Bmo6622 Saudi Arabian Businessperson Answers Assessment Answer


Answer:

Mahmud is a Saudi Arabian businessperson who deals with solar panels. His enterprise goes by the name Saudi Solar Vibes. The name was as an inspiration based on the positive effects the sun in our day to day lives. Mahmud settled for the solar power business because of the fast growing use of solar energy within the country. Additionally, solar panels do not emit any hazardous fumes thus promoting a safe surrounding for human and animal life.

After developing the business idea, Mahmud conducted an evaluation. The aim of doing the assessment was to determine the likelihood of his business to grow. Talking to his target customers played a significant role in the making the idea a reality. From the responses received from his potential clients, Mahmud was able to do a few analysis and made necessary changes to his enterprise project. With the few adjustments and the chosen product, Mahmud later opened a shop and started growing the solar business.

To start up his business, Mahmud applied for bank loans which he topped up with his savings. Additionally, he received contributions from friends and family. Mahmud got his product to the market by controlling his current clients, talking to more customers and through social media advertisements. 

Mahmud’s short-term goal after initiating his enterprise was to bring in a revenue of about 8% by the end of three months. On the other hand, his Long-term goal was to raise the profit margin to 10% by the end of the year. The business took around one year for it to be stable and bring in enough revenue. His family and friends played a significant role in the development of his business.

 

 

For Mahmud’s solar business to grow he exercised very crucial entrepreneurial skills like self-discipline, focus, accountability, and self-respect. His ability to manage people enabled him to run the organisation efficiently. The enterprise’s vision of bringing in more revenue at the end of the fiscal year was a motivating factor that got Mahmud, and his employees focused all the time.

Despite the progress at Saudi Solar Vibes, Mahmud’s business was not inevitable of challenges. The firm experienced a problem of market penetration. To manage this challenge he had to expand his customer range. He also promoted his solar panels through other advertising channels like video blogs and Facebook.

Mahmud embraces business failure by learning from the mistakes. According to him shortcomings encountered in businesses provide an avenue for making adjustments in the industry to prevent future problems. Resilience, self-respect, reliability, and accountability played a significant role in helping Mahmud cope with his employees, other businesspersons, and clients.

Optimizing the e-mail, and boosting his social media content enables Mahmud to be efficient in his day to day business activities. Mahmud’s enterprise has managed to grow immensely and has new shops within the country, and he is looking forward to expanding the business to the neighboring countries. But he still needs to broaden his customer range.



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