There is a special characteristic instilled in almost all the Gold 100 Managing Directors – and something everyone should embrace. Corporate Maldives inquired about the one key character from the list of top 100 company MDs and the answer is crucial for success.
Every day a new corporate entity (sole trader, partnership or a company) makes its way to the intense corporate community. According to the Ministry of Economic Development, as of September 2017, there are almost 13,000 registered companies in the Maldives and half of it are inactive. It could be either business failure, disagreement between partners, inability to raise capital or penetrate into the market or other there could be other reasons. However, those entities that do survive turn out to do pretty well and progress in the market. They further progress into develop various other businesses that provide betterment to the society.
The Gold 100 MDs started from nothing, barely surviving in the community. But they do dream big and committed to making a change. One thing is for sure, they know how to survive regardless of the situation or environment. And for this reason, their character is unique. They are, for instance, eager to face any obstacle, determined to stay strong and face any challenge.
These visionaries survived in a world where there were no telephone, no internet, no proper transportation facilities, no manpower, no resources and so on. They were willing to cross barriers of the unknown and this is why they dominate today’s corporate society. It is indeed sad that today’s entrepreneurs have lost the courage to survive and throw in the towel quickly.
So what happened? Where did this key characteristic go? Was it the families that provided overdependency and protection? Or was it the society that neglected the right upbringing of youth? Entrepreneurs that started new business failed before they reached the surface. Today’s entrepreneurs tend to ‘reinvent the wheel’ – an idea that already took the market share. Instead of focusing on new ideas, new methods, new techniques, they follow an easy road. It can be said that for the past 5 years, only a handful of new companies have lasted and survived, while the majority reformed or went down the drain and liquidated. And thus, this is the reason why entrepreneurs should learn from the industry pioneers, looks at their footsteps and take heed from their journey to success. There is a lot of wisdom that can be learned from Gold 100 MDs.