The 4 C's of Business
Aasif and Hamad have been in Qatar for about 20 years each. Together, they pretty much know who is who in the country. However, neither ventured to start a business until Philip, a classmate of theirs from the UK, visited them. All three started on the same platform of the same prestigious university, but Philip was way ahead of them. Ten years back, he took the plunge to become an entrepreneur, and this was life-changing for him. Over their recent meeting, Philip persuaded them to start a business using their current skill sets to help them. He was ready to incentivise his dear friends from his youth to kick start them into the realm of business. For Aasif and Hamad, there was a critical problem. They had invested over two decades of their lives in Qatar. This meant uprooting everything if they were to find out a better place. Philip was quick to interject at this point. He helped them understand that Qatar was the place to start a new business with its recent policy changes towards making the country business-friendly. "They have opened up to the private sector to help them towards their goal of a country which has a diversified economy," said Philip.
Before Philip left, he gave them the 3C's; guideposts for starting a new venture. Partially correct, they were soon to realise, they needed to add a fourth dimension to it, one that would only have significance in the Middle East!
These guideposts were as follows:
Connections: - Ensuring that you have the right connection and network is vital in today's world to start your business. Without this post, you would need to start at the bottom of the rung. It is like grade '1' all over again. Yes, getting into business is not easy, but having the right type of people around you to help you understand the simple tasks of day to day work is such an encouragement to the new businessman, that he would find it invaluable. One cannot understand its significance until one experiences it. Having the connections and networks not only help you from closing your first deal but even enables you to create a pipeline that would be a critical and essential part of your business' success. No one can ever underestimate the value a single client brings to the table, especially when you have none!
Cash: - Yes, every business requires this as a fundamental part of its existence. If you are a company, you need working capital. It is the lifeblood of a startup. Everyone assumes that you can work from the idea of utilising money from only what the company makes! The reality is that without working capital, or even a fund infusion, your company probably won't last very long. Aasif and Hamad were very lucky. Philip was willing to infuse some extra money he had for a percentage of the company. In essence, the fulfilment of the company's financial requirements would be taken up by Philip. He became a backer or investor of sorts. Hamed and Aasif brought in funds as well, but only one was taking the risk to become a fulltime employee of the company and run it day in and day out. This meant that Hamed was the most vested but also had to take quite a considerable risk to do this. Hamed leapt without even thinking it through.
Consistency: - Many people think that you have to be the best at what you do, however, as, with anything in the world, it takes time to be known for what you do, even if you are the best. No one ever made a car on their first attempt and got it to run. In today's world, I could even say, that the computer/phone you are reading this on took many years of trial and error to get from what it was to where you are now. It is what it is. Time has a way of making what you do become more natural. Philip shared a story about a person who could complete a task in less than 30 minutes which otherwise took the average person about 3 hours to complete. When asked how this was possible, the answer was simple: The person spent 30 years learning how to complete the task in 30 minutes. It is the 30 years that you are paying your money for, not the 30 mins completion time. That is the icing on the cake.
Collaboration: - When Aasif and Hamad started searching on how to start a business, faced another issue. Qatar's law of needing 51% of their company shares to be owned by a Qatari. This shook their resolve, but a further search led them to Bethel Business and Management Services (BBMS). This company took the 51% issue and solved it for them. They further added value to their predicament and ensured that this 51% would not be at risk. They found the right partner for the three friends with whom they could collaborate and even leverage when the time was right. BBMS was "God sent"!
The friends, under the guiding light that BBMS shed, in record time, started their consultancy business and today are some of the best consultants in the field. Their expertise and experience over the 20+ years in Qatar pivoted them to the forefront of their field.
If you have an idea and are interested in starting a company, look no further than BBMS. They will help you from formation to yearly maintenance, ensuring that all your documentation is in order so that you can do what you do best. Run your business. Call them at +974 40120333 or email them at info@bbms.qa
