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READY FOR BATTLE COME TOGETHER COMPETITIVE AGILITY
SIX STEPS TO TAKE WHEN LEADING TIME FOR WISE INVESTMENT AND HOW THE HOSPITALITY INDUSTRY
YOUR BUSINESS THROUGH A CRISIS CONSCIOUS CONSUMERISM CAN WIN AMIDST NEW CHALLENGES
Getting ready for a post COVID-19 world
REFLECTIONS WHILE
#STAYINGHOME
VIEWPOINTS FROM
THE INVESTOR’S SIDE OF
THE MENA ECOSYSTEM
THE TIDE TURNS
FOR VCS AND
THEIR PORTFOLIOS,
TEAM CULTURE NOW
MATTERS MORE
THAN EVER BEFORE
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CONTENTS MAY 2020
17
The road ahead:
what entrepreneurs need
to keep in mind as they
navigate their startups
through the COVID-19 crisis
26 21 38 60
‘TREPNOMICS ‘TREPONOMICS MONEY START IT UP
SKILLSET SKILLSET VC VIEWPOINT Q&A
A COVID-19 survival kit Rising to the occasion Reflections while Rekindling a love for
for entrepreneurs When it comes to doing #StayingHome Arabic
Think about what the world business during a crisis, The VentureSouq team Little Thinking Minds aims
will look after this is over, it’s all about taking action. shares their viewpoints on to remedy a disconnect
and the role you would like the COVID-19 crisis from from the Arabic language
to play in it. 22 the investor’s side of the among youth from the
START IT UP MENA ecosystem. MENA region.
44 ECOSYSTEM
MONEY Come together
VENTURE CAPITAL It’s time we support our
The tide turns communities through
For VCs and their portfolios, conscious consumerism
team culture now matters and wise investment, says
more than ever before. Kawthar Bin Sulaymen.
31 33
‘TREPONOMICS ‘TREPONOMICS
SKILLSET SKILLSET
A way to cope Riding the wave
As entrepreneurs, it can Abulla Abu Wasel,
certainly help to have a Managing Assosicate
framework for your business of Wasel & Wasel, gives
(and yourselves) to deal with four tips to align your
35 Sony
the COVID-19 crisis, J.K. businesses with a post WH-1000XM3
Khalil shares a guide. COVID-19 world. headphones 40
Rami Shaar and Jad Halaoui,
co-founders, Washmen
May 2020 / E N T R E P R E N E U R . C O M / 3
MIDDLE EAST
EDITOR IN CHIEF Aby Sam Thomas editor@bncpublishing.net SUBSCRIBE
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Abdulla Abu Wasel Raffaella Campagnoli Suneel Gokhale
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58 Salah El-Din, co-founder and CEO, Vexls
30 27
CULTURE ‘TREPNOMICS
LIFE SKILLSET
Honor your pace in life Getting through
Olympic weightlifter and the COVID-19 crisis
writer Amna Al Haddad Omar Jackson on having the
reminds us to embrace right mindset to overcome
moments of productivity and any obstacle.
achievements, but to also not
18 24 feel guilty if you want to take 14
‘TREPONOMICS ‘TREPONOMICS it slow during this period. EDITOR’S NOTE
SKILLSET SKILLSET By Aby Sam Thomas
Ready for battle Walking the talk 46
Lachlan Jackson on what As someone who ‘TREPONOMICS 58
he learned through the made his transition to PRO START IT UP
2008 global financial crisis, entrepreneurship in the Competitive agility Q&A
and the six steps to shield middle of the COVID-19 LIRA Strategy Partners Design made easy
your business from the crisis, Mahmoud El Khoja founder Raffaella Egypt startup Vexls
COVID-19 impact. shares the seven lessons he Campagnoli lists winning develops a platform to
has learned about running strategies for the hotel boost design businesses
50 a business through this industry. for the Arabic-speaking
CULTURE period. audience.
LIFE 28
For the love of books 17 ‘TREPONOMICS 62
At a time when we all need ‘TREPONOMICS PRO ‘TREPONOMICS
the solidity and structure SKILLSET Rewired and ready MARKETING
that books provide, here’s The road ahead Ruchir Punjabi, co-founder From consumer to creator
a tribute to a group of Nabra Al Busaidi on what and Chief Digital Officer of Reim El Houni looks at
committed professionals entrepreneurs need to keep Distributed Energy, looks the three reasons why
who have given us that in mind as they navigate at how your business can now is the best time to
much-needed avenue of their startups through the survive the COVID-19 crisis double down on your video
escape. COVID-19 crisis. (and then thrive after it). marketing plan.
46
How the hotel industry can
win amidst new challenges
12 / E N T R E P R E N E U R . C O M / May 2020EDITOR'S NOTE
TAKE THE RIGHT STEPS FORWARD
Thoughts on the road ahead as a business ecosystem
our businesses. And this was espe- for their services. Looking at it
cially evident for those working in from a different angle, it’s a basic
the country’s F&B sector. call for these entities to be socially
Restaurants weren’t allowed to responsible, and to take their fair
operate, so the sole source of reve- share in supporting the F&B in-
nue stemmed from delivery orders dustry period in these unpredict-
made by people like you and me, able and hard times.”
who, more often than not, used Al Mheiri’s call found itself
food delivery aggregator apps like echoed by several other operators
Talabat, Deliveroo, Zomato, and in the UAE’s F&B domain, but the
others of their ilk, to choose where response from delivery aggregators
we got some (or all) of our meals was largely in the negative. Talabat
from on a day-to-day basis. The and Zomato (both are owned by
online delivery companies work the same company) said that they
on a commission-based model, couldn’t cut commissions -even on
with their fees reportedly going up a temporary basis- as that would
to 35% per order. This was sort compromise their own survival as
of accepted as a norm in the days businesses. After all, they have to
prior to the COVID-19 crisis, but take care of expenses of their own,
Al Mheiri believed that the current be in terms of employee salaries or
dynamics of the world did not jus- infrastructure costs, and, as Tala-
I
usually use this space for tify such rates anymore. After all, bat CEO Tomaso Rodriguez said in
my editor’s note, but this even as these apps were enjoying a a report on The National, “asking
time, I’ve decided to put surge in demand and popularity in businesses to voluntarily decrease
together my ruminations the UAE, the country’s restaurants their revenues by over 60% in
on an ongoing issue in the were struggling to survive on a support of other businesses in
UAE business ecosystem- delivery-only business model. that supply chain does not make
after all, the current roil- That is why Al Mheiri, along with business sense; it simply shifts the
ing marketplace has got us some of her peers in the country’s problem to a different part of the
all thinking. F&B sector, launched the CAP@10 supply chain.”
