Interview of an Entrepreneur regarding Innovation Management

United Arab Emirates University
College of Humanities and Social Sciences
Department of Psychology & Counselling

Scientific Research Skills HSS 110
Fall semester 2015/2016

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Interview
The person who has been interviewed is Maha Al-Ghunaim, the founder of Global Investment House and currently the Group Chief Executive officer of the same and one of the most influential women of Emirates.
Interviewer: Hello madam, what inspired you for initiating an investing firm?
Maha Al-Ghunaim: I have always been interested in the investment sector. The opportunities that it provides to the people attracted me. I have had an extensive career in the financing and investment field. I then decided to use this knowledge and experience for establishing a firm and take it to greater heights.
Interviewer: That’s great. Is there any critical situation in your career that inspired you to work harder and it transformed into a success?
Maha Al-Ghunaim: Yes. There were few such situations.
Interviewer: Can you please share any one of those?
Maha Al-Ghunaim: Yes, sure. In my earlier times, I faced many barriers in establishing a firm like the risk of circulating large amount of finance and international market was not very adaptive. Many people were not ready to deal with an investment company. However, we made the people realise the importance of investment by offering them customized schemes and developing variable plans for their benefits.
Interviewer: What does it take to become a successful entrepreneur? What are the traits of an Entrepreneur?
Maha Al-Ghunaim: For becoming an entrepreneur, one has to have that innovative vision and to become a successful entrepreneur, one has to execute the ideology and various operations effectively. One has to have the ability to convince people regarding the appropriateness of the product or scheme provided by you.
Interviewer: What is the relationship between entrepreneurship and creativity?
Maha Al-Ghunaim: Creativity and innovation tends to be the foundation of successful entrepreneurship. They have to be observed and utilised in fulfilling the vision of entrepreneurship and it helps an individual to create a niche for themselves in the entrepreneur market.
Interviewer: Did you have any threats from increasing number of new competitors entering the market? And also from the current competitors who try to outdate your scheme and plans?
Maha Al-Ghunaim: As investment companies are one of the most emerging trends in finance, there are many new companies who are launching their investment schemes and plans in the market to match with the existing competitors who have established a good share in the market. While developing any plans and schemes, we have analysed the economy of UAE and the factors influencing it and this has helped us very much to emerge as a successful investment company in UAE.
Interviewer: How do you manage to develop a sync among the different capitals?
Maha Al-Ghunaim: We manage the inter relationship between the debt capital and equity capital so as to hold a balance in the circulation of finance.
Interviewer: What are your general marketing strategies? And also mention few of your personal features that has led you to success.
Maha Al-Ghunaim: Our general marketing strategies involves understanding the needs of the people and scrutinizing it from the financial point of view. We provide integrated solutions to our customers along with management of assets and financial facilities.
Interviewer: How have you developed such an amazing network? How does it help?
Maha Al-Ghunaim: Our Company has been involved in developing investment solution by integrating the needs of the people and the condition of the market. We have managed to develop such a huge network after years of extensive service and providing profitable investment solutions to the companies and individual in the market. Developing a network is mostly profitable as it increases the reach of your plans and schemes. We have also benefitted a lot from this widespread network.
Interviewer: What are the sources of opportunity that you have addressed?
Maha Al-Ghunaim: There is immense scope in the investment market due to globalisation and industrialisation. Due to this, there is large amount of money and other financial resources that can be absorbed in the market. Owing to the various plans and schemes offered by us, we have also been listed in the London Stock Exchange in 2008.
Interviewer: Oh, Yes. Along with that you have also been awarded as one of the 100 most powerful women across the globe. Congratulations for that.
Maha Al-Ghunaim: Thank you so much.
Interviewer: I appreciate the time and efforts taken by you for this interview.

Self-Reflection
Entrepreneurship and Innovation go hand in hand and complement each other. This is very well understood from the interview with Maha Al-Ghunaim, who is the head of one of the most well-known investment company of the Arab world, Global Investment house. After interviewing her, it can be observed she is very much passionate about the finance sector and this has helped her to achieve the traits of a successful entrepreneur. The way she started her business is commendable. She has made clear that creativity is applicable on all forms of entrepreneurship, be it stagnated, Struggler, Copier or innovator. The touch of creativity would help in emerging as successful in the stagnation as well as struggler entrepreneurship. It would help in copier and innovator entrepreneurship by opening new doors for the consumers through newly developed ideas which might be taken from somewhere else, but are modified for the consumer’s benefit. She has very well portrayed effective utilization of the Porters Five Forces model which is shown in the figure below. It involves considering 5 factors while developing as an entrepreneur and it involves considering the potential of the buyers, suppliers, threat of the substitute product, industrial rivalry and the threat of new competitors.

Entrepreneurship in investment field involves effective utilization of the three types of capitals which are financial, human and social capital. Financial capital involves the monetary and other financial resources, while human capital involves the manpower and human resources and social capital involves the resources related to the welfare and growth of the society. The marketing strategies are considered as a priority and it is very well blended with creativity and expertise to develop investment solutions by optimising the resources. Marketing strategies consist of the commodity, market trader and an urge to develop useful investment solutions. There are few personal attributes which hare described by Maha Al-Ghunaim which includes the persona of the person, their ability to have a clear and specific vision and their self-confidence to utilize their potential as well as other’s potential. She has managed to develop and provide unique schemes and plans as per the needs of the people and this attribute has helped her to achieve success.
Creativity is a process that when practised constantly provides great results. It is a sequence of generating and developing useful knowledge, moulding or incusing them in a productive way, developing a new idea from it and implementing it in the best possible way. According to a reclaimed researcher Schumpeter, innovations in the entrepreneurial field tends to be the foundation of economic growth observed in organizations and society. He developed five elements of innovation which includes product, process, Business model, Supply source and mergers and acquisitions.
The seven sources of opportunity as described by well-known researcher Drucker involves identifying the correct platforms, process needs, analysing continuously changing market and striving hard for innovation and new perception of things. It involves generating useful knowledge, analysing and evaluating the current trend in the market and developing a best possible investment solution that would optimize all the resources and at the same time help in achieving the trust of the investors. The unique ideas and solutions are to be protected from getting generalized and copied by other firms and this can be done through patenting, copyrighting or developing a trade mark. This would considerably help the innovator to develop a legal framework for violating or copying their ideas.
The entrepreneurial environment consists of competitors across the globe, but innovation which is executed for the benefit of the people tends to win the race among the companies. An extra touch of human welfare and wellbeing of the society gives the company the required boost in the market and such form of entrepreneurship would develop amazing results. Hence, it can be stated that innovation and entrepreneurship are interdependent and a correct blend of both would help an entrepreneur to overcome all the difficulties and emerge as a successful entrepreneur across the globe.

Skills

Posted on

March 10, 2018

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