Dr. Majed Al-Othiman: Prominent Icon in Management & Entrepreneurship

Passion, perseverance, and a love of adventure are the secrets of success for entrepreneurs: Says Al-Othiman...

He received a bachelor’s degree from King Khalid University, majoring in business administration, and a master’s and doctorate from Swansea University in the UK, majoring in management and entrepreneurship. He is very passionate about innovation and entrepreneurship, as well as transforming ideas into entrepreneurial projects, to contribute to the prosperity of the local and international economy.

In the following interview, Al-Aziman answers many questions about entrepreneurship and its future through various pillars:-

What drew you to the world of entrepreneurship?

There has been a significant acceleration in the development of large, small, and pioneering projects, and their significant contribution to the economy and increase in the national income of societies; There has also been a big leap in several pioneering projects, and they achieved huge profits; Hence the deep love of entrepreneurship, and I believe that the future belongs to small and medium enterprises.

How is entrepreneurship affected by scientific development? How can scientific research be in the interest of the entrepreneur?

Undoubtedly scientific research is a pillar of innovation and entrepreneurship. However, it has been noticed recently that there is a big gap in converting research – whether in scientific research or scientific research centers in universities – into innovative projects. A lot of them begin as scientific research and die as scientific research. No spark turns research projects into pioneering ones.

As for the entrepreneur, I believe that scientific research helps the entrepreneur anticipate the future and know the current situation of the local or international market. Therefore, I believe that scientific research may provide significant assistance to entrepreneurs in predicting the future. Which reduces the risk that projects may face, and also develops them.

What are the characteristics of a successful entrepreneur?

Entrepreneurs have a lot of personality traits, resulting from behavioral schools and many others, so many entrepreneurs may share multiple traits.

They also share certain behaviors, including passion, perseverance, and a sense of adventure. This is because pioneering projects carry high risks, so I believe that these three qualities are among the most significant characteristics that distinguish a successful entrepreneur. We must focus heavily on perseverance. It is always the secret of their success.

What are the types of entrepreneurship?

The first type of entrepreneurship is commercial entrepreneurship, which involves transferring small and medium businesses to large projects to achieve profits. In contrast, the second type is social entrepreneurship, which aims to move from huge profits to solving problems. The method acknowledges that it may create profits, but that it is first and foremost concerned with solving problems for society.

How can you motivate young people to embark on an entrepreneurial experience?

I think that universities and schools also have a lot of work to do, first to explain and explain what entrepreneurship is. Because there is a significant disparity between small and medium enterprises, free and entrepreneurial projects, and entrepreneurship because there is a big difference, so I think that the presence of entrepreneurship and the concept of business incubators within the school curricula may contribute to promoting the culture of self-employment and entrepreneurship.

Entrepreneurship may also contribute to educating society about entrepreneurial projects and understanding the impact of entrepreneurship on society and the economy.

How do you see the relationship between innovation and entrepreneurship?

Between innovation and entrepreneurship, as well as between entrepreneurship and creativity, there is a close relationship. Creativity begins as an idea with a specific nature, but innovation is called innovation when it turns into an existing project. Hence, there is a significant link between entrepreneurship and innovation. Every pioneering project stems from innovation.

How can an entrepreneur turn his idea into a project on the ground?

The answer to this question is divided into two parts. First, the idea stems from the personal characteristics of the entrepreneur. To begin with, persistence, commitment, and passion are necessary for transforming a project from paper to reality. Therefore, incubators and accelerators may benefit entrepreneurs. However, there may be a responsibility on the part of funding agencies and the country’s tendency to support investment funds and commercial banks.

What are the most critical requirements for entrepreneurship in the Kingdom?
The requirements for entrepreneurship in the Kingdom of Saudi Arabia, for example, are to spread awareness of entrepreneurship. Pioneering national projects may contribute to supporting and spreading this culture at the local level.

How is entrepreneurship affected by digital transformation?

Entrepreneurship has made a very big leap with digital transformation. Digital transformation has opened up expanded horizons for the market for entrepreneurial projects. Many projects have received real support due to digital transformation. In addition, several projects have found their way to actual implementation because of this transformation and the spread of automation.

Advice for all entrepreneurs?

The most valuable advice I can give entrepreneurs is to always focus on their projects, believe in them, work hard and diligently, and not give up. It will ensure that their ideas do not remain mere ideas, but rather become real projects.

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