It was in late March when I campaign, which was essentially Now, as much as I sympathize
got introduced to entrepreneur a plea to delivery aggregators to with restaurant owners like Al
Sheikha Al Mheiri, founder of cap their commissions at 10% for Mheiri, there is definitely truth to
Make A Difference (MAD) Invest- the duration of this crisis. “This what Rodriguez has stated: deliv-
ments- it’s a hospitality venture initiative of CAP@10 is neither ery aggregators are businesses too.
based in the UAE that is behind a permanent campaign, nor an And as much as it might be easy to
concepts like Society Café & absurd attempt to break the bank portray apps like them as villains
Lounge and Toplum in Dubai. At for these delivery aggregators,” in the current business landscape,
the time, the pandemic had made Al Mheiri wrote, in a piece for they were never here to be the
its impact severely felt in the Entrepreneur.com. “In essence, saviors of the F&B sector, and as
country, with the government- what they give up in reduced com- such, one cannot fault them for
imposed complete lockdown mission, they are sure to make it their efforts to make money. And,
adversely affecting our lives and up through a heightened demand to be fair to them, I’ve had off-the-
14 / E N T R E P R E N E U R . C O M / May 2020TAKE THE RIGHT STEPS FORWARD
record conversations about how "WE ARE ALL BUSINESSES ACTING WITHIN A LARGER
delivery aggregators have, in their
own way, supported F&B busi- ECOSYSTEM, AND AS SUCH, AN “EVERY MAN FOR
nesses through this crisis- indeed, HIMSELF” MENTALITY IS CERTAINLY NOT GOING TO
Aegis Hospitality founder Samer WORK OUT FOR ANY OF US. YES, TIMES ARE TOUGH,
Hamadeh declared on a Twitter
thread that “Deliveroo actually
AND YES, EACH ONE OF US CAN POINT TO SOMEONE
saved us through the shutdown.” ELSE WHO WE THINK SHOULD BE DOING MORE TO
So, when one takes into consider- BOLSTER THE BUSINESS LANDSCAPE- BUT HAVE
ation all of these different factors,
it’s hard to paint this whole situ-
WE OURSELVES EXHAUSTED EVERY OPTION IN OUR
ation with a broad brush, and I’ve ARSENAL TO DO JUST THAT?"
personally found it difficult to side
with one party over the other. will be humanizing and supporting is imminent, and F&B outlets will
Having said that, we are all each other, rather than seeing it as definitely unite with supportive
businesses acting within a larger an opportunity to capitalize on the stakeholders, who will ensure the
ecosystem, and as such, an “every misfortune of others. As a delivery delivery aggregator business model
man for himself” mentality is aggregator, you have a choice to becomes quickly extinct.”
certainly not going to work out for decide how you want to come out I had stated last month that
any of us. Yes, times are tough, and of this pandemic at the end- so- over the course of the coronavirus
yes, each one of us can point to cially responsible, or marginalized pandemic, as professionals in the
someone else who we think should and outdated… I understand and business domain, all of us need
be doing more to bolster the appreciate that delivery aggrega- to remember that our behaviors
business landscape- but have we tors have costs like any other busi- today will have ramifications
ourselves exhausted every option ness, but during the current time, tomorrow, and if Al Mheiri’s words
in our arsenal to do just that? If they cannot have usual business are any indication, then I believe
you can answer “yes” to that, then, strategies and maintain the same that remains a critical thing to
great, more power to you, let’s just margins, while other industry keep in mind as we move into the
wait for time to be the judge of players (restaurants) fight for next stage of this crisis, regardless
your actions in the long run, and survival.” of whether we work in the F&B
my only request to you would be “There has to be a better balance domain or not.
to make sure you communicate between aggregators and brick- I also welcome the business com-
all of what you are doing to your and-mortar operators,” Al Mheiri munity to get in touch with me to
counterparts in the ecosystem. continued. “In the current sce- discuss this. Send me an email; I
However, if the aforementioned is nario, their platform is the main want to hear your opinions. Sure,
something you cannot confidently source of income to the operator, the road ahead remains unclear,
attest to, then I’d suggest working instead of being an added source. but I want to make sure that we
on making sure you have put your- I believe the model between ag- are all at least taking the right
self on the right side of history gregators and operators should be steps forward- that, in effect, is
when this period is recounted in reviewed and readjusted, where what is going to keep us going, no
the future. aggregators supplement revenue matter what.
And this is the sentiment I felt generation of outlets, rather
from Al Mheiri when I touched than compete with them on their
base with her recently to hear her revenue. As the main lifeline for
thoughts on the statements made many F&B businesses, they need
by delivery aggregators. “As with to level their advantage to serve
all businesses, no one has had the the community and ecosystem
privilege of a warning notice of they operate in. Be open to change
the COVID-19 pandemic and its and adaptation like all other
resulting impact on revenues,” Al businesses. Come down from the Aby Sam Thomas
Mheiri told me via e-mail. “During position of monopoly, and share Editor in Chief
these unprecedented times, it’s a the impact, rather than play the @thisisaby
question of whether organizations upper hand. Eventually, disruption aby@bncpublishing.net‘TREPONOMICS PRO
Getting ready for a post COVID-19 world
16 / E N T R E P R E N E U R . C O M / May 2020‘TREPONOMICS PRO
2/ Cash-in and survive
Startups generally disappear because
they run out of financiers- not ideas.
With that said, businesses must have
an aggressive plan in place early on how
to conserve capital. Even if the crisis is
resolved, the chaos left in its wake may
continue. It is time to put aside all the
plans to scale and rethink all of that,
as none of this will matter if you don’t
survive. Have an extensive contingency
plan around your budget and projec-
tions- you are now in survival mode.
