Successful entrepreneurs ‘must act without fear’
One of the delegates speaks at the Global Competitiveness Forum in Riyadh.
Published: Jan 23, 2012 00:01 Updated: Jan 23, 2012 20:32
RIYADH: Vision is the most important factor in driving entrepreneurship and continuous learning is extremely important for businesses. Entrepreneurship will thrive with locally appropriate solutions. In the emerging economies, entrepreneurship needs to be a national effort supported by appropriate eco-systems and policies. Entrepreneurship, innovation and creativity can only flourish in an atmosphere of freedom.
These were some of the most important observations made during the first day of the opening session of the Sixth Global Competitiveness Forum on “The Entrepreneurship Imperative”.
John A. Quelch, distinguished professor of international management, vice-president and dean at CEIBS, the leading China-based international business school, moderated the session.
George Buckley, chairman and CEO, 3M, who delivered the opening keynote address, said the best way to remain competitive is to innovate.
“There are no silver medals awarded for second place in a ‘winner takes all’ world. You have to change faster than the competitors. The best way to forecast the future is to create it. Innovation is risky but essential. If you don’t innovate you can never win the competitive battle no matter how hard you try. You must innovate to survive. There is no data on the future — innovation is what we need. You cannot innovate without being an optimist.”
Anna Dutra, CEO, Korn/Ferry Leadership and Talent Consulting, said successful entrepreneurs should be “fearless” personalities.
“Great entrepreneurs see the opportunity where we don’t see it. They have this ability to look at the economy and market place and spot opportunities, take risks. They thrive on their challenge. They take the risks. They are fearless, but they only succeed under certain conditions.”
Fadi Ghandour, founder and CEO, Aramex, added: “We have to ask how we can educate our youth on the fact that an entrepreneurial culture is a good career that you want to risk. We don’t need the capital of foreigners; you need their knowledge to create the jobs that we so much need.”
Magatte Wade, entrepreneur, founder and CEO, The Tiosanno Tribe, said anyone could develop an entrepreneurial spirit.
“Whatever it is that sucks in your life, that’s an opportunity to go out and build something. We are lucky people because how many are lying in hospital beds and don’t have access to the things we have? If anyone has the nerve to complain I say ‘how dare you’.”
