Raman Jaggi:
We at the bank created a unique package of support services to promote entrepreneurship and SME development in Bahrain. The package approach entails nurturing the potential of entrepreneurs; helping them select viable business opportunities, develop business plans and link with appropriate finance schemes; and facilitating business implementation through incubation support.

We’ve seen tremendous upsurge in entrepreneurial activity in the recent years that resulted in bigger demand for bank’s services.

It needed a pool of resources to handle the demand from society. We built up human capacity in the bank so that we have more hands and more counselors. Together the bank expanded its outreach through a network of branches established at different locations in the country and introduced more products and services in line with the felt needs of entrepreneurs.

Bahrain maintains high standards in human resource development and education. The issue was bringing up the awareness of entrepreneurship, encouraging and hand holding the budding entrepreneurs. We successfully did that working in close cooperation with other development entities.

We guide new entrepreneurs in matching their ideas to what they are capable of doing. Entrepreneurs sometimes get into something that doesn’t fit their capabilities. Also, small business entrepreneurs at times lack particular attention toward the basic management of finance, accounting. They’re overly engaged in marketing and producing more to increase their sales. This leads to imbalance in overall management of the business enterprise and creates hurdles to growth.

As an entrepreneur counselor, I am committed to the cause of entrepreneurship development and supporting the entrepreneurial efforts of Bahraini entrepreneurs thereby contributing meaningfully to the development of Bahrain.

Dane Stangler:
While so much discussion around entrepreneurship gets lost in a narrow focus on high technology, you bring us back to two elements, seemingly mundane, that are absolutely essential to business formation.

The first is basic awareness: We often find that talented and driven individuals with promising ideas have not considered entrepreneurship as an option for them. This may be due to a lack of exposure, whether in the educational system or in broader discussions of economic activity. Or, in some cases, it may be due to institutional biases (for example, at some universities) against starting a business. Whatever the reason, progress can be made by promoting the importance (and accessibility) of entrepreneurship.

The second element you highlight is the importance of basic financial literacy — it is amazing that in high-flying discussions about heroic entrepreneurs and cutting-edge innovation, we lose sight of how crucial basic finance is for running and growing a business. A new firm can possess the best idea in the world, but if it cannot manage to remain cash-flow positive, it might not matter. The actual operation of the company is just as important as the ideas that inspire it.

But Bahrain’s success reflects what the Kauffman Foundation’s research and experience have told us for years: The essentials for any nation seeking to spur and sustain entrepreneurship must include an entire ecosystem of networks, education, policies and innovations that support rather than hinder the operation of firms at the startup stage as well as those seeking to grow and expand.