UOBâ€™s Business Incubator Guides its Students on Ways to Finance their Startups
The Associate Director and Co-Founder of the Middle East Company, Ali Al-Majthoob, stressed the extreme importance of financial planning for commercial projects, to ensure their continuity and success.
Al-Majthoob explained that the entrepreneur has to answer several questions in order to draw himself a financial plan to protect him from the pitfalls that may occur during the implementation of the project, such questions are related to the source of the money that will finance the project, the specific budget disbursement resources, and how to spend from the budget in a way that ensures the progress of the company’s operations, in addition to recurring expenses such as the cost of renting the headquarters, the project site, the estimated budget for workers and employees’ salaries, and the cost of electricity and water tariffs. Advising students on several ways in which they can obtain financing to support them in their start-up projects.
This was during a remote meeting held by the Business Incubator Center at the University of Bahrain (UOB), as part of a summer program for students in the fields of innovation and entrepreneurship, in which a number of experts in various disciplines participated.
On her part, Director of Programs at Brinc Business Accelerator, Marwa Aleskafi, stressed the importance of knowing the skills of commercial project presentation to achieve the desired goal. Noting that there is a difference between presenting the project idea to investors or potential founding partners and presenting it to clients and referring to body language and its great importance during these presentations.
Aleskafi recalled some caveats, as well as some instructions that must be followed during the process of presenting the idea of the commercial project, not to mention the content of the offer and its duration.
While the Director of the Business Incubator Center, Dr. Esra Ahmed Wali, indicated that the financial planning lectures lasted for a period of time and focused on preparing students scientifically to present their business ideas with high skills.