To get more insights on the topic, International Finance got in touch with Dr Albena Pergelova, a professor at MacEwan University School of Business. Albena’s research is interdisciplinary (entrepreneurship and marketing) with a focus on social and emancipatory aspects in entrepreneurship, consumer well-being, and digital technologies. Her research has been published in leading international journals across different fields, and earned numerous international awards.

In an exclusive interview, Dr Albena Pergelova discussed the factors motivating women to pursue entrepreneurship, the systemic barriers faced by women entrepreneurs, and the social changes they contribute to society.

What factors most commonly inspire women to pursue entrepreneurship, and how do these motivations differ from those of men?

Along with the autonomy and financial motivation factors that are common to many entrepreneurs, women entrepreneurs are more likely than men to have social or community-related objectives for their businesses as well. Women are also more likely to have the goal of balancing multiple responsibilities, such as taking care of children or other family members, while building a business.

How does the entrepreneurial journey contribute to self-discovery and identity-building among women entrepreneurs?

In my interviews with women entrepreneurs, I oftentimes hear how women take on new tasks or projects that they did not initially anticipate and the strength and resilience they build along the way. Identity aspects are very salient as well. Women entrepreneurs wear many hats and, therefore, have intertwined identities as business owners, mothers, community members, and change-makers. Unfortunately, many stereotypes persist about the fit women have in certain industries, and this can affect the entrepreneurial identity of women.

What patterns have you observed in how women approach risk and decision-making when starting or scaling their businesses?

Women tend to have a more holistic approach to decision-making that is grounded in their multiple roles in their family, community, and society in general.

What systemic barriers do women entrepreneurs face in accessing funding, mentorship, and networks, and how can institutions better address these gaps?

Men dominate many networks (including VCs and mentorship groups). This leads to fewer opportunities to be exposed to role models and mentors who understand women’s reality. The persistent funding gap for women entrepreneurs is also critical. In my research, I hear stories about women being asked to take a male co-founder for legitimacy and funding purposes, as well as how the goals of investors can interfere with the mission of the businesses women have started. Addressing those barriers would require systemic change and a shift in mindset, along with institutional support.

How do women-led enterprises contribute to community development and social change differently, or uniquely?

Women often have a clear motivation to contribute to community development with their businesses, and I have seen many examples of social change as a result of women’s businesses. Those can range from education and training for other women in the community, fair wages and consumer education to systemic changes at the meso or macro level, such as addressing poverty alleviation and changing government policies.

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You need to know where your business idea will begin, how it should evolve, and how you will measure success. Additionally, you must determine how you will create value for your customers. By following these straightforward steps, you can establish a robust business model.

Understanding Your Target Audience

When it comes to your business, targeting a wide audience won’t allow you to focus on customers who truly need or want your product or service. Instead, it’s better to narrow down your audience to two or three specific buyer personas. For each persona, outline their demographics, common challenges, and how your company can offer solutions. For example, Home Depot may appeal to everyone or carry a product that the average person needs, but the company’s primary target market is homeowners and builders.

Optimise Operational Frameworks

In order for your business to start operating, it is important to have a thorough understanding of the activities that need to be carried out to make your business model work. You can determine the key business activities by first identifying the core aspect of your business’s offering. For instance, if you are responsible for providing a service, shipping a product or offering consulting, you need to identify the activities that are crucial for delivering these offerings. As an example, in the case of Ticketbis, an online ticket exchange marketplace, the key business processes include marketing and product delivery management.

Document Essential Business Assets

It is important for businesses to identify the essential resources required to carry out their daily operations, acquire new customers, and achieve their business goals. These resources may include a website, capital, warehouses, intellectual property, and customer lists. Proper documentation of these resources helps to ensure that the business model is well-prepared to meet the needs of the business and sustain its growth over time.

Craft Compelling Value Proposition

How do you plan to differentiate your company from the competition? Is it by providing an innovative service, a revolutionary product, or a new take on an old favourite? Clearly defining what your business has to offer and why it is superior to your competitors is the foundation of a compelling value proposition. Once you have identified a few value propositions, connect each one to a product or service delivery system to determine how you can continue to provide value to your customers over time.

