Blog (125)

Official Blog of Banque du Liban Accelerate 2015
Lebanon’s 2nd Annual International Startup Conference
Emerging Startup Ecosystems

Competition and Hackathon Finals

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Early Stage Startup Competition
Judges: Mike Butcher, Loic Le Meur, Leila Janah, Ville Miettenen, Sanjay Sabnani

The below are the finalists and the final scores they received from the judges:

Altitude want to start distributing their air quality sensor in the Middle East, the perfect environment.
Altitude’s air quality sensor was first a consumer product, but they hope to take it to oil rigs and big enterprises.

Judges grades: 7, 10, 7, 8, 7.

Early stage startup ChefXChangeCXC from UKLebHub bring you the personal chef experience to your own home. Through ChefXChangeCXC, chefs increase their exposure and their income. Foodies get a hassle-free personal chef experience. They started in 2014 and expanded in 2015 to Dubai and will bring headquarters to Lebanon to increase employment opportunities.

Judges grades: 9, 9, 8, 8, 8

Krimston Two:
Early stage startup Krimston Two are pitching their dual sim and hotspot add-on device, a beautifully designed phone cover and app which offer dual sim and hotspot with dialer & synced contacts. Krimston Two consulted a group of experts including Nicholas Sehnaoui to develop and perfect their dual sim cover. They  expect $2M gross profit by the year 2017.

Judges grades: 10,10,10, 9, 9

Early stage startup Concepts, part of TopHatch are pitching their app that designs and builds your ideas using the most accessible, accurate, and flexible sketching. The app is flexible and also allows you to write notes.

Judges grades: 9, 9, 9, 8, 8

Early stage startup ReAble are pitching their financial app specially designed for those with cognitive challenges. The inspiration of ReAble is Emile’s brother who is autistic. There are 73 million people living with autism today, 35 million of which fit their target. They have consulted with experts to help them develop an app that would allow functional autistic people use at ease. The app improves accountability and communication between those with cognitive disabilities and their parents. The app allows centers to realistically educate users on how to manage their finances.

Judges grades: 10, 10, 10, 9, 9

There was a tie between Krimston and ReAble. The crowd got to break the tie but cheering for their favorite startup between the two.

The winner of the Early Stage Startup Competition is: ReAble!

The winning prize is $10,000! This is thanks to Banque du Liban and Chivas – The Venture.


Idea Stage Startup Competition
Judges: Mansour Salameh, Mira Kaddoura, Liz fleming, Andra Larin, Jamil Corbani.

Aspiring to educate and inspire youth, Banque du Liban is hosting an Idea Stage Startup workshop series and competition themed Reimagining Lebanon. Inspired by youth driving change in Lebanon, the series of design-thinking workshops offered by SETT, a think tank focused on enabling emerging startup companies, is going to empower applicants with the entrepreneurial skills to develop solutions for a better Lebanon.

The below are the finalists and the final scores they received from the judges:

They converted the garbage crisis in Lebanon into an opportunity – turn your trash into cash. They would reward your recycling activities with online currency.

Judges: 7, 7, 7, 6, 7

This team tackling how to facilitate game development in Lebanon. Game Mbrabba (game jam). It’s a network site with incentives for game developers that also allows people to try the games. It encourages people to make games, network with other game developers, and give people access to play Lebanese video games.

Judges: 7, 6, 7, 7, 6

Using Medsuite, a user finds a doctor and surrounding health facilities to ease the process of getting healthcare. Moreover, if a patient has an emergency they can contact red cross and send them their GPS location and the Red Cross can find the closest available hospital for their condition as well.

Judges:  8, 8, 7, 7, 6

The winner of the Idea Stage Startup Competition is: ReAble!

The winning prize is $5,000! This is thanks to Banque du Liban and Daher Capital.


