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If you’re interested in building your own business, you may be confused about where to start. This is understandable since, almost by definition, each business follows a unique path from creation to success. However, there are some key milestones that every business typically traverses when going on this journey. One of those is identifying opportunities upon which to found the business. To better understand how this works, we’ve looked at the work of Abdulla Al Humaidi, CEO of Kuwaiti European Holding Group. As a successful international business leader, his example can be instructive for anyone seeking to make it in the world of business.
How Abdulla Al Humaidi Sources Ideas
One of the key components in identifying opportunities as a business leader is to be able to source your own ideas. That means that when an idea strikes, you’re willing to listen to it and perhaps follow it to its logical conclusion. Abdulla Al Humaidi showcases how a business leader can succeed in this regard through his focus on being open-minded. Rather than boxing himself into a specific industry, the CEO works to cast a broader net than many peers and leaves himself open to ideas in a variety of spaces. This has included work in the fields of sports, real estate, and tourism, with projects in each taking on a number of different forms.
In your own work, you may want to consider taking on a similarly open-minded approach to idea generation. One way you can do this is to consider keeping an idea journal in which you write down ideas that come to you throughout your day. Instead of filtering them down when they arrive, simply write down all the ideas that come to you as you go about your regular activities. At the end of a set amount of time, perhaps every month, you can then go through the journal and see if any of the ideas stand out to you as something worth pursuing. By being rigorous and meticulous in this way, you can ensure that good ideas don’t slip through the cracks.
Stacking Ideas Against One Another
Of course, identifying opportunities involves so much more than just eyeballing an idea and seeing how it looks at first glance. The process requires evaluating the business merit of a concept and seeing if it has the potential to bring in long-term revenue and provide goods or services to customers.
One of the chief ways this can be accomplished is through investigating what problem the idea solves since this is the fundamental aim of business. If the idea can solve a problem in a new or innovative way, it may be destined to rise to the top of your collection of ideas. If it can’t, however, solve a fundamental need or problem for customers, then it may be unlikely to succeed as a business idea and may need to be discarded.
In the work of Abdulla Al Humaidi, the CEO is constantly evaluating his ideas in this way, making sure they can solve some kind of problem or need for customers. For instance, in his work in the field of tourism, he’s created resorts and other developments that can help groups of people come together in more meaningful ways. This helps people who may have had a difficult time connecting with others to more robustly form those connections and improve their overall social wellbeing.
Abdulla Al Humaidi Implements Business Plans
If you’re a prospective business owner, you’ve probably heard numerous mentions of the importance of a business plan and how it can affect your chances for success. While redundant, this advice is quite meaningful so it bears repeating here. While opportunities can come through sourcing ideas and identifying which have the greatest amount of potential, these ideas don’t really become opportunities until they are accompanied by a sound business plan.
This is a concept with which Abdulla Al Humaidi is well acquainted in his work as a business leader. That’s because his most successful ideas have had to go through the structured process of generating a business plan before he could see them come to fruition. This process allows one to hone in not only on the ultimate goals of an idea but also the manner in which they can be implemented and how their goals will be accomplished. Keeping this example in mind when analyzing your own ideas can be useful especially as you look to add order to the work you do in starting your own business.
Beyond Opportunity Identification
While identifying opportunities is an important aspect of being a business leader, this work is just the beginning of a long business journey. It’s worth noting that once the opportunity is identified and a business plan is generated, it then becomes incumbent upon a business professional to commit to the hard work of actually carrying out their plan and building out their concept even further. This may seem obvious in some ways but, in practice, there’s a world of difference between understanding the broad strokes of how a business functions and actually putting those strategies into place for yourself.
To continue on your business journey, it can help to enlist the help of others who may be seeking to grow businesses themselves and who may want to collaborate on a shared goal. By having one or more collaborators in this manner, a novice business entrepreneur can hope to shore up whatever knowledge gaps they may have and actually make their idea more of a reality. While much more can be written on this subject, this basic desire to dive into the hard work of running a business and bringing a concept into the real world is a key aspect of what serrates successful business leaders from those who merely dream about success.
The above look at identifying opportunities can be a helpful stepping stone in your journey towards building a functioning business. The example set by Abdulla Al Humaidi can also be informative and can help illustrate how these concepts play out in practice. Consider the CEO’s example if you endeavor to create your own business from scratch. It can not only illustrate some of the actions to which you may want to adhere, but it can also showcase the benefits you may enjoy by sticking to this established path.
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