Entrepreneur Qatar, September 2014

Page 1

september 2014 Entrepreneur 1 Efficient enterprise execution Teaming up with the pros PRO-Partnership’s inside information on the advantages of doing business in Qatar Mentorship can change your life Apply perception, mindfulness and consciousness Second thoughts on venture capital It’s time to reevaluate funding “facts” John Mullins Six pillars of building your integrity Reputation is the foundation of business solvency “I left Google to become an entrepreneur” Maha Abouelenein Risk, reward and servicing your passions Five steps to start pitching like a pro Batter up Take part in the GCC’s building boom Property pundits Real estate ‘treps [The How-To] SEPTEMBER 2014 | ENTREPRENEURMIDDLEEAST.COM | QAR15 9 772312 595000 > HBKU is cultivating leadership for the 21st century Tomorrow’s leaders are formed today

Page 2

Entrepreneur september 2014 2

Page 3

september 2014 Entrepreneur 3 14 PRO-Partnership on the advantages of doing business in Qatar 30 Sony slims down portable data storage CONTENTS SEPTEMBER 2014 14 Innovators: Teaming up with the pros For efficient enterprise execution, get to know PRO-Partnership They’ve got the inside information on the advantages of doing business in Qatar, and how you can start your business there with minimal fuss. 20 Tomorrow’s leaders are formed today Cultivating leadership for the 21st century Evaluating the competitiveness of economies worldwide, knowledge is not merely the means toward abstract economic ends, but crucial for success in an increasingly global marketplace. 30 TECH: SHINY #TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado. Yes, it’s okay to want them all… and no, it’s not our fault. 31 ONLINE ‘TREP Virality personified Nicki Minaj is one heck of a self-promoter. She’s neck and neck with Miley Cyrus, and they both have a killer social media presence, but they come with an R rating. 86 THE FIX Your SME has its head in the clouds Cloud computing services are your new best friend, and getting served locally is better than internationally. We talk to du’s CCO to find out why. 66 Real estate entrepreneurs: The how-to

Page 4

Entrepreneur september 2014 4 CONTENTS SEPTEMBER 2014 CONTENTS SEPTEMBER 2014 12 EDITOR’S NOTE By Fida Z. Chaaban 34 ‘TREPONOMICS: ESQUIRE GUY The politics of asking for favors Ross McCammon tells you what the best way to go about asking for a little back scratching is, and how to avoid any unintended consequences. 36 SKILLSET From Messi to Mickey Entrepreneur Ali Haidary discusses the marriage between sports and entertainment, and what’s he’s gleaned on his upward climb. 40 ETHICS CSR, ethics and integrity in the Middle East enterprise space Bayt.com’s research indicates that laying the foundations for a sustainable future requires all this and more. See what VP Suhail Al-Masri has to say about the matter. 44 SKILLSET Stop procrastinating Olympian and author James Clear has a nifty trick for you to kick the procrastination habit, and it’s literally a two-minute exercise. Try it now and see what happens. 48 ASK A PRO Reputation is the foundation of business solvency Mark Sephton tackles the six pillars of building your integrity. Start by doing the smallest of small things right, and the rest is easy. 64 MARKETING PR-media relationships Doing a few things differently will help Youmna Chagoury help you get your clients the press coverage that they deserve. 36 Entrepreneur play by their own rules: From Messi to Mickey 64 The ties that bind: PR-media relationships

Page 5

september 2014 Entrepreneur 5 Distinguished Style Acquired

Page 6

Entrepreneur september 2014 6 29 CULTURE: LIFE Health and welfare pays for itself Investing in the wellness of your staff increases staff morale and productivity, and guess what? Emotional contagion rules dictates that good feelings spread in the office. 28 TRAVEL Eating on the fly Always on the move? Shoug Al Nafisi discusses nutrition for terminal- weary ‘treps, and gives you some easy to follow guidelines for travel meal-planning. 32 TRAPPINGS ‘Trep gear May Rostom helps you dress for success. For the corporate overachiever on your list (or even a little self-reward), get the new range by Porsche Design for her or Chanel’s new fragrance for him. 52 DESIGN Entrepreneur Marianna Boguslavsky talks about how finding the right help to re-interpret her company’s visual identity made all the difference. 80 START IT UP: WACKY IDEA I just wanna feel real love KSA social networking app Feelit wants to help you express yourself, and they’re gaining ground pretty quickly! 78 Q + A PayTabs is e-commerce for all Abdulaziz Aljouf enters the competition for MENA’s optimal online payment solution. 82 MONEY: VC VIEWPOINT Second thoughts on venture capital John Mullins, Associate Professor of Management Practice in Marketing and Entrepreneurship at London Business School, wants you to reconsider the established ideas about VC. 88 Q + A Grab the bull by the horns Qgrabs.com is Doha’s online deals platform, and these Qatar-based entrepreneurs believe in the customer coming first. 53 Apple is going on a fashion-recruitment spree 80 KSA social networking app Feelit wants to help you express yourself 82 John Mullins: Second thoughts on venture capital CONTENTS SEPTEMBER 2014 CONTENTS SEPTEMBER 2014

Page 7

september 2014 Entrepreneur 7

Page 8

Entrepreneur september 2014 8 SUBSCRIBE Contact subscriptions@bncpublishing.net to receive Entrepreneur Middle East every issue EDITOR IN CHIEF Fida Z. Chaaban editor@bncpublishing.net MANAGING DIRECTOR Walid Zok walid@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net DIRECTOR Wissam Younane wissam@bncpublishing.net SALES DIRECTOR Oliver Amos oliver@bncpublishing.net PUBLISHER Nehme Abouzeid CREATIVE LEAD Odette Kahwagi ONLINE LIAISON Kareem Chehayeb COLUMNIST Pamella de Leon WEB DIRECTOR Haydar Mtayrek Maha Abouelenein Scott Brueggeman Amal Chaaban Youmna Chagoury Kareem Chehayeb Tamara Clarke James Clear Catherine Clifford Brent Frei Ali Haidary Brenton Hayden Simon Hudson Ameena Hussain Maria Elena Kassab AJ Kumar M. Vasanth Kumar Pamella de Leon Nita Maru CONTRIBUTING WRITERS PO Box 502511 Dubai, United Arab Emirates P +971 4 4200 506 | F +971 4 4200 196 For all commercial enquiries related to Entrepreneur Middle East contact sales@bncpublishing.net All rights reserved © 2014. Opinions expressed are solely those of the contributors. Entrepreneur Middle East and all subsidiary publications in the MENA region are officially licensed exclusively to BNC Publishing in the MENA region by Entrepreneur. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher. www.entrepreneurmiddleeast.com WE’RE HEAVILY INVESTED IN OUR WEB PRESENCE In addition to our print edition, we’re bringing you all sorts of industry news on our web mediums. Joining us online means getting relevant business and startup content in real-time, so you’re hearing about the latest developments as soon as we do. We’re looking forward to interacting with our readers on all of our social media and web platforms- like any thriving business, we’re looking to give and take. #TrepTalkME is already happening on all of our digi platforms, and all good conversations go both ways. See you on the web! IS DIGITAL MIDDLE EAST Printed by Raidy Emirates Printing Group LLC www.raidy.com EntMagazineME @EntMagazineME | @Fida Entrepreneur-me EntrepreneurMiddleEast EntMagazineME EntMagazineME EntMagazineME In-house photography Mohammad Sajjad. Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock. Suhail Al-Masri Ross McCammon Shoug Al Nafisi Octavia Nasr Rani Nasr May Rostom Mark Sephton Juris Ulmanis Erika Widen

Page 9

september 2014 Entrepreneur 9 Store Lagoona Mall, Level 1 West Bay area, 44335511 bose@darwishholding.com Also available at Fifty One East Lagoona Mall, Al Maha Center, City Center Doha Virgin Megastore Villaggio & Landmark, 4436 1111

Page 10

Entrepreneur september 2014 10 FEEDBACK We’ve gotten tons of pictures via Twitter and Instagram, and here are a few of our favorites. If you see a copy of any edition of Entrepreneur MENA, tweet an image our way or tag us on Instagram. All of our reader images end up getting pinned to our Pinterest Show & Tell board. We’re happy to see our readers interact with us across all mediums- and we talk back! On ISSUU you can access all of our current and past issues complimentary, including Entrepreneur Al Arabiya, our edition for those of you that prefer Arabic-language publications. If you haven’t yet visited our ISSUU account, check out issuu.com/entmagazineme Business efficacy... in real-time It’s not social media if you don’t talk back Sharing economy? Yes, and it’s fully organic!

Page 11

september 2014 Entrepreneur 11 Hamad bin Khalifa University (HBKU), a member of Qatar Foundation for Education, Science and Community Development (QF), is an emerging research university, building its foundation upon innovative and unique collaborations with local and international partners. Located within Education City, HBKU seeks to provide unparalleled opportunities where inquiry and discovery are integral to teaching and learning at all levels, combining the riches of the Arab culture with international perspectives. It will deliver an array of research education Masters and Doctoral programs through its interdisciplinary graduate colleges. HBKU will also offer graduate research degree programs in affiliation with its partners which include branch campuses of some of the world’s leading universities: Virginia Commonwealth University, Weill Cornell Medical College, Texas A&M University, Carnegie Mellon University, Georgetown University, Northwestern University, HEC Paris, and University College London. It will build upon the strengths and synergies of its partners and proactively reach out to and welcome new partners worldwide to collaborate in research and teaching. HBKU is committed to its part in achieving Qatar National Vision 2030 by building and cultivating human capacity through an enriching academic experience that extends beyond the classroom. Students will be given a unique platform to enrich their education by integrating their curriculum with society through interdisciplinary research. By providing students with the best higher education opportunities possible, graduates will shape a better future for themselves and the world. an emerging research university www.hbku.edu.qa

Page 12

Entrepreneur september 2014 12 EDITOR’S NOTE D id your mind automatically see Clear and Present Danger? I did mean prescient, and I’ll get to the popular film title a bit later. It is a very necessary part of any budding enterprise that you at least try to predict future weaknesses and plan ahead. Yes, you’ve done so financially, and yes, you’ve probably laid out a staffing plan for when you decide to expand. But have you thought ahead in terms of reputa- tion management, digital penetra- tion or legal liabilities? These areas (and more) often go unnoticed by fresh entrepreneurs, only for an early misstep to come back and haunt them later. An integral part of being “ahead of the game” really means being ahead of the game. Things like belatedly building a website or putting off your brand’s foray into social media for another six months- these are ways to cre- ate more work for later, and that often means it will cost you more as well. The longer you delay to ad- dress a potential exploitable Achil- les Heel, the more intensive the reparative work becomes when that flaw finally surfaces. If you’re con- sidering this from an unexplored avenues perspective, it’s a clear cut case of opportunity cost. “If I had done this two years ago, we’d be much better off now.” Yes, indeed. We’ve been fortunate to have some amazing entrepreneurs opine in the MENA editions of this pub- lication. A few of them have dis- cussed preventative measures, and a few have mentioned an instance describing an early lack of foresight costing them a lot financially once they’d reached their goal state and realized what was missing. It’s pretty great to hear, especially since it can prevent scores of busi- nesspeople from overlooking those same details. I do actually put these measures to work- it’s not all talk. I’ve stressed on the importance of a clean digital footprint time and time again, and this is something I heavily monitor for my own personal social media accounts, the magazine’s, and even members of our board. I do try and “predict” things that could potentially act as a future liability, and I try to nip these things in the bud before they can take on a life of their own and cause havoc. If you have a hindsight-is-20/20 type story or you have ideas on be- ing market and industry-prescient, please do write to me. I’d love to share your ideas with the region’s entrepreneurs. As an aside, for those of you who processed my title as the blockbuster film title, it’s a sort of “Typoglycemia”- that’s an internet hybrid buzzword (not a clinical term) used to explain your brain making the necessary jumps to facilitate the understand- ing of language. Even editors need to have some fun. Clear and prescient danger The pervasiveness of prevention-themed advice is not a coincidence Fida Z. Chaaban Editor in Chief @fida editor@bncpublishing.net

Page 13

september 2014 Entrepreneur 13 UNIVERSITY CITY OF SHARJAH Scholarships available +971 6 5441155 admissions@skylineuniversity.ac.ae WITH MAJORS IN WITH EMPHASIS ON

Page 14

Entrepreneur september 2014 14 INNOVATORS PRO-Partnership on the advantages of doing business in Qatar Teaming up with the pros for efficient enterprise execution By Erika Widén

Page 15

september 2014 Entrepreneur 15

Page 16

Entrepreneur september 2014 16 INNOVATORS P RO-Partnership was established in Qatar in 2010 with the express intent of providing corporate partnerships to foreign investors who wish to start or expand their busi- ness in Doha. Jane Ashford, director of PRO-Partnership says that, “as one of the fast- est growing economies in the world and as a country striv- ing hard to realize economic diversification, it was very important for PRO-Partner- ship to offer opportunities to foreign investors. In this way, our clients can contribute towards the expansion of Qatar’s economic base and help to develop a strong private sector.” Ashford further underlines how PRO- Partnership supports the National Vision 2030. “With Qatar encouraging the use of investment in different sec- tors, PRO-Partnership assists foreign entities to establish in a range of industries’ such as real estate, education, finance and construction. PRO-Partnership is 100% Qatari owned, allowing us to become the local share- holder in a corporate capacity protecting the investments of foreign entities establishing a legal presence in Qatar.” Another reason to head to Doha? Qatar was also one of the world’s fastest growing economies during the global economic crisis. “From 2008 to 2012 real GDP growth was 12%, compared to China’s at 9%. Growth in Qatar is estimated at over 6% in 2014. In contrast, the IMF is forecasting world growth for 2014 at 3.6%,” says Ashford, citing the UK Trade & Investment (UKTI) 2014. Qatar’s economic growth is due to a number of different factors including the landing of the rights to host World Cup 2022; the implementa- tion of the National Vision 2030; the plans to build a metro system in Doha and a national and international rail network by 2016; and the rapid population growth. “Qatar has significant oil and gas reserves, estimated to be 60 and 160 year respec- tively. Energy production per head dwarfs the other Gulf countries. Most of Qatar’s major energy projects are now up and running and the government is using the rev- enue generated to diversify its economy,” adds Ashford. However, when it comes to establishing a business in Doha, the most common method available to foreign investors is to operate under a Limited Liability Company (LLC). According to Ashford the company must have one or more local Qatari partners possessing a minimum of 51% of the shareholding. “The main challenges facing foreign investors include [aspects like] sourcing the right local partner, obtaining a minimum share capital of QR200, 000 and overcom- ing the bureaucratic process which involves procuring a number of licenses and visas as part of the set-up. Certain sector groups will also be required to obtain special licences, for example if you are engineers you will be required to register the company with Urban Plan- ning, and obtain an engineer- ing licence.” In addition, one of the requirements for all LLCs is that they must have a registered office. “Finding the right size office space, in the right location, at the right price can also be chal- lenging. Engineering offices will be required to have a minimum size office of 200 square meters.” Ashford says that it’s imperative to speak to the right contacts who are aware of the system and how it works. “Businesses should get good legal advice, to en- sure that the business is set up correctly and in the best manner.” In the UAE, setting up a LLC, Branch Office or Trade Representative Office is very similar to Qatar, but Ashford points out some dif- ferences in the options avail- able to a foreign investor. For instance, the UAE offers the option of setting up within a free trade zone. Setting up as a free zone entity allows the investor to own the business 100% without the need of a local Sponsor or National Service Agent. There are numerous free zones in the UAE, and they are centred on business industry catego- ries. “The key restriction of a free zone entity is that it is principally permitted to conduct business solely within its relevant free zone and is limited to performing “PRO-Partnership is 100% Qatari owned and is able to act as the local 51% shareholder to many foreign companies eager to set up within the state of Qatar.” “We as the management team consider ourselves to be extremely lucky with our local PRO-Partnership shareholders in the UAE and Qatar. Without these amazing, influential partners we would not be able to run such a successful business.”

Page 17

september 2014 Entrepreneur 17 solely those activities speci- fied in its license. Unlike the UAE, the option of setting up within a free zone in Qatar is not readily available for foreign investors,” explains Ashford. Another key differ- ence is that in the UAE there is the option of setting up under a professional service license. Basically, profes- sional business is defined as “work based on investing mental talents and acquired information.” A Professional Licence/Civil Company is a business for professionals in recognized fields such as doctors, lawyers, engineers and accountants. A Civil Company can only practice professional business, and is 100% owned by profes- sional partners. “This option does not apply when starting a business in Qatar. Lastly, if you’re setting up an LLC in Qatar you’ll be required to deposit share capital of QR200,000- this is not a requirement in the UAE.” Billions of dollars are flood- ing into Qatar as a result of the World Cup 2022 and the country’s National Vision 2030- many projects will be implemented within the next five years. The main sectors that PRO-Partnership has witnessed a huge increase of interest to invest in Doha include construction and infrastructure companies, security and safety organiza- tions, and sporting and media companies. “Companies who undertake infrastructure- related projects are often strongly supported by the Qatari government,” adds Ashford. In fact, as Qatar possesses one of the largest natural gas reserves in the world, and this coupled with recent legal liberalization, economic diversification, and a burgeoning economy simply means that there are ample opportunities for invest- ment within many sectors. “Foreign investors can be reassured that Qatar not only offers economic stability but also a fast-growing and mod- ern economy. Individuals can benefit from high personal wealth.” Adding to how tiny the Emirate also offers a wide range of incentives to foreign investors such as attractive rental rates, exemptions on customs duties on imported machinery, equipment and spare parts for industrial projects, not to mention sub- sidized or nominal rates for gas, electricity and water. “In addition, the government may provide tax exemptions on corporate tax for pre- determined periods. Other personal benefits include tax free salaries, excellent medi- cal and educational facili- ties and personal residency support.” As previously mentioned, PRO-Partnership is 100% Qatari owned and is able to act as the local 51% shareholder to many foreign “The main challenges facing foreign investors include [aspects like] sourcing the right local partner, obtaining a minimum share capital of QR200, 000 and overcoming the bureaucratic process which involves procuring a number of licenses and visas as part of the set-up.” “From 2008 to 2012 real GDP growth was 12%, compared to China’s at 9%. Growth in Qatar is estimated at over 6% in 2014. In contrast, the IMF is forecasting world growth for 2014 at 3.6%” “Foreign investors can be reassured that Qatar not only offers economic stability but also a fast-growing and modern economy.”

Page 18

Entrepreneur september 2014 18 companies eager to set up within the state of Qatar. However, the management of the company is British with full power of attorney to manage the company on a day-to-day basis. “This business model has been reflected in our Abu Dhabi and Dubai offices, whereby PRO-Partnership is 100% Emirati owned also al- lowing us to become the 51% shareholder for foreign enti- ties in the UAE,” continues Ashford, “We as the manage- ment team consider ourselves to be extremely lucky with our local PRO-Partnership shareholders in the UAE and Qatar. Without these amazing, influential partners we would not be able to run such a successful business.” As a rule, QR200,000 is the requirement as a minimum share capital only in Qatar. In Abu Dhabi and Dubai it is not obligatory to deposit a share capital, unless if the estab- lishment is a Foreign Branch or Representative Office in the UAE, then AED50,000 must be deposited. “In Qatar, the funds must be depos- ited in a bank of the foreign investor’s choice, and can be removed once the company is established. It is therefore only necessary to retain the full amount of QR200,000 in the bank for period of around two weeks or less,” explains Ashford. Do newly established businesses in Qatar generate profit faster than in any other parts of the GCC? “It’s not easy to make a quick profit anywhere in the GCC, you have to work hard to establish the business, increase relationships within the community, and gain a good corporate reputation. However given time, with a strong market presence and growing client base, companies in the UAE and Qatar are rewarded with high profit margins.” Ashford says that among the main factors which prevent a quick profit are the rising and already- expensive rents within Doha for both business and private residence, the high level of bureaucracy, the set up costs for any organization first coming to the country, and that price rather than quality, is often the most important factor in the buying decision. In addition to how the market is not well-regulated, espe- cially regarding environmen- tal matters. There are also often delays in payment, and the Qatari Riyal is tied to the U.S. dollar. In other words, when the dollar exchange rate is strong, Qatar becomes an expensive market for some countries. Nonetheless, most of PRO-Partnership clients are already well-established companies seeking to expand globally. “We have, however, helped some small SMEs and startups. We are very proud to be able to help a wide range of companies and our start-ups are now run- ning professional, profitable businesses.” She further reiterates how they like to assist their clients wherever possible in both the startup process as well as in an ongo- “We have a number of companies from Australia, America, South Africa, as well as an increasing number from Far East Asia.” “The government may provide tax exemptions on corporate tax for pre-determined periods. Other personal benefits include tax free salaries, excellent medical and educational facilities and personal residency support.”

Page 19

september 2014 Entrepreneur 19 ing working relationship. “We can often help empower clients with information and trends in their specific industry as well as connect them with vital contacts for new business. We can also help to facilitate companies with their HR requirements. Obtaining visas for certain nationalities can often be a challenge.” Although PRO- Partnership is witnessing more companies from all different parts of the world, most of their clients are from Europe, other GCC countries, and South Asia. “We also have a number of companies from Australia, America, South Africa, as well as an increasing number from Far East Asia. English is widely spoken and is the main business language. This, therefore, encourages English speaking nations to set up business in Qatar.” Also, in order set up an organiza- tion in Qatar, the business is required to have a suitable office space prior to obtaining the trade license. “We have our own real estate team, PRO-Property, who offer our clients the best possible solution for their commercial property requirements. We are able to advise companies on the best option available to them depending on the size of the company, the com- pany budget as well as the timeframe in which they wish to set up and start trading.” Initially, many companies prefer to go into a fully- serviced business centre as they usually have a small team on the ground. Business centers offer a number of ser- vices that cater to startups in Qatar and the UAE, including administrative staff, meet- ing rooms and a dedicated P.O. Box number. “PRO-Prop- erty has the local knowledge on the availability of business centres in Qatar as well as which ones offer the best value for our clients’ needs. After full establishment, most companies move into bigger office space, assisted by our team of experts,” adds Ashford. In reference to the time frame prior to establish- ing a business in Qatar, it’s approximately less than six months. According to PRO- Partnership, the exact time is much dependent on the client and the time taken for their company’s documents to be notarized, attested, and legalized. In addition, it’s also dependent on the approval time for the articles of asso- ciation and other agreements. “From the very beginning, generally speaking it will take a company one to two months to receive their commercial registration and another two to three months to complete all of the processes including obtaining an office for their trade license approval and for the general manager to have his/her residency permit,” says Ashford. On a positive note, in the UAE, such as in Abu Dhabi, the time frame is reduced on an average to two months from start to finish. “PRO-Partnership has recently expanded into both Dubai and the UAE. We took the decision to move into the UAE market after some of our current clients in Qatar specifically requested the services of PRO-Partnership to assist them in starting up in the UAE. For many international companies, it is practical to have one local partner throughout the region,” and that one partner might as well be a pro. It certainly cuts through some of the red tape a lot quicker. INNOVATORS “Qatar has significant oil and gas reserves, estimated to be 60 and 160 year respectively. Energy production per head dwarfs the other Gulf countries.” “Companies who undertake infrastructure-related projects are often strongly supported by the Qatari government” • Depending on the type of business and the products or services they offer. The requirements differ between a Limited Liability Company (LLC), a Trade Representative Office and a Branch Office. • All three types of busi- ness need a commercial registration as well as an immigration card, and a suitable office space prior to obtaining a trade license. • Only an LLC will have articles of association and will be required to deposit a share capital of QR 200,000. • All foreign entities must have their foreign docu- ments notarized, attested and legalized, to enable it, to set up and start trading in Qatar. • Qatar has the highest Gross Domestic Product (GDP) per head in the world. It ranks 13th in the Global Competitiveness Index, the highest in the Gulf Cooperation Council (GCC) region. The Global Competitiveness Report 2013 – 2014 • Currently, business in Qatar is less competitive than the UAE and more money is being invested in certain industries. In addition, networks for new business may be more easily accessible in Qatar. • Although the UAE still of- fers a lot of opportunities, certain sector groups are more competitive and have a saturated market, making it more difficult for new foreign entities to get their foot in the door. What is required to start a business in Qatar? Advantages of investing in Qatar over the UAE Guidelines by PRO-Partnership PRO-Partnership makes the case