Announcement of Hackathon winners:
Web & Mobile Hackathon
3rd place: GreenLab – $1,000
2nd place: Edupath – $2,000
WINNERS: Coordonate – $3,000

Wearable Hackathon powered by Innovo a DNY Group
3rd place: Tennis Core – $1,000
2nd place: Lag – $2,000
1st place: Dream Team $3,000


Day 2: Wrap Up

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The 2nd day of BDL Accelerate 2015 kicked off with a panel discussion on Lebanese VCs supporting startups on Stage A and a panel discussion on Lebanese Seeds & Investments on stage B.  4100 have attended today, 2900 of which are returning attendees from yesterday, and there have been 1200 new registrations.

Below are some highlights from all the keynotes & panel discussions on both stages:

Stage A:

Panel Discussion: Supporting Startups
Moderator: Nicolas Sehnaou
Speakers: Marwan Kheireddine, Mohamed Rabah, Maroun Chammas, Robert Fadel

The panel discussed the current state of the Lebanese startup ecosystem that have moved from one that did not exist some years ago to quite a sophisticated one.  They also discussed the challenges the ecosystem faces with slow internet connection, poor infrastructure, and the role of the government in the ecosystem. All speakers were rather confident on the current resources available to entrepreneurs and the structure of the Lebanese ecosystem calling for entrepreneurs to go create and innovate since the structure and support is there. They also voiced the need for coding in schools to encourage the culture shift. The overall feel was that we are to expect success stories in the near future and that we will be witnessing the Lebanese startup ecosystem take strides.

Panel Discussion: How Entrepreneurial Family Business Give Back
Moderator: Michael Lints
Speakers: Nicolas Boukhater, Youssef Abillama, Nay Ghorayeb, and George Abouadel

After individual introducing themselves, the panel discussed their role in the entrepreneurial ecosystem and how both they and entrepreneurs may benefit. As 3rd or 4th generation family businesses they all agreed that they cannot take the same risks that entrepreneurs do and they could learn to at least take more risks. They discussed ways on how they are approaching investing in startups for instance, Youssef Abillama the CEO of MMG stated that they have an internal corporate VC who looks for startups that they can strategically invest in especially since their plan is to invest in 10 to 15 startups in the next few years. All speakers agreed that they look for startups with similar focuses as their own business and that would complement or benefit them.

Keynote: Startup Success – An Unexpected Journey
Speaker: Mark Haidar

Mark gave a highly inspiring and entertaining 15 minute keynote in which he spoke about his incredible journey as a kid in a refugee camp wanting to earn some money to pay for his tuition, to arriving in New York with just the clothes on his back and $200 given to him by his dad, to him becoming the successful Founder & CEO of Vinli. The audience were in awe as Mark told them to always dream big and never give up.

Keynote: Full Circle
Speaker: Mansour Salameh

Mansour Salameh talked about the journey his career took him on from being an entrepreneur to an angel vc to an investor and back to an entrepreneur again. He added that you don’t have to be an entrepreneur to have an impact on the startup ecosystem. He gave tips to investors to understand what they are investing in and to invest in a team who know more than they do and are capable of solving problems.

Hybrid: Emerging Opportunities
Moderator: Paul Papadimitriou
Speakers: Mbawana Ailliy, Samir Abdelkrim

Both speakers discussed the emerging opportunities in African and shared their experiences. Both speakers seemed to agree that although the ecosystem in Africa is still in its infancy, its growing exponentially rather fast and that we should expect to hear many more success stories from there.

Hybrid: Bridges to Asia
Moderator: Paul Papadimitriou
Speakers: Joyce Kim, Gen Kanai, and Sally Park.

The speakers started by individually sharing their experience and introducing their ecosystems providing valuable insights on connecting with the Asian ecosystems. Through understanding their respective markets in terms of consumer, culture, tech-savviness, etc Lebanese should consider exporting their products and services to those markets.