3/ Yes, surviving is the most important
thing
Many startups will have to stick to the
bare minimum and essentials. Salaries
may need to be revised for the company
to survive, and also cut marketing
and sales spending in half until your
customers are back at work and able to
The road ahead consume again. Any cuts you make now
will have a lasting impact on the cash
balance later.
What entrepreneurs need to keep in mind as they navigate
their startups through the COVID-19 crisis b y N A B R A A L B U S A I D I 4/ Stay open to new opportunities
If you can think of ways to shift some
aspects of your business to contribute
to combating COVID-19 or even helping
T
he COVID-19 pandemic is creating a global economic people deal with the current situation,
effect on the financial market, meaning that the human then prepare yourself to do so. Despite
the crisis, there are still some oppor-
and societal impact of this outbreak will be extreme, tunities, especially for businesses that
even though we may still be only at the early stage of sell products and services directly to
this crisis. For startups, this will be a particularly difficult time, consumers. If you are selling something
that will make their lives easier during
although some say that great companies are often created this difficult time, then these are new
during market downturns. But of course, this is easier said opportunities for you. Equally, any
than done- here are my thoughts on what entrepreneurs product or service that makes working
from home easier will have a ready
need to keep in mind during this period: market.
1/ Forget about raising funds COVID-19 crisis comes to an end soon, 5/ Reflect
Angel investors may continue to invest, startups will still have to add a few It is hard to know how the country
but expect this to be done at smaller months of minimal investments before and the market will look like in a few
rounds, lower evaluations, and in start- they can get back on their feet. I firmly months, but if you allow your startup to
ups that may not require large amounts believe that startups must communi- remain resilient in such difficult times,
of capital. While venture capitalists cate with their investors and employees then there will be great opportunities. It
and angel investors might have the and provide transparency about the is time to find your silver lining- at the
cash to invest, the crisis will trigger a true impact on the business. Honesty end of the day, you are the most impor-
triage mode where investments will be will get you the visibility you need to tant asset you need to readjust and con-
made into selective companies. If the survive. tinue building your dream business.
Nabra Al Busaidi is the Executive Director of Young Arab Leaders (YAL). Her professional experience includes working in HSBC as a legal advisor
to the Board of Directors and Senior Management. Nabra received her bachelor’s degree in Commercial Law and her master’s in Mergers &
Acquisition from the University of Law London. Nabra is passionate about empowering the youth in the Arab world- she is an active mentor
to entrepreneurs in MIT, and she’s also a judge in several startup competitions across the GCC and Europe. Nabra believes that YAL is vital for
educating and empowering the next generation of leaders in the Arab world by turning innovative business ideas into a reality. yaleaders.org
May 2020 / E N T R E P R E N E U R . C O M / 17‘TREPONOMICS SKILLSET
READY FOR BATTLE
Six steps to take when leading your business through a crisis
by LACHLAN JACKSON
18 / E N T R E P R E N E U R . C O M / May 2020READY FOR BATTLE | SIX STEPS TO TAKE WHEN LEADING YOUR BUSINESS THROUGH A CRISIS
This is war.
Forget 2019. Forget 2018. In probably forgotten since).
into summer, so assume it will
be six months before business
starts to return to normal. Run
the following three forecast
These plans may involve
headcount reductions,
paid/unpaid vacations, or
implementing pay deferrals- I
fact, forget every leadership For those of you who haven’t scenarios on your cashflow. am an advocate of a deferral
lesson you’ve learned in the had the pleasure of lead- rather than an outright cut,
past 10 years, because the ing through a crisis, the tips Scenario 1 If all your revenue as it leaves your team with an
person leading the company below may be of help: stopped now, and no one paid element of hope as well as an
then was a different person to you, but you maintained your opportunity to band together
the one who needs to lead the 1/ ACT NOW outgoings, how long can you to have the opportunity to
company now. Regardless of your view of survive on what’s in the bank ensure it’s not lost. The point
The old you was a peacetime the situation, or how bad alone? here is to plan for the worst,
leader who was encouraged the impact has been on your so you have a clear plan to
to take a big picture view, to business so far, unless you’re Scenario 2 If all your revenue take immediate action on.
focus on the long-term, to de- one of the lucky few busi- stopped now, your receivables You’ll continually update
velop the team, and to put in nesses that are thriving off continued to come in, and you these models with latest
place systems and processes to this situation, you can pretty maintain the same outgoings, information, but you don’t
ensure the company operates much guarantee it’s going to how long can you survive? need to revisit the decisions
seamlessly. This is great when be tough. In fact, it’s going to again and again– just the
things are moving along at a be tougher than you can even Scenario 3 If all your revenue timing and severity of them.
consistent pace, and you have imagine, so don’t hesitate stopped now, your receivables
an idea about what tomor- with making decisions to continued to come in, and you 3/ DISTINGUISH BETWEEN
row holds- but that approach safeguard your business. Now reduced your outgoings, how CASH VERSUS REVENUE
won’t work today. is the time to put a freeze on long can you survive? Make a clear distinction
The new you needs to be all discretionary spending. between actions you need to
a wartime leader, to have a Speak to your suppliers about These should lay out some take to protect your cashflow,
sense of urgency, and to be discounts or payment defer- fairly bleak base level sce- which is the lifeblood of the
able to make decisions quickly rals. Review your marketing narios for you to help guide company, and actions you take
and decisively. At the same and research and develop- decisions. Then, you can to generate revenue. Yes, your
time, you need to be adaptable ment spend. I don’t agree with move onto revenue forecasts. core focus is to ensure the
to a constantly changing sce- cutting or reducing the latter Assume the revenue you’re company lives to fight another
nario, and be willing to change “strategic” spend for many bringing in now is what you day, but if the moves you make
direction should new informa- businesses as this is an invest- can expect for the next six put you out of the game from
tion come in. ment, but it is worth seeing if months, or even that it will the start, and kill your reve-
Today, it is all about survival, some elements can be deferred decline further. How does this nue-generating capacity, you
and to survive, you need to so long as they don’t impact change your scenarios? Then, may as well pack it up now.