Page 20

Entrepreneur september 2014 20 K nowledge is, and will increasingly become, a catalyst for economic growth worldwide. Evalu- ating the competitiveness of economies worldwide, knowledge is not merely the means toward abstract economic ends, but crucial for success in an increasingly global market- place. Giving tomorrow’s leaders the entrepreneurial skills they need to succeed in business takes place long before they enter the workforce, and it’s vital that this learning experience should not be restricted to the classroom. Students need to be encouraged to engage in cross-disciplinary study, and they also need to gain practical experience away from their studies in a way that offers them the chance to apply what they’ve learned and to further develop their skills. Hamad bin Khalifa University (HBKU) is a testament to this transformation of thinking. An emerging graduate-level research university, HBKU uti- lizes its strategic partnerships to present students with collabora- tive education opportunities, developed from the specialties of its branch campus partners in Doha’s Education City. Com- mitted to Qatar National Vision 2030, HBKU, and the larger Education City community within which it is embedded, are meeting the educational needs of a wide variety of developing leaders. By cultivating a commu- nity wherein some of the world’s leading universities are housed, students of HBKU and its inter- national partner universities are able to seize the opportunity to learn in a uniquely collaborative and diverse environment. HBKU realizes the need to challenge and customize con- temporary education systems. Learning can no longer only refine the mind, but must serve to nourish the whole person, ne- cessitating learning both inside and outside of the classroom. Only then are students likely to attain the knowledge that allows them to envision and design their futures, and form the en- trepreneurial mindset that ena- bles them to identify prospects and mitigate challenges. Witnessing the emergence of knowledge driven-economies around the region and across the globe, HBKU is devoted to train- ing its students in critical and creative thinking, enabling them to understand and overcome issues facing current and future generations, while instilling a collaborative work ethic bol- stered by their unique leader- ship preparation programs. Fostering Personal Growth for Progress Partnering with Maersk Oil Qatar, Qatar University and Red Rock International, HBKU es- tablished the EBDA Leadership Program to address the growing need to foster leadership skills during university years. EBDA, a motivational Arabic word mean- ing “beginning”, serves to inspire critical thinking, and prepare university students in Qatar for assuming leadership roles. At the heart of EBDA is the belief that leadership requires familiarity with a wide range of conflicting perspectives and exposure to practical chal- lenges. HBKU is convinced that experiential learning succeeds in inspiring today’s students to go on to develop tomorrow’s high-impact projects. EBDA initiatives such as Leader- Shape (- a weeklong leadership program -), and the Maersk Oil & HBKU Desert Leadership Challenge ( - an entrepreneurial, hands-on competition), provide opportunities for participants to begin building this foundation of leadership fluency early in their university careers. EBDA Leadership Program participants will engage in a variety of rewarding initiatives. Among the latest opportunities for leadership development are We Are Leaders @ Kilimanjaro (WALK), a challenging climb for charity of Tanzania’s highest mountain, and Outward Bound Oman, an outdoor, confidence- building project designed to foster personal growth. EBDA also encompasses established initiatives, includ- ing CULTIVATE, a three-year series dedicated to leadership development; graduates of which are eligible for a certificate in leadership development. Ad- ditionally, Not Your Average Spring Break, an annual service- learning trip, exposes students to international experience and the social issues of international communities. Initiatives under the EBDA umbrella are targeted for students to develop crucial skills not taught in a univer- TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO Cultivating leadership for the 21st century HBKU: Educating for a Knowledge-Driven Economy By Ameena Hussain EBDA initiative CULTIVATE, a three-year series dedicated to leadership development

Page 21

september 2014 Entrepreneur 21 sity classroom that are vital for becoming a successful leader; characteristics that employers seek in graduates. Resiliency, self-reliance and confidence, time management and ability to identify and achieve long- term goals are further devel- oped throughout participation in these programs. The core outcome of the EBDA program is to create critical thinkers, effective communicators, and self-motivated individuals who are ready for entering the global workforce, and prepared to contribute to it. In addition to the extensive experiences offered by EBDA, a student steering committee of current HBKU and partner university students has the opportunity to organize these activities. This group is known as the Leadership Council, and in the future the group will ensure the EBDA programs allow student participants and planners to reach their utmost potential. Learning for the Real World Knowledge and capabilities, attained through leadership opportunities at HBKU, have al- ready empowered many students at Education City to impact and inspire their colleagues through a variety of organizational, educational, commercial and charitable endeavors to benefit communities worldwide. Among more than 260 former participants in HBKU leadership programs, Atul Menon is a rising Senior at Georgetown Univer- sity School of Foreign Service in Qatar and was one of three recipients worldwide of the Palmer Award, which recognizes change-agents for global im- provement. As part of the Qatar National Research Fund, Atul strives to develop a financial curriculum that leads migrant workers to heighten their under- standing of and ability in saving and investment. Maryam Bu-Sharam, who partook in Outward Bound Oman, and currently studies at Texas A&M University at Qatar, keenly noted: “I was able to realize there’s no limit to our capabilities and the only way for you to unlock your potential is by pushing yourself and not giving up.” Virginia Commonwealth University in Qatar student, Asma Hosna, has embraced and encouraged others to partake in these leadership development initiatives presented by HBKU, saying: “This amazing experi- ence and platform gave me space to grow as a leader. It helped me get out of my comfort zone and have a better understanding of community and importance of teamwork.” These individuals are not alone in exemplifying the benefits of HBKU’s EBDA program. When surveyed, 90% percent of those students involved in HBKU’s leadership initiatives in the academic year 2013-2014 stated they felt more confident not only in their ability to lead, but in their aptitude to take initiative and responsibility in group set- tings. More than 85% percent of student participants felt that they now better understand the interdisciplinary nature of lead- ership, and have a firmer grasp on understanding individual and cultural differences – in addition to an increased ability to recog- nize universal similarities. Students such as Maryam and Asma speak to the vitality of the kind of holistic learning HBKU understands is needed to create global leaders. Critical and crea- tive thinking, determined and steadfast commitment; pragmat- ic and practical engagement are pillars of continuous personal growth, successful careers and persistent progress. Preparing for Tomorrow The leaders of tomorrow will undoubtedly confront a world filled with complex and inter- connected global issues. While this can yield an abundance of opportunities, its complexity is likely to prompt challenges. As the world is dynamic, knowledge of it cannot remain static. Lead- ers, who ought to be insightful and skilled, must be trained both to think and to act anew. This is especially relevant in the Middle East, where one of the world’s most diverse popula- tions is in need of leaders who are able to work across differ- ences towards a greater shared mission. HBKU, inspired by the Qatar National Vision 2030, rendered the promotion of these values an utmost priority in its future entrepreneurs and rising leaders. HBKU will continue to enlarge the horizon of possibilities for all higher education students, in order that they may employ their knowledge, skills and imagination to contribute to improving global scenarios. As the dynamic structure of international affairs continues to change, individuals must recognize their own potential, and that of others, to provide leadership to sustain progress that developing and established nations across the globe neces- sitate. Tomorrow’s leaders are formed today. Maersk Oil & HBKU Desert Leadership Challenge Ameena Hussain is the Director of Student Life at Hamad bin Khal- ifa University. In her role, Ameena oversees student engagement programs and the operations of the Student Center. Prior to this, Ameena was the Assistant Director for Campus Life leading the programmatic efforts at the Student Center. Since joining the Education Division of Qatar Foundation in 2006, where she was one of the original members, Ameena has assumed a number of positions. She started as a Student Activities Officer and then became a Campus Life Coordinator. Before Qatar Foundation, Ameena’s roles included working in the Supreme Education Council as an English Department Coordinator and at Maersk Oil as a Senior HR Special- ist. Ameena is a graduate of Qatar University with a Bachelor’s degree in the English Language and holds a certificate in Human Resources from the Chartered Institute for Personnel Development of the UK. Currently, Ameena is pursuing her Doctoral degree in Education at the University of Southern California.

Page 22

Entrepreneur september 2014 22

Page 23

september 2014 Entrepreneur 23

Page 24

Entrepreneur september 2014 24 B aroness Sayeeda Hussain Warsi made headlines after resigning from the British government due to their policy on Israel’s latest assault on Gaza, Operation Defensive Edge. In her letter, the Baroness claimed that the British government led by Prime Minister David Cameron, took an approach that she describes as “morally indefensible” and lamented that the U.K.’s stance on Gaza would have “a long-term detrimental impact on our reputation internationally and domestically.” The former Con- servative Party minister, also the first Muslim to serve in cabinet, made her resignation publically known on Twitter, and even gave her followers access to read the official resignation letter that she’d sent to the Prime Minister. Prime Minister Cameron’s letter in response to Warsi’s was noth- ing out of the ordinary; he com- mended her for her government and Conservative Party achieve- ments, and reiterated his posi- tion on the conflict. With public opinion shifting significantly in Britain’s political mainstream on the Palestine-Israel conflict, will we see more politicians take a decisive stand? IN THE LOOP Sanctions imposed on the Russian Federation T he popular uprising in Ukraine that led to a change in government and Russia’s annexation of Crimea were the center of attention, but the unrest didn’t stop there. In response to Russia’s military intervention and support of pro-Russia separatists, both the U.S. and the European Union (EU) have implemented economic sanctions on the BRICS country. The sanctions included blacklist- ing Russian political and military officials, industry leaders, and pro-Russia Ukrainian officials and members of the annexed Republic of Crimea gov- ernment. Russia responded by blacklisting Ameri- can and Canadian politicians, notably John McCain, John Boehner, and Harry Reid. Chechnya, part of the Russian Federation, blacklisted U.S. President Barack Obama, President José Manuel Barroso of the European Commission, President Herman Van Rompuy of the European Council, and even Baron- ess Catherine Ashton, either to add further insult to injury or for sheer entertainment (public opinion suggests a bit of both). Sanctions are tightening up from both ends though; the EU’s new round of sanctions directly target state arms, energy, and financial sectors, and those on the initial blacklist are subject to travel bans and asset freezes in the West. In response, Russia banned many agricultural and food products from entry into the country. Has this response made an impact? So far, Germany’s exports to Russia fell by 15.5%. The next logical question is whether or not the sanctions will affect the Middle East? The UAE has reiterated develop- ing strong economic ties with Russia; Economy Minister H.E. Sultan bin Saeed al Monsoori claimed that sanctions won’t impact the relationship unless the UN decides to take action. And Qatar? As a Russian rival for the natural gas market, the Gulf nation might soon find the EU knocking on their doors in the near future. T hings aren’t looking good for South America’s “number three” economy, which has defaulted its debts for a second time in 13 years. Its previous default back in 2001 is considered to be the root of this current financial bind. Standard & Poor’s demoted Argen- tina’s foreign currency credit rating to “selective default” as Argentina struggles to pay back bondholders. How did Argentina get to defaulting for a second time since their last crisis? The country had a difficult time paying back the interest of the money they borrowed (approxi- mately US$132 billion), so they asked bondholders who could help them out by trading their bonds for cheaper ones. That didn’t go well, primarily because a group of hedge funds weren’t fond of this idea and took it to court, wanting Argentina to pay the original interest. The court ruled in their favor, though it took a good 13 months to do so, and the interest valued at $539 million was owed by June. With Argen- tina entering a recession this year, inflation as a result of the default is a cause of concern: it may end up deepening the dip even further. Drastic measures are needed by the beleaguered Argentinian govern- ment to sort this mess out the second time around. Argentina defaults again Baroness Warsi calls it quits over U.K. policy on Gaza Above: Viral tweet by Russian Deputy Prime Minister Dmitry Rogozin baroness warsi letter source twitter.com | Russian Deputy Prime Minister Dmitry rogozin twitter account source twitter.com

Page 25

september 2014 Entrepreneur 25 Ebola outbreak in West Africa sparks international scare ebola sign image source © Sergey Uryadnikov / shutterstock T he 2014 Ebola virus outbreak has been making headlines in the news as of late, and for good reason. While Ebola isn’t the most contagious virus out there, there is no confirmed cure and has a very high fatality rate- according to the World Health Organiza- tion (WHO), 25-90% of Ebola victims die, depending on the strain of the virus itself. The last Ebola outbreak took place in Zaire (present day Democratic Republic of Congo) in 1976, killing 280, which is about 88% of those infected. This outbreak started and is at its worst in Western Africa, notably Guinea, Liberia, and Sierra Leone. That being said, Nigeria has been on the receiving end of many cases in recent weeks. On August 22, 2014, WHO confirmed among the countries most impacted (Guinea, Sierra Leone, Liberia, and Nigeria), there have been a total of 2,615 cases and 1,427 deaths since the beginning of the outbreak, although not all are laboratory confirmed. So how did things escalate? While Libe- ria has dealt with the most casu- alties, the origin of the outbreak came from neighboring Guinea back in December 2013. After a team of local and international medical experts investigated the situation, they concluded that “Patient Zero” was a two year- old girl in Guinea who died after experiencing high fever, vomit- ing, and other symptoms of the virus. She most likely contracted the disease from an infected fruit bat- scientists consider it to be a natural reservoir for the virus. WHO said that while it’s possible that the virus could potentially be transmitted through animals like gorillas and pigs that have eaten fruit dropped by infected bats, thus far the only confirmed infections are fruit bats. The likelihood of coming into contact with a fruit bat is quite high in Guinea, given that several popular traditional dishes include bat meat. Since Nigeria doesn’t share a border with the other three countries, it’s speculated that crowded public spaces like air- ports seem to be the catalyst for the spread of viral diseases. Ni- geria’s first case wasn’t reported until late July, after an official from the Liberian Ministry of Finance flew to Lagos and died after his arrival. The Nigerian government responded by quar- antining the hospital and the doctors and nurses who were treating the official, but two of the health workers succumbed to the virus. The increasing number of cases and failure to contain the virus sparked international efforts to halt the spreading of the virus, espe- cially with various suspected cases taking place not only in bordering countries like Benin and Chad, but also Spain and India. The international effort in collaboration with various governments in Africa spanned everything from financial dona- tions and health workers from international organizations to local and regional taskforces. Something did backfire though. The influx of international health workers increases the spread of the Ebola virus. While preventative and cautionary measures were obviously taken, nothing is 100% guaranteed. In late August, WHO confirmed that over 120 health work- ers have died from Ebola out of a total of the reported 240 that contracted the disease. A particular incident that has made headlines is 29 year-old volunteer nurse William Pooley from the UK. After contract- ing the virus in Sierra Leone, Britain’s Royal Air Force (RAF) sent him back to London where he is currently being treated. As a result, the UK is taking a much more cautious and measured ap- proach to the potential (but very unlikely) spread of the Ebola virus there. Before a British Air- ways flight took off from London to Aberdeen, an ill 10 year-old Nigerian girl perpetuated a two-hour delay, as medics in chemical suits boarded the plane to examine her. The child was sent to the hospital, but was not infected with the Ebola virus. What about us in the Middle East? Should we worry? So far, governments in MENA have been active in handling potential Ebola threats. Mauritania in Northern Africa has banned the entry of citizens from countries that have been hit by the Ebola virus, as well as fortified health control and inspections by its borders along Mali and Senegal. Saudi Arabia’s government has also banned citizens from Li- beria, Guinea, and Sierra Leone from acquiring pilgrimage visas, in fear of the spread of the virus in the heavily populated holy sites of Mecca and Medina. A Saudi businessman who fell ill with symptoms similar to that of the Ebola virus passed away at a Jeddah hospital, although he tested negative. In August, UAE’s Emirates Airlines was the first carrier to suspend its flights to and from Guinea. Another UAE occurence is that of a Nige- rian woman transitioning flights at Abu Dhabi airport who passed away after feeling ill. Medics found signs of the Ebola virus, and treated her based on that possibility. Emirates officials soon reported that she was on her way to India for treatment of advanced metastatic cancer.

Page 26

Entrepreneur september 2014 26 E ight armed men at- tacked a convoy that be- longed to the Saudi Ara- bian embassy on its way to Le Bourget airport. Carrying AK- 47 rifles, the gunmen drove by in two separate vehicles and forced the driver of one of the cars to stop. They hijacked the vehicle with the driver and two other men inside. While they let all three go, they bagged US$330,000 and official embassy documents that were in the vehicle, ac- cording to Rocco Contento of the police union. Contento believes that the armed men were well-trained, and could have been “commandos from eastern Europe.” The hijacked vehicle was eventually found, but it was unoccupied. This isn’t the first time a Saudi official has been robbed in France. Just over a year ago in July 2013, armed robbers disguised as officers in mock- up police cars forced a Saudi official to pull over on his way to Le Bourget airport. After “inspecting” the car, they drove off with $30,000. So if France is a risk for Saudis (and ultimately GCC tourists), where to? London, of course. In fact, the office for national statistics (ONS), Britain’s national service for statistics, concluded that increased visits from tourists from Saudi Arabia and the UAE has skyrocketed between October 2012 and September 2013, with a total of 260,000 visits. We don’t expect the English to welcome tons of Middle East tourists next summer, since there is one slight prob- lem with designating London as a safe haven for tourists from the GCC. Three Emirati sisters were brutally attacked at London’s Cumberland Hotel on a Sunday morning earlier this year, and suffered serious injuries in addition to getting robbed. The sister with the most serious injuries suffered life-threatening head injuries and lost her left eye. The attacker stole $2000 worth of property and with- drew approximately $5000 using the victims’ ATM cards. A week later, a poll by the Al-Roeya newspaper in the UAE showed that 76.5% percent of Emirati citizens no longer consider Britain a travel destination. The same poll showed that they prefer Germany, Singapore, Malay- sia, and Switzerland- France didn’t appear at all on the list. GUNMEN ATTACK SAUDI ARABIAN ROYAL’S CONVOY IN FRANCE T he sixth Euromoney Kuwait Conference will take place this month on September 9th, 2014 at the JW Marriot. This year’s event will em- phasize on current develop- ments underway in the Gulf nation’s financial sector. This edition’s theme, “New Dynamics of Finance and Investment”, will see Kuwait Minister of Finance, H.E. Mr. Anas Al Saleh, and Gov- ernor of the Central Bank of Kuwait, H.E. Dr. Mohammed Al-Hashel opening up the event with keynote speech- es. With the region going through massive changes, it seems like an ideal time to have debates and strategic discussions about the chal- lenges and opportunities Kuwait’s financial sector faces in the future. An ex- pected attendance of about 350 people from an array of professional backgrounds, ranging from policymakers to finance professionals, promises that this year’s Eu- romoney Kuwait Conference will be a productive one. It will be interesting to see what road Kuwait’s banking and financial sectors decide to take, and whether other GCC nation states will fol- low suit. Kuwait looks to inspire further developments in its financial sector with the sixth annual euromoney kuwait conference IN THE LOOP Richard Banks, Director of Emerging Markets at Euromoney Conferences Entrepreneur september 2014 26

Page 27

september 2014 Entrepreneur 27 W hat a turnaround it has been for Iraq’s aviation sector. Over the past year, most of the talk on Iraq revolved around investing in aviation; the idea was to encourage more flights and to diversify carriers. Things have been thrown for a loop recently with ISIS, now simply known as the Islamic State (IS), and their expanded military operations. The barrage of strategized attacks allowed militants to take over Mosul, Iraq’s second largest city, and since the Iraqi military failed to contain them, the effort has been led by Kurdish Peshmerga forces based in Erbil. It could be back to square one for Iraq’s aviation industry since the international community is taking action. Many airlines are beginning to divert their flights from Iraqi airspace, and have suspended direct flights to Iraq. Early last month, the Federal Aviation Administration (FAA) banned American carriers from flying over Iraqi airspace soon after the U.S. government launched its first round of airstrikes on the IS. With major international American carriers like United Airlines increasing overnight direct flights to various major cities in the GCC, we‘ll be seeing less American carriers in Iraqi skies. The FAA has put a few exceptions in place; the pilot can get prior FAA permission to cross Iraqi airspace or can do so if the plane needs to do so in the event of an emergency. In late July, Dubai’s Emirates Airlines an- nounced that they will reroute flights to avoid flying over Iraqi airspace, clarifying that this decision was sparked by the rising security concerns in Iraq and the Malaysian Airlines Flight MH17 tragedy- the flight was shot down over Ukrainian airspace, killing all 298 passengers and crew. Abu Dhabi’s Etihad waited a little longer before decid- ing to reroute their flights, and other major carriers such as Qatar Airways, Air France, KLM, and Virgin Atlantic have followed suit. Lufthansa has done the same, which means that its subsidiaries will fall in line, so we’re talking Swiss, Lufthansa Cargo, and Austrian Airlines. Some airlines have also taken somewhat different and more targeted approaches. Most have flights to Erbil, which isn’t far off from where the clashes are tak- ing place. Lufthansa and Austrian Airlines have halted flights to Erbil, and so have Eti- had and Emirates, but both carriers are still offering flights to Basra and Baghdad. While Qatar Airways have done the same, they’ve temporarily halted their flights to Baghdad and Sulaymaniyah. Turkish Airlines is an interesting case; they’ve been sending many flights to Erbil from airports both in Istanbul and Antalya, after stopping their flights to Erbil in early August, they reconsidered their decision 24 hours later deciding to modify flight times instead. It all sounds bad, but apart from the lack of people flying into Iraq and spending money there, how is this negatively affecting the Iraqi aviation indus- try? Flying through international airspace requires paying overflight fees, even without landing or taking off in that space; Iraq could lose a source of funds that way. The current situation suggests that Iraq can benefit from planes needing to land in Iraq midflight due to an emergency, but that looks less and less likely as more carriers divert their routes to avoid conflict zones altogether. What are the alternatives? Some carriers are opting for Iran, including Australia’s Qantas. Emirates have followed suit, most notably with their London-Dubai flights. While Iran is still under U.S.-led sanctions, even American airlines can pay overflight fees, though some airlines such as Delta consider Iran a no-fly zone. With Western diplomatic relations improving with Iran, (and some sanction- relief), it might be the logical choice for more aircraft carriers. After all, if the flights are significantly rerouted, extra fuel costs trickle down into increases in passenger ticket costs. Iraq and Ukraine both take up relatively large fractions of their airspace corridors, it wouldn’t be surprising if lob- byists from the private aviation sector begin urging governments to focus on relieving any Iranian airspace restrictions for cost-effec- tive reroutes. IRAQI SECURITY CRISIS HANDICAPS AVIATION INDUSTRY Qatar Science and Technology Park (QTSP) hosts the 31st Interna- tional Association of Science Parks (IASP) World Conference this October. This year’s conference, staged in the Middle East for the first time, is star-studded and bound to be one of the best tech events of the year. The IASP 2014 Doha Organizing Committee has confirmed YouTube co-founder, Chad Hurley, as the opening ceremony guest speaker. Hurley is expected to be nothing short of sensational as he shares his experiences building one of the world’s most polarizing internet platforms. The event will take place from October 19-22 at the Qatar National Convention Center, held under the theme “Where Technology Goes to Work” as part of the Qatar National Vision 2030. Youtube co-founder Chad Hurley to speak at iasp Doha IMAGE SOURCE © QATAR AIRWAYS

Page 28

Entrepreneur september 2014 28 help you stick to the right choices. Knowing your need of greens for the day, you ask for a salad first (dressing on the side). Then, keeping in mind your choice of protein, aim to stick to that. Having your meal in mind before looking at the menu will definitely help fight temptation to stray. Empty the mini bar There is almost always a convenience store nearby where you can stock up on munchies. Ask the hotel to empty your mini bar, and use the now empty fridge to store your chosen foods. My travel favorite would be nutrient- rich yogurt- it curbs a craving, and keeps you on your game a little longer. Quick and easy snacks include high-fiber cereal with non-fat or low- fat milk, and unsalted nuts. Make it a habit to have them around, and let these healthy options be the first thing that come to mind when you start running low on energy. Whether you’re flying for business or pleasure, travel is stressful. Your body needs the right nutrients to win the fight to stay up and running. To master frequent flying, fuel-up well by maintaining your precious energy levels via staying hydrated, a nutri- tious diet, and restful sleep. See you in the air! Drink up Being literally “on the fly”, your body requires that you be in optimum shape to battle off stress-related blows. Fly- ing causes dehydration and results in water-retention. You don’t want heaviness and fatigue holding you back when you’ve made the effort to seal the deal abroad. Aim for the average two liters of water, and cut down on the usual suspects: coffee, tea, and alcohol. The in-betweens What you don’t want to do is get to the point of being hun- gry and settling for the first thing you find, whether on the plane, at the airport or a res- taurant. To keep your appetite in check, always have satisfy- ing snacks within reach. You may opt for scheduling your snack between meals and packing light– a low fat and low sugar protein bar does a great job of replenishing the essentials while promot- ing your satiety for longer stretches of time. Plan ahead Most airlines give you the op- tion of pre-selecting your in- flight meal. In such cases, the choice of a low calorie meal would be perfect. If you’ve landed and you’re heading to a restaurant, then a plan will Nutrition for terminal-weary ‘treps On the fly H opping on a plane and travelling to get the job done has undoubtedly become the norm. While it’s true that travel has be- come a great deal easier, there definitely is a toll paid when it comes to your well-being. To keep you at your prime, here are four easy health tips for the terminal-to-terminal ‘treps. By Shoug Al Nafisi If you haven’t yet opted to try out flydubai’s Business Class routes, now might be the time to start since the Dubai- based carrier has just launched their lounge dedicated to business guests at Dubai International’s Terminal 2. Currently offering Business Class on flights to 52 of their 77 destinations, many execs are opting for the carrier given the wide range of flight timings available. Operational since 2009, the airline launched their special business segment in October of last year with priority check-in service and a 24-hour dedicated BusinessTeam to address guest needs. The two-level Business Class lounge offers round the clock food and beverage, as well as complimentary WiFi. In terms of pre-flight shopping, the newly-refurbished Terminal 2 has a broadened Duty Free area -it’s bigger with a better selection- and now has more F&B options. The best part? There are now self check-in counters for those of you who want to make it in and out even faster. Loungin’ around flydubai competes for the business travel segment CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

Page 29

september 2014 Entrepreneur 29 I t looks like maintaining a high staff morale isn’t as complicated as one might initially think. A recent survey, Working Well: A Global Survey of Health Promotion and Workplace Wellness Strategies, shows that employees put their physical and emotional wellbeing before ev- erything, and that impacts their productivity at the office. The survey by Xerox’s Buck Con- sultants may sound as though it’s pointing out the obvious, but it looks like businesses have only just started to take action. According to Buck Consultants’ Dave Ratcliffe, employers used to only focus on “basic health promotion activities,” but are now looking at health in a more “holistic” sense. Basically, providing a medical insurance plan isn’t going to cut it, even though rising healthcare costs have been the primary cause for a good staff wellness programs, especially in the United States. Multinational corporations have noticed this too; they have to make sure their wellness programs are appropriate for the different cultural backgrounds of their employees, and have to make sure they comply with the laws they must adhere to. Despite this, they have worked towards globalizing wellness programs, with a growth from 34-56% in the past seven years among multinational corpora- tions. One interesting finding from the study is that the number one component of wellness pro- grams on a global scale tends to relate to paid off days and work arrangements that are flexible, followed by Employee Assis- tance Programs. This has proven to be successful in the United States, Canada, Australia, and Africa. Asia and the Middle East have been working towards better wellness programs with components such as the ones mentioned above, citing work- ers’ safety as a priority. While making sure that em- ployees don’t suffer from anxi- ety, and maintaining a healthy lifestyle with adequate sleep and a nutritious diet are elements in wellness programs, it also goes beyond that. The survey also says that there is a communica- tion segment; wellness emails to employees are becoming more popular, especially personalized ones, and has proven to reduce sick days. Some businesses have even gone as far as sending out wellness messages to the homes of their employees, taking into consideration the impact of household environments on health. Happier, healthier em- ployees do produce more, and do in fact cost you less in the long run. CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS Investing in the wellness of your staff increases staff morale and productivity Health and welfare pays for itself © XEROX CORPORATION. ALL RIGHTS RESERVED. XEROX ® AND XEROX AND DESIGN ® ARE TRADEMARKS OF XEROX CORPORATION IN THE UNITED STATES AND/OR OTHER COUNTRIES. BR10974.