Fireside: 15mins with TechCrunch
15 minute discussion with Mike Butcher

As expected, Mike Butcher was highly informative and opinionated on stage. In reference to banks, Mike thinks that banks should leave the game to those specialized in it. Leave it to VCs, to angels, to entrepreneurs. He told entrepreneurs to aim for larger markets by going regionally rather than just think locally. He also advised Lebanese to compare themselves to other emerging ecosystems such as Cairo instead of Silicon Valley who already have a 50 year lead. Mike made a point that ecosystems should be lead by entrepreneurs and everything in the ecosystem should be directed to them.  He then concluded by briefly informing the audience about TechFugees, an initiative he started that has been recently bringing the power of technology to the refugee crisis.

Hybrid: Building Startup Ecosystems
Moderator: Joe Haslam
Speakers: Liz Fleming, Andra Larin, Natalia Kiskova, Josephine Goube

Liz Fleming started with a presentation on building startup ecosystems discussing how entrepreneurship is a tiny market with large economic impact and demonstrated that if you increase the volume of activity, you will see much larger markets. She advised entrepreneurs to go with their gut feeling, exemplified how fear could become opportunity and reiterated that entrepreneurs are the core of the ecosystem and all activities should be targeted towards them. Andra then introduced Estonia showing how Estonia has changed so much from a country who aimed to getting computer labs and internet to all schools to a country that has wifi connectivity everywhere. The startup ecosystem is strongly supported and is a result of having everything aligned, including regulations, and that a forward thinking government and tech-savvy population have created in advanced e-country. Finally, Natalia Kiskova introduced Slovakia highlighting how small the country is in terms of startup ecosystem where it only have 5 real startups at the moment and it’s only been 1 year since the 1st law was passed by government to help startups. They have plenty of money to invest into startups but no where to really invest it. She added that unlike Slovakians, Lebanese people constantly sell Lebanon to everyone and the ecosystem is highly accelerating.

Hybrid: Computer Video & Gaming
Speakers: Ville Miettennen, Moaffak Ahmed,
Moderator: Paul Bragiel

The speakers discussed the emergence of gaming and the development of the ecosystem in Finland. The emphasized on the importance of collaborating and sharing. Finland ecosystem started by 5 to 10 people who made it happen. They advised the audience not to wait for the government to provide a platform for them but for them to do it themselves and to overshare. Share. Share. Share.

Announcement: Berytech Fund 2
Paul Chucrallah made an announcement that of transactions by Berytech Fund 2. They will be investing up $2million in et3arraf, up to $2 million in conjunction with BLC in Cinemoz, up to $2 million in Ounousa, about $600k in Atbaki, $300k in Yalla Play, and $500k in conjunction with BLC in Updated.
Keynote: Alternative Financing & Secondary Markets
Speaker: Sanjay Sabnani
Sanjay told the entrepreneurs that if they can’t convince people they know in their idea, then there’s no point talking to strangers. He acknowledged that there’s so much money available in Lebanon to be invested and warned against taking the wrong money – wrong money is absolutely worse than no money. Startups in Lebanon should look into the Lebanese diaspora and create a virtual crowdfunding from them.
Keynote: Founding Startup Ecosystems
Speaker: Loic Le Meur
Loic Le Meur started off informing entrepreneurs that no one will steal a shitty idea. He encourages everyone to share their idea with people. Start sharing your idea, he said, people will have valuable input for you. He created an email list that is more of like a journal which he shares with people his fears and everything else and gets a lot of valuable feedback from them. “The best people in the world don’t know about you now, but if you start sharing your fears with them, they can help you a lot”. If people are interested in the idea, then marketing won’t be needed and word of mouth will be enough. Le Web started with a community of bloggers. He puts everything out there and it started growing and growing. His passion is to meet new people and invest in them

Keynote: The Microword Revolution
Speaker: Leila Janah

Sama Group has 2 programs. The projects are broken down into microwork and give them to people in our offices. Impact sourcing models can help people with low income do entry level work. They provide a lot of data behind the algorithms. This helps them move people out of poverty and develop their talents. They have been recently asked by Morocco to launch there. This would be very useful and helpful given the refugee problems in the area. They have clients like trip advisor and getty images. Sama  moved 30,000 people from 2 dollar per day income to 8 dollar per day income. Connectivity is still the biggest issue but they are trying to ride this wave by getting some help from people who can afford it.  Additionally, Sama school offers free training to prepare people to work in refugee camps and such areas.

