BBIC Interview with Peter Andersson

Would you mind giving us an overview of Ericsson?
Ericsson (www.ericsson.com/ericsson/worldwide/oman.shtml) is a world-leading provider of telecommunications equipment and related services to mobile and fixed network operators globally. We have deployed our solutions in over 1,000 networks in 140 countries and 40% of all mobile calls are made through our systems.

Why have you become involved in the TKM – Ernst & Young Big Business Idea Competition?
Ericsson believes in the power of ideas. Innovation is how nations grow and prosper. We feel very strongly about supporting and encouraging local endeavours that will create and generate new opportunities for the betterment of the national economy and society.

How important are start-ups to Oman’s economy?
Extremely important. Start-ups are an important vehicle for the growth of small medium enterprises and SMEs play a vital role in economic and societal development.

What personal experience do you have of the start-up culture?
Every new project that we go after is like a starting up a new business. We have to prepare and present a business plan and we have to market and sell our product.

What characteristics do you need to be a successful entrepreneur?
You need to think big. You need to have imagination and be innovative. You can’t have any limitations especially self-doubt and you need to be passionate and believe in your idea/concept.

Which international entrepreneur has inspired you and why?
The inventors of trivial pursuit board game. They came up with an innovative idea.

What are the key ingredients for a successful start-up?
It goes without saying that you need to have a good idea and a solid business plan. But the business plan is not worth the paper it’s written on if you can’t or don’t properly execute your plan.

How could the region’s banking community improve the services they provide to start-ups?
Banks need to recognize that start-ups and SMEs can grow into very large and important customer. Banks need to make it easier for start-up companies to get financing and provide them good interest rates and cater to their unique needs.

What path do you suggest for would-be Omani entrepreneurs?
They need to think big and they need to think global. If they only focus on the Omani market they will be limiting themselves. Oman is a small country from a population perspective. There isn’t the critical mass like in China.

What are the drawbacks to being an entrepreneur?
Unfortunately, the failure rate of start-up companies is very high. With the odds against your favour, it will take determination of steel, perseverance and hard work to succeed. Therefore, entrepreneur’s need to be extremely passionate about their business.

What do you think the dotcom has done for enterprise and innovation?
The dotcom revolution has helped with access to information/ideas and it has made it easier for a small start-up business to market and sell their products globally.

How do you recognize the next big thing?
I believe the next big thing will be in converged end user applications. With Vision 2020 and eOman, the Government is investing heavily in infrastructure and pushing ICT.