Page 30

Entrepreneur september 2014 30 Turn me on The next wave of home automation Dornbracht is working to make your home just as smart as you are- if not smarter. The company recently launched SMART WATER to automate water usage in the kitchen and bathroom through a system of one-touch, smart controls. eUnit, for the kitchen, automates tasks like dispensing water, temperature and plug operations while Sensory Sky improves shower experience with features like fog, light and fragrance. For Dornbracht, intelligent technology in the kitchen and bathroom is just the beginning: they’re currently testing a Smart Home app that will allow you to pre-set water temperature, run times and turn water functions on and off. Imagine that- we could all live like James Bond. Are you ready for the future? The Internet of Things is already here, and it’s going to be part and parcel of your entire home. TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX #TAMTALKSTECH Entrepreneur september 2014 30

Page 31

september 2014 Entrepreneur 31 Both performing artists demonstrate extremely high virality, but brands looking to take advantage of celebrity reach need to tread carefully here as both stars post controversial material, including partial nudity. Cyrus and Minaj demonstrate similar engagement levels, and both are very active across several social media platforms. 19.6 million Vevo-certified Minaj 24 hour views Anaconda August 2014 19.3 million Vevo-certified Cyrus 24 hour views Wrecking Ball September 2013 7,671,851 Minaj Instagram followers as of late-August 2014 11,741,019 Cyrus Instagram followers as of late-August 2014 313,000+ Likes on first Instagram post of Anaconda teaser by Minaj as of late-August 2014 550,000+ Likes on Instagram post of Anaconda teaser spoof by Cyrus as of late-August 2014 30,300+ Comments on first Instagram post of Anaconda teaser by Minaj as of late-August 2014 25,500+ Comments on Instagram post of Anaconda spoof by Cyrus as of late-August 2014 17,933,958 Minaj Twitter followers as of late August 2014 18,373,704 Cyrus Twitter followers as of late August 2014 Sony Slims Down Portable Data Storage personified Virality Nicki Minaj’s NSFW Anaconda breaks YouTube record I n late July of this year, rapper/singer/ songwriter Nicki Minaj’s headline- making album artwork for Anaconda was released. Not only did it prompt op-eds globally debating how-much-is- too-much, it also provoked a number of people to opine on the White vs. Black sexuality bias. Minaj hit back at crit- ics with images of famous models in thong-similar poses, pointing out that these images didn’t cause what some considered commentary that smacked of “slut-shaming” and misogyny. Minaj released the highly anticipated video on August 20th, and within 24 hours broke the Vevo-certified YouTube record for the most views in one day. The record was previously held by former Disney star Miley Cyrus for her hit song Wrecking Ball. For those of you who haven’t yet watched the video or heard Anaconda, it samples Sir-Mix-a-Lot’s 1992 Baby Got Back, and features a cameo with Minaj’s fellow Young Money rapper Drake. Tamara Clarke, a former software development professional, is the tech and lifestyle enthusiast behind The Global Gazette, one of the most active blogs in the Middle East. The Global Gazette has been welcomed and lauded by some of the most influential tech brands in the region. Clarke’s goal is to inform about technology and how it supports our lifestyles. See her work both in print regional publications and online on her blog where she discusses everything from how a new gadget improves day-to-day life to how to coordinate your smartphone accessories. Visit www.theglobalgazette.com and talk to her on Twitter @GlobalGazette. TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX Between images, videos, music and personal files, you have tons of data worth keeping. Por- table data solutions extend your personal stor- age capacity and Sony offers big volume in the world’s slimmest external hard drive. The HD- S1A, a 1TB portable HDD, protects and stores massive amounts of data, offers USB 3.0 for faster data transfer and features Password Pro- tection Manager to ensure privacy. Weighing in at 155g and only 8.7mm thick, the device easily fits into your pocket or laptop sleeve. But don’t be fooled, the slender case didn’t compromise design. Available in black and silver aluminum with Sony’s diamond-cut logo, the HD-S1A backs you up with good looks. Nicki Minaj vs. Miley Cyrus Virality by the numbers | SHINY | #TAMTALKSTECH Below: Nicki Minaj at the FOX Winter TCA All-Star Party 2013, Pasadena, USA NICKI MINAJ IMAGE © S. BUCKLEY / SHUTTERSTOCK

Page 32

Entrepreneur september 2014 32 A s obvious as it may seem: sweatpants and polo shirts aren’t exactly considered “office attire”, some people make eyebrow-raising mistakes when picking out their outfits every morning to work. Startups, hoodies are okay… in private. When you’re pitching your business, you really do need to dress the part. Whether you’re on the hunt for a new job, a promotion or even a little raise, looking your best can go a long way. Leaving a good impression will boost your chances and is considered an in- tegral part of climbing the career ladder. Investing in a fine shirt, a properly tailored suit or even a good cashmere scarf will not be overlooked. Here are five tips to help you revamp your wardrobe: 1. Quality over quantity Up to a certain point, price really does affect quality. Make sure you buy less items- opt instead for better-grade pieces. Always aim for durable fabrics like cotton, wool, linen, and silk, and avoid synthetic fabrics like polyester which wear off more quickly, and have an unflattering “sheen” to them. 2. Maintain your wardrobe Read the labels before washing your newly purchased goods. Taking good care of your clothes will save you money on not having to buy replacements. A good drycleaner can do wonders, but try them with one piece first before giving them the lot. 3. Be trend-oblivious When you’re investing in new office-appropriate attire, forget about fashion. Classics and solid staple items in neutral shades always hit the spot when it comes to business dress. It’s better to have three good white shirts than one terrific red one. 4. Seasonal shifts Buy items that you can wear all year long. Light cardigans, loose nice-quality scarves, button- down shirts, and medium- weight suits are all-year invest- ments so don’t be afraid to splurge on these. 5. Find the right fit It doesn’t matter how expensive your new suit if it looks sloppy. What matters more is does it fit you? Always ask the specialists on-hand for help when it comes to picking a suitable garment fit. If (like most people) you’re disproportionate, find a good tailor to adjust measurements to fit. A second important rule of thumb? The people who work in these better boutiques are trained to know what type of cut and form is best for your height, weight and frame. Don’t ignore recommendations from experts when it comes to tailoring and fabrics. Dress as you want to be perceived: professional, serious, and confident. Tons of human re- source studies reinforce the idea that your appearance can really make or break the tone of your first impression. Besides, who doesn’t want to look their best? EDITOR’S PICK Porsche Design has it in the bag CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS Porsche Design CosmoBag Porsche Design CosmoBag IMAGES © PORSCHE DESIGN Dressing the part Five wardrobe tips for business-buys By May Rostom Porsche Design is upping the ante with their new range of women’s fine leather handbags. The introductory CosmoBag, released in all Porsche Design stores in June of this year, is available in two sizes –we think bigger is better- and four colors. The CosmoBag’s leather options include durable Saffiano leather or a combination of smooth-finish leather and roughened calfskin. Are you a finishings fan? The CosmoBag’s fittings were developed in Florence, Italy, and are available in either silver or gold. We expect nothing less from PD. In case you’re wondering, the “face” of the CosmoBag is none other than Gucci- campaign hall of famer Nadja Bender. La vita è bella!

Page 33

september 2014 Entrepreneur 33 Exert your independence Bleu de Chanel EDP for him For your consideration, sir Bleu de Chanel goes all the way CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS IMAGES © chanel If you’re already a connoisseur of the House’s fragrances, then Jacques Polges and the Chanel Fragrance Laboratory team have done you a great service. Launching this month, Bleu de Chanel Eau de Parfum for him reinterprets the 2010 Bleu de Chanel Eau de Toilette. The face of both editions is French actor Gaspard Ulliel, best-known for his starring roles as young Hannibal Lecter in Hannibal Rising, and this year’s Saint Laurent playing Yves Saint Laurent himself in the biographical drama. Soap vs. shower gel? Men who prefer a fine bar of soap will opt for Bleu’s newest ancillary, and if you’re more of a shower gel fan, you have that option as well. The Chanel Bleu bodycare range includes both deodorant stick and deodorant spray, and both after shave lotion and after shave balm. The former is refreshing, while the latter offers more reparative properties to address hydration and shaving irritation. If you’re on the move, the Bleu de Chanel EDT travel spray is flight-friendly in 20ml, and comes with two refills. september 2014 Entrepreneur 33

Page 34

Entrepreneur september 2014 34 KEY TECHNICAL MATTERS The Esquire Guy breaks down the politics of favors By Ross McCammon W hether or not you do the favor isn’t the important thing. What’s important is how you say yes or no. And how you should say yes or no is: moralistically. You run the risk of seem- ing uptight and condescending and a little preachy, but moralistic you must be. It doesn’t matter how big it is –from “Will you have an informational interview with my niece?” to “Will you hire my niece?” to “Will you not fire my niece?” to “Can you please not press charges against my niece?”- every request for a favor comes bundled with implicit points. Such as: You have power where I do not. I will repay this favor at a later date. I have faith in you. You are The Man or The Woman. Also, pleeeeeease? There are so many unspoken issues that the process can feel smarmy. So when you’re asked for a favor, it’s important to get a few things out on the table, to take the request head-on, speak what is usually unspoken, shine a little light on the quid pro quo of it all. You could say, “Sure,” of course, but then all you’re doing is acceding. Which is a wasted opportunity. Note the differences between these two answers: Option 1: “Sure.” Option 2: “Sure, Dave. You’ve been a good friend to my business over the years. I’m happy to do this. I know you’d do the same for me.” What you’ve done with the second option is definitively answer the ques- tion, exhibit magnanimity, tack enthu- siasm onto agreement and de-smarmify the implicit promise of reciprocation by simply acknowledging it out in the open, transforming a favor’s unspoken IOU to YDOMAIJWTTTOTNHMBTRI (You Don’t Owe Me Anything I Just Want to Take This Opportunity to Note How Mutually Benefi- cial This Relationship Is). You’ve also established that you’re thoughtful about the promises you make- that when it involves your business, you’re not going to agree to just anything. You’ve effected another kind of transformation, as well: You’ve transformed a request that seems personal into something profession- al, because you’ve refocused things on your company, the moral center around which the whole thing should be revolving. “It’s more respectable to say no if you highlight that it’s not about the person you’re declining, but rather that you’re trying to maintain your commitment to another set of people,” says Adam Grant, professor of management at the Wharton School of the University of Pennsylvania and author of Give and Take: Why Helping Others Drives Our Success. when you’re asked for a favor, it’s important to get a few things out on the table, to take the request head- on, speak what is usually unspoken, shine a little light on the quid pro quo of it all. > When presented with a request for a favor, ask yourself: Will this be good for my business? > If the answer is no, do not do the favor. > But explain why you’re not doing the favor. > Then suffer through the inevitable awkwardness that results from your refusal. > A favor requested by a professional superior is not, in fact, a favor. It is a demand. > A request for free products is not a favor. > It is a request for free products. > The rate of favor requests you field will increase proportionally along with your business success. > The rate of disappointing people will, too. > The best way to say yes to a favor is: “Of course!” followed by a much less enthusiastic justification for saying yes. It’s a buzzkill, but it’s important. > Favors requested over the phone are to be considered more thoughtfully than those requested over email. > Favors requested over email are to be considered more thoughtfully than those requested over Twitter. > Favors requested via congressional subpoena are to be looked over by a lawyer. TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

Page 35

september 2014 Entrepreneur 35 The beauty of this approach is that you’re not the one doing or not doing the favor. Your company is doing or not doing the favor. You’ve made clear that if the favor is not right for the company, then the favor won’t get done. It’s all about the company. A Few Words on the Various Characters Involved Grant divides the parties into three types: 1. Takers “will do a favor when they think they can get a larger one back or when they are trying to impress someone powerful or influential.” 2. Matchers “believe it’s important to trade favors evenly, so their favors come to either reciprocate one given in the past or perhaps to earn an equal one in the future.” 3. Givers “do favors, for the most part, without strings attached and are willing to offer them, usually to people they don’t feel they owe anything to.” It’s always bewildering when you come across a taker. What are these people thinking? They’re conspicuous. They’re bad actors. And they’re annoying. They’re like Sofia Coppola in The Godfa- ther Part III. The way to deal with a taker is the same way you deal with any favor: You acknowledge the request, say yes or no (depending on what’s good for your company) and explain the reasons you’re saying yes or no. Easy. Why You Really Should Say No From Time to Time The primary reason to say no to a re- quest is, of course, that saying yes just doesn’t feel right. You’d be compromis- ing your principles or your company’s mission, or you’re just not able to provide the kind of help the requester is looking for. But there’s another reason to say no. In his research, Grant uncovered that givers tend to finish last: “By going out of their way to do favors for everyone without expecting anything in return, they end up sacrificing their time and energy and resources for others.” If You Will Allow Us to Undermind That Last Point But givers tend to finish first, too. Grant concludes that givers who act selflessly are “asking for trouble,” yet givers who act with clear conditions -“I am going to be clear about who I help, how I help and when I help”- become more energized, rather than distracted. “When people follow this setting of boundaries around the who, the how and the when, givers end up outperforming matchers and takers because they build deeper and broader networks,” Grant says. “People feel this wasn’t just a trans- action or a self-serving exchange, but there’s some real goodwill. Givers end up benefiting from a lot more reciprocity.” Favors are opportunities to do good (even when you say no), to build relationships (even when you say no) and to remind those in your professional universe what kind of business you run (even when you say no). And the kind of business you run is one that requires a payment for this kind of service: not money, not some unspoken IOU, not even a cup of coffee, but respect. See this article in its entirety at Entrepreneur.com Should You Do That Favor? ALWAYS SOMETIMES NEVER Can you recommend a good graphic designer? A few minutes of your time? Hold this door for me? Mind if I visit your operation? May I pick your brain? (Asked by someone you know.) Can you write me a letter of recommendation? A meal? Hold this sack of money for me? Mind if I look around a little? May I pick your brain? (Asked by someone you don’t know.) “Just say I worked for you once, and I was great. Cool?” A meal-length amount of time, without the meal? Hold this gun for me? Mind if I look around a little without you accompanying me? May I pick your brain? (Asked by someone you don’t know who is holding a thin metallic rod.)

Page 36

Entrepreneur september 2014 36 Entrepreneurs play by their own rules From Messi to Mickey In my business, sports and entertainment industries go hand-in-hand T oday’s sporting events welcome people of all ages and backgrounds seeking more than just their share of action on the pitch. Crowds at the biggest sporting events are placing more value in the entertainment and pleasure they offer off the pitch, and businesses are quickly respond- ing to this. Gone are the days of stadiums filled with statistic-obsessed teenagers and fans dressed head-to-toe in sportswear. Event organizers in the region are rap- idly revamping their entertain- ment offerings at events in a bid not only to grow audiences, but to enhance the overall experi- ence. Sponsors are spending as much on their activation budgets as they are on acquir- ing the event rights in the first place. The commercial dynam- ics of sport and entertainment are more intertwined than ever before. The industry is developing entertainment-driven strate- gies around its major sporting events on a global scale that is far superior than it was a decade or two ago. Think Shakira at the 2010 World Cup, cheerleaders at IPL Cricket, Janet Jackson and Justin Timberlake at the Super Bowl, and Hollywood A-listers sitting courtside at the NBA– it is now impossible to keep the worlds of sport and entertain- ment apart. People are buying tickets to today’s events expect- ing to be entertained and, with this in mind, the responsibility of sports entities is evolving. It is no longer enough to win on the court or on the pitch, but the need is ever greater to enter- Developing an organizational structure that retains flexibility in its decision making is imperative to successfully operate in an industry as susceptible to change as the events sector is. By Ali Haidary TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

Page 37

september 2014 Entrepreneur 37 tain off it as well. And entre- preneurs in these industries can often enjoy the benefits of having the upper hand over their larger, hierarchy-driven rivals in other industries. Promote adaptability With new technologies devel- oping on a daily basis, and the fleeting trends of an ever more influential and younger con- sumer base, the need to adapt is stronger than ever. Adapt- ability comes easier to busi- nesses whose decision-makers are fewer. As an entrepreneur, it is essential to allow a business to not only react quickly to new trends, but to also take calcu- lated risks in predicting them. Developing an organizational structure that retains flexibility in its decision making is impera- tive to successfully operate in an industry as susceptible to change as the events sector is. Being adapt-friendly or pre-empting your next strategic move (before you are forced to make it), can pay real dividends to your long-term game plan in sport and entertainment. Pursue your passions On a personal level, I remember vividly my first ever football match. It was on a cool Sep- tember afternoon at Highbury watching Liverpool beat Arsenal 2-0. The experience left an indelible mark and I was forever hooked. I recall just as vividly my first ever “live event”, a Disney On Ice show a year earlier at London’s Wembley Arena. I sat in wonder and awe by my father’s side as I watched Mickey, Minnie and all the Disney characters that I adored skating before my very eyes. The flame was lit and has been burn- ing ever since. It is these same memories that I had wanted to bring to the Middle East so that future generations can experi- ence what I did all those years ago and develop new memories of their own. After recogniz- ing that the GCC was missing authentic, high-quality family friendly content, we signed a pioneering five-year exclusive agreement with Feld Entertain- ment, the world’s largest pro- ducers of family entertainment. This move was only possible as a result of our business structure, which enabled us to act quickly and seize the opportunity ahead of more recognized and larger competition. Last year, we officially re- branded from Sport Solutions to SES, as the potential in the en- tertainment sector became more apparent. We saw scope for a business that bridged sport and entertainment, and the mutual Adaptability comes easier to businesses whose decision-makers are fewer. As an entrepreneur, it is essential to allow a business to not only react quickly to new trends, but to also take calculated risks in predicting them. Images courtesy Sport & Entertainment Solutions (SES) September 10-13, 2014, Disney On Ice Rockin’ Ever After will take place at the Dubai World Trade Centre

Page 38

Entrepreneur september 2014 38 synergies operating across both sectors. Ten years after taking a pioneering role in the growth of sports marketing in the region, we have led the industry yet again with the incorporation of entertainment in our ever grow- ing and varied portfolio. Know your game Working with companies, brands and athletes that you are passionate about encour- ages success from within. As a professional marketeer and life- long sports fan, it was a natural transition to start a sports marketing agency, and it is this thorough knowledge based on a long standing passion that has been my driving force ever since. Without a deep and solid understanding of the sector, we would not have been able to accomplish some of our biggest milestones, including negotiat- ing Etisalat’s ground-breaking sponsorship deal with Spanish Football giants FC Barcelona and Cristiano Ronaldo’s unique brand endorsement agreements with Mobily and KFC. The outlook for sports and en- tertainment in the GCC is excep- tionally strong, with pioneering, world-class infrastructure and talent-driven initiatives placing the United Arab Emirates and Qatar in particular, firmly on the world map with Expo 2020 and FIFA World Cup 2022. Fuelled by a growing economy and un- derpinned by an unrivalled des- tination proposition, the region offers some of the most exciting business climates to operate in. Rather like the athletes that we work with, you have to know your game, live and breathe it in order to succeed at it. You can rest assured that challenges and hurdles will present themselves along the way, but with the right motivation and commitment, the hard work pays off. As an entrepreneur, playing the game is made that much easier when you play by your own rules. Ali Haidary is the Founder and CEO of Sport & Entertainment Solutions (SES). SES was established in 2005 and has since played a leading role in the sports events and sponsorship sector in the Middle East. Bilingual in Arabic and English, Haidary has a Master’s degree in Marketing Management from the University of Manchester. In his capacity as CEO, Haidary brokered the partnership between Etisalat and FC Barcelona, in addition to securing several regional brand endorsement deals for both Lionel Messi and Cristiano Ronaldo. In 2013 Haidary steered SES in a new direction, partnering with FELD Entertainment to become the exclusive promoter of Disney On Ice and Disney Live events in the Middle East. Fuelled by a growing economy and underpinned by an unrivalled destination proposition, the region offers some of the most exciting business climates to operate in. Images courtesy Sport & Entertainment Solutions (SES) TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

Page 39

september 2014 Entrepreneur 39 In recognition of the highly active community of entrepreneurs, the first annual Middle East Enterprise Agility Awards: Entrepreneur of the Year presented by du, will take place on October 13th, 2014 in Dubai, UAE. Jumeirah Beach Hotel October 13, 2014 Nominate an Enterprise Agility Achiever Email awards@bncpublishing detailing your candidate’s name, industry category, and a short description of their demonstrated business agility www.EntrepreneurMiddleEast.com Enterprise Agility Awards 2014 Enterprise Agility Gold Ally ENERGY STARTUP OF THE YEAR AVIATION HEALTHCARE CONSTRUCTION HOSPITALITY RETAIL EDUCATION CONSULTANCY LIFETIME ACHIEVEMENT RETAIL BANKING ISLAMIC BANKING INFORMATION TECHNOLOGY BANK OF THE YEAR VENTURE CAPITAL PRIVATE EQUITY LOGISTICS FASTEST GROWING INSURANCE REAL ESTATE OF THE YEAR