Stage B:

Panel Discussion: Seed, SME, Investments
Moderator: Yasser Akkaoui
Speakers: Khater Abi Habib, Nicolas Rouhana, Fouad Rahme
The panel addressed the issues facing the entrepreneurial ecosystem in Lebanon. Even with these issues such as electricity and internert, the panelist still believe in lebanon and its potential. Fouad Rahmeh shared the challenges that they faced before starting investing in startups, they had to learn about kpi, analytics and so on. However, he still believes in Lebanon and insisited that we will succeed in that. With no president and no infrastructure, this is what will push everyone towards entrepreneursih according to Fouad. Where we need to improve, is to start encouraging youth at the university level. For Nicolas Rahmeh, coming from Berytech background they wanted to help entrepreneurs more than maximizing their returns.
Keynote: Designing for a connected world
Speaker: Dan Young

When designing a connected device, design for the user experience before thinking of features and design a specific device that solves a specific problem. Most importantly systems need to look consistent across all devices to create emotion and feeling for users. In the future, connected technologies will be more personalized: one device, many users, but still personal

Panel Discussion: Accelerators
Speakers: Theo Khoury, Sami Abi Saab, Nicholas Sehnaoui
Moderator: Alex Barrera
The panel discussed the need for accelerators, what they do and why are they needed in Lebanon. Sami Abi Saab from Speed@BDD shared his view from his perspective, what they do and what need they fill in the Lebanese ecosystem. Speed@BDD focuses more importantly  on the team, their commitment and if they own their platform. Nicholas Sehnaoui believes entrepreneurs are heroes just for taking the risk. Theo Khoury is pushing entrepreneurs to think bigger than the country, the region and consider going global. As a entrepreneurs you should be able to take feedback and improve your product. This is what matters. Nicolas Sehnaoui is very optimistic about the quality of Lebanese entrepreneurs. At UK LEB Tech Hub, they are having trouble narrowing down applicants. The idea is important but also the market and the timing are crucial. Once you find your idea and believe in it, take the risk and commit.
Keynote: Artificial Intelligence
Speaker: Rand Hindi

Randi Hindi talked about artificial intelligence gives your connected devices the ability to predict what you want to minimize your interaction. In the near future, technology will still take care of everything, technology will still take care of everything but we will feel unplugged like 20 years ago. To make technology disappear, you need to learn people’s habits to predict their actions.

Panel Discusion: Bridging Ecosystems
Speaker: Jean Nehme, Imad Riachi, Mohamed Rafei
Mohammed Rafei if you want to start in a different country, find a small common community and start there. Imad Riachi suggested to take mentors from different country to get a wide range of insights. Once you get a good launchpad in a certain country, it is easier to brand out to other countries. The startup was my vehicle to make an impact in my community to solve a problem. Jean Nehme believes that it doesn’t matter where you are, you can start there as long as you have the perseverance and motivation.
Keynote: How Big Data is Redefining Marketing
Speaker: Zahi Karam

The problem with marketing today is the divide between the email marketer and the data he needs. Bluecore has built a system to track customer behavior with just one live JAVA script which is easier for the marketer. If you are a good marketer you will want to make every step of the customer’s journey personalized. Emails that respond to customers’ actions on the website are an excellent tool to marketers.

