07/12/2017 08:27 AST

THE ambitious objectives of Vision 2030 require that Saudi Arabia unleashes its entrepreneurial potential and creates a large number of entrepreneurial firms in high value-added sectors, and for that is necessary to increase significantly the entrepreneurial activity in the Kingdom. In this document we highlight the two main areas where improvement can be made and explain why these are different and require different solutions.

Experience tells us that there are two ways to stimulate entrepreneurship at the national level, one that focuses on the intensity (quantity) of the entrepreneurial activity and the other one that improves mainly its quality. Both can, and should, be activated simultaneously, as together they maximize the impact of the entrepreneurial ecosystem in the country, making it grow well beyond its current state.

The first area of action revolves around the training of entrepreneurs, the creation of safe-spaces (such as incubators and accelerators) where entrepreneurs can minimize the cost of their mistakes and refine their value propositions until they are market ready, and the deployment of training programs for whoever wishes to attend: entrepreneurship grows in all kinds of places and to reach some of these places we need to offer training in different formats and with different contexts, adapted to the necessities of each group. Women do not encounter the same obstacles as men, and young people face different challenges than older persons, and so forth. Training programs designed with these population segments in mind and delivered by persons who understand both the entrepreneurial process and the realities of these groups are excellent mechanisms to improve the quality of their business ideas and their implementation plans.

Our college, Prince Mohammad Bin Salman College (MBSC) for Business & Entrepreneurship, was created with that objective in mind: we have entrepreneurship in our DNA, and we are training entrepreneurs who will contribute to transforming the economy of the Kingdom. This principle can be extended to everybody, ensuring that the training programs are abundant, and that they welcome not just highly motivated entrepreneurs, but also people who often do not consider entrepreneurial ideas, such as government employees, professionals (doctors, lawyers, architects...), women and even teenagers.

The core principle behind this idea is that often entrepreneurs fail because of their own mistakes, not because of the lack of market or because their idea is not good. This is so because the cost of failing can be quite high, preventing the entrepreneur from profiting from the lessons of his or her failure. Often entrepreneurs learn as they go along, but that works only if they can afford the cost of the lesson and of course it assumes they will still have resources to correct their mistake once they have realized they made one. We are suggesting then that by helping entrepreneurs learn from other people´s mistakes at a low cost, they will avoid these mistakes and increase their chances of success. Here, then, the idea is to make entrepreneurship better by improving the quality of the ideas being worked on by entrepreneurs.

The second area involves unleashing the entrepreneurial potential of the nation in a different way: the idea is to remove the barriers that prevent entrepreneurship from happening in the first place, changing also the processes and interactions that slow it down. This obviously increases the quantity of entrepreneurial initiatives, even if some or even most ideas will need considerable work before they can be launched.

Everything on this earth can be improved, and the ease to conduct entrepreneurship in Saudi Arabia is a good example: today, it is more laborious to be an entrepreneur in Saudi Arabia than it is on other countries, and some much-poorer nations are much more entrepreneur-friendly. Results from the Global E


Saudi Gazette

Ticker Price Volume
QNBK 124.49 629,141
SABIC 100.91 2,837,584
STC 68.05 146,812
ADNOCDIST 2.64 8,269,986
ARNB 24.61 104,008
ALMARAI 55.29 169,404
BURUJ 33.16 457,204
UAE, Saudi, Bahrain follow US with interest rate hike

14/12/2017

The UAE, Saudi Arabia and Bahrain followed the US in raising key interest rates on Wednesday, following the announcement from the Federal Reserve. The UAE central bank said it was raising its key in

Gulfnews

Dell EMC hastens KSA digitization acceleration plan

14/12/2017

Dell EMC hosted its flagship Dell EMC Forum at the Four Seasons Hotel in Riyadh, Saudi Arabia. Following Dell Technologies’ first anniversary celebration as the world’s largest privately-controlled t

Saudi Gazette

Banks directed not to misuse Citizen’s Account deposits

14/12/2017

The Saudi Arabian Monetary Authority (SAMA) has directed all local banks not use any amounts of money that are deposited in the Citizen’s Account Program for any other banking purposes.

The

Saudi Gazette

Islamic finance plays larger role in sustaining economic growth

14/12/2017

With Islamic finance assets growing 7% to $ 2.2 trillion in 2016, and projected to reach $3.8 trillion by 2022, the Islamic Finance Development Report and Indicator (IFDI) 2017 sees Islamic finance p

Saudi Gazette

Petrofac wraps up Middle East deals worth $1bn

14/12/2017

Oil industry services group Petrofac has ramped up its position in the Middle East with two deals worth nearly $1 billion.

On Wednesday, the London-listed company won a $160 million contract

Arab News