BBIC Interview with Abdullah Al Jufaili

This week we met up with Eng. Abdullah Al Jufaili, Director (pictured), The Knowledge Mine (TKM) who shared his vision and thoughts on the future of ICT entrepreneurship in Oman. This is what he had to say about the TKM – Ernst & Young Big Business Idea Competition (BBIC), Oman's annual business plan competition – an initiative that will hopefully help produce start-ups with bullet proof ideas.

What triggered the idea for the Big Business Idea Competition?
TKM has had a vision since its inauguration in March 2003 to establish a base for the next generation of Omani entrepreneurs. The BBIC is one of the tools we're using to nurture domestic business creativity and encourage Oman's youth to think about the opportunities available in the private sector in general and the ICT sector in particular. In brief, the objective is to create awareness and build a stronger entrepreneurial culture in Oman.

What characteristics do you need to be a successful entrepreneur?
The ingredients have to include vision, purpose, leadership and strategic thinking. But perhaps the most important element is an entrepreneur's fearless approach to risk taking.

What path do you suggest for would-be entrepreneurs?
You need to know the market and what's needed to do business in that particular environment. Starting a new business can be a bumpy road so it's important to get advice from experts. Start small but aim big and set realistic goals.

What’s the downside to being an entrepreneur?
Forget weekends and vacations, entrepreneurs work 24/7. Balancing your social, family and business life can be a real challenge.

What do you think the dotcom has done for enterprise?
The dotcom era has created tremendous business opportunities. Indeed, some companies started operating without having a physical presence – no bricks or mortar. The successes and benefits of the dotcom era has encouraged the public sector to initiate "the dotgov" era.

Have you got a favourite entrepreneur?
It would have to be Pierre Omidyar the founder and chairman of ebay. He created an empire which in 2005 generated US$4.55 billion.

How do you recognize the next big thing?
A really creative idea is often a very simple idea. It's one of those things that make people say: "Now, why didn't I think of that?"

What's the most interesting part of your job?
I've been running TKM for the past two and a half years and it's been a great experience. I'm surrounded by very talented start-ups and this is a really stimulating environment to work in. TKM represents the bleeding edge of entrepreneurship in Oman and I'm deeply proud to be associated with this important national initiative.