Business model 'vital for success'
Manama, May 28, 2013
Building and managing a firm in a global business environment is becoming increasingly difficult, a leading expert told budding entrepreneurs in Bahrain.
"Owner or managers need to step back from the complexity of day-to-day business decisions and focus on the essential elements of their business model - their source of competitive advantage," Insead associate professor of entrepreneurship Professor Filipe Santos said yesterday during a one-day conference on entrepreneurship, co-hosted by Tamkeen and KPMG Fakhro.
More than 55 entrepreneurs and senior executives from Bahraini medium-scale companies took part and shared their experiences in running their businesses, reported the Gulf Daily News, our sister publication.
Entrepreneurial businesses are the backbone of any economy and the greatest source of employment creation, he said.
"By asking what is the essential customer problem their business aims to solve and how it delivers value, entrepreneurs will look at their businesses from a new perspective and find areas to innovate and improve their operations," said Prof Santos.
Held at the InterContinental Regency Bahrain, the conference was opened by KPMG in Bahrain managing partner Jamal Fakhro.
Fakhro said the advisory firm recognised the growing significance of the small and medium enterprises (SMEs) sector in Bahrain.
"Through our owner-managed business function, we have greater focus on SMEs and family-owned businesses in Bahrain and this conference is another testament of our focus on this critical sector for Bahrain's economy," he added.
"The purpose of the conference was to discuss the building blocks of a successful and sustainable business model and equip entrepreneurs to analyse their business from an all-round perspective, identify the key issues and focus on growth opportunities," he added.
The conference was also supported by some of the leading financial institutions in Bahrain.
"The event was an excellent opportunity to network and share experiences with the peer group and also to understand best practices followed globally by similar companies," said a representative of Alpha Fire Company, which was one of the participating SMEs. "We got valuable insight into the key elements for a successful and sustainable business model."-TradeArabia News Service