Reflection 7
Ambareen Musa is one of the most influential women in the Middle East who has made it in business despite the challenges in regulations. In the podcast she has done with Startup Hustle Middle East, she discusses her journey in developing the SME that has expanded into other regions. The way she is clear about the way her company is run is so reassuring and fulfilling. She highlights how it has not been easy, especially in convincing investors, but with patience and perseverance, she has made it. Also, she talks of how having previous experience made her familiar with how things are done and built a rapport with clients.
Reflecting on Ambareen Musa’s company Souqalmal.com, it is evident that starts are successful in the Middle East with patience, skillset, and discipline. Most entrepreneurs face a challenge in funding, especially from banks who decline supporting small microfinancing firms. Apart from funds, many middle east companies face the challenge of legal restrictions. Paying for licenses is expensive, and often most people find it hard to comprehend government regulations that have been put in place.
The reason for the success of Souqalmal.com could have been to the fact that Ambareen Musa had the tech skills beforehand. An article written by Radcliffe (2014) reports a lack of ability as one major factor affecting entrepreneurial ship in the Middle East. People have not gained the necessary skill set required to open a business, especially in the tech field. This factor makes it hard for individuals to pitch their ideas effectively, resulting in investors declining their proposals. The cost of acquiring skills is also a challenge, as most of these startups have difficulty with paying their workers well (Mitchell, 2019). However, despite the numerous challenges, Ambareen Musa has been able to run a company effectively and has been successful in running it. This company has set an example for young entrepreneurs that everything is possible. Passion-driven startups are more likely to be successful in the coming future. Moreover, this is not only a challenge in entrepreneurship but also to women who have been enraged in fear and doubt because of their gender. Ambareen has made among the top in business that is crowded with mostly men, which should, in the coming future, be outdated.