Page 40

Entrepreneur september 2014 40 I n recent years, corporate social responsibility (CSR), has gained prominence and support from companies in the Middle East and wider society. Organizations no longer see themselves solely as profit-mak- ing machines, but as contribut- ing and conscientious members of the community as a whole. Adoption of CSR practices in the Middle East region has improved significantly over the past decade and is currently at an all-time high. One clear sign that CSR in the region is gaining momentum is the fact that the majority (66.9%) of respond- ents in Bayt.com’s Corporate Social Responsibility: Is Your Company Making an Impact? poll, August 2013, claim that their companies do engage in CSR activities. Another 74.7% also claims that their companies actively motivate employees to participate in CSR activi- ties. With stakeholders across the spectrum (governments, corporations, employees, and not-for-profits) realizing the importance of CSR, adoption can only go in one direction from here: forward. According to the Bayt.com Corporate Social Responsibility in the Middle and North Africa poll, August 2013, 95% of polled professionals in the region feel it’s important that their company is socially responsible. This is just one more reason why businesses should be widen- ing out their CSR strategies to include the long-term impact of business decisions on their communities. For professionals in the Middle East, the three main benefits of adopting a CSR strategy are considered to be an enhanced corporate reputation (28.5%), improved relation- ships with the community and stakeholders (10.4%), and strengthened employee com- mitment (9.9%). According to 64.7% of respondents, compa- nies that engage in CSR do make an impact. In fact, an over- whelming 94.3% of respond- ents feel that corporate CSR strategies can directly contrib- ute to business success. In light of these opinions, corporations can no longer afford to take CSR lightly, since their reputation as an employer and that as a prod- uct/service provider is being cultivated as much through their social actions as through their business decisions. Indeed, in today’s media-driv- en society, image is everything. There’s no business disaster worse than making socially irre- sponsible decisions that damage a company’s reputation and revenue. According to the Bayt.com What Makes a Compa- ny an Attractive Place to Work? poll, February 2014, seven out of 10 professionals in the Middle East wouldn’t work for a com- pany they aren’t proud of. CSR ETHICS AND INTEGRITY IN THE MIDDLE EAST ENTERPRISE SPACE Laying the foundations for a sustainable future requires all this and more By Suhail Al-Masri TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

Page 41

september 2014 Entrepreneur 41 HOW CSR IS MAKING AN IMPACT IN THE MIDDLE EAST AND NORTH AFRICA REPORT BAYT.COM

Page 42

Entrepreneur september 2014 42 Similarly, 98% of respondents in the Bayt.com Values, Ethics and Integrity in the MENA Workplace poll, June 2014, believe that it is important for their company to have sound ethics and integrity. If some companies in the Middle East still think that business is solely about profit maximization and the survival of the fittest, then they are wrong. Business is about solving problems, and doing so in a way that drives sustainability. And perhaps the most profound area of intel- lectual change going on at the moment is in the broadening out of the concept of sustainability to include the sustainability of a business itself. For CSR initiatives to result in a truly sustainable future there needs to be more coordination between MENA governments and corporations, where govern- ments would put together the necessary regulatory framework and engage all stakeholders, while corporations would move from purely philanthropic ac- tivities to sustainable programs addressing development chal- lenges. In other words, national governments need to legalize and formalize CSR through regu- lations while simultaneously engaging corporations to ensure a quick and smooth adoption of such regulations. Both local and multinational companies need to adopt a localized CSR approach by proactively identifying issues and working with local com- munities and governments to solve them. No words convey the importance of sustainable development for the MENA re- gion’s long-term prosperity and stability. Governments, private companies and civil society organizations will need to coor- dinate and commit themselves to sustainable development if the MENA region is to achieve its environmental, economic and social potential. Transparency and a just and ethical approach to doing business are critical for the Middle East. Creating an environment that encourages ethical practices and upholds strong values is imperative in attracting top talent, who seek work at organizations that are in line with their own ethical values and moral drivers. In fact, the majority of respond- ents (76.8%) in the Bayt.com Corporate Social Responsibility in the Middle and North Africa poll, say that working for a socially-responsible company is very important to them, with 89.8% stating that they believe the corporate sector has a moral responsibility to do CSR work. With this in mind, companies across the MENA should in- creasingly work towards adopt- ing more policies that actively nurture an ethical, integrity- driven workplace– one in which sustainability, transparency and respect for values is vital. Suhail Al-Masri is the VP of Sales at Bayt.com. Al-Masri has more than 20 years of experience in sales leadership, consultative sales, account manage- ment, marketing management, and operations management. His mission at Bayt.com goes in line with the company’s mission to empower people with the tools and knowledge to build their lifestyles of choice. Governments, private companies and civil society organizations will need to coordinate and commit themselves to sustainable development if the MENA region is to achieve its environmental, economic and social potential. BAYT.COM’S SEVEN RULES TO ATTRACT AWESOME TALENT REPORT BAYT.COM TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

Page 43

september 2014 Entrepreneur 43

Page 44

Entrepreneur september 2014 44 I ’ve been following a simple rule that is helping me crush procrastination and making it easier for me to stick to good habits at the same time. I want to share it with you so that you can try it out and see how it works in your life. The best part? It’s a simple strategy that couldn’t be easier to use. Here’s what you need to know. HOW TO STOP PROCRASTINATING WITH THE TWO–MINUTE RULE I call this little strategy the “Two–Minute Rule” and the goal is to make it easier for you to get started on the things you should be doing. Most of the tasks that you procras- tinate on aren’t actually difficult to do —you have the talent and skills to accomplish them- you just avoid starting them for one reason or another. The Two–Minute Rule overcomes procrastination and laziness by making it so easy to start taking action that you can’t say no. This is a two-part theory. PART ONE If it takes less than two minutes, do it now. Part one comes from David Allen’s bestsell- ing book, Getting Things Done. It’s surpris- ing how many things we put off that we could get done in two minutes or less. For example, washing your dishes immediately after your meal, tossing the laundry in the washing machine, taking out the garbage, cleaning up clutter, sending that email, and so on. If a task takes less than two minutes to complete, then follow the rule and do it right now. PART TWO When you start a new habit, it should take less than two minutes. Can all of your goals be accomplished in less than two minutes? Obviously not. But, every goal can be started in two minutes or less. And that’s the purpose behind this little rule. It might sound like this strategy is too basic for your grand life goals, but I beg to differ. It works for any goal because of one simple reason: the physics of real life. THE PHYSICS OF REAL LIFE As Sir Isaac Newton demonstrated long ago, objects at rest tend to stay at rest and ob- jects in motion tend to stay in motion. This is just as true for humans as it is for falling apples. The Two–Minute Rule works for big goals as well as small goals because of the inertia of life. Once you start doing some- thing, it’s easier to continue doing it. I love the Two–Minute Rule because it embraces the idea that all sorts of good things happen once you get started. > Want to become a better writer? Just write one sentence (Two–Minute Rule), and you’ll often find yourself writing for an hour. > Want to eat healthier? Just eat one piece of fruit (Two–Minute Rule), and you’ll often find yourself inspired to make a healthy salad as well. > Want to make reading a habit? Just read the first page of a new book (Two–Minute Rule), and before you know it, the first three chapters have flown by. > Want to run three times a week? Every Monday, Wednesday, and Friday, just get your running shoes on and get out the door (Two–Minute Rule), and you’ll end up put- ting mileage on your legs instead of popcorn in your stomach. The most important part of any new habit is getting started— not just the first time, but each time. It’s not about performance, it’s about consistently taking action. In many ways, getting started is more impor- tant than succeeding. This is especially true in the beginning because there will be plenty of time to improve your performance later on. The Two–Minute Rule isn’t about the results you achieve, but rather about the process of actually doing the work. It works really well for people who believe that the system is more important than the goal. The focus is on taking action and letting things flow from there. TRY IT NOW I can’t guarantee whether or not the Two– Minute Rule will work for you. But, I can guarantee that it will never work if you never try it. The problem with most articles you read, podcasts you listen to or videos you watch is that you consume the informa- tion but never put it into practice. I want this article to be different. I want you to actually use this information, right now. What’s something you can do that will take you less than two minutes? Do it right now. Anyone can spare the next 120 seconds. Use this time to get one thing done. Go. Using the two-minute rule James Clear writes at JamesClear.com, where he uses behavior science to share ideas for mastering your habits, improving your health, and increasing your creativity. To get useful ideas on improving your mental and physical performance, join his free newsletter JamesClear.com/newsletter, to have James speak at your entrepreneurial event contact him jamesclear.com/contact S cience is looking for keys to solve the obesity epidemic. The psychology of choice, cravings, and metabolism, among other appetite factors has been the focus of extensive research recently. Some of the most recent studies have shown that microbes found in the gut do indeed have an effect on human food choices and cravings, as per researchers at UC San Francisco, Arizona State University, and the University of New Mexico. It appears that those gut microbes, outnumbering our own cells, have preferences and aim to entice our bodies into feeding their needs. The mechanism remains unclear; however, microbes were found to release signals that affect both our physiological and behavioral responses. Fortunately, research has also shown that the microbial population changes depending on our diets, giving rise to the theory of altering those released signals that either promote or impede obesity. The tables have turned: Previous studies have shown behavioral changes related to microbial releases including Lactobacillus casei and its link to feeling good. Micro manipulation, macro effects? A version of this article was first published on JamesClear.com TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

Page 45

september 2014 Entrepreneur 45

Page 46

Entrepreneur september 2014 46 T he media and movies are filled with mis- conceptions of what it takes to be a suc- cessful entrepreneur. Creating legends and impossible ideals might make for good stories, but the truth is less farfetched and more achievable to those willing to put these strategies in action. Here I offer four common myths about entrepreneur- ship and the reality of how to succeed. Myth 1. Luck Successful entrepreneurs are lucky. Reality Successful entrepreneurs are actively present. While the myth makes for a good line at a cocktail party or conference, the idea of luck or even “being at the right place at the right time” simply doesn’t stand up to scrutiny. It discounts all the hard work, planning, and even strategic socializing that goes into creating that “lucky moment” when it all comes together. One of the best bosses I had at Motorola taught me the idea of showing up. He would fly from Chicago to Berlin just so he could meet face-to-face with a customer for lunch. He encouraged me to do the same: show up for lunches, meetings, conferences in person. He told me to show my face, get involved, be active, ask questions, and to follow-up. Many people don’t want to go to all of this trouble. They think they don’t have time, it’s hard, it’s not worth it. Their lack of initiative, their unwillingness to put in the hard work, is the difference between success and failure. Here’s another way to look at this from the world of sports: The best training comes when you least want to do it. When it’s cold, when you’re tired, when it’s raining… there can be tons of reasons not to train each day. When it comes time for race day, this is where the commitment to train shows up. Is the winner lucky? No. The winner is the person who consistently trained and showed up. Neglect adds up over time and it becomes a behavior. On the other hand if you show up, consistently over time, things will happen. Invitations and opportunities and people who can advance your career will come to you as if by magic. In other words: you make your own luck. Entrepreneurs do not stand around “waiting for Godot.” Entrepreneurs make things happen. Myth 2. Birthright Entrepreneurs are born. Reality Entrepreneurship is a skill that must be developed by doing. Starting and running a busi- ness requires skills that a person can only develop in the real world. Everything from dealing with many different types of people to handling the constant un- certainty that so often comes with a startup. Although this is hard to achieve in a classroom setting, there are new methods of employing simulations with unpredict- able variables serve to mimic real-world decisions and their consequences. Certainly there are dynamic programs like that of Bill Aulet, who is the managing director of the Martin Trust Center for MIT Entrepreneurship, a research and teaching program. But not everyone can or wants to attend MIT to learn how to be an entrepreneur. Accord- ing to the The Kauffman Foundation for Entrepre- Myths about entrepreneurship Enterprise go-getters don’t ascribe to platitudes By Juris Ulmanis SPONSORED BY CADILLAC IN THE SPIRIT OF LINKING SUCCESS WITH POTENTIAL INDUSTRY KNOW-HOW TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

Page 47

september 2014 Entrepreneur 47 neurship, simply earning an MBA isn’t a straight-line on the path to becoming a ‘trep. Sadly, most MBA programs teach students to be manag- ers, not entrepreneurs. There is a big difference. It’s a mindset that comes from solving real-world problems with real-world hurdles that requires responding in real-time. In the real-world, MBA credentials don’t help you; credibility and a great track record does. So many potential entrepreneurs think all they have to do is write the perfect business plan. It’s something static, something they may have been taught to do in school. They are under the impression that the perfect plan, written in the vacuum of a college course, is all they need for success. So they write and then make one pitch after another, they develop Powerpoint presen- tations, they hope to “win the lottery”. It’s fairly easy to make a great presenta- tion -that can be learned and practiced. The key is having a prototype, and even better, a first paying customer. Nobody buys Powerpoint slide, and nobody funds a plan that hasn’t been tested. Myth 3. Riches It takes a lot of money to launch a startup; venture capitalists will fund it. Reality According to recent Babson College statistics, a typical start-up only requires about $65,000 to get going. Entrepreneur and author Eric Ries advocates the idea of creating a “Lean Startup”, which essentially means eliminating waste and being efficient with resources, one of those of course, being money. Successful entrepre- neurs, who don’t buy into this myth of needing plenty of capital, design their busi- nesses to work with little cash. They rent instead of buying. They borrow instead of paying for things. They work on barter, they factor, they do vendor financing, they lease equipment. And they turn fixed costs into variable costs by paying peo- ple commissions instead of salaries. They discover what can be had for free, like social media marketing and open source coding. They create virtual teams of the best tal- ents around the world, rather than pay for office space and moving expenses. The myth that venture capitalists are a good place to go for startup money is pervasive, but isn’t reality unless you’re plan- ning to start a computer or biotech company, and even then it’s not a sure thing. VCs only fund about 3,000 companies a year, and only a quart of those are in the seed or startup stage. Computer hardware and software, semi- conductors, communication, and biotechnology account for 81% of all venture capital dollars, and 72% of the com- panies that got venture capi- tal money over the past 15 or so years. In fact, the odds that a startup will get venture capital funds are about 1 in 4,000. That’s worse than the odds that you will die from a fall in the shower. The other problem is that the moment you take someone else’s mon- ey, you have lost some control of the company. When you vote it is not democratic, either everyone want to do it or everyone does not want to do it- it’s as simple as that. Too much money is worse than too little, because when all you have is a little money, you’re more inclined to work hard. You suffer, and you think smarter. Myth 4. Proprietary “I have to keep my great idea secret.” Reality Ideas are worthless without implementation, and you cannot implement an idea without sharing it and testing it. A student may have an idea, but without the network, the resources, and the exper- tise to implement that idea, it’s worthless. It becomes a catch-22. It’s the model that makes the startup success- ful, not the idea. There were plenty of search engines around before Google. Who would have thought that Twitter would be a success when consumers already had email and sms and even RSS feeds? It is very rare that an idea can be stolen because each of us has our own personal “ecosystem” with contacts, information, and networks. When we starts speaking to people, the ideas, and thoughts, and contacts multiply, and it becomes a kind of “connecting the dots” methodology that no one else has. Entrepreneurs are con- tinuously curious. Where do great ideas come from? The best ideas originate from per- sonal experience as simple as a visit to the store. Why is it that I have to place all of my grocery items in a shopping cart, and take them out at the checkout and then place them in my bags to haul them in my car? There must be an easier way. When a solution to a problem emerges into what might be a marketable idea, then it’s time, as serial- entrepreneur Steve Blank says, to “get out of the build- ing.” Speak to people -men- tors, friends, experts- and ask them what they think. This is where business models are formed. Sometimes people do not know what they want. Who would have thought anyone needed Twitter? An idea plus implementation equals opportunity, and there are opportunities everywhere. Wherever there is change, there is opportunity. If we know that the population is getting older and people are living longer– there are thousands of opportunities for products and services (robotics, medicine, exercise, education, entertainment). If we know that we need to protect the environment then there are “green homes”, healthier food with less addi- tives, clothing that sheds soil and perspiration and needs less laundering. An oppor- tunity is a favorable set of circumstances that creates a need for a new product, skill, or service. There’s no magic, only thoughtful action. Experiential learning advocate Juris Ulmanis has spent the past decade teaching entrepreneurship, marketing, and international business courses as a professor in universities across Europe. A former Motorola executive for 18 years in Europe and the U.S., Ulmanis left the company to explore his own entrepreneurial ideas as a co-founder, including his latest experimental learning and simulation company: Experiential Simulations www.experientialsimulations.com. In demand as a speaker and media commentator, Ulmanis trains, consults, and mentors business leaders in entrepreneurship. The Vice- Chairman of the European Scout Foundation, he’s a champion of the organization’s ability to create creative leaders and embraces every risk-taking opportunity to reap the rich rewards of success. The myth that venture capitalists are a good place to go for startup money is pervasive, but isn’t reality unless you’re planning to start a computer or biotech company, and even then it’s not a sure thing.

Page 48

Entrepreneur september 2014 48 Reputation is the foundation of business solvency SIX PILLARS OF BUILDING YOUR INTEGRITY By Mark Sephton It’s only right and timely to focus on how we can become a person of integ- rity, and it may well be the difference between your pitch for business and a competitor’s pitch. It goes even beyond that- we need to be at peace with our- selves by living a life of high reputation and integrity as our success depends on it personally as well. People’s percep- tion is often their reality, and you’d want them to have your good intentions at the forefront of their thoughts. Fostering your integrity, and ensuring that we are all continually working on TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO T he most important asset in any company or business is their reputation; it’s an accepted truth. Within the depths of any incredible reputation lies integrity. I define integrity in a simplified way: it’s basically what you do when nobody else is watching. It’s a scary thought! Would any of us be comfortable having a DVD of our own thoughts and actions when no human eyes were upon us played back over a cinema screen? Probably not. We’ve all seen corrupt deals, and been dismayed by peoples half-truths and lies in a world crying out for truth. At its most basic, it’s about needing people to follow through with what they commit to delivering.

Page 49

september 2014 Entrepreneur 49 our characters and the way we’re perceived, is an in- vestment that will pay for itself. With all this in mind I want to share six pillars to building the foundation of a solvent and successful business. 1. KEEPING YOUR WORD If you want to establish your reputation you must deliver on your promises! This is a basic require- ment. To get ahead, you often need to over-deliver on what you’ve committed to and do it with pleasure. It means if you commit to delivering a piece of work for another firm or providing a benefit to your employee in the way you said you that were going to, then you must. Without excuses and without a change of conditions, let your yes be yes and your no be no. The latter is also related to keeping to your convictions: be decisive in your decision making, don’t sit on the fence. If you aren’t sure, then don’t give your word. Think before you make your per- sonal guarantees. Nothing destroys trust and loyalty as much as failing to keep your promises. 2. SHOWING UP Similar to keeping your promises is showing up. Often, when we make com- mitments we are making a decision based on how we feel with no forethought. When you tell your child you are going to be at their theatre recital or football game, you better be there with bells on. If you agree to go to a party on Saturday evening, when Saturday afternoon comes around you’re feeling tired from chasing the kids and playing 18 rounds of golf on the local golf course, you cannot just balk on your word. Yes, your energy is somewhat depleted, and you now change your deci- sion and decline going to the party. That evening, the host of the party expects you, but you never turn up. It seems insignificant to you, but this is a common scenario and it frustrates me how many people change their minds paying no regard to how it may affect someone else. Just being there says a lot about you and who you are, and at the same time, a lot is said when you commit to an engagement and have a change of heart because “you feel tired”. 3. BEING KEMPT Keep your person and your environment clean and organized. Our surround- ings and the way we come across speaks volumes about our integrity that we have not only toward other people, but also to ourselves. Are we com- mendable stewards of the people, resources and talents we have under our own jurisdiction? Your en- vironment will leave clues to the level of integrity that you adhere to as a general rule. You can’t afford to be messy, unprepared and scruffy. We are all being watched, the entire world is a spectator, not just our business associates. Whenever I go into a new town and want to find a place to eat, the first place I go is the washroom. If a restaurant can’t keep that area clean, they certainly won’t be much better off in the kitchen. First impres- sions matter, and taking pride in the presentation of both yourself and your environment is of para- mount importance when reputation-building. 4. MAINTAINING FOCUS This world is full of distrac- tions, temptations and opportunities. We have so much “screaming” for our attention. The ability to stay focused despite the onslaught and perpetual distractions will certainly test our integrity muscle. When someone pays you to do a job you owe it to them to put your all into it. It’s a question of your character, staying focused is a chal- lenge for each of us. When we consider the “why” and fully understand our motivations and the reason for why we do something it equips us to stay focused, staying focused draws admirers, every person who is admired has strong levels of integrity. 5. CHOOSING INFLUENCERS Be influenced by posi- tive people; this world is rife with negative forces. What we consider “news programs” no longer report on news, they report more on negativity to generate ratings. We must surround ourselves with people with high integrity, solid char- acter, positive attitude and that are highly-respected in their fields of work. It’s not just people who can influence you- it’s what you read, it’s what you watch, it permeates the air where you hang out, and it’s in the environment that you open yourself up to. Be mindful of who you allow to disperse information and ideas into your life, and open up to those you admire and who already deliver a high stan- dard of reputation in line with your own passions and skillset. 6. TAKING RESPONSIBILITY It’s vital that when we make a mistake we are quick to put our hands up and say, “I got that wrong.” Do apolo- gize with a simple, “I’m sor- ry” and then work tirelessly to prove your remorse. Words can be powerful and they can also be cheap, back up your apology with action. It’s refreshing when you have the guts to take responsibility for your ac- tions. We all make mistakes, some are genuine while oth- ers are sadly premeditated. We can all smell BS, so quit fabricating the truth. Liars are often insecure and seek baseless approval from outside factors, whereas the pursuit of solid integrity starts when you seek high standards from yourself. Mark Sephton is an inter- national personal mentor to entrepreneurs, basing his program on a GPS system with eight key fundamen- tals. This system reveals blind spots, efficiencies and deficiencies, and is used to find your “inner sniper” to improve your instinct, pro- ducing devastating results in your own revolution of discovery. It is hard to see the picture when you’re in the frame. Chang- ing the way you think through culture and mindset shifts and introduced to game-changing habits helps increase your productivity and skyrocket your personal brand. www.marksephton.com See Mark Sephton speaking about this topic in a video on our website www.entrepreneurmiddleeast.com Our surroundings and the way we come across speaks volumes about our integrity that we have not only toward other people, but also to ourselves. We have so much “screaming” for our attention. The ability to stay focused despite the onslaught and perpetual distractions will certainly test our integrity muscle.