know your business inside and your revenue-generating capa- create a plan for each sce- Likewise, if you start aggres-
out. If you’ve built a strong bilities. The actions you take nario for how aggressively you sively discounting and extend-
team and culture, and built here are the easy low-hanging should respond to each, and ing credit to drive revenue,
systems and processes inside fruit, so to speak, but if you create set trigger levels to pull you may well accelerate your
the company during the good cut your unnecessary expenses the lever for each scenario. demise. Whilst revenue is >>>
times, then you’ll be happily now, you won’t regret it later.
reaping the rewards now. If
you haven’t, then it doesn’t
matter, because it’s too late to
2/ MAKE FORECASTS,
NOT PREDICTIONS
DON’T HESITATE WITH MAKING DECISIONS
worry about it now. No one knows how bad or how TO SAFEGUARD YOUR BUSINESS. NOW
If you were fortunate (or long this will last, and you IS THE TIME TO PUT A FREEZE ON ALL
unfortunate) enough to have need to be at one with this un-
been leading your company certainty. That doesn’t mean
DISCRETIONARY SPENDING. SPEAK TO
through the 2008/2009 global you should be indecisive. You YOUR SUPPLIERS ABOUT DISCOUNTS
financial crisis, then now is
time to dust off your play-
should plan for the worst, and
hope for the best. Plan on this
OR PAYMENT DEFERRALS. REVIEW
book, and consider what you crisis to last for a minimum of YOUR MARKETING AND RESEARCH AND
learned back then (and have three months, but then rolling DEVELOPMENT SPEND.
May 2020 / E N T R E P R E N E U R . C O M / 19‘TREPONOMICS SKILLSET
IT’S EASY TO LEAD IN THE GOOD TIMES; IT’S 5/ REMEMBER YOUR help and respect during this
BUSINESS IS STILL ALL ABOUT time will be the ones that help
MUCH HARDER TO LEAD IN THE BAD TIMES. YOUR CUSTOMERS, NOT YOU you come out of this on top.
BUT IT’S MOST CERTAINLY MORE REWARDING, Many companies are focused
AND IT WILL BUILD GREATER CHARACTER AND on sending or posting generic 6/ LOOK TO THE FUTURE
RESILIENCE THAN YOU EVER KNEW YOU HAD. messages that are essentially This crisis will pass, and
no more than a company policy the companies that survive
on how they’re handling the will come out the other side
important, cash is even more breeds uncertainty, so don’t crisis. Or they’re beating stronger, leaner, and more
important, so look at your let them fill the void with on the same door, with the efficient than they were going
operations, in particular, your guesses– keep the informa- same products, in the same into it. In every crisis, there’s
balance sheet, and try to find tion flow coming, even if it’s way they have always done. opportunity, and if you’ve got
hidden sources of cash that just to provide assurance that Before going down the path of on top of the aforementioned
might be locked up in inven- you’re not sticking your head yet another generic mail that five areas, now, you can take
tory or assets that can be in the sand. They’re all look- isn’t particularly relevant to a moment to step back from
freed up to keep the company ing to you for guidance and anyone, or another sales call the battlefield, and look for
running. Do you have surplus assurance, and now is when to chase down revenue, put opportunities. Are there op-
stock that you’ve sat on for you need to be out the front yourself in the customer’s portunities to gain market
years? Now might be the time with your team. This is hard shoes. Why would they care share, or take out a competitor
to liquidate it, because that enough when you’re physically about your call? What are they who runs less efficiently than
cash is worth more than hav- there, but much harder when going through? How can you you? Is there a new busi-
ing a warehouse full of unsold you’re all working from home. help them through this now, ness model that you can turn
goods. What other levers can Get on Zoom calls weekly, if or when things open back up towards- new product lines, or
you pull to ensure you win the not daily, with your team, and again? What makes your com- sources of revenue to diver-
biggest share of a smaller pie? make sure they’re okay and munication any different from sify? If you’ve taken the steps
focused. If you follow agile/ the hundreds of others they’re to protect the downside, you
4/ WORK ON YOUR INTERNAL scrum methodologies, your receiving? Put yourself in their may have a war chest that can
COMMUNICATIONS daily huddle with the team shoes, understand what they be deployed to acquire strug-
Communicate confidently and will help maintain focus and need, and how you can support gling businesses coming out
frequently. Your team is wor- velocity within the team, them, regardless of whether the back of this. Remember, in
ried, for their health, for their even if you’re not physically there is any immediate finan- all wars, there’s profit.
jobs, for their families. Silence together. cial benefit. The customers you Above all, through this pe-
riod, maintain your positivity,
and treat this as an opportu-
nity to prove to yourself what
you can achieve. It’s easy to
lead in the good times; it’s
much harder to lead in the bad
times. But it’s most certainly
more rewarding, and it will
build greater character and
resilience than you ever knew
you had. And when things do
turn around, and business re-
turns –whenever that is– any
future crisis will pale in com-
parison. So, when the good
times return and you have to
swap your battle helmet for
your baseball cap again, don’t
forget to file your notes from
this current period- after all,
remember that the wartime
Lachlan Jackso, leader can well be called on
co-founder and Director,
Ecocoast
again in the future, and when
they do, you’ll be ready.
Lachlan Jackson is the co-founder and Director at Ecocoast, a company that develops solutions for sustainable coastal and marine development.
He is an active member of the UAE Chapter of Entrepreneurs Organization.
