Mohammed Al Barwani Entrepreneur - Paper Example

I). Introduction to the Entrepreneur

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One of the most successful entrepreneurs in Omani is Mohammed Al Barwani. Barwani is a billionaire businessperson who made a fortune through production, oil and gas exploration and mining. Barwani is the chairperson and a founder of MB Holding. He has business interests in other countries. He owns a Dutch luxury yacht manufacturing company called Oceanco (Fottles, 2016, para 2). He has stakes within several hotels in Omani, and he is also a property developer. Barwani has contributed to both the economy and the society through the creation of employment opportunities for Omani citizen. All his businesses employ an estimate of seven thousand employees. His multiple companies are great revenue sources for the Omani government. He is also a mentor and gives motivational insights when prompted. He also contributes to good societal courses such as sponsoring of students. He also contributed to the economy by making a large level of tax returns to his country (Forbes, 2015, para 1).

II). Profile of the Entrepreneur

According to Kharusi (2011, p. 3), Barwani is a very educated entrepreneur. One of the competencies that have enabled him to attain success is knowledge attained through his formal education. His strides to success can be traced back to the 1980's when he was studying for his master's degree at Heriot-Watt University in Edinburg. According to him, it was a challenging period as he was struggling to start a family while maintaining the desire to succeed. Barwani primarily attributes his success to the university, which he says was instrumental in molding him, to the man he is today (Upscale Living, 2014, para 2).

During his days in school, he was an able student in both Science and Math. His proficiency in science enabled him to attain a bachelor's degree in Science at the University of Miami. His degree earned him a job at the Petroleum Development Oman. While working at the organization, he was sent to Holland for intensive training in the oil and gas industry then he later spent two years in a desert improving his skills while working on oil rigs (Adam, para 5).

According to Halligan (2014, para 4), his competencies can be manifested in his ability to shift from a science degree to an engineering course at the Heriot-Watt University in Edinburg. According to him, it was tough to study a degree from a different field after a completion of a degree course in another area. He states that he had to change his way of thinking to that of an engineer from that of a scientist. Barwani states that an engineer and a scientist have different outlooks towards things. To him, a scientist seeks to understand a natural system in detail while an engineer is in search of a practical solution to a problem (The Business Year, 2015, para 4).

One of his characteristics that pushed him through his educational life was perseverance. Barwani admits that his time at the university while in Edinburg were tough time. He had to balance the responsibilities of starting a family and manage to put long hours into his studies. He also had the burning desire to succeed which was a motivational factor, which kept him always working towards his goals.

According to Kharusi (2011, p. 4), Barwanis entrepreneurial skill are also manifested in his specialization of competencies. Barwanis primary interests have been in oil and gas exploration, and that is why is concentrated on the study of science and engineering behind it. Specialization has enabled him to achieve greater efficiency of his efforts and benefits for returns of scale and economies of scale. He has capitalized in production and manufacturing which appropriately consumes his input into the sectors. He also undertakes strategic venturing which is an observation derived from his preference in venturing into areas and fields whose services and demand are in global demand.

Evaluation of the Support Systems available for new businesses in Oman

Support Program Appropriateness/ Adequacy

Intilaaqah Provides professional training, guidance, and business development services. The program is essential to new business since they are offered ways to transform their innovation and ideas into businesses. The program can help an individual who has never had any entrepreneurial background (OmaniTribune, 2016, para 4). It appropriate since it exposes individuals to realities of the business world.

Riyada According to Public Authority for SMEs (2015, para 2) Riyada is a public authority whose aims are to coordinate and lead the plans for small and medium-sized enterprises. It provides adequate help for new business owners by offering them business advice and knowledge exchange that would assist them to operate more efficiently.

SAS Oman Startup (2017, para 3), states that the program is an initiative aimed at assisting small and medium sized enterprises in facilitating the setup of an ICT-enabled business. The program is appropriate for new business owners for it provides these kinds of businesses with legal services, client-needs assessment, access to finance, networking, human resources, government support, and marketing.

Part 2

Individual Entrepreneurial Competencies

A.

From the personal entrepreneurial scoring sheet and multiple intelligence assessments, I learned that I am a determined entrepreneur a fact that is manifested through my work ethic, ability to confront obstacles and work around a problem. Another strength is being a knowledge seeker. I strive to acquire to gain business relevant and in-depth information in my areas of interest. I am also a creative thinker who pursues other efficient ways of doing things other than the conventional ways.

Some of my weaknesses are the inability to take on risk. I am the kind of person who prefers to stay on the safe side of any undertaking. I often feel taking risks is a suicidal way of doing things. Additionally, I am not confident in the initiatives I take. I often look and think of other ways another person would have taken the initiative. I am also not confident my abilities are sufficient.

B.

It is my view that no individual can be successful in any entrepreneurship venture without adequate knowledge in the area. Knowledge in any field can be attained through formal education just as the way the successful entrepreneur Barwani invested in an education that equipped him with the skill for the entrepreneurial fields that he explored. I have also come to learn that nothing comes easy within when seeking success as an entrepreneur. The fact is evidenced by the fact that Barwani had to balance his studies and family obligation. Had Barwani not been strong enough, he would have quit his education to and concentrate on fulfilling family responsibilities. I envision determination in Barwanis actions, a virtue that I am proud to share with him.

I find that Barwanis choice of specialization was a prudent one. It enabled him to focus on specific areas as per the knowledge he had attained in his education. His success can thus be attributed to areas that he chose to focus. As per the successful manifestations in Barwanis part, I take a stance to invest heavily in my education beyond the degree level, to a level that will equip me with sufficient knowledge for an area that I seek to explore.

Bibliography

Adam, H, (n.d) Mohammed Al Barwani. Billionaires Characteristics Database. Available at: http://billionaires-characteristics-database.silk.co/page/Mohammed-Al-Barwani [Accessed April 4, 2017].

Forbes, 2015. Mohammed Al Barwani. Forbes. Available at: https://www.forbes.com/profile/mohammed-al-barwani/ [Accessed April 4, 2017].

Fottles, E., 2016. Insight: More than just business with Dr. Al Barwani. SuperYacht Times. Available at: http://www.superyachttimes.com/yacht-news/insight-more-than-just-business-with-dr-al-barwani/ [Accessed April 4, 2017].

Halligan, N. 2014., Growing on instinct: Mohammed Al Barwani. Arabian Business. Available at: http://www.arabianbusiness.com/growing-on-instinct-mohammed-al-barwani-593556.html [Accessed April 4, 2017].

Kharusi, M. 2011. MB Holdings, News Letter of MB Group of Companies, pp. 180.

Oman Startup, 2017. Programs and Services for Oman Startups. Available at: http://www.startupoman.om/program-services [Accessed April 4, 2017].

OmaniTribune, 2016. Shell Intilaaqah program to support Omani entrepreneurs. Available at: http://omantribune.com/details/10359/ [Accessed April 4, 2017].

Public Authority for SMEs, 2015. Riyada to support entrepreneurs in Oman. Available at: https://riyada.om/en-us/media/events/Pages/eventpage7.aspx [Accessed April 4, 2017].

The Business Year, 2015. Strength In Diversity. The Business Year. Available at: https://www.thebusinessyear.com/oman-2015/strength-in-diversity/interview [Accessed April 4, 2017].

Upscale Living, 2014. Billionaire Mohammed Al-Barwani, most reputable luxury boat makers. Upscale Living Magazine. Available at: http://upscalelivingmag.com/billionaire-mohammed-al-barwani-most-reputable-luxury-boat-makers/ [Accessed April 4, 2017].