National mobilization of entrepreneurialism in Saudi Arabia
Around the world, economy now tops agendas and national mobilization of entrepreneurialism has become a No.1 priority.
But the situation poses a number of questions, such as which national vertical sector needs entrepreneurial mobilization now to cope with 2022 realities; which internal government teams require deep immersion on the issues; and what should be the narratives to awaken local bureaucracies and reignite new productivity cycles?
A new global math has emerged to boost small business. Today, a $1,000 investment on virtual events buys what took a year and cost $1 million a decade ago. Any small-, or medium-sized enterprise capable of remote working models can now save 80 percent on office and administrative costs and operate similar to a mini multinational with little or no additional financial outlay.
For 200 nations and 10,000 cities, the time has come for national mobilization of entrepreneurialism on digital platforms and upskilling for exportability. The master blueprints layout methodologies on how to uplift talents already hidden inside SMEs scattered throughout the nation.
Business chambers, trade groups, and frontline economic development teams must acquire the new art of showcasing goods and services and the science of mobilizing all such talents in increased excellence of exportability.
A new global-age mantra has emerged of constant learning, constant disruption, constant advancements, and constant dialogues. The coronavirus disease (COVID-19) pandemic has further propelled a new way of thinking and operating with ideas, people, and faraway lands combined in a virtual office.
National mobilization of entrepreneurialism protocols helps drive SME business economies. The founders are risk takers, job creators, and grassroots prosperity fertilizers, spurred on by an entrepreneurial mindset. The trade groups and business chambers of a nation act as an umbrella under which founders gather to improve trade flows.
In turn, government departments collect taxes from founders and create policies to improve trade. Meanwhile, the end users, the customers, are the buyers and they prove the validity of the existence of any particular SME. The job creators originate enterprises for jobseekers to grow them. They all work hand in hand.
When such sectors become mutually coordinated and balanced on digital platforms of exportability and innovative excellence, amazing opportunities appear.
Digitization creates global-age skills and worldwide exporting opportunities. And once applied, national mobilization protocols become the umbrella for youth and entrepreneurial businesswomen throughout Saudi Arabia.
The thousands of SMEs currently operating in the Kingdom already generate tens of millions in annual turnover, and there has been a big growth in upskilling. Further investment and upskilling can therefore only indicate a brighter future.
One challenge, for example, is how familiar are chambers, trade groups, and frontline government agencies on topics demanding entrepreneurial mindsets? Is there a national agenda to quadruple innovative excellence and exportability?
Also, are there harmonious efforts taking place in any given country to promote female entrepreneurs and youth onto the national stage? How fast can ideas be mobilized and deployed in selected regions? What are the barriers to vertical sector upskilling and reskilling of citizens? Often, such issues are not dependent on funding but more on competent execution and mobilization.
Nations may be hungry for commercialization and entrepreneurial drive but often have empty incubators and exhausted accelerators, such as real estate projects, or economic development programs lacking sustainability and a global competitive edge. National mobilization brings job creator minds closer to jobseeker minds to allow extraordinary growth.
The world can easily absorb unlimited exportable ideas in unlimited vertical markets, where well-designed innovative ideas are worthy of quadrupled volumes. When the entrepreneurial and dormant talents of a nation are capable of such tasks, often it is the new global-age skills, knowledge, and execution that remain the missing links.
To start and advance grassroots prosperity, a national agenda to upskill up to 20,000 SMEs on innovative excellence and exportability must be identified. Trade associations and chambers have to be set up on digital platforms so that membership can go global. The midsize economy can be quadrupled through upskilling for micro-exports and reskilling micro manufacturing.
There is no business like small business, and many nations already have a talented entrepreneurial base. But that talent pool can be left untapped or underused due to a lack of special global-age skills and digital mindset.
Saudi economic development agencies seeking help and advice on ways to immediately deploy solutions and strategies for the pragmatic mobilization of existing resources need only do a Google search to find some answers.
• Naseem Javed is chairman of Expothon Worldwide, a Canadian think tank.