20 / E N T R E P R E N E U R . C O M / May 2020‘TREPONOMICS PRO
RISING TO
THE OCCASION
WHEN IT COMES TO
DOING BUSINESS
DURING A CRISIS, IT’S
ALL ABOUT TAKING
ACTION b y A H M E D A L A K B E R
A
s it so happens, Perhaps I’ve been watching pandemic was getting, we got metro on the way to work. As
I’ve been hun- way too much news, or per- our core team members to- such, we engaged with the op-
kered down in my haps I’m feeling what most gether to assess the severity erations staff, and asked them
own extreme form entrepreneurs have been feel- of the situation, and what it if they would be willing to re-
of mental self- ing lately. Luckily, some of the could mean to them and the locate to a building next door
isolation. This time I spent in worry has paid business. We had very few an- to our site. The landlord of the
version involves off in the form of execution. swers, but once we got talking, building offered a good deal
a world of uncertainty and When it comes to a crisis, we started identifying risks as we were renting a bunch of
anxiety. What if one of my staff speed and tactics matter more and developing ideas on how apartments from him in a sin-
catch the virus and dies? What than anything. When the rug to get things done quickly. gle exchange.
if I catch it? What if roads are gets pulled under your feet, For example, much of our 100% of my operations staff
closed and my logistics pro- reaction times can spell the operations staff was living in accepted, and they were re-
vider can’t deliver anymore? difference between a bruised various parts of Dubai, and we located within a week. With
What if my key suppliers can’t elbow and a concussion. saw the potential risk of catch- work now being a five-minute
fulfil our orders? Once we knew how big this ing the virus on a bus or the walk from home, staff get to >>>
Ahmed Al Akber is the co-founder and CEO of Hello Chef, a meal delivery service that provides recipes and ingredients and makes it easy
for people to cook their own delicious meals at home. hellochef.me
May 2020 / E N T R E P R E N E U R . C O M / 21‘TREPONOMICS PRO
With the crisis still not at its apex, it’s
safe to say that the definition of risk is
a moving target. We may have surprises
around the corner. But taking action has
helped ease much of the stress.
Processes that once worked fine have
been broken down and completely rebuilt
to thwart the invisible enemy. People have
needed to be trained and retrained. In
some ways, we’ve blown money by over-
pocket their transportation allowance, terly meeting, usually a day-long retreat at investing in things we probably won’t need
which they appreciated. I also inadvert- a decent hotel with a group of staff, had to once the worst is behind us.
ently solved a bunch of staff logistical is- be adapted to be done over video calls. To some level, doing all this has been
sues that used to slow us down. Our customers also expected us to act painful, but there is a silver lining: this
Our office staff had to make changes too. fast too. They wanted to know what we pandemic has given me a crash course on
By working from home on a moment’s were doing to mitigate their risk, and risk mitigation. And that’s something that
notice, we had to quickly figure out the rightly so. will stay with me for the rest of my career.
efficacy of each communication channel Once the plans were laid out, we started
relative to the urgency of each message. communicating with customers about ONE THING WE WERE PROUD OF
We reviewed all medical insurance poli- what we were getting done, ensuring WAS THE QUICK IMPLEMENTATION
cies and re-communicated what to do we followed through on every step. One OF NO-CONTACT DELIVERY, A
should someone have symptoms. thing we were proud of was the quick METHOD WHICH INVOLVES NO
We spoke to staff who were juggling implementation of no-contact delivery, a DIRECT FORMS OF PHYSICAL
working from home with homeschooling method which involves no direct forms of CONTACT BETWEEN OUR
their kids to see how we could accommo- physical contact between our customers CUSTOMERS AND THE DELIVERY
date work hours around that. Our quar- and the delivery drivers. DRIVERS.
Come together
forget those who need us the most, our
essential workers and high-risk individu-
als such as the elderly, the homeless, those
with pre-existing conditions, and low-
It’s time we support our communities income households.
However, sometimes in rare cases such
through conscious consumerism and wise as these, the only power we’re left with is
investment b y K AW T H A R B I N S U L AY E M our consumer power. We can still dictate
the market and help shape the economic
landscape of our local economy. We can
pull together and assist those that may
A
s we find ourselves in the self-reflect and evaluate what we can do to be economically vulnerable. Small busi-
midst of the COVID-19 not only improve our personal situation, ness owners, startups, tradespeople, and
pandemic, many of us but also how we can help strengthen our professionals in specialist sectors can lose
are in situations -social, community during these difficult times. everything in a short period of time. Small
mental, physical, or fi- It’s abundantly clear that this pandemic businesses may not be the first thing to
nancial- that we’ve never has severely impacted global economies, spring to mind when evaluating vulner-
experienced before. It can adding financial stress to most everyone’s ability, but in the current economic cli-
be daunting, especially lives. Fiscal policies and government aid mate, they certainly are.
if we find ourselves in a situation where alone cannot give us back everything we’ve Collectively, our consumerism holds
individuals are only committed to helping lost, or relieve us from this stress. As an so much power that when we cannot
themselves, which is only human nature, owner of several small businesses, I have spend, these businesses cannot survive.
but rather unfortunate as well. a serious responsibility to not only do my With these economic implications, it’s
However, even during such troublesome part to support the local economy, but extremely important that we support lo-
times, we have the ability to work collec- also support my team and their family cal businesses. It’s also very important in
tively together to negate the possibilities members. In times like these, we need to times like these to learn how to trust our
of our fellow community members becom- pull together as a community and do the SME sector. After all, look at the SMEs
ing vulnerable. We now have the time to utmost for those in need. We must not that are currently working extra hours to
22 / E N T R E P R E N E U R . C O M / May 2020COME TOGETHER | CONSCIOUS CONSUMERISM AND WISE INVESTMENT
keep their business afloat and
alive- they cannot afford to
just stop working and wait the
situation out like larger organi-
zations can.
We need to appreciate the
integral role that SMEs play,
both socially and economically.
They are part of the fabric of
our society that contributes
towards our thriving economic
ecosystem and they help to
-especially in these times-
provide a sense of community.
Even now there are many ex-
amples of small businesses,
whether they be cafes, restau-
rants, or any other essential
business, offering special
discounts and free-items to
our medical personnel and es-
sential workers.
This is a stark reminder that
we cannot afford to not be
conscious consumers. Now is
the time to act strategically
with your economic influence.
