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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