Hybrid: Walking Giants
Speakers: Hadi Farnoud, Loulou Bou Khazen, Neda Al-Dihany, Cigdem Toraman
Moderator: Tara Nehme
Loulou stated Nabbesh is trying to make a trustworthy connection between freelancers and employers. Hadi Farnoud informed that Iran is the largest untapped market and has huge potential to go global. The biggest challenge in building a startup is finding the right team as opposed to outsourcing. In Iran they are teaching kids to code because the developer problem is worldwide, not only in the MENA. Nede Al-Dihany said that the problem in MENA isn’t lack of talents but lack of connections between us. a problem in the region is that there are few developers.To add to that Cigdem Toraman we need to connect and bridge ecosystems in the region. We need more events like BDL Accelerate to do so.
That’s it for BDL Accelerate 2015 panels & keynotes.
Stay tuned for the results of the Wearables Hackathon, the Web & Mobile Hackathon, the Idea Stage Startup Competition, and the Early Stage Startup Competition.

Day 1: Wrap Up

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Hybrid – Lebanese VCs
After lunch break, Stage A kicked of with a hybrid discussion on Lebanese VCs. The speakers included the Managing Partner of Leap VC, Henri Asseily, Waleed Mansour the Managing Partner at Middle East Venture Partners, and Paul Chucrallah Berytech  Fund 2 Fund Manager.  Marvin Liao, partner at 500 Startups moderated the panel. The 3 VCs introduced their companies, listed the kind of companies they are interested in, and what they look for/expect.

Announcement – Berytech
Chairman of Berytech, Maroun Chammas made an announcement of new investments as follows: $4mil in Instabeat, $2.5mil to Loop, $900k in Slighter, $1.5mil ElementN/Scriptr, $2mil in CCC, & $2 mill in Mobinet.

Hybrid – Hardware innovation in Lebanon
The speakers included Jamil Corbani the CEO of Green Studios,the CEO of Multilane Fadi Daou, Ziad Yasmine at YLE and was moderated by Aziza Sheerin.

Hybrid – Building Communities
The speakers included Aziza Sheerin, City Director at General , Co-Founder & Co-CEO of HUBBA Thailand Amarit Charoenphan, Head of Advertisement & Monetization Rishita Bachu,  Mario Berta the Founder & CEO of FlySpaces. The session was moderated by Paul Papadimitriou.

Keynote -Investing in Emerging Markets
Partner at 500 Startups Marvin Liao provided some insights on how emerging markets grow, how being a small country could be an advantage since you’re obliged to think on expanding regionally/globally from the start. He gave examples of other small markets where ecosystems grew exponentially by being driven by an exit. Marvin also emphasized on the importance of an emerging ecosystem to have to think about how to grow the pie TOGETHER.


Idea stage startup competition finalists:
Bingo: an app that rewards recycling with online currency that can be used for online shopping.
Medsuite: an online platform that connects patients to doctors without the hassle of going to the clinic then pharmacy then laboratory.
Game Mrabba: an online platform that connects game developers with resources they need.

Early Stage Startup competition finalists:
Concepts: Smarter Sketching: an accurate creative design app
Reable: a financial solution for people with cognitive challenges
Altitude: an air quality monitoring device
Krimston: a dual SIM and hotspot add-on to your phone
ChefXChange: an online platform that connects foodies to professional chefs to book a personal chef experience.


Web and mobile Hackathon ideas: 
How to better deal with traffic jams through technology?
How to better choose your career?
How to provide access to e-commerce for local retailers?
How to connect handymen with the marketplace and provide job opportunities?
How to create emotional information for better user understanding in every day services?
How to clean up Lebanon through technology?

Wearables hackathon:
mytrainer wearable device that gives you a personalized workout plan and monitors your exercise routine.
Wearable device that acts as a game controller based on the arms’ direction.
Wearable bracelets that allows parents to monitor their children from a distance based on their heart rates.
Wearable glove for tennis players that allows them to monitor their game performance and evaluate their progress.
Wearable motorbike helmet that alerts emergency based on a sensor in case of an accident.

Tools for business planning workshop just started in the Innovation workshop space with Andra Larin.
Data driven decision workshop with Imad Riachi in the Innovation workshop space.

Startup & VC fundraising workshop  in the Investment workshop space.
Anti dilution clauses workshop started in the Investment workshop space with Lawyer Rita Khoriaty.

That’s a wrap! See you tomorrow!

