During the "My Experience" program for the Youth Business Council in Asharqia Chamber
Prince Abdullah bin Musaed: Entrepreneurs must prepare to face any challenge
His Royal Highness Prince Abdullah bin Musaed Al Saud, former head of the General Sports Authority, provided valuable advice to male and female entrepreneurs that they need at the beginning of their commercial projects: working in the profession they desire, investing time in their project and spending most of it in following up and developing it, and raising the ceiling of their ambitions.
Prince Abdullah bin Musaed stressed in a meeting held by the Business Youth Council in the Asharqia Chamber on Monday evening, October 11, 2021, within the “My Experience” program, managed by the council’s president, Fahd bin Abdullah Al-Farraj, that challenges exist and appear before everyone, especially a pioneer and entrepreneur, pointing to several challenges that were a stumbling block. At the beginning of establishing his first project specialized in the paper industry, where he said that he faced financing challenges, and was able to overcome them after working to provide part of the capital and meeting more than one investor who was able to convince them of his project based on data and information that investors need to know in order to understand the idea of the project and the market need for it , pointing out that the entrepreneur always needs to arrange his papers and be always ready to face any challenge and arm himself with knowledge to be convincing to investors and the target consumer.
Prince Abdullah bin Musaed explained that when he thought about moving towards the world of finance and business, he faced a problem in providing financial financing to establish a factory specialized in the paper industry, but after several attempts and meetings, he was able to win the approval of the banks and some investors who were convinced of the idea of the project until he was able to provide the capital, which amounted to 120 Million riyals to open the factory.
On the importance of the entrepreneur being close to his project, Prince Abdullah bin Musaed said the entrepreneur should follow up on his project first-hand, so that he is familiar with all its details and face any problems that may appear to him, noting that he learned from his experience that he is not alone in his opinion and always tries to benefit from the experiences Those close to him and those with advice and opinions, so that he can continue his business, indicating that if the owner of the project interferes with minor details, the work will be confused and defective, and stressing that the entrepreneur should always be honest in his work and document his business dealings with clear legal contracts that guarantee his rights, according to the accepted standards for sound governance regulations.
On his investment in the sports sector, he said: Our loss was very large in our sports investments due to the Corona pandemic, but we learned an important lesson that football is one of the industries that can continue despite the pandemic.
And about the Kingdom’s acquisition of Newcastle United, represented by the Public Investment Fund, Prince Abdullah bin Musaed said that it is a successful deal and its impact will extend to different sectors in the Kingdom other than the sports sector, most notably the tourism sector.