Ensure your essential items
are bought with thought. This NOW IS THE TIME TO ACT ter how enormous and strong tively battling this virus.
is also the time for local and STRATEGICALLY WITH YOUR your economy is, or what the Furthermore, the UAE has
federal government entities ECONOMIC INFLUENCE. politics of your nation is, in exampled how this global
to increase their support and ENSURE YOUR ESSENTIAL real times of need, we will be pandemic should be combat-
collaboration with the SME ITEMS ARE BOUGHT WITH reliant on how much emphasis ted on all fronts of the globe;
THOUGHT. THIS IS ALSO THE
sector. was put into the strengthening that means supporting other
TIME FOR LOCAL AND FEDERAL
Another element we must GOVERNMENT ENTITIES TO of our healthcare systems. nations to help eliminate the
consider when trying to pro- INCREASE THEIR SUPPORT For example, in the UAE, worldwide threat. There’s no
vide support for our most vul- AND COLLABORATION WITH the utmost has been done to benefit to isolated efforts and
nerable people is wise invest- THE SME SECTOR. ensure that the most vulner- keeping the hardship internal.
ment into our most important able people have access to With this as their ethos, the
asset, the healthcare sector. been managed in a balance tests, supplies, and essential UAE has sent supplies to over
The COVID-19 pandemic has between the private and public medical treatment. But this 20 different countries so far,
shown that sometimes unfore- sector, can be one of the most has only been possible due to with the objective of reducing
seen and unpredictable ele- efficient ways to look after all the long-term investment of the threat of the virus globally,
ments can heavily impact our communities, and in fact, stops healthcare in the country. As and not just putting all the fo-
day-to-day lives. This doesn’t potentially vulnerable people per the UAE National Agenda, cus on themselves.
only mean investing only in the from becoming vulnerable. the country has been collabo- If a nation is in the position
existing healthcare require- When a society has read- ratively working with stake- to optimally manage their
ments, but all the new innova- ily available healthcare and a holders all over the world to resources, they can show true
tive and technological medical system in place where it can make sure that our healthcare leadership by sharing their
solutions that are being devel- serve people in need, it truly sector is as strong as any other experiences, knowledge, and
oped, or in the process of de- protects people more than thriving sector. Collaboration resources with other nations.
velopment, by our local SMEs any service. It’s clear that the and transparency between the This isn’t just an act of noble
and inventors. most important thing that government, healthcare profes- humanitarian action, but a
I believe that a healthcare shapes economics and politics, sionals, and the community great example of real diplo-
system that has been suffi- especially in these times, is itself is what has created the macy and investments between
ciently invested into, and has healthcare. It doesn’t mat- infrastructure needed for effec- nations.
Kawthar Bin Sulayem is a strategical advisor, entrepreneur, and CEO of KBS Communications.
May 2020 / E N T R E P R E N E U R . C O M / 23‘TREPONOMICS SKILLSET
WALKING THE TALK
Seven lessons learned while transitioning into entrepreneurship
in the middle of the COVID-19 crisis b y M A H M O U D E L K H O J A
A
few months ago, I decided to quit my cushy job in a multinational
corporation and take destiny into my own hands, leaving petty
office politics behind. I went from having someone to answer to,
to being someone to answer to. I chose to live a life of financial
uncertainties and become an entrepreneur. But on top of all the stressful
collateral in which this life-changing decision entails, the COVID-19 virus
decided to make its entry to the world stage at almost the same time.
24 / E N T R E P R E N E U R . C O M / May 2020WALKING THE TALK | SEVEN LESSONS LEARNED WHILE TRANSITIONING INTO ENTREPRENEURSHIP IN THE MIDDLE OF THE COVID-19 CRISIS
The crisis the coronavirus 3/ Have a flexible business LISTEN TO YOUR TEAM, BE PRESENT,
pandemic created naturally model, and pivot without
flattened all the assumptions regret EVEN REMOTELY. EMPOWER THEM
and inputs I had in my model. While it largely depends on TO SUGGEST SOLUTIONS TO CRISIS-
While we are still at an early the level of maturity of your
stage in the fight against business, having several ver- INDUCED PROBLEMS.
this disease (and in my new ticals in non-correlated mar-
journey), I was still able to kets is a great risk-reducing over which you should lose customer service is essential,
unearth a few principles that strategy. I joined as Managing sleep. It’s imperative to listen excellent employee service is
are keeping me and my sanity Partner in one of my ventures to your customers. They will just as important. There is no
going. I didn’t plan them, and which happened to have a B2B always remember what you better way to improve loyalty
some of them came with luck, arm (myhealthyoffice.ae) and did for them in bad times, and and motivation than to show
but who knows, they might a B2C arm (biobox.ae) in the they will thank you for it. Bo- your worth as a leader during
benefit some of you in these process of launch. While the nus point: you don’t need to times of crisis. It’s the most
challenging times: B2B was the cash cow of the be the absolute best- you just intelligent investment of your
business, it came to a sudden have to be better than your time and energy. Listen to
1/ Make sure your personal halt in the early days of the competition. your team, be present, even
life is in order COVID-19 crisis. Corporate remotely. Be aware of their
If you’re an early-stage en- clients started to advise their 5/ Take care of your cash personal problems, whether
trepreneur, it’s very hard to teams to work remotely. We While common sense dic- financial or otherwise. Em-
separate your business from immediately shifted all of tates to preserve the little power them to suggest solu-
your personal life. But this our human and financial re- cash you have to weather the tions to crisis-induced prob-
is exactly what you have to sources towards accelerating storm, a period of crisis is, for lems.
be thinking about early on, the launch of our B2C brand me, a good time to invest in
otherwise your mind will to serve individuals staying at long-term opportunities. Be 7/ Fall in love with what
always be distracted by the home. In situations like these, it increasing your marketing you do
well-being of your family. Cre- a strong leader knows how budget intelligently (as we I’m not talking about your
ate a comfortable cushion to to pivot the whole organiza- did), hiring your next super- business idea, because I sure
fall back on. Try not to put tion, and take strategic deci- star, or optimizing your opera- hope you’re already in love
your own money into all your sions quickly and decisively. tions. Now the question is, with that, but I’m talking
ventures. Think: if everything The faster you fail, the faster where do you get the cash flow about the process. The re-
fails right now, will my family you’ll start to succeed. in times of decreasing sales? ally annoying minutia and
be ok? And for how long? There are ways to give a life- random uninteresting steps
4/ Don’t be a perfectionist- line to your working capital. you have to go through to
2/ Diversify early on except in one thing Just last week, I was able to reach execution excellence.
