Entrepreneur_all

Entrepreneurs and the Evolving Digital Media Landscape

2013-04-30T03:14:00.000-07:00

The ever-evolving landscape of the digital market has experts speculating and second-guessing the future of digital. It is a similar trend to what we saw in the dial-up days in the mid 80’s with dotcoms popping up predominantly in Egypt, Lebanon, Jordan as well as KSA and UAE. Back then it was extremely difficult to convince corporations to use and pay for online services let alone advertise online. Rightfully so, penetration was low and there was a general lack of awareness and knowledge of the space. Instead of access to information, targeted / measureable ad placement, social media, cpm, cpc, and keyword buys to name a few, that allow you to streamline both your media plans and spend, brands and even dotcoms used to depend on traditional advertising vehicles, PR, and sometimes booking banner space by the month.

There was a general lack of information, and forecasts were made based on growth rates in developed markets. Now we see digital penetration, including Internet, mobile, pads etc.…on the rise. We have a wealth of learning’s and best practice for digital and 360 activations to look at based on developments in our own markets. We see Global players in the digital space setting up shop and paying special attention to emerging markets like ours. We now have access to higher speed connectivity (in most markets), local Arabic premium content, from articles, to video, to games and apps and the opportunity to measure and track their performance, multiple revenue streams wether subscriptions or campaigns and their convergence rates on the go.

Engaged youth who make up the majority of the Arab population have embraced digital media and the older generations find themselves driven to engage due to their need for quick access to information, with an unprecedented increase in penetration due to the the Arab Spring.

Realistically it will continue to be an upward struggle for the digital space. On one side of the coin it is a lot easier to launch a technology startup, with access to talent, information, incubators, accelerators, startup events, and venture capital funding. On the other side of the coin it is a lot harder to come up with the next Google, Facebook, Angry bird, or Pinterest with venture capitalists looking at high multiples and a constant flow of ideas being pitched to them. It is the progress of the above that will continue to drive investors, agencies and brands to evolve and gain deeper insight into the opportunities that exist in digital. Broadcasters, publishers and technology entrepreneurs are realizing the opportunity of building brands that are here to stay using digital platforms. The digital space continues to grow and attract advertising revenue as brands are on the look out to optimize the marketing communication spend, with a focus on engagment.

We are all on the the lookout for media types, and individual mediums that are measurable and maximize the impact of the overall marketing efforts to ensure higher consumer engagement of the brand that have quantifiable impact on purchase behavior and brand loyalty. Accessibility through the S’s (TV Screen, Computer Screen, and Mobile Screen...) as well as other holistic type activations allows for an integrated marketing communication approach not the death of one media type for the benefit of the other.

We are all still scratching the surface of digital. As an example, to-date digital advertising is yet to take its rightful share of budgets in our markets. One thing is certain digital is here to stay and will continue to evolve to meet the simplest to the most complex needs of users and brands alike.

The Rise of the Arab Entrepreneur?

2011-06-16T04:42:00.000-07:00

Came across a great article today written by Mishaal Al Gergawi in GulfNews.com that gives a clear and concise view on why entrepreneurship hasn't taken off fully in the Arab world or to use his words "why aren't they popping as fast as popcorn?"

Mishaal breaks the reasons down to regulations, education, research, amongst other reasons. My personal favorite from his list is social stigma, and how it isn't acceptable or accepted socially in our part of the world to fail. This point specifically is very true and was one of the main barriers that we faced when going both digital and entrepreneurial in the late 90s, we have definitely come a long way since then, and in some parts of the Arab world mainly North Africa and Levant it is more acceptable to fail.

Governments are now more aware than ever on the need to nurture and grow the small medium enterprise, a lot of the Gulf states are pushing for entreperenurial programs to nurture local talent and provide the necessary infrastructure for SME's to launch their businesses. The likes of N2V, Sawari Ventrues, seed startup, and initiatives like Startup Weekend Cairo provide a decent launch pad to take entrepreneurship to the next level and work hand in hand to place Small Medium Enterprise as the cornerstone for the growth and sustainability of the Arab economies.