Day 1: Morning Recap

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The doors opened at 7am this morning to welcome the attendees. The registration of 4,800 attendees this morning was almost seamless.

BDL Accelerate 2015, the region’s most anticipated startup conference kicked off today. Below is a recap from Hall A during the first half of the day.  We will be sharing an end of day recap that will cover all areas of the conference.

Opening Ceremony

Marianne Hoayek

Speaking to an audience of over 2,500 attendees from over 50 countries, Marianne Hoayek, Director of the Executive Office at Banque du Liban gave a powerful opening speech highlighting Banque du Liban’s aim to ensure Lebanon’s position as a true hub for knowledge – and not just for the region, but also for the world.

Below are some quotes from her speech, which we will share in complete at a later time:

-We have ensured 400Mn dollars. We have deployed 250Mn into funds and startups.
– When global economies fell apart ours stood strong.
– Even during the most challenging of times the Lebanese economy was able to achieve real annual growth of 2%.
– And what is the Central Bank? An institution with a vision, an institution guided by a man.
– One man’s forward thinking has been steering the Central Bank’s success despite all adversity.

Governor Riad Salameh
In his opening speech, Governor of Banque du Liban, Riad Salameh stated that Banque du Liban have several upcoming plans and aims to succeed the launching of electronic trading platform. Banque du Liban’s aim is to create a synergy between the banking and knowledge economic section. He added that Lebanon can benefit from the human resources to grow and increase its GDP.

– We have many projects and our aim for the yr 2016 is to succeed in launching of electronic trading platform
– Our real aim is to create liquidity to support the startups
– Our financial engineerings have helped the economy
– When we are backing the university student loans we are aiming at giving future generations equal opportunities in shaping their future
– I hope that one day we will hear of a big success story that will make all Lebanese proud and make you rich

Dr. Joseph Torbey
Chairman of the Association of Banks in Lebanon, Dr. Joseph Torbey continued on the same promising and encouraging rhythm highlighting that entrepreneurship is a key future of Lebanon and its economy plays a crucial role in the overall economy. He continued that the establishment of an enterprise is deeply rooted in the culture and habits of the Lebanese adding that innovation is part of the Lebanese identity.

Emmanuel Bonne
The newly appointed French Ambassador in Lebanon started his speech stating that when he first heard of BDL’s initiative Circular 331, it sounded obvious to him. Lebanon is rich in human resources and talent. Lebanese people are well educated, entrepreneurs, risk takers, persistent. He added that Lebanon’s human talent is sought everywhere and there’s been a brain drain. The challenge now is to retain the talent in Lebanon. Banque du Liban is combatting that by its Circular 331 initiative.  He looks forward to identify ways to share knowledge between the French and Lebanese ecosystems.

Marianne Hoayek
- Over the years, our youth has made the world its home because their home, Lebanon, was not big enough.
– Today, our small country stands shoulder to shoulder with giants and we can tell our youth to stay. We have it all here.
– Today we build more than an ecosystem. We are building an economy, a country, a region, a future.
– This is what BDL Accelerate is all about. BDL Accelerate is a conference of doers, and builders. Of achievers and change makers.
– We no longer want to hear stories about Lebanon’s glory days how it was the Paris of the Middle East. We no longer speak in the past tense.
– We are in the present, Lebanon is in the present and we are building for the future.
Welcome to Beirut. Welcome to #BDLaccelerate2015.

Opening Keynote: Paul Papadimitriou
Paul Papadimitirou, Founder of Intelligencr will be hosting this stage during the 2-day conference.  His opening keynote, Innovation as the New Oil is below in a nutshell:


Who we are
Where do we want to go
How will we get there

Challenged, it becomes:


The pillars of travelers, innovators and entrepreneurs.

The pillars of my upbringing too.

A call to give everyone a chance, to fight innovation inequality, focusing on those oppressed, repressed, misrepresented—because if there’s one thing technology should do, it’s elevate them.

We should be radicals about this. This is our counterculture. 