While planning my move to We all know the different obtain a grace period for my Fall in love with that. It will
entrepreneurship, I decided stages of bringing a new prod- mortgages and car loans, and save your life. How to do it?
to invest in my education. uct to market. You go from I came to an agreement with Become a student of life, give
I wanted to learn as many a prototype to a minimum some of my suppliers to delay yourself challenges to learn
things about as many indus- viable product, and so on, a few payments. What most all the tools that you need. Be
tries as possible. I’m also a big and you test like crazy. This people fail to understand is proud of the excel model you
proponent of the old adage, requires flexibility, and a that you mostly get what you built, even if you didn’t use it
“Don’t put all your eggs in fierce lack of perfectionism. want by just asking. I’m a big as much as you thought you
one basket.” This is why I got In a time of a crisis, it has fan of asking stupid questions would.Be interested in the
involved, either as an investor never been more literal, as with near-zero probability of a details of your supply chain to
or in a more operational role, you have to navigate stormy positive answer. You’d be sur- find that “eureka” moment to
in several unrelated projects seas infested with sharks with prised of the outcome! optimize it. Or take on an ac-
and companies from the very only one objective: survival. countant hat and find a better
beginning. This diversification There’s one topic though 6/ Take care of your team way to manage your invoices-
turned out to be a strong as- where perfectionism is es- Your team is your most im- even if, and especially be-
set to tackle the crisis we are sential: customer service. It’s portant asset, right? But are cause, it’s not your strength.
in now. your holy grail, the only thing you walking the talk? Just as Love the process.
Mahmoud El Khoja, an active member of Young Arab Leaders, co-founded and is currently leading several new companies such as BioBox, an
online healthy-only groceries platform; MyHealthyOffice, a pantry management and office wellness outfit both in the UAE; Frost, a quality frozen
food retail chain in Egypt, and ELK Phoenicia Group, a family partnership with diverse interests. He is also the volunteer CFO and Strategy Lead
of Cura, an international medical NGO based in Oklahoma. His previous 15 years were spent in eight countries and various regional roles with
multinationals like Schneider Electric, L’Oréal and Bain & Company. His functional experience spans marketing, strategy and digital transformation. Mahmoud
holds an MBA from INSEAD and a B.A. in Economics from the American University of Beirut. He currently resides in Dubai with his family.
May 2020 / E N T R E P R E N E U R . C O M / 25‘TREPONOMICS SKILLSET
1/ CASH
As soon as you are in a zero-revenue
situation, then it is all about looking at
how much cash you have in the bank, and
thinking about how long you can last with
it. If you take the decision not to fold your
business, then you have to develop several
scenarios of how long the shutdown will
be for, and what the ramp up will look
like afterwards. In our case, we did just
that, and we also had a very brutal look
at our costs. We stopped all payments
while we did this, and then had very hard
conversations with all of our landlords,
suppliers, and creditors. It’s good to see
that the government has been extremely
supportive, and that has been shown in
the attitudes of lenders. However, in our
industry, leverage isn’t common, and we
do have debt. But, at the end of the day,
the primary objective of this exercise
was to figure out how we could be still
standing on our feet when the fog lifts.
2/ PEOPLE
Consumer-facing businesses like ours
employ a lot of people, mostly lower paid,
and with slim management overhead.
Retaining talent is important; however,
when you are in as hard a situation as we
are now, that has to be ranked alongside
the overall business’ survival. The key
elements we took into account here were
A COVID-19 survival kit in the following order of priority:
for entrepreneurs > Consider humanitarian issues Many of
our employees could not go back home,
and we could not afford to keep them.
Think about what the world will look like after this Ensuring their physical wellbeing is the
first priority, regardless of what happens
is over, and what role you would like to play in it to the business.
b y A B D U L WA H A B A L- H A L A B I
> Look into repatriation Many employees
come from environments where the cost
of living at home is a lot cheaper than the
M
y involvement in entre- money to generating almost zero revenue, UAE, and therefore, a strong effort has
preneurial businesses across the board, in a matter of weeks. been taken to repatriate team members
in the UAE has been in It is one thing to deal with challenging back and attempting to allow them
the consumer-facing business environments, but it’s a totally to subsist, at least until the situation
sector, in industries different discussion to have when you are improves and they can be flown back.
like leisure, F&B and no longer able to operate your enterprise
fitness. As everyone at all. As such, these are some of the key > Take a very cold look at corporate costs
knows, ever since the thoughts and decisions that have been We have had to look at our talented
coronavirus pandemic hit us, most of on my mind with respect to my entrepre- management teams, and consider, on a
these businesses have gone from making neurial ventures: case by case basis, who we could retain.
Abdul Wahab Al-Halabi is the Partner at Decker & Halabi, and an owner and investor in several consumer-facing businesses. decker-halabi.com
26 / E N T R E P R E N E U R . C O M / May 2020A COVID-19 SURVIVAL KIT FOR ENTREPRENEURS | THINK ABOUT WHAT THE WORLD WILL LOOK LIKE AFTER THIS IS OVER
We did this because we were
clear that the bulk of salary
GETTING THROUGH THE COVID-19 CRISIS
cost is often in this layer, and Tips from one young entrepreneur to another b y O M A R J A C K S O N
that needs to be trimmed to an
A
absolute minimum.
s we wake up to daily
3/ BUSINESS MODELS developments, a continued
It is sometimes hard to look lockdown, and economic
at an industry and think what uncertainty amid the corona-
you can do with it differently virus pandemic, many young
when you are not even allowed entrepreneurs and business leaders are
to operate. However, we looked feeling a sense of unease, and a loss of
harder, and we have found that, direction.
bizarrely, a lot of creativity These unprecedented times are creat-
comes out of need. We have ing trials for many, but however testing
been able to keep one business they may seem, with those challenges, 3. KEEP GROWING This is an ideal time to
alive in the fitness industry come opportunities. As an entrepreneur tackle those things you’ve not had time for. It
by completely changing what myself, I’ve experienced many situations could be revisiting systems and processes,
it does and how it does it, to like these, and I’ve always found myself or learning something new. Set up online
actually generate income to having to dig deep and push through. training sessions for your team, either as a
keep the business alive. Here are some tips that can guide you refresher, or to learn and develop new skills.
