NBO's Anees Sultan BBIC Interview

This week we chatted to Anees Sultan of National Bank of Oman - a member of the BBIC judging panel and an important sponsor of the competition. This is what he had to say about overheads; Virgin Megastores; SMEs; and losing hair.

Would you mind giving our readers an overview of NBO?

Established in 1973, NBO was the first Omani bank. Today, we offer retail services and increasingly sophisticated corporate banking, specialized teams in treasury, investment banking and trade finance. We're also expanding our regional reach through our close relationship with the Commercial Bank of Qatar.

Why has NBO become involved in the TKM – Ernst & Young Big Business Idea Competition?

NBO is keen to support winners. A successful small business or new business idea will have smart, motivated and committed people at its helm. NBO wants to recognize the efforts of these people and provide them with the necessary tools for success. This doesn’t mean an automatic loan but a good business idea will find finance if its management can demonstrate real commercial potential.

How important are start-ups to Oman’s economy?

NBO recognizes that it’s SMEs that drive the economy forward. Small businesses create employment and this has a multiplier effect that improves the demand dynamics for goods and services in the economy.

What personal experience do you have of the start-up culture?

I started a stock broking firm in 1997 and worked with a team of committed partners and employees. It’s important to work with people you trust and let them take their own decisions, otherwise you end up doing everything which leaves you drained and people tend to leave when you run a company that way!

What characteristics do you need to be a successful entrepreneur?

Most successful entrepreneurs don’t necessarily create a new product or service, but conduct business in a smarter way. This means patient understanding and build-up of business knowledge, working on every detail and every possibility, test assumptions and more importantly strict adherence to an implementation plan.

Which international entrepreneur has inspired you and why?

I like Virgin’s Sir Richard Branson. He’s built a business empire based on serving an existing need - leisure and entertainment – but he's done it in a better way. For example, part of his business is selling music but he does it in Megastores which involves an entirely different consumer experience.

What are the key ingredients for a successful start-up?

Keep overheads low. There's no shame in buying used furniture. If you don't control costs from the start they'll turn around and bite you. There will be lean months when income is low and you don't want to face instalment or interest payments your business can't afford.

Clearly define the role of your team.

Know your client’s needs. Check the competition and its offerings and always try to offer something your competition doesn't have. It's also important to work on customer service. I continue to be amazed at how badly some businesses in Oman treat their customers.

What path do you suggest for would-be Omani entrepreneurs?

Pick an industry or a business you're excited about. This is important because you will be spending a lot of time in it. Next, work in the business to learn its intricacies, dangers, potentials and tricks of the trade. A famous story I like to recount is that of an airline owner who spent time as a luggage handler in a competing airline in order to improve his own airline’s service offerings.

What are the drawbacks to being an entrepreneur?

For the first 6 months of a start-up, forget personal and family life. You'll be the manager, negotiator, secretary and salesperson – all in one. Be prepared to age a little and lose some hair!