Start-Up Businesses Being an entrepreneur in a small and young market like Oman is not easy. It is difficult to launch a new product with only some 3 million citizens as your potential clients, launching a new product without thoroughly studying the market needs is not a good idea. An Omani entrepreneur Qais Al-Khonji admits that he failed at his first startup because he did not research the market’s needs, and did not follow a lean methodology. But Al-Khonji has embraced his failure, and moved on to his next projects. “I try and learn even though this means losing. I consider the benefits to be in learning and failure a step towards success,” he says. He's started five startups in the past three years, and he's embraced failure with most of them, closing down four. But business is what he loves, and he's ready to get back up and do it again. “I want to be my own boss and work at what I love doing,” he admitted. Al-Khonji worked in banking for many years and in 2010, he decided to throw himself into entrepreneurship, starting by launching his first company, Qais United Agency, which imported and sold Chinese water filtration systems in the Omani market. After 18 months, in mid-2011, Al-Khonji closed it down because it didn't get the traction he was hoping for. Then, in early 2012, he launched 4 startups at once, offering services in very different sectors, including education, health tourism, an electrical freezing technology, and digital meters for water and electricity. Three of them failed, he says, again because they didn't succeed quickly enough, and he wasn't motivated to stick it out. Now, he is focusing on his digital meter company, hoping to build it into a “long term business," he says. "It will take some time to pick up and make revenue.” He's also working as a reseller for Thermax, an Indian engineering solutions company in Oman, and is in the process of launching solar energy products. Answer the following: 1. What are the problems faced by Qais Al Khonji as a start-up entrepreneur?
Start-Up Businesses Being an entrepreneur in a small and young market like Oman is not easy. It is difficult to launch a new product with only some 3 million citizens as your potential clients, launching a new product without thoroughly studying the market needs is not a good idea. An Omani entrepreneur Qais Al-Khonji admits that he failed at his first startup because he did not research the market’s needs, and did not follow a lean methodology. But Al-Khonji has embraced his failure, and moved on to his next projects. “I try and learn even though this means losing. I consider the benefits to be in learning and failure a step towards success,” he says. He's started five startups in the past three years, and he's embraced failure with most of them, closing down four. But business is what he loves, and he's ready to get back up and do it again. “I want to be my own boss and work at what I love doing,” he admitted. Al-Khonji worked in banking for many years and in 2010, he decided to throw himself into entrepreneurship, starting by launching his first company, Qais United Agency, which imported and sold Chinese water filtration systems in the Omani market. After 18 months, in mid-2011, Al-Khonji closed it down because it didn't get the traction he was hoping for. Then, in early 2012, he launched 4 startups at once, offering services in very different sectors, including education, health tourism, an electrical freezing technology, and digital meters for water and electricity. Three of them failed, he says, again because they didn't succeed quickly enough, and he wasn't motivated to stick it out. Now, he is focusing on his digital meter company, hoping to build it into a “long term business," he says. "It will take some time to pick up and make revenue.” He's also working as a reseller for Thermax, an Indian engineering solutions company in Oman, and is in the process of launching solar energy products. Answer the following: 1. What are the problems faced by Qais Al Khonji as a start-up entrepreneur?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Start-Up Businesses
Being an entrepreneur in a small and young market like Oman is not easy. It is difficult to launch a new product with only some 3 million citizens as your potential clients, launching a new product without thoroughly studying the market needs is not a good idea.
An Omani entrepreneur Qais Al-Khonji admits that he failed at his first startup because he did not research the market’s needs, and did not follow a lean methodology. But Al-Khonji has embraced his failure, and moved on to his next projects. “I try and learn even though this means losing. I consider the benefits to be in learning and failure a step towards success,” he says.
He's started five startups in the past three years, and he's embraced failure with most of them, closing down four. But business is what he loves, and he's ready to get back up and do it again. “I want to be my own boss and work at what I love doing,” he admitted.
Al-Khonji worked in banking for many years and in 2010, he decided to throw himself into entrepreneurship, starting by launching his first company, Qais United Agency, which imported and sold Chinese water filtration systems in the Omani market. After 18 months, in mid-2011, Al-Khonji closed it down because it didn't get the traction he was hoping for.
Then, in early 2012, he launched 4 startups at once, offering services in very different sectors, including education, health tourism, an electrical freezing technology, and digital meters for water and electricity. Three of them failed, he says, again because they didn't succeed quickly enough, and he wasn't motivated to stick it out.
Now, he is focusing on his digital meter company, hoping to build it into a “long term business," he says. "It will take some time to pick up and make revenue.” He's also working as a reseller for Thermax, an Indian engineering solutions company in Oman, and is in the process of launching solar energy products.
Answer the following:
1. What are the problems faced by Qais Al Khonji as a start-up entrepreneur?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education