Keynote: Ahmad Ashkar, Hult Prize
Opportunity in Crisis: Emerging Market Driven Innovation
Ahmad Ashkar is the Founder of Hult Prize. He is committed to making a positive impact in the world – a social entrepreneur. Below are some highlights from his keynote:

– Ahmed stated that people pursue wealth, pedigree, & fame.
– Over 25,000 participants at @hultprize every year – they pursue IMPACT
– The Middle East is in trouble – we have a water crisis. By 2025, there won’t be enough water in the Middle East.
– By 2020,100 million jobs will be required for youth under 26. What happens when 80 million youth have no jobs?
– Are the Syrian refugees  a problem or an opportunity? Example of Syrian refugee Abdel Halim who got an opportunity .
– 6 takeaways from the keynote:

Keynote: Mark Daher, Daher Capital:
Mark Daher’s keynote revolved around launching startup ecosystems and the role Daher Capital plays in it.

Fireside: Paul Bragiel, i/o ventures – Emerging Market Opportunities
Keynote: Dave Troy, 410Labs- Social Map
Keynote: Reinaldo Normand – Disruptive Tech Trends
Keynote: Danny Karam, Booz Allen Hamilton – Innovation Unlimited


Characteristics of an Entrepreneur

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Being a successful entrepreneur means more than starting new ventures every other day. It means the right attitude towards a business and the determination and courage to achieve success. As Walid Hanna, the Managing Director at Middle East Venture Partners added that “The most important characteristics in an entrepreneur are the ability to execute and relentless perseverance. Nothing can stop an entrepreneur who never gives up.”  Successful entrepreneurs have a strong inner drive that helps them to succeed. Let us take a look at the qualities that go into making a successful entrepreneur.

An entrepreneur should be excited by the prospect of work. They should always have a strong drive to succeed and overcome obstacles. They should not only set big goals for themselves but also see that they are actually committed to achieving them regardless of the countless setbacks that occur.

A successful entrepreneur always has a strong sense of self confidence and a healthy opinion of their skills and abilities. Their personality is assertive and strong. They are always focused and do not really dilly dally with the issues at hand. This is what makes them different from the rest.

An entrepreneur should always be on the lookout for new innovations and ideas in order to emerge as a winner. They should constantly reinvent themselves and think of better ways to run a business and improvise on the products and services offered by them.

Another important quality of a successful entrepreneur is openness in adopting change. They should not be headstrong and stubborn when it comes to choosing other options. Change is the only thing that is constant in business no one can make any profits on age old methods. Ralph Raad, Chief Marketing Officer at DNY Group said, “For entrepreneurs to thrive they need to be resilient, courageous, extremely resourceful, and embrace failure. Also, another important quality of a successful entrepreneur is openness in adopting change.” 

The path to success lies in evolution, whether it is evolution of ideas, services and products or technology. An entrepreneur should have an open mind and eagerness to learn new things. It is imperative to understand that the only way to keep at the top is to keep on changing and evolving with the time. An entrepreneur should be aware of the latest service techniques and technology in order to serve the clients in a better way.

Competition should never scare an entrepreneur. In fact, competition is what a successful entrepreneur thrives on. Monopoly is never a good thing. This is because in monopoly there is no scope for improvisation or change.

An entrepreneur should be highly energetic and motivated. He or she should always be on the go. At the same time, the commitment levels have to be pretty high. Only when a person is motivated can he do justice to his line of work.

Accepting rejection or constructive criticism can go a long way in making an entrepreneur successful. Criticism shows what he or she is not doing properly or where change is needed. However it must be remembered that accepting criticism is a very important way of getting success. This is because a person will then be aware of the shortcomings of his business and accordingly make amends. Hence accepting criticism is actually a good way of improvising.

Passion, resourcefulness, willingness to improvise and listen to others and strong determination to succeed is what makes an entrepreneur successful. And this is what you have to keep in mind as well if you want to be a successful entrepreneur yourself.