Identify Strategic Business Collaborators

Every business needs key partners who play an important role in contributing to the success of the business. These partners are crucial to a company’s ability to serve its customers and achieve its goals. When building a business model, it is essential to choose key partners such as suppliers, strategic alliances, or advertising partners. For instance, in the case of Home Depot, some of their key partners may include lumber suppliers, parts wholesalers, and logistics companies.

Formulate Effective Demand Generation Tactics

If you want to launch your company successfully, you need a strategy that generates interest in your business, attracts potential customers, and leads to sales. It’s important to ask yourself how customers will discover your brand and what actions they should take once they become aware of it. Developing a demand generation strategy can help you create a plan that outlines the customer’s journey and identifies the key reasons for taking action.

Leave Room For Innovation

When starting a business and creating a business strategy, there are many assumptions that are made. Until your business begins to attract paying customers, you won’t know if your business model will meet the customers’ ongoing needs. Therefore, it is crucial to make room for future innovations. You should never consider your initial plan to be a static document. Instead, you should review it frequently and make changes as necessary to ensure its effectiveness.

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DP World, which was formed in 2005 by the union of Dubai Ports Authority and Dubai Ports International, handles 70 million containers every year that are delivered by over 70,000 vessels. Their 82 maritime and inland ports, which are spread across more than 40 countries, account for almost 10% of the world’s container traffic.

Prior to 2016, DP World largely operated ports around the world. Since then, it has purchased businesses at all points along the value chain.

In 1999, Dubai Ports International (DPI) was established. Its first project was with a local partner on the South Container Terminal (SCT) in Jeddah, Saudi Arabia.

Then, in 2000, DPI started operating at the ports of Djibouti, Vizag (India) and (Constanta) Romania. DPI purchased CSX World Terminals (CSX WT) in January 2005, and later in September 2005, Dubai Ports International and the Dubai Ports Authority formally combined to establish DP World. In March 2006, DP World paid 3.9 billion pounds to acquire P&O, the fourth-largest port operator in the world, continuing the company’s rapid expansion through acquisition.

Back then, many Americans found it to be highly contentious since DP World owned a number of US ports (which had been bought as part of the P&O agreement), even though the then President George W. Bush backed it. Major US ports in New York, New Jersey, Philadelphia, Baltimore, New Orleans, and Miami were operated by P&O.

The Committee on Foreign Investment in the United States, which is chaired by the US Treasury Department and includes the Departments of State, Commerce, and Homeland Security, assessed the agreement before it was finalized.

Recently, DP World has emerged as a solo player in the cargo logistics industry. The company raised USD 3.25 billion in Islamic and conventional bond sales to refinance existing debt and fund expansion, and it had repurchased P&O Ferries from Dubai World in a 322 million pound deal.

The brain behind this successful venture is a 67-year-old Emirati businessman Sultan Ahmed bin Sulayem, who is the chairman and chief executive officer (CEO) of the company.

Who is Sultan Ahmed bin Sulayem?
• Sultan Ahmed bin Sulayem was born and brought up in Dubai, UAE to the most prominent political family. His father was a key advisor to Dubai’s ruling Maktoum family
• He completed his bachelor’s degree in economics from Temple University in Philadelphia in 1970
• After graduating from college, Sultan Ahmed bin Sulayem worked as a customs officer at Dubai port
• In 1985, he was appointed by Sheikh Mohammed bin Rashid Al Maktoum to become the chairman of the Jebel Ali Free Zone (JAFZA)
• Later, in 2007 Sultan Ahmed bin Sulayem was made DP World chairman and was appointed CEO in 2016
• In 2009, he was appointed as a board member of the Dubai Executive Council and the UAE Federal Tax Authority
• In 2011, Sultan Ahmed bin Sulayem helped establish and headed the DP World subsidiary private equity fund Istithmar World
• He was awarded an honorary doctorate from Middlesex University in Dubai
• Sultan Ahmed bin Sulayem owns hotels on Nakheel’s Palm Islands, and a stake in a real estate brokerage company
• According to Forbes Middle East, as of January 2023, Sultan Ahmed bin Sulayem’s net worth is around USD 7.5 billion

‘Technologies are improving supply chain’

In an interview with Oxford Business Group, Sultan Ahmed bin Sulayem talked about how new technologies are improving the efficiency and security of the maritime sector’s supply chain.