Page 50

Entrepreneur september 2014 50 READ BETWEEN THE LINES BUSINESS BOOK RUNDOWN By Amal Chaaban J ust because an author demonstrates great sales doesn’t mean their business advice is applicable in the boardroom or even good for practical application otherwise. Our reviewer takes a look at some of the titles getting hype recently and gives you the executive summary. Before you hit the business bestseller aisle, read these reviews to see which of these known books are actually worth your while. Every year, millions of people around the world compete for venture capital or angel investment funds to start up their businesses. In The Customer-Funded Business, John Mullins offer up a better way. Using his many years of experi- ence both in the business world and in academia, he provides five different customer-funded models of business, complete with anecdotes and supporting examples. While the book eases into the case for customer-funded businesses, once it gets going, it is a fairly fast-paced read. Each model is expanded upon in its own chapter, and perhaps the best thing about this read is that it’s not written like some stuffy textbook dusted off 20 years ago and made new, instead the ideas are fresh, insightful, and very tech-relevant. Each chapter has pull quotes that highlight key statements, and questions are posed that entrepreneurs will benefit from asking. No matter what sort of business you’re actu- ally contemplating starting, this is a book you want to read. In our Money section, see an exclusive article by Mullins about the “established” VC ideas… and why you might need to reconsider what you think you know. When Jim Clifton opines about issues like identifying entrepre- neurs, the business and politi- cal world should sit up and take notice. Chairman of the highly successful Gallup, Clifton has extensive insight into what makes a business and by extension an economy, tick. Entrepreneurial StrengthsFinder can be consid- ered a learning and measuring tool; in addition to the book, there is a website where the reader answers a series of questions and is then provided a report on their personal strengths. The book pro- vides a more thorough explanation of each of the 10 main factors in successful entrepreneurs, and gives ample advice on how to utilize the factors to your best advantage. This reviewer took that test and found it almost complete- ly on the mark in indentifying my strengths (creativity) and weak- nesses (caring about profit). Dr. Badal also provides insight on how Gallup reached their findings and what implications they may have in the workplace. In my opinion, the only flaw in this highly useful book is that innovation seems to be given the short end of the stick over entrepreneurial drive. Entrepreneurial StrengthsFinder Jim Clifton and Sangeeta Bharadwaj Badal The Customer-Funded Business John Mullins CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

Page 51

september 2014 Entrepreneur 51 One could potentially accuse the author of hyperbole for calling Intel “the world’s most important company” if one was ignorant of just how many things in our daily lives use Intel electronics. Malone, a long-time writer covering Silicon Valley, has taken us back to the begin- nings of how Intel was formed, with an in-depth look at the main players and their distinct personalities. With some of their employees likening the three to a dysfunctional family, readers are afforded a close look at how even the most dysfunc- tional of partnerships can form a company that today’s technology literally could not function without. The Intel Trinity is extremely interesting, so well-written that the narrative is movie-like. One note, tech terms are liberally used throughout the book, so this reviewer recommends that laypeople go to the handy tutorial of terms appendix before you dive into this one. This reviewer has long wondered why people who are second-in-command (for lack of a better term) get so little appreciation and recognition in the busi- ness world, because the reality is that no matter how stellar the head honcho is they can’t do everything. Along comes Consiglieri to set that to rest. Having been both the man at the top and the second in command, Hytner expands on the critical role(s) that the second in command play in any organiza- tion. The author comes across as truly indignant that people so easily discount and underestimate the importance of the second, and uses the term “Consiglieri” to great effect as a way to group the many types of seconds out there. One of the standout things about this book is the great number of examples demonstrating how seconds really do influence the running and direction of any business, across many industries. This is a great read for people who understand the functional day to day work of a second, but (like most) underestimate the importance of the ship’s under-captain. Consiglieri Leading From the Shadows Richard Hytner The Intel Trinity How Robert Noyce, Gordon Moore, and Andy Grove Built the World’s Most Important Company Michael S. Malone “SHOW ME SOME I.D., PLEASE” SUC RESEARCH RECOGNIZED S harjah’s Skyline University College (SUC) earned accolades for its scientific research, winning the award for “Best Scientific Research” at ID World Abu Dhabi 2014, also nailing second place in ”Best Research in Advanced ID Systems”. Money prizes were awarded with SUC winning AED75,000. First place winners, New York University Abu Dhabi, were awarded AED100,000. Other participants that won awards at the event included Al Hilal Bank and the Abu Dhabi Judicial Department. Comprising of Dr. Riktesh Srivastava, Dr. Deepak Kalra, and Mr. Firoj Kumar Rauta, SUC’s team’s research was on a “Blueprint for Improving University Services in the UAE using Emirates I.D. Card”. Dr. Riktesh Srivastava, Dr. Deepak Kalra, Nitin Anand, and Firoj Kumar Rauta

Page 52

Entrepreneur september 2014 52 I launched my own busi- ness, MB Consultancy, a digital marketing agency in Cape Town, South Africa three years ago. Like many startups, I did little consid- eration of the actual brand identity. I didn’t properly understand how to formulate the company’s essence, title or name, logo development, font choices, and finally, the positioning. But as the company grew -I opened an office in the UAE at the begin- ning of this year- so did the need for a rebrand to reflect the personalized nature of my agency. Instead of hiring my sister to design another logo (rookie mistake), I decided to invest in a professional branding agency that special- izes in startups and SMEs, JPd. JPd is a UAE-based boutique agency spearheaded by international branding specialist James Pass, whose agency is making best prac- tices in branding available for passionate entrepreneurs and startups. I approached JPd having already decided on the new company name (Boguslavsky & Co) as I wanted to use my surname to reflect the personalized nature of the agency. It was also important to leverage my digital strategy experience and skills as it’s vital to the work I do with my clients. I added the suffix “& Co” as I wanted to show it’s not a one-woman show- I work with quality team members that add consider- able worth to my company. In terms of positioning, I wanted to make it clear where our skills, knowledge and expertise lay. So what does a rebrand- ing experience entail? The process kicked off with a face-to-face meeting with JPd. The purpose was to establish an understanding of my business objectives, goals, and current standing in the market. Through an in-depth interview process, which took me through questions that I hadn’t before considered, I really thought about the core essence of my agency and our personalized approach. Not long after, JPd came back I rebranded my startup The right conceptual development makes all the difference By Marianna Boguslavsky In terms of positioning, I wanted to make it clear where our skills, knowledge and expertise lay. Entrepreneur september 2014 52 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

Page 53

september 2014 Entrepreneur 53 with their first presentation; the detailed understanding of my business, and a com- prehensive analysis of my competitors and their cur- rent brand positioning, blew me away. I was surprised to realize that so many digital agencies tend to use same colors and the same wording and verbal tone. Luckily, JPd and I were on the same page- it was important that I differentiate my business from the rest. Our follow-up presentation was the one I was most excited about as it involved my new logo, and the creative ways it can work with my name. I mean how much can you really do with a logo for a company called Boguslavsky & Co? Apparently quite a bit. Adding to my excitement was the overall look and feel that complimented the logo and brand positioning, giving me added creative tools such as typography, shade palette, and graphic layouts. Ultimately, from the in-depth immersion in the process to their phenomenal creativity I was incredibly pleased with the results. I realized that branding is the first step to launching your business if you want to do it properly. All in all, the rebrand- ing experience was a much needed and fascinating process- it has resulted in a new brand that I am very proud to call my own. Marianna Boguslavsky was born in Latvia, studied in South Africa and the U.S., and kicked off her marketing career in London, U.K. She has worked in the digital marketing industry in Cape Town, South Africa and Dubai, UAE and is currently running her own digital strategy agency based in the UAE, Boguslavsky & Co. Boguslavsky has had the opportunity to work in a variety of industries in London, Cape Town & Dubai, ranging from publishing, property, search, e-commerce, retail, automotive, and fundraising. She has worked for corporations, startups, and NGOs, with her work experience span- ning over eight years and three continents. I was surprised to realize that so many digital agencies tend to use same colors and the same wording and verbal tone I n the tech world, the latest “must-have” is a fashion executive. This time, it’s Yves Saint Laurent’s Europe President and Retail Head Catherine Monier, reportedly nabbed by none other than one of the biggest players in the game. Yes, it’s Apple who snapped Monier up, and 9to5Mac reported that former YSL CEO and current Vice President at Apple, Paul Deneve played a part in the hire. This phenomenon isn’t an anomaly either: Burberry CEO Angela Ahrendts has been appointed as Apple’s Senior Vice President of Retail and Online Stores position, and previous Burberry Social Media Marketing Head Musa Tariq is Apple’s new Digital Marketing Director. Other lesser-known fashion execs within Apple’s ranks? J Crew Group Inc’s CEO Mickey Drexler (famous for his minimalistic approach to Gap stores and later on inspiring Jobs), still serves as an Apple board member. Even Jobs successor Tim Cook dabbles in the retail space- he’s a director at Nike Inc. The timing could not have been more perfect (pun intended), in an interview at D11 conference in May, Cook said that he finds wearable tech “profoundly interesting” (CNET). With Apple gearing up to launch their fashion and fitness wearable gadget, these retail vets might be just what they need: Big fashion House players with top-notch expertise in retailing personal products. We’re taking all these new recruits as a sign that Apple is prepping for a trendsetting game-changer. Design does matter The tech world, led by Apple, is going on a fashion-recruitment spree Apple headquarters, Cuperino, CA, USA Apple headquarters image © joe ravi / shutterstock | yves saint laurent image source © ysl.com

Page 54

Entrepreneur september 2014 54 T he tough reality is, no matter how great your site is, chances are slim that a customer will randomly hap- pen on to your site. So it’s imperative that you use a variety of strategies to get your website noticed by the nearly 2.5 billion people who now surf the web. They make up over one-third of the planet’s popula- tion. Here are six easy ways to generate website traffic. 1. THE FINE PRINT Winning visitors becomes a matter of creative, persistent marketing. The good news is that it’s still the little things that will bring plenty of traffic your way. There are fundamental steps that too many businesses neglect. For instance? You should always put your URL and a reason to visit your website on all printed matter, including your business cards. You should also mention what people will get when they visit your site, such as a newsletter or a list of some type of content that will pique their interest. That substantially increases visitors, and eventually visitors become customers and/or subscribers. 2. CREATE AN EMAIL SIGNATURE An email signature is also an especially powerful and absolutely free tool. Create a signature with a link to your website in it and have it automatically attached to every one of your outgoing emails. It takes only a few seconds to create an email signature, and it may bring in visitors to your site every day. Ensure that the URL is hyperlinked, and while this may seem like a no-brainer, you’d be surprised to see how many signatures aren’t web- ready. 3. NETWORK IN ONLINE DISCUSSION GROUPS Another low-cost traffic builder is online discussion groups and chats. Where appropriate, give out your URL. Look for places in which you can join in discussions on topics that relate to what you sell, but don’t be a salesman. Be knowledgeable, show your expertise, provide helpful solutions, and point out great articles on the topic. Eventually, people will read your profile or ask how you know so much and then you can mention that you work in the industry. Make people want to come to you, visit your site, and buy. That’s what inbound marketing is all about. You put yourself out there, and people come to you, rather than the old-school advertising approach of chasing down customers and hitting them over the head with your advertising messages. 4. MARKET YOUR BLOG ACROSS SOCIAL NETWORKS Similar advice is true for social network- ing sites like Facebook, Twitter and Google+. You’ll want to create a profile for your business, get active in the groups that cater to your web audience, and befriend other likeminded businesses and people. Like any community-oriented activity online, you don’t want to cross the line into spam. Only “friend” people when it makes sense. And keep your profiles updated. If you’ll be participating in real-world events with your business, put that in the “events” section on your Facebook page, for example. If you’ve updated a section of your site or added a new product or service, broadcast that on your Twitter feed to instantly alert your audience. Facebook, Instagram, Twitter, Google+, Pinterest and other social media platforms are ideal ways to draw traffic to your website with links and content that tie into your site. 5. IDENTIFY ONLINE MARKETPLACES Another big-time traffic builder for any retail website is posting items for sale on the major auction and marketplace sites, such as eBay, Yahoo! and Amazon. Those sites let you identify yourself to viewers, and a few dollars spent on highlighting your items on those sites may just bring in lots of traffic from surfers seeking more information. Many small retailers say that their entire advertising budget consists of less than US$100 monthly spent on eBay, but they’re nonetheless seeing traf- fic counts above 500 daily, with most of those viewers coming via eBay. Even if you sell those specific goods at no profit, the traffic increase your site may experi- ence could well justify your efforts by leading to additional or future sales. 6. OFFER FREE MONTHLY EMAIL NEWSLETTERS For many businesses, good old email may be the surest and certainly the cheap- est tool for building traffic. And it gets results: customized email can generate response rates upward of 6%. A good way to get folks to opt in to your email list, which, of course, they’ll have the option of opting out of, is to offer a free monthly email newsletter. Effective newsletters usually mix news about trends in your field with tips and updates on sales or special pricing. Whatever you do, keep it short. Create interesting lists, give them tidbits, factoids, trivia, or anything they can digest quickly. People don’t even want to bother scrolling down, TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX The how-to Start with the internet basics Six easy ways to lure in web traffic

Page 55

september 2014 Entrepreneur 55 Gamers report hearing sound effects post-play NOT SUCH A GOOD GAME AFTER ALL “Go, go, go!” You’ll hear that and more during a session of zombie-slaying- all normal elements of any video game. But for some gamers, when it’s back to the real world, the sounds linger. According to new research published in the International Journal of Cyber Behavior, Psychology and Learning, an alarming 12% of gamers experience Game Transfer Phenomena (GTP). A widely discussed symptom of GTP? Hearing game sound effects from video games even after you’re done playing. The Guardian reported that researchers from Nottingham Trent University’s International Gaming Research Unit compiled “anecdotal evidence” from more than 12,000 gamers (via online forums) complaining of auditory residuals. What do they hear? Sword slashes, beeps, bullets, explosions, screams and more. One gamer even reported hearing constant whispering of “dead” for a few days post-play. Cases are apparently triggered by “real-world cues that relate to in-game situations”, and a common factor for gamers experiencing GTP is the long periods of time that they’ve been gaming. As the data is drawn from players conversing with their peers, there’s likelihood for exaggeration, although lead psychologist Angelica Ortiz de Gortari claims that the new study will back up prior GTP research. de Gortari also said that sounds in video games can have long-lasting effects on how players respond in real life. With this year’s International Dota 2 tourney having the prize pool increase from US$1 million in its first year to this year’s $10.9 million, and a South Korean university deciding to accept gamers as student athletes (Gizmodo), delving into the consequences of long-term gaming behaviors is a relevant issue to explore. | geek | so give them as much as you can in the preview screen with a little more below the line. The sides and corners are for promoting your products and services. Another key? Include hyperlinks so interested readers can, with a single click, go directly to your site and find out more about a topic of interest. And, if you provide great content, add “forward to a friend” so they can spread the word about your business. Always think viral with online marketing. Whether you’re emailing a newsletter or using Facebook or Twitter, you want to encourage others to spread the word, since word- of-mouth marketing is the best possible means of no-cost marketing. It is also how you use the power of social media to grow your following. See this article in its entirety at Entrepreneur.com Point and shoot just got better with ultra wide-angle camera lenses. Why go wide? To capture more, of course! Ultra wide-angle lenses allow you to include more of your scene in a single frame. A lesser known benefit is how super wide lenses draw more attention to a photo’s focal point with increased depth of field. Canon has introduced two new high performance, wide-angle zoom lenses to the EF range: the EF 16- 35mm f/4L IS USM and the EF-S 10-18mm f/4.5-5.6 IS STM. The EF 16-35mm f/4L IS USM, designed for experts and enthusiasts, provides greater versatility for profes- sionals who regularly capture wide-angle perspectives such as landscape or architecture photographers, and it’s also the first ultra-wide L series lens to feature Canon’s signature optical Image Sta- bilizer technology. Rounding out the consumer side is the EF-S 10-18mm f/4.5-5.6 IS STM lens, offering a wide- angle zoom in a lightweight, compact body for easy travel. The next time you want to capture a brilliant cityscape or the entire family in a group shot, remember, there’s a lens for that. Go wide or go home! PHOTOGS, WIDTH IS THE “IN” THING FOR PRO AND AMATEUR SHOTS Canon caters to both segments with new lens editions By Tamara Clarke Canon EF 16-35mm f/4L IS USM wide-angle zoom lens | SHINY |

Page 56

Entrepreneur september 2014 56 G oogle is the ultimate dream place to work. Voted the top company to work at five years in a row by Forbes, Google’s name is enough to make anyone in the room turn around and listen. The perks, the technology, the spirit of innovation- it’s the job you always dream of landing. And I was lucky enough to work there. I accepted the job the morning of January 25, 2011, the day the uprising in Egypt began. Of course at the time I had no idea how this would impact me. The internet in the Middle East took center stage. The “Arab Spring” emerged and with it came an unleashing of freedom- press freedom, internet freedom, and freedom of expression that had never before been witnessed. The web became a powerful force for change and it’s hard to imagine what the region was like before this historical moment in our tech-driven lives. The internet was not just a catalyst for movement, it was a liberating force that unleashed a generation. Through my role at Google I was part of a team that launched some of their largest brands for the first time in the MENA region: YouTube, Google Maps, and Street View to name a few. But after three and a half years at the tech giant, it was time to say goodbye. Why? Because I had a deeper calling and realized it was time to move on. It was time to go back to my core values and devote my energy to what I believed in. And I encourage you to do the same. Become an entrepreneur. The MENA region presents an oasis of opportunities for entrepre- neurs, and the marketplace here is thriving like never before. Our future has never looked brighter, and for proof of that you only need to look to the youth demographics in the region. Being an entrepreneur, I see opportunities in MENA everywhere; THE SWITCH Maha Abouelenein Risk, reward and how to service your passions properly “I quit Google to become an entrepreneur”

Page 57

september 2014 Entrepreneur 57 in the media industry there has been a marked shift among journalists, advertising, blogs and even the tradi- tional work of the “daily” sector, that of the newspaper. The web has also affected how we do business, beginning with the methods we employ to communicate and engage with customers, build brands, manage reputations, and vie for the all-important share of voice and con- sumer attention. And let’s not forget the impact on society, knowledge and culture; there is a huge demand for Arabic content, not just in entertain- ment, but in education, the arts and across the sciences. Entrepreneurs have a huge opportunity to leverage this and to use this gaping need to their advantage by impacting social norms and advancing cross-cultural understanding. Along the way, I learned a few things that I want to share with you as you leave behind the corporate world -to proudly be an entrepreneur changing the world- one idea and one passion at a time. Be the architect of success Believe in yourself, you don’t need a name like Google to feel secure. Trust yourself. Leaving a job with fixed income, health insurance and benefits can be scary, but being the sole architect of something, and going on the journey is far more rewarding and can reap benefits that go beyond the financials. Don’t push your dreams aside. Become the world’s leading expert in what you believe in. Prove that to yourself. Compete with yourself. You must believe in order to achieve. Reevaluate risk and reward Taking risks is part of growth and it can lead to success. While most people know the former to be true, they forget to acknowledge that failing is also part of success. If you take a risk and it doesn’t work, learn from it and move on. Don’t be afraid to take risks and try new things, and this involves leaving your comfort zone and pushing yourself. You’ll be amazed at what you can do if you challenge yourself. This isn’t to say your risks shouldn’t be calculated, think them through since taking them at the right time and place is vital to the outcome. Always take risks where you are betting on yourself, thus automatically stacking the odds in your favor. Passion is a type of currency If you are passionate about something pursue it. My father was fond of telling me that “if you’re passionate, hard work always pays off.” It might not pay off immediately, but it garners a return on energy investment. Being passionate about something is not about injecting emotion into your work, it ties back to your personal values. For example, I’m passionate about helping people and adding value. If I’m not adding value or creating value, I feel that I’m not properly servicing my passion. I can’t say at what point I became passionate about communications, but now I can’t see myself doing anything else. I love examining campaigns, analyzing strategies, and building knock out narratives- I thrive on it! Work hard at servicing your own passion, and give 110%. Get ultra-educated across disciplines As the daughter of an educator, it was clear to me at an early age that learning doesn’t stop when you’ve earned one degree or two or even a post-doctoral. I have become, in essence, a life-long learner. I’m always hungry for fresh knowledge and to absorb the intricacies of how things work. You’re never too old or too smart to learn, and the best entrepreneurs will vouch that educational opportunities are everywhere. I learn from people that I interact with, everyone from my employees and my clients, to my friends and my mentors. I also invest in reading- gleaning as much as I can to learn from what’s out there. Find a few blogs or authors that you love to follow and read on your morning commute or during downtime in airports. Improve your ground game by learning when you can. Fill your white space with the abundance of learning that is out there and go grab it! And guess what- learning is free. Bonus! Ask your network for assistance Asking for help is not a sign of weakness, it is good business. Let your friends and colleagues know that you’ve started your own business and would appreciate their support. You’ll find new business opportunities, free advice and maybe an investor. If you need help from someone in particular, prepare your ‘asks’ and be specific. When approaching someone for help, give them all the information they need to make a decision. It’s important to think through what you need as the opportunity may only come once. You want to ensure that you do your homework and that you are well-prepared. I have never been in a situation where I went to someone for help and they haven’t been up to the request; quality people usually deliver. As you take off on your wild ride as an entrepreneur, don’t think of it as losing something or leaving something behind. Shift perspectives and think of it as making space for something new that will inspire you and broaden the current limitations of your imagination. Pursue your ambitions, be persistent, and suc- cess will follow. I want your feedback and to hear about your journey as an entrepre- neur. I know I can learn something from you so please reach out to me at @mahagaber on Twitter. I will sign off with my personal mantra (which I usually write on emails to my team). Stay low, keep moving. Maha Abouelenein Find a few blogs or authors that you love to follow and read on your morning commute or during downtime in airports. Improve your ground game by learning when you can. Fill your white space with the abundance of learning that is out there and go grab it! And guess what- learning is free. Asking for help is not a sign of weakness, it is good business. Let your friends and colleagues know that you’ve started your own business and would appreciate their support. You’ll find new business opportunities, free advice and maybe an investor.

Page 58

Entrepreneur september 2014 58 F ew young businesses have piles of cash for mar- keting, but I’ll take the challenge of thinking hard about where to spend marketing dollars any day. One way we’ve had success is with tightly run, highly measured pay-per-click (PPC) programs. PPC can be extremely effective for small budgets, but it needs to be done correctly to maximize your investment. Before you start a PPC campaign, figure out what a customer is worth to your busi- ness, and what you are willing to spend to get that customer. For example: “A customer is worth about US$100 to my business, so I am willing to spend $50 to get that customer.” Since no business can convert every lead, use a formula based on a conver- sion rate to determine what you can pay for leads. In this example, if you can convert 1 in 10 leads into paying customers, you’d pay $5 per lead. With this simple formula as a guide, here’s why PPC plus analytics can be a successful marketing vehicle for entrepreneurs. PPC works with small budgets Author and entrepreneur Seth Godin said that “the big mistake [that marketers make] is think- ing that their job is to spend money to get attention. If they think that that is what their job is, they will never ever succeed in marketing.” There is no direct correlation between budget and results. If you get a big infusion of cash and you can triple your PPC budget, it won’t necessarily triple the volume of same qual- ity of leads. > Targeting You can use PPC to target visitors at all stages of the buying funnel. Start by focusing on the key words people type in when they are ready to buy. The lower in the funnel, the higher conversion rate you should expect. When you add geogra- phy, time and language, you have a surefire way to pinpoint your most qualified customer. > Matching Avoid broad match- ing or you’ll be paying for unqualified clicks that will just drain your budget. Start with a modified broad match to get higher relevance. Since PPC is an auction format, price is driven by demand/value. You can’t overspend when it’s self- serve. To avoid losing money on irrelevant clicks, focus on phrase or exact match keywords. Test a variety of messages The days of committing to ‘one version’ with print brochures are long gone. PPC is a great way to test content and combina- tions of words and messages. Design tests to measure if you’re increasing relevance of keywords to ad copy to landing pages. Think whether the promise from the ad is delivered consist- ently on the landing page and in the headline and body copy. We’ve found rearranging copy in a headline or changing the description line from prose to a customer quote can increase click-through rates by 8% or more. Test a variety of markets If an ad is working in a certain market, test the same copy in another market, but remember that there are subtle nuances in each language. For example, the French word for “management” (gestion) implies “financial” management, so we’ve added extra descriptors in our ad copy to ensure we’re not paying for clicks from French visitors looking to get a handle on their personal finances. It’s a good idea to have trusted individuals who know the native language review your copy and not only rely on Google Translate. Tests quickly point to the right direction More often than not, the sim- plest, briefest version of your page will be the most effective. Always start with some basic best practices, create your hy- pothesis and then test every- thing- headline, buttons, video, CTA placement and so on. It’s a surefire way to validate what you’ve learned. Give your tests enough time to reach a conclu- sion, then build a new test based on your findings. Keep at it even when you think you’ve nailed the perfectly performing cam- paign and you’re exceeding your expectations. Numbers trump opinion and emotion When funds are tight and every lead counts, using data instead of your opinion to make deci- sions is a lifesaver. Use Google AdWords and Bing Ads, along with some sophisticated tools like GA Content Experiments and Optimizely combined with your own analysis, to measure which market segments are the most valuable. Double down on those and turn off those that are underperforming. Marketing on a small budget might seem a tough row to hoe, but there are ways to get results. A carefully planned, highly detailed PPC and metrics program can gener- ate the results your company needs without spending an arm and a leg. As businessman and author Jack Welch once said, “An organization’s ability to learn, and translate that learn- ing into action rapidly, is the ul- timate competitive advantage.” See this article in its entirety at Entrepreneur.com Divvying up your resources Making online ads work for small budgets By Brent Frei TECH SHINY | WEBSITE TO WATCH | GEEK | MOBILE TECH | ONLINE ‘TREP | THE FIX If an ad is working in a certain market, test the same copy in another market, but remember that there are subtle nuances in each language.

