International Business Summit 2022 begins; to help Muslims understand the market better

Hyderabad: A concerted effort is on to provide a platform to minority-led businesses to grow and prosper in the country. A paradigm shift is sought to be brought about in the Muslim community towards business as a career options. An international business summit got underway here on Friday to help Muslim entrepreneurs understand their strengths, weaknesses and emerging opportunities in the business sector.

The Muslim Chamber of Commerce and Industry (MCCI) plans to throw open the world of opportunities available for businesses, entrepreneurs and start-ups. The three-day International Business Summit 2022 which commenced today hopes to open up avenues of business opportunities particularly to small and medium businesses.

About 350 delegates from both within and outside the country are taking part in the summit which seeks to focus on the nitty-gritty of resilience, opportunity, solution and networking to make a success of any business.

Mubin Basheer Khan, a business consultant from Maharashtra, gave valuable tips on the business methodology. Muslims in general, he said, lacked a commercial approach. Most of them ended up seeking jobs in the Gulf countries rather than starting their own businesses. And those who set up a business do so without proper planning and market survey. In depth knowledge of the business one wants to start is necessary. So is micro planning before starting any enterprise.

He wanted the prospective entrepreneurs to see whether their ideas are saleable or not. They should also check whether it is an innovative idea or a problem solving idea and whether their target is a small or big market. It is also better that one should go for more co-founders as one would benefit from the experience of others. When the Infosys founder, Narayana Murthy, set up his company he had 11-cofounders. It is also a principle of Islam to go for consultation before doing anything, Mr. Khan said.

Shaikh Abdul Rahman, Pro vice-chancellor, Glocal University, said the next decade is very crucial in terms of innovation and technological revolution. “If we don’t wake up now we will be out of the race,” he said.

Giving a powerpoint presentation of the emerging business opportunities, he said, top companies these days are not insisting on a college degree any more. What they looked for is skills in their employees. Interpersonal communication skills and experience are of utmost importance, something the Muslim youth are found wanting. By 2025 fifty percent of the workforce would be requiring re-skilling which only showed the huge opportunity available. In India only a small percentage of the workforce in the age group of 19-24 received formal vocational education in the current educational system. Whereas in countries like the USA the number is 52 percent, Germany 75 percent, South Korea it is as high as 96 percent, Dr. Rahman said.

Dr. Balakrishnan Ramanathan from Singapore and Dr. M.C. Pitchay from Malaysia also addressed the entrepreneurs and shared their ideas.

Later a conference of women entrepreneurs was also organised by the MCCI to promote entrepreneurial spirit among the women of minority community.

Nizamuddin Farooqi, Chairman, MCCI, said in the next two days the summit will deal with different aspects of business so as to help one turn their dreams into reality. As many as 18 awards will be given away to different entrepreneurs, including four women.