“By 2027 blockchain could store up to 10% of global GDP. However, it is only part of a much bigger picture in which technology will address future trends in the sector through innovation like artificial intelligence, 3D printing, automation, internet of things, big data and driverless vehicles and robotics are evolving rapidly to meet the evolution of on-demand logistics. By 2050 global freight transport will have quadrupled, with express delivery for high-priority shipments reaching USD 516 billion by 2025. E-commerce is set to grow to USD 4 trillion globally by 2030, driving a dramatic shift in both consumer and business behaviour. Demand for air-freighted high-priority goods is set to double over the next 20 years, straining already overburdened air, road and rail infrastructure,” he said.

“Taking these trends into account, we began to invest in Hyperloop technology, which we believe has the potential to revolutionise the supply chain in manufacturing. Our vision for DP World Cargospeed systems is to deliver on-demand freight at the speed of flight and at the cost of trucking. A four-day truck journey could be reduced to 16 hours and connect to other modes of transport, including ships, planes and autonomous vehicles. Hyperloop-enabled supply chains could dramatically impact bottom lines by reducing both finished goods inventory and required warehouse space by 25%. This would add up to far more than savings in transportation costs, especially for high-value and time-sensitive products,” Sultan Ahmed bin Sulayem concluded.

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Here is the list of billionaires who now control vast swathes of the media landscape:

Elon Musk:

Last week, the world’s richest person agreed to pay $44 billion for Twitter, promising to unleash its amazing potential to advance free expression and democracy around the world.

Jeff Bezos:

In 2013, the Amazon founder and the world’s second-richest person paid $250 million for the Washington Post. The Washington Post was losing money when Bezos took it, and he described the business model as upside down.

Mark Zuckerberg:

Zuckerberg’s social empire extends beyond Facebook. He bought Instagram in 2012 worth $1 billion and WhatsApp in 2014 for $16 billion. Facebook changed its name to Meta late last year to reflect Zuckerberg’s goal to dominate the metaverse, which he describes as the next frontier.

The Barclay Brothers:

Billionaire twins David and Frederick Barclay purchased the Telegraph brands and the Spectator magazine in 2004. The European, The Scotsman, and the Sunday Business were originally owned by the brothers.

Lord Rothermere:

Jonathan Harmsworth, a great-grandson of one of the Mail’s co-founders, paid £1.6 billion to take the paper’s owner, The Daily Mail and General Trust (DGMT), private after 90 years as a public corporation.

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This development comes a day after it was reported that Musk had bought 9.2 % of the company shares for nearly $3 billion, making him the largest shareholder. Until now, Jack Dorsey, former CEO and one of the co-founders who is still on the board has a 2.3% ownership stake. As per an exchange filing with the US Securities and Exchange Commission (SEC), Musk will serve as a class 2 director till the end of 2024, reports said.

Washington Post reported that the tech honcho has already started dabbling in discussions related to the algorithm of the social media platform and how it deals with the restriction of free speech.

Other than being a successful entrepreneur, Musk has made a name for himself on Twitter for his firm stance on free speech and making commentary on big political events of the day including the current war and its economic fallouts.

Since news broke on this, many people have started flooding Musk’s Twitter timeline with their own ideas on how he can improve Twitter. Some suggestions are even about crypto spambots.

Soon after the announcement, Elon Musk had started a poll on Twitter with his 80 million followers on whether the users would like to have an edit button. The edit button will allow users to edit tweets after posting them which is currently not available.

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With regard to his appointment as the new vice president for IATA Africa and the Middle East, Al Awadhi told the media, “This is the most challenging time for air transport—in AME and around the world. The top priority is reconnecting the world when governments are able to safely re-open borders without travel restrictions. And the immediate action is supporting governments in establishing benchmarks and plans for an orderly resumption of service.”

“The crisis has also reinforced our determination to tackle some major issues—reducing emissions, modernising process, and reforming air traffic management. Under my watch, IATA will continue to be a driving force for a safe, reliable and sustainable aviation sector. By connecting people and businesses aviation is a catalyst for prosperity across the region.”

Last year, it was reported that Willie Walsh, former chief executive officer (CEO) of British Airways and its parent company International Airlines Group, is expected to replace outgoing International Air transport Association (IATA) chief Alexandre de Juniac. IATA governors recommended Willie Walsh as de Juniac’s replacement at the general meeting.