Page 59

september 2014 Entrepreneur 59 What is PPC? Through programs such as Google AdWords and Facebook Ads, marketers specify an amount they’re willing to pay for each visitor who clicks through to their sites. They also indicate whether they want their ads to appear in search engine results or content blocks embedded within websites, or both. It’s an auction-style system through which the advertiser that bids the most for a targeted keyword receives the most exposure. Although PPC advertising may sound simple, plenty of novices have created campaigns that generate little click-through action because they target the wrong keywords or lack a compelling message. Do use negative keywords, too. PPC marketers often fail to use negative keywords, which allow you to specify where your ad should not appear. For example, in our “show ideas” and “baby shower gift ideas” example, the words “baby” and “gift” could be designated as negative keywords to help eliminate such irrelevant ad placements. Do separate search and content ad placements. Search network placement refers to PPC ads that appear in search query results, while content network placement means websites that display PPC ads as blocks within their pages. Most new PPC marketers select both the search and content networks when they set up their first campaigns, and they usually use the same keywords, ad content and payment amount for each click. But the specific queries and websites that trigger your content network placements can be significantly different than what yields results on the search network. Running the same ads on both networks, therefore, could cost you money in terms of irrelevant placements. Although customizing takes more time and effort, it’s far more efficient to tailor your keywords, ad copy and keyword bids for each network. Do efficiently target ad campaigns. Many advertisers aren’t precise enough in targeting their campaigns. To increase efficiency, take advantage of features in PPC accounts that allow you to specify who sees the ads. Consider geography and timing when targeting your campaigns: > Multiple countries If you plan to advertise in several countries, set up an ad group for each. Otherwise, limit your ad to national placements only- going across the GCC is beneficial for many products and services. > Time of day If your ads generate the most conversions during a particular time of day, set them up to run only during those time periods. Do match landing pages to ads. Sending a visitor from your PPC ad to an irrelevant landing page not only disrupts the sales process, but can also result in the assessment of lower ad quality scores. That means you’ll pay more for each click and receive less exposure than advertisers with higher scores. To avoid low relevance ad and landing page pairings, decrease the number of keywords. That will help make your landing pages as relevant as possible. Do track your return on investment. To effectively manage PPC campaigns and improve your ROI, you need to know exactly which clicks are resulting in sales. To generate this data for free, tie your PPC account to Google Analytics to track which ads led visitors to your page and which visits resulted in sales. Without this information, you can’t adjust your keyword bids or eliminate less effective ads and keywords. See this article in its entirety at Entrepreneur.com Click here! PPC in brief BlackBerry is expected to release the much anticipated Passport smartphone this fall in the GCC, possibly even this month. While cyberspace is abuzz with speculation about the device, the square shape is what’s setting most tongues wagging. Designers and laypeople alike are all debating the square aesthetic in this age of rectangle smartphones. According to a leaked list of specs, the BlackBerry Passport will feature a 4.5-inch screen with a resolution of 1440x1440 pixels (453ppi), which will be protected by Gorilla Glass 3. The device, supposedly powered by quad-core 2.2GHz Snapdragon 800 with the Adreno 330 450MHz GPU, is also expected to come with 3GB of RAM and 32GB of storage and a microSD card slot that is expandable up to 64GB. Other key features of the device include a 13 megapixel rear camera with Optical Image Stabilization (OIS) and a 3450mAh battery. The Passport has a condensed QWERTY keyboard featuring three rows of alphabet-only keys. The tech company is hoping to simultaneously lure back their once formidable army of enterprise customers with the Passport, and square away the smartphone market. Squaring off BlackBerry Passport gets design dialogue going By Tamara Clarke Tips for PPC newbies By AJ Kumar BLACKBERRY PASSPORT IMAGES © BLACKBERRY

Page 60

Entrepreneur september 2014 60 Six points promoting balance for your professional and personal successes I t was a hot summer night, and I was dressed up in what I can say was the most ridiculous outfit I ever put on: a suit, a tie, a clean-cut shave, and a fake smile. After a long day of slaving away at my job with a corporate giant, an evening social event for work was the cherry on top of the misery cream. That night, however, would change everything about me- it was the night I met my mentor. You meet a lot of people that teach you lessons about things in life, and it’s plausible to say that you can learn some- thing new from every person that ever crosses your path. So what gives a mentor that title? What sets them apart from the pack? MENTORSHIP CAN CHANGE YOUR LIFE Learn to apply perception, mindfulness and consciousness By Rani Nasr A mentor will go way out of their way not only to pass along wisdom and tutelage, but also to sculpt you into the best possible version of yourself. The night that I met my Master Splinter, I looked sharp, confi- dent and energetic- dare I say maybe even happy to be there? I wasn’t, and my mind was a vagabond lost in space-time searching for soil to root. My creative juices were long gone with doodles on college tables. I was doing alright career-wise, but I couldn’t recognize the person in anymore, and I felt like a monkey in a penguin suit. I had only two forms of self- expression: the professional voice and the lashing-out voice. My perception of the world was square, and my connection with a bigger picture was only SPONSORED BY CADILLAC IN THE SPIRIT OF LINKING SUCCESS WITH POTENTIAL INDUSTRY KNOW-HOW Entrepreneur september 2014 60

Page 61

september 2014 Entrepreneur 61 CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS joke material. That is where my mentor came in, but she didn’t teach me lessons about life and all that poetic internet blabber, she taught me how to learn. The oft-repeated (and somewhat clichéd) adage, “Give a man a fish and you feed him for a day. Teach a man how to fish and you feed him for a lifetime,” is true. Here’s how I was taught how to fish by my mentor in six simple points: 1. CHOOSE YOUR CONDITIONS Each plant needs the right soil condi- tions to blossom. This also applies to us, running around in corporate offices chasing our paper dreams. We’ll never succeed in an environment not suitable to what we inherently are as people. A fish will never climb a tree, just like a monkey will never swim around the deep ocean floor. So I did myself a favour, and got myself new soil. When my position ceased to be rewarding and challenge me, I looked elsewhere, and my new stomping grounds give me inspiration and room to grow. 2. ONCE ROOTED, START CREATING We live in a consumerist culture, handed everything (including information) on a silver platter. The lesson I learned here was to treat creation like lust (I still didn’t know what love was), and work instinctually on creating what reflects me, on whatever canvas that life and work presented. Whether it be a tweet, an article, a melody or even a napkin at a bar. Just keep constantly creating with lust-like drive and abandon. 3. BE THE CENTER I’m not the people in my life, I’m me. Blame tech advancement for connecting us to 1000 times our natural socializing capacity, inevitably leading us to cross paths with so many humans we care about (and many that we don’t). This can over-consume our emotions, and leave our productive energy tapped dry. What my mentor taught me was to cre- ate a mindmap centered around me -be- cause I’m the center of my life- in which I map all of my human connections dividing them into circles of priorities. Focus your energy on whoever you can and should, and address the rest with the appropriate energy that you can af- ford for their particular position in your universe. This sounds philosophical, but it’s really quite practical. Contrary to popular belief, the human brain is a very limited machine, so we have to optimize its energy consumption for maximum performance. 4. CONVEY IDEAS Express yourself, but do so productively. Self-expression is art, and we tend to overuse that luxury for ego-boosting purposes. We all feel better imposing our opinions on others. We all feel better when we tweet our meal or a political statement. We all love to win arguments, but as I stated before we’re limited in the amount of energy we can expend. My mentor pinpointed the obvious fact that energy spent on winning a useless argument could have been channeled into doing something with a higher purpose, reflecting my true self instead of myself in defiance. Once we base our self-expression on productive purposes, things will fall like a jigsaw puzzle right into place. 5. PERSPECTIVE IS EVERYTHING There is always a bigger picture... and smaller pictures. We are made of cells that are made of molecules that are made of atoms that are made of particles and so on. Everything is a branch of a branch of a branch. Determine your po- sition on the tree of life, the professional tree, the family tree, whatever tree you feel like climbing, and contemplate the bigger picture because that’s where we’re headed. Learn from the smaller picture, because that’s the ground we’re standing on- a lesson I personally found fascinating. When we observe the bigger picture we can see how we’re all con- nected, and how every little action we take has a ripple effect on everything and everyone around us. Here’s where I can apply my previous lessons: If you express yourself productively through the proper channels, good things happen. Cause and effect spreads out over a huge network of connections, making the good stuff that you produce find their way back to you in different and beneficial forms. Blame tech advancement for connecting us to 1000 times our natural socializing capacity, inevitably leading us to cross paths with so many humans we care about (and many that we don’t). This can over-consume our emotions, and leave our productive energy tapped dry. What my mentor taught me was to create a mindmap centered around me -because I’m the center of my life- in which I map all of my human connections dividing them into circles of priorities. Determine your position on the tree of life, the professional tree, the family tree, whatever tree you feel like climbing, and contemplate the bigger picture because that’s where we’re headed. Entrepreneur 61

Page 62

Entrepreneur september 2014 62 If you’re looking for a job and you love startups, this might be the place for you. Founded by Pierre-Alain Masson, Jobooh is a website platforms that helps jobseek- ers find employment opportunities in the startup space, and helps startups find skilled team members with a knack for tech life. With the aim of trying to close the gap between potential job seekers and startups, Jobooh is a free web platform, but users have the option to “boost” their accounts by upgrading, accompanied by a blog pertaining to tips on working in startups. Jobooh says that their user base is in 50 countries; UAE joins the list with ae.jobooh.com specifically catered to Arab startups, and are currently seeking out up and coming entrepreneurs to raise awareness about Jobooh in the GCC. Web Portal Jobooh is dedicated to Startup Employment Opportunities and Recruitment Startup job-seekers in the GCC get new digs CULTURE business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS 6. CONNECT WITH THE COLLECTIVE MIND The most important lesson of all can be summed up in one tiny observa- tion of nature: A single ant seems to walk in arbitrary directions, and ostensibly understands nothing of its surroundings. If we observe a colony of ants, it’s a perfectly tuned hierarchical machine where every ant plays a definitive role that helps keep the machine rolling with tight group maintenance, achieving what seems impossible for a single ant. We can achieve anything with the power of a synergetic collective mind. This lesson applies to every aspect of life, professional, social and even as a species in general; think as a collective for we’re lim- ited as individuals. By opening my eyes on these six points of focus, my mentor didn’t need to teach me lessons anymore. Whenever I’m in doubt or lost or at a crossroads in life, I go over these points helping to balance all aspects of my life and career. It’s worth mentioning that my mentor was a yogi and these points map to the points of balance or chakras of the Kundalini energy, which might have been pure coincidence or an act of deliberate wisdom, but does it really matter? I am now who I want to be when I grow up. That achievement is not measured by money or business cards or LinkedIn connections… it is measured with perception, mind- fulness and consciousness. Rani Nasr is a Digital Planner with Born Interactive, an independent new media agency dedicated to offering creative, innovative, state-of-the-art digital and interactive communication solutions and experiences. Active on the digital marketing frontier for 18 years, Born Interactive works with multi-industry and multi-national clients of all sizes, to meet the evolving needs of local, regional, and global institutional and corporate clients. SPONSORED BY CADILLAC IN THE SPIRIT OF LINKING SUCCESS WITH POTENTIAL INDUSTRY KNOW-HOW

Page 63

september 2014 Entrepreneur 63 Happiness, available at Lulu. We at Lulu have always been trying to widen our network, expand our range, innovate our promotions and improve our service so that more than 570,000 shoppers who come to our 106 stores across the region daily, get exactly what they want, Happiness! Ranked as No.1 Hypermarket Chain in the region by PlanetRetail UK.

Page 64

Entrepreneur september 2014 64 Doing a few things differently will help me help you W hether we like it or not, PR agencies need editors and vice versa. The former need to promote their client develop- ments, and the latter need new material every month or week or even day (depending on the frequency of the medium). It can be a cynical, unpleasant and hypocritical relationship, but I know that it doesn’t have to be that way since I’ve liaised with some real PR pros. As someone who has worked for several years at one end of the spectrum, I’m sad to say that more often than not, work got done under stress and feelings of animosity –yes, animosity- towards an agency that simply could not understand how to help me help them. Here are some issues that I’ve personally come across as an editor. If these things were attended to properly, it would strengthen media- agency collaborations and be an all-around better situa- tion for everyone involved- your clients included. 1. RESEARCH A. TARGETING “Dear Sir/Madam” You should know whether I’m a sir or a madam. My name is in the email address. If my name causes gender-confu- sion, just address me by my name and drop the saluta- tion. The template emails you send are degrading- if we’re making an effort to have a relationship with you, then you should address us properly the same way that we address you. This just shows that you regularly go on an email-sending spree with little to no regard who you’re contacting, hop- ing someone at the other end will pick it up. Under targeting errors, you can add pitching me a story when two months prior I covered that very same thing. If you don’t know that I’ve written an 850-word piece about your client not 60 days ago, then you aren’t in the loop. Most often I reply to these emails like this: “Perhaps you missed the coverage of X that I did last month. Here is the link X.” B. RELEVANCE “Dear Partner, We’d like to invite you to the launch of [insert fast-food brand] 34th branch grand opening!” That’s great for you guys, but I’m a fashion editor and that’s not a fashion show. I don’t understand why I’m invited or how you’d expect me to write about your new F&B venture. You’re not supposed to contact every single editor in your country TREPONOMICS ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO THE TIES THAT BIND PR-media relationships By Youmna Chagoury Entrepreneur september 2014 64

Page 65

september 2014 Entrepreneur 65 regardless of their audience and medium. We write for our readers and generally stick to our outlet’s iden- tity and aims, whether you acknowledge that or not. Trying your luck randomly is annoying, and you’re wasting your time and ours. When we need information regarding a certain product, we research to find out which agency is handling that particular company’s PR. We don’t send requests to every single contact that we have, and it makes sense for you to do the same. C. CONTACTS “I’m sorry, who are you? Which newspaper?” I’m the person you sent nine emails to yesterday, and I’m not with a newspaper. Of course, all of the emails are addressed Sir/Madam and of course, most of them weren’t suitable for my au- dience, but I do expect you to know (even vaguely) who you’ve contacted. Your atti- tude and randomness make me not want to work with you- even when I’m dying to get that interview. Editor instincts are usually right; when we have an immediate inkling that you’re unpro- fessional and that working long-term with you will be painful, it’s usually not worth our time and effort. 2. INFORMATION EXCHANGE I’ve personally seen it thou- sands of times –literally- and I’ve heard colleagues complain about it for years. I don’t know how many times we’re supposed to ask: Please, for the love of eve- rything dear to your heart, send us a press release with enough information and relevant visuals. Don’t waste our time downloading and reading a file that only contains the name of the product and the company launching it, alongside a few quotes by “famous” people (who are these people?!). We need options of both portrait and landscape visu- als in high resolution; we need contact information should we decide to proceed with an interview. Editors receive hundreds of press releases daily and believe me, we usually choose to deal with the agencies that acknowledge and respect basic rules of information exchange. The other extreme is just as irritating: a dozen update releases are not needed. Overkill can also come in the form of interest- ing information buried under layers of unnecessary facts and figures- unfortu- nately it will probably stay buried. 3. DERELICTION OF DUTY When we ask for certain information and you take a week to respond, that slot is going to someone else who delivered quickly and efficiently. What you can do is send an acknowledge- ment letting us know that you’re working on procuring the material. Your sched- ule is busy and so is ours. When we send a press query and you simply ignore us, and then contact us for something else two months later, there’s a good chance we won’t follow up either. You’re supposed to answer your emails, and you think- ing our initial offer wasn’t interesting enough doesn’t give you the right to not do your job. This is about building a relationship with people in the media- it’s a mutually beneficial thing because once I’ve worked with you successfully for one media outlet, chances are I will contact you when I’m at my next. As an aside, when you send us an email interview, give it the once over. Correct basic gram- mar and spelling mistakes since we won’t bother using something like this: “We r intrested in making z city, a better place”- it’s just not acceptable. When we tell you our deadline is on the 20th of the month, do not send us material late and expect it to go live since you flubbed our deadline and it’s a trickle-down effect. We will not push our deadline for you and risk our busi- ness and let down loyal readers who expect us to be consistent. Your schedule is busy and so is ours. When we send a press query and you simply ignore us, and then contact us for something else two months later, there’s a good chance we won’t follow up either. september 2014 Entrepreneur 65

Page 66

Entrepreneur september 2014 66 Downtown Dubai Image courtesy Emaar Take your first steps forward, it’s time to take part in the GCC building boom Property PUNDITS Real estate entrepreneurs [THE HOW-TO] Entrepreneur september 2014 66

Page 67

september 2014 Entrepreneur 67 Crowdfunding has fundamen- tally disrupted the way that artists fund their creative proj- ects and startups get capital to grow. Now, it’s changing the way buildings are purchased. The Middle East has yet to catch up to this new startup wave, but it’s in the cards. Someone’s just got to figure out how to adapt these models to the MENA region. North American investors are eagerly backing a variety of new real estate crowdfunding platforms, all of which aim to bring greater transparency, efficiency and access to the industry. In late March of this year, Beverly Hills, California- based Realty Mogul announced a US$9 million funding round led by Canaan Partners, the same venture capital firm that has invested in peer-to-peer lending platform Lending Club and dating site Match.com. In the same week, Palo Alto, California-based RealCrowd said it secured $1.6 million in a seed round from investors at Y Combinator, the Data Col- lective and a mix of real-estate developers. In mid-March, Atlanta-based Groundfloor announced it raised $300,000 from American Underground, Bandwidth Labs and a couple of angel investors in the region. For the real estate market, internet-based transactions represent a huge innovation. Historically, for a real estate deal to close, lawyers would have to ship documents back and forth, says David Drake, chairman of VictoriaGlobal. co, a communications platform specializing in institutional investing and crowdfinancing. Not only is that slow, but it can also add up to tens of thou- sands of dollars in legal fees. Crowdfunding online sidesteps all of that, Drake says. Real estate crowdfunding puts more deals in front of more potential investors. “We have clients that say, ‘We would have never ever found these investors without crowdfund- ing. Because we would never have known who to call- in London! We have no idea who to call back in New York,’” says Drake. “You are expanding communication through the internet.” Another reason venture capital dollars are flowing into real estate crowdfunding startups now: the public has warmed to the idea of making investments online. What was once a new concept has taken off in a big way these last few years, with the Securities and Exchange Commission even making regulatory changes to expand crowdfunding’s po- tential. “People, over the past five years, have become more and more comfortable with the fact that they can participate in these crowdfunding sites,” says Hrach Simonian, a partner at Canaan Partners, the venture capital firm that recently invested in Realty Mogul. See this article in its entirety at Entrepreneur.com Y ou may not have the formal business training acquired through in-market experience, but the basics can be learned quickly enough. Focusing on these essential elements gives you a pretty good idea of where to go, and how to get there by wading into property investments with your awareness directed at caveats and potential hazard scenarios. If you’ve had in-market experience from being part of a corporation in real estate, use this guide as a refresher since you’re ostensibly working with way less capital and reduced legal clout than the company you left when you joined the entrepreneurial ranks. Property can make you money- even if you only want to make partial investments and not become a full-fledged part of the industry. > Market indicator tips > Cautionary circumstances > Legal logistics > Trends in property value > Real estate startups > Crowdfunding land ownership > Construction consistency Venture capital, property, and how they’re making money Real estate is crowdfunding’s next hot frontier By Catherine Clifford

Page 68

Entrepreneur september 2014 68 Company Realty Mogul Headquarters Beverly Hills, California Money raised $10.1 million www.realtymogul.com With Realty Mogul, ac- credited investors pool their resources and buy shares of investment properties. Ac- credited investors have to be making at least $200,000 a year or have net worth of more than $1 million, accord- ing to the SEC. Eligible inves- tors browse through real estate investment options online and track their various investments with a Realty Mogul dashboard. As of April, almost $15 million has been invested on Realty Mo- gul in 58 properties through 14 states. Investing with Re- alty Mogul is an alternative to investing through what are called REITs, or real es- tate investment trusts. REITs are also pooled real estate investments. Some REITs are publicly traded, meaning fluctuations on Wall Street affect the value of an inves- tor’s holding. The difference between buying a portion of a REIT and investing with the Realty Mogul crowdfunding platform is that an investor knows exactly which build- ings he or she is investing in. This means that an investor has more control in his or her real estate investment deci- sions. Typical investments on Realty Mogul are apartment buildings, office buildings, retail shopping centers, self- storage facilities and pools of single family homes. An investor with Realty Mogul purchases a portion of an LLC managed by Realty Mogul or a portion of a real estate-backed loan owned by Realty Mogul. Another rea- son an investor would want to invest in real estate with Realty Mogul as opposed to through a REIT is because of a U.S. tax benefit. In a REIT, any deduction in assets is absorbed by the REIT. With a Realty Mogul investment, an individual investor is eligible to claim real estate depreciations on his or her taxes, decreasing the bill to the government, points out Simonian of Canaan Part- ners. Canaan Partners likes the idea of niche crowdfund- ing startups, having invested in Realty Mogul as well as Circle Up, a crowdfunding platform that helps con- sumer product entrepreneurs raise money to grow their businesses. Entrepreneurs running niche crowdfund- ing sites become treasure troves of information on the players in the space, which Canaan Partners considers beneficial. “You can really build knowledge and you can use the data to predict better performing assets over bad ones,” says Simonian. “You can get smarter and better at predicting defaults, things that go belly-up.” How it makes money Realty Mogul charges a 1% to 2% annual fee for administra- tive services such as reporting, cash flow distributions and tax documentation. Company RealCrowd Headquarters Palo Alto, California Money raised $1.6 million www.realcrowd.com RealCrowd gives accredited investors access to the sort of investment options that are typically only available to real estate managing compa- nies in the United States. On the company’s FAQ page, the one-word summary of why investors would need to use RealCrowd is “access.” These are deals that, without the internet services provided by real estate crowdfund- ing, most investors would very likely never know about. That access is exactly the appeal to the investors who are backing RealCrowd. “There’s the potential for great returns, sure, but ultimately it’s new access to a new investment that makes up a section of a healthy, diverse portfolio,” says Alexis Ohanian, the co-founder of reddit and an investor in RealCrowd. The number of real estate-based crowdfunding platforms has accelerated in recent years It’s the real deal, yo Three freshly-funded real estate crowdfunding startups Property PUNDITS Real estate entrepreneurs

Page 69

september 2014 Entrepreneur 69 because of the development in technology and increased public acceptance, but also because of recent regulatory changes, says RealCrowd co-founder Adam Hooper. In September, the SEC formally lifted the decades-long ban on general solicitation. Prior to the rule change, an entrepreneur could not try to raise money from an investor that he or she didn’t have an existing relationship with. “Investment opportu- nities were held within this bubble of investors, these small networks of inves- tors, and nobody outside of that network could ever participate,” says Hooper. With entrepreneurs now able to publicize their efforts to raise money, there has been a “massive reallocation of how people can access these opportunities,” he says. Properties on the RealCrowd platform are geographically diverse, running from San Francisco to D.C. to Arizona and Alabama, says Hooper. “It really opens up access to people who would never even have the ability to really even know that these offers even existed.” Real estate investments on RealCrowd are generally worth more than $10 million and are office buildings or apart- ment portfolio complexes. When the SEC finalizes rules for equity crowdfund- ing among non-accredited investors, demand for sites like RealCrowd is expected to increase. “As we see more legislation to open up crowd-investing to a larger market, there could come a time when citizens aren’t just figuratively invested in their communities, but liter- ally as well,” says Ohanian. How it makes money Real estate managing compa- nies pay a fee to RealCrowd when they are connected with investors. Investors pay nothing to RealCrowd. Company Groundfloor Headquarters Raleigh, North Carolina Money raised $300,000 www.groundfloor.us Groundfloor bills itself as a “peer-to-peer real estate lending marketplace.” Unlike the previous two real estate crowdfunding startups, non-accredited investors can participate on the platform. While investments on RealtyMogul and RealCrowd start at $5,000, invest- ments with Groundfloor start at $100. Until the SEC finalizes and formalizes the rules for equity crowdfund- ing, only accredited investors can participate in real-estate crowdfunding across state borders. That said, a handful of states, including Georgia, have passed laws legalizing equity crowdfunding inside their state. As such, Ground- floor solicits investments from all Georgia residents. “Our investments are open to participation by everyone regardless of wealth or income,” says Brian Dally, the co-founder and CEO of Groundfloor. “We believe financial opportunity should be equal and open to all. While there is nothing wrong with connecting wealthy investors with more op- portunities for their money, that’s not what gets us up in the morning. We see more challenge, more good to be created in the world and more market opportunity creating a true mass market product available to all.” The first two properties that Groundfloor funded were an $82,000 single-family home fix-and-flip renovation and a $440,000 new construction of four townhome units for sale in the Atlanta suburb. How it makes money Groundfloor earns money from borrowers who pay fees based on the amount of money raised.

