle East.”
 اضافة اعلان
Yet, although investors often witness failures of ideas and enterprises, he said, they still choose to invest in innovators who show real potential and entrepreneurial qualities.
 
In an interview with Jordan News, Qteishat, dubbed in 2019 by Mowgli Mentoring as The Most Impactful Mentor, underlined what it takes to become a successful entrepreneuer in the Middle East and beyond.

‘Promising Pioneers: Dos & Don'ts’
Entrepreneurs are those who fill gaps with innovative ideas. But when risktakers fail to do their homework, they come up with “repetitive businesses that lack concrete added value,” said Qteishat — a habit that makes them fall prey to market glut and unexpected competitors.

Successful entrepreneurs must be the experts of their trade. In addition to building “at least a horizontal knowledge,” a startup founder must seek a team with diverse capabilities.

Similar to an investor, a startup initiator should better invest in the talents of the team.

“Finding qualified people who understand the value and needs of startups is one of the challenges entrepreneurs should prepare themselves for,” Qteishat said.

Successful pioneers should believe in their ideas but not obsessively, Qteishat said. Adaptability and flexibility are crucial qualities in business.

“Some pioneers feel attached to their ideas, which might lead to negligence of the changing needs of the market and might doom the business to failure,” he stated.

Qteishat recalled how Nokia was one of the leading companies in telecommunications but was too late to ride smartphone wave.

 “When founders are asked about growth, they immediately think of profit as the main indicator, but actually it’s a plus,” Qteishat said. Analyzing investors’ approaches, he found that many investors account for product development and production.

According to Qteishat, other measures of growth include “expanding to new products, countries, or partners.”

‘Mentoring versus coaching’
Qteishat stated that real originators are receptive listeners.

Among experts to seek out, Qteishat listed mentors and coaches, noting how people usually fail to differentiate between them. But the difference is simple: Coaching teaches technicial skills, while mentoring focuses on interpersonal skills.

“Even most successful people need a mentor in their lives,” stressed Qteishat. “A mentor is not there to dictate or tell them what to do, but rather to give different options, listen to emerging incidents, and provide tools to help the entrepreneur reach the best solution with satisfaction and conviction.”

On the other hand, a coach helps founders hit the investment phase, better manage overwhelming priorities, and create networks, according to Qteishat.

Qteishat said that a coach also may also set the KPI (Key Performance Indicator) required for a specific investment to help entrepreneurs anticipate success and avoid falling into an over-budgetting trap.

According to Qteishat, an “entrepreneur must be eager to learn and willing to accept advice from experts.”

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