Alexandre de Juniac will officially step down as the chief of IATA on March 31st, 2021. Walsh will become the eighth director-general of IATA when he takes up the role in April 2021.

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Richard Yu will oversee the company’s smartphone, smart device, newly created automotive, cloud and AI operations. Yu has been with Huawei for over three decades now and will take over his new role from February 7^th, media reports said.

With regard to rumours that Huawei will sell its high-end M and P smartphone business, the company said in a statement that, “There is no merit to these rumors whatsoever. Huawei has no such plan. We remain fully committed to our smartphone business, and will continue to deliver world-leading products and experiences for consumers around the world.”

Last year, Huawei sold its mobile manufacturing sub-brand to a consortium led by Digital China and the Shenzhen government, media reports said. The deal will help Huawei focus on high-end handsets and corporate-oriented business.

After the completion of the deal, Digital China, the main distributor of Honor, will become a top-two shareholder of Honor Terminal with a near-15 percent stake. It is reported that Honor will retain most of its management team and 7,000-plus workforce and go public in the next three years.

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Dowidar was temporarily promoted to the role of International CEO in May when Saleh Al Abdooli left citing personal reasons. Dowidar joined Etisalat in 2015 and took over the role of Group COO. Previously, he held a number of roles across Vodafone Group and its subsidiaries in Malta and Egypt. He also served as the group chief of staff for Vodafone based in London, reporting to Vodafone Group CEO.

Last month, it was reported that Etisalat is partnering with Swedish multinational networking and telecommunications company Ericsson to expand its 5G coverage in the region. Etisalat has selected Ericsson to implement Ericsson’s Advanced 5G Radio and 5G Core network, including User Data Management (UDM).

In this regard, Haitham Abdulrazzak, chief technology officer at Etisalat told the media, “Etisalat continuously strives for innovative solutions to bring value to our customers. Being recognised as the world’s fastest mobile network operator by Ookla in 2020, 5G will act as an important infrastructure in realising the digital future, boosting investment in the country and driving the knowledge economy.”

Earlier this year, Etisalat completed the acquisition of leading German information security services, consultancy and solutions provider Help AG, according to media reports. The deal to buy Help AG will help Etisalat become more resilient and protect its cloud, IoT, AI, and big data line of business against sophisticated cyber threats.

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With regard to his resignation, Alexandre de Juniac told the media, “Over the last years IATA has strategically increased its relevance as the voice of the global airline industry. This has been evident in the Covid-19 crisis. IATA has set the course to restore air connectivity amid the pandemic with systematic pre-departure testing. We are well into preparations to fulfil critical vaccine distribution needs. In parallel, we have restructured the association to survive the crisis and be ready to support the industry recovery with an organization dimensioned to serve a smaller industry. And we have a motivated team that is determined to get the job done. The building blocks for an industry recovery are in place. And now is the right time to hand over IATA’s leadership for the long process of recovery.”

He joined IATA in 2016 from Air France-KLM where he was chairman and its CEO. He will officially step down as the chief of IATA on March 31^st, 2021. Walsh will become the eighth director general of IATA when he takes up the role in April 2021.

Recently, British Airways also replaced its CEO Alex Cruz who held the position for four and half years. Cruz was replaced by Sean Doyle, who previously served as the chief of Aer Lingus.

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BMT has appointed John Godwin who brings in more than 25 years of experience in defence and maritime. BMT will soon announce Singapore as its strategic hub for the region. However, John is based in Adelaide and will oversee the business development for APAC. He will be responsible for growing the company’s capability in the region.

With regard to his new role, John told the media, “I look forward to driving investment and working with partners and customers in one of the fastest-growing regions in the world. I will be pushing the team for significant traction in developing our products and services to better serve our Asia Pacific customers.

“With Singapore as our hub in Asia, we will continue to expand our long-standing presence in countries such as Vietnam, South Korea and Japan and aim to strengthen and expand partnerships in the region. Leveraging our global experience, we are looking forward to expanding into Defence markets in the region from Singapore, which is already a BMT hub for Maritime Design, Infrastructure and Environmental Solutions.”

Recently, BMT also appointed Peter Behrendt as its global Director of Strategy and Innovation. He has a strong background in operational, commercial, and business development positions in leading multinational companies. Prior to his appointment, he served as the managing director for the Australian Defence and Security business. He joined BMT in 2017.

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