Entrepreneurs / #ForbesEntrepreneurs



August 3, 2017,   4:00 PM

How Entrepreneurs Can Turn Around Failures To Reach Success

Qais Al Khonji

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[caption id="attachment_26341" align="alignright" width="264"]Qais Al Khonji Qais Al Khonji[/caption]

Before my success with Qais United Enterprises Trading and Genesis International, like some entrepreneurs I had begun a few unsuccessful ventures, one where I misjudged the potential of products not available locally, believing I had a market-changing idea that would spark instant interest and demand.

I was very wrong.

This first lesson was an immediate eye opener to step carefully into high-risk investments because it’s either a hit or miss.

The wise alternative is to research established international brands supported by a feasibility study based on current market presence to determine the local success, making it less risky and more likely to succeed.

The second lesson would be to enter the service sector if you’re after quality since it gives you the opportunity to set the benchmark and directly control the quality you will offer, establishing your name and reputation in the market.

The next idea to keep an eye out for is the “Smart City” concept, which facilitates electronic payments of water and electricity bills and makes your whole business life easier.

I believe in the quote “Do not fear failure”, and I never did but used failure as a stepping stone away from these unsuccessful ventures to develop a new set of skills and insight.

One of the biggest challenges for any entrepreneur is to stay positive during times where oil prices are plunging and economies are facing instability, but despite the risk, my business took off. I believed in my idea and supported it with detailed research to reveal the timing was right since there was a direct correlation between oil prices and production.

Do capture the opportunity at the right time whenever you can.

We need to remember that success comes with trial and error. My business failures have taught me to always see the potential positives and negatives before leaping into any new venture.

There will be more challenges as we move forward as a company or I grow as a businessman, but I believe I now have the experience to handle anything.

Qais Al Khonji, CEO, Genesis Projects and Investments.



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