through this time we find ourselves in, Review how your brand is being presented in
4/ MOTIVATION and to help put you in the right mindset your company collateral; perhaps revise your
It is easy to roll over, and as well: website, and update it, or plan some engaging
simply wait for the storm social media content. Whatever you do, don’t
to pass. But by nature, 1. WORK HARD, AND PLAN TO REBOUND stagnate- turn some of this negative into a
entrepreneurs like us just Regardless of what your current days positive.
don’t know how to do that. under COVID-19 look like, you need to
However, there are many dark keep driving forward with your entrepre- 4. FUEL YOUR PASSION Many entrepreneurs
moments, and it is important neurial spirit. Even though you may have have started a business based on something
to keep focused, no matter experienced a temporary reduction in they really care about, and have a passion
what the other side looks like. business, you need to continue to work for. This is a core element to success. Aside
After all, we exist not just for hard, and think smart. We don’t know from my businesses, I have other passions.
ourselves, but a whole array when we will go back to normal, or even This provides me with a real love for life, and
of stakeholders, including what the new normal will look like, but in times like this, it gives me something other
partners, team members, what we do know is that this will pass- than work to positively focus on. One of my
investors, and others, and we so, are you prepared? Analyze each main missions is to inspire people to find their
need to keep up the good fight. scenario now, and plan your rebound passion, so if you feel you’ve not found yours,
All of us have read many books strategy to ensure you’re ready to go. now is the time to think about what it is, or
written on grit and resilience, invest time into it, and I promise you it will help
and now is the time to put all of 2. ENSURE EFFECTIVE COMMUNICATION your mindset. Use this time to slow down, sit
that learning into practice. WITH STAKEHOLDERS Make sure that back, reflect and re-focus, get our priorities
So, what’s the future going you are keeping your staff, clients, and straight, and realize what is important to
to look like? I predict that other key stakeholders updated with you and how you really want to live your life.
many business models will the developments of your business. Rarely do we get this kind of opportunity, and
change, and entire sectors in It’s important to be transparent as the this amount of time, which is our most pre-
some industries will not exist situation progresses and changes. A cious commodity.
when this is all over. Further, positive, resilient voice needs to be heard
the ramp up following the end to inspire confidence, so make sure that 5. DON’T QUIT Whatever you do, don’t quit.
of this crisis, and people’s comes from you through all channels, Yes, it’s difficult, and yes, you may feel like
behavior after this period, will whether that be a phone call, e-mail, or there’s no way through, but this will pass. You
be very different. This will social media. People need to be com- will need to dig deep, and do things differ-
create numerous opportunities forted by others, so lead from the front, ently. Make tough decisions to survive, but
for investors, and I’m spending and show strength. ultimately believe in yourself against all odds.
most of my time now thinking Work hard, learn always, never quit!
about what the world will look
like after this is over, and what
Omar Jackson is the founder of OJ Lifestyle and a Partner at Berkeley Assets.
role I would like to play in it. oj-lifestyle.com | berkeley-assets.co
May 2020 / E N T R E P R E N E U R . C O M / 27‘TREPONOMICS SKILLSET
PRIMARILY, THERE
ARE THREE LEVELS
OF INNOVATION:
INCREMENTAL,
SUSTAINING, AND
DISRUPTIVE.
FUNDAMENTALLY, THE
CHANGE IS ABOUT
DELIVERING VALUE.
spending. Once we have
optimized the expenses and
on top of our cash position,
we have decided to limit
our spending to what will
generate revenue– now or
in the future.
In the now, revenue is
about generating leads
and retaining clients. To
do both, a company needs
a customer relationship
management (CRM) plat-
form. If you don’t have one,
spend the time to set one
up cheap, and load it with all
Rewired and ready
your customer information.
If you don’t have visibility
of your pipeline of clients,
you are operating blindly.
How your business can survive the COVID-19 crisis Pipeline, ultimately, makes
every business thrive.
(and then thrive after it) b y R U C H I R P U N J A B I Once a CRM is set up, first
think about how your cus-
tomers are doing. Empathy
T
here is a popular analyze, plan, and get on top CASH IS EVERYTHING for your customers right now
meme circulating of this, we need to ensure For entrepreneurs, cash is will go a long way. Help them
these days that asks: that we are healthy, safe, everything right now, and with a service or product
“Who is responsible and in a good mind space. there are seven places where that they need, regardless
for your company’s Establish routines, talk to as you can look for cash in your of whether you will make
digital transformation?” many people as possible, and business: price, volume, money or not. Your support
A. CTO make the most of the current cost of goods sold (COGS), in these difficult times will
B. CEO situation. Most importantly, overheads, accounts receiv- go a long way in retaining
C. COVID-19 focus on things you can able, inventory, and accounts them for life. Engaging
As this joke shows, most control. payable. It is crucial that you clients through knowledge
entrepreneurs and busi- Empathy and decisiveness work out -given your current sharing, thoughtful ideas,
nesses are struggling in the are the two key qualities that revenue and funding (equity and proactive support will
current environment, but a crisis like the COVID-19 + debt) availability- your build a strong, long-lasting
every crisis offers oppor- outbreak needs. Your ability scenarios, and establish a relationship.
tunities, and this one is no to empathize with people in path forward to optimizing
different. your business and your key cash. Without knowing your FOCUS ON GROWTH AND
Before I go into consid- relationships will ensure runway, the rest of what I am INNOVATION
erations for surviving the support and loyalty. Deci- about to say falls flat. The other aspect of the
current situation, I want to siveness towards survival, I’m involved with a few pipeline is growth. Can you
talk about self-care. We all and later investing, will boards where we have taken increase customer lifetime
know what the issues are. To move the needle forward. a position of revenue-centric value (LTV)- meaning, can
28 / E N T R E P R E N E U R . C O M / May 2020You can also read