I would suggest you take a look at Mishaal's article @ GulfNews.com it is a good read.

Feel free to share your views on this topic and what you believe needs to be done to develop entrepreneurship / SME's in the Arab world.

Entrepreneurship Defined (one of many out there)

2011-05-21T07:41:00.000-07:00

Being in the right place, at the right time, with the right idea, powered by knowledge, deep practice, persistence, and a passion to succeed.

Four Simple Ways to Find Customers

2011-05-08T05:13:00.000-07:00

As promised, more into sales and the importance of the skill for any entrepreneur.
Found a great piece written by Brad Sugars for any entrepreneur in the startup or early stage of business.
The article provides four clear ways of attract new customers:
1. Advertising - Besides using traditional advertising, LinkedIn is a good source for generating business leads, while facebook is a good way to attract new customers
2. Networking and referrals - A good way to find your "ideal" customer and use them to promote you.
3. Teaming up - Use cross promotions with similar businesses.
4. Strategic Alliances - Build long terms business alliances.

Choose your partner(s) / co-founders wisely

2011-05-08T04:17:00.000-07:00

First off I prefer to work with partners, never did like the work solo approach, more on that later...

One of the most amazing lessons I learned with our first startup is the importance of choosing the right partner(s). Here is a bit about our experience.

We were all in the same university, with similar backgrounds, this made it easier for us to understand each other and be on the same wavelength. On the other hand we came from completely different academic/skill set backgrounds, Mass Communication (IMC), Economics, and Computer Science - Sales & Marketing, Operations & Finance, Developer &Programmer. This is were we got our strength. We complemented each other, we trusted each others judgment in our separate domains although we didn't have much experience, but we each new more about our domains than the other two. Which brings me to another great advantage we had although we didn't mean it, but it proved critical when we were confronted with taking major strategic decisions in our business. We were three, so when we couldn't all agree, the two that did got their way.

A general tip if you are the CEO and the ultimate decision maker, is to always engage with your team, and listen to their opinion before taking any major strategic decisions. Your team needs to own your product just like they do, it has to be their baby too not just yours.

1. Choose partners who share your same set of principles and ethics
2. Choose partners you can trust…BLINDLY
3. Choose partners from different academic/work backgrounds than yourself
4. Choose partners that complement your skill set not match it
5. Choose partners that share the same passion as you do for your startup
6. When it comes to partners, odd numbers work best

What has been your experience in working solo or with partners?

Should I leave my Job?

2011-05-04T04:45:00.000-07:00

I got struck by entreprenurial lighting last week at Startup Weekend Cairo and decided to do something about it...

There are so many things I want to talk about and share, but I will start with the one question I got asked a lot at the event.
"I have this idea that I want to pursue, and it has so much potential but I don't have money. Should I leave my job and do it?"
Well, for starters there is no easy answer or a 100% right answer. Is there a risk that if you leave your job and work on your startup that you will fail YES. Are you more financially secure if you stay in your current job YES.

Best advice I can give is based on my personal experience and what I have seen other entrepreneurs do and go through. At the end of the day what you decide to do is up to you.

Ok so here it goes:
Having done a couple of startups and helped on some others I believe that if you want it, are passionate about, and have a proof of concept you should go out and do it, and that if you can secure your first customer before jumping ship to start your venture, you have a much better chance of succeeding. Finally, failing is a good thing not a bad thing. It is the fastest way to learn and the experience of falling and picking yourself up again, is the only reason you will find that most entrepreneurs have started many business. Its like there is some kind of barrier that once broken sets you free and makes you fearless in front of failure.

I read somewhere that VCs prefer entrepreneurs that have at least one failure under their belt, and that statistically you have a much higher chance of succeeding in your second venture than you are your first. Simply you learn from your mistakes and make better decisions, and become a better manager the second time around