Page 70

Entrepreneur september 2014 70 Most landlords and real estate investors know that owning rental property offers one of the best opportunities to build a steady stream of cash flow and capture long-term appreciation. The big question is how to go from deciding to purchase a rental property to actually renting your unit and managing the day-to-day activities of being a landlord. Here are some important steps that will help make the process run more smoothly and protect your long-term interests: 1. Find tenants or meet the current ones If your property already has tenants, take the time to meet them personally. Talk to them about how they like living in the unit and find out if there are any outstanding issues they’d like resolved. Review their exist- ing lease, but remember that you’re bound by the terms of the current agreement. You can’t make any changes in rental rates or terms until the lease expires. If you need to find tenants for your prop- erty, stick to the basics when advertising- print ads, online sources, signs, flyers and bul- letin boards. Determine your target market and advertise accordingly. For instance, if you post your ad around col- leges or universities, you’ll likely attract mostly college students. Highlight features that’ll appeal to likely ap- plicants based on where your unit is located. For example, if you’re renting a family flat in a location with a lot of families, you might want to highlight the proximity or reputations of nearby schools or parks. Be sure to avoid violating housing laws- consult a professional if you are having difficulty deter- mining the legalities. 2. Screen potential tenants Once you’ve found a potential tenant, don’t make the mistake of skipping the screening stage. Performing a thorough check of each quali- fied applicant’s history is criti- cal to securing reliable tenants who’ll take care of your prop- erty and pay the rent in the agreed-upon timeframe. Over- looking this step puts your investment at risk and poten- tially could result in countless headaches and costs down the road. Screen potential tenants for criminal and credit issues, as well as employment and rental history. Do ask for char- acter references, and do your homework. 3. Know your rights, and your tenant rights Protect your investment and your sanity by studying up on what the rules are in terms of property. This point is especially important. Whether you’re renting your unit to a family member (which, by the way, isn’t usually a good idea), a friend of a friend, or a person who passed your screening with flying colors, have your tenant sign a lease that satisifies all of the legal parameters for both parties. Some things to discuss with your tenant are acceptable forms of payment, potential damage fees and fines, and who is responsible for what in terms of renovations and re- pairs. Avoid oral agreements at all costs. You should also spell out your policies on guests, noise and things like tech installations, for instance. In the Middle East, people often don’t discuss pet and smoking policies- if either of these con- cern you, make sure to address them upfront. Ensure that your terms are agreed to and signed by your tenant. There are many important rules you want your tenant to follow, so be sure to share those with any new tenants. 4. Manage the day-to- day issues Managing your property daily by yourself can easily turn into a full-time job. How involved you are in the day-to-day operations will depend on how much time you have, how handy you are and how close in proximity you are to your rental property. An alternative is hiring a property manager to take care of some or all of the day-to-day issues. Property managers can be full service or help with issues ranging from finding and screening tenants to handling a pipe burst in the middle of the night. They also can take care of the landscaping, collecting rent and sending appropriate notices. The cost will eat into your profits, but could save you time, hassle and aggravation. Master the rental process from advertising your property to lease renewal By Scott Brueggeman pay attention to the details Landlord basics Property PUNDITS Real estate entrepreneurs

Page 71

september 2014 Entrepreneur 71 Establishing an offshore company can significantly change things 5. Handle renewals and evictions Renewals are the easiest way to maintain a steady income flow from your rental property. The cost of searching for and signing new tenants significantly out- weighs most costs you might incur to keep good tenants. With this in mind, consider replacing worn carpets or ap- pliances and applying a fresh coat of paint to keep a good tenant happy at renewal time. A small increase in rent might be easier for tenants to accept if they feel they’re getting something in return, like a new fridge or refurbishment. Evictions are tricky, and the rules for evicting a tenant are a minefield. If you’re unsure of how to get rid of a tenant who won’t leave, seek legal advice immediately. Along the way, you should keep good records so you have evidence of your claim and send the required notices on time. Eviction proceedings can be time-consuming and expen- sive, which is why you should screen your tenants carefully and work to hold on to good ones. Being a landlord requires work. It can be rewarding and profitable, as well as exhaust- ing and frustrating at the same time. By following the steps outlined above, you’ll have an even greater chance of being successful. See this article in its entirety at Entrepreneur.com From what began as a fledgling real estate industry way back in the early part of this century, the emirate of Dubai had definitely grown in leaps and bounds through the years, with its rapid growth halted only by the crippling global financial crisis. And although the scars left by the property crash remain visible today, late in 2012, the Dubai property market began its slow but sure movement into recovery, with the pace rapidly increasing in the second half of 2013 and continuing well into early 2014. From this standpoint, we can see that Dubai remains a top contender when it comes to real estate investment. But how, exactly, does one get to own property in Dubai and are there any inheritance issues in this jurisdiction? Dubai Real Estate Legal ins and outs of ownership By Nita Maru

Page 72

Entrepreneur september 2014 72 Freehold vs. leasehold In Dubai, property ownership is pretty straightforward, any person, whether a UAE national or an expat, and whether based overseas or currently residing in Dubai, can buy property designated as freehold in the Dubai property market. These specific designated areas are set by H.H. Sheikh Mohammed bin Rashid Al Maktoum, and interested buyers are “not required to hold any type of residency or similar permit in order to purchase property.” When you buy a freehold property, you buy the asset as such which thus implies absolute own- ership of the property asset. Examples of freehold property are those develop- ments in Dubailand, Emirates Living, Jumeirah Golf Estates, Palm Jumeirah, Dubai Marina, Jumeirah Lakes Towers, The Greens, and many others. There are also parts of the city where there are only specific properties which are designated freehold. On the other hand, leasehold basically means that you are buying the leasehold rights which are renewable after a period of, say, 30 years to 99 years. In this scenario, the leasehold contract is your asset, and in cases of leasehold, the landlord still has the legal obligation to maintain areas designated as common property (in the case of a community), and developers cannot just charge a community fee and then disappear one day. Areas with leasehold property abound in Dubai, key among which are the Dubai International Financial Centre, Business Bay, Deira, and many others. In either case, whether a property is freehold or on leasehold, the developer may allow for (or the law itself as in the case of the Strata Law) the formation of an association of lease- hold or freehold owners to administer or manage the development and address all maintenance, security and other key issues. Whether you are a freehold or leasehold owner, there are stream- lined procedures and legal documents required to ensure you have full legal ownership of the property or leasehold contract. Some inheritance problems of property ownership Disputes, misunderstandings and dis- agreements are part and parcel of life, more so when it comes to property own- ership, especially in relation to matters of inheritance. In the UAE, inheritance for Muslim nationals is guided by Sharia laws, while the law of the deceased’s home country can be applied for non- Muslim expatriates. However, there are many uncertainties regarding real estate inheritance issues. Unlike other jurisdictions, the UAE does not practice ‘right of survivorship’ (property passing on to surviving joint owner upon death of the other, as would be the case in Commonwealth jurisdictions), and the local courts will need to make the final decisions. Matters of inheritance coming before the Dubai courts are heard by one or more judges, and juries are not used. Furthermore, unlike in some Western jurisdictions, there is no system of precedent in Dubai or in the UAE. Here in Dubai, a property owner’s best legal recourse in avoiding the abovemen- tioned complications would be through succession planning and/or by setting up an offshore company. The UAE is one of the best jurisdictions in the world for incorporating an offshore company because it is a tax-free business terri- tory, and has strict policies on privacy and confidentiality. The UAE does not any person, whether a UAE national or an expat, and whether based overseas or currently residing in Dubai, can buy property designated as freehold in the Dubai property market Matters of inheritance coming before the Dubai courts are heard by one or more judges, and juries are not used. Furthermore, unlike in some Western jurisdictions, there is no system of precedent in Dubai or in the UAE Property PUNDITS Real estate entrepreneurs Freehold villa community, Villa Lantana, located next to Umm Sequim Road in Al Barsha South was recently announced by TECOM Investments. Construction is currently underway with project completion set

Page 73

september 2014 Entrepreneur 73 have agreements concerning mandatory exchange of information about its off- shore companies which are also exempt from paying corporate taxes. Many international corporations as well as expatriate entrepreneurs feel secure, comfortable and confident about estab- lishing offshore companies in the UAE. An offshore company can act as an intermediary or holding company for private wealth or business interests. It is not mandatory for an offshore company to have a physical office, and neither is the physical presence of all shareholders required during its incorporation. There is no obligation to maintain records or books, and there is no public record of the sharehold- ers or directors, which ensures full confidentiality. And finally, it provides a legal framework for the safety and security of joint, multiple, or diverse investments. But most importantly for expatriates, the structure of an offshore company located outside the UAE al- lows full private ownership of assets including property located in the UAE (including Dubai, subject to additional structuring). This ensures appropriate passage, in the event of death. Offshore companies and Sharia Property owned by an offshore com- pany outside the UAE is not subject to Sharia law for the distribution of assets after death, because technically, a company cannot die, even when an individual shareholder does. Property and assets owned by individuals are subject to probate and may be con- tested. Assets which are legally owned by a company need not be subject to probate and are less likely to be contested. As a result, assets can pass outside probate or an unfavourable legal jurisdiction without the delay and cost usually associated with winding up an estate after an individual has passed away. Once an offshore company has been established, assets, including real estate, can be transferred from an indi- vidual to the company. The procedure will vary depending on the nature of the assets. The process of setting up an offshore company and the transfer of assets should be handled by experts, who can advise in the round, to avoid complications and to ensure a success- ful outcome. Transferring the titles of assets to an offshore company means that the original owner no longer vis- ibly controls these assets, and they cannot be seized in cases of insolvency, taxation, marital proceedings or profes- sional negligence. Once an offshore company has been established, property title deeds can be transferred from an individual to the company –for a small fee- as long as the beneficiaries remain the same with- out additions or deletions in the list of owners. The process of setting up an offshore company must be directed by experts to avoid complications, but it is achieved quickly. Ultimately, when you are faced with an actual property prob- lem identified to be a contentious issue, there is nothing like having a qualified legal professional on hand to advise you in identifying what would be your best legal recourse. Nita Maru, British qualified solicitor and Managing Partner of TWS Legal Consultants, has over 16 years of experience at senior positions held in London and the UAE. Nita has a British law degree, and is a member of The Law Society of England and Wales. She also holds a full Legal Consultancy license from the Gov- ernment of Dubai Legal Affairs Department and is a registered lawyer with the DIFC Courts. Nita is also an active member of the Entrepreneurs Organization (EO) in Dubai. She is well-known for her personal yet professional approach to resolving ‘real problems faced by real people’. www.twslegal.ae If you are someone who has given up on the dream of real estate investment, before even giving it a serious look, consider that construction and development is on the rise. More than ever, entrepreneurs are moving into real estate. Whether you’ll be making your first buy or maximizing your portfolio’s earning potential by outsourcing the hassle of property management, and let an out-of- sight, out-of-mind real estate investment pay dividends, it’s time to take advantage of this market. One sound piece of advice? Don’t miss the lucrative “bottom bounce”. The best time to purchase stock is when it has bottomed out and is rebounding upwards; I like to call this the “bottom bounce.” After the market lows we’ve witnessed, things improved quickly and dramatically. With housing prices rising steadily this year, it’s an ideal time to invest in a rental property, both from a personal finance perspective and from a smart busi- ness investment one. Keep in mind, the ear- lier you act, the more money you will accrue. It’s pretty clear that rental prices are soar- ing, even with regulation. With demand driving up costs, rental prices are moving up. This spike in demand is highly beneficial for property investors who will see their invest- ments appreciate, as well as earning steady monthly returns. It doesn’t have to be a headache anymore, you can be a stress-free landlord. With technology-based solutions and the rise of service-oriented businesses, the bulk of the work takes a fraction of the time and energy. There are two options: You can either offload this entirely to a reputable property manager or you can do it alone, us- ing apps and online software to market your properties, collect rent and analyze your investments. It’s time to make your move! I’ve seen first-hand how the wealth from income properties can transform lives, families and futures. See this article in its entirety at Entrepreneur.com Real estate can make you money Start small but start now By Brenton Hayden Property owned by an offshore company outside the UAE is not subject to Sharia law for the distribution of assets after death, because technically, a company cannot die, even when an individual shareholder does the structure of an offshore company located outside the UAE allows full private ownership of assets including property located in the UAE (including Dubai, subject to additional structuring). This ensures appropriate passage, in the event of death

Page 74

Entrepreneur september 2014 74 Without the right planning and management, costs can quickly spiral out of control, delays can build, and the business soon finds itself headed for serious trouble. T he construction industry is certainly not for the faint of heart. Due to the client pre- ferred procurement model to appoint contractors on lump sum contracts, and in arrangements where the client appoints and pays the consultant to oversee contractor-performance, the dice is heavily loaded against the contractor thereby exposing contractor to all kinds of risks. In the latter example, there are of- ten lopsided contract claus- es that can be effectively used against the interests of the contractor- exposing them to all sorts of legal issues. To effectively man- age and safely mitigate risk, contractors require high levels of experience, expert knowledge in handling contractual issues, and problem-solving skills at all levels within the company. This large amount of risk, together with low industry margins is undoubtedly a major reason why construc- tion industry has one of the highest failure rates. Industry statistics say that over 80% of contrac- tors fail within the first two years of entry, and there is no guarantee that even established entities will not fail. In addition to external factors, there are internal factors that may perpetu- ate failure. A few of these internal problems? Poor business practices, undisci- plined lust for growth, weak management, poor execu- tion, inadequate funding, inability to keep overhead expenses low, lack of sound accounting practices, mov- ing into new geographic areas without doing proper due-diligence studies, lack of local market knowledge, failure to secure support from established local companies for joint venture operations… the list is end- less. Construction projects are usually complex, hence they require a broad range of highly skilled and expe- By M. Vasanth Kumar Property PUNDITS Real estate entrepreneurs Stacking the construction industry odds in your favor Communication, cost control, and careful planning Entrepreneur september 2014 74

Page 75

september 2014 Entrepreneur 75 rienced resources. Without the right planning and man- agement, costs can quickly spiral out of control, delays can build, and the business soon finds itself headed for serious trouble. With so many contractors bidding for one project, and the client often choosing the lowest bidder -mean- ing projects are booked by contractors with razor-thin margins- even a slight error in scope management, cost estimation or scheduling can take a project from profitable to being an exercise in financial loss. It’s not only the accounting staff that should be aware of cost, every project team member should also know the importance of financial factors, and how it can make a project a resounding success or a big failure. It’s never too late for engineers to understand the impor- tance of cost, and this falls to senior management to keep them in the loop. Proj- ect managers should insist upon (and obtain) detailed and accurate interim proj- ect financial reports from commercial and accounts department on a monthly basis, and such reports should be studied in detail by the project team. When things are going awry? Then the next course of action is that the required corrective measures should be taken on time every single time- this is nipping potential issues in the bud before they become large- scale problems. One of the key areas of weakness amongst con- struction professionals is a lack of awareness on good accounting principles and policies, particularly relat- ing to prudent cost moni- toring and controls. This is achieved through means of interim revenue recogni- tion and expense analysis in line with International Accounting Standards (IAS) or Generally Accepted Accounting Principles (GAAP). The recipe for success in the construction industry is managing cost, schedule and risks through strong project management processes, good communi- cation skills, and a stable, skilled workforce. A simple rule of thumb to follow? Remain as vigilant and careful at every stage of the project as you are at the beginning, and the chances of construction success as much more likely. M. Vasanth Kumar is Group CEO and Board Member of Al Malki Holdings Qatar It’s not only the accounting staff that should be aware of cost, every member of project team should also know the importance of financial factors, and how it can make a project a resounding success or a big failure. One of the key areas of weakness amongst construction professionals is a lack of awareness on good accounting principles and policies, particularly relating to prudent cost monitoring and controls. Bhomes.com | UAE, Qatar, Oman, KSA Bhomes.com’s search engine autosuggests different com- munities in an area, helping you to narrow down your choices. There’s also an interactive map to search properties by indicating the scope of search. It includes options to buy, rent, sell, landlords to place a listing and property management services. PERKS Short stay rentals are also available for business travelers and, if you’re on the lookout for agents, you can scrutinize their profiles. Home sweet home Five sites for real estate hunting in GCC PropertyFinder.ae | UAE, Qatar, Bahrain Besides buying and renting search options, it shows com- mercial properties, agents searchable by city/community and its statistics of properties worldwide. If you’re swamped, there’s a call and email button on search results– when clicked, it will automatically show their contact details without leaving the page. You can also add keywords such as “pool” and “parking” to help your search. PERKS A mortgage calculator is available on the sidebar as well as location and contact details of a property’s agent are shown. GNProperty.com | UAE Besides usual specifications in its search results, GN Property also shows open house viewing options, an interactive map with number of properties in an area and featured agents’ contact details on the sidebar. The site also displays market trends, real estate and property tips and news. PERKS Its mobile site is quite user-friendly, perfect for users considering the idea of buy- ing or renting a property, and searching on their smartphones. Lamudi.com | KSA Featured on TechCrunch and TNW, Germany’s Lamudi roused the market last year for col- laborating with other real estate service companies such as home furnishing retailers. Don’t want to leave the search result page? No problem, users can receive email alerts for specified search specifications as new properties join the listings, easily click the right/left button to browse the property’s pictures, and see con- tact details by clicking the email/ phone icons – all without leaving the search result page. PERKS Lamudi is also available as an Android app on Google Play, and there’s a new Jordan- based site as well.

Page 76

Entrepreneur september 2014 76 OF INVESTMENT OPPORTUNITIES 250+ 110+ 1,000s EXHIBITORS COUNTRIES Project Marketing Sponsor Foundation Sponsors Official Mortgage Provider Gold Sponsor International Strategic Partner Official Broker Official Architect Silver Sponsors

Page 77

september 2014 Entrepreneur 77 21 - 23 September 2014, Dubai World Trade Centre, UAE Cityscape Global 2014 is the largest and most influential real estate investment and development event for emerging markets globally. Bringing together investors, developers, real estate professionals and global industry leaders, there is no better place to find investment opportunities. THE PRIME LOCATION FOR REAL ESTATE INVESTMENT Register now for FREE entry! +971 4 336 5161 www.cityscapeglobal.com cityscapeglobal@informa.com Follow us on: Organised by Regional Broadcasting Partner Official Online Partner Property Registration Trustee Partner Supporter Co-located Conferences Partner Official Business Publication International Broadcasting Partner

Page 78

Entrepreneur september 2014 78 PAYTABS IS E-COMMERCE FOR ALL T he region’s e-commerce indus- try is growing, and so is the competition in finding the best online pay- ment solution. It has been a reoccurring theme for quite some time among en- trepreneurs in the MENA region. Abdulaziz Aljouf, PayTabs Founder, was inspired after venturing in online retail. The problem was that they had a hard time accepting various forms of online payments, despite having an interest in the products they’re selling. Basically, Aljouf de- cided to go ahead and sort out his own problem. This Saudi ‘trep has lots of experience in the field, as Founder and CEO of Saletab.com and Founder and ex-Executive Director at Aracco Holding Company. His academic credentials are quite di- verse too, with a BA in Islamic Business from Jamiat Al-Imam Mohamed Ibn Saud Al-Islamiah, a BS in Information Technology from the University of Ne- braska at Omaha, an MBA from New York Institute of Technology, and a degree in E-Commerce from the University of Missouri. Setting up PayTabs wasn’t the simplest task out there for Aljouf, but they were able to get the support they needed. PayTabs is funded by Saudi Aramco’s Wa’ed program, which funds and supports entrepreneurs and SMEs through differ- ent services. According to Aljouf, much of the financial burden came from the security aspect of the service, saying “it obvi- ously required some cost to establish something as unique and as safe as this system with a dual-layered fraud protection.” “[PayTabs] is a system to empower all the small merchants to dream big, and to help them achieve their dreams by solving their biggest problem- accepting credit cards online,” says Aljouf. Like many other online payment solutions, PayTabs works hard at appealing to SMEs with two premium options. Abdulaziz Aljouf enters the competition for MENA’s optimal online payment solution start it up Wacky idea | who’s got VC | Q&A | STARTUP FINANCE By Kareem Chehayeb “[PayTabs] is a system to empower all the small merchants to dream big, and to help them achieve their dreams by solving their biggest problem- accepting credit cards online”

Page 79

september 2014 Entrepreneur 79 The first is the eCom- merce API, a plugin that can be integrated into any website. The second pre- mium solution is PayPage, targeting younger entre- preneurs and the owners of the smallest and newest businesses. Knowing that many e-merchants use their social media platforms to sell their products, PayPage makes PayTabs’ online invoicing services possible without the e-merchant needing a website. This means that you can basically use your Instagram or Facebook page as your webstore. Aljouf believes that more e-merchants are resorting to selling their products on Instagram, Facebook, Flickr, and Pinterest, and having a payment solu- tion to target these rising trends will be beneficial. This is especially relevant in a booming e-commerce industry in the Middle East, where PayTabs have specifically mentioned Saudi Arabia and the UAE. What makes both solu- tions safe and appealing? Security. While boasting several features of their security measures on their website, PayTabs have notably partnered up with CyberSource (acquired by VISA) to monitor money fraud in transactions. That said, PayTabs are still moving forward, building on what they’ve already started. As they encourage SMEs to do more business online, Aljouf told us that they’re currently working on providing the means, a “facility” for everyone to build their own online stores on PayTabs. In the near future, Aljouf says that more languages will be added to their current services. A mobile app is already in the works, and like other entrepreneurs in the Middle East e-commerce industry, he has kept his eye out on the rise of m- commerce. “The time is near when people would be using mobile for almost everything,” he adds, pre- dicting the dominance of MENA m-commerce hap- pening in the near future. PayPal MENA www.paypal-mena.com PayPal and its popular digital wallet is making headway across the Middle East, and the folks at PayPal MENA have been keeping an eye out on growing e-commerce markets, particularly in the UAE, Qatar, and Saudi Arabia. With PayPal being popu- lar internationally, and PayPal MENA palling up with Qatar National Bank and Aramex, we can safely assume that consum- ers in the GCC will be setting up their digital wallets very soon. Watch for the continued rise of m-commerce in the Middle East- PayPal MENA is on the ball there as well. All in all, the online payment platform’s successful digital wallet looks like it could be a huge hit in the Middle East, but only for markets with high credit and debit card ownership and usage. PayFort www.payfort.com PayFort is optimistic that their payment solution will sweep the Middle East, given the fact they take into consideration the lack of credit card ownership in various markets, notably high-populace Egypt. Options like PAYatHOME and PAYatSTORE hope to al- low merchants to expand its consumer-base by selling online without a credit card. PayFort hopes to make this happen using alternatives, notably vouchers that are sent via e-mail or SMS. The online payment platform’s focus on the region means that their payment solutions will benefit different markets of the region, whether we’re talking about Cairo or Dubai. Credit card ownership regionally isn’t high as yet, so we predict that PayFort’s services will also be successful outside the GCC. Telr www.telr.com Telr’s vision goes beyond the Middle East and North Africa. Founder Elias Ghanem, who has work experience with PayPal MENA, PayPal South East Asia and India, and Visa Inc, has es- tablished a Telr hub in Singapore, in addition to one in Dubai. The end goal? An efficient payment gateway that is not only multi- lingual but also multi-currency, all while sustaining good cash flow. Ghanem’s ideal alterna- tive to COD transcends borders, hence including South East Asia and certain emerging markets in Africa are in Telr’s scope. Telr has a lot on their plate, but Ghanem and co. are confident that they’ll make a positive impact. While one may suspect that their pres- ence in the Middle East won’t be as prominent as some of their competitors, it’s important to take note of them; after all, their vision looks like a sound one in the long run. THE RACE TO ANNIHILATE COD MENA E-COMMERCE OVERVIEW Paytabs CEO Abdulaziz Aljouf This means that you can basically use your Instagram or Facebook page as your webstore.

Page 80

Entrepreneur september 2014 80 I n between IM-ing, Face- booking, liking pictures on Instagram and retweeting your friend’s funny tweets, though we’re all getting busier, technology is still com- ing up with ways to encourage us to share more information. The amount of social networks popping up left and right are daunting so how is Feelit, a social app that’s making waves in KSA, different from other platforms? “Our mission is to connect people emotionally and on a new personal level,” says Feelit CEO & co-founder Mohammad AlQadi, adding how their focus is on “building an emotional layer that helps users communicate in a more honest and sincere way.” For now, their strategy is to focus on building the best social experience for the Middle East market, improve their product and expand glob- ally. In terms of penetrating MENA’s social media user base, research statistics are in their favor. Conducted by the Mohammed Bin Rashid School of Government, the Arab Social Media Report presents a break- down of 8,400,000 Facebook users in KSA -topping other countries for having 49% of the total number of GCC users- UAE at 28% with 4,800,000 users and Kuwait following at 8% with 1,460,000 users. Twitter statistics indicate that KSA accounts for 40% of all tweets in the region, followed by Egypt at 17% and Kuwait producing 10%. KSA’s demographics indicate huge success of platforms that encourage sharing, and Feelit strives to take advantage of that with their core value of innovating how people can connect emotionally in the region. “Nobody knows Saudi’s [demographics], better than Saudis,” said AlQadi, pitching Feelit at ArabNet Riyadh 2013. The co-founders were finalists in the startup competition and bagged first place. The startup certainly had their fair share of ups and downs. Feelit initially started as an app that helps users manage everyday emotions by being suggested user- generated content of images/ videos/music that “would help them deal with whatever feel- ing they have.” After testing and launching, “we realized [we] weren’t providing great value, and therefore haven’t gained much momentum. So we decided to pivot.” Their approach on Feelit 2.0 proved to be effective and gained more momentum than their previous version. Designed to be more social-oriented, Feelit is now focused on the mission of letting users express their genuine feelings within a supportive community. With a timeline to follow user emo- tional states, people can tag posts and pictures with their current feelings in addition to an explore feature to see the trending “bubbles” of emo- tions- that shrinks depending on the amount of users having similar feelings. “Feelit became a place for everyone to express their feelings, because even if we have different political and religious views, we all share and understand human feel- ings.” Calling themselves a family, the startup has four co-found- ers: CTO and manager of tech- nical aspects AlBara’ Hakami is a software engineering gradu- ate, Omar AlEisa, studying software engineering at King Fahd University of Petroleum and Minerals (KFUPM), is the UI/UX designer responsible for making the app aesthetically attractive; Mohammad AlQadi, a former business school stu- dent who left KFUPM last year, is the CEO focused on product management and marketing, and Dima AlOthaimeen, a Computer Science grad from Al-Iman University, is currently not directly involved with Feelit but helps with marketing. Mentorship is also an attribute to the app’s success- Mustafa Ahmed, being an entrepreneur himself and co-founder of Saletab.com, one of the early KSA ecommerce platforms, has given them “valuable advice [that] has always come in handy.” Though the devel- opment stage was efficient and the testing stage was I KSA social networking app Feelit wants to help you express yourself I just wanna feel real love start it up Wacky idea | who’s got VC | Q&A | STARTUP FINANCE Designed to be more social-oriented, Feelit is now focused on the mission of letting users express their genuine feelings within a supportive community. By Pamella de Leon

Page 81

september 2014 Entrepreneur 81 inclined towards usability and design, AlQadi discussed the struggle to raise interest from investors in the KSA market; Feelit is self-funded by the co- founders. “Saudi tech startups have a hard time finding the right investors, because the infrastructure is still not mature enough to support them. The venture capital barely exists, so you’d have to look for sophisti- cated angels that can add value to your startup, and they’re not easy to find.” In terms of their business mod- el, Feelit functions on freemium model with in-app purchases (IAP). A popular and proven method of app monetization, 41% of global revenue in 2013 was generated from Asia, while North America generated 31% and Europe brought 23% (Disti- mo). Besides IAP, they are also building a subscription model consisting of stickers and vir- tual goods and “investigating” additional business models that “can go beyond the app itself.” Currently boasting a user base of 60,000 users, Feelit hasn’t “spent anything on marketing yet,” all thanks to “focusing our energies on social media channels” and “work[ing] on sparking a buzz that generated more sign-ups.” It didn’t hurt that they had help from Twitter influencers such as Firas Buqna (@FMB4), Manal AlSharif (@ manal_alsharif), and Essam AlZamil (@essamz). Female In- stagrammers also had a hand in helping Feelit spread by posting pictures of Feelit and becoming their “most effective channel,” seeing as it was directed to their target market of young females. “We’re really thankful for their support and help,” says AlQadi mentioning other notable Instagram influenc- ers who helped them out like Shomowkh AlShimmari (@shomowkh), Arwa Al-Turki (@arwahomaidan), Loujain Hathloul (@loujainhathloul), and Abeer Alwgait (@abeeralwgait). Whether or not this platform is for you, this generation’s need for overshar- ing and the desire for genuine self-expression might just make Feelit the new “in thing”. After launching in late Sep- tember 2013, releasing Feelit 2.0 and even getting feedback from Silicon Valley last year, the co-founders are currently raising for their seed round, and conducting talks with investors to carry out their growth plans. In the works is a new version with features that will “ignite [their] viral growth engine,” plus they will be refining current features and improve usability. Their other plans include going forward with subscription, and exploring new revenue models. Besides working on gaining more ground in the MENA region market, they’re also building global-friendly features such as location-based content. After launching in late September 2013, releasing Feelit 2.0 and even getting feedback from Silicon Valley last year, the co- founders are currently raising for their seed round, and conducting talks with investors to carry out their growth plans.

Page 82

Entrepreneur september 2014 82 M ore than two gener- ations ago, the venture capital community –VCs, busi- ness angels, incubators, and others– convinced the entrepreneurial world that writing business plans and raising venture capital constituted the twin centerpieces of entrepreneurial endeavor. They did so for good reasons: the sometimes astonishing returns they’ve delivered to their investors, and the incredibly large and valu- able companies that their ecosystem has created. But the vast majority of fast growing companies never take any venture capital. Consider Claus Mose- holm, co-founder of GoViral, a Danish company created in 2003 to harness the then-emerging power of the internet to deliver ad- vertisers’ video content in viral fashion, saw no need for external investment. Funding his company’s steady growth with the proceeds of one successful viral video campaign after another, Moseholm and his partners built GoViral into a leading digital platform to host and distribute such content. In 2011, GoViral was sold for US$97 million, having never taken a single krone or dollar of invest- ment capital. The business had been funded and grown entirely by its customers’ cash. Why raising early VC is a bad idea Too many of today’s entre- preneurs have come to the belief that the best way to start and grow a thriving business is to come up with a great “idea”, write a great business plan, raise capital from angels or VCs, flawlessly execute the plan, and (Voila!) get rich! But it hardly ever happens this way, and the vast majority of successful businesses don’t ever raise venture capital. Instead, at least at the outset, and sometimes for the entire journey, they get the cash they need, just as Moseholm did, from their customers. money ask the money guy | vc viewpoint | startup financE | your money IT’S TIME TO REEVALUATE THE “FACTS” By John Mullins Second thoughts on venture capital Putting your customers at the forefront of your thinking can only pay dividends.

Page 83

september 2014 Entrepreneur 83 Lifecycle stages Key Drawbacks Details The drawbacks of attempting to raise capital too early Raising funding Building the business Outcomes A distraction Advice and support The stake you and your team get to keep Bad odds Pitching vs. proving merit The term sheet giveth; the shareholders’ agreement taketh away Raising capital often requires full-time concentration, but so does starting an entrepreneurial business. One or the other will suffer when investment capital is sought. Why not raise money later when the business is less fragile? Just how good is the “value-added” advice and support that investors provide? The further you progress in developing your business before you raise funding, the lower the risk, as early uncertainties become more certain. Less risk translates into a higher valuation and a higher stake for the founding team. VC today is an all-or-nothing game. Is that the game you want to play? Nascent entrepreneurial ideas, however promising, always raise numerous questions. Proving the merit of your idea (to yourself and to others), based on accumulated evidence and customer traction, is much more convincing than using your own wisdom and charm to pitch its merit. The terms and conditions attached to venture capital are (for good reason) somewhat onerous, as investors seek to protect themselves from downside risk. The further along the path, the less onerous the terms. They don’t do so because it’s easier, though. It’s not. They do it in large part because of the unwelcome drawbacks entailed in rais- ing capital too early. But is there an alternative? Yes, five of them! What do Michael Dell, Bill Gates, and Mel and Patricia Ziegler have in common? Each of them, like Moseholm, started and grew their companies largely with their custom- ers’ funds. Here are the five customer-funded models through which they and many others have done it: > Matchmaker models (for example, the U.S. compa- nies Airbnb and DogVacay) > Pay-in-advance models (the USA’s Threadless, India’s Via and Loot) > Subscription models (In- dia’s TutorVista, the USA’s H.Bloom) > Scarcity models (Spain’s Zara, France’s vente-privee, the USA’s Gilt Groupe) > Service-to-product mod- els (Denmark’s GoViral, Puerto Rico’s Rock Solid Technologies). In fact, for most suc- cessful companies –today and always– whether fast- growing or otherwise, the early funding comes from a much more agreeable and hospitable source, their customers. Your funding can too. The way forward Thus far, I’ve focused largely on the drawbacks of taking early VC, but there are material benefits to not doing so, too. Perhaps the most important of these to an aspiring entrepreneur is freedom. According to Hus- sein Kanji, founding part- ner of Hoxton Ventures, “I wish more entrepreneurs the vast majority of successful businesses don’t ever raise venture capital.

Page 84

Entrepreneur september 2014 84 understood the significance and freedom that cash generation can bring to young, fledging businesses. It puts an entrepreneur in the driver’s seat. As a venture capitalist, I dream of entrepreneurs that are able to independently validate their product or service with the market, lay down early traction and are constrained only by capital to take their companies to the next level.” A second benefit is the consequence of directing your attention to customers, rather than to investors. In the words of The Darden School’s Saras Sarasvathy, “Treat your first customers as your partners – they are your earliest investors and your best salespeople.” Putting your customers at the forefront of your thinking can only pay dividends. Third, and importantly, with the cost of building many kinds of businesses –including software and Internet businesses that are on so many entrepreneurial agendas today– lower today than ever, you may not need very much cash –your customers’ cash– to cover your costs. One or more of the five customer-funded models may work for you. Whether you’re an aspiring entrepreneur lacking the startup capital you need, an early-stage entrepreneur trying to get your cash-starved venture into take-off mode, a corporate leader seeking to grow an established company, or an angel investor, mentor, or business accelerator or incubator professional who supports high-potential entrepreneurial ventures, a customer-funded approach offers the most sure-footed path to starting, financing, or growing your business or those you support. In the words of Shanghai’s entrepreneur and angel investor Bernard Auyang, “The customer is not just king, he can be your VC too!” money ask the money guy | vc viewpoint | startup financE | your money John Mullins is Associate Professor of Management Practice in Marketing and Entrepreneurship at London Business School. His latest book is The Customer-Funded Business: Start, Finance, or Grow Your Company with Your Customers’ Cash (Wiley, August 2014), from which this article has been adapted. you may not need very much cash –your customers’ cash– to cover your costs. One or more of the five customer-funded models may work for you

Page 85

september 2014 Entrepreneur 85

Page 86

Entrepreneur september 2014 86 O ver the past six months I have written about vari- ous experiences as an entrepreneur during my jour- ney as Brndstr Inc.’s CEO and Founder. With the recent open- ing of our first international operations in Istanbul, together with a solid number of clients under our wing now, I wanted to discuss my experience on what it takes to actually pitch. From raising your seed to clos- ing a deal, the wonderful world of pitching is the backbone to success. For those of you who watch Dragons’ Den or are familiar with Y Combinator and 500 Startups, being able to deliver your idea is the door to startup success. 1. Simplicity The number one rule is to keep it simple. There is something called the KISS effect: Keep It Simple, Stupid. Now I am not calling anyone stupid, these four magical let- ters should be written in front of you when composing any pitch. I have previously spoken about best practices for raising money and a simple pitch deck will always win. Some of to- day’s largest companies raised their first money on just six slides. By keeping everything simple and to the point, you’ll maintain audience interest and focus on the areas that matter. Keep in mind that you may have lived and visualized this for many months and what may seem obvious to you is not always obvious to an external audience. This will be the first time a person has met you and heard about what you have to offer, so it’s worth reminding everyone that first impressions count. Make your first impres- sion one to remember. 2. Rehearse My second tip follows my first suggestion. Be- fore going to your meeting with potential investors or clients, practice on someone you know who doesn’t have a clue what you are doing business-wise. Family and friends are good for this as they will be honest, and there is the additional benefit of the fact that they want you to do well. Keep a couple of friends in the dark when start- ing a new project, and test your pitch methodology on them. 3. Icebreaker In order to make a good impression go that extra mile. Before every meet- ing, I pen a welcome note to the person by hand- it’s a per- sonalized touch that reinforces the idea that I am grateful for their time, and that I take my professional relationships seri- ously. To lighten things up and pre-promo my idea, I include some groovy Brndstr stickers and swag with the note. Break- ing the ice with your audiences can be a simple personalized gesture that will go a long way both to make your pitch a memorable one, and to demon- strate your ingenuity. 4. Purpose It’s extremely important to know who you are meeting with, and understand why you are there. Whether it’s to raise money, close a deal or open a new office, the bottom line is always the same. You need to get the person to understand what you are of- fering and jump on board your ship- this requires background knowledge on your audience. Research the people, compa- nies, countries or anything else you believe might be relevant to this meeting. Standing in front of someone armed with solid facts and knowledge puts you in a stronger position and helps you ooze confidence. If you treat it as a first date you can’t go wrong- after all you are hoping to build a relationship and future together. 5. Care My final point is about taking pride in your appearance and in your presen- tation. There is a saying, “For business be 10 minutes early, and for pleasure be 10 minutes late.” (The latter is to look cool, I guess.) Make sure you know where you are going, and give yourself time to channel calm and focus before going to pitch. Prepare your material well and if you are using a laptop have all the right connectors- a little extra foresight goes a long way. I always take a printed copy, but present it at the end of the meeting. The reason for this is that you don’t want to give the details away too soon. As always I can only offer ad- vice and commentary based on my personal experience. If you don’t make a successful first pitch or even third, keep try- ing! Today, I’m the CEO of my own company and I have raised a large amount of seed fund- ing, but I’ve made mistakes along the way. As long as these mistakes are used as learning opportunities, you’ll improve each time. Good luck at your next pitch, ‘treps. I’ll see you next edition! Simon Hudson is the CEO and Founder of Brndstr.com. Having recently closed a large funding round, Hudson is well versed with the challenges ahead of any startup. Prior to becoming an entrepreneur, Hudson worked as Marketing Director for Trump Towers in Miami and more recently as a senior figure at Groupon Middle East. Over the past two years he has been busy helping to grow, build and develop the Dubai startup circuit. As the Founder of ThinkTank.ae, ex-Chapter Director for Startupgrind.com, moderator of the previous Young Arab Leader event, and a coach at this year’s Dubai Startup Weekend, in addition to contributing the monthly entrepreneur column for newspaper 7days UAE, Hudson is well positioned to offer help and advice to any budding entrepreneur. start it up Wacky idea | who’s got VC | Q&A | STARTUP FINANCE By Simon Hudson Five steps to startup pitching like a pro Signed, sealed, delivered

Page 87

september 2014 Entrepreneur 87 F or the foreseeable future, cloud computing is the best solution for both SMEs and larger-scale business models. du Chief Commercial Officer Fahad Al Hassawi discusses your options, who is opting for hybrid public-private, and why a local cloud service is better than an overseas option. What’s the current state of cloud computing? Where do you think it will go? Cloud is hot right now, as increasingly more companies recognize the benefits and sustainability cloud-based ser- vices offer. The next decade of cloud computing promises new ways of collaborating anywhere and everywhere using mobile devices, so we can expect that the current uptake of cloud services will only continue to grow. Worldwide, the cloud computing market will grow at 36% compound annual growth rate (CAGR), to reach a market value of US$19.5 billion by 2016. Locally, the UAE market CAGR will grow by 22%, to be worth AED 1.6 billion by 2019. Why opt for cloud services? Increasing digitization means that more companies are tak- ing advantage of the cloud, by shifting their applications there from traditional on-premises business models. There are numerous benefits to be reaped from the cloud. Decision-mak- ers in enterprises of all sizes are being pressed to increase efficiency while reducing ICT costs, making cloud services an ideal option. Cloud services remove the costs of having ICT installations on-premises by employing the capabilities of a professional provider, al- lowing companies to leverage investments made in skills, technology and resources at a fraction of the price. Cloud has five main characteristics that businesses can benefit from: on-demand self-service; ubiquitous network access; location independent resource pooling; rapid elasticity, and Pay Per Use models. These can fall into three categories, which customers can choose from to best suit their needs. They are Infrastructure as a Service (IaaS), which provides data-centre capacity, process- ing resources and storage; Platform as a Service (PaaS), offering an environment for the development and hosting of applications, and Software as a Service (SaaS), which provides software services hosted from the cloud. The UAE market has three main models of cloud computing that can be used with each of the above service categories. These are private, used exclusively by one orga- nization and can be managed either by the organization or by a third party, either on- or off- premises services; public, which is available to the general public or to a large industry group, owned by an organization sell- ing cloud computing– such as Apple or Google, and, thirdly, there is the hybrid cloud, which combines the first two in order to serve both internal and ex- ternal customers. This is what the majority of organizations find themselves in. How will SMEs benefit from du’s cloud services? We offer some incredible solutions to our enterprise customers, no matter what size their business is. By using cloud services that are hosted locally, customers can experi- ence a faster response than they would from an overseas host, for starters. Additionally, data stored in the cloud stays in the country, which could be an organizational or regulatory compliance matter. Our Man- aged Services team works on the principle of ‘easy to choose, easy to use’ for the UAE’s SMEs, with packages designed that are user-friendly and easily customizable without requiring any in-depth IT knowledge. For example, Managed DDoS Pro- tect is delivered from the cloud without having the need for any on-premises hardware or soft- ware, which makes it very easy to protect the service without any changes to our customer’s network. Both SMEs and large enterprises use cloud services, though they have different needs that have to be satisfied. Typically, SMEs will use the public cloud model mentioned earlier, while large enterprises tend to use the public or hybrid cloud model. We’re aware of the varied needs of the UAE’s businesses, and our experts can easily advise the best solution to best meet all of a company’s requirements. Your SME has its head in the clouds du talks IT business solutions

Page 88

Entrepreneur september 2014 88 Q grabs.com evolved from a simple idea of connecting busi- nesses in Doha with con- sumers in a more exciting way, consumers that they may not ordinarily reach through traditional market- ing channels. While Doha is a small place, the rapid population growth has been outpacing the development of efficient marketing chan- nels. We saw our oppor- tunity with the daily deal concept and we ‘grabbed’ it,” explains Maya Chami, Co-Founder and Managing Partner of Qgrabs.com Chami recalls how on March 2012 they launched their first deal. “We really began laying the ground- work almost a year prior by introducing businesses to the concept and developing a loyal Grabber following (yes, that’s you reader… you know you wanna be one!).” The founders of Qgrabs.com are long time residents of Qatar with a deep understanding of Doha and its culture: “Our local Qatari partner is a trusted friend and has always been extremely supportive.” Qgrabs.com is an online daily deal website; each day they feature new deals on different things to either see, do, eat and purchase within Doha at incredible discounts between 50% to 90% off. Customers can buy the deal on print out coupons and then redeem them at the business. According to Chami, before Qgrabs.com there was no online platform available to assist businesses to promote their brands or generate the footfall they seek. “For businesses, it’s a great way to showcase their offerings and generate traffic by harnessing the power of group buying and social media. If people find the deal interesting they can tell their friends about it, for example simply liking the deal on our Facebook page, and slowly the deal starts generating a buzz.” One of the key benefits to businesses adds Chami is that they can see exactly how many people are in- terested in the deal by the number of vouchers sold. “The business only pays commissions on vouchers sold so they know they are only paying for customers who have financially com- mitted to trying their ser- vice.” Chami explains that one of their greatest chal- lenges prior to launching Qgrabs.com was awareness. “Conceptually, educating businesses and consumers have been the greatest hurdles to overcome, how- ever as this was the first time in Doha that anything like this had been launched, it was easy to understand why.” Nonetheless, she adds how by engaging the com- Qgrabs.com is an online daily deal website; each day they feature new deals on different things to either see, do, eat and purchase within Doha at incredible discounts between 50% to 90% off. “ start it up Wacky idea | who’s got VC | Q&A | STARTUP FINANCE Grab the bull by the horns Qgrabs.com is Doha’s online deals platform By Erika Widén

Page 89

september 2014 Entrepreneur 89 munity in Doha and show- ing them that Qgrabs.com is about peaking on their own interest with “I want it now” type of deals, they began to generate curiosity about the concept. “Our hard work over the course of many months started to pay off. Businesses really appreciated our approach and professionalism, and they began to see the mer- its of the concept and how it could help grow their business.” Qgrabs.com success today is based on several factors, one of which is making good on their promises. They provide great deals daily with incredible values that keep their subscrib- ers coming back for more. Furthermore, Qgrabs.com is certain that the strength of their customer service is unparalleled in Qatar. “We think, hope, and pray that our subscribers would agree with that. Also, with our business done online, we must take advantage of online channels for our marketing. Occasionally, we sponsor events in Doha, however, our primary marketing tool has always been word of mouth. Trust us, we are loud! And we always appreciate your voices to join,” says Chami enthusiastically. When it comes to their targeted customers, Qgrabs.com targets everyone. “We like to keep our deals exciting and varied so we can at- tract different customers as often as possible. One deal may appeal to a woman in need of a new hairstyle while another may peak the interest of a man in search of his new favourite gadget. Currently their most popular catego- ries include restaurants, spas, salons, and products. “Everybody likes a good meal and a good pamper- ing, right? We’re about to expand on our travel deals as well.” Chami believes Qatar is still in the relatively early stages of its devel- opment with unlimited opportunities for young entrepreneurs. The Qatari government is proactive in establishing entities focused on providing the resources to assist entre- preneurs to succeed in their ventures, with Enter- prise Qatar and Qatar De- velopment Bank (QDB) are just two examples of such entities. She advises young entrepreneurs to find something that is working somewhere else and think about whether that model can be applied to work in Doha. “Just make sure its something you are truly excited about otherwise it’s unlikely you will put in the time or energy needed to make it a success. You are also welcome to reach out to us since we have now gone through the process- we are more than happy to help and play whatever role we can in contributing to the development of the entrepreneurial culture in Qatar.” “For businesses, it’s a great way to showcase their offerings and generate traffic by harnessing the power of group buying and social media. If people find the deal interesting they can tell their friends about it, for example simply liking the deal on our Facebook page, and slowly the deal starts generating a buzz.” “The business only pays commissions on vouchers sold so they know they are only paying for customers who have financially committed to trying their service.”

Page 90

Entrepreneur september 2014 90 S tarted in 2006, the Cartier Women’s Initiative Awards aim to identify, support and encourage resourceful ideas by women ‘treps globally. Developed by Cartier, the Women’s Forum, McKinsey & Company and INSEAD, so far they’ve helped over 120 potential female business- people and recognized 38 Laureates. Three promising women from each region are nominated, and go through two rounds that include mentorship and a presenta- tion of their respective busi- ness plans for jury evalua- tion. One Laureate is chosen per region and receives US$20,000 of funding, one year of coaching, networking opportunities and media exposure. Who are the three women representing the MENA region this year? Hailing from UAE is May Habib, Founder and CEO of Qodoba, a tech company using “proprietary software” to enhance “localization and translation.” With lack of quality Arabic content online, the company has shaken up the overlooked industry, raising $1.5m in Series A funding. Next up is Mariam Hazem, Co-Founder of Reform Studio, which designs high-quality fashion products out of plastic bags. Motivated by the Arab Spring revolution during her third year as a design student, by upcycling the bags to new products, they are also reviving traditional Egyptian craft while reduc- ing waste. The third entre- preneur in the running is Rama Kayyali Jardaneh, who with her business partner Lamia Tabaa, used their backgrounds in TV produc- tion and documentary film- making to make an Arabic- language children’s film The Animals Around Us. With a promising audience waiting for similar content, and a lack of engaging Arabic language content for chil- dren, Little Thinking Minds was started, offering varied content and an alternative educational experience for kids. Last year, the Laureate for MENA was Sima Najjar who founded Ekeif.com in Jordan, a website producing how-to videos for the Arab speaker. The official an- nouncement of the six suc- cessful Laureates will take place on October 16th. We’re rooting for you, ladies! -by Pamella de Leon The three women representing MENA at the Cartier Women’s Initiative Awards 2014 On the up and up Stanford University profes- sor Maryam Mirzakhani has become the first woman to nab the prestigious Fields Medal in mathematics since its establish- ment in 1936, an award that’s considered to be the Nobel Prize of mathematics. It’s also a reflection of the desperate state of gender inequality, despite the slowly improving odds in academics departments globally. The Iranian-born mathematician is recognized for her “sophisticated and highly original contributions” in ge- ometry and dynamical systems, “particularly in understanding the symmetry of curved sur- faces”, including spheres and hyperbolic objects. (Stanford News). The University’s press department explained that although her work is regarded as pure math and theoretical, it has implications for physics and quantum field theory. Her work is considered original for how “she puts together disparate pieces,” according to a fellow Stanford professor who has col- laborated with Mirzakhani in the past. As much celebration and recognition that should follow the prestigious feat, ladies it’s a nudge to achieve more firsts. Time to kick it up a notch! Bazinga! Iranian Maryam Mirzakhani first woman awarded the Fields Medal for mathematics INNOVATORS

Page 91

september 2014 Entrepreneur 91

Page 92

september 2014 Entrepreneur 92