The decision to start your own business can be a difficult one and is also something that is not to be taken lightly. While running your own business can be incredibly fulfilling, it can also be a lot of hard work. In order to determine if the field is right for you, it can help to look to the work of established business leaders. To this end, we’ve analyzed the career of Abdulla Al Humaidi, CEO of Kuwaiti European Holding Group. By examining the success of the CEO, we can come to some core truths about what you may want to consider before jumping into the world of business.
Abdulla Al Humaidi and the Startup Lifestyle
The first important thing to consider in this space is whether or not you are ready for the so-called startup lifestyle. For many of us, life as an employee can be pretty comfortable. We generally know where our next paychecks are coming from and that we’ll be able to provide for basic living expenses and savings. Employers may also pay for some key benefits on our behalf, such as health insurance and retirement contributions. This can all amount to a relatively lower stress working environment and may allow us to focus our attention on a variety of other things in life beyond work.
The career of Abdulla Al Humaidi illustrates, however, the focus that may be required of those seeking to start their own businesses. In his work with Kuwaiti European Holding Group, he’s shown his own capability to be detail-oriented and driven to excel in his role as CEO. At times, this has entailed late nights of work and has required a level of concentration and devotion that some people may find hard to mimic. It can be worthwhile to question if you’re up for this level of focus when it comes to a potential business endeavor. For some people, that lifestyle can be exciting and stimulating, for others, it can be a slog. Be truthful with yourself about your capacity for that style of work in order to save yourself undue stress down the line.
Accurately Gauging Opportunity
Not all business endeavors are created equal. Some ideas are loaded with potential and can amount to successful companies down the line. Others, however, may turn out to be lemons that can burden a business owner with years of debt. Knowing the difference between these two types of ideas is a fundamental component of doing business. It’s a common adage in the business world to say that “ideas are a dime a dozen”. This saying helps to illustrate just how many people think they have the next big business idea. The key then becomes finding the diamond in the rough.
The ability to do just that has become a key trait of the CEO’s work and has helped to distinguish him in the business world. Whether he’s developing real estate, building out tourist destinations, or purchasing sports teams to provide a better experience to fans, he has shown a strong ability for determining which endeavors make sound business sense.
To do this in your own work, you may want to start by asking some core questions. What problem is your business idea solving? Is there an existing solution? Can you do better than that solution? If you truly believe you have an idea for a novel solution to a problem, then you may just have a viable business concept.
Abdulla Al Humaidi Analyzes Competitors
As we can see above, part of what makes for good idea generation is the ability to analyze competitors in a space. This is another thing that Abdulla Al Humaidi has become known for in his work with Kuwaiti European Holding Group and is one of the things that makes him a good role model in this space. Rather than assume he can do better than a competitor in a particular field, he actively looks to whether he’ll be able to outperform existing products and services in a space and delivery a superior experience to customers.
One way in which we can see this manifest is through his work creating a new amusement park in London, set to open in 2024. The park will be themed around a variety of different lands, with themes including nods to science fiction, fantasy, and magic. The project has drawn plenty of buzz in the tourism field and has drawn comparisons to other competitors in the space, like Disney and Universal Studios. While the UK market has been notoriously difficult to capture in this space, it seems the CEO may be on to something with his new endeavor and may be able to outcompete some of these more well-established brands in amusement park creation.
Building Your Team
One additional thing to consider when creating a new business is your ability to assemble a functioning team. This may seem like common sense but the endeavor of running a business is really a collaborative experience. The days of lone-wolf entrepreneurs building a new business from scratch are largely gone and have instead been replaced by company heads who know how to lean on their team for support. In doing so, these business leaders can draw from the strengths of their many team members can strive to create an end result that is greater than the sum of its parts.
This, again, has been a hallmark of the work of the CEO. While he possesses a host of skills in his own right that helps to identify and create new business opportunities, he also knows when other members of his team might be better placed to take the lead on a specific aspect of a project. In this way, he can allow for a more collaborative end product and can build a more cohesive business. This also has the added bonus of showing his team that he values their contributions and also passes along the benefit of those contributions to his customers. While the above isn’t an exhaustive list of the considerations that can be important for new business owners, it can be a good jumping-off point. The work of Abdulla Al Humaidi in his role as CEO of Kuwaiti European Holding Group can be illustrative for anyone seeking to go into business for themselves. That work shows the importance of understanding the startup lifestyle, being able to gauge opportunity, knowing how to analyze competitors, and collaborating with team members. If you are able to apply these lessons to your own entrepreneurial endeavors, you may very well be better placed to launch your own business and strive for a rarified high level of success.
