The success of a project is linked to several elements, with the strength of the entrepreneur being a leading factor.
The founder and CEO of Al-Lamea Trading and Industry Company, Dr. Musfir bin Muthaib Al-Malki, emphasized that the field of entrepreneurship is often linked to the strength of the entrepreneur and the project. Al-Malki explained during a meeting organized by the Eastern Chamber's business incubator on the evening of Tuesday, December 26, 2023, under the title "Success Factors in Your Small Project," that the strength of the entrepreneur is connected to several elements, including personal strength, charisma, experience, knowledge, wealth, the power of legal position, rewards, and problem-solving.
He pointed out that the strength of the project is also linked to other factors such as defining tasks, drawing a roadmap for the project, specializing in a product or service that contributes to cost reduction and achieving differentiation among competitors. Additionally, he emphasized the importance of clearly identifying the target customer in terms of age, geographic location, needs, and behaviors, and delving into the finer details of what the entrepreneur offers.
Al-Malki highlighted the 20-80 strategy and its impact on business operations, where the entrepreneur focuses on performing 80% of the core work and 20% of tasks in other areas to foster collaboration among employees. He stressed the importance of building distinctive relationships with suppliers to enhance the project's positive reputation and turn them into advocates for the project's activities. Maintaining good relations with competitors also helps in the continuity of work.
Furthermore, Al-Malki stated that the strength of the project increases when the entrepreneur delves into all the details, emphasizing the need for defending the project, as leniency weakens it in the eyes of employees, customers, and service providers. He cautioned against associating the project's name with controversial issues, as the project is considered a separate legal entity from its owner, and interactions should be cautious.
Regarding the selection of the company's name, logo, and colors, Al-Malki stressed the need to choose them carefully to align with the aspirations of the target audience and attract them, in addition to ensuring compatibility with the